‘Saudi Green Initiative’ Day: Progress Continues Toward a Sustainable Environment

Dr. Osama Faqeeha, Deputy Minister for Environment at the Ministry of Environment, Water, and Agriculture, speaking to Asharq Al-Awsat (Photo: Turki Al-Ogaili)
Dr. Osama Faqeeha, Deputy Minister for Environment at the Ministry of Environment, Water, and Agriculture, speaking to Asharq Al-Awsat (Photo: Turki Al-Ogaili)
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‘Saudi Green Initiative’ Day: Progress Continues Toward a Sustainable Environment

Dr. Osama Faqeeha, Deputy Minister for Environment at the Ministry of Environment, Water, and Agriculture, speaking to Asharq Al-Awsat (Photo: Turki Al-Ogaili)
Dr. Osama Faqeeha, Deputy Minister for Environment at the Ministry of Environment, Water, and Agriculture, speaking to Asharq Al-Awsat (Photo: Turki Al-Ogaili)

Saudi Arabia will celebrate the annual Saudi Green Initiative Day on Thursday, showcasing national efforts to promote environmental sustainability and combat climate change.

The event comes as the kingdom makes significant progress toward the initiative’s goals, launched by Crown Prince Mohammed bin Salman in 2021. The plan aims to cut carbon emissions, expand green cover, and protect natural resources.

The Saudi Green Initiative has achieved significant milestones across various sectors in recent years, according to Dr. Osama Faqeeha, Deputy Minister for Environment at the Ministry of Environment, Water, and Agriculture.

Since its launch, the kingdom has expanded its protected areas by more than 400%, rising from 4% of the country’s territory in 2016 to 18% today. National parks have also seen a dramatic increase, growing 100-fold from 40,000 hectares to 4 million hectares, fostering vegetation across the kingdom.

More than 300,000 hectares of degraded land have been rehabilitated through afforestation, protection efforts, and curbing wood-cutting practices, transforming once-barren areas into thriving landscapes.

Saudi Arabia has planted around 140 million trees as part of its afforestation efforts, but success is measured by sustainability, not numbers, affirmed Faqeeha.

He said all planted trees are native species and rely on renewable water sources, including dams, rainfall, and seawater. Mangroves, which thrive along the Red Sea and Arabian Gulf coasts, are a key focus of these efforts.

At the latest Green Saudi Initiative annual forum, Saudi Arabia announced five new initiatives worth 225 million riyals ($60 million) and signed 14 memorandums of understanding, coinciding with the UN Convention to Combat Desertification (COP16).

Faqeeha highlighted the kingdom’s global environmental leadership. During its G20 presidency in 2020, Saudi Arabia launched the Global Land Initiative, which was endorsed by all member states.

The kingdom also introduced the Global Coral Reef R&D Platform, aimed at restoring coral reefs and advancing research and development, with participation from 100 countries.

Investing in the environment yields significant returns, whether social, economic, or environmental, said Faqeeha. He noted that Saudi Arabia has allocated hundreds of billions of riyals to support the Saudi Green Initiative.

The initiative focuses on two main pillars: clean energy and carbon emission reductions, and the protection of biodiversity and desertification combat. Investments in these areas exceed 700 billion riyals, with a substantial contribution from the private sector.

Additionally, Saudi Arabia launched the Environmental Fund, one of the largest environmental funds in the region, aimed at promoting sustainable environmental practices.

The kingdom also adopted a National Environmental Strategy, comprising 64 initiatives covering various environmental sectors, including natural and marine habitat conservation, pollution reduction, enhanced meteorological services, and waste management.

Speaking recently to Asharq Al-Awsat, Adel Al-Jubeir, Minister of State for Foreign Affairs and Climate Envoy, highlighted that Saudi Arabia’s investments and commitments within the Saudi Green Initiative encompass over 85 initiatives and projects, valued at more than $180 billion, underscoring the kingdom’s dedication to achieving a sustainable environmental transformation.



Lebanon Hopes to Meet Foreign Bondholders in Coming Year, Finance Minister Says

A view shows Lebanon's Central Bank building in Beirut, Lebanon January 12, 2023. (Reuters)
A view shows Lebanon's Central Bank building in Beirut, Lebanon January 12, 2023. (Reuters)
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Lebanon Hopes to Meet Foreign Bondholders in Coming Year, Finance Minister Says

A view shows Lebanon's Central Bank building in Beirut, Lebanon January 12, 2023. (Reuters)
A view shows Lebanon's Central Bank building in Beirut, Lebanon January 12, 2023. (Reuters)

Lebanese officials hope to meet international bondholders to talk about restructuring debt in the next 12 months but are not planning any meetings at the World Bank/IMF Spring meetings next week, finance minister Yassin Jaber said on Tuesday.

Jaber spoke to Reuters just days before travelling to Washington for the Spring meetings - one of the biggest gatherings for financial policy makers and investors - where Lebanon will seek to show it has made progress on economic reforms to address the underlying causes of its financial crash.

Lebanon's economy began unravelling in 2019 after years of corruption and profligate spending by the country's ruling elite, and tipped into a sovereign default on its $31 billion of outstanding international bonds in March 2020.

Asked whether he planned to meet international bondholders in the next year, Jaber said, "definitely, definitely, this is as they say the elephant in the room."

"You can't escape it in the end. Lebanon is keen to resolve this issue, God willing," he said.

But the country needed to make progress on reforms - including reforming the banking sector and boosting government revenues through reforms to tax systems and customs collection - before it could start talks, Jaber said.

"We wanted, first of all, to do our homework, to put the whole reform process on the right track to get started. You can't have a house in total disorder and then say, 'I want to negotiate,'" he said.

The Lebanese delegation to the spring meetings will be the first outing at an IMF/World Bank meeting for Lebanon's new government, which took the reins in February and pledged to seek a new IMF programme. Jaber said it would be the first time a Lebanese finance minister attends in more than a decade.

Economy Minister Amer Bisat is scheduled to give an outlook on Lebanon's economy at a JPMorgan investor conference held on the sidelines, according to documents seen by Reuters.

The creditor group - which includes the heavyweight funds Amundi, Ashmore, BlackRock, BlueBay, Fidelity and T-Rowe Price as well as a group of smaller hedge funds - has recently appointed a financial advisor in preparation for debt talks.

Shortly after the bondholder group originally formed in 2021, it said it held a "blocking stake" of more than 25% across a number of Lebanon's bonds, making it a critical player in any debt restructuring.

The chunk of the bonds are also held by domestic commercial banks or the Lebanese central bank, which bought $3 billion of debt directly from a previous government in 2019.

Lebanon's bonds trade at deeply distressed levels of around 15-16 cents in the dollar. However, that is a sharp uptick from the single digits they traded in before Israel's military campaign badly weakened Lebanese armed group Hezbollah, long viewed as an obstacle to overcoming Lebanon's political paralysis.

In January, Lebanon's cabinet extended the statute of limitations on legal action over Eurobonds for another three years. Jaber said the move "reassured the bondholders".