Saudi Arabia Launches Program to Exploit Wind, Solar Energy

Saudi Minister of Energy, Prince Abdulaziz bin Salman (AFP)
Saudi Minister of Energy, Prince Abdulaziz bin Salman (AFP)
TT

Saudi Arabia Launches Program to Exploit Wind, Solar Energy

Saudi Minister of Energy, Prince Abdulaziz bin Salman (AFP)
Saudi Minister of Energy, Prince Abdulaziz bin Salman (AFP)

Saudi Minister of Energy Prince Abdulaziz bin Salman said the Kingdom would strongly move towards completing the energy efficiency project that began years ago, underlining the importance of exploiting wind and solar energy.

Saudi Arabia has a number of characteristics, which puts it at the forefront of the model countries to implement energy efficiency, the minister said his comments during the first day of the G20 Think group conference, which is currently presided by the Kingdom.

He added that the prospective gas projects would contribute to an energy shift, drive the national petrochemical industry, and stimulate renewable energy programs.

Saudi Arabia has formed an independent ministry for energy affairs, after it was previously limited to oil. The new ministry would deal with the energy issue in all its details, and will seek to overcome the obstacles facing this challenging sector, according to Prince Abdulaziz.

He also emphasized that the Kingdom was one of the leading countries to expand the concept of circular economy theory to reduce carbon emissions, stressing that it was striving to support efforts to preserve the environment, facilitate access to clean and sustainable practices, and reduce global tension due to emissions.

During the virtual conference, the minister stressed that the current conditions, which were imposed by the outbreak of the new coronavirus, call for more work to assess the environmental impact, stimulate the adoption of the circular economy and launch programs to reduce energy consumption, promote human health and provide the best services for sustainable energy.

“If the world does not benefit from this pandemic to change our reality... we will be deceiving ourselves,” he said.



Lebanon Bonds Rally to Fresh Two-year High on Ceasefire Hopes

A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir
A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir
TT

Lebanon Bonds Rally to Fresh Two-year High on Ceasefire Hopes

A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir
A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir

Lebanon's deeply distressed sovereign dollar bonds hit a fresh two-year high on Tuesday as investors bet that a potential ceasefire with Israel could improve the country's prospects.

The bonds, which are still trading below 10 cents on the dollar, have gained more than 3% this week. The 2031 maturity was biding at 9.3 cents on the dollar, its highest since May 2022, according to Reuters.

"Some investors are mulling if it is a right time to buy, since a ceasefire is the first step needed to at some point in time restructure bonds," said Bruno Gennari, emerging markets strategist with KNG Securities International.

Israel's cabinet is expected to convene on Tuesday to discuss, and likely approve, a US plan for a ceasefire with the Iran-backed Hezbollah, a senior Israeli official said.

Israeli airstrikes, which continued on Tuesday, have decimated Lebanon's infrastructure and killed thousands.

But the counterintuitive rally, the second since Israel began bombing the country in September, was driven by bets that the deal could jolt Lebanon's fractured political system and revive efforts to pull the country out of default.