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)
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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.



Gold Edges Up on Softer Dollar; Focus on US Inflation Data

Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Edges Up on Softer Dollar; Focus on US Inflation Data

Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices inched up on Wednesday as the US dollar eased, while investors' focus shifted to key inflation data from the world's biggest economy for cues on the likely scale of a Federal Reserve rate cut next month.
Spot gold rose 0.3% to $2,639.30 per ounce, as of 0523 GMT. Bullion hit an over one-week low on Tuesday.
US gold futures rose 0.7% to $2,639.40.
The dollar index was down 0.1%, boosting gold's appeal for holders of other currencies. The greenback fell to a near one-week low on Tuesday.
"Gold has been fluctuating alongside dollar volatility. However, in the Asian session, the price movement has been marginal," said Kyle Rodda, financial market analyst at Capital.com.
"In the long run, I think Trump's trade war may be positive for gold because of higher debt loads and a touch of dedollarization," Rodda said.
Investors digested a handful of economic data on Tuesday indicating the economy remained on solid footing.
Traders will now closely monitor core PCE figures, initial jobless claims and GDP (first revision), set for release later in the day.
Markets currently see a 63% chance of a 25-basis-point rate cut by the Fed in December, as per the CME group's FedWatch tool.
Trump's appointments and policies that pressure the Fed, increase deficits, escalate tariffs, or raise concerns about US financial sustainability could collectively support gold prices, said Daan Struyven, co-head of global commodities research at Goldman Sachs.
Elsewhere, China's net gold imports via Hong Kong in October fell from September and were down 43% from the previous year, data showed.
On the geopolitical front, US-France brokered ceasefire between Israel and Iran-backed group Hezbollah took effect at 0200 GMT on Wednesday.
Spot silver edged 0.2% higher to $30.47 per ounce, platinum fell 0.1% to $926.74 and palladium added 0.3% to $980.55