Saudi Arabia Mobilizes Research, Innovation Experts to Activate Circular Carbon Economy

 Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the launching of KAUST Circular Carbon Initiative on Tuesday (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the launching of KAUST Circular Carbon Initiative on Tuesday (Asharq Al-Awsat)
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Saudi Arabia Mobilizes Research, Innovation Experts to Activate Circular Carbon Economy

 Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the launching of KAUST Circular Carbon Initiative on Tuesday (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the launching of KAUST Circular Carbon Initiative on Tuesday (Asharq Al-Awsat)

Scientists and experts in Saudi Arabia began working on the circular carbon economy, a strategy that was launched during the Saudi G2O summit in Riyadh and aims to reduce carbon emissions and convert them into active materials.

On Tuesday, King Abdullah University of Science and Technology (KAUST) - west of the Kingdom - launched the Circular Carbon Initiative, in a step to reinforce the directions of the Vision 2030.

Speaking during the event, Saudi Energy Minister Prince Abdulaziz bin Salman stressed that KAUST was equipped with all the needs and requirements to activate the circular carbon initiative, in support of the vision of the Kingdom's leaders and the G20.

KAUST’s Circular Carbon Initiative seeks to harness and mobilize the university’s research strengths and innovations, to develop and disseminate new technical solutions that support the circular carbon economy agenda.

In a statement KAUST said that the Circular Carbon Economy (CCE) was a sustainable and cost-effective approach that recognizes the urgency to act on the climate while ensuring access to clean and affordable energy for all. It added that the university’s initiative was aimed at filling an innovation gap through multidisciplinary work and in turn supporting Saudi Arabia in leading its CCE program.

Tony Chan, KAUST President, said that the university strives to be a global leader with its contributions in providing effective solutions to national and global challenges.

Since its establishment in 2009, KAUST has dedicated strategic investments in the infrastructure for research centers and main laboratories, and a large number of talented people. The university works to enhance cooperation with academics, industries and government agencies to develop and publish new scientific and engineering solutions across several sustainability areas.

“We seek to make an impact by partnering with academics and productive and government sectors, to ensure that university research is applied in a timely manner to achieve social and political benefits,” KAUST Vice President for Research Donal Bradley said in a statement.



Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.