Joint Saudi-US Statement Supports Development of Clean Hydrogen, Private Sector Partnership

Saudi Crown Prince Mohammed bin Salman meets with United States Special Presidential Envoy for Climate John Kerry in Riyadh. (SPA)
Saudi Crown Prince Mohammed bin Salman meets with United States Special Presidential Envoy for Climate John Kerry in Riyadh. (SPA)
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Joint Saudi-US Statement Supports Development of Clean Hydrogen, Private Sector Partnership

Saudi Crown Prince Mohammed bin Salman meets with United States Special Presidential Envoy for Climate John Kerry in Riyadh. (SPA)
Saudi Crown Prince Mohammed bin Salman meets with United States Special Presidential Envoy for Climate John Kerry in Riyadh. (SPA)

Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, held talks in Riyadh on Wednesday with US Special Presidential Envoy for Climate John Kerry.

Discussions focused on international efforts to combat climate change and bolstering partnership in the private sector. They also covered Saudi Arabia’s sophisticated initiatives aimed at combating this phenomenon and reducing emissions, starting with the Saudi Green and Middle East Green initiatives.

They also highlighted Saudi Arabia’s efforts, as last year’s president of the G20, in promoting the circular carbon economy.

The meeting was attended by Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz, Deputy Defense Minister Prince Khalid bin Salman, Foreign Minister Prince Faisal bin Farhan and Minister of Environment and Water Abdulrahman al-Fadley.

Also present from the American side were Chargé d'Affaires of the US Embassy in the Kingdom Martina Strong, head of the climate ambition and implementation team Jonathan Pershing and head of global innovation Varun Sivaram.

A joint statement at the end of the meeting said that the United States and Saudi Arabia “are committed to addressing the increasing climate change challenge with seriousness and urgency.”

“They will work to strengthen the implementation of the Paris Agreement and actively promote a successful G20 in Italy and COP 26 in Glasgow. Both countries affirm the importance of reducing greenhouse gas emissions and taking adaptation actions during the 2020s to avoid the worst consequences of climate change,” it added.

“They affirmed their intention to work together:

“To actively support and engage bilaterally on the Saudi Green Initiative and the Middle East Green Initiative, including on clean energy, sustainable agriculture, and land use;

“To advance efforts under the announced Net-Zero Producers Forum, including, e.g., on methane abatement, the circular carbon economy, and clean-energy and carbon capture and storage technologies;

“To cooperate on the potential of clean hydrogen to address the hardest to abate sectors and to partner to accelerate clean hydrogen’s development and deployment, recognizing the two countries’ respective initiatives in this regard;

“To collaborate on accelerating the deployment of renewable energy and low-emissions power systems in the region;

“To encourage private sector partnerships;

“To support ocean-based and nature-based solutions for addressing both mitigation and adaptation; and to launch cooperation on enhancing climate change research in the areas of mitigation and adaptation,” it said.

“Recalling their fruitful, in-depth discussion on their respective ongoing and future climate initiatives, both sides acknowledge each other’s efforts and look forward to engaging with each other and enhancing their actions on to road to Glasgow and beyond,” said the statement.

In remarks to Asharq Al-Awsat, a State Department spokesperson said the world was witnessing a severe climate change crisis. The situation is dire in the Middle East in particular due to rising temperatures, desertification, drought and other climate factors.

The Biden administration has vowed to work on a comprehensive strategy, that includes the government, industry, financial and social society sectors, to push forward measures to ease and adapt to climate change.

The US encourages and supports Saudi Arabia’s efforts and plans in the climate sector and in preserving the environment, he added.

It also encourages all other partners in the Gulf Cooperation Council to connect their plans to ease and adapt to climate with broader regional plans and visions, he continued.

He pledged that Washington will continue to partner with them in these efforts, which is an important way to speed up climate ambition and constructive regional cooperation.



Oil Slips from Recent Highs as Market Assesses Middle East Tension

A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
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Oil Slips from Recent Highs as Market Assesses Middle East Tension

A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo

Oil prices fell on Thursday after sharp gains in the previous session as market participants assessed a US decision to move personnel from the Middle East ahead of talks with Iran over the latter's nuclear-related activity.

Brent crude futures were down $1.31, or 1.9%, at $68.46 a barrel at 1202 GMT, while US West Texas Intermediate crude was $1.32, or 2%, lower at $66.83 a barrel, Reuters reported.

A day earlier both Brent and WTI surged more than 4% to their highest since early April.

US President Donald Trump said the US was moving personnel because the Middle East "could be a dangerous place". He also said the US would not allow Iran to have a nuclear weapon. Iran has said its nuclear activity is peaceful.

Increased tension with Iran has raised the prospect of disruption to oil supplies. The sides are set to meet on Sunday.

"Geopolitical risk premia tend to fade if there are no supply disruptions. We are still higher than two days ago as some short investors prefer to stay on the sidelines amid the uncertainty," UBS analyst Giovanni Staunovo said.

On Wednesday Britain's maritime agency warned that increased tensions in the Middle East may lead to an escalation in military activity that could impact shipping in critical waterways.

It advised vessels to use caution while travelling through the Gulf, the Gulf of Oman and the Straits of Hormuz, which all border Iran.

"For the oil market, the absolute nightmare is a closure of the Strait of Hormuz," Global Risk Management analyst Arne Rasmussen said in a LinkedIn post.

"If Iran blocks this narrow chokepoint, it could affect up to 20% of global oil flows," he added.

JPMorgan said oil prices could surge to $120-$130 a barrel if the strait were to be shut, a scenario the bank considered to be severe but low-risk.

The US meanwhile is preparing a partial evacuation of its Iraqi embassy and will allow military dependents to leave locations in the Middle East due to heightened security risk in the region, Reuters reported on Wednesday citing US and Iraqi sources.

Iraq is the second-biggest crude producer after Saudi Arabia in the Organization of the Petroleum Exporting Countries. A senior Iraqi oil official told Reuters foreign energy firms continue operating normally in the country.

Trump has repeatedly said the US would bomb Iran if the two countries cannot reach a deal regarding Iran's nuclear-related activity including uranium enrichment.

Iran's Minister of Defense Aziz Nasirzadeh on Wednesday said Iran will strike US bases in the region if talks fail and if the US initiates conflict.

US Special Envoy Steve Witkoff plans to meet Iranian Foreign Minister Abbas Araghchi in Oman on Sunday to discuss Iran's response to a US proposal for a deal.

The UN nuclear watchdog's 35-nation Board of Governors declared Iran in breach of its non-proliferation obligations on Thursday for the first time in almost 20 years, raising the prospect of reporting it to the UN Security Council.