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Saudi SABIC Targets Carbon Neutrality by 2050

Riyadh Skyscrapers tower over a highway in the main financial hub, Riyadh, Saudi Arabia, Dec. 16, 2020. (AFP)
Riyadh Skyscrapers tower over a highway in the main financial hub, Riyadh, Saudi Arabia, Dec. 16, 2020. (AFP)
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Saudi SABIC Targets Carbon Neutrality by 2050

Riyadh Skyscrapers tower over a highway in the main financial hub, Riyadh, Saudi Arabia, Dec. 16, 2020. (AFP)
Riyadh Skyscrapers tower over a highway in the main financial hub, Riyadh, Saudi Arabia, Dec. 16, 2020. (AFP)

Petrochemicals giant Saudi Basic Industries Corp (SABIC) announced plans on Saturday to meet carbon neutrality by 2050, the company said in a statement on the sidelines of the Saudi Green Initiative summit.

“SABIC is committed to the Paris Agreement goals and will continually pursue efforts and explore solutions to meet carbon neutrality from operations under our control by 2050, taking into account the different regional and national ambitions, commitments and initiatives,” the world’s fourth biggest petrochemical company by sales said.

“Focusing on our direct and indirect emissions generated by our own production, we aim to reduce our greenhouse gas emissions by 2030 worldwide by 20% compared to 2018,” it added.

Speaking at the Saudi Green Initiative (SGI) in Riyadh on Saturday, Crown Prince Mohammed bin Salman said the world’s top oil exporter aimed to reach “net zero” emissions of greenhouse gases - mostly produced by burning fossil fuels - by 2060. He also said it would double the emissions cuts it plans to achieve by 2030.

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China to Focus on Stabilizing Housing Market in 2025, Housing Regulator Says

A cleaner carrying a broom and a trash bin walks along a street in Beijing on December 24, 2024. (AFP)
A cleaner carrying a broom and a trash bin walks along a street in Beijing on December 24, 2024. (AFP)
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China to Focus on Stabilizing Housing Market in 2025, Housing Regulator Says

A cleaner carrying a broom and a trash bin walks along a street in Beijing on December 24, 2024. (AFP)
A cleaner carrying a broom and a trash bin walks along a street in Beijing on December 24, 2024. (AFP)

Efforts will continue in 2025 to stabilize and prevent further declines in China's real estate market, China Construction News reported, citing a work conference held by the housing regulator on Tuesday and Wednesday.

China will vigorously promote the reform of the commercial housing sales system, and expand the scope of urban village renovation beyond the addition of 1 million units, the report said.

China will strictly control the supply of commercial housing, while increasing the supply of affordable housing to help solve the living problems of a large number of new citizens, young people and migrant workers, it said.

Policymakers have stepped up efforts to revive the real estate by introducing new measures to encourage home demand after a government-led campaign to rein in highly leveraged developers triggered a crisis in 2021.

Since September, measures aimed at encouraging homebuying have included cutting mortgage rates and minimum down-payments, as well as tax incentives to lower the cost of housing transactions.

The real estate market has shown some momentum of stabilizing, with home transactions in October and November seeing year-on-year and month-on-month growth for two consecutive months, said the conference.

China's home prices fell at the slowest pace in 17 months in November, supported by government efforts to revive the sector, official data showed.

An official of the Central Financial and Economic Affairs Commission in December called for policy measures with direct impact on stabilizing the real estate market to be adopted as soon as possible, with local governments getting greater autonomy to buy housing stock.