Saudi Projects Worth USD 200 Billion For Climate Protection, Green Transformation

Saudi external support enhances sustainability programs in developing countries. (Asharq Al-Awsat)
Saudi external support enhances sustainability programs in developing countries. (Asharq Al-Awsat)
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Saudi Projects Worth USD 200 Billion For Climate Protection, Green Transformation

Saudi external support enhances sustainability programs in developing countries. (Asharq Al-Awsat)
Saudi external support enhances sustainability programs in developing countries. (Asharq Al-Awsat)

Recent announcements revealed that the Kingdom will pump more than 750 billion riyals (USD 200 billion) in giant projects for green transformation and climate protection, through ambitious plans for afforestation, achieving net-zero emissions, biodiversity and clean energy.

Saudi Arabia participated in the climate summit held in Glasgow with strategic plans amounting to 65 initiatives covering all environmental aspects, at a cost of more than 50 billion riyals (USD 13.3 billion).

The Kingdom aims to reach net-zero emissions by 2060 through the carbon circular economy approach by implementing the first set of the Green Saudi initiatives, with investments exceeding 700 billion riyals (USD 186 billion) to chart a more sustainable future in the country.

The Kingdom’s plans in renewable energy sources include wind and solar energy, two sources that will represent 50 percent of the energy used to produce electricity by 2030. Saudi Arabia will also join the Global Methane Pledge to reduce global emissions by 30 percent compared to their level in 2020.

Saudi Arabia has also established a Council for Royal Reserves to develop natural reserves in six locations in the Kingdom, by raising the percentage of protected areas to more than 30 percent of the country’s land area, which exceeds the current global target to protect 17 percent of each country’s lands.

The Kingdom’s initiatives in the field of climate action include two projects to establish a fund to invest in solutions for circular carbon economy technologies in the region, and a global initiative to provide clean fuel solutions to provide food to more than 750 million people around the world, with a total amount of 39 billion riyals.

In 2015, the Kingdom joined Mission Innovation, which aims to double the funds allocated to research and studies specialized in clean energy, rationalization and efficiency of uses in order to reduce harmful emissions and their impact on climate change through innovative energy technologies.

Meanwhile, the Saudi Industrial Development Fund has announced that the volume of development loans provided by the Kingdom reached 69 billion riyals (USD 18.4 billion) over 47 years, which helped improve people’s livelihoods in various developing countries and poor communities, revealing a strong support to development sustainability programs.

Saudi Industrial Development Fund CEO Sultan Al-Marshad, said: “Saudi Arabia is one of the largest countries supporting and contributing to achieving the goals of sustainable development thanks to the assistance it provides to developing countries in the form of soft loans.”

He added that since its establishment in 1975 to this day, the Fund has supported 663 projects and 31 development programs, which benefitted 84 countries around the world.



Tel Aviv Shares Hit Record Highs after US Strikes Iran Nuclear Sites

A Tel Aviv Stock Exchange sign is seen at the bourse in Tel Aviv, Israel November 4, 2020. REUTERS/Amir Cohen/File Photo
A Tel Aviv Stock Exchange sign is seen at the bourse in Tel Aviv, Israel November 4, 2020. REUTERS/Amir Cohen/File Photo
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Tel Aviv Shares Hit Record Highs after US Strikes Iran Nuclear Sites

A Tel Aviv Stock Exchange sign is seen at the bourse in Tel Aviv, Israel November 4, 2020. REUTERS/Amir Cohen/File Photo
A Tel Aviv Stock Exchange sign is seen at the bourse in Tel Aviv, Israel November 4, 2020. REUTERS/Amir Cohen/File Photo

Israeli stocks hit record highs on Sunday after the US attacked Iran's nuclear sites in strikes investors believe would likely prevent Tehran from developing nuclear weapons anytime soon.

The broad Tel Aviv 125 index closed 1.8% higher, extending gains to nearly 8% the past week, while the blue-chip TA-35 gained 1.5%.

On the heels of Israeli strikes in Iran, shares rose during all five sessions last week, gaining some 6%, as Israel hit Iranian nuclear and military targets prior to Saturday's surprise US attacks, Reuters reported.

"The destruction of Iran's key nuclear facilities by the US military is, of course, a positive development ... in terms of improving the regional security environment and reducing Iran’s military and nuclear capabilities," said Mizrahi Tefahot chief markets economist Ronen Menachem. "It's a game-changer."

Israel began its punishing attacks on Iranian nuclear facilities, ballistic missile factories and military commanders on June 13, which have been met with retaliatory Iranian strikes against Israel.

US President Donald Trump said he had "obliterated" Iran's main nuclear sites in strikes overnight with massive bunker busting bombs, joining an Israeli assault in a significant new escalation of conflict in the Middle East.

Tehran vowed to defend itself, and responded with a volley of missiles at Israel that wounded scores of people and destroyed buildings in Tel Aviv on Sunday.

In addition to gains in shares, government bond prices have risen, the shekel has appreciated and Israel's risk premium has edged lower.

Bond prices increased as much as 0.2% on Sunday. The shekel does not trade on Sunday but it has rallied from 3.61 per dollar on June 11 to 3.48 on Friday and is up some 1% this month.