Riyadh Sends Six Ministers, Climate Envoy to SGI Forum in Sharm El-Sheikh

Part of the first edition of the Saudi Green Initiative (SGI) Forum with the participation of Minister of Energy Prince Abdulaziz bin Salman (SPA)
Part of the first edition of the Saudi Green Initiative (SGI) Forum with the participation of Minister of Energy Prince Abdulaziz bin Salman (SPA)
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Riyadh Sends Six Ministers, Climate Envoy to SGI Forum in Sharm El-Sheikh

Part of the first edition of the Saudi Green Initiative (SGI) Forum with the participation of Minister of Energy Prince Abdulaziz bin Salman (SPA)
Part of the first edition of the Saudi Green Initiative (SGI) Forum with the participation of Minister of Energy Prince Abdulaziz bin Salman (SPA)

Saudi Arabia has revealed the program and speakers for the second edition of the Saudi Green Initiative (SGI) Forum. Taking place 11 – 12 November 2022 on the sidelines of COP27 in Sharm El Sheikh, the two-day event will convene an elite lineup of climate experts and thought leaders to discuss the progress that has been made over the past year, demonstrating how the Kingdom’s climate commitments have advanced ‘from ambition to action’.

Saudi Arabia’s green transition will be spotlighted on the forum’s first day. Sessions will highlight the Kingdom’s multifaceted and interdisciplinary approach to emissions reduction, with discussions focusing on renewable energy sources, clean hydrogen production and Saudi’s pioneering work in developing the circular carbon economy (CCE).

Afforestation and protecting Saudi Arabia’s natural world will also be key topics on day one of the forum. In 2021 the Kingdom committed to a target of planting 10 billion trees across the country, with the aim of planting 450 million by 2030. The SGI Forum 2022 will outline how Saudi plans to achieve this in a way that is sustainable, nuanced, and respectful of the country’s unique biodiversity.

Day two of the SGI Forum will examine the whole-of-society action needed to achieve a sustainable future for all. Discussions will focus on the necessity for international climate action cooperation, the growth of green finance and the importance of private sector participation. The afternoon’s sessions are dedicated to placing young people at the heart of climate action, exemplifying Saudi Arabia’s approach to activating all parts of society in its mission to improve quality of life and protect future generations.

Throughout the SGI Forum, local, regional, and international climate leaders will discuss best practice, highlight innovation, and spur substantive action in the fight against climate change.

Saudi Arabian government representatives partaking in the forum include Energy Minister Prince Abdulaziz bin Salman, Environment, Water and Agriculture Minister Abdulrahman Al-Fadley, Envoy for Climate Affairs Adel Al Jubeir, Tourism Minister Ahmed Al Khateeb, Industry and Mineral Resources Minister Bandar bin Ibrahim Alkhorayef, Municipal and Rural Affairs and Housing Minister Majed Al Hogail, and Communications and Information Technology Minister Abdullah Alswaha.

In addition to the two-day invitation-only forum, The SGI Gallery, an immersive space showcasing the breadth and speed of Saudi Arabia’s climate action, will be open to the public from 7 – 18 November. Visitors to the SGI Gallery will have the opportunity to discover the multitude of different initiatives that are already in progress in the country - from the world’s largest clean hydrogen plant at NEOM, to successful rewilding programs for the Kingdom’s most endangered species – all with the common aim of achieving SGI’s overarching targets and securing long-lasting positive change.

Bringing the SGI Forum and SGI Gallery to COP27 epitomizes Saudi Arabia's commitment to collaborating for a greener future for all. Continued discussion on targets set under SGI are also a reiteration of Saudi Arabia’s commitment to reaching net zero emissions by 2060 in alignment with the Kingdom’s economic diversification and development plans.



OPEC Further Lowers 2026 Global Oil Demand Growth Forecast

FILE PHOTO: People walk past an installation depicting barrel of oil with the logo of Organization of the Petroleum Exporting Countries (OPEC)  in Baku, Azerbaijan November 19, 2024. REUTERS/Maxim Shemetov/File Photo
FILE PHOTO: People walk past an installation depicting barrel of oil with the logo of Organization of the Petroleum Exporting Countries (OPEC) in Baku, Azerbaijan November 19, 2024. REUTERS/Maxim Shemetov/File Photo
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OPEC Further Lowers 2026 Global Oil Demand Growth Forecast

FILE PHOTO: People walk past an installation depicting barrel of oil with the logo of Organization of the Petroleum Exporting Countries (OPEC)  in Baku, Azerbaijan November 19, 2024. REUTERS/Maxim Shemetov/File Photo
FILE PHOTO: People walk past an installation depicting barrel of oil with the logo of Organization of the Petroleum Exporting Countries (OPEC) in Baku, Azerbaijan November 19, 2024. REUTERS/Maxim Shemetov/File Photo

OPEC on Wednesday lowered its forecast for world oil demand growth in 2026 to 580,000 barrels per day, a copy of its monthly report showed, marking the fourth straight downward revision.

The producer group continues to see a smaller impact on consumption since the Iran war started than other forecasters such as the International Energy Agency, which expects demand to decline in 2026, Reuters reported.

The Organization of the Petroleum Exporting Countries also raised its forecast for 2027 oil demand growth, according to the report on OPEC's website.


Bank of America Pledges $250 Billion for US Infrastructure Financing

Signage is seen at the Bank of America Tower in Manhattan, New York City, New York, US, November 2, 2022. (Reuters)
Signage is seen at the Bank of America Tower in Manhattan, New York City, New York, US, November 2, 2022. (Reuters)
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Bank of America Pledges $250 Billion for US Infrastructure Financing

Signage is seen at the Bank of America Tower in Manhattan, New York City, New York, US, November 2, 2022. (Reuters)
Signage is seen at the Bank of America Tower in Manhattan, New York City, New York, US, November 2, 2022. (Reuters)

Bank of America said on Wednesday it plans to deploy $250 billion by July 2027 to support US digital and infrastructure projects, a move it says will boost the country's economic growth and help create tens of thousands of jobs.

The Wall Street bank said its "Critical Infrastructure Finance Initiative," launched on the heels of the nation's 250th anniversary celebrations, will provide primary market lending, investments, ‌capital markets services, ‌and banking and advisory offerings.

The announcement underscores how ‌major ⁠US financial institutions are seeking ⁠to capitalize on rising demand for AI data centers, critical minerals and energy infrastructure upgrades.

It comes days after Morgan Stanley said it would facilitate roughly $1.5 trillion over the next decade to finance technology and infrastructure projects.

Last year JPMorgan Chase launched a $1.5 trillion plan to facilitate, finance and invest in industries deemed critical to the US national security and economic resilience, including defense, ⁠energy and advanced manufacturing.

BOOSTING GROWTH, CREATING JOBS

Bank of ‌America's financing will target three areas: ‌digital infrastructure, including data centers and computing; energy and power infrastructure, including renewable generation ‌and energy storage; and core infrastructure such as transportation and natural gas.

"Meeting ‌America's growing infrastructure needs requires mobilizing capital at scale across increasingly interconnected sectors," said Karen Fang, global head of infrastructure and sustainable finance at Bank of America.

"Delivering these projects requires integrated financing solutions spanning corporate and project-level capital in both public ‌and private markets."

The $250 billion target will be measured over an 18-month period from January 1, 2026, to July ⁠4, 2027, ⁠the bank said.

"If we all do our job right, we should be deploying more capital," said Fang, who is also co-head of global capital solutions at BofA, when asked about potential deployment of more capital after July 2027.

Many projects require new infrastructure to be built before becoming operational, she said.

In the United States, infrastructure construction loans typically have terms of five to seven years. Once projects are completed and operating, they are often refinanced with longer-term debt lasting 10, 15 or 20 years, Fang said.

She said greater infrastructure investment would help drive economic growth and create long-term jobs.

"Infrastructure spending will lead to economic growth and prosperity," she said.


IEA Cuts 2026 Oil Demand Forecast Again as Hormuz Remains Shut

Boats and a vessel in the Strait of Hormuz, as seen from Musandam, Oman, August 3, 2026. (Reuters)
Boats and a vessel in the Strait of Hormuz, as seen from Musandam, Oman, August 3, 2026. (Reuters)
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IEA Cuts 2026 Oil Demand Forecast Again as Hormuz Remains Shut

Boats and a vessel in the Strait of Hormuz, as seen from Musandam, Oman, August 3, 2026. (Reuters)
Boats and a vessel in the Strait of Hormuz, as seen from Musandam, Oman, August 3, 2026. (Reuters)

The International Energy Agency on Wednesday sharply reduced its forecast for global oil demand this year, as supplies remain crimped by the closure of the Strait of Hormuz and high prices deter buyers.

Demand is expected to slump by 1.6 million barrels per day (mb/d), compared with its forecast slump of one million barrels in its previous monthly report in July.

Crude prices have remained well above levels seen before the US and Israeli attacks on Iran in late February, sparking a war that has seen Iran launch attacks at several Gulf countries.

Tehran also responded by effectively shutting down tanker and cargo traffic in the Strait of Hormuz, through which around one-fifth of global oil supplies usually transit.

"The ongoing closure of the Strait of Hormuz and elevated fuel prices continue to weigh on oil consumption," the Paris-based IEA said.

Despite a purported ceasefire and repeated claims that a deal to open the strait was imminent -- what the IEA referred to as "sudden diplomatic pivots" -- only a handful of ships are being let through, leading to volatile pricing on global oil markets.

The IEA said global supplies rose by 2.4 million barrels per day in July, to reach 101.5 mb/d, but that was still 6.3 mb/d lower than a year ago.

But "renewed hostilities and maritime disruptions in July and early August undermined the recovery efforts," the agency said.

It now expects global supply to fall by 4.3 mb/d on average this year, before recovering next year.

On the demand side, the IEA is projecting a return to growth in the fourth quarter of this year.