عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.

Most Viewed

 
 
Business

US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
TT
TT

US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.