Saudi Chief Climate Agreements Negotiator: Saudi Arabia Will Remain ‘Kingdom of Traditional, Renewable Energy’

The Saudi Chief Negotiator for the Climate Agreements Khalid Abuleif (Asharq Al-Awsat)
The Saudi Chief Negotiator for the Climate Agreements Khalid Abuleif (Asharq Al-Awsat)
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Saudi Chief Climate Agreements Negotiator: Saudi Arabia Will Remain ‘Kingdom of Traditional, Renewable Energy’

The Saudi Chief Negotiator for the Climate Agreements Khalid Abuleif (Asharq Al-Awsat)
The Saudi Chief Negotiator for the Climate Agreements Khalid Abuleif (Asharq Al-Awsat)

Saudi Arabia has launched a host of initiatives and creative solutions for the global climate crisis in tandem with the UN’s flagship 2022 climate summit, COP 27. The Kingdom has held the second edition of the forums of the Saudi Green Initiative (SGI) and the Middle East Green Initiative (MGI).

The forums were launched under the widespread sponsorship of Saudi Crown Prince Mohammed bin Salman.

Over the course of the conference, the Kingdom made numerous announcements regarding climate and unconventional solutions to deal with the global crisis.

They included planting billions of trees in deserts, launching specialized environmental indicators in the energy field, new technological innovations to reduce emissions, as well as multiple multibillion-dollar deals for producing renewable energy.

The Saudi Chief Negotiator for the Climate Agreements Khalid Abuleif has affirmed to Asharq Al-Awsat that his country’s rich energy resources are the reason why Saudi Arabia is called an “energy Kingdom.”

“God has granted the Kingdom all the natural resources in the field of energy,” said Abulief, noting that Saudi Arabia has a great capacity for both solar and wind energy production.

“We have rare metals, and they have a wonderful future...and that of course is in addition to the hydrocarbon treasures underground.”

“All we need is to find and localize technologies, and ensure that they become an integral part of the national economy, not only in order to provide our energy needs, but also to export it, through electrical interconnection with the Gulf states, Iraq and Egypt,” asserted Abulief.

Abulief also noted that the Kingdom can produce both green and blue hydrogen.

“The Kingdom is one of the world's largest countries in desalination technologies and has enormous potential in this industry; this is crucial for the production of green hydrogen,” said Abulief, adding that the Kingdom can also use its carbon capture and storage technologies to produce blue hydrogen.

“All of these are opportunities that we can take advantage of,” affirmed Abulief.

Abulief also highlighted the Kingdom’s abilities in implementing a Carbon Circular Economy (CCE).

“Even for oil and gas, the Kingdom has capabilities to control the gas generated from burning them, so that they are captured and then converted into part of the economic system, whether through recycling or use, or underground storage in special reservoirs,” said Abulief.

When asked on whether the Saudi initiatives will give the Kingdom the opportunity to lead the renaissance of renewable energy globally, side by side with conventional energy, Abulief said: “I have absolutely no doubt about the Kingdom’s ability to do so, because it can produce large quantities of renewable and hydrocarbon energies, while at the same time maintaining its environmental commitments and emission reduction goals.”



Political Turmoil Shakes South Korea’s Economy

Protesters take part in a rally calling for the ouster of South Korea's impeached President Yoon Suk Yeol in front of the Gwanghwamun Gate of Gyeongbokgung Palace in Seoul on December 28, 2024. (Yonhap/AFP)
Protesters take part in a rally calling for the ouster of South Korea's impeached President Yoon Suk Yeol in front of the Gwanghwamun Gate of Gyeongbokgung Palace in Seoul on December 28, 2024. (Yonhap/AFP)
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Political Turmoil Shakes South Korea’s Economy

Protesters take part in a rally calling for the ouster of South Korea's impeached President Yoon Suk Yeol in front of the Gwanghwamun Gate of Gyeongbokgung Palace in Seoul on December 28, 2024. (Yonhap/AFP)
Protesters take part in a rally calling for the ouster of South Korea's impeached President Yoon Suk Yeol in front of the Gwanghwamun Gate of Gyeongbokgung Palace in Seoul on December 28, 2024. (Yonhap/AFP)

After South Korea's president and his replacement were both deposed over a failed bid to impose martial law, deepening political turmoil is threatening the country's currency and shaking confidence in its economy.

The won, which plunged Friday to its lowest level against the dollar since 2009, has been in near-constant decline since President Yoon Suk Yeol's attempt to scrap civilian rule in early December.

Business and consumer confidence in Asia's fourth-largest economy have also taken their biggest hit since the start of the Covid-19 pandemic, according to figures released by the Bank of Korea.

Lawmakers impeached Yoon in mid-December on charges of insurrection, and on Friday they impeached his successor, acting president and prime minister Han Duck-soo, arguing that he refused demands to complete Yoon's removal from office and bring him to justice.

That thrust Finance Minister Choi Sang-mok into the additional roles of acting president and prime minister.

Choi has pledged to do all he can to end "this period of turmoil" and resolve the political crisis gripping the country.

- Constitutional question -

At the heart of the stalemate is the Constitutional Court, which will decide whether to uphold parliament's decision to impeach Yoon.

It must do so by a two-thirds majority, however. And because three of the court's nine seats are currently vacant, a unanimous vote is required to confirm the suspended president's removal.

Otherwise, Yoon will be automatically returned to office.

Lawmakers on Thursday nominated three judges to fill the vacant seats, but acting president Han refused to approve them, precipitating his own impeachment.

After an acrimonious day in which lawmakers from Yoon's party erupted in protest, the country's newest acting president sought to project calm.

"Although we are facing unexpected challenges once again, we are confident that our robust and resilient economic system will ensure rapid stabilization," Choi said Friday.

The 61-year-old career civil servant has inherited a 2025 budget -- adopted by the opposition alone -- which is 4.1 trillion won ($2.8 billion) less than the government had hoped for.

"There are already signs the crisis is having an impact on the economy," Gareth Leather of Capital Economics wrote in a note to clients, citing the dip in consumer and business confidence.

"The crisis is unfolding against a backdrop of a struggling economy," he added, with GDP growth expected to be just two percent this year, weighed down by a global slowdown in demand for semiconductors.

"Longer term, political polarization and resulting uncertainty could hold back investment in Korea," Leather wrote, citing the example of Thailand, another ultra-polarized country whose economy has stagnated since a coup in 2014.

- Democratic resilience? -

But other economists noted that the South Korean economy has so far weathered the chaos well.

As early as December 4, the day after Yoon declared martial law following a budget tussle with the opposition, the central bank promised to inject sufficient liquidity to stabilize the markets, and the Kospi Index has lost less than four percent since the start of the crisis.

"Like everyone, I was surprised when Yoon took those crazy measures," Park Sang-in, a professor of economics at Seoul National University, told AFP. "But there was a resilience of democracy."

"We come from being an underdeveloped country to one of the world's most dynamic economies in very few years, and Yoon Suk Yeol is a side effect of the growth," he added.

"Korean society was mature enough to counter his crazy actions."