Saudi Arabia Mobilizes Research, Innovation Experts to Activate Circular Carbon Economy

 Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the launching of KAUST Circular Carbon Initiative on Tuesday (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the launching of KAUST Circular Carbon Initiative on Tuesday (Asharq Al-Awsat)
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Saudi Arabia Mobilizes Research, Innovation Experts to Activate Circular Carbon Economy

 Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the launching of KAUST Circular Carbon Initiative on Tuesday (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman speaks during the launching of KAUST Circular Carbon Initiative on Tuesday (Asharq Al-Awsat)

Scientists and experts in Saudi Arabia began working on the circular carbon economy, a strategy that was launched during the Saudi G2O summit in Riyadh and aims to reduce carbon emissions and convert them into active materials.

On Tuesday, King Abdullah University of Science and Technology (KAUST) - west of the Kingdom - launched the Circular Carbon Initiative, in a step to reinforce the directions of the Vision 2030.

Speaking during the event, Saudi Energy Minister Prince Abdulaziz bin Salman stressed that KAUST was equipped with all the needs and requirements to activate the circular carbon initiative, in support of the vision of the Kingdom's leaders and the G20.

KAUST’s Circular Carbon Initiative seeks to harness and mobilize the university’s research strengths and innovations, to develop and disseminate new technical solutions that support the circular carbon economy agenda.

In a statement KAUST said that the Circular Carbon Economy (CCE) was a sustainable and cost-effective approach that recognizes the urgency to act on the climate while ensuring access to clean and affordable energy for all. It added that the university’s initiative was aimed at filling an innovation gap through multidisciplinary work and in turn supporting Saudi Arabia in leading its CCE program.

Tony Chan, KAUST President, said that the university strives to be a global leader with its contributions in providing effective solutions to national and global challenges.

Since its establishment in 2009, KAUST has dedicated strategic investments in the infrastructure for research centers and main laboratories, and a large number of talented people. The university works to enhance cooperation with academics, industries and government agencies to develop and publish new scientific and engineering solutions across several sustainability areas.

“We seek to make an impact by partnering with academics and productive and government sectors, to ensure that university research is applied in a timely manner to achieve social and political benefits,” KAUST Vice President for Research Donal Bradley said in a statement.



Gold Firms; Focus on US Data for Cues on Fed's Policy Path

FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo
FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo
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Gold Firms; Focus on US Data for Cues on Fed's Policy Path

FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo
FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo

Gold prices hovered near a four-week peak on Thursday, while focus shifted to jobs report due on Friday for clarity on the Federal Reserve's 2025 interest rate path.
Spot gold edged 0.1% higher to $2,664.30 per ounce, as of 0732 GMT. US gold futures rose 0.4% to $2,681.80
"Prices are trading in a narrow range ... A new trigger is needed for gold to breach its resistance," said Ajay Kedia, director at Kedia Commodities in Mumbai.
The bullion hit a near four-week high in the previous session after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.
The market now awaits US jobs report on Friday for more cues on the Fed's policy path.
Investors are also awaiting Donald Trump to take office on Jan. 20 and his proposed tariffs and protectionist policies are expected to fuel inflation.
Policymakers at the Fed's last meeting also "noted that recent higher-than-expected readings on inflation, and the effects of potential changes in trade and immigration policy, suggested that the process could take longer than previously anticipated," the minutes showed on Wednesday.
Bullion is considered an inflationary hedge, but high rates reduce the non-yielding asset's allure.
"We believe the bulk of the rally has been put in and that while gold's upward momentum may carry it higher in the near term and in early 2025, a combination of physical and financial market factors may tame the rally and drive gold moderately lower by the end of next year," HSBC said in a note.
Elsewhere, physically-backed gold exchange-traded funds (ETFs) registered their first inflow in four years, the World Gold Council said.
Spot silver added 0.2% to $30.17 per ounce, platinum dropped 0.3% to $952.54 and palladium shed 0.8% to $921.37.