Saudi Arabia Combats Climate Change with 65 Initiatives Worth $13 Billion

Participants attending the Saudi Green Initiative Forum discuss efforts by the Kingdom to tackle climate change, in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri
Participants attending the Saudi Green Initiative Forum discuss efforts by the Kingdom to tackle climate change, in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri
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Saudi Arabia Combats Climate Change with 65 Initiatives Worth $13 Billion

Participants attending the Saudi Green Initiative Forum discuss efforts by the Kingdom to tackle climate change, in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri
Participants attending the Saudi Green Initiative Forum discuss efforts by the Kingdom to tackle climate change, in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri

Saudi Arabia is participating in the COP 26 UN Climate Change Conference - hosted by the United Kingdom in partnership with Italy - armed with around 65 initiatives that are worth more than USD13 billion, which are aimed at combatting climate change and developing a relevant environment strategy.

During the opening of the Green Saudi Forum, which was recently held in Riyadh, Crown Prince Mohammed bin Salman revealed the first package that will contribute to achieving green Saudi initiatives, pointing out that the Kingdom will seek to reduce emissions by more than 270 million tons annually, in addition to a number of other initiatives announced on the sidelines of the summit.

Saudi Arabia’s participation in the ongoing international conference reflects the importance it attaches to climate change and environmental protection, in line with the transformation program within Vision 2030.

The Kingdom has launched a process for structuring its environmental work system, which included the establishment of five environmental centers specialized in meteorology, environmental compliance, biodiversity, plant cover development, combating desertification and managing waste.

A week ago, Riyadh hosted the Saudi Green Initiative Forum, which witnessed the announcement of more than 59 initiatives, and the Green Middle East Initiative summit, in the presence of international stakeholders and regional leaders.

The Ministry of Energy also launched the initiative of the Custodian of the Two Holy Mosques for Renewable Energy, which seeks to increase the percentage of renewable energy to reach the optimal mix, raise the efficiency of the electricity sector and achieve environmental goals by reducing carbon dioxide emissions, in addition to realizing a set of major economic goals.

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

Environmental Expert Dr. Ali Eshqi told Asharq Al-Awsat that the Kingdom has recently played a major role in fighting global warming by increasing the area of green spaces, which contributes to raising the proportion of oxygen in the atmosphere and reducing carbon dioxide.

On the other hand, the Kingdom’s plans in the field of renewable energy sources included wind and solar energy, which will represent 50 percent of the energy used to produce electricity in the Kingdom by 2030.

Saudi Arabia will also join the Global Methane Pledge to reduce global emissions by 30 percent compared to the level of emissions in 2020.

Efforts to protect the environment and preserve its natural resources included establishing an environment fund to contribute to achieving financial sustainability for this sector, setting up special forces for environmental security, and developing national capabilities in the field of predicting natural disasters and early warning.

Moreover, the Saudi State has established the 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% of the country’s land area, which exceeds the current global target to protect 17% of each country’s lands.

In a more remarkable development, Saudi Arabia has started implementing the first phase of afforestation initiatives, which seeks to plant more than 450 million trees, rehabilitate 8 million hectares of degraded lands and allocate new protected lands, bringing the total protected areas in the Kingdom so far to more than 20 percent of its total surface.

Eshqi said: “If we plant 10 million trees in the Middle East as planned in the Saudi initiative launched by Crown Prince Mohammed bin Salman, we will reach a natural balance with the percentage of existing gases, especially carbon dioxide.”

The Saudi Ministry of Environment, Water and Agriculture worked on the optimal investment of water wealth through rationalization and the use of treated and renewable water and the establishment of an integrated project for waste recycling, as well as raising the percentage of waste diversion from landfills to 94 percent.

The Kingdom’s pioneering 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.



Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)
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Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)

Iraq produces more than 5 million barrels of oil per day (bpd), Oil Minister Basim Mohammed told state news agency INA on Saturday.

According to Reuters, Iraq is pushing for a higher OPEC production quota as the economic fallout from the Iran war and new investment by oil majors increase pressure on Baghdad to boost output, potentially putting it at odds with the producer group.

The conflict has hit Iraq particularly hard, forcing major export cuts and depriving the state of oil revenue, which accounted for 88% of government income last year.


IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
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IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)

Central bankers around the world would need to consider any slowdown in AI-driven growth as they assess steps in their fight against inflation, International Monetary Fund Managing Director Kristalina Georgieva said on Friday.

Georgieva said concerns about dependence on the AI investment boom and high valuations were impacting markets around the world.

"Things are going up and down, and this is likely to continue," she told an audience at IMF headquarters in Washington, adding that the volatility would complicate the job of central banks at a time when risks to price stability had been growing.

A steep rout in technology stocks on Thursday rippled through markets on fears that ⁠the Democrats' victory ⁠in the US midterm elections would increase regulatory scrutiny of AI and slow the data center build-out, sending investors to the safety of bonds.

The political jitters are hitting an AI trade already on shaky footing due to worry about return on massive spending on AI-related infrastructure, with the meltdown spurring margin calls and spooking retail investors and hedge ⁠funds alike.

Georgieva said the AI investment boom was lifting growth in some countries, helping to offset a negative oil-supply shock triggered by the war in the Middle East, but it was also adding to inflationary pressures and financial stability concerns.

The IMF last month flagged significant growth and financial stability risks from a potential ending of the AI investment boom, among other factors, including a prolonged Middle East war. At the time, it warned that a steep drop in AI investment could lead to a sharp fall in asset prices, ultimately cutting global GDP ⁠by 1.1% ⁠by 2028, including a 1.8% drop in US output.

Georgieva did not repeat the downside forecast on Friday, but acknowledged the recent market volatility.

"Should there be a slowdown in the AI-driven growth impulse, it would need to be factored in as central banks assess the necessary steps in the fight against stubborn inflation," she said.

Democrats are planning to unleash a flood of new legislation targeting artificial intelligence systems and data-center development when they take control of the US Congress in January, Reuters reported on Friday, citing congressional aides and advocates.

That would mark a sharp shift from the Republican-led Congress, where lawmakers largely focused on promoting AI development and declined to pass legislation restricting the technology.


World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
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World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices for a basket of food commodities, ‌averaged 133.9 points ‌in October, down from a revised ‌135.6 ⁠in September.

The index ⁠was 5.9% higher than a year earlier, but remained 16.4% below its March 2022 peak.

FAO's cereal price index fell 4.5% from September and was 12.6% lower than a year ago, as wheat and maize quotations declined. Wheat prices eased on weak import demand ⁠and improved production prospects, especially in Argentina.

"Expectations of ‌easing constraints on Black ‌Sea export flows added to the downward pressure on prices, ‌although continued disruptions to Black Sea logistics limited the decline," ‌FAO said in a statement.

Maize prices also eased after reaching a three-year high in September, pressured by the US harvest, expectations of ample supplies in South America and renewed ‌prospects of easing tensions in the Black Sea region.

Vegetable oil prices edged up 0.3%, ⁠as ⁠higher soybean and sunflower oil prices more than offset a fall in rapeseed oil prices.

Sugar prices rose 6.6%, their fourth straight monthly increase, to the highest level since December 2024, after rainfall disrupted harvesting in Brazil. They were now 28.8% above a year ago.

The dairy index fell 1.1%, as lower butter and cheese prices linked to ample supplies and subdued demand outweighed gains in milk powder.

The meat index declined 1.2%, while still slightly above its year-earlier level, as ovine and bovine meat prices fell.