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.



Oil Prices Fall More than 1% as Hurricane Rafael Risk Recedes

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Fall More than 1% as Hurricane Rafael Risk Recedes

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices fell on Friday on receding fears over the impact of Hurricane Rafael on oil and gas infrastructure in the US Gulf while investors also weighed up fresh Chinese economic stimulus.

Brent crude oil futures lost $1.04, or 1.38%, to $74.59 a barrel by 1243 GMT. US West Texas Intermediate (WTI) crude was down $1.22, or 1.69%, at $71.14.

The benchmarks have reversed Thursday's gains of nearly 1%, but Brent and WTI are still on track to finish 2% up over the week, with investors also examining how US President-elect Donald Trump's policies might affect oil supply and demand, Reuters reported.

Hurricane Rafael, which has caused 391,214 barrels per day of US crude oil production to be shut in, is forecast to weaken and move slowly away from US Gulf coast oilfields in the coming days, the US National Hurricane Center said.

Downward price pressure also came from data showing crude imports in China, the world's largest oil importer, fell 9% in October - the sixth consecutive month to show a year-on-year decline.

"The weakening of oil imports in China is due to weaker demand for oil as a result of the sluggish economic development and rapid advance of e-mobility," said Commerzbank analyst Carsten Fritsch.

China kicked off a fresh round of fiscal support on Friday, announcing a package that eases debt repayment strains for local governments.

The nation's economy has faced strong deflationary pressures in the face of weak domestic demand, a property crisis and mounting financing strains on indebted local governments, limiting their investment capability.

"There were no additional stimulus measures targeting domestic demand, hence the disappointment weighing on prices," UBS analyst Giovanni Staunovo told Reuters.

Prices had risen on Thursday on expected actions by the incoming Trump administration, such as tighter sanctions on Iran and Venezuela, which could limit oil supply to global markets.

"In the short-term, oil prices might rise if the new President Trump is quick on the draw with oil sanctions," said PVM analyst John Evans.

US Federal Reserve Chair Jerome Powell said on Thursday that Trump's proposed policies of broad-based tariffs, deportations and tax cuts would have no near-term impact on the US economy, but the Fed would begin estimating the impact of such policies on its goals of stable inflation and maximum employment.

The Fed cut interest rates by a quarter of a percentage point on Thursday.