COP28: Saudi Green Initiative Discusses Climate Initiatives

Saudi Green Initiative sessions are held on the sidelines of the COP28 conference (Asharq Al-Awsat)
Saudi Green Initiative sessions are held on the sidelines of the COP28 conference (Asharq Al-Awsat)
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COP28: Saudi Green Initiative Discusses Climate Initiatives

Saudi Green Initiative sessions are held on the sidelines of the COP28 conference (Asharq Al-Awsat)
Saudi Green Initiative sessions are held on the sidelines of the COP28 conference (Asharq Al-Awsat)

The third edition of the Saudi Green Initiative Forum 2023 activities kicked off on Monday in Dubai, coinciding with the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28).

The third edition of the Saudi Green Initiative is held under the slogan "From Ambition to Action."

It will address several topics, including financing climate action activities, innovating clean energy solutions, and activating the role of various society groups in climate action, as well as protecting land and marine areas in the Kingdom.

A group of the most prominent global policymakers, opinion leaders, and climate experts participate in the Forum to exchange ideas and vision, in addition to having deep discussions regarding the best available ways to efficiently address climate challenges and reach a more sustainable future locally and globally.

The Saudi Green Initiative Forum 2023 will also discuss topics related to sustainability, activating the role of financing to enable climate action, in addition to tree planting and environmental rehabilitation.

The Forum's activities allow visitors to listen to an elite group of climate experts from Saudi Arabia and the world, in addition to interacting with them about the most critical trends in the field of sustainability.

The Saudi Green Initiative will feature a series of panel discussions that will explore the key themes under four event pillars: "Industrial Plays,The Financial Architecture of Tomorrow,Innovative Transitions," and "Coherence for Impact."

The sessions will examine critical topics, including clean energy scaling, desertification mitigation, climate technology innovation, safeguarding the Red Sea, sustainable urban planning, CCUS, and hydrogen technology, and ESG investments.

Participants in the sessions will discuss investments in enhancing environmental and social practices, corporate governance, and ongoing reforms in the global financial system.

In the year of global assessment to determine the progress in achieving the goals of the Paris Climate Agreement, the Saudi Green Initiative forum will provide an important platform that contributes to accelerating global efforts to confront climate challenges.

Speakers confirmed at the Forum include CEO of Standard Chartered William Thomas Winters, Secretary General and CEO of World Energy Council Dr. Angela Wilkinson, CEO of Schlumberger Olivier Le Peuch, and CEO of Air Liquide François Jackow, and several Saudi government officials.

Saudi Crown Prince Mohammed bin Salman launched the Saudi Green Initiative, an ambitious initiative to combat climate change, improve the quality of life, and protect the planet for future generations.

The initiative seeks to mobilize the efforts to achieve three main goals: reducing emissions, afforestation, and protecting land and nature.



Lebanon’s Struggling Economy Slides Toward Full Recession

The Jousieh crossing between Lebanon and Syria following an Israeli strike on October 25. (AFP)
The Jousieh crossing between Lebanon and Syria following an Israeli strike on October 25. (AFP)
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Lebanon’s Struggling Economy Slides Toward Full Recession

The Jousieh crossing between Lebanon and Syria following an Israeli strike on October 25. (AFP)
The Jousieh crossing between Lebanon and Syria following an Israeli strike on October 25. (AFP)

The ongoing Israeli war on Lebanon has led to significant economic losses estimated between $10 billion and $20 billion.

This range reflects the difficulty in accurately assessing the damage amid Israel’s ongoing military operations, including airstrikes and ground attacks.

The destruction of homes, infrastructure, and farmland has contributed to a state of uncertainty, along with an unprecedented wave of displacement affecting many families.

Experts agree that reliable economic data is hard to obtain while the conflict continues.

Reports from the Ministry of Health and international organizations said nearly 3,000 people have been killed and around 15,000 injured, mostly civilians.

Additionally, about 1.4 million people have been displaced from their homes, representing roughly a quarter of Lebanon’s population.

Growing economic crisis ahead

The war came at a time when Lebanon’s economy was already struggling after five years of crisis.

According to Mohammad Choucair, head of the Economic Bodies Association, the situation is worsening rapidly, threatening serious economic and social consequences.

Current estimates suggest that direct losses from the conflict could reach between $10 billion and $12 billion, impacting various sectors.

As the war continues, key sectors like tourism, agriculture, and trade are experiencing a sharp decline in business activity.

Many small and medium-sized enterprises are being forced to close or suspend operations due to direct damage from attacks, reduced consumer demand, and disruptions in trade and supply chains caused by the influx of displaced people.

International financial institutions are warning that the ongoing Israeli attacks could continue for several more months, possibly lasting until mid-2025.

The Institute of International Finance (IIF) forecasts a 7% contraction in Lebanon’s GDP by the end of this year, followed by a 10% decline next year.

This would bring the total economic decline to nearly 60% from the peak GDP of around $53 billion recorded at the end of 2018.