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Saudi Green Initiative Forum at COP28: Kingdom Advances Climate Ambitions

Saudi Energy Minister Prince Abdulaziz bin Salman (Ministry of Energy)
Saudi Energy Minister Prince Abdulaziz bin Salman (Ministry of Energy)
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Saudi Green Initiative Forum at COP28: Kingdom Advances Climate Ambitions

Saudi Energy Minister Prince Abdulaziz bin Salman (Ministry of Energy)
Saudi Energy Minister Prince Abdulaziz bin Salman (Ministry of Energy)

Saudi Arabia has unveiled its efforts to launch renewable energy projects with a capacity of 20 gigawatts by 2024. This comes after the kingdom having quadrupled its renewable energy production from 700 megawatts to 2.8 gigawatts so far.
Saudi Minister of Energy Prince Abdulaziz bin Salman announced on Monday that the Saudi Green Initiative was launched in 2021 to achieve the country’s climate ambitions of reaching zero neutrality by 2060.
“Within this initiative, the Kingdom is committed to reducing 278 million tons of carbon emissions annually by 2030,” he said while inaugurating the third edition of the Saudi Green Initiative 2023 (SGI) Forum in Dubai on Monday.
“When the international community called for increasing climate ambition, the Kingdom came forward and launched the Green Saudi Arabia initiative as a fundamental pillar for achieving the Kingdom’s climate ambitions.”
“We are working to expand our efforts regionally and internationally through the Green Middle East Initiative to achieve global climate goals,” said Prince Abdulaziz.
The energy minister further said that Saudi Arabia, through the previous session of the SGI forum during “COP27,” which was held in Sharm El-Sheikh, Egypt, and during the current “COP28” being held in Dubai, showed its utmost keenness and strenuous efforts to achieve those ambitions regarding renewable energy.
“The Kingdom’s concrete action on implementing renewables are reflected by its ability to quadruple its capacity from 700 megawatts last year to 2.8 gigawatts with more than eight gigawatts of renewable under construction and around 13 gigawatts in various development stages,” said Prince Abdulaziz.
“We are also planning to tender an additional 20 gigawatt by 2024 as part of our commitment to accelerate the development to renewable energy projects,” he added.
He explained that Saudi Arabia has launched a geophysical survey project, starting next year, which is one of the few projects of this extensive scale implemented nationally, involving over 1200 measurement stations.
Prince Abdulaziz stressed that Saudi Arabia aims to become a major exporter of green hydrogen globally, as the NEOM Project has completed its first phase and achieved investments worth $8.5 billion.
This project will produce 1.2 million tons of green ammonia annually, he said while pointing out that the Kingdom is developing international partnerships to develop more green hydrogen projects in the country, in addition to hydrogen mobility solutions, including trains.
The minister said that Saudi Arabia, in its bid to boost its ambition to export clean and green electricity and hydrogen, has signed a memorandum of understanding for the economic corridor between India, the Middle East and Europe, during the G20 summit meetings in India.
“This will be an essential possibility for export, and this corridor includes electricity, transmission lines and hydrogen pipelines, where we will supply clean energy on a large scale at a low cost and in a reliable manner,” said Prince Abdulaziz.
“Saudi Arabia is working closely to achieve circular carbon in the energy transition, which was approved by the G20 summit,” he affirmed.

 

 

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Business

Saudi Market Edges Higher on Insurance and Basic Materials Support

An investor monitors stock prices on a screen at the Saudi stock market in Riyadh (AFP)
An investor monitors stock prices on a screen at the Saudi stock market in Riyadh (AFP)
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Saudi Market Edges Higher on Insurance and Basic Materials Support

An investor monitors stock prices on a screen at the Saudi stock market in Riyadh (AFP)
An investor monitors stock prices on a screen at the Saudi stock market in Riyadh (AFP)

Saudi Arabia’s benchmark Tadawul All Share Index (TASI) edged up 0.03 percent to 11,272 points on Sunday, supported by insurance and basic materials stocks. Total traded value reached SAR 4.27 billion ($1.1 billion).

Shares of Petro Rabigh and The National Shipping Company of Saudi Arabia (Bahri) rose 1 percent and 1.5 percent to SAR 10.9 and SAR 32.6, respectively.

Saudi Arabian Amiantit Co. (Amiantit) led gainers, rising 10 percent to SAR 15.63. In the materials sector, SABIC and Maaden advanced 0.84 percent and 0.46 percent to SAR 60.05 and SAR 65.7, respectively.

In insurance, The Company for Cooperative Insurance (Tawuniya) and Bupa Arabia climbed 1 percent and 2 percent to SAR 127.3 and SAR 174.1, respectively. Almarai rose 1.2 percent to SAR 44.48 after reporting its Q1 2029 results.

On the downside, Saudi Aramco—the index heavyweight—declined 0.22 percent to SAR 27.54.

ACWA Power fell about 1 percent to SAR 168 after announcing last week a temporary curtailment of power output at two of its solar projects. Emaar The Economic City (Emaar EC) was the biggest decliner, falling 7.6 percent to SAR 10.88.

Business

Saudi Airports Serve as Safety Valve for Regional Air Traffic as ‘Hormuz Fallout’ Hits Global Aviation

King Khalid International Airport in Riyadh (SPA)
King Khalid International Airport in Riyadh (SPA)
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Saudi Airports Serve as Safety Valve for Regional Air Traffic as ‘Hormuz Fallout’ Hits Global Aviation

King Khalid International Airport in Riyadh (SPA)
King Khalid International Airport in Riyadh (SPA)

Conflicts in the region are no longer confined to the geography of battlefields; their fallout has reached one of the world’s most vital and sensitive industries: aviation. Today, travelers and airlines alike face a harsh reality driven by record surges in jet fuel prices and a steep spike in insurance costs, pressures that have pushed ticket prices higher, threatening a severe economic squeeze that could derail global tourism plans and reshape travel patterns long taken for granted.

The surge in aviation costs cannot be separated from the turmoil in global energy markets. The link between crude oil and jet fuel prices peaked in early April 2026. As market confidence wavered amid US military threats, crude prices jumped to record levels due to the direct risk to supplies through the Strait of Hormuz, setting off an immediate spike in jet fuel prices. Given that jet fuel is among the most valuable refined products from a barrel of oil, these unprecedented crude levels pushed aviation fuel to nearly double its 2025 levels.

Compound pressures and a tourism slowdown

In remarks to Asharq Al-Awsat, aviation and airport management expert AlMotaz Al-Mirah said the current tensions, in an industry already operating on thin margins, are quickly reflected in both pricing and demand across the tourism sector.

“The rise in ticket prices today is not driven by a single factor,” he said, “but by a combination of pressures: higher fuel consumption, longer routes, elevated insurance costs, and reduced operational efficiency.”

The World Travel & Tourism Council confirmed that “the escalating conflict in Iran is already impacting travel and tourism across the Middle East by no less than $600 million per day in international visitor spending, as disruptions to air travel, traveler confidence, and regional connectivity weigh on demand.”

According to council data released in March, the Middle East plays a critical role in global travel, accounting for 5 percent of international arrivals and 14 percent of global transit traffic. Any disruption reverberates worldwide, affecting airports, airlines, hotels, car rental firms, and cruise lines.

The family travel bill

On leisure travel, Al-Mirah said fare increases have ranged from 15 percent to 70 percent across many routes- higher still on long-haul flights.

“A ticket that used to cost $500 now ranges between $800 and $1,000,” he noted, “meaning an increase of up to $2,000 for a family of four.” This is forcing many travelers to delay trips or opt for closer destinations, reshaping demand across regional markets.

He detailed the price surge since the crisis began in late February: jet fuel rose from around $85–90 per barrel to between $150 and $200. This has driven the cost per flight hour for long-haul aircraft from an average of $10,000 to more than $18,000 in some cases. A flight carrying 180 passengers could see total additional costs of about $15,000, forcing airlines to add roughly $80 per ticket just to break even.

Globally, Brazil’s Petrobras raised jet fuel prices by about 55 percent in early April, while the Philippines warned that some aircraft could be grounded due to fuel shortages, and Taiwanese carriers are preparing to increase international fuel surcharges by 157 percent.

Longer routes, heavier maintenance burdens

Al-Mirah explained that longer flight times to avoid unstable airspace carry steep financial costs, with each additional hour adding between $5,000 and $7,500. Route changes extending flight durations by one to two hours have increased fuel consumption by up to 30 percent. More time in the air also accelerates engine wear.

The strain goes beyond fuel. Increased flight hours speed up the deterioration of engines and components, bringing forward maintenance schedules and raising annual servicing costs- ultimately reducing fleet efficiency.

Airlines are also grappling with sharply higher war-risk insurance premiums. While such costs typically account for no more than 1 percent of total operating expenses, they have surged by between 50 percent and 500 percent in the current crisis, according to a March 2026 report by Lockton.

This buildup of fuel and insurance costs threatens to turn profitable routes into loss-making ones, potentially forcing cash-strapped or low-cost carriers to suspend some routes temporarily to preserve financial stability.

An aircraft from Riyadh Air at Le Bourget Airport (Reuters)

Saudi airports support regional air traffic

Amid these complexities, Saudi Arabia’s General Authority of Civil Aviation has deployed its capabilities to activate regional support protocols. Gulf airlines have shifted logistical operations to Saudi airports to keep regional air traffic safe and moving.

The authority announced that the Kingdom received more than 120 flights from neighboring countries’ carriers between February 28 and March 16, including Qatar Airways, Iraqi Airways, Kuwait Airways, Jazeera Airways, and Gulf Air.

Business

OPEC+ Agrees in Principle on Theoretical Oil Output Hike amid Iran War Paralysis

FILE PHOTO: A model of an oil pump is seen in front of the OPEC logo in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A model of an oil pump is seen in front of the OPEC logo in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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OPEC+ Agrees in Principle on Theoretical Oil Output Hike amid Iran War Paralysis

FILE PHOTO: A model of an oil pump is seen in front of the OPEC logo in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A model of an oil pump is seen in front of the OPEC logo in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

OPEC+ has agreed in principle to raise its oil output quotas by 206,000 barrels per day for May, three sources with knowledge of the group's talks said ahead of its meeting later on Sunday, a rise that will largely exist on paper as its key members are unable to raise production due to the US-Israeli war with Iran.

The war has effectively shut the Strait of Hormuz - the world's most important oil route - since the end of February and cut exports from OPEC+ members.
Some group members such as Russia are unable to increase output due to Western sanctions and damage to infrastructure inflicted during the war with Ukraine.

Inside the Gulf, damage to infrastructure from missile and drone attacks has also been severe. Several Gulf officials have said it would take months to resume normal operations and reach production targets even if the war stopped and Hormuz reopened immediately, according to Reuters.
Iran on Saturday said Iraq was exempt from any restrictions to transit the vital route, and shipping data on Sunday showed a tanker loaded with Iraqi crude passing through the strait. Still, it remains to be seen if more vessels will take the risk involved, a source close to the issue said.

Sunday's OPEC+ talks are set to start at around 1300 GMT with a gathering of ministers called the Joint Ministerial Monitoring Committee, which does not decide on output policy.

After this, eight members of OPEC+ hold separate talks having agreed in principle to raise output quotas by 206,000 bpd for May, the three sources said. This would be the same as the increase decided for April at their last meeting held on March 1, just as the war began to disrupt oil flows. A month later, the largest oil supply disruption on record is estimated to have removed as many as 12 to 15 million bpd or up to 15% of global supply. Crude prices have soared to a four-year high close to $120 a barrel. Oil prices could spike above $150 - an all-time high - if flows via Hormuz remain disrupted into mid-May, JPMorgan said on Thursday. A quota increase will have little immediate impact on supply but would signal readiness to raise output once Hormuz reopens, OPEC+ sources have said. Consultancy Energy Aspects called the increase "academic" as long as disruptions in the strait persist.