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New Initiatives Target Energy Efficiency Growth in Saudi Arabia

The Saudi ESCO 2024 forum in Riyadh, Saudi Arabia. (Turky Al-Agili)
The Saudi ESCO 2024 forum in Riyadh, Saudi Arabia. (Turky Al-Agili)
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New Initiatives Target Energy Efficiency Growth in Saudi Arabia

The Saudi ESCO 2024 forum in Riyadh, Saudi Arabia. (Turky Al-Agili)
The Saudi ESCO 2024 forum in Riyadh, Saudi Arabia. (Turky Al-Agili)

The Saudi government has unveiled eight new initiatives to boost energy efficiency, targeting sustainable economic growth and lower carbon emissions.

The new initiatives were announced at the Saudi ESCO 2024 forum, which began Monday in Riyadh. Energy Minister Prince Abdulaziz bin Salman attended the event.

Energy efficiency means using less electricity to achieve the same results through measures that reduce consumption and improve usage without affecting performance.

Saudi Arabia aims to cut domestic energy consumption by 2030 through ongoing efforts and initiatives.

The new initiatives include an updated licensing regulation for energy efficiency service providers, a revised “National Measurement and Verification User Guide,” and the launch of an independent energy auditors platform, an energy efficiency projects opportunities platform, and an energy efficiency academy online platform.

The National Energy Services Company (Tarshid), owned by the Public Investment Fund (PIF), plans to launch 50 solar photovoltaic projects across Saudi Arabia this year, following 10 projects last year.

Tarshid also aims to start around 84 building retrofit projects this year, targeting energy savings of about 2.1 terawatt-hours nationwide.

At a press conference, Saudi Energy Efficiency Center (SEEC) Director General Nasser Al-Ghamdi told Asharq Al-Awsat that the center has ensured reliability in the sector by licensing energy service companies and maintaining service quality.

Energy efficiency teams have been set up in 280 government entities to focus on awareness, technical training, and tools to help reduce consumption, according to Al-Ghamdi.

He also affirmed that Saudi ESCO 2024 brought together service providers, experts, and beneficiaries to showcase solutions, drive investment, and highlight the importance of energy efficiency skills.

Al-Ghamdi stated that the forum and its exhibition reflect the SEEC’s commitment to a range of initiatives and services aimed at enhancing energy efficiency. This effort is crucial for reducing emissions and supporting national climate change goals.

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Dollar Hits 2-week Low as Traders Ponder Trump Tariff Plans

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
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Dollar Hits 2-week Low as Traders Ponder Trump Tariff Plans

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo

The dollar touched a fresh two-week low on Wednesday, as a lack of clarity on President Donald Trump's plans for tariffs kept financial markets guessing and left the greenback struggling to regain ground against major currencies. Trump said late on Tuesday that his administration was discussing imposing a 10% tariff on goods imported from China on Feb. 1, the same day that he previously said Mexico and Canada could face levies of around 25%.

He also vowed duties on European imports, without providing further details.

Despite those threats, a lack of specific plans from Trump's first day in office saw the dollar start the week with a 1.2% slide against a basket of major peers. It stabilized on Tuesday, ending flat after an attempted rebound fizzled, with US officials saying any new taxes would be imposed in a measured way. The dollar index, which tracks the currency against six top rivals, touched its lowest since Jan. 6 at 107.75 on Wednesday, paring an earlier rise in the index. It was last down 0.15% at 107.97.

"Tariffs have again grabbed the headlines overnight as Trump commented in the evening that his threat of a new 10% tariff on China was still on the table...," said Deutsche Bank's Jim Reid.

"Trump's comments leave plenty of near-term uncertainty even though the trade investigations from his day 1 executive orders will take some time to play out."

Trump on Monday signed a broad trade memorandum, ordering federal agencies to complete comprehensive reviews of a range of trade issues by April 1. The greenback rose 0.3% to 156 yen, edging up from the one-month low it touched the day before.

INFLATION RISKS The euro fell 0.3% in early trading, before it changed course and rose to $1.0457, its highest since Dec. 30. It was last up 0.07% at $1.0434. Sterling hit a two-week high against the greenback, but was last trading down at $1.2351.

Analysts have said that Trump's policies on immigration, tax and tariffs will likely boost growth but also be inflationary, but the more cautious tariff approach has fuelled some hopes that inflation risks could be more limited, Reuters reported.

Traders expect a quarter-point Fed interest rate cut by July, while another reduction by year-end is considered a coin toss. The Canadian dollar was slightly weaker at 1.4346 per US dollar, following a volatile week that saw it tumble as low as 1.4520 overnight for the first time since March 2020, feeling additional pressure from cooling inflation last month. The Mexican peso gained about 0.3% to 20.547 per dollar. China's yuan held steady at 7.272 per dollar in offshore trading, after pushing to the strongest level since Dec. 11 on Tuesday at 7.2530.

"A 10% tariff on China imports would be far below the 60% rate he mentioned in his campaign," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets.

"On top of this is the general sense that Trump is not pursuing maximalist trade protectionism in his early actions, but appears to be positioning for trade negotiations," Tan said.

"Altogether these suggest that the US dollar could drop further."