Germany Urges China to Find Alternative to Coal

German vice-chancellor and Economy Minister Robert Habeck during his visit to carmaker BMW's research and development center in Shanghai, China, on June 23. (Reuters) 
German vice-chancellor and Economy Minister Robert Habeck during his visit to carmaker BMW's research and development center in Shanghai, China, on June 23. (Reuters) 
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Germany Urges China to Find Alternative to Coal

German vice-chancellor and Economy Minister Robert Habeck during his visit to carmaker BMW's research and development center in Shanghai, China, on June 23. (Reuters) 
German vice-chancellor and Economy Minister Robert Habeck during his visit to carmaker BMW's research and development center in Shanghai, China, on June 23. (Reuters) 

German Economy Minister Robert Habeck said on Sunday that two Chinese officials he met in Beijing told him that China was expanding coal production for security reasons.

The Minister then said Beijing must find a safe alternative to coal.

“China is indispensable to achieving global climate goals and must find a safe alternative to coal, which accounted for nearly 60% of China's electricity supply in 2023,” Habeck said at the end of a four-day visit to East Asia.

Officials told Habeck that China was expanding coal production for security reasons, the minister told reporters in the southern city of Hangzhou, the day after meeting Chinese officials in Beijing.

“China also imports large amounts of gas and oil and China has already seen what has happened in Europe and Germany in the last two years,” he added, referring to the energy crisis triggered by Russia's full-scale invasion of Ukraine.

He said cooperation with China must be strengthened, adding: “Without China it would not be possible to meet the climate targets globally.”

“You don't have to teach them that CO2 emissions are bad for the climate. They've got that,” Habeck said, adding that it should be possible to achieve the same level of security with fewer coal-fired power plants.

Later, Habeck told students at the university of Zhejiang that the difficulty lay in integrating variable forms of energy such as wind and solar into a system built to work on more predictable fuels, adding: “That is basically my work.”

He said that doubling capacities was "the old way" of doing it, but not the most efficient.

Habeck said extension of the power grid and use of batteries to store energy could reduce the number of traditionally fueled power plants needed to meet China's needs, adding that economic growth and climate action were not opposites.

“Transforming the economy to a climate-neutral one is not only good for the climate but creates new opportunities for wealth and growth,” he added.

Other issues seem to overshadow curbing global warming at the moment, but it is a key challenge, so strengthening cooperation with China in this area is necessary, the minister said.

During Habeck’s visit to China on June 22, Chinese and EU officials said they agreed to start talks on the proposed imposition of tariffs on Chinese-made electric vehicles being imported into the European market.



Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)
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Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)

Saudi Arabia’s Public Investment Fund has fully allocated the proceeds of its green bond issuance, directing $9 billion to eligible projects, in a move that highlights the sovereign wealth fund’s growing role in shaping a more sustainable future and delivering lasting positive impact worldwide.

According to a recent report issued by the Public Investment Fund, reviewed by Asharq Al-Awsat, the expected impact of the fund’s eligible green projects includes generating 427 megawatts of renewable energy, avoiding emissions equivalent to 5.1 million tons of carbon dioxide, and treating 4 million cubic meters of wastewater.

The Public Investment Fund aims to establish itself as an active participant in global debt markets, while also fostering the development of a dynamic domestic market. This would enable the fund to access short- or long-term liquidity through a diverse range of financing instruments.

Financing strategy

The fund’s capital markets program aims to further strengthen its financing strategy and execution capabilities, both at the level of the Saudi sovereign wealth fund and across its portfolio companies, while enabling deeper engagement with global and local debt markets.

The program will also support expanding the fund’s capacity to raise debt and deploy it as a source of investment financing, in line with its overall funding strategy. This approach is designed to instill greater discipline in cash flow management and enhance returns on equity for the fund and its portfolio companies.

The green bond issuance will provide the fund with access to a broader pool of investors who prioritize environmental, social, and governance considerations in their investment decisions. It will also allow investors to diversify their portfolios through green assets, a step expected to help accelerate the pace of green investment globally.

Climate change

The fund has taken concrete steps to advance governance and policy, focusing on sustainability, and is a founding member of the One Planet Sovereign Wealth Funds initiative. This international platform aims to accelerate the integration of climate change considerations into asset management decisions and investment opportunities.

As an investment vehicle, the Public Investment Fund operates through acquiring stakes in companies aligned with its mandate, including ACWA Power and Lucid.

It has also established the Saudi Investment Recycling Company, a leader in waste management and recycling, manages the National Energy Services Company, Tarshid, and supports the creation of a voluntary carbon market in the Middle East and North Africa.

These efforts aim to strengthen Saudi Arabia’s position as one of the world’s most energy-efficient countries.

The green bond issuance will finance tangible projects on the ground, helping to accelerate the green transition and advance the Kingdom’s core targets of achieving net zero emissions by 2060 and generating 50 percent of electricity consumption from renewable energy sources by 2030.

This forms a key pillar of the renewable energy program implemented by the fund, which involves developing 70 percent of renewable power generation capacity.


Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)
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Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)

E-commerce sales in Saudi Arabia via "mada" cards soared to an all-time monthly high in October 2025, surpassing SAR30.7 billion.

The surge in sales represents a 68% year-on-year increase, totaling about SAR12.4 billion more than the SAR18.3 billion recorded in October 2024, according to the Saudi Central Bank (SAMA) statistical bulletin on Wednesday.

E-commerce sales for the third quarter (Q3) of 2025 hit SAR88.3 billion, up 15.2% from the previous quarter, representing an increase of about SAR11.6 billion over the SAR76.6 billion recorded in Q2.

On a monthly basis, e-commerce sales in October rose 6%, gaining approximately SAR1.6 billion over September’s total of SAR29.1 billion.

From January to October, "mada" data showed e-commerce sales grew 47.3%, rising by around SAR9.9 billion over the SAR20.9 billion recorded in January.

These figures cover transactions made via "mada" cards on e-commerce websites, apps, and digital wallets, and do not include credit-card payments.


Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
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Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)

Jeddah's King Abdulaziz International Airport (KAIA) celebrated the launch of its first direct flynas flight to Moscow, operating three weekly flights between Jeddah and Vnukovo International Airport.

This initiative, in partnership with the Saudi Tourism Authority and the Air Connectivity Program, boosts air links between Saudi Arabia and Russia.

It marks KAIA's third direct Russian destination, following Makhachkala and Mineralnye Vody, which were inaugurated earlier this month by Azimuth Airlines.

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location.