Saudi Green Building Forum Launches Roadmap to Reduce Greenhouse Gas Emissions

The High-Level Political Forum of the Economic and Social Council at the United Nations in New York (Asharq Al-Awsat)
The High-Level Political Forum of the Economic and Social Council at the United Nations in New York (Asharq Al-Awsat)
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Saudi Green Building Forum Launches Roadmap to Reduce Greenhouse Gas Emissions

The High-Level Political Forum of the Economic and Social Council at the United Nations in New York (Asharq Al-Awsat)
The High-Level Political Forum of the Economic and Social Council at the United Nations in New York (Asharq Al-Awsat)

The Saudi Green Building Forum launched a roadmap to reduce greenhouse gas emissions, on the sidelines of the High-Level Political Forum of the United Nations Economic and Social Council, which is being held in New York from July 8-18.

“The commitment to sustainable practices and green business initiatives is crucial for achieving the goals outlined in the ‘Urgent Green Actions for Global Agenda 2030,’” said Faisal Al-Fadl, Secretary-General of the Saudi Green Building Forum.

He added: “We emphasize this commitment on sustainable practices and green initiatives that play a vital role in creating a more environmentally friendly and sustainable future.”

According to Al-Fadl, in 2022, buildings were responsible for 34 percent of global energy demand, 37 percent of carbon dioxide emissions related to energy and operations, and about 21 percent of global greenhouse gas emissions, while investment in building decarbonization exceeded the amount of USD285 billion, with expectations of a lower cost in the future.

“We recognize the role of green building standards and certifications as a tool for shaping policies to support the elimination of carbon emissions across the life cycle of buildings and setting building renovation priorities,” he stated, underlining a firm commitment to sustainability through advocacy, collaboration and practical action, “paving the way towards a more resilient, equitable and sustainable built environment.”

The United Nations stressed the importance of partnerships in achieving the sustainable development goals, while the 2030 Sustainable Development Plan, which Saudi Arabia adopted with all 193 United Nations member states in 2015, stipulated that the goals cannot be achieved without partnerships.

According to the UN Political Forum, the UN agenda recognizes that governments alone cannot confront the global challenges set forth in the Sustainable Development Goals, and that cooperation across sectors is essential. In this context, the “Saudi Green Building Forum” has strengthened its role as an observer at the United Nations, in shaping the UN climate and environmental response.



US Consumers to Bargain Hunt in Annual ‘Black Friday’ Spree

 A family eats lunch near a store advertising a Black Friday sale at the Pentagon City Mall in Arlington, Virginia, on November 22, 2023. (AFP)
A family eats lunch near a store advertising a Black Friday sale at the Pentagon City Mall in Arlington, Virginia, on November 22, 2023. (AFP)
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US Consumers to Bargain Hunt in Annual ‘Black Friday’ Spree

 A family eats lunch near a store advertising a Black Friday sale at the Pentagon City Mall in Arlington, Virginia, on November 22, 2023. (AFP)
A family eats lunch near a store advertising a Black Friday sale at the Pentagon City Mall in Arlington, Virginia, on November 22, 2023. (AFP)

US shoppers are coming out in force this holiday season, but the festiveness is being tempered by inflationary pressures that have abated but not completely faded.

After the sticker shock during the latter stages of the pandemic, a familiar frustration has settled in towards consumer prices that remain broadly elevated even if they have stopped rising rapidly.

Americans are "ready to open their wallets this holiday season," said the Conference Board ahead of Black Friday -- the day after Thanksgiving, which this year, falls on November 28 -- that traditionally sees US stores kick off the Christmas shopping season with steep discounts.

"US consumers plan to spend more than last year, but inflation reduces how far their dollars can go."

In this environment, nobody expects to pay the full price for items.

"Holiday shoppers are likely to increase their budgets this year versus last year but remain selective and are looking for discounts," said a note from Morgan Stanley.

The investment bank's survey found that 35 percent planned to spend more this holiday season. But nearly two-thirds would skip a purchase if an item is not adequately discounted, meaning a price cut of more than 20 percent.

"It's gonna be a good year, but I don't think that growth is going to be spectacular because consumers are still under pressure," predicted Neil Saunders of GlobalData.

Inflation remains above the Federal Reserve's two percent long-term target, rising in October to 2.6 percent on an annual basis from 2.4 percent in September. But that's significantly below the peak level of 9.1 percent in June 2022.

Other recent economic data has been solid. Unemployment remains low at 4.1 percent, while a preliminary GDP reading for the third quarter came in at 2.8 percent.

But Joe Biden's presidency coincided with about a 20 percent rise in consumer prices as Covid-19 pandemic lockdowns gave way to supply chain bottlenecks.

That inflation played a central role in the 2024 US presidential election, with Republican Donald Trump defeating Biden's appointed Democratic successor, Vice President Kamala Harris.

"There is still a perception among consumers that things are quite difficult," Saunders said. "So people are being quite cautious and careful in their spending."

- Tariff hit? -

How Trump's looming presidency will affect inflation remains to be seen. Industry groups have warned that tariffs favored by the Republican could reignite pricing pressures.

The National Retail Federation projected that a Trump tariff proposal floated during the campaign would dent US consumer budgets by as much as $78 billion annually.

But while tough potential trade actions are already preoccupying Washington trade groups, tariffs are not on consumer radars for the 2024 season, according to Saunders.

One challenge this year will be the shortness of the season.

Black Friday falls at the latest possible date on November 29, shortening the stretch between Turkey Day and Christmas on December 25.

But the impact of that dynamic on 2024 sales should not be overstated. Retailers in recent years have pulled the holiday shopping season ahead, with some vendors launching online "Black Friday" promotions as early as October.

Among the companies that have already begun discounts: the big-box chains Walmart and Target, electronics giant Best Buy and home-improvement retailer Home Depot.

Amazon officially launched "Black Friday Week" on Thursday.

NRF has projected holiday spending growth of between 2.5 and 3.5 percent in the 2024 season compared with the year-ago period, to as much as $989 billion over the two-month period.

Economists with the trade group have pointed to an easing of gasoline prices as a supportive factor.

Online sales are projected to grow as much as nine percent this season, extending a long-term trend. Black Friday itself has become a big occasion for online shopping, along with "Cyber Monday" three days later.

"Over time, we've moved from a period where it was just Black Friday, and maybe a little of the weekend, to it being a period of discounting that starts very early," said Saunders. "It's seasonal discounts."

There has been a diminishment of "doorbuster" sales that are known to draw hordes of waiting crowds, sometimes resulting in injury or worse.

Instead, increasing numbers of consumers are spreading out their purchases or opting to click through Black Friday promotions at home.