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AS IT HAPPENED: Day two of COP26 sees new pledges for greener world, but is it enough?

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Joe Biden reacts during a meeting on "the Build Back Better World (B3W)", as part of the World Leaders' Summit of the COP26 UN Climate Change Conference in Glasgow. (AFP)
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Will anything change? Greta and other critics have their doubts. (File/AFP)
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Updated 03 November 2021
Arab News
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AS IT HAPPENED: Day two of COP26 sees new pledges for greener world, but is it enough?

Updated 03 November 2021
Arab News

GLASGOW: World leaders reached agreements on deforestation, curtailing methane emissions and as the initial phase of COP26 came to an end on Tuesday.

More than 100 countries, including the US, China and Brazil, signed a pledge to “collectively halt and reverse forest loss and land degradation by 2030 while delivering sustainable development and promoting an inclusive rural transformation.”

Meanwhile, US President Joe Biden launched a plan to reduce methane emissions, a gas that contributes significantly to global warming. 

The announcement was part of a broader effort with the European Union and other nations to reduce overall methane emissions worldwide by 30% by 2030.

But there were also tensions with Biden accusing the leaders of China and Russia of making a “big mistake” by not attending the event.
 Boris Johnson said he was feeling cautiously optimistic - but warned against “false hope”.

Here are the highlights of the events of day 2, Tuesday, as they unfold (all times are GMT):

07.40pm: Joe Biden wraps up the day with a final press conference in which he claims there had been historic progress during the opening days of COP26 on addressing global warming.

However, he took aim at Russian President Vladimir Putin and China's leader Xi Jinping for not attending, calling it a big mistake.

07.25pm: US President Joe Biden said that China’s leader Xi Jinping made a “big mistake” by not attending the Glasgow climate and G20 summits but said he hoped for talks to prevent conflict.
“It’s been a big mistake, quite frankly, for China not showing up. The rest of the world looked at China and said ‘what value are they providing?’,” Biden added.

06:15pm: Frank Kane has written a piece about President Joe Biden's cynicism towards other nations at COP26 and how a little less skepticism might persuade the rest of the world to follow his lead.

Opinion

This section contains relevant reference points, placed in (Opinion field)

05:20pm: UK Prime Minister Boris Johnson held a press conference in which he outlined some of the commitments made during the first two full days of COP26. 

“We must take care to guard against false hope and not to think in any way that the job is done, because it is not - there is still a very long way to go,” Johnson said. “But all that being said, I am cautiously optimistic.”

He said they were still pushing to reach a target of $100 billion to help poorer nations. On China, Johnson said President Xi Jinping's absence from the conference “doesn't mean the Chinese are not engaging.” 

Johnson also praised India for making a big commitment by saying it would increase its use of clean energy.

05:45pm: Read more of Arab News’ coverage on COP26.

Saudi ambassador to the UK: Kingdom ‘can lead world’ on climate change

Erdogan’s COP26 retreat an environmental, democratic failure: Experts

Greta Thunberg tells young protestors COP26 won’t help climate

03.54pm: Kuwait’s Prime Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah affirmed Kuwait’s keenness to adopt a national low carbon strategy until 2050.
He said the national strategy is based on a circular carbon economy to promote the reduction, disposal, reuse and recycling of greenhouse gases.
Legislation and laws will be enacted to support the strategy to reduce emissions and adapt to their negative effects at the national level, in line with local, regional and international environmental obligations, Sheikh Sabah Al-Khaled added.


“Kuwait, in compliance with Paris Climate Agreement, updated its contributions document on Oct 12, 2021, whereby Kuwait contributes to a package of development projects based on a vision that would avoid an increase in greenhouse gases equivalent to 7.4 percent of its total emissions until 2035,” he said.
Sheikh Sabah Al-Khaled said that Kuwait attaches great importance to diversifying the country’s energy sources by introducing renewable energies and replacing fossil fuels with liquefied gas to ensure the sustainability of energy supplies for future generations.

03.24pm: Bahrain’s Crown Prince Salman bin Hamad said the kingdom is committed to reaching net zero by 2060 and has set a range of ambitious interim goals to ensure that we proceed without delay. 
“By 2035, we will reduce emissions by 30 percent through decarbonization and efficiency initiatives and double our deployment of renewables from the targets we set at COP21,” he said.


“Our 2035 targets also include carbon removal solutions by quadrupling mangrove coverage, doubling tree coverage in Bahrain, and directly investing in carbon capture technologies, which we believe is essential,” Prince Salman added.

03.09pm: US President Joe Biden announced a joint US-UAE Agriculture Innovation Mission for Climate (AIM for Climate) “to catalyze public and private investment in climate-smart agriculture and food systems innovation” over the next five years.

01.40pm: President Joe Biden thanks everyone who signed the "game-changing commitment" to reduce methane emmissions.

12:43pm: Turkish president Recep Tayyip Erdogan’s last-minute withdrawal from the COP26 Summit in Glasgow this week is yet more evidence of his disastrous environmental strategy and his inability to listen to his own people, experts have told Arab News.

12:38pm: Countries pledge 30% reduction in methane emissions.

12:30pm: Japanese PM Kishida says Japan is ready to offer up to $10bn in additional assistance for decarbonization in Asia

 

 

09:45am: China says President Xi Jinping was not given an opportunity to deliver a video address to the COP26 climate talks. 

08:41am: BlackRock Inc says it has raised $673m for an infrastructure fund with backing from the French, German and Japanese governments to invest in climate-focused projects such as renewable energy in emerging markets.

06:00am : In an interview published today, the Saudi Arabian ambassador to the UK, Prince Khalid bin Bandar told Arab News that the Kingdom was “ready, willing and able” to lead the world in tackling climate change and global warming.

 

 

 

Topics: COP26 2021 United Nations Climate Change Conference (COP26)

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Closing Bell: Saudi main index closes in green at 11,760

Updated 20 March 2025
Miguel Hadchity
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Closing Bell: Saudi main index closes in green at 11,760

Updated 20 March 2025
Miguel Hadchity

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 50.89 points, or 0.43 percent, to close at 11,760.32.

The total trading turnover of the benchmark index was SR5.89 billion ($1.57 billion), as 123 of the listed stocks advanced, while 109 retreated.   

The MSCI Tadawul Index increased by 6.13 points, or 0.41 percent, to close at 1,490.20.

The Kingdom’s parallel market Nomu dipped, losing 162.11 points, or 0.53 percent, to close at 30,521.53. This comes as 43 of the listed stocks advanced while 31 retreated.

The best-performing stock was Rabigh Refining and Petrochemical Co., with its share price surging by 9.87 percent to SR7.68.

Other top performers included Retal Urban Development Co., which saw its share price rise by 4.96 percent to SR16.50, and Ades Holding Co., which saw a 4.38 percent increase to SR16.70.

The worst performer of the day was Sinad Holding Co., whose share price fell by 6.91 percent to SR12.40.

Gulf General Cooperative Insurance Co. and SICO Saudi REIT Fund also saw declines, with their shares dropping by 6.19 percent and 5.18 percent to SR9.55 and SR3.66, respectively.

On the announcements front, Amwaj International Co. announced its financial results for 2024, with net profits reaching SR6.3 million, down by 60.1 percent compared to the previous year.

In a statement on Tadawul, the company attributed the decrease to restructuring inventory and marketing mix to accommodate new technology, which has a higher demand level and profit margin than before. 

“The addition of new products will positively impact sales and results for 2025 and will boost cash flow,” the statement said.

In another announcement, Gulf General Cooperative Insurance Co. revealed its annual financial results for 2024.

The company’s insurance revenues in 2024 reached SR414.3 million, up from SR315.6 million in the previous year, marking a 31.2 percent surge. 

This was principally driven by business growth and an increase in the motor line of business, according to a statement by the firm.

In today’s trading session, the group’s shares traded 6.19 percent lower on the main market to close at SR9.55.

Saudi Printing and Packaging Co. also announced its annual financial results for last year.

The company’s net loss surged to SR219.4 million from SR132.3 million in the previous year due to establishing a provision for credit losses in trade receivables and recording impairment in fixed assets, inventory, and goodwill.

In Thursday’s session, the firm’s shares traded 2.43 percent lower on the main market to close at SR10.42.

On another note, Saudi Industrial Investment Group has announced that its board of directors has recommended a share buyback of up to 11 million ordinary shares, subject to approval by the Extraordinary General Assembly. 

In a statement on Tadawul, the group said that the buyback aims to hold 10 million shares as treasury while allocating 1 million shares to the company’s long-term employee incentives program. 

The repurchase will be financed through internal resources, and the acquired shares will not carry voting rights in General Assembly meetings.

SIIG will comply with regulatory solvency requirements, with a solvency report from external auditors to be included in the EGA approval process.

In today’s trading session, SIIG’s shares traded 1.72 percent higher on the main market to close at SR15.36.

Topics: Closing Bell Saudi Stock Exchange (Tadawul)

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Saudi Aramco unveils direct air capture tech to reduce emissions

Updated 20 March 2025
MOHAMMED AL-KINANI
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Saudi Aramco unveils direct air capture tech to reduce emissions

Updated 20 March 2025
MOHAMMED AL-KINANI

JEDDAH: Saudi Aramco has unveiled the Kingdom’s first direct air capture test unit, marking a significant milestone in its mission to reduce emissions and advance carbon capture technology for a sustainable future.

The unit is capable of removing 12 tonnes of carbon dioxide from the atmosphere each year, according to an official statement from Aramco.

As the world’s leading integrated energy and chemicals company, Aramco emphasized that the pilot plant, developed in partnership with Siemens Energy, represents a crucial step in enhancing DAC capabilities.

Ali A. Al-Meshari, Aramco’s senior vice president of technology oversight and coordination, highlighted that direct carbon dioxide capture technologies will play a pivotal role in mitigating greenhouse gas emissions, particularly in industries that are difficult to decarbonize.

“The test facility launched by Aramco is a key step in our efforts to scale up viable DAC systems, for deployment in the Kingdom of Saudi Arabia and beyond. In addition to helping address emissions, the CO2 extracted through this process can in turn be used to produce more sustainable chemicals and fuels.” Al-Meshari said.

The development is in line with Saudi Arabia’s commitment to achieving net-zero emissions by 2060, following a circular carbon economy approach that emphasizes reducing, reusing, recycling, and removing carbon.

This initiative also supports the Saudi Green Initiative, which aims to reduce carbon emissions by 278 million tonnes annually by 2030 and transition 50 percent of the country’s energy sources to renewables.

The project reflects Aramco’s strong commitment to carbon capture, a critical component of its goal to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned and operated assets by 2050.

Aramco plans to use the new facility as a testing ground for next-generation CO2 capture materials specifically designed for Saudi Arabia’s unique climate. Additionally, the company aims to drive down costs, promoting the quicker adoption of DAC technologies in the region.

As part of its circular carbon economy strategy, Aramco is exploring methods for capturing CO2 both at emission sources and directly from the atmosphere, incorporating cutting-edge technological solutions, as stated in the company’s announcement.

In partnership with Siemens Energy, Aramco intends to scale up the technology and lay the groundwork for large-scale DAC facilities in the future.

Furthermore, the DAC test facility launch comes shortly after Aramco, along with its partners Linde and SLB, signed a shareholders’ agreement to develop a carbon capture and storage hub in Jubail. Phase one of the hub will have the capacity to capture 9 million tonnes of CO2 from three Aramco gas plants and other industrial sources.

In October 2023, Saudi Aramco announced its collaboration with major international companies to develop emissions reduction solutions, including lower-carbon hydrogen, direct air capture of CO2, and an innovative approach to CO2 storage.

Topics: emissions Net-zero

Saudi Arabia’s US Treasury holdings see $10.6bn adjustment

Updated 20 March 2025
Miguel Hadchity
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Saudi Arabia’s US Treasury holdings see $10.6bn adjustment

Updated 20 March 2025
Miguel Hadchity

RIYADH: Saudi Arabia’s holdings of US Treasury securities stood at $126.9 billion in January, reflecting a $10.6 billion decrease from December, according to the latest US Treasury data. 

This marks a 7.71 percent month-on-month decline.

The change could reflect market fluctuations or potential portfolio rebalancing as the Kingdom navigates global economic conditions.

Official data showed that Saudi Arabia retained its 17th position among the largest holders of US Treasury securities in January. It remains the only Gulf Cooperation Council country to rank among the top 20 holders. 

In a press release, the US Department of the Treasury said: “The sum total in January of all net foreign acquisitions of long-term securities, short-term US securities, and banking flows was a net TIC (Treasury International Capital) outflow of $48.8 billion. Of this, net foreign private outflows were $74.8 billion, and net foreign official inflows were $26.0 billion.” 

The Kingdom’s holdings rose 1.4 percent in December compared to November, the report noted. 

Saudi Arabia’s portfolio was split between $105.3 billion in long-term bonds — accounting for 83 percent of the total — and $21.6 billion in short-term bonds, representing 17 percent. 

The press release noted that foreign residents increased their holdings of long-term US securities by $200 million, with private investors buying $59.2 billion, while foreign official institutions recorded net sales of $59 billion.

US residents also increased their holdings of long-term foreign securities, with net purchases totaling $45.4 billion. 

Meanwhile, foreign residents boosted their US Treasury bill holdings by $32.3 billion, contributing to a $53.9 billion rise in total dollar-denominated short-term US securities. 

Conversely, banks’ net dollar-denominated liabilities to foreign residents dropped by $57.5 billion. 

Top holders of US Treasury bonds 

Japan remained the largest investor in US Treasury securities in January, with holdings totaling $1.07 trillion, a 1.9 percent increase from December. 

China ranked second with $760.8 billion in holdings, followed by the UK at $740.2 billion. Luxembourg and the Cayman Islands were ranked fourth and fifth on the list, with treasury holdings amounting to $409.9 billion and $404.5 billion. 

Belgium secured the sixth spot with holdings worth $377.7 billion, closely followed by Canada with portfolios of $350.8 billion. 

France came in eighth with treasury reserves worth $335.4 billion, followed by Ireland and Switzerland, with assets amounting to $329.7 billion and $301.1 billion, respectively. Taiwan was ranked 11th on the list, with treasury holdings worth $290.4 billion. 

Hong Kong occupied the 12th spot with assets amounting to $255.9 billion, followed by Singapore and India, with holdings worth $247.6 billion and $225.7 billion, respectively. 

Brazil held US treasury holdings worth $199.1 billion by the end of January. Norway followed with its holdings standing at $173.1 billion. 

Topics: US Treasury US Treasury securities

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2.5m Syrians in Saudi Arabia to benefit from Dammam-Damascus flights

Updated 20 March 2025
MOHAMMED AL-KINANI
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2.5m Syrians in Saudi Arabia to benefit from Dammam-Damascus flights

Updated 20 March 2025
MOHAMMED AL-KINANI

JEDDAH: Over 2.5 million Syrian residents in Saudi Arabia will benefit from direct flights between Dammam and Damascus, reconnecting families and enhancing transport between the two countries.

Routes between the two cities resumed on March 19 after a 13-year hiatus, with a Syrian Air plane departing King Fahd International Airport in Dammam for Damascus.

The morning flight complements the direct service from the Kingdom’s three major cities to Syria after Syrian Air resumed operations at Saudi airports last year.

Passenger flights between the two countries were halted in 2012 when Riyadh severed ties with Damascus over Bashar Assad’s crackdown on anti-government protesters at the start of the country’s civil war.

Services between Syria and the Kingdom resumed temporarily in May for pilgrims participating in the annual Hajj pilgrimage. The first group of 270 Syrian travelers arrived in Jeddah on May 28, just a few days after Saudi Arabia appointed Faisal bin Saud Al-Mujfel as its ambassador to Syria.

Commercial flights between Saudi Arabia and Syria resumed in July following a 12-year freeze amid improving relations. A Syrian Air plane carrying 170 passengers from Damascus landed in Riyadh, marking the return of regular services. 

This was followed by the reinstatement of flights between Damascus and King Abdulaziz International Airport in Jeddah in November. 

Mohammed Ayman Soussan, Syria’s ambassador to the Kingdom, who took office in Riyadh in January 2024, said the two countries had agreed to operate one round-trip flight per week between the two capitals.

After the diplomatic gap, Saudi Arabia and Syria agreed to resume consular services in April 2023 and restored full relations in May 2023. 

Global flights resumed at Damascus International Airport in January for the first time since the ouster of President Bashar Assad last month.

Saudi Arabia has sent relief planes to Syria following the fall of the former president to assist with the ongoing crisis. These humanitarian efforts, organized by the King Salman Humanitarian Aid and Relief Center, also known as KSrelief, have delivered essential supplies, including food, shelter, and medical aid, to help the Syrian people cope with their challenging circumstances.

Additional flights to Syrian destinations are expected soon, following the reopening of Aleppo International Airport — the country’s second major airport — after nearly three months of closure.

The airport was closed in November during the offensive by rebel groups against the regime of Bashar Assad in early December.

Topics: Syrian Air aviation Saudi Arabia

UAE’s ADQ, Energy Capital partners to launch $25bn US venture

Updated 20 March 2025
Reem Walid
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UAE’s ADQ, Energy Capital partners to launch $25bn US venture

Updated 20 March 2025
Reem Walid

RIYADH: Abu Dhabi Developmental Holding Co., a sovereign investment entity from the UAE, and Energy Capital Partners are joining forces to establish a $25 billion energy partnership aimed at meeting power needs across 25 gigawatts of US-based projects.

The collaboration will see the UAE-based firm partner with the largest private owner of power generation and renewable energy in the US in a 50-50 venture.

This partnership will focus on developing new power generation and energy infrastructure tailored to support data centers, hyperscale cloud companies, and other energy-intensive industries.

The combined initial capital contribution from both partners is expected to reach $5 billion, according to a report from the Emirates News Agency or WAM.

A portion of the funds may also be directed toward investment opportunities in select international markets.

This strategic move is aligned with recent findings from the International Energy Agency, which forecasts the world’s electricity consumption to increase at its fastest rate in years. The surge is driven, in part, by rising demand from data centers and industrial electrification. In the US, electricity demand is expected to rise by an amount equivalent to California’s current power consumption over the next three years.

The partnership also supports predictions that global power demand from data centers will increase by 50 percent by 2027 and may grow by as much as 165 percent by 2030. This surge is largely driven by the expansion of artificial intelligence and high-density data centers.

The US Department of Energy further reports that data center load growth has tripled over the past decade and is expected to double or triple again by 2028.

In a statement, UAE Investment Minister Mohamed Hassan Al-Suwaidi, who also serves as managing director and group CEO of ADQ, emphasized the strategic importance of this collaboration. He stated: “The rapid acceleration of AI and its widespread adoption presents significant opportunities to address the growing power and infrastructure needs of data centers and hyperscalers. Meeting these power demands poses evolving challenges for governments worldwide to ensure a secure, stable, and commercially competitive electricity supply.”

“As an active investor with a strong focus on critical infrastructure and a proven ability to build long-term partnerships, we are well-positioned to address these shifting dynamics. Our partnership with ECP enables us to invest meaningfully in power generation and related infrastructure assets that will meet the growing demand for electricity, support industry progress, and help future-proof economies,” Al-Suwaidi added.

The statement further highlighted the critical need for reliable and consistent power in high-growth sectors, underscoring the necessity of nearby captive power plants to meet these demands. The partnership is designed to address these long-term needs, focusing on greenfield developments, new projects, and expansion opportunities, positioning it as a leader in power generation for the expanding US economy.

Doug Kimmelman, founder and executive chairman of ECP, remarked: “We are honored to collaborate with ADQ to provide the electricity resources required by the rapidly expanding AI and data center sector. The build-out of new power generation resources in the U.S. will necessitate significant, patient capital with a long-term investment horizon.”

Topics: ADQ Abu Dhabi

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