Saudi energy minister blasts COP26 ‘lies’

Prince Abdulaziz bin Salman strongly defended Saudi Arabia’s track record in combating global warming. (AP Photo)
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Updated 18 November 2021
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Saudi energy minister blasts COP26 ‘lies’

  • Prince Abdulaziz bin Salman defends Saudi track record in combating ‘universal phenomenon’ of climate change

DUBAI: The Saudi energy minister hit out on Wednesday at “lies” and “fabrications” over the Kingdom’s stance at the COP26 climate change summit in Glasgow.

After a speech in which he strongly defended Saudi Arabia’s track record in combating global warming, Prince Abdulaziz bin Salman was asked about “serious allegations” that the Kingdom had been blocking negotiations at the meeting.

He replied: “These are not serious allegations, these are fabricated allegations.” Asked if the allegations amounted to lies, he said: “Absolutely.”

Greenpeace, the environmental activist group with a history of animosity toward the Kingdom, made unsubstantiated claims this week that Saudi negotiators had obstructed progress at key meetings in Glasgow. Saudi negotiators have told Arab News the claims were “baseless and inaccurate.”

In his COP26 speech, a defiant Prince Abdulaziz mounted a plea for an unbiased and objective assessment of possible solutions to the urgent issue of global warming. The world was facing a “universal phenomenon” that required “an international, shared and effective response,” he said. “That response should address three main pillars: Energy security, economic development for the benefit of humanity, and climate change. All of these pillars must be addressed in a holistic manner, without compromising one for the sake of another.

“It is imperative that we recognize the diversity of climate solutions, and the importance of emissions reduction as stipulated in the Paris Agreement, without any bias toward or against any particular source of energy.”

The Kingdom had taken radical steps in the past month to address climate change issues at home and internationally, Prince Abdulaziz said, with key 53 initiatives at a projected cost of $185 billion.

He said the Kingdom shared the view that efforts had to be renewed to reach the goals of the Paris Agreement, but “we all should keep in mind the principle of shared, yet distinct, responsibilities among different countries.

“Equally, we should all be conscious of the special circumstances of the less developed countries, and we should work together to help these countries mitigate the impact of climate change policies, without compromising their sustainable development.”

The Saudi Green Initiative and the broader Middle East Green Initiative aim to reduce regional emissions by more than 10 per cent of the total, a disproportionate amount given relatively small populations and economies in global terms.

The Kingdom has more than doubled the targets for emission reduction in the past decade, and set a target of net zero carbon emissions by 2060 — faster than some much bigger energy economies — via the framework of the Circular Carbon Economy.

Other initiatives include phasing out oil from domestic energy generation, billions of dollars of investment in renewable and alternative fuels such as solar and hydrogen, and a global campaign to provide clean cooking fuel to more than 750 million people around the world.

“This will help ensure that the Kingdom maintains and enhances its leadership role in promoting the security and stability of energy markets,” Prince Abdulaziz said.


Industry leaders highlight Riyadh’s Metro, infrastructure as investment catalysts

Updated 59 min 35 sec ago
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Industry leaders highlight Riyadh’s Metro, infrastructure as investment catalysts

RIYADH: Saudi Arabia’s capital, Riyadh, is experiencing a transformative phase in its real estate sector, with the construction market projected to reach approximately $100 billion in 2025, accompanied by an anticipated annual growth rate of 5.4 percent through 2029.

The Kingdom is simultaneously advancing its data center capacity at an accelerated pace, with an impressive 2.7 GW currently in the pipeline. This expansion underscores the critical role of strategic land and power planning in establishing national infrastructure as a cornerstone of economic growth.

These insights were shared by leading industry experts during JLL’s recent client event in Riyadh, which focused on the city’s macroeconomic landscape and emerging trends across office, residential, retail, hospitality, and pioneering sectors, including AI infrastructure and Transit-Oriented Development.

Saud Al-Sulaimani, Country Lead and Head of Capital Markets at JLL Saudi Arabia, commented: “Riyadh is positioned at the forefront of Saudi Arabia’s Vision 2030, offering unparalleled opportunities for both investors and developers. National priorities are continuously recalibrated to ensure strategic alignment of projects and foster deeper collaboration with the private sector.”

He added: “Recent regulatory developments, including the introduction of the White Land Tax and the rent freeze, are designed to stabilize the market and are expected to drive renewed focus on delivering premium-quality assets. This dynamic environment, coupled with evolving construction cost considerations in select segments, is fundamentally reshaping the market landscape while accelerating progress toward our national objectives.”

The event further underscored the transformative impact of infrastructure initiatives. Mireille Azzam Vidjen, Head of Consulting for the Middle East and Africa at JLL, highlighted Riyadh’s transit revolution. She detailed the Riyadh Metro, a $22.5 billion investment encompassing 176 kilometers, six lines, and 84 stations, providing extensive geographic coverage, with a depth of 9.8 km per 100 sq. km. This strategic development generates significant TOD opportunities, with properties in proximity potentially commanding a 20-30 percent premium. JLL emphasized the importance of implementing climate-responsive last-mile solutions to enhance mobility and accessibility, particularly given Riyadh’s extreme temperatures.

Gaurav Mathur, Head of Data Centers at JLL, emphasized the rapid expansion of the Kingdom’s AI infrastructure, signaling a critical area for technological investment and innovation.

Focusing on the construction sector, Maroun Deeb, Head of Projects and Development Services, KSA at JLL, explained that the industry is actively navigating complexities such as skilled labor availability, material costs, and supply chain dynamics.

He highlighted the adoption of Building Information Modeling as a key driver for enhancing operational efficiency and project delivery.