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

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.

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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.

 

 

 


Saudi EXIM Bank and SNB sign 2 agreements to boost non-oil exports

Updated 32 min 46 sec ago
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Saudi EXIM Bank and SNB sign 2 agreements to boost non-oil exports

RIYADH: Saudi exporters are set to gain better access to credit facilities and risk coverage with the signing of two agreements between leading banks designed to boost non-oil exports.   

The Saudi Export-Import Bank and the Saudi National Bank have agreed a Murabaha deal and an insurance agreement, with the former aimed at increasing trade, while the latter covers commercial and political risks.

The objective is to elevate Saudi non-oil exports by offering credit products, insurance, and financing solutions, aligning with the global competitiveness goals of Saudi Vision 2030.  

The insurance policy agreement was signed by Mohammed bin Omar Al-Bishr, director general of the general insurance department at Saudi EXIM Bank, while Abdul Latif bin Saud Al-Ghaith, general director of the finance department at the institution, signed the Murabaha deal. 

Nasser Al-Fraih, SNB’s head of the group of banking and international institutions, signed the agreements on behalf of the bank. 

The CEO of Saudi EXIM Bank stressed that these agreements demonstrate the bank’s dedication to collaborating with regional financial institutions to promote diversification and bolster the non-oil economy in accordance with Saudi Vision 2030. 

They will also strengthen the banking industry’s contribution to boosting Saudi exports, closing financial gaps, and reducing non-payment risks associated with export operations. 

Moreover, the CEO of SNB emphasized the effective collaboration between the public and private sectors in contributing to the development of non-oil exports from the Kingdom, enhancing competitiveness, and providing credit and financing solutions to establish a sustainable economy in accordance with Saudi Vision 2030. 

Furthermore, these agreements open up prospects for collaboration to assist Saudi exporters, enhance non-oil export activities, and promote growth opportunities for the Kingdom’s businesses and services in new global markets. 

In April, Saudi EXIM Bank and its Swiss counterpart signed an agreement to boost the Kingdom’s non-oil exports, enhancing their global market competitiveness. 

In an X post following the deal, the Saudi lender stated that the reinsurance agreement with the Swiss Export Credit Agency was signed in Zurich. 

This development followed Saudi EXIM’s signing of reinsurance treaties with a consortium of global reinsurers led by Swiss Re in Zurich. 

These agreements were aimed at expanding global insurance operations in collaboration with the world’s largest reinsurers and providing insurance coverage to support the growth of Saudi exporters in global markets. 


Arab Summit preparing for key economic, social challenges

Updated 13 May 2024
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Arab Summit preparing for key economic, social challenges

RIYADH: Critical economic and social challenges facing the Middle East took center stage during the preparatory meeting for the 33rd Arab Summit held in Bahrain’s capital, Manama.

The session, which took place on May 12, tackled issues that will be submitted to the upcoming summit, which is scheduled to take place for the first time in Bahrain on May 16.

Saudi Finance Minister Mohammed Al-Jadaan headed the Kingdom’s delegation to the ministerial meeting, which included representatives of member states of the League of Arab States and a number of specialists from its general secretariat.

Al-Jadaan affirmed Saudi Arabia’s pride in hosting the 32nd Regular Session of the Arab Summit, which concluded with the issuance of the Jeddah Declaration, which encompasses numerous initiatives aimed at enhancing collective efforts across economic, agricultural, cultural, and educational domains.


Saudi Arabia’s Asir region partners with Almosafer to boost tourism potential

Updated 30 min 58 sec ago
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Saudi Arabia’s Asir region partners with Almosafer to boost tourism potential

RIYADH: Saudi Arabia’s Asir region is edging closer to becoming a premier global tourism destination, thanks to a new partnership with fellow Kingdom-based travel company Almosafer.    

Signed with the area’s development authority, the memorandum of understanding aims to leverage the firm’s expertise and diverse range of travel services across its business verticals to drive tourism in the region and curate inspired experiences for visitors, according to a statement. 

This move falls in line with both parties’ goal to establish Asir, situated along the Red Sea coast, as a year-round tourism destination for local and global visitors alike.  

“Our partnership with Almosafer comes at a significant moment as we are accelerating efforts to enhance the Asir region’s visibility and appeal to domestic and international travelers as a year-round-destination,” said Hashim Al-Dabbagh, acting CEO of Asir Development Authority.   

He added: “Through comprehensive training, collaborative marketing, and the integration of Asir’s activities and offerings onto Almosafer’s digital platforms, we aim to showcase the region’s exceptional offerings to the wider world.”   

Moreover, Almosafer’s geographical reach and experience in the Kingdom will be pivotal in introducing regional and global tourists to the region. 

On the other hand, Muzzammil Ahussain, CEO of Almosafer, said: “As the national champion of tourism in Saudi Arabia, Almosafer supports the tourism agenda of the Kingdom’s Vision 2030 and is well-positioned to showcase and unlock the potential of Asir’s tourism diversity by leveraging each of our business verticals. 

He added: “The collaboration with Asir Development Authority will contribute to the sustainable growth of the region’s tourism sector, help create memorable experiences for travelers, and foster positive economic impact within the local community.”

In February, during the Public Investment Fund’s second Private Sector Forum, Prince Turki bin Talal, chairman of Aseer Investment Co., unveiled the company’s ambitious plans as it embarked on its operational journey. 

“Today, with the commencement of our operations, we pledge to work tirelessly with our partners to make Asir the number one tourist destination in the Kingdom,” said Prince Turki, who is also the governor of the Asir region, at the time. 

With Saudi Arabia planning to invest $1 trillion in the tourism sector in line with its ambitious Vision 2030, the Asir region aims to raise its current tourism numbers and attract around 9.1 million tourists by the end of the decade. 


IFC investments in Egypt near $9bn, says minister

Updated 46 min 19 sec ago
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IFC investments in Egypt near $9bn, says minister

RIYADH: Egypt is emerging as a pivotal player for the International Finance Corp., with investments nearing $9 billion, announced a top minister. 

Inaugurating the “IFC Day in Egypt” event, Minister of International Cooperation Rania Al-Mashat underscored that this substantial influx of capital underscores the nation’s stature as one of the foremost countries of operations for the organization within the broader framework of collaboration with the World Bank, a release highlighted.

From July 2023 to May 2024, Egypt witnessed a notable infusion of $900 million in investments from the IFC, marking a testament to the sustained momentum of financial inflows into the country’s economic landscape.

Al-Mashat further declared that in adherence with the directives of President Abdel Fattah El-Sisi, Egypt remains steadfast in its commitment to bolstering the private sector as a driving force in advancing development endeavors. 

Despite the harsh impacts of global and regional economic crises on the nation, international banking institutions are spearheading initiatives to forge novel financing mechanisms and innovative tools, thereby expanding the monetary opportunities for Egypt’s emerging private sector and economy, the release noted.

Within this framework, the nation and the World Bank announced in a joint statement last March that $6 billion would be available from the entity over the next three years to support the government’s reforms, including $3 billion for various governmental sectors and $3 billion to support the private sector provided by the IFC at $1 billion annually.

Building on these efforts, the minister witnessed the signing of a new $100 million financing arrangement between the IFC and Banque Du Caire on May 12. The deal is designed to provide funding for privately-owned micro, small, and medium enterprises, including women-owned MSMEs, and finance trade.

Al-Mashat stressed that a strong private sector creates added value, provides jobs, encourages exports, and stimulates innovation and digitization. 

In order for this to occur, the minister noted that the World Bank Group aims to launch a unified guarantee platform in July, doubling the investments and guarantees made available by the IFC.

She added that the Ministry of International Cooperation is preparing workshops soon to inform private sector companies about this new platform and its services, thus expanding the range of financing tools available in the local market.

Therefore, the IFC’s presence in Egypt is based on three main pillars: promoting employment, particularly in labor-intensive sectors, export industries and sustainable manufacturing, agro-industries and tourism. 

Inclusion, with a focus on health care, education, and integration, entails supporting Egypt’s cooperation with countries in the region by improving its infrastructure.


Middle Eastern airports embrace sustainability and tech amidst rising passenger expectations

Updated 13 May 2024
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Middle Eastern airports embrace sustainability and tech amidst rising passenger expectations

RIYADH: Middle Eastern airports are prioritizing sustainability, eco-friendly infrastructure and renewable energy to combat climate challenges, a recent study showed. 

In its latest report, Bain & Co., a management consulting firm, also underscored the rising demand for seamless and personalized travel experiences driven by evolving passenger expectations. 

To address this, regional airports are also heavily investing in digital solutions that offer real-time communication and integrated mobility platforms. 

Discussing the growing emphasis on sustainability initiatives among the region’s airports, Akram Alami, Middle East head of utilities, aviation, and sustainability & responsibility practices at Bain & Co., said: “They aim to reduce their environmental impact through efforts like achieving carbon-neutral certification, designing eco-friendly infrastructure, and adopting renewable energy.” 

He added: “These initiatives are part of a broader strategy to address climate change and meet passenger expectations for more sustainable travel options.”  

The report also highlighted that airports in the region face several obstacles while implementing these sustainable practices, including high expenses for renewable technologies and regulatory issues. 

“Key challenges include high initial costs for green technologies, regulatory constraints, and the need for stakeholder alignment. Technological limitations and the need to integrate sustainability into existing infrastructure without disrupting operations also pose significant challenges,” noted Ilya Yamshchikov, associate partner at Bain & Co. Middle East.  

The report stated that other factors driving the growth of airports in the region include the adoption of technology and the commitment to meeting passenger expectations. 

Moreover, digital biometric screening and contactless services are streamlining security and boarding processes, it added. 

The US-based firm further pointed out that airports are also leveraging technologies like computed tomography baggage scanners and body scanners to expedite security checks without compromising safety. 

“These trends are expected to continue shaping the development of airports, leading to more efficient and passenger-centric facilities. They will significantly transform airline operations and the overall travel experience, making air travel more accessible, enjoyable and sustainable for future generations,” said Mauro Anastasi, partner and a member of the Aviation practice at Bain & Co.  

In December 2023, Saudi Arabia’s Riyadh Airports Co. partnered with Cognizant to bolster its digital capabilities in finance, human resources, procurement, and planning, with the goal of enhancing traveler experience. 

Moreover, in November 2023, Abdulaziz Al-Duailej, president of Saudi Arabia’s General Authority of Civil Aviation, stated that the Kingdom is working to finalize a comprehensive systematic plan to address environmental sustainability in the aviation sector. 

In terms of passenger expectations, a report released by GACA in April revealed that all airports in Saudi Arabia that received passenger complaints in March resolved them on time.