Australia adopts target of net zero emissions by 2050 but won't legislate goal

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Updated 26 October 2021
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Australia adopts target of net zero emissions by 2050 but won't legislate goal

  • The investment will reduce the costs of technologies such as clean hydrogen and increase their use

Australia, long under fire as one of world's top producers of coal and gas, said it will target net zero carbon emissions by 2050, but added it will not legislate the goal and instead rely on consumers and companies to drive emission reductions.


The adoption of the target will ease international criticism after Australia earlier refused to join countries in pledging to meet the target ahead of the United Nations COP26 climate conference in Glasgow from Oct. 31 to Nov. 12.


Prime Minister Scott Morrison said Australia, one of the world's largest emitters of greenhouse gases on a per capita basis, will achieve the target largely through technology development, with the government investing A$20 billion ($15 billion).


The investment will reduce the costs of technologies such as clean hydrogen and increase their use, he said.


Morrison has been in a political bind over climate change. He needs the support of rural votes who oppose the reducing emissions as he heads into an election that must take place by May, but much of the wider Australian population wants to see more action.


A widely watched poll on Monday showed Morrison is on course to lose to the centre-left Labor party.


On Tuesday, Morrison, sought to downplay any threat to domestic industries and jobs as a result of reducing emissions.


"Australians want action on climate change. They’re taking action on climate change, but they also want to protect their jobs and their livelihoods,” he told reporters in Canberra.

Morrison also said Australia will not strengthen its 2030 target of reducing emissions by 26-28 percent from 2005 levels but added the country looks like it will reduce emissions by 30-35 percent.


Critics said Morrison's plan was too weak and does not prepare the Australian economy for a rapidly evolving world.


“Unless the government sets the wheels in motion to cut our emissions in half by 2030, it is making climate change worse and turning its back on the opportunities," said Kelly O’Shanassy, chief executive officer of the Australian Conservation Foundation.


Egypt sovereign fund to manage, operate armed forces affiliated firms ahead of private sector offerings

Updated 4 min 7 sec ago
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Egypt sovereign fund to manage, operate armed forces affiliated firms ahead of private sector offerings

RIYADH: A group of companies affiliated with Egypt’s Armed Forces National Service Projects Organization will undergo restructuring and management changes through a new agreement with the country’s sovereign fund.

The deals, signed with several specialized local and international consulting firms, are part of efforts by relevant state agencies to implement the government’s offering program. 

This initiative involves transferring management and operations of several state-owned companies to private sector institutions, which is in line with the State Ownership Policy, according to a statement.

This falls in line with the aim of the Sovereign Fund of Egypt to foster private sector partnerships and help foreign investments flow into state-owned companies.

It also aligns with Investment Minister Hassan El-Khatib’s comments in February, in which he outlined Egypt’s plan to transfer management of state-owned enterprises to the country’s sovereign wealth fund to maximize returns on state assets.

The newly released statement revealed that these agreements also include the offering of a group of firms from the Armed Forces National Service Projects Organization, including the National Petroleum Co., Shell Outlet, and Silo Foods, as well as Safi and the National Roads Co., through a group of specialized local and international consulting firms.

Under the deals, the offering of some of these companies is set to be completed in 2025, with the remainder scheduled for completion in 2026.

In March, Egypt secured a $1.2 billion disbursement from the International Monetary Fund following the completion of the fourth review of its economic reform program. 

This disbursement, approved at the time by the IMF’s Executive Board under the Extended Fund Facility, brings Egypt’s total funding under the program to around $3.2 billion. 

In addition, the IMF also approved at the time a $1.3 billion arrangement under the Resilience and Sustainability Facility to support Egypt’s climate-related reforms. 

The 46-month EFF arrangement, which was initially approved in December 2022, was designed to promote macroeconomic stability and drive structural reforms to support sustainable growth.

At the time, the IMF acknowledged Egypt’s progress in stabilizing its economy, despite external challenges such as regional conflicts and trade disruptions.


First sand gazelle of 2025 born at royal reserve

Updated 10 min 6 sec ago
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First sand gazelle of 2025 born at royal reserve

RIYADH: The Prince Mohammed bin Salman Royal Reserve has celebrated the birth of the first sand gazelle of the 2025 spring season, bringing the total number of births to 94 since the launch of its rewilding program in 2022.

Native to Saudi Arabia, the sand gazelle is one of 23 species selected for reintroduction into their natural habitat as part of the program, the Saudi Press Agency reported on Wednesday.

Reserve CEO Andrew Zaloumis said: “Every new birth is another step closer to our mission to rewild Arabia.”

He added: “We have already reintroduced 11 of the 23 species we are bringing back to the reserve, and we continue to build resilient populations through our growing animal husbandry program.”

The International Union for Conservation of Nature classifies the sand gazelle as vulnerable. Its estimated global wild population is just 3,000, with hunting and habitat loss historically posing significant threats.

Thanks to conservation efforts led by royal reserves and protected areas in Saudi Arabia, sand gazelle populations are now steadily increasing, the SPA reported.


Dubai to host third UAE National MMA Championship

Updated 17 min 47 sec ago
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Dubai to host third UAE National MMA Championship

  • Tournament will take place from April 12–13 at Shabab Al-Ahli Club in Dubai

ABU DHABI: The UAE Jiu-Jitsu and Mixed Martial Arts Federation has announced that the third edition of the UAE National MMA Championship will take place on April 12-13 at Shabab Al-Ahli Club in Dubai.

The championship is part of the federation’s efforts to promote mixed martial arts nationwide, and provide a competitive platform for identifying and developing emerging talent.

The third edition is expected to draw wide participation from male and female athletes representing clubs and academies across the UAE, reflecting the championship’s growing significance in the national sports calendar.

It will feature several age divisions, starting with Youth D (ages 10–11), followed by Youth C (ages 12–13), Youth B (ages 14–15), Youth A (ages 16–17) and the Adults category (ages 18 and above).

The federation said that the weight divisions for each age group have been approved in line with international standards, ensuring fair competition among athletes within the same category. The approved competition format is also designed to raise the overall level of performance by motivating athletes to perform at their peak. At the end of the championship, the top athletes in each age and weight category will be crowned.

Mohammed Jassim Al-Hosani, a member of the federation’s Mixed Martial Arts Committee, said: “The UAE National MMA Championship is an important part of the federation’s championship calendar, as it helps us achieve both technical and strategic goals. It gives athletes the chance to test their skills in a competitive setting that meets international standards, and it helps us discover and support new talent through well-structured development programs.”

Al-Hosani added that the strong participation in the past two editions of the championship shows the federation’s success in building a strong group of athletes and boosting the UAE’s reputation as a leader in mixed martial arts, regionally and globally.


UAE leads UN resolution on conflict-free diamond trade

Updated 23 min 5 sec ago
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UAE leads UN resolution on conflict-free diamond trade

  • The resolution focuses on breaking the link between illicit rough diamond transactions and armed conflict

DUBAI: The UAE, as chair of the Kimberley Process for 2024, led the adoption of a UN General Assembly resolution addressing the role of diamonds in fueling conflict, WAM reported on Wednesday. 

The resolution focuses on breaking the link between illicit rough diamond transactions and armed conflict, supporting conflict prevention efforts.

Under the UAE’s presidency, the Kimberley Process established its first permanent secretariat in Gaborone, Botswana. The resolution also notes the accession of Uzbekistan as the 60th country to join the Kimberley Process and the lifting of the export ban on rough diamonds from the Central African Republic.

Although non-binding, the resolution reinforces global support for a conflict-free diamond trade.


Top New York firm plans to open local office amid Pakistan’s privatization drive – finance ministry

Updated 26 min 9 sec ago
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Top New York firm plans to open local office amid Pakistan’s privatization drive – finance ministry

  • Alvarez & Marsal delegation meets finance minister to discuss privatization, establishment of a sovereign wealth fund
  • Pakistan aims to privatize over 50 state-owned companies within the next four years to reduce its financial burden

KARACHI: A global professional services firm from New York is considering opening an office in Pakistan to assist the government with privatizing state-owned enterprises (SOEs) before 2030, as part of efforts to overhaul public entities and improve their performance, the finance ministry said on Wednesday.
Alvarez & Marsal (A&M), founded in 1983 and operating in over 30 countries, is renowned for its expertise in corporate restructuring and turnaround management. It is offering its services to the government as Pakistan plans to privatize over 50 SOEs within the next four years due to their significant impact on the national exchequer.
The A&M delegation, led by Division Executive Peter Briggs, Managing Director Abdalla ElEbiary and Global Head of Sovereign Advisory Reza Baqir — the former governor of Pakistan’s central bank — met with Finance Minister Muhammad Aurangzeb in Islamabad to discuss the firm’s role in Pakistan’s privatization process and the establishment of a sovereign wealth fund.
“During the meeting, Briggs emphasized A&M’s strong commitment to investing in Pakistan,” the finance ministry said in a statement.
“He mentioned that the firm is considering opening an office in Pakistan as part of its broader commitment to assist the government in its privatization efforts and to attract potential global investors to the country.”
So far, the company has not issued a statement on the meeting. However, the ministry said Briggs highlighted the firm’s long-term strategy to expand in the region, noting that Pakistan’s growing market presents investment and growth opportunities.
Aurangzeb thanked the delegation for their company’s contribution to the privatization of power distribution companies and highlighted the government’s commitment to the process, with 24 SOEs already in the privatization pipeline.
In February, Pakistan signed a financial advisory agreement with A&M to privatize three major power distribution companies. This agreement was part of the government’s broader effort to reform the power sector, which has long faced issues like circular debt, operational inefficiencies and power theft.
The divestment of state-run power companies is a key component of Pakistan’s economic reform agenda, as outlined in the IMF’s current $7 billion loan program.
Last year, a Pakistan cabinet committee responsible for the Privatization Program 2024–29 approved the privatization of 24 entities. However, it decided that the inclusion of other state entities would be determined after a review to assess their categorization as strategic or essential enterprises.