Market mechanism for greenhouse gas emissions launched in Saudi Arabia

Market mechanism for greenhouse gas emissions launched in Saudi Arabia
Market mechanism for greenhouse gas emissions launched in Saudi Arabia

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Jeddah - Yasmine El Tohamy - RIYADH: Highlighting the latest technologies revolutionizing environmental progress at MENA Climate Week in the Saudi capital, speakers called for adopting an all-inclusive approach to ensure energy transition.

The MENA Climate Week, taking place in Riyadh from Oct. 8 to 12, will contribute to the UN Climate Change Conference, also known as COP28, in at the end of the year.

Countries in the Middle East and North Africa region are working to reduce the threat of climate change by utilizing cutting-edge techniques and adapting more modern approaches. However, economic challenges delay the speed at which certain regions acclimate to more eco-friendly practices. 

“We need to make sure that transition doesn’t leave anyone behind,” emphasized Borge Brende, president of the World Economic Forum, while discussing the various levels at which countries are progressing toward their sustainability goals.

Saudi Energy Minister Prince Abdulaziz bin Salman confirmed that the Kingdom intends to focus on continuous environmentally-conscious growth. 

“Climate action is most effective and most ambitious when aligned with the country’s various ambitious prospects,” the minister noted. 

Joseph McMonigle, the secretary-general of the International Energy Forum, highlighted keynotes, including how the MENA region has shown outstanding dedication to ensure progress through interventions and assuming a leadership role. 

Following this, a panel was assembled composed of industry experts, including Simon Stiell, executive secretary of UN Climate Change, Cuban Ambassador Pedro Luis Pedroso Cuesta, and Khalid Abuleif, the Saudi ministry of energy sustainability adviser. 

The panel also included Adnan Amin, CEO of COP28, and Sherif Abd El Rahim, the head of climate change at the Ministry of Environment in Egypt.

The panelists discussed realistic future sustainability prospects, explaining how multiple countries in the region are exhibiting impressive progress in the fields of technology and economics. Others, however, highlighted the gaps that need to be addressed and stressed the necessity of coping strategies to deal with the rapidly growing crisis. 

MENA Climate Week 2023 encourages discussions that bridge environmental and climate experts with high-level decision-makers. These sessions serve as platforms for conversations on opportunities within the global climate landscape. It also enables Saudi Arabia to strategize further efforts to transition to cleaner energy. 

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