Cooperation is needed to speed green development and save the planet

Cooperation is needed to speed green development and save the planet

Cooperation is needed to speed green development and save the planet
The decision to hold COP29 in Azerbaijan was made on Dec. 11 at the COP28 plenary session hosted by the UAE. (AFP)
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First, we are proud that Azerbaijan has been chosen to host the COP29 UN climate change conference, and we understand the great responsibility that comes with it.

One of the most serious problems affecting the living world is climate change. The causes of climate change include natural factors such as astrophysical, geophysical and physical processes that periodically occur in the sun, changes that occur during the Earth’s movement around the sun, the swaying of the north and south poles, volcanic eruptions, and human impacts on nature.

According to the World Meteorological Organization, 80-85 percent of natural disasters occurring in the world are associated with abnormal hydrometeorological phenomena caused by climate change.

Azerbaijan has joined the fight against global climate change by joining the United Nations Framework Convention on Climate Change.

The decision to hold COP29 in Azerbaijan was made on Dec. 11 at the COP28 plenary session hosted by the UAE. The adoption of this decision once again shows that the efforts of Azerbaijan in combating climate change, despite being known as an oil and gas country, are highly appreciated.

In short, Azerbaijan’s hosting of COP29, one of the largest events in the world, is another victory for President Ilham Aliyev. At the same time, it is a strong response to those that have been waging an ugly campaign against Azerbaijan recently.

The time we had to prepare for COP29 is very limited. In previous cases, the host countries started their preparations more than a year before the conference. But in our case, the decision to host the conference was made very late, which left us less than a year to prepare.

Since the decision to host the conference, we have formed our team and started our outreach activities. So far, our appointed COP President Mukhtar Babayev, lead negotiator Yalchin Rafiyev and other team members have visited many countries and attended a number of international events.

We all know that the climate change that we have witnessed in recent years has a negative impact on every country, including people’s lives

Shahin Abdullayev, Ambassador of the Republic of Azerbaijan to the Kingdom of Saudi Arabia

It should be noted that, in addition to Azerbaijan, Armenia and Bulgaria also put forward their candidacy to host COP29. As a result of direct negotiations between the administration of the president of the Republic of Azerbaijan and the office of the prime minister of Armenia, it was announced in a joint statement on Dec. 7 last year that Armenia withdrew its candidacy in favor of Azerbaijan. Later, Bulgaria also took the same step regarding its candidacy.

2024 was declared the “Year of Solidarity for a Green World” in Azerbaijan. Our country has developed a plan to reduce greenhouse gas emissions by 35 percent by 2030, and by 40 percent by 2050 compared to 1990 levels. After being liberated from occupation, Karabakh and East Zangazur, as well as the Nakhchivan Autonomous Republic, were declared green energy zones. The creation of green energy types in these regions and the transfer of green energy to other countries of the world is the priority of Azerbaijan’s targeted energy policy.

We all know that the climate change that we have witnessed in recent years has a negative impact on every country, including people’s lives. In accordance with the Paris Climate Agreement, global warming must remain at or below 1.5 degrees Celsius, as it was before industrialization, to mitigate these impacts.

The COP measures are intended to achieve progress in limiting global warming to 1.5 degrees Celsius. The target is to bring all parties together under this initiative to take substantial, flexible and sustainable actions to reduce emissions to keep global warming under control; and the increase in temperatures below 1.5 degrees Celsius. To achieve this target, the Paris Climate Agreement requires countries to submit their national contributions. Within the framework of these contributions, countries prepare plans to reduce carbon emissions, increase energy efficiency, switch to renewable energy sources, and take other relevant measures. Countries must update these plans every five years and take the necessary steps to adapt to climate change.

According to research from the Global Commission on Adaptation, efforts to combat climate change are capable of attracting $7.1 trillion worth of investment. This will not only prevent future costs from rising but will also stimulate innovation and provide many additional social benefits. Therefore, all countries need to take urgent and coordinated action to achieve the 1.5 degrees Celsius goal. This is not only essential to avoid the catastrophic consequences of climate change, but can also bring significant social and economic benefits in the long term.

On Dec. 15, 2023, a meeting was held under the chairmanship of the President of the Republic of Azerbaijan Ilham Aliyev on holding COP29 in this country. President Ilham Aliyev said: “Our country has achieved another great success, and the international conference COP29 will be held in Baku, the capital of Azerbaijan. All countries of the world have accepted this decision, which means great trust and respect for Azerbaijan has been shown once again.”

We deserve it, and as a result of our policy, we have gained very strong positions at the global level. Respect for Azerbaijan in the international world is growing day by day, and we have earned this respect with our actions, work and policies. Our independent policy, principled position, commitment to international law, loyalty and, at the same time, restoration of sovereignty over the country’s territory have increased respect for us. The significance of this event is that the entire international community has expressed its support for Azerbaijan.

This is not the first time. We have successfully chaired the Non-Aligned Movement for four years, and here too our chairmanship was made possible thanks to the support of 120 countries, and our chairmanship was even extended for one year. This was already a great indicator; 120 countries of the world expressed their support for Azerbaijan. This time, all countries of the world showed this support.

We have no doubt that we will hold the international conference COP29 at the highest level, and it will be the next great success for our country and our people. At the same time, Azerbaijan will show itself in this area as an oil and gas country, and everyone in the world will once again see that our agenda is connected with green energy. The creation of green energy types and the transfer of green energy to world markets are currently a priority of our energy policy. This is the reality and the whole world will see it again.

Hosting COP29 can be considered the most important event of 2024 for Azerbaijan and a logical continuation of the country’s strategy for transition to a green economy. In accordance with this mission, 2024 was declared the “Year of Solidarity for the Green World” in Azerbaijan by the decree of the President of the Republic of Azerbaijan Ilham Aliyev.

According to the Ministry of Energy, the technical potential of renewable energy sources in our country is 135 GW on land and reaches 157 GW at sea. The economic potential of renewable energy sources is 27 GW, including 3GW of wind energy, 23GW of solar energy, and 380 MW of bioenergy.

The potential of mountain rivers is estimated at 520MW. By the Decree of President Ilham Aliyev on Feb. 2, 2021, “Azerbaijan 2030: National Priorities of Socio-Economic Development,” the strategic foundation for the country’s renewable energy production policy was laid. This foundation sets new plans for the transition to a green economy. The Ministry of Energy of Azerbaijan is closely cooperating with ACWA Power from Saudi Arabia and Masdar from the UAE on the implementation of several pioneering projects in renewable energy.

On Jan. 13, 2022, the groundbreaking ceremony of the Khizi-Absheron windpower plant was held at the Golestan Palace with ACWA Power. On March 15, 2022, four memoranda of understanding were signed with Masdar as part of the groundbreaking ceremony of the Qardagh solar power plant in Baku. At the same time, the president of the Republic of Azerbaijan declared the liberated territories of our country as “green energy” zones, and the action plan for 2022-2026 was approved. It is planned to transform these areas into “net-zero emissions” zones by 2050.

COP29 will benefit from the momentum gained by COP28 in Dubai. We will strengthen our collective cause in Baku and, in the process, we will prepare Belem COP30 for success. It is now our duty to help guide the international community toward a climate-focused future that is characterized by justice and sustainability.

One of the most important topics we will address at COP29 is finance. We will strive to mobilize the necessary financing for climate-change mitigation, adaptation and loss and damage reduction. This will require a joint effort by all stakeholders, including countries, international organizations, international financial institutions and the private sector.

Achieving our hopes requires the combined efforts of all members of the international community, in cooperation with the UN. The consensus at COP28 was reached through inclusive dialogue, crucial negotiations and a commitment to pluralism. The key to achieving consensus is only through a climate that allows all voices to be heard and respected, regardless of geographical location, space or economic status.

In conclusion, we would like to mention that the COP is one of the most important events in the world in the fight against climate change. The choice of Azerbaijan to host this event by a unanimous decision of the countries of the Eastern European Group demonstrates the high confidence in our country. Azerbaijan has already gained a sufficiently positive image in hosting international events.

The decision to hold the event in Azerbaijan is also important because it was taken two and a half months after the domestic anti-terrorist measures in Azerbaijan. This shows the support of the international community for the steps taken by Azerbaijan. This event will demonstrate to the world how Azerbaijan sees the green economy as a priority area, in addition to being an oil and gas country. Holding this event in Baku will give a great impetus to increasing Azerbaijan’s reputation and conveying the country’s reality directly and easily to the international community.

Shahin Abdullayev is the Ambassador of the Republic of Azerbaijan to the Kingdom of Saudi Arabia

Disclaimer: Views expressed by writers in this section are their own and do not necessarily reflect Arab News' point of view

Yemen Houthis claim missile attack on Tel Aviv airport: statement

Yemen Houthis claim missile attack on Tel Aviv airport: statement
Updated 23 sec ago
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Yemen Houthis claim missile attack on Tel Aviv airport: statement

Yemen Houthis claim missile attack on Tel Aviv airport: statement
  • Houthis also launched drones at Tel Aviv and a ship in the Arabian Sea

SANAA: Yemen’s Iran-backed Houthis on Friday said they fired a missile at Israel’s Ben Gurion airport, a day after Israeli raids pounded Sanaa’s international airport and other targets in rebel areas.
A Houthi statement said they also launched drones at Tel Aviv and a ship in the Arabian Sea, stating that Israeli “aggression will only increase the determination and resolve of the great Yemeni people to continue supporting the Palestinian people.”


BNPL emerges as the preferred payment option for Saudi consumers

BNPL emerges as the preferred payment option for Saudi consumers
Updated 12 min 43 sec ago
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BNPL emerges as the preferred payment option for Saudi consumers

BNPL emerges as the preferred payment option for Saudi consumers

RIYADH: The fintech landscape in Saudi Arabia is rapidly transforming daily financial practices, with buy now, pay later services gaining significant popularity. This shift is simplifying access to flexible payment options, reshaping how people manage their finances and make purchases across the nation.

According to a recent report from leading BNPL provider Tabby, 77 percent of Saudi consumers now use BNPL for essential purchases. 

Data from Tabby shows that first-time BNPL transactions are twice as likely to be for necessary items rather than discretionary ones, with education and medical expenses at the forefront. This indicates that a large portion of BNPL usage is dedicated to essential transactions rather than non-essential wants.

Tabby’s data also reveals that the average value of essential purchases made through BNPL is higher than that of discretionary spending. This suggests that while consumers are prioritizing needs, BNPL offers an accessible and affordable way to purchase high-value necessities, such as insurance and home goods.

Impact of BNPL

By allowing payments to be spread over an extended period, BNPL has revolutionized shopping habits. Not only does it provide consumers with more control over their finances, but it also alters their relationship with businesses.

In an interview with Arab News, Tarabut CEO Abdulla Al-Moayed explained that the rise of BNPL among Saudi consumers can be attributed to several factors. 

“BNPL’s interest-free installment structure makes it an attractive and Shariah-compliant payment option for many Saudi consumers — a positive shift from traditional credit cards or loans,” he said.

“Because BNPL offers a low-barrier alternative to traditional credit, it doesn’t require a high credit score or lengthy approval process, making it accessible to a wider population, particularly younger and lower-income individuals. The ease of using BNPL through mobile apps and online platforms also aligns well with a generation that values convenience and speed,” Al-Moayed added.

He also pointed out that the supportive regulatory environment in Saudi Arabia has fueled the rapid growth of fintech solutions, leading to the emergence of various local BNPL providers. This increased competition has ultimately led to better services and offerings for consumers.

Arjun Vir Singh, partner and global head of fintech at business intelligence firm Arthur D. Little, offered another perspective on the surge in BNPL adoption. He noted that the e-commerce boom, accelerated by COVID-19, has significantly driven the growth of BNPL among consumers. Singh also emphasized the growing convergence of online and offline shopping experiences. 

“As customers’ journeys and payment methods in-store and offline become increasingly digital, we expect BNPL adoption to expand into this segment as well,” he said.

Singh further explained that digital payments, seamless integration, merchant sponsorship, and the rising cost of living have all contributed to BNPL’s rapid growth.

BNPL vs. traditional credit

Singh noted that BNPL is beginning to disrupt traditional credit models in consumer finance, a trend that is expected to expand as BNPL adoption spreads across sectors like travel, real estate, and automotive. “Arguably, the biggest impact will come if BNPL successfully expands into the B2B credit and financing segment,” he stated.

Singh also highlighted that banks and credit card companies are already responding to the rise of BNPL by adjusting their consumer finance offerings. Many are now partnering with BNPL providers or collaborating with major players like Visa and Mastercard, which are concerned about losing consumer spending. Some banks are even developing their own flexible payment solutions that mimic the BNPL model.

For Al-Moayed, the simplicity, transparency, and digitalization of consumer credit will force traditional credit models to adapt.

“Traditional credit models that rely on rigorous background checks and higher entry barriers need to evolve quickly while still managing risk effectively, in order to appeal to a broader consumer base and offer more flexible, secure, and customer-friendly credit options,” he said.

He also emphasized the role of Open Banking in this evolution, saying it could revolutionize credit risk management by utilizing real-time and historical behavioral data. “Open Banking has the potential to make a significant impact by giving lenders more agile and secure access to data, enabling personalized credit solutions,” Al-Moayed added.

As BNPL expands consumer spending power, he believes that as the market matures, empowered consumers will become more financially literate, leading to better-informed financial decisions. 

“Open Banking will help by providing enriched data to improve insights into consumers’ financial health, preventing unsustainable debt,” he said.

Al-Moayed also pointed out that early adopters of Open Banking will gain a competitive edge by providing more intelligent financial services, better user experiences, and faster, more affordable options for all consumers.

Singh concurs, noting that as traditional players adjust to the changing landscape, innovation in consumer finance will continue to flourish. “This shift includes segmenting customers based on different criteria, using alternative data to enhance credit models, and adapting models to the nature of the spend. Innovation is also extending to customer service, not just credit models,” Singh said.

Merchants and BNPL

“Retailers have been the greatest sponsors of BNPL, helping to legitimize and drive the growth of e-commerce,” said Singh. This was initially true for e-commerce platforms, but as more retail experiences shift online, BNPL adoption among merchants has grown exponentially. “The adoption of digital payment solutions across all retail models is driving BNPL growth,” Singh added.

Arthur D. Little’s proprietary research has shown that merchants are seeing substantial benefits from BNPL, including increased average transaction values, more frequent purchases, access to new customers, and lower customer acquisition costs. Merchants also enjoy a differentiated offering compared to their competitors.

Al-Moayed agrees that BNPL offers numerous advantages for merchants but suggests that more value could be unlocked by leveraging the data collected on consumer behavior and spending patterns. “Merchants should explore how to use this valuable data to offer personalized promotions or product recommendations,” he said.

“Hyper-personalized sales and marketing will be key to increasing customer engagement and loyalty. This will soon be expected across the Kingdom’s retail market,” Al-Moayed added.

The future of BNPL

“Over the next few years, BNPL services will become even more integrated into the broader financial ecosystem, using Open Banking to enhance personalization and accessibility,” said Al-Moayed. 

He also foresees the global adoption of big data and artificial intelligence further enhancing the BNPL customer experience. “We may see BNPL providers developing educational tools to help consumers manage their financial health effectively while using these services,” he added.

Singh, however, envisions a different future for BNPL. “BNPL will expand into the B2B segment, particularly as a tool to service underserved micro and small businesses,” he said. 

Singh also predicts that AI, enhanced regulations, and market consolidation will all play crucial roles in BNPL’s future growth.


On death anniversary, Pakistani leaders remember Benazir Bhutto, first woman PM in Muslim world

On death anniversary, Pakistani leaders remember Benazir Bhutto, first woman PM in Muslim world
Updated 33 min 34 sec ago
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On death anniversary, Pakistani leaders remember Benazir Bhutto, first woman PM in Muslim world

On death anniversary, Pakistani leaders remember Benazir Bhutto, first woman PM in Muslim world
  • Bhutto was daughter of ex-PM Zulfikar Ali Bhutto who was hanged during reign of former military ruler Gen. Zia-ul-Haq
  • Year before assassination in 2007, Bhutto signed landmark deal with rival Nawaz Sharif to prevent army interventions

ISLAMABAD: Prime Minister Shehbaz Sharif and other Pakistani leaders on Friday paid tribute to Benazir Bhutto, the first woman prime minister in the Muslim world who was assassinated 17 years ago in a gun and bomb attack after a rally in the city of Rawalpindi.
Bhutto, born on Jun. 21, 1953, was elected premier for the first time in 1988 at the age of 35. She was deposed in 1990, re-elected in 1993, and ousted again in 1996 amid charges of corruption and mismanagement, which she denied as being politically motivated.
Bhutto only entered politics after her father was hanged in 1979 during military ruler Gen. Zia-ul-Haq’s reign. Throughout her political career, she had a complex and often adversarial relationship with the now ruling Sharif family, but despite the differences signed a ‘Charter of Democracy’ in 2006 with three-time former PM Nawaz Sharif, with a pledge to strengthen democratic institutions and prevent military interventions in Pakistan in the future. She was assassinated a year and a half later.
“Today, we commemorate the 17th anniversary of the martyrdom of Shaheed Mohtarma Benazir Bhutto,” PM Shehbaz Sharif, who is Nawaz’s younger brother, said in a post on X. “A champion of democracy, and a staunch advocate of the power of dialogue and reconciliation in the political process, Mohtarma Benazir Bhutto remains an icon of courage and resilience.”


President Asif Ali Zardari, Bhutto’s widower, urged the nation to draw inspiration from the late premier and work to realize her “dream of a peaceful, progressive, and democratic Pakistan.”
“On this day, we honor a leader who embodied the very spirit of hope, resilience, and unwavering commitment to the ideals of democracy and justice,” he was quoted as saying by Radio Pakistan.
“Mohtarma Benazir Bhutto was a trailblazer who dreamt of a Pakistan where the rights of all citizens, irrespective of color, class and creed, would be protected.”
Powerful families from the Bhuttos and Sharifs of Pakistan to the Gandhis of India and the Bandaranaike family of Sri Lanka have dominated politics in this diverse region since independence from British colonial rule. But none have escaped tragedy at the hands of rebels, militants or ambitious military leaders.
It was Zulfikar Ali Bhutto who founded the troubled Bhutto dynasty, becoming the country’s first popularly elected prime minister before being toppled by the army in 1977 and later hanged. Both his sons died in mysterious circumstances.
Before her assassination on Dec. 27, 2007, Bhutto survived another suicide attack on her motorcade that killed nearly 150 people as she returned to Pakistan after eight years in exile in October 2007.
Bhutto’s Oxford-educated son Bilawal Bhutto Zardari, 36, is now leading her Pakistan Peoples Party, founded by her father, and was foreign minister in the last administration of Shehbaz Sharif.
Pakistan has been ruled by military regimes for almost half its history since independence from Britain in 1947. Both former premier Imran Khan and the elder Sharif, Nawaz, have alleged that they were ousted by the military after they fell out with the generals. The army says it does not interfere in politics.


South Korea’s parliament impeaches acting president Han Duck-soo

South Korea’s parliament impeaches acting president Han Duck-soo
Updated 43 min 45 sec ago
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South Korea’s parliament impeaches acting president Han Duck-soo

South Korea’s parliament impeaches acting president Han Duck-soo
  • The motion led by opposition parties passed with 192 of the 300 votes amid rowdy scenes by ruling People Power Party members

SEOUL: South Korea’s parliament impeached acting President Han Duck-soo on Friday over a short-lived martial law, plunging the country deeper into political chaos, as the Constitutional Court said it would swiftly trial suspended President Yoon Suk Yeol.

The impeachment of Han, who has been acting president since Yoon was impeached on Dec. 14 for declaring martial law on Dec. 3, has thrown South Korea’s once-vibrant democratic success story into uncharted territory.

The motion led by opposition parties passed with 192 of the 300 votes amid rowdy scenes by ruling People Power Party members who surrounded the speaker’s podium chanting the vote was invalid and parliament had committed “tyranny.”

Ahead of the parliamentary session, opposition leader Lee Jae-myung said his Democratic Party, which has majority control of parliament, will go ahead with the plan to impeach the acting president, accusing Han of “acting for insurrection.”

“The only way to normalize the country is to swiftly root out all the insurrection forces,” Lee said in a fiery speech, adding the party was acting on the public order to eradicate those who have put the country at risk.

There has been overwhelming public support for Yoon’s removal, according to opinion polls conducted after his martial law attempt.

The plan for a vote to impeach Han was unveiled on Thursday by the main opposition Democratic Party after he declined to immediately appoint three justices to fill vacancies at the Constitutional Court, saying it would exceed his acting role.

Until just before voting began, it was unclear how many votes were needed to impeach Han as acting leader. The threshold for a prime minister is a simple majority, while a two-thirds majority is needed for a president.

Speaker Woo Won-shik declared a simple majority would constitute parliamentary approval.

Han said in a statement after the vote that he would step aside to avoid more chaos and will await a Constitutional Court ruling on his impeachment.

By law Finance Minister Choi Sang-mok will assume the acting presidency.

Choi earlier pleaded with parliament to withdraw the plan to impeach Han, saying it would do serious damage to the country’s economy.

The South Korean won retreated to 1,475.4 per dollar, down 0.53 percent at 0707 GMT ahead of the parliamentary vote.

The vote to determine Han’s fate comes on the same day the Constitutional Court held its first hearing in a case reviewing whether to overturn the impeachment and reinstate Yoon or remove him permanently from office. It has 180 days to reach a decision.


North Korean soldier captured in Ukraine died from injuries – South Korea’s spy agency

North Korean soldier captured in Ukraine died from injuries – South Korea’s spy agency
Updated 23 min 28 sec ago
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North Korean soldier captured in Ukraine died from injuries – South Korea’s spy agency

North Korean soldier captured in Ukraine died from injuries – South Korea’s spy agency
  • The soldier was captured by the Ukrainian army
  • Location where he was seized was unknown

SEOUL: South Korea’s spy agency said Friday it had confirmed that a North Korean soldier sent to back Russia’s war against Ukraine had been captured by Ukrainian forces.
Pyongyang has deployed thousands of troops to reinforce Russian troops, including in the Kursk border region where Ukraine mounted a shock border incursion in August.
“Through real-time information sharing with an allied country’s intelligence agency, it has been confirmed that one injured North Korean soldier has been captured,” South Korea’s National Intelligence Service said in a statement.
The soldier was captured by the Ukrainian army, an intelligence source told AFP, adding that the location where he was seized was unknown.
The first confirmation of the capture of a North Korean soldier came days after Ukrainian President Volodymyr Zelensky said Monday that nearly 3,000 North Korean soldiers had been “killed or wounded” so far.
Seoul’s Joint Chiefs of Staff (JCS) also said Monday that more than 1,000 North Korean soldiers have been killed or wounded.
The JCS had also said that Pyongyang is reportedly “preparing for the rotation or additional deployment of soldiers” and supplying “240mm rocket launchers and 170mm self-propelled artillery” to the Russian army.
Seoul’s military believes that North Korea was seeking to modernize its conventional warfare capabilities through combat experience gained in the Russia-Ukraine war.
North Korean state media said Friday that Russian President Vladimir Putin sent a New Year’s message to North Korean leader Kim Jong Un, saying “the bilateral ties between our two countries have been elevated after our talks in June in Pyongyang.”
A landmark defense pact went into effect in December after the two sides exchanged ratification documents.
Putin hailed the deal in June as a “breakthrough document.”