COP29: Developing countries urge action on climate finance deal

COP29: Developing countries urge action on climate finance deal
COP29 is being held in Baku, Azerbaijan. UN Climate Change
Short Url
Updated 19 November 2024
Follow

COP29: Developing countries urge action on climate finance deal

COP29: Developing countries urge action on climate finance deal

RIYADH: Measures available to manage the rising global temperature are not sufficient, a leading Thai official has told the UN’s climate change conference in Baku.

Speaking at COP29 in Azerbaijan, the Asian country’s Minister of Natural Resources and the Environment, Chalermchai Sri-on, called for decisions to be made on climate financing to help those nations most affected by rising temperatures.

His comments were echoed by other ministers throughout the morning session, which came a day after the UN’s climate chief Simon Stiel told world leaders to “cut the theatrics and get down to business” with regards to agreeing a funding deal for developing countries.

Addressing delegates, Sri-on said: “The first global stocktake significantly showed that our current efforts are still insufficient to control global temperature increase.”

Malaysia’s Minister of Natural Resources and Environmental Sustainability, Nik Nazmi Nik Ahmad, urged developed nations to fulfill their financial responsibilities, ensuring funds are “accessible and impactful.”

Romania’s Minister of the Environment, Waters and Forests, Costel Alexe, called for prioritizing action over political differences, stating: “Failure is not an option for anyone.” 

He also emphasized Romania’s focus on private-sector partnerships for decarbonization in energy, transport, and industry. 

Diego Pacheco of Bolivia pointed to the responsibility of developed nations, stating: “Our countries are suffering the impacts of climate change, due largely to the historical emissions of developed countries.” 

Sophalleth Eang, Cambodia’s minister of environment, reaffirmed Cambodia’s ambitious climate targets, including carbon neutrality by 2050, as outlined in its 2020 updated nationally determined contributions. 

Franz Tattenbach, Costa Rica’s minister of environment and energy, expressed optimism in the ripple effects of decarbonization, saying: “We are an ambitious country, and we hope to scale up our ambition. We believe that decarbonization could lead to decarbonization in other countries.” 

Austria’s Leonore Gewessler highlighted the need for urgent united action, saying: “It is our collective responsibility to make more progress without further delay.” 

Additional leaders addressed the challenges of achieving meaningful climate goals amid global crises.

Burkina Faso’s Roger Baro urged for substantial commitments to protect the environment and develop resilient economies, while Celine Caron-Dagioni of Monaco called for updated contributions aligned with long-term climate goals. 

Namibia’s Pohamba Penomwenyo Shifeta stressed the importance of balanced climate financing. 

Speakers also showcased national achievements and initiatives. Uruguay’s Robert Bouvier Torterolo highlighted the country’s renewable energy success, with over 95 percent of its electricity derived from sustainable sources. Senegal’s Daouda Ngom emphasized the need for accessible financing to support adaptation plans. 

Nigeria’s Balarabe Abbas Lawal detailed investments in renewable energy and afforestation, while Rwanda’s Valentine Uwamariya highlighted the significant economic cost of climate change to her nation and called for “ambitious, balanced, fair, and just outcomes” from the climate change forum. 

Eritrea’s Minister of Land, Water, and Environment, Tesfai Gebreselassie, stressed the continued need for climate finance, stating: “Mobilization of climate finance is still critical.”   

Tunisia’s Minister of Environment, Habib Abid, highlighted national efforts, saying: “We have developed comprehensive strategies to promote adaptation and mitigate climate change effects.” 

Simon Watts, New Zealand’s minister of climate change, announced a series of contributions, including $20 million to the Pacific Resilience Facility and $10 million to the Global Fund for responding to loss and damage.    

Watts said: “New Zealand wants this fund to deliver effective support to some of the most affected communities so that they can recover from climate impacts and build stronger, more resilient communities.”   

He added: “New Zealand is pioneering innovative, high-trust approaches to climate finance, including through country flexible finance, which provides funding directly to our partners so that they can make their own choices on how that funding is allocated.”  

New Zealand emphasized its progress in renewable energy, with Watts noting that 85 percent of the country’s electricity is already generated from renewable sources. "We plan to double that amount of renewable generation by 2050.”   

Qatar’s Minister of Environment and Climate Change, Abdullah bin Abdulaziz bin Turki Al-Subaie, called for stronger commitments from developed nations, stating: “We call upon developed countries to fulfill their commitments, including the reformation of international financial systems, and to build on what has been achieved in the previous COPs.” 

He also emphasized Qatar’s role in providing clean energy, saying: “We continue to supply clean energy to global markets through our highly efficient LNG, which is a reliable source of low-carbon energy.” 

Australia’s Minister for Climate Change and Energy, Chris Bowen, announced a $50 million contribution to the fund for responding to loss and damage, making Australia the sixth-largest contributor to the initiative.  

“This year, we're committed to more than $20 billion in clean energy investments,” said Bowen. 

He added that the country views climate action as economically beneficial at all levels, from household budgets to the national economy. 

Norway’s Minister of Climate and Environment, Tore Sandvik, underscored the importance of leveraging private sector investment, stating: “Our collective goal should send strong signals to mobilize investments from the private sector.”  

Portugal’s Secretary of State for Environment, Emídio Ferreira dos Santos Sousa, emphasized the need for raising ambition, saying: “It is essential to raise ambition regarding the new collective, quantified goal for climate finance, which is set at $100 billion per year.”  

He also announced Portugal’s international climate finance commitments, which will total €68.5 million.   

South Africa’s Minister of Forestry, Fisheries, and the Environment, Dion George, called for increased financial and non-financial support, stating: “South Africa needs financial and non-financial support to ensure an inclusive and equitable transition that benefits all sectors, including SMEs (small and medium sized enterprises).”  

He added: “We urge developed economy countries to fulfill their commitments, including the $100 billion per annum climate finance target.” 

These latest contributions and appeals reflect the urgent need for global cooperation as the conference moves toward finalizing agreements on climate finance. 


Developing nations push for action on COP29 financing shortfalls

Developing nations push for action on COP29 financing shortfalls
Updated 19 November 2024
Follow

Developing nations push for action on COP29 financing shortfalls

Developing nations push for action on COP29 financing shortfalls

RIYADH: Developed nations are facing growing pressure at COP29 to honor their climate finance commitments, as developing countries push for action to address the severe shortfalls in adaptation funding and the escalating environmental challenges they face.

The ongoing dispute centers around how much support developed nations will provide to poorer countries in their efforts to combat the impacts of climate change.

Representatives from vulnerable nations have emphasized the urgent need for concrete financial commitments, highlighting the widening gaps in adaptation funding.

Financing gaps undermine efforts

Kenya called for an end to the adaptation finance gap, urging increased financial flows to meet the continent’s needs. “Developing countries are not receiving the resources they need,” said Kenya’s representative. “Africa’s adaptation needs are the highest globally, estimated at $845 billion between 2020 and 2035, yet we receive less than a quarter of that annually.”

Bangladesh echoed these concerns, revealing a stark $5.5 billion annual shortfall in funding for resilience projects. “This gap must be filled through grant-based and external finance,” said Bangladesh’s representative.

Several developed nations have outlined their efforts to scale up adaptation financing. Germany highlighted that 30 percent of the EU’s current seven-year budget is allocated to climate-related initiatives, including $30 billion for nationally determined contributions and climate goals, and $12 billion for public climate adaptation finance.

France pledged €2 billion annually by 2025 for adaptation in developing countries, exceeding its previous commitments. Canada reported progress toward its goal of doubling adaptation finance by 2025, as per the Glasgow Climate Pact, but acknowledged the need for more expansive action. “Public finance alone won’t suffice,” said Canada’s representative. “We need coordinated global efforts, innovative instruments, and stronger policy signals to ramp up climate-resilient investments,” the representative continued.

UAE calls for scaling up adaptation finance

“The outcome of the first global stocktake under the UAE consensus underscores a stark reality: we are not on track to meet the adaptation needs of developing countries,” said the UAE’s representative. “Climate change disproportionately affects vulnerable communities who have contributed the least to global emissions. Adaptation is not a choice, but a necessity,” he continued.

The UAE underscored the widening adaptation finance gap, which is estimated to reach hundreds of billions of dollars annually by 2030.

“A critical component of COP28 was the UAE framework for global climate resilience, establishing targets for adaptation planning and implementation,” the representative noted. The UAE consensus calls for all parties to have national adaptation plans in place by 2025, with tangible progress on implementation by 2030.

“We urge developed countries to significantly scale up adaptation finance beyond the doubling committed at COP26,” the UAE added.

“This scaling up is crucial to meet the urgent and growing needs of developing countries.”

Rejecting allegations of involvement in the Sudanese conflict, the UAE reaffirmed its commitment to humanitarian aid and efforts to support a legitimate, civilian-led government in Sudan.

“We reject these baseless claims and emphasize our continued support for de-escalation, ceasefires, and aiding Sudanese civilians,” said the representative.

Jordan called for “predictable and transparent commitments” and expedited disbursements, emphasizing the challenges faced by water-scarce nations grappling with severe droughts.

Sudan urged for technological transfer and funding to recover from devastating floods, which caused $48 million in damages this year. Palestine raised concerns about barriers to accessing climate funds, citing “non-technical issues” that prevent direct support despite eligibility.

Kazakhstan stressed the importance of concessional financing, saying, “We need mechanisms that are accessible and predictable to address vulnerabilities and ensure funds flow directly to communities.”

Developing countries call for urgent action

“Adaptation is not a choice but a necessity,” reiterated the UAE representative, highlighting the disproportionate burden borne by vulnerable nations.

Qatar called for creative solutions to close the adaptation finance gap, urging developed countries to double financial support and focus on the implementation phases to maximize impact.

China demanded that developed countries clarify timelines for doubling adaptation financing, stating, “They must deliver on their commitments and prioritize vulnerable nations.”

As COP29 unfolds, the debate over adaptation financing underscores the urgent need to bridge the gap between pledges and tangible action. The world’s most vulnerable communities are watching closely, demanding that words translate into real solutions.


GAMI showcases achievements at maritime forum in Dhahran

GAMI showcases achievements at maritime forum in Dhahran
Updated 19 November 2024
Follow

GAMI showcases achievements at maritime forum in Dhahran

GAMI showcases achievements at maritime forum in Dhahran

RIYADH: Saudi Arabia’s General Authority for Military Industries highlighted its achievements in local military ship and boat manufacturing, as well as maintenance capabilities, at the 3rd International Saudi Maritime Forum.

In a press statement, GAMI noted that its pavilion also showcased specialized expertise in hull construction and system integration. Established in 2017, GAMI is tasked with regulating, monitoring, enabling, and licensing the Kingdom's military and security industries.

As part of its mission to strengthen the defense sector, GAMI aims to support the growth of Saudi Arabia's military industries and contribute to the country's economic development. The authority also plays a key role in achieving Saudi Vision 2030 by aiming to localize more than 50 percent of government defense spending by 2030.

The GAMI pavilion, inaugurated by Abdullah bin Abdulaziz Al-Hammad, GAMI’s deputy governor for strategic planning and execution, was presented to over 55 national and international organizations from 22 countries, including military specialists and academics from both Saudi Arabia and abroad.

The 3rd Saudi International Maritime Forum, organized by the Royal Saudi Naval Forces, kicked off on Nov. 19 in Dhahran and will run through Nov. 21.

The forum is focusing on key developments in regional and international maritime security, while also highlighting the latest technologies, equipment, and maritime systems at both local and global levels.

 


Saudi Arabia pledges support in combating global financial crimes

Saudi Arabia pledges support in combating global financial crimes
Updated 19 November 2024
Follow

Saudi Arabia pledges support in combating global financial crimes

Saudi Arabia pledges support in combating global financial crimes

RIYADH: The global fight against money laundering, terrorism financing, and the proliferation of arms remains a pressing issue, as Saudi Arabia’s central bank governor emphasized the need for international collaboration to address these challenges.

Ayman Al-Sayari, governor of the Saudi Central Bank, reiterated the Kingdom’s commitment to advancing these efforts, stating, “We affirm Saudi Arabia’s keenness to unify joint regional efforts in combating money laundering, financing terrorism and the proliferation of arms, and overcoming the challenges facing all countries.”

His comments came during the conference on “The Latest Developments in Combating Money Laundering, Financing Terrorism, and the Proliferation of Arms,” held on the sidelines of the 39th General Meeting of the Middle East and North Africa Financial Action Task Force in Riyadh.

Marking the 20th anniversary of MENAFATF’s establishment, Al-Sayari highlighted its role in raising awareness and supporting regional adherence to international standards. “Today we celebrate the 20th anniversary of the establishment of the MENAFATF group, which has contributed to raising awareness, deepening understanding of international requirements at the regional level, and helping relevant authorities enhance their commitment to these requirements,” he said.

Al-Sayari also praised Saudi Arabia’s domestic initiatives aimed at strengthening compliance and combating financial crimes.

“We commend the efforts of the relevant authorities in Saudi Arabia through standing committees to enhance efforts and raise commitment to international requirements,” he added.

According to a UN report, an estimated 2 to 5 percent of global gross domestic product—equivalent to $800 billion to $2 trillion—is laundered each year. However, the clandestine nature of money laundering makes it difficult to determine the exact volume of illicit funds in circulation.

Acknowledging the evolving nature of financial crimes, Al-Sayari emphasized the need for proactive legislative and regulatory measures. “In light of the rapid development of money laundering, terrorism financing, and arms proliferation methods, countries must strengthen their legislative and regulatory frameworks to keep pace with these fast-evolving challenges,” he said.

Al-Sayari also affirmed Saudi Arabia’s alignment with the Financial Action Task Force under Mexico’s presidency, reinforcing the Kingdom’s support for global efforts to combat illicit financial flows. “Saudi Arabia participates actively in the FATF’s discussions to ensure that cross-border transfers are more efficient, transparent, and comprehensive without compromising due diligence obligations and measures,” he added.

Elisa Madrazo, president of the FATF, also addressed the conference, highlighting the importance of coordinated global efforts to combat financial crimes. Her remarks underscored FATF’s ongoing commitment to fostering collaboration among member countries and ensuring adherence to international standards.

During the conference, Al-Sayari met with Madrazo to discuss recent developments and shared interests in anti-money laundering efforts, combating terrorist financing, and addressing the financing of arms proliferation.


Aramco signs agreement to advance SASREF expansion

Aramco signs agreement to advance SASREF expansion
Updated 19 November 2024
Follow

Aramco signs agreement to advance SASREF expansion

Aramco signs agreement to advance SASREF expansion

RIYADH: Energy giant Saudi Aramco and China-based Rongsheng Petrochemical Co. have signed a framework agreement to boost the expansion of a subsidiary of the state-owned oil company.

According to a press statement, the tripartite agreement outlines a cooperation framework and detailed plans to design and develop Saudi Aramco Jubail Refinery Co. or SASREF. The initiative is expected to enhance SASREF’s refining and petrochemical capabilities.

The deal follows an announcement made in April that Aramco and Rongsheng Petrochemical had signed a partnership agreement related to the planned formation of a joint venture in SASREF. 

Aramco’s long-standing relationship with China spans more than three decades.

This new framework agreement is part of the company’s broader strategy to solidify its position in the global energy landscape while supporting the Kingdom’s economic growth.

“By aligning our efforts, Aramco and Rongsheng Petrochemical aim to deliver additional value to our stakeholders,” said Aramco Downstream President Mohammed Al-Qahtani.

He added: “This development framework agreement underscores Aramco’s intentions to foster closer collaboration with key partners and progressing its strategic downstream expansion, both in Saudi Arabia and internationally. It also highlights the potential of the Kingdom’s downstream sector to attract overseas players.”

Li Shuirong, chairman of Rongsheng Petrochemical, said that the collaborative project will contribute to Saudi Arabia’s Vision 2030 program and China’s Belt and Road initiative. 

“The signing of the development framework agreement sets the stage for Rongsheng Petrochemical’s in-depth participation in the SASREF expansion project,” said Shuirong. 

He added: “Saudi Arabia has abundant energy resources and significant market potential, and Rongsheng Petrochemical will bring strong momentum to the partnership through our excellent operation and management capabilities and market competitiveness.” 

The SASREF expansion project is located in Jubail Industrial City along the Arabian Gulf coast in the Kingdom’s Eastern Province. 

The project, which is currently in the pre-front-end engineering design stage, envisages the construction of large-scale steam crackers and the integration of associated downstream derivatives into the existing SASREF complex, enhancing its ability to meet the growing demand for high-quality petrochemical products, the statement added. 

Earlier in November, Aramco, in partnership with China Petrochemical & Chemical Corp. and Fujian Petrochemical Co., started the construction of a refinery and petrochemical complex in the Asian nation’s Fujian province. 

The undertaking, which is expected to be fully operational by the end of 2030, includes an oil refinery with a capacity of 320,000 barrels per day, according to a press statement.

It will also have a 1.5 million tonnes-per-year ethylene unit, a 2 million tonnes paraxylene and downstream derivatives capacity, and a 300,000 tonnes crude oil terminal.


COP29: Azerbaijan unveils Baku Harmoniya Climate Initiative

COP29: Azerbaijan unveils Baku Harmoniya Climate Initiative
Updated 19 November 2024
Follow

COP29: Azerbaijan unveils Baku Harmoniya Climate Initiative

COP29: Azerbaijan unveils Baku Harmoniya Climate Initiative

RIYADH: Azerbaijan has launched the Baku Harmoniya Climate Initiative, a program designed to help farmers combat global warming while ensuring food security.  

The initiative, which prioritizes knowledge sharing and climate finance solutions, was announced during a press conference by Azerbaijan’s Minister of Agriculture, Majnun Mammadov, at COP29. 

This effort aligns with Azerbaijan’s revised Nationally Determined Contributions, which pledge a 40 percent reduction in emissions by 2050, conditional on international support. The energy sector, responsible for over half of the country’s greenhouse gas emissions, remains a focal point of Azerbaijan’s climate strategy.   

“I am proud to officially announce the launch of the Baku Harmonia Climate Initiative for farmers. It is an inclusive platform designed particularly for women and youth, and aims to strengthen global collaboration,” Mammadov said. 

He highlighted that the initiative will focus on promoting technology investments, sustainable practices, and crop diversification. 

“Harmonia focuses on sharing knowledge, facilitating climate finance, and addressing the unique challenges farmers face,” he added.  

Mammadov emphasized the importance of enhancing farmers’ participation, advancing research and innovation, improving water management systems, and implementing subsidy programs to encourage sustainability. 

Also speaking during the conference, COP29 Lead Negotiator Yalchin Rafiyev underlined the initiative’s significance, noting the momentum gained from international cooperation.  

“We have been encouraged by the positive signals from the G20 to our ongoing efforts,” Rafiyev said. However, he stressed that current climate finance levels remain insufficient and require scaling up.  

As a significant producer of fossil fuels, Azerbaijan’s hosting of COP29, like last year’s host, the UAE, signifies a shift toward sustainable climate policies.  

COP29 President Mukhtar Babayev recently told Arab News that hosting the conference reflects his country’s commitment to driving change.