The UAE said on Saturday it had concluded the terms of a trade deal with Colombia, which it called the first such bilateral agreement between the Gulf and South America.
“The United Arab Emirates and Colombia have reached the terms of a Comprehensive Economic Partnership Agreement, the first bilateral industrial agreement between the Gulf and South America,” Thani Al Zeyoudi, UAE Minister of State for Foreign Industry, wrote in X Joined.
“We can look ahead to a new era of cooperation that will deliver growth for both nations.”
UAE state news agency WAM said the deal, once implemented, will “remove or reduce tariffs on the majority of product lines, eliminate unnecessary barriers to trade, improve market access and deepen collaboration” across a variety of sectors, including energy, telecommunications, tourism and food production.
The Biden administration on Saturday unveiled final regulations to crack down on methane discharges from the U. S. oil and fuels industry, as part of a global plan to control emissions that contribute to climate change.
The rules, two years in the making, were announced by US officials at the United Nations COP28 climate change conference in Dubai. The United States and other nations attending the summit were expected to detail how they will achieve a 150-country pledge made two years ago to slash methane emissions by 30% from 2020 levels by 2030.
Methane tends to leak into the atmosphere undetected from drill sites, gas pipelines and other oil and gas equipment. It has more warming potential than carbon dioxide and breaks down in the atmosphere faster, so reining in methane emissions can have a more immediate impact on limiting climate change.
“From day one, President Biden has re-established America’s critical role as a global leader in the fight against climate change, and we have subsidized that commitment with strong action,” Michael Regan, administrator of the U. S. Environmental Protection Agency, said in a statement.
EPA’s new policies would ban routine flaring of natural gas produced by newly drilled oil wells, require oil companies to monitor for leaks from well sites and compressor stations and establishes a program to use third party remote sensing to detect large methane releases from so-called “super emitters,” the agency said in a statement.
The rules would prevent an estimated 58 million tons of methane from reaching the atmosphere between 2024 and 2038 — nearly the equivalent of all the carbon dioxide emissions from the power sector in the year 2021, EPA added.
Environmental teams welcomed the rules.
“Strict methane criteria are critical to reducing climate pollutants and better protecting the health and safety of personnel and communities living near fossil fuel extraction sites,” Jill Tauber, Earthjustice’s vice president of weather and energy litigation, said in a statement.
The rule will produce climate and fitness benefits of up to $7. 6 billion through 2038, the EPA said. This will also increase herbal fuel recovery by up to $13 billion over this period.
The rule differs somewhat from draft proposals EPA released in 2021 and 2022, in part by giving the industry more time to comply.
The agency also tweaked the Super Emitter Program so that third parties send information on methane leaks to EPA directly for verification. Previously they would have been able to send the information directly to companies, a provision the oil and gas industry said would put too much power in the hands of environmental groups that search for methane leaks.
The American Petroleum Institute, an industry group for the oil and fuel industry, said it was reviewing the rule.
“To be truly effective, this rule will have to balance emissions rebates with the desire to continue to meet growing energy demand,” Dustin Meyer, API’s senior vice president of policy, economics and regulatory affairs, said in a statement.
Leaders of emerging countries attended the second day of the United Nations climate summit on Saturday to press wealthy industrialized countries to share their knowledge to combat global warming and ease the monetary burden they face, while touting their own heat-absorbing natural resources. -trapping carbon in the air.
The annual United Nations Conference of the Parties, known as COP28, in the United Arab Emirates brought together around 150 presidents, prime ministers, royals and other leaders who laid out their plans to reduce heat and have especially sought to join with other nations to weather the climate. disaster that will turn out to be closer than ever in 2023.
The next global meeting took a mid-level turn on Saturday morning, with U. S. Vice President Kamala Harris scheduled to speak later.
African leaders noted that their continent’s tropical forests absorb excess carbon dioxide from the air and that their countries have emitted only a small fraction of the heat-trapping emissions compared to richer countries.
Teodoro Obiang Nguema Mbasogo of Equatorial Guinea – one of sub-Saharan Africa’s oil manufacturers – has criticised evolved countries for failing to meet their commitments to finance climate action and meet their own targets for reducing emissions from their industries.
“Africa is one of the regions of the world that sequesters the maximum carbon and emits the maximum oxygen,” he said.
President Jose Ramos Horta of East Timor, Indonesia’s neighbor and Australia’s northern neighbor, has criticized “shark loans” from multilateral lending institutions, saying emerging countries cannot do so because of the heavy debt burden that is stifling their ability to invest in fighting opposition. to resist the climate, replace, and grow economically.
Harris’ appearance at COP28 in Dubai marks the first time since COP3 in Kyoto, Japan, that a vice president has led the U. S. delegation. At COP3 in 1997, then-Vice President Al Gore spoke. level representatives.
As Harris headed to Dubai, U. S. weather envoy John Kerry and French President Emmanuel Macron pushed for the expansion of the nuclear force, which produces no greenhouse fuel emissions but also raises concerns about protection and waste.
Overall, a group of more than 20 nations called for a tripling of nuclear energy generated in the world by 2050.
“I want here to reiterate the fact that nuclear energy is a clean energy and it should be repeated,” said Macron, which gets around two-thirds of its electricity from nuclear power, the most of any industrialized country, and even exports some of it to its neighbors. “Nuclear energy is back.”
A declaration issued at the event did not specify how much money should be set aside, but urged the World Bank and others to “encourage” expanding lending for nuclear projects.
“We want to invest, I’m not saying give,” Kerry said. “I say invest the billions of dollars sitting on the sidelines looking for profitable deals, but are willing to act as quickly as necessary. “
Whatever their perspective or national interest, leaders almost universally voiced their shared views that Earth is in crisis — with the United Nations and other environmental groups warning that the planet has recorded the nine hottest years on record over the last decade.
Bolivian Vice President David Choquehuanca called for “saving Mother Earth and staving off the multiple crises which have been caused by neocolonial, capitalist, imperialist, patriarchal, Western culture.”
“The climate crisis is but the latest chapter in a long history of hypocrisy and lies: The ‘Global North’ is responsible for the global imbalance that we’re seeing,” he said, using a catchall term for industrialized countries. “They seek permanent growth to the detriment of the global South.”
Worries are rising that the world is set to blow past — even obliterate — targets in the Paris climate accord of 2015 to cap the increase in global temperatures by the end of the century by 1.5 degrees Celsius (2.7 Fahrenheit) since the start of the industrial era.
In a fiery opening on Friday, U. N. Secretary-General Antonio Guterres, after watching melting glaciers in Antarctica and Nepal, declared that “Earth’s important symptoms are failing” and told leaders, “You can save yourselves from a planetary shock and a fire. “
In a direct challenge to fossil-fuel-aligned countries, the U. N. leader said the only way to restrict warming to the 2015 target is to phase out the use of oil, coal and gas. “No discount, no discount. Phase-out,” he said.
The pledge to triple the world’s installed renewable energy by 2030 will win approval from more than 110 countries at the COP28 climate summit on Saturday, with some pushing for the agreement to be global until the end of the U. N. conference.
The European Union, the United States and the United Arab Emirates, hosts of COP28, have come out in favor of this commitment as a way to drastically reduce greenhouse fuel emissions, something necessary in this decade to avoid triggering changes more serious climatic conditions.
“More than 110 countries have already joined,” European Commission President Ursula von der Leyen said Thursday at the COP28 summit on the commitment to renewable energy. “I now call on all of us to pursue those goals in the final POLICE resolution. “
It remains an open question whether governments and businesses will mobilize the massive investments needed for this goal. While the deployment of renewables such as sun and wind has been accelerating globally for years, emerging costs, hard labor constraints, and chain of origin issues have led to allocation. delays and cancellations in recent months, costing developers like Orsted and BP billions of dollars in write-downs.
For the agreement to be included in the final resolution of the UN meteorological summit, there would also need to be a consensus among the nearly 200 countries present. While China and India have advocated tripling renewable energy globally by 2030, neither has shown they will meet the global commitment, which links the expansion of blank energy to reducing fossil fuel use.
South Africa, Vietnam, Australia, Japan, Canada, Chile and Barbados are among the countries already on board, officials told Reuters.
The renewables pledge will be among several other energy-related announcements at COP28 on Saturday, including new measures and funding to combat methane emissions, agreements to cut coal use and the promotion of nuclear energy.
Progressively reduce?
A central decision facing nations at COP28 is whether to agree, for the first time, to gradually “phase out” global consumption of fossil fuels. Burning coal, oil and gas to produce energy is the main cause of climate change.
A draft renewable energy pledge, seen by Reuters, calls for “the phasing out of coal-fired power” and an end to funding for new coal-fired power plants.
According to research by the think tank Ember, tripling blank resources such as wind and sun and doubling energy savings would account for 85% of the fossil fuel consumption discounts needed this decade to meet global climate goals.
These targets will increase pressure on countries and foreign monetary institutions to unlock the large investments needed to achieve 11,000 gigawatts of renewable energy by 2030, particularly by reducing the capital cap burden that has stalled renewable energy projects in Africa. and other countries to come. up countries. Nations.
“There is still a gap between our prospects and our limits to attract investment,” said Najib Ahmed, a representative of Somalia’s Meteorological Ministry.
Africa receives just 2% of global investments in renewable energy. Somalia has the highest onshore wind power potential of any African country, yet one of the lowest electrification rates in the continent, according to the International Energy Agency.
The World Bank on Friday said it will increase the amount it spends annually on climate-related projects to 45% of its financing over 2024 to 2025, up from 35% now, as part of a policy overhaul to better respond to climate change.
The Business and Philanthropy Climate Forum at COP28 focuses on implementing tangible responses to climate and natural challenges.
This year’s COP 28 convention will bring together more than 1,300 CEOs of organizations and leaders of charitable corporations representing more than 100 countries.
The Forum seeks to address key priorities set out in the COP 28 agenda, such as the energy transition, climate finance, nature conservation and inclusion.
Its objectives are to safeguard the Earth’s herbarium heritage and biodiversity, finance adaptation plans, and promote more sustainable agricultural systems and practices.
The Forum serves as a platform for practical and achievable solutions, bringing together diverse stakeholders to address pressing issues on a global scale.
COP28 Special Representative for Business and Philanthropy and Forum Chair Badr Jafar said the collection marks a step forward in the global climate discourse.
According to Jafar, the Forum will bring together a significant number of business leaders and philanthropic innovators to convey a powerful message about the importance of collaboration and comprehensive action for all.
Speaking to Asharq Al-Awsat on the sidelines of COP 28, Jafar said: “Dr. Sultan Al-Jaber, President of COP 28, calls for what he calls an effective change in management that energizes the personal sector and its resources with a Hobby for climate issues.
“This Forum provides vital sectors with a platform to contribute effectively to shaping global climate policies,” added Jafar.
“The COP 28 president’s vision commits to adopting an implementation approach that supports the energy transition, improves climate finance, and focuses on responses that respect human and environmental needs, ensuring that all projects are inclusive,” he explained.
Jafar emphasized that the Forum will be a dynamic interactive platform and pushed to provide delegations with an unprecedented opportunity to interact on new day-to-day work and goals, charting a transparent path for the next steps and moves required.
“The primary objective of the Forum is to enable the private sector to take practical steps that move them from the realm of theoretical agreements and commitments to the practical world of implementation and tangible results,” said Jafar.
Jafar explained that $3 trillion is the total global investment required annually to achieve the net-zero emissions goal by 2050.
Developing countries want investments totaling $2. 4 trillion each year until 2030 to meet the goals of the Paris Agreement and address issues such as biodiversity loss, land degradation and soil deterioration. floors.
“We want radical herbal answers costing $8 trillion by 2050,” Jafar told Asharq Al-Awsat.
“These numbers are undoubtedly huge and reflect the magnitude of the dangers involved. The hard truth that becomes apparent to us is the impossibility of mobilizing those trillions, or even achieving it, without the inventive participation of the personnel sector with its cutting-edge capabilities, resources and expertise,” he explained.
The challenge, according to Jafar, is the lack of a global framework that organizes collaboration between all capital resources on a temporary basis and on an incredibly giant scale.
Officially unveiled in the colorful city of Dubai, United Arab Emirates, the Conference of the Parties to the United Nations Framework Convention on Climate Change, known as COP28, is already underway.
The conference aims to address the challenges of climate change, marking a pivotal moment since the Paris Agreement.
Invitations have been extended to explore ways to address the effects of the climate update and navigate the complex path charted by the foreign community.
This event represents a milestone in the ongoing global efforts to combat climate change since the Paris Agreement, and expectations for very broad outcomes are high.
On the inaugural day of the week-long conference, a significant milestone was achieved with the adoption of the first foundational resolution.
Delegates to the COP28 climate talks in Dubai on Thursday officially followed a loss and fund to shift the budget to countries most affected by the climate crisis.
The main points had already been agreed this month in a pre-COP session, when it was decided that the World Bank would host the fund.
Participants highlighted the role of the convention in promoting global collaboration for effective action.
The newly established fund garnered contributions exceeding $300 million in its initial round of pledges.
In a groundbreaking move, UAE Foreign Minister Sheikh Abdullah Bin Zayed announced the country’s commitment of $100 million to the new fund to address climate-related disasters.
“We congratulate all parties on the historic adoption of this Climate Impact Response Fund and announce the UAE’s commitment to contribute $100 million. We call on all countries in a position to do so to make a generous contribution, as a vital symbol of solidarity. Sheikh Abdullah posted on X.
Other countries that pledged to contribute to the fund at the last convention in Sharm el-Sheikh, Egypt, included India with $100 million, the United Kingdom with up to £60 million ($75. 89 million), the United States with $17. 5 million and Japan with $10 million.
As part of a remarkable early victory for the Cop28 presidency, a loss and damage fund official from day one.
“Today we tell the story. This is the first time a resolution has been followed on the first day of a COP. And the speed with which we have achieved this is also historic. Achieving this purpose demonstrates the paintings of so many people, “Especially the members of the Transition Committee who have worked tirelessly to get us to this point. That’s the evidence we can offer. COP28 can deliver results,” said Dr. Sultan Al Jaber, COP28 President.
In a statement, Al Jaber said the fund will support billions of people, lives and livelihoods that are vulnerable to the effects of climate change.
Saudi Arabia Railways (SAR) and Al-Jabr Automotive have collaborated to transport thousands of vehicles through activities from the King Abdulaziz Port in Dammam each year, with the aim of improving operational efficiency, reducing costs, and minimizing carbon damage and emissions.
The four-year contract plays a vital role in improving the efficiency of business processes, reducing expenses, and minimizing the effects of damages such as transportation and handling of new cars.
In addition, it serves to relieve cargo at the port.
The director general of the SAR, Dr. Bashar Al-Malik, told Asharq Al-Awsat that Saudi Arabia’s railways aim this year to finalize the elimination of more than one million truck trips.
In 2022, trains helped keep 1. 8 million trucks off the Kingdom’s roads.
Al-Malik noted that each truck that is kept off the roads has a positive impact on the environment by reducing carbon emissions, saying transporting goods through trains enhances the efficiency of operational processes and reduces traffic.
In order to reach new consumers and achieve a tangible impact on the environment and society, the CEO of SAR stressed that the agreement represents an important step towards achieving the strategic vision of a global transformation in the maritime transport and logistics sector.
“We are taking an important step forward with this agreement. Not only are we expanding and diversifying the facilities provided to our customers, but we are also offering shipping logistics solutions that help reduce carbon emissions and road protection levels,” he said.
He further emphasized that the recent collaboration underscores full dedication to achieving sustainability goals and offering transportation solutions that prioritize the future of the nation and succeeding generations.
Bandar Al-Jabri, former chairman of the National Transport Committee of the Saudi Arabian Council of Chambers, told Asharq Al-Awsat that the move supports economic, advertising and logistical movements between cities in the Kingdom with the aim of achieving the goals of the Saudi Vision. 2030.
He noted that the train complements the maritime, land and air sectors, and expressed confidence that rail and truck freight transport will be more or less the same.
The agreement underlines SAR’s unwavering commitment to delivering sustainable responses in the transport and logistics sector.
Aligned with the National Strategy for Transport and Logistics, SAR aims to reduce carbon emissions by 25 percent by 2030, in line with the Kingdom’s environmental initiatives.
Founded in 2006, SAR owns and operates the Northern Rail System and pursues the vision of building sustainable passenger and freight transport. SAR is tasked with taking over the operations and control of the Saudi Arabian Railway Organization’s network in 2021.
Al-Jabr Automotive opened its first car showroom in 1959 in AlKhobar. The company holds a leading position in the Saudi automotive market, with 28 showrooms and 38 full-service centers across the Kingdom.