Clean energy largest driver of Chinese GDP growth in 2023: report
China is the world's biggest emitter of greenhouse gases driving climate change, but it is also the top producer of...
Saudi Arabia to highlight role in dealing with global challenges at WEF meet
RIYADH, SAUDI ARABIA – Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef said that the Kingdom’s participation in the...
Economy
Geostrategy
Saudi Arabia, South Korea agree to boost energy and defence ties
Among the agreements was Saudi investment for South Korean refiner S-OIL's Shaheen project, which would build petrochemical production facilities in...
- Saudi Crown Prince Mohammed Bin Salman arrived in Seoul Wednesday. His Asian tour is aimed at shoring up the Gulf nation's ties with Saudi's biggest energy market.
- During the visit, the two governments and companies from both countries signed about 20 deals in areas from agriculture to railways.
Business
Russia now routes oil through Turkey to reach EU
The 27-nation bloc has also placed an embargo on Russia coal. While it has not banned natural gas imports from...
- The EU will ban most imports of Russian crude oil next month
- Ankara has increased imports of Russian crude since the Ukraine invasion in late February, the think tank said
Geostrategy
UAE urges global efforts for trade at B20 Summit in Indonesia
BALI, INDONESIA - Speaking at the B20 Summit in Bali, Indonesia, Minister of State for Foreign Trade Dr. Thani bin...
- The UAE is working to help the global economy overcome current and future challenges.
- The economy of the future will be based on knowledge and innovation.
Economy
Climate activists at COP27 decry West’s desire for gas in Africa
European countries have been scrambling for alternative sources of gas after the continent's former top supplier, Russia, slashed exports in...
- Climate Action Tracker called the global dash for gas a "serious threat" to the Paris Agreement goals -- of keeping global warming well below two degrees Celsius
- A report said that Western investment in fossil fuels will eventually evaporate, encouraging African countries instead to seize on the potential offered by solar power
Geostrategy
Mozambique has begun exporting LNG, says President
Mozambique has started exporting liquefied natural gas (LNG) produced in the country's restive north, President Filipe Nyusi said. The first...
- Mozambique has set high hopes on vast natural gas deposits - the largest ever found south of the Sahara.
- Estimates have shown that once all the gas deposits were tapped, Mozambique could become one of the world's 10 biggest exporters.
Economy
Technological innovations drive climate action across GCC, say UAE, Saudi leaders at COP27
The Kingdom has moved from ambition to action during the past two years to empower people, protect the planet and...
- The Kingdom has moved from ambition to action during the past two years to empower people, protect the planet and shape new horizons, says Saudi minister
- The COP27 in Egypt, COP28 in the UAE next year and the Saudi Green Initiative are all opportunities that we can move forward, says UAE minister Mariam Almheiri
Science
UAE ministry launches Green Business Toolkit 2.0 at COP27
The Ministry of Climate Change and Environment (MOCCAE) introduced the second edition of the UAE Green Business Toolkit in partnership...
- The move aligns with the UAE’s pathway to net-zero and supports sustainable economic development.
- The UAE Green Business Toolkit 2.0 seeks to benefit from the business sector's increasing awareness about the importance of achieving net-zero.
Business
GE, IRENA sign pact at COP27 to support energy security
SHARM EL SHEIKH, EGYPT - GE (NYSE:GE) signed a framework agreement with the International Renewable Energy Agency (IRENA) to support...
- GE, IRENA agreed to cooperate across several aspects including decarbonisation, thought leadership, adoption and sustainable use of renewable energy.
- GE and IRENA will explore how to jointly support decarbonisation efforts in critical markets and sectors.
Economy
UAE launches National Net Zero by 2050 Pathway
The pathway, unveiled at COP27, sets the timeframe and identifies the mechanisms of implementing the UAE Net Zero by 2050...
- The pathway, unveiled at COP27, sets the timeframe and identifies the mechanisms of implementing the UAE Net Zero by 2050 Strategic Initiative, introduced in October 2021
- The UAE will adopt several measures to mitigate climate change such as increasing the share of clean energy in its energy mix and scaling up the use of clean electricity
Business
ENOC, IHI sign low-carbon ammonia and hydrogen supply chain agreement
Green ammonia, which can be achieved by combining and reacting green hydrogen and nitrogen at high temperatures and pressures, can...
- The produced fuel will be exported to Japan and supplied within the UAE and across the region for bunkering and other purposes.
- It aligns with Dubai’s Clean Energy Strategy 2050 and the UAE Energy Strategy 2050 to meet the country’s economic requirements, ENOC said.
Clean energy largest driver of Chinese GDP growth in 2023: report
China is the world's biggest emitter of greenhouse gases driving climate change, but it is also the top producer of...
Company News
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Drought caused major global hydropower drop in early 2023
BANGKOK, THAILAND - Dry conditions, particularly in China, caused a "historic" global drop in hydropower in the first half of 2023,...
Science
Aramco’s Luberef resumes bitumen exports after 20 years
RIYADH, SAUDI ARABIA - King Fahad Industrial Port has successfully shipped 5,500 tons of bitumen to South Africa onboard bulk...
Business
Middle East economic growth to fall in 2023, says World Bank
WASHINGTON, US - The growth of the economies in the Middle East and North Africa (MENA) is expected to fall...
Economy
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Business
Farmers turn to solar power in Syria’s former breadbasket
Al-Haddadiya, Syria - At his farm in Syria's northeast, Abdullah al-Mohammed adjusts a large solar panel, one of hundreds that have...
- Solar energy has offered a lifeline for the farmers amid drought and power shortages, but some warn the boom also has environmental costs in the once-fertile region
- "We are trying to revive our land," despite dwindling groundwater reserves, said Mohammed, 38, as he oriented the panel towards the sun near his cotton fields.
Business
Geopolitical changes derailed shift towards green energy, says IMF
Washington, US - Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to...
- IMF economists said trade disruptions could lower investment in renewable energy and electric vehicles by almost 30 percent till 2030
- It said further geopolitical fragmentation could lead to "turmoil" in the commodity markets, causing long-term economic losses
Business
ADNOC, Fertiglobe to pilot cost-effective modular carbon capture technology
ABU DHABI, UAE – ADNOC and Fertiglobe on Tuesday announced the pilot deployment of the world’s first cost-effective modular CycloneCC...
- The CycloneCC technology is designed to improve the economics of point-source carbon capture within industrial facilities.
- Traditional point source carbon capture technology relies on feeding gas through large absorption and stripping towers.