Autumn: Considerations related to combating climate change must be “realistic, comprehensive and balanced”


His Excellency the Undersecretary for International Relations, Dr. Riyad bin Muhammad Al-Khorayef, participated virtually in the “Abu Dhabi Sustainable Finance Forum” on Wednesday, Jumada Al-Thani 15 1443 AH corresponding to January 19, 2022, organized by the Abu Dhabi Global Market and with the participation of major investors, heads of state and finance ministers from different countries. The forum aims to discuss areas of cooperation to increase the flow of capital towards sustainable investment, in addition to exploring the latest innovative solutions to stimulate multiple sources of financing.

Al-Khorayef participated in a session on zero neutrality, and the topics of discussion included developments in the global economy, the role of the financial sector in sustainable financing, in addition to measures related to combating climate change. With regard to the global economy, Al-Khorayef explained that the global economy faced the worst crisis since World War II as a result of the pandemic, noting that its impact was relatively higher on fragile and low-income countries and women. In this context, Al-Khorayef stressed the importance of climate change policies and green finance to be “realistic, comprehensive and balanced” in order to avoid any negative repercussions on the global economy. Al-Khorayef stated that the Kingdom has distinguished efforts in the field of combating climate change, as the Kingdom announced its target to reach zero neutrality by 2060, through the circular carbon economy approach in line with the Kingdom’s development plans and economic diversification according to Vision 2030. He also referred to some of the initiatives launched by The Kingdom, such as the Green Saudi Initiative and the Green Middle East Initiative, is working to develop hydrogen production projects, explaining that such initiatives offer huge investment opportunities for the private sector, which contribute to supporting economic diversification and job creation.

On the other hand, Al-Khorayef stated that the Kingdom succeeded in dealing with the pandemic as a result of the rapid and strong support from the government, including through programs to protect jobs and provide adequate resources for the health sector, and indicated that economic indicators indicate the recovery and growth of the private sector. With regard to the financial sector in the Kingdom, Al-Khorayef explained that the credit granted to the private sector continued without interruption during the crisis, indicating that the Kingdom has the largest capital market in the Middle East and North Africa region, and that despite the pandemic, it was able to issue sovereign bonds with a negative return, which reflects The development and depth of the debt market in the Kingdom.

It is worth noting that the forum comes in its fourth edition as part of the activities of Abu Dhabi Sustainability Week, and the forum is a platform for sustainable financial participation and industrial cooperation in the Middle East and Africa region since its establishment by the Abu Dhabi Global Market in 2018.

His Excellency the Saudi Deputy Minister for International Affairs, Dr. Ryadh Alkhareif, participated virtually in the “Abu Dhabi Sustainable Finance Forum (ADSFF)” for the year 2022, organized by the Abu Dhabi Global Market. The Forum brought together major investors, heads of state and finance ministers from different countries to discuss areas of cooperation to increase the flow of capital towards sustainable investment, as well as exploring the latest innovative solutions to stimulate multiple sources of financing.

The Deputy Minister participated in a session on zero neutrality. The topics of discussion included developments in the global economy, the role of the financial sector in sustainable finance, in addition to measures related to combating climate change. With regard to the global economy, he explained that the global economy faced the worst crisis since World War II as a result of the pandemic, noting that its impact was relatively higher on fragile and low-income countries and women. In this context, Dr. Alkhareif stressed the importance of climate change policies and green finance to be “realistic, inclusive, and balanced” in order to avoid any negative repercussions on the global economy. Dr. Alkhareif stated that the Kingdom has made commendable efforts in the field of combating climate change. Notably, the Kingdom announced its goal to reach “net-zero emissions” by 2060, through the framework of the circular carbon economy, in line with the Kingdom’s development plans and economic diversification in accordance with Vision 2030. He also referred to some of the Initiatives launched by the Kingdom, such as the Green Saudi Initiative and the Green Middle East Initiative, and the ongoing efforts towards advancing hydrogen production. Dr. Alkhareif explained that such initiatives will provide ample investment opportunities for the private sector, which will contribute to supporting economic diversification and jobs creation.

On a related note, Dr. Alkhareif stated that the Kingdom has successfully tackled the pandemic on the back of the government’s swift and strong support, including through programs to protect jobs and provide adequate resources to the health sector. He indicated that economic indicators point to recovery and growth of the private sector. With regards to the financial sector in the Kingdom, he explained that the credit expansion to the private sector continued without interruption during the pandemic. Dr.

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