RIYADH: Amid the growing concerns of environmental challenges and the urgent need to combat climate change, the Middle East and North Africa Climate Week 2023, hosted by the government of Saudi Arabia, is set to take place in Riyadh from October 8 to 12. Organized by the Ministry of Energy and the Secretariat of the UN Framework Convention on Climate Change, this event signifies a significant milestone in the global effort to address climate issues.
Recent data from the UN Framework Convention on Climate Change reveals a 70% increase in global investment in the energy transition in 2022 compared to pre-pandemic levels. However, despite this growth, there is a pressing need for accelerated deployment of renewable energy sources and related investments to limit global warming to the critical target of 1.5 degrees Celsius by 2030.
#MENAClimateWeek 2023 kicks off in #Riyadh as top officials spearhead efforts to shape a sustainable energy landscape.
Follow our coverage: https://t.co/vwg211TrVt #MENACW23 pic.twitter.com/xdEAXaAnPI
— Arab News | Business (@ArabNewsBiz) October 8, 2023
Economist Talat Hafiz emphasizes the importance of the World Bank Group’s roadmap for climate action in the MENA region, spanning from 2021 to 2025. This roadmap focuses on four key transformations: sustainable food systems, water security, energy transition, climate-smart cities, and sustainable finance. Financing remains a significant challenge in realizing these initiatives, especially in developing countries.
Saudi Arabia has emerged as a leader in climate action, as evidenced by its Vision 2030 commitment to achieving net-zero emissions by 2060. The nation has already embarked on a series of climate initiatives, including a regional carbon capture and storage center, an early storm warning hub, and cloud seeding programs. It has set a target to capture 44 million tons of carbon annually by 2035.
Participating in MENA Climate Week 2023, the Royal Commission for AlUla underscores its dedication to environmental protection and sustainability. Experts will convene to discuss policies and solutions to combat climate change.
#SPOTLIGHT: MENA Climate Week #MENACW2023 in #Riyadh provides a platform for exchange of ideas on climate-mitigation impediments, solutions & opportunities https://t.co/wjY1y0wtDl pic.twitter.com/Mi1C7XfMSr
— Arab News (@arabnews) October 8, 2023
The event will showcase success stories and innovations with the potential to revolutionize energy and industrial sectors. Green hydrogen is increasingly recognized as a key solution for reducing harmful emissions. Saudi Arabia is investing in one of the world’s largest green hydrogen plants in NEOM, a monumental giga-project. This sustainable energy source produces only water vapor, offering a promising pathway to decarbonization.
Peter Terium, CEO of ENOWA, highlights green hydrogen’s immense potential, particularly in regions with abundant renewable energy sources. ENOWA, representing NEOM, is involved in a joint venture to build the green hydrogen plant, which will produce 650 tons of green hydrogen per day.
Renewable power is poised to dominate the energy landscape, with projections indicating that 70 to 75 percent of new generating capacity installed between 2023 and 2050 will be from renewable sources. Investments in renewable power and energy storage are on the rise, totaling approximately $477 billion in 2022 and expected to average $700 billion annually through 2030.
MENA Climate Week 2023 is more than an event; it is a catalyst for transformation, shedding light on the path to a cleaner, brighter future and a more sustainable, resilient planet. As nations and organizations unite in their commitment to combat climate change, this event signifies a critical step toward achieving these essential goals.
