COP28 Presidency and Saudi Arabia launch OGDC.
DUBAI: The Saudi Green Initiative Forum (SGI Forum), the third edition of which kicked off on Monday, is set to discuss critical sustainability issues such as energy transition, protecting the seas, and unlocking climate finance. The forum aims to facilitate climate action at the UN climate Summit, with the theme “From Ambition to Action”. The event comes amidst ongoing efforts to mobilize world leaders to take serious action against climate change, as the COP28 summit continues. The SGI Forum will bring together experts and leaders to explore innovative solutions and strategies for a more sustainable future. [source: arabnews.com]
The Public Investment Fund (PIF) of Saudi Arabia, considered the main engine of the Saudi economy, has been growing rapidly, with the country registering the highest GDP growth among G20 member states in 2020. The PIF is now focused on designing a net-zero transition plan by the first quarter of 2023, aiming to reduce emissions and contribute to the fight against climate change. The fund has also witnessed significant improvements in its ranking among sovereign wealth funds, moving from 73rd to 7th place. [source: arabnews.com]
The importance of space technology in protecting the environment and combating climate change was highlighted by Dr. Mohammed Al-Tamimi, Governor of the Communications, Space and Technology Commission and Acting CEO of Saudi Space. He emphasized that critical climate information is derived from space and that protecting critical infrastructure, including satellites that gather such data, is crucial. In addition, the issue of space debris was addressed, with plans to hold a workshop in early 2023 to tackle this global problem and promote global coordination. Furthermore, Dr. Al-Tamimi highlighted the growing importance of the private sector in space activities, with a shift from a government-centric space sector to commercialization. [source: arabnews.com]
The Saudi Green Initiative Forum also brought attention to the importance of ocean exploration and conservation. Ray Dalio, founder of Bridgewater Associates and OceanX, highlighted the vast potential of the ocean, which covers 72% of the worlds surface and remains largely unexplored. He expressed excitement about the discoveries being made in the Red Sea and emphasized the need for collaboration and leadership to preserve and utilize the oceans resources. Dr. Lisa Levin, a distinguished professor at the Scripps Institution of Oceanography, emphasized the importance of deep-sea exploration, as it holds vast biodiversity and potential sources of medicine and pharmaceuticals. The UN High Seas Treaty was recognized as a powerful tool for protecting marine biodiversity and creating protected areas. [source: arabnews.com]
The Saudi Green Initiative Forum also featured discussions on sustainable energy transition and the commitment of Saudi Arabia towards a renewable energy future. Bandar Alkhorayef, Saudi Minister of Industry and Mineral Resources, reaffirmed the Kingdoms commitment to energy transition, emphasizing the importance of reducing, reusing, recycling, and removing in order to mitigate the effects of climate change. Nadhmi Al-Nasr, CEO of NEOM, highlighted the unique opportunity that NEOM, a futuristic city currently being developed in Saudi Arabia, has to build a sustainable, renewable energy-powered city from scratch. NEOM aims to house millions of people while preserving 95% of its area as an untouched nature reserve. [source: arabnews.com]
Princess Haifa bint Muhammad Al-Saud, Saudi Vice Minister of Tourism, discussed the importance of sustainable tourism and the countrys commitment to investing in Expo 2020 to create one of the most sustainable cities by 2030. She emphasized the need for proactive individual and community efforts in order to achieve sustainability goals. [source: arabnews.com]
