Page 7 - MEOG Week 45 2022

MEOG POLICY & SECURITY MEOG

Kuwait pledges to reach net zero

KUWAIT KUWAIT committed at this week’s COP27 where we are trying to look at all different mix-
summit in Egypt to reaching ‘net zero’ emissions tures. And we are starting, [since] everybody is
from oil and gas by 2050, and a decade later starting in this region with renewables related
for the rest of its economy. The announcement to solar.” Plans appear to centre around a 2-GW
comes a week after regional hegemon Saudi Ara- wind and solar project, which Al Fares said
bia reaffirmed its own similar target. would be tendered by the Kuwait Authority for
Kuwaiti Foreign Minister Salem al-Sabah told Partnership Projects and would take the form of
Kuwait News Agency (KUNA) that the plans to a “joint venture between the government and the
achieve carbon-neutrality was “a solid serious private sector”.
pledge that we will commit to”. He said: “Kuwait is not far away from what-
Meanwhile, Crown Prince Sheikh Meshal ever you see in this region. But again, I want to
al-Ahmad Al-Jaber al-Sabah confirmed the make sure that what we say is what we want to
move and Kuwait’s commitment to regional and deliver.”
international environmental resolutions and ini- Meanwhile last week, Saudi Arabia’s Energy
tiatives while addressing the Middle East Green Minister Prince Abdulaziz bin Salman Al Saud
Initiative summit, which was held on the side- said that the Kingdom is “working to increase
lines of COP27. refining rates and develop clean hydrogen”.
Just over a year ago, at last year’s ADIPEC, He noted that Saudi Arabia and UAE are
Kuwaiti Oil Minister Mohammed Al Fares made working together to “achieve sustainable devel-
preliminary comments about the country’s plans opment through a number of important” climate
to embark on the energy transition. initiatives, while stressing the need to harness
Until that point, Kuwait had been the most existing investments and technologies to achieve
hesitant of the Gulf oil-producing nations on the goals they aspire to accomplish in the future,
engagement with renewables and lower-carbon according to the Saudi Gazette.
energy sources. Al Fares said: “We looked at the Last year, Riyadh said it would reduce emis-
transition issue in a way that we need to make sions to net zero by 2060, with oil firm Saudi
sure that we have to have a very clear plan, deliv- Aramco aiming to reach net zero Scope 1 and
erable, wise and, at the same time, the economi- Scope 2 greenhouse gas (GHG) emissions by
cal factor is looked into.” 2050, suggesting that both goals will rely heavily
He added: “We are putting a plan right now on the offshoring of emissions.™

Turkey starts paying for

some Russian gas in rubles

TURKEY TURKEY has commenced paying for some delays on gas debt payments.
its natural gas from Russia in rubles, Turkish Putin, meanwhile, has proposed forming a
Energy Minister Fatih Donmez told broadcaster Russian natural gas hub in Turkey. Donmez told
TRT Haber on November 8. TRT Haber that Ankara would put forward a
The share of local currency payments in roadmap towards achieving the hub by the end
energy trade with Russia would increase in com- of this year and might hold a conference for sup-
ing months, he added. Most international energy pliers and buyers.
deals are settled in dollars or euros. The Russian leader has said gas prices could
Turkish President Recep Tayyip Erdogan is be set at the hub rather than in Russia. However,
seen as already campaigning for a re-election to make the hub work, it would be necessary to
bid, with national polls due next June. But his persuade some European countries to take deliv-
efforts are hampered by a crisis-ridden, fragile eries of Russian gas via the Turkish facility—and
economy short on FX reserves. the European Union, previously reliant on Rus-
Russian counterpart Vladimir Putin is sia for around 40% of its gas needs, is attempting
regarded as keen on seeing fellow strongman to wean itself off Russian energy entirely follow-
Erdogan re-elected. As well as accepting gas ing Moscow’s invasion of Ukraine in February.
bill payments in rubles, Putin could meet Tur- Putin has said he believes some European
key’s request for a discount on delivered gas and countries could be convinced to sign contracts.™

Week 45 09•November•2022 www. NEWSBASE .com P7