Circular economy: how to empower society to make sustainable choices? 

The circular economy is a closed-loop system involving 4Rs: Reduce, Reuse, Recycle, and Remove. It entails reusing products rather than scrapping them and extracting new resources. This economic model aims to reduce waste management, recycle used materials, and develop a more sustainable model for the long term. Today’s goods are the resources of tomorrow at yesterday’s resource prices. Yet, according to the International Institute for Sustainable Development, our world economy is only 9.1% circular, leading to a massive circularity gap. A holistic approach to integrating circular economy principles includes building interconnection and developments in economics, the environment, science, technology and innovation, government, society, and education. One of the crucial aspects of integrating a circular economy within communities, for example, is to educate adults and children and raise the new generation in the realm of the circular economy concept. Governments, corporations, and individuals are urged to step up their efforts to create a more sustainable future for all. Each individuals’ choice impacts our planet – no matter how big or small. The circular economy can bring positive changes in knowledge, values, behaviors, human well-being, and lifestyles across communities. In Saudi Arabia, the circular economy can reassert the value of ecological resources and encourage new thinking about minimizing waste, pollution, and environmental degradation. 

Featured Speakers 

Dr. Ana Margarida Costa, Head of Sustainability, King Abdullah University of Science and Technology (KAUST) 

Yasmine Berbir, Head of Sustainability, Middle East and North Africa, Nestlé 

Dr. Kishan Khoday, Regional Team Leader, Nature, Climate and Energy, United Nations Development Programme (UNDP), Regional Hub for Arab States 

Ana Hudson, Sustainability and Environment Senior Manager, Diriyah Gate Development Authority 

Moderator: Dyala Sabbagh, Partner, Gulf Intelligence

The Sustainability Dialogues in Saudi Arabia - How to empower society to make sustainable choices?

Pathways to achieving net zero: unlocking the potential of carbon markets 

Societies must significantly increase commitments toward combating the most pervasive and threatening crisis of our time: the climate crisis. A sustainable transition worldwide, grounded in developing new energy sources, is the only way to give us a fighting chance of limiting global warming to 1.5°C by 2050. Transformational changes to the global and regional economy, including the pricing of greenhouse gases (GHGs), are to reach net zero targets. Effective carbon markets based on science-based decarbonization pathways are essential in enabling an efficient marketplace for deploying carbon pricing. The global debate around compliance and voluntary carbon markets is of utmost importance. It will be a critical topic at COP27, with leaders worldwide gathering to develop concrete pathways to reducing carbon emissions. In Saudi Arabia, the Public Investment Fund (PIF) recently announced the launch of the Middle East and North Africa (MENA) regional Voluntary Carbon Market (VCM). It will connect the supply of carbon credits with demand from investors, corporates, and institutions wanting to reduce their carbon footprint. Key stakeholders, including Saudi Aramco, SAUDIA, ACWA Power, Ma’aden, and ENOWA, were announced as the first potential market partners. The energy transition journey is slow and complex, and countries must collaborate to achieve a worldwide energy transition. The Middle East is at the center of the global energy transition. With COP27 and COP28 taking place in the region, the world’s biggest oil and gas producers must scale up their efforts to find innovative solutions to transition systems. 

Featured Speakers 

Mustafa Alshehri, Executive Director of Sustainability, Middle East , SABIC 

Fadi Al Shihabi, Partner, Head of Sustainability, Middle East, KPMG 

Dr. Yousef Alshammari, Honorary Senior Research Fellow, Imperial College London, Former Research Fellow, OPEC, CEO and Head of Oil Research, CMarkits 

Fuad Al-Zayer, Independent Energy Consultant, Former Head of Data Services Division, OPEC, Former Head of the JODI Global Initiative, International Energy Forum (IEF) 

Moderator: Dyala Sabbagh, Partner, Gulf Intelligence

The Sustainability Dialogues in Saudi Arabia - Unlocking the potential of carbon markets

Mobilizing climate finance and investments to meet environmental goals? 

Achieving net-zero on a global scale requires $125 trillion in climate investment by 2050, according to research commissioned by the United Nations Framework Convention on Climate Change (UNFCCC). While that level of investment has not been achieved yet, it is ramping up. In 2021, the world spent $755 billion on deploying low-carbon energy technologies, up 27% from the year prior. However, the gap is evident between the reality of current financing and the investments needed to mitigate and adapt to the impacts of climate change. Private sector must play a larger role in mobilizing larger climate funds. One of the major outcomes of COP 26 was the pledge of the Glasgow Financial Alliance for Net Zero (GFANZ), a global coalition of over 450 finance firms across 45 countries, jointly managing $130 trillion, which was a major milestone among initiatives to mobilize finance among private stakeholders. From a policy perspective, the IMF suggests further actions need to be carried out in order to mobilize funds from the private sector. Partnerships among public and private stakeholders, as well as policy incentives could contribute to unlock additional funds. For instance, the IMF suggests mitigating relevant risks and constraints through public-private partnerships involving multilateral, regional, and national development banks as a potential way to foster climate finance mobilization from private sources. Saudi Arabia has witnessed various developments across the climate finance spectrum. Saudi’s sovereign wealth fund, the Public Investment Fund (PIF), has been transforming almost as quickly as the country itself. PIF recently launched their green finance framework, which aims to set investment criterias to expand the fund’s investments into areas that contribute to advance towards sustainability goals. Other major banks in the Kingdom have started developing similar frameworks as response to this challenge and growing pressure from investors and customers. Given the country’s position as the world’s largest oil exporter, Saudi Arabia has the potential to become a global leader in mobilizing funds to mitigate climate change. 

Featured Speakers 

Bandar Al Blehed, Head of Client Relations Development, Saudi Exchange 

Bashar Al-Natoor, Global Head of Islamic Finance, Fitch Ratings 

Eelco van der Enden, Chief Executive Officer, Global Reporting Initiative 

Moderator: Brian Cozzolino, Director, Gulf Intelligence

The Sustainability Dialogues in Saudi Arabia - Mobilizing climate finance & investments

Daniel Colover, Market Engagement Manager, ME, S&P Global Platts, Randall Mohammed, VP of Energy Solutions, Ahart Solutions International and Omar Najia, Global Head Derivatives, BB Energy joined us on today's Live Daily Oil Commentary to share their insights on current market dynamics.

Daily Energy Markets Commentary - New Silk Road “PODCAST” Monday April 13th, 2020

Dr. Grzegorz Pawelec, Research, Innovation and Funding Manager, Hydrogen Europe, Dr. Tony Smith, Strategy Advisor, Peel L&P and Charley Rattan, Hydrogen Business Advisor  joined us on today's Live Weekly Energy Transition Dialogues to share their insights on current market dynamics.

PODCAST: Middle East Energy Transition Dialogues - November 26th

Gulf Intelligence (GI) is the leading strategic consulting group in the Middle East focused on the international energy & natural resources industry. The Dubai-based firm uses more than 10 years of operational experience in the region to offer trusted, fully compliant, and strategic advice. The GI consultancy provides expert and hands-on assistance to international clients looking for opportunities or seeking solutions in the Arab Gulf, as well as supporting national energy stakeholders expand their global engagement.

PODCAST: Middle East Energy Transition Dialogues - November 26th

Gulf Intelligence

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