Biden climate plan aims to reduce methane emissions

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Updated 02 November 2021
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Biden climate plan aims to reduce methane emissions

  • The administration's plan includes new safety regulations by the Transportation Department to tighten requirements over methane leaks

The Biden administration is launching a wide-ranging plan to reduce methane emissions, targeting a potent greenhouse gas that contributes significantly to global warming and packs a stronger short-term punch than even carbon dioxide.


The plan was being announced Tuesday as President Joe Biden wraps up a two-day appearance at a United Nations climate summit in Glasgow, Scotland. Biden pledged during the summit to work with the European Union and other nations to reduce overall methane emissions worldwide by 30 percent by 2030.


The centerpiece of U.S. actions is a long-awaited rule by the Environmental Protection Agency to tighten methane regulations for the oil and gas sector, as laid out in one of Biden's first executive orders.


The proposed rule would for the first time target reductions from existing oil and gas wells nationwide, rather than focus only on new wells as previous regulations have done.


EPA Administrator Michael Regan said the new rule, established under the Clean Air Act, would lead to significant reductions in methane emissions and other pollutants and would be stricter than an Obama-era standard set in 2016. Congress reinstated the Obama standard last summer in a rare effort by majority Democrats to use the legislative branch to overturn a regulatory rollback under President Donald Trump.


“As global leaders convene at this pivotal moment in Glasgow for COP26, it is now abundantly clear that America is back and leading by example in confronting the climate crisis with bold ambition,” Regan said, referring to the climate summit.


EPA's “historic action" will “ensure robust and lasting cuts in pollution across the country,'' Regan said. The new rule will protect communities near oil and natural gas sites and advance U.S. climate goals under the 2015 Paris Agreement, he said.


The oil and natural gas industry is the nation’s largest industrial source of methane, a highly potent pollutant that is responsible for about one-third of current warming from human activities.


The oil and gas sector also is a leading source of other harmful air pollutants, including volatile compounds that contribute to ground-level ozone, or smog, and air toxins such as benzene that are emitted along with methane.


Environmental groups call methane reduction the fastest and most cost-effective action to slow the rate of global warming. Current rules for methane emissions from U.S. oil and gas wells only apply to sources that were built or modified after 2015, leaving more than 90% of the nation’s nearly 900,000 well sites unregulated.


The American Petroleum Institute, the oil and gas industry’s top lobbying group, has said it supports direct regulation of methane emissions from new and existing sources but opposes efforts in Congress to impose fees on methane leaks, calling them punitive and unnecessary.

The industry says leaks of methane, the main component of natural gas, have decreased even as natural gas production has gone up as a result of the ongoing fracking boom. Technological advancements in recent years have make finding and repairing natural gas leaks cheaper and easier.


The administration's plan includes new safety regulations by the Transportation Department to tighten requirements over methane leaks from the nation's 3 million miles of pipelines.


The Interior Department, meanwhile, is preparing to crack down on methane waste burned at drilling sites on public lands. And the Agriculture Department is working with farmers to establish so-called climate-smart standards to monitor and reduce greenhouse gas emissions and increase carbon storage.


The plan focuses on cutting pollution from the largest sources of methane emissions and uses financial incentives, public disclosure and private partnerships to reduce leaks and waste, protect workers and communities and create union-friendly jobs, a senior administration official said at a briefing Monday.

The official asked not to be named because the person was not authorized to speak before the actions were publicly announced.


Biden has previously announced plans to step up efforts to plug leaks at old gas wells and clean up abandoned coal mines.

A bipartisan infrastructure bill approved by the Senate includes billions to reclaim abandoned mine land and cap orphaned wells.


The administration also is taking aim at methane emissions from landfills, with emphasis on food loss and waste that serves as a major contributor. EPA has set a voluntary goal of capturing 70 percent of methane emissions from U.S. landfills.
 


Saudi Arabia’s PIF starts selling 7-year sukuk, document shows 

Updated 12 sec ago
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Saudi Arabia’s PIF starts selling 7-year sukuk, document shows 

RIYADH: Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, has begun accepting bids for the sale of benchmark-sized, dollar-denominated 7-year Islamic bonds, or sukuk, according to an arranging bank document seen by Reuters on Wednesday. 

The indicative price for the sukuk sale has been placed around 145 basis points over US Treasuries, the document shows. 

Last week, Reuters reported through sources that Gulf issuers, including Saudi Arabia’s $925 billion sovereign wealth fund, are preparing a series of bond offerings despite market volatility caused by US President Donald Trump’s tariff policies.


Saudi Arabia, Azerbaijan sign SME deal to strengthen trade ties

Updated 29 April 2025
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Saudi Arabia, Azerbaijan sign SME deal to strengthen trade ties

RIYADH: Saudi Arabia and Azerbaijan have signed a comprehensive agreement focused on strengthening economic collaboration through the development of small and medium-sized enterprises, in a move that underscores both nations’ commitment to enhancing bilateral trade and investment.

The memorandum of understanding was formalized during the 8th session of the Saudi-Azerbaijani Joint Committee, held in Riyadh. It was signed between Saudi Arabia’s Small and Medium Enterprises General Authority, known as Monsha’at, and Azerbaijan’s Small and Medium Business Development Agency, known as KOBIA.

The SME agreement aligns with Saudi Arabia’s Vision 2030 strategy, which prioritizes economic diversification and entrepreneurship. For Azerbaijan, it marks another step in forging strategic partnerships in the Gulf region to bolster private-sector growth and create new market opportunities for innovative enterprises.

In a statement posted on X, Monsha’at said: “In the presence of H.E Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, and the Deputy Prime Minister of the Republic of Azerbaijan, Samir Sharifov, Monsha’at, signed a MoU with ‘KOBİA’ Agency, as part of the 8th session of the Saudi-Azerbaijani Joint Committee activities, to strengthen cooperation in supporting the SMEs and entrepreneurship’s growth between the two countries.”

The agreement encompasses a broad range of initiatives, including knowledge exchange, joint training programs, and support for technical innovation. It also promotes investment opportunities, cross-border partnerships, and institutional collaboration through exhibitions and shared platforms.

 

 

In a separate announcement, the Saudi Ministry of Investment revealed the signing of two additional memorandums of understanding between private-sector companies from both countries.

“These agreements cover the development of maritime infrastructure and the establishment of industrial and medical facilities in the Kingdom, including the production of biotechnology and oncology medicines, the establishment of research and development centers, and infrastructure for re-export warehouses,” the Ministry noted in a post on X.

The joint committee also reviewed a series of potential joint ventures aimed at strengthening cooperation across mutually beneficial sectors. These initiatives are closely aligned with both countries’ long-term goals for economic diversification.

Officials from Saudi Arabia and Azerbaijan emphasized the importance of fostering dynamic SME ecosystems as engines of job creation, innovation, and global competitiveness. By aligning policy frameworks and enabling institutional collaboration, the two nations aim to unlock greater private-sector engagement and regional trade expansion.


Closing Bell: Saudi main index closes in red at 11,746

Updated 29 April 2025
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Closing Bell: Saudi main index closes in red at 11,746

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Tuesday, losing 38.43 points, or 0.33 percent, to close at 11,746.20.

The total trading turnover of the benchmark index was SR6.87 billion ($1.83 billion), as 86 stocks advanced, while only 157 retreated. 

The MSCI Tadawul Index decreased by 5 points, or 0.33 percent, to close at 1,493.77. 

The Kingdom’s parallel market, Nomu, dipped, losing 89.34 points, or 0.31 percent, to close at 28,331.37. This comes as 35 stocks advanced, while 43 retreated.

The best-performing stock on the main index was Arabian Contracting Services Co., with its share price surging by 9.88 percent to SR131.20.

Other top performers included Al-Baha Investment and Development Co., which saw its share price rise by 4.94 percent to SR4.25, and Sumou Real Estate Co., which saw a 3.93 percent increase to SR 46.25. 

The worst performer of the day was Alistithmar AREIC Diversified REIT Fund, whose share price fell by 3.39 percent to SR9.41. 

Saudi Tadawul Group Holding Co. and Saudi Kayan Petrochemical Co. also saw declines, with their shares dropping by 2.94 percent and 2.83 percent to SR185 and SR5.83, respectively. 

On the announcements front, Alinma Bank announced its interim financial results for the first three months of the year, with net profit amounting to SR1.5 million, a 1.3 percent dip compared to the previous quarter.

The bank’s total comprehensive income saw a 56 percent increase in the first quarter of 2025 to reach SR1.6 million. 

Saudi Ceramic Co. also announced its financial results for the same period, with its net profit dipping by 88.4 percent to SR20.8 million compared to the previous quarter. Similarly, the company’s total comprehensive income saw a decrease of 88.7 percent to SR20.8 million. 

Saudi Ceramic Co.’s share price traded 3.15 percent higher on the main market to reach SR27.85. 

In the first quarter of 2025, Astra Industrial Group’s net profits saw a 30.7 percent quarter-on-quarter increase to reach SR171.8 million. The group attributed the increase to an uptick in gross profit in the pharmaceuticals sector and a decrease in finance costs in the specialty chemical sector. 

The group’s share price traded 0.52 percent lower to reach SR153.


Diriyah Co. awards $1.13bn contract for King Saud University relocation 

Updated 29 April 2025
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Diriyah Co. awards $1.13bn contract for King Saud University relocation 

JEDDAH: Saudi Arabia’s Diriyah Co. has awarded a SR4.22 billion ($1.13 billion) construction contract to relocate King Saud University’s utilities and administration offices, advancing infrastructure development in one of the Kingdom’s flagship urban projects. 

The project was given to a joint venture between China Railway Construction Corp.’s Saudi branch and China Railway Construction Group Central Plain Construction Co., according to a press release. 

Part of the Public Investment Fund’s giga-project portfolio, the Diriyah development is a 14 sq. km mixed-use district poised to house nearly 100,000 residents and provide office space for tens of thousands of professionals across the technology, media, arts, and education sectors. 

Once complete, it is expected to generate 178,000 jobs, attract nearly 50 million annual visitors, and contribute SR70 billion to Saudi Arabia’s gross domestic product. 

Jerry Inzerillo, group CEO of Diriyah Co., said: “We are delighted to announce this major contract to support King Saud University, whose campus adjoins the Diriyah development area.” 

He emphasized that the agreement represents a significant step in furthering efforts to enhance both educational and infrastructural excellence in the Kingdom. 

“We are proud to support one of the Kingdom’s leading academic institutions in delivering enhanced infrastructure services that will benefit both its students and the broader university community,” Inzerillo said. 

The contract includes the design and construction of several critical infrastructure components. These include a district cooling plant, water storage facilities, and a sewage treatment plant, as well as an LPG/SNG plant and a diesel pumping station. 

The scope also covers a utility tunnel, irrigation tanks, office buildings, warehouses, and maintenance workshops. 

Li Chongyang, chairman of China Railway Construction International Group, said the project reflects the firm’s commitment to delivering world-class infrastructure to the highest standards. 

“We look forward to contributing to the success of this iconic project and supporting the continued growth of King Saud University,” he said. 

This latest award brings the total value of contracts issued by Diriyah Co. in 2025 to over $2.9 billion, as the area undergoes rapid transformation into a global destination aligned with Vision 2030.


Qatar attracts $13.8m industrial investments in Q1

Updated 29 April 2025
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Qatar attracts $13.8m industrial investments in Q1

JEDDAH: Qatar recorded 50 million riyals ($13.8 million) in new industrial investments and a 32 percent rise in commercial registrations in the first quarter of 2025, underscoring momentum in its economic diversification and reform agenda.

At its quarterly meeting held on April 28 and chaired by Minister of Commerce and Industry Sheikh Faisal bin Thani Al-Thani, the ministry reviewed key performance indicators and introduced several policy updates aimed at bolstering the business environment.

Among the major reforms highlighted were streamlined company registration procedures for foreign investors and simplified environmental permitting processes.

“The meeting also discussed cooperating with the Ministry of Transport to include logistical activities under a single commercial registration; and announcing the automatic issuance of a tax card upon issuing a commercial registration,” the ministry said in a press release.

In January, Qatar unveiled two major policy frameworks: the Ministry of Commerce and Industry Strategy and the Qatar National Manufacturing Strategy 2024–2030. Under the theme “Achieving Sustainable Economic Growth,” the initiatives are aligned with Qatar National Vision 2030 and aim to enhance private sector participation, expand manufacturing capabilities, and attract foreign direct investment.

The strategies target a 3.4 percent compound annual growth rate in non-oil sectors by 2030 and aim to secure $100 billion in foreign investment, while promoting an innovation-driven economy.

As part of its efforts to support local industry, the ministry launched a new “National Product” webpage to promote fair competition and improve product quality. The verification period also began for factories seeking benefits under the In-Country Value Plus policy.

“The meeting further discussed the key performance indicators for various sectors and administrative units. Results showed that the contribution of the manufacturing sector to real gross domestic product reached 52.4 billion riyals in 2024,” the ministry said.

Qatar also made notable gains in global competitiveness, climbing from 18th in 2022 to 11th in 2024 in the International Institute for Management Development’s business efficiency rankings.

During the first quarter, the ministry conducted 39,558 inspection campaigns and reported significant progress under the Third National Development Strategy.

“The meeting also reviewed the progress of projects under the Third National Development Strategy – concluding that 17 percent of the ministry’s projects were completed and work is ongoing on 23 percent of projects,” the report said.

Efforts to reduce service fees and simplify business registration for overseas investors have contributed to an 87 percent increase in new commercial licenses compared to the same period in 2024. The time required to issue commercial registrations has also decreased significantly.

“Furthermore, the increase of permissible activities for home-based businesses from 10 to 63 activities led to a 54 percent surge in the number of home business licenses,” the ministry noted.

The Single Window platform introduced three new e-services in the first quarter, with 38 additional services scheduled for rollout later this year, supported by strong user satisfaction.

“Local patent applications, trademark registration applications, and copyright registration applications grew by more than 18 percent compared to the first quarter of 2024,” the statement added.

On the industrial front, eight new factories were launched in Q1, and non-hydrocarbon industrial exports reached approximately 29.8 billion riyals. The ministry also began reviewing six potential public-private partnership opportunities.

In consumer affairs, authorities ramped up inspection and awareness campaigns to deter trade violations and reviewed the nation’s strategic stockpile and food and fodder security.

The meeting was attended by Minister of State for Foreign Trade Affairs Ahmed bin Mohammed Al-Sayed, Undersecretary Mohamed bin Hassan Al-Maliki, assistant undersecretaries, and department directors.

It concluded with a review of project milestones and discussions on overcoming implementation challenges while improving operational performance.