(Bloomberg) -- Global efforts to cut planet-warming emissions must avoid hurting poor countries’ economies, Saudi Energy Minister Abdulaziz bin Salman said on the second day of the country’s flagship investment conference.
“What we want to initiate as Saudi Arabia is somewhat more egalitarian,” he said in a discussion at the fifth edition of the Future Investment Initiative in Riyadh. Developing nations must not be forced to pay the same as rich ones for emitting carbon, he said.
The minister’s comments come ahead of major climate talks in Glasgow, known as the COP26 summit. While Saudi Arabia on Saturday pledged to neutralize greenhouse gas emissions within its borders by 2060, many analysts expect it to try to water down far-reaching proposals from the likes of the U.S. and European Union.
On the first day of Crown Prince Mohammed bin Salman’s signature business event, some of the world’s top executives said they were concerned that rising energy prices were driving a spike in inflation that could threaten the global economic recovery.
- Saudi Arabia Says Global Climate Push Must Be More ‘Egalitarian’
- Kuwait’s Wealth Fund Plans to Invest in Saudi Green Initiatives
- Blackstone’s Schwarzman Says Energy Squeeze Will Trigger Unrest
- Women Were Scared of Working at Blackstone, Schwarzman Says
- Aramco Warns That World’s Spare Oil Supplies Falling Rapidly (1)
- Dalio, Fink Say They’d Pay More Tax If Funds Were Spent Well
- Wall Street Investment Banks Almost An Oligopoly, Says Diamond
All items below are Saudi local time:
Standard Chartered Chief: Green Transition Distant for Poor Nations (10:15 a.m.)
Standard Chartered Plc Chief Executive Officer Bill Winters has warned that while developed countries have a clear pathway to funding the transition to a low-carbon economy, for much of the world it remains a distant prospect. There is a “huge gap” to close, said Winters, who pointed out that advanced economies can see 60% to 70% of the funds needed, compared to less than 10% in Sub-Saharan Africa. “There is a big, big, disconnect,” he said. “Connecting the finance to the underlying technology is our key goal.”
©2021 Bloomberg L.P.