Cabinet Session Welcome Playing Host to Green Initiatives’ Gatherings, in Oct 2021

Chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the Saudi Cabinet virtually held its weekly session, on Tuesday.

At the outset, the cabinet welcomed the Kingdom playing host to the Green Saudi Arabia Initiative Forum as well as the Green Middle East Summit, in October 2021, proceeding from its pioneer role against climate change various challenges.

In addition to back up the international community efforts exerted to tackle the main environmental crises, to show determination to effect a lasting impact against the climate change and protect the Earth and the nature. Henceforth, contributing in realizing the world goals, in a way that would push forward the drive of fighting the climate change related problems, in a regionally concerted and internationally orchestrated manner.

In the context, the Cabinet considered the declaration of intent by the Public Investment Fund (PIF), which is the Saudi sovereign wealth fund, to establish Riyadh-based voluntary platform for trading and exchanging Carbon insurance and compensation, in the Middle East and North Africa region (MENA) a reflection of the Kingdom’s endeavors to thwart off the climate change challenges.

As well as to stimulate corporations to mitigate their Carbon emissions, and a continuation of its efforts aiming at contribution to improving the environment and alleviate the negative outcomes, resulting from the urban development.

On the other hand, the Cabinet was briefed on the Kingdom keenness to consolidate its role through the international as well as the regional agencies to support the world economy, its growth and realize the sustainable development.

The Cabinet also discussed the outcomes of the 20^th OPEC+ member states’ ministerial meeting and the results of the annual meetings of the Islamic Development Bank Group, held in the Uzbek capital Tashkent, highlighting the great role played by the Kingdom, in the endeavors related to combat Coronavirus pandemic and its effects on the Islamic states and communities.
Recognizing Saudi Arabia as ranking the 2^nd among G20 member states, in a report issued by the European Center for Digital Competitiveness, in 2021, is a fruit of the state ongoing backup and empowerment, it provide the IT and communications’ sector with, all through the past years.

It also reflects the quantum leaps achieved, in terms of communication infrastructures, and relating laws and regulations, upgrading the digital potentials and the big enterprises and projects, in the domain, the Cabinet reasserted.

In a related economic context, the Cabinet authorized the Governor of the Central Bank or his deputy to hold talks with the British side, over a memorandum of understanding (MoU) between the Saudi central bank and its British counterpart’s Prudential Regulation Authority, in the field of overseeing financial institutions.

Finally, the Cabinet endorsed the state final accounts, for a previous Fiscal Year.