BUSINESS | Britain To Ban New Petrol Cars By 2030 On Road To Net Zero Emissions

Britain will ban the sale of new petrol and diesel cars and vans from 2030, five years earlier than previously planned, as part of what Prime Minister Boris Johnson is casting as a ‘green revolution’ to cut emission to net zero by 2050.

Johnson, who is grappling with Europe’s most deadly COVID-19 crisis, Brexit trade negotiations and the departure of his most senior adviser, wants to underscore his green credentials as part of what he hopes will be a reset for his government.

‘Now is the time to plan for a green recovery with high-skilled jobs that give people the satisfaction of knowing they are helping to make the country cleaner, greener and more beautiful’, Johnson said in a column published in the Financial Times on Tuesday.

Britain last year became the first G7 country to set in law a net zero emission target by 2050, which will require wholesale changes in the way Britons travel, use energy and eat.

In total the plan would mobilise 12 billion pound ($16 billion) of government money, with as much as three times that amount coming from the private sector, and create and support 250,000 highly skilled green jobs by 2030, Johnson said.

The new date for a ban on new petrol and diesel cars is five years earlier than the 2035 pledge made by Johnson in February. The sale of hybrid cars and vans would be banned from 2035 under the new plan.

An extra 200 million pounds would create industrial clusters mustering technology capture, store and use carbon dioxide emission by the mid-2020s. Another two hubs are projected by 2030, taking the total investment in the technology to 1 billion pounds.

Johnson, who promised to increase Britain’s offshore wind power to 40 gigawatts by 2030 from around 10GW now, pledged up to 500 million pounds for projects trialing the use of hydrogen including for home heating and cooking.

The government would also help to develop large and small scale nuclear plants.

Johnson’s plan was broadly welcomed by industry.

‘It gives a springboard to the huge opportunities for U.K.-wide investment and green jobs that a true low-carbon economy can bring’, Josh Hardie director at the Confederation of British Industry, said in a separate statement.

Sovereign Fund PIF Considers Saudi Telecom Stake Sale, Sources Say

Saudi Arabia’s Public Investment Fund (PIF) is considering divesting part of its stake in Saudi Telecom, sources close to the matter told Reuters, as the sovereign wealth fund seeks to monetise some of its assets. The fund, which holds $430 billion of assets, has hired Goldman Sachs and Saudi National Bank’s investment banking arm to … More Sovereign Fund PIF Considers Saudi Telecom Stake Sale, Sources Say

Saudi Arabian, Austrian FMs Hold Joint Press Conference In Vienna

Saudi Arabia’s Foreign Minister Prince Faisal bin Frhan on Tuesday said the Kingdom has a common vision with Austria regarding the  stability of the region in a joint press conference with his Austrian counterpart Alexander Schallenberf in Vienna. Schallenberg said Saudi Arabia is his country’s largest partner in the Middle East. ‘Saudi Arabia plays a … More Saudi Arabian, Austrian FMs Hold Joint Press Conference In Vienna

Saudi Crown Prince Inaugurates $1Bn Housing And Medical Projects For Ministry Of Defense Employees

Saudi Arabia’s Crown Prince Mohammed bin Salman inaugurated eight housing projects as well as medical treatment for employees of the Ministry of Defense, the state news agency SPA reported on Sunday. The initiative is part of new development projects implemented and recently completed by the ministry at a cost of more than SR 4 billion … More Saudi Crown Prince Inaugurates $1Bn Housing And Medical Projects For Ministry Of Defense Employees

MIDEAST STOCKS Saudi Bourse Underperforms Major Gulf Markets, Qatar Gains

Most major stocks markets in the Gulf ended lower on Sunday, with the Saudi index leading the losses, although Qatar bucked the trend to close higher. The benchmark index (.TASI) in Saudi Arabia, fell 0.6% with Al Rajhi Bank and petrochemical firm Saudi Basic Industries dropping 1.8% each. The kingdom’s April crude oil exports fell … More MIDEAST STOCKS Saudi Bourse Underperforms Major Gulf Markets, Qatar Gains

Biden, Putin Discuss Ambassadors, Nuclear Weapons And More

Presidents Joe Biden and Vladimir Putin of Russia spent more than three hours discussing issues Wednesday at their Summit in Geneva. They ticked through their respective lists so quickly and in such ‘excruciating detail’, Biden says, that they looked at each other and thought. ‘OK, what nexy?’ The most pressing issues the leaders discussed: AMBASSADORS … More Biden, Putin Discuss Ambassadors, Nuclear Weapons And More

Saudi Crown Prince Mohammed Bin Salman Meets US Climate Envoy

Saudi Arabia’s Crown Prince Mohammed bin Salman met with United States Special Presidential Envoy for Climate John Kerry in Riyadh on Wednesday, the official Saudi Press Agency (SPA) reported. The two sides reviewed international efforts exported to comfront climate change initiatives, which tackle reducing emission and preserving the environment, namely the ‘Saudi Arabia Green Initiative’ … More Saudi Crown Prince Mohammed Bin Salman Meets US Climate Envoy

UAE Foreign Minister Speaks With Israeli Counterpart – Tweet

The United Arab Emirates’ foreign minister, Sheikh Abdullah Bin Zayed, discussed on a phone call with his Israeli counterpart ‘the bilateral cooperation between the two countries, in addition to the Abraham Accords’, the minister’s office wrote in a tweet on Monday. Bin Zayed congratulated the Israeli foreign minister, Yair Lapid, on his new position and … More UAE Foreign Minister Speaks With Israeli Counterpart – Tweet

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