Kuwait Committed to Climate Goals, Aims for Carbon Neutrality by 2060, Crown Prince Says
Kuwait Committed to Climate Goals, Aims for Carbon Neutrality by 2060, Crown Prince Says
Kuwait’s Crown Prince Sheikh Sabah Khaled Al Hamad Al Sabah affirmed the country’s commitment to environmental sustainability during a high-level meeting at the COP29 summit in Baku on Wednesday, emphasizing Kuwait’s adherence to international climate agreements, including the Kyoto Protocol and the Paris Agreement.
Kuwait's strategy involves ambitious initiatives to achieve net-zero carbon emissions by 2060 and plans to integrate solar energy into 50% of the country’s power sector by 2050. “We are focused on reducing carbon emissions across all sectors,” the Crown Prince stated, elaborating on Kuwait’s strategic projects aimed at emission reductions and the adoption of clean energy sources.
He also highlighted the broad regional support provided by Kuwait through the Arab Fund for Economic Development. The Kuwait-managed fund has backed over 100 climate-related projects in developing countries, offering significant financial and technical assistance.
“We call on developed nations to honor their commitments and provide support to the least developed countries,” he said, stressing the importance of international cooperation to help these nations achieve their climate goals.
Economics
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On December 10, President Ilham Aliyev of Azerbaijan has signed a decree amending the 2014 presidential order on the management of the Shah Deniz Phase 2 gas-condensate field and Southern Gas Corridor (SGC) projects, granting the State Oil Company of Azerbaijan (SOCAR) expanded control to ensure financial consolidation.
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In the period from January to November 2024, Azerbaijan's exports not related to oil and gas increased by 1.9% compared to the same period in 2023, reaching a total value of $3.1 billion. This growth, noted in the latest "Export Survey" published by the Center for Analysis and Communication of Economic Reforms, reflects the country's diverse and expanding export portfolio.
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In a significant step towards fostering cashless transactions, Azerbaijan has extended its innovative "Return VAT" program to include real estate purchases. Between January and November 2024, citizens recovered 160.3 million manat through the program, marking a notable milestone in the government’s efforts to promote digital payments and enhance consumer benefits.
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Entrepreneurs operating in markets across Azerbaijan will be required to register for taxation. Failure to do so will result in a financial penalty of 2,000 manat for each unregistered entrepreneur, imposed on market owners or administrators. This requirement is included in proposed amendments to the Tax Code, set to be discussed in Parliament.
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