Kuwait in­vest­ing in oil prof­its

Govern­ment backs re­new­able en­ergy

Kuwait Times - - FRONT PAGE -

KUWAIT: Kuwait is in­vest­ing in oil and gas rev­enues to achieve His High­ness the Amir’s vi­sion to turn the coun­try into a re­gional fi­nan­cial and com­mer­cial hub, Min­is­ter of So­cial Af­fairs and La­bor Hind Al-Sabeeh said yes­ter­day. Such a pi­o­neer­ing role is car­ried out through im­ple­ment­ing the govern­ment’s na­tional de­vel­op­ment plans, in­clud­ing di­ver­si­fy­ing the Kuwaiti econ­omy’s pro­duc­tion base, Al-Sabeeh added.

She made her re­marks in a speech mark­ing the launch of “Map­ping the oil and gas in­dus­try to the Sus­tain­able De­vel­op­ment Goals: An At­las” at the UN House, aka (also known as) Sheikh Sabah Al-Ah­mad Al-Jaber Al-Sabah’s Build­ing. Since its in­de­pen­dence, Kuwait has linked the oil in­dus­try to the sus­tain­able de­vel­op­ment goals, and also har­nessed its re­sources to en­hance in­fra­struc­ture and so­cial de­vel­op­ment, said the min­is­ter.

Al-Sabeeh high­lighted Kuwait’s sta­tus as one of the im­por­tant oil-pro­duc­ing coun­tries in the world, and a coun­try that uti­lizes oil and gas in­comes to im­ple­ment its govern­ment’s de­vel­op­ment ef­forts. The United Na­tions De­vel­op­ment Pro­gram (UNDP), In­ter­na­tional Fi­nance Cor­po­ra­tion (IFC) and IPIECA launched the joint re­port, “Map­ping the oil and gas in­dus­try to the Sus­tain­able De­vel­op­ment Goals: An At­las,” on July 24, ac­cord­ing to UNDP’s web­site.

The re­port il­lus­trates how the oil and gas in­dus­try links to and can con­trib­ute to ad­dress each of the 17 Sus­tain­able De­vel­op­ment Goals (SDGs) by in­te­grat­ing into core busi­ness op­er­a­tions and by iden­ti­fy­ing op­por­tu­ni­ties for oil and gas com­pa­nies to col­lab­o­rate with other stake­hold­ers, and lever­age ex­pe­ri­ences and re­sources to im­ple­ment each goal.

The min­is­ter af­firmed govern­ment keen­ness on but­tress­ing re­new­able en­ergy sec­tor. Kuwait has made tan­gi­ble progress in sus­tain­able de­vel­op­ment, she said. The Cab­i­net is cur­rently pon­der­ing a mega re­new­able en­ergy project fol­low­ing the suc­cess­ful ven­ture in AlShaqaya. The Na­tional Fund for Small and Medium En­ter­prise De­vel­op­ment has en­cour­aged young en­trepreneurs to in­vest in sus­tain­able en­ergy projects, such as treat­ing plas­tic and pa­per waste and trans­form­ing them into en­ergy.

A plant, run by young Kuwaitis, will be launched in Oc­to­ber. It will be the first of its kind in the coun­try. The UN re­port said that emis­sions from oil and gas sec­tors can be to­tally stopped. It also noted that the sec­tor could help in the ef­forts against poverty by se­cur­ing en­ergy to all parts of the world. More­over, th­ese sec­tors can be help­ful for at­tain­ing goals of sus­tain­able de­vel­op­ment by im­prov­ing teach­ing, achiev­ing gen­der equal­ity and se­cur­ing clean wa­ter re­sources.— Agen­cies

— Photo by Yasser Al-Zayyat

KUWAIT: Photo shows an ex­ter­nal view of the fa­cade of the Four Sea­sons Ho­tel Kuwait, in the cap­i­tal Kuwait City. The 284-room Four Sea­sons Ho­tel Kuwait is lo­cated within the new, two-tower Burj Al­shaya de­vel­op­ment. The ho­tel features 217 guest rooms plus 67 suites. The Four Sea­sons Ho­tel Kuwait at Burj Al­shaya is part of a grow­ing col­lec­tion of Four Sea­sons ho­tels and re­sorts in the Gulf re­gion, in­clud­ing award-win­ning ho­tels in Saudi Ara­bia, Bahrain and Qatar, and three prop­er­ties in the United Arab Emi­rates.

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