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Kuwait investing in oil profits

Government backs renewable energy

Minister of Social Affairs and Labor Hind Al-Subaih

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 Al-Shaqaya. 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

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