Stiell to Asharq Al-Awsat: MENA Climate Week in Riyadh Presents Opportunity to Understand Challenges

Simon Stiell, the Executive Secretary of the UN Climate Change Secretariat (Bloomberg)
Simon Stiell, the Executive Secretary of the UN Climate Change Secretariat (Bloomberg)
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Stiell to Asharq Al-Awsat: MENA Climate Week in Riyadh Presents Opportunity to Understand Challenges

Simon Stiell, the Executive Secretary of the UN Climate Change Secretariat (Bloomberg)
Simon Stiell, the Executive Secretary of the UN Climate Change Secretariat (Bloomberg)

Simon Stiell, the Executive Secretary of the UN Climate Change Secretariat, has described Saudi Arabia’s approach in the field of traditional energy production as unique.

While the Kingdom predominantly relies on oil and gas extraction, it is actively implementing measures aimed at reducing harmful emissions associated with these practices.

Stiell noted that the primary objective of hosting the MENA Climate Week event in Riyadh, Saudi Arabia, is to gain a comprehensive understanding of various perspectives on the challenges stemming from climate change and to identify best practices for addressing them.

“The Middle East and North Africa (MENA) region shares common challenges in this regard, but some countries in the region also have unique approaches to addressing these challenges and leveraging the available opportunities,” Stiell told Asharq Al-Awsat.

He affirmed that the dialogue sessions held this week provide a fantastic opportunity to comprehend the challenges facing the region.

These sessions also shed light on the measures taken concerning the transition to renewable energy and underscore the appropriate actions to address climate change.

Furthermore, they explore how the region’s nations can share and implement these established practices effectively.

Stiell commended Saudi Arabia for its efforts in reducing emissions resulting from oil and gas extraction.

Moreover, he noted that the Kingdom is actively implementing best practices aimed at environmental pollution reduction.

Stiell emphasized that current decision-makers have a high responsibility in ensuring a prosperous future and a clean environment for the youth.

It is worth noting that the MENA Climate Week is held four weeks before the 28th Conference of the Parties (COP28) to address four main tracks.

These include energy and industry systems, urban and rural cities and communities, infrastructure and transportation, and oceans, food, and water, in addition to societies, health, lifestyles, and economies.

The event is organized in anticipation of COP28, which focuses on key sectors and regional climate challenges in the Middle East and North Africa.



Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
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Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo

Gold prices extended declines on Tuesday, hitting a more than one-week low, pressured by a jump in US dollar and easing safe-haven demand after reports of a possible Lebanon-Israel ceasefire.

Spot gold was down 0.4% at $2,614.56 per ounce as of 0845 GMT, after hitting its lowest since Nov. 18 earlier in the session. US gold futures edged 0.1% lower to $2,614.80, Reuters reported.

The precious metal fell 3.2% on Monday, its deepest one-day decline in more than five months, on news that Israel looked set to approve a US plan for a ceasefire with the Iran-backed Hezbollah, with further pressure from Trump's nomination of Scott Bessent as the US Treasury secretary.

Meanwhile, the Kremlin said it had noted that Trump's circle was speaking about a potential peace plan for Ukraine.

"This has reduced the geopolitical risk premium, leading to a decline in gold prices," said Soni Kumari, a commodity strategist at ANZ, adding that a stronger US dollar is also weighing on investor appetite for gold. The dollar was up by 0.3%, after US President-elect Donald Trump vowed tariffs against Mexico, Canada and China, reducing gold's appeal for holders of other currencies.

"So now the focus will shift back to, what Fed is going to do in December meeting," Kumari said. Federal Reserve Bank of Minneapolis President Neel Kashkari, typically on the hawkish end of the US central bank's policy spectrum, said he is open to cutting rates again next month.

Traders will also keep a close eye on US consumer confidence data and the minutes from the Fed's November meeting later in the day.

"I expect gold to trade in a narrow range in the short term, with a slight upward drift," Matt Simpson, a senior analyst at City Index said.

Spot silver slipped by 0.1% to $2,614.80 per ounce, platinum shed 1.1% to $928.40 and palladium was down 0.2% to $971.10.