Developing Nations Press Rich World to Better Fight Climate Change at UN Climate Summit

 Bolivia Vice President David Choquehuanca speaks during a plenary session at the COP28 UN Climate Summit, Saturday, Dec. 2, 2023, in Dubai, United Arab Emirates. (AP)
Bolivia Vice President David Choquehuanca speaks during a plenary session at the COP28 UN Climate Summit, Saturday, Dec. 2, 2023, in Dubai, United Arab Emirates. (AP)
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Developing Nations Press Rich World to Better Fight Climate Change at UN Climate Summit

 Bolivia Vice President David Choquehuanca speaks during a plenary session at the COP28 UN Climate Summit, Saturday, Dec. 2, 2023, in Dubai, United Arab Emirates. (AP)
Bolivia Vice President David Choquehuanca speaks during a plenary session at the COP28 UN Climate Summit, Saturday, Dec. 2, 2023, in Dubai, United Arab Emirates. (AP)

Leaders of developing nations jumped into Saturday's second-day of a UN climate summit to press rich industrial countries to share their knowhow to fight global warming and ease the financial burdens they face — while trumpeting their own natural resources that swallow heat-trapping carbon in the air.

The annual United Nations Conference of the Parties, known as COP28, in the United Arab Emirates featured about 150 presidents, prime ministers, royals and other leaders who are presenting their plans to cut heat-trapping emissions and mostly seek unity with other nations to avert climate catastrophe that seemed to draw closer than ever in 2023.

The developing world took center stage early Saturday, with Vice President Kamala Harris of the United States set to speak later.

African leaders noted their continent's rainforests help gobble up excess carbon dioxide in the air and their countries have belched out a tiny fraction of heat-trapping emissions compared to richer countries.

Teodoro Obiang Nguema Mbasogo of Equatorial Guinea — one of sub-Saharan Africa's biggest oil producers — faulted developed nations for failing to deliver on their pledges to meet their commitments on financing for climate action and meet their own targets to curb their industries' emissions.

"Africa is one of the regions in the world that sequesters the most carbon and emits oxygen," he said.

President Jose Ramos Horta of Timor-Leste, next to Indonesia and north of Australia, blasted "shark loans" from multilateral lending institutions, saying developing nations cannot recover from heavy debt burdens that squelch their ability to put money into fighting climate change and grow economically.

Harris’ appearance at COP28 in Dubai marks the first time since COP3 in Kyoto, Japan, that a vice president has led America’s delegation. COP3 in 1997 saw then-Vice President Al Gore speak. Intervening COP summits through President George W. Bush’s tenure saw lower-level representatives.

As Harris made her way toward the Dubai venue, US climate envoy John Kerry and French President Emmanuel Macron pushed for development of nuclear energy — which does not produce greenhouse gas emissions, even if it also presents security and waste challenges.

Overall, a group of more than 20 nations called for a tripling of nuclear energy generated in the world by 2050.

"I want here to reiterate the fact that nuclear energy is a clean energy and it should be repeated," said Macron, which gets around two-thirds of its electricity from nuclear power, the most of any industrialized country, and even exports some of it to its neighbors. "Nuclear energy is back."

A declaration issued at the event did not specify how much money should be set aside, but urged the World Bank and others to "encourage" expanding lending for nuclear projects.

"We have to invest — I’m not saying give away," Kerry said. "I’m saying invest the trillions of dollars that are sitting on the sidelines looking for bankable deals but not willing to move as fast as we need to move."

Whatever their perspective or national interest, leaders almost universally voiced their shared views that Earth is in crisis — with the United Nations and other environmental groups warning that the planet has recorded the nine hottest years on record over the last decade.

Bolivian Vice President David Choquehuanca called for "saving Mother Earth and staving off the multiple crises which have been caused by neocolonial, capitalist, imperialist, patriarchal, Western culture."

"The climate crisis is but the latest chapter in a long history of hypocrisy and lies: The ‘Global North’ is responsible for the global imbalance that we’re seeing," he said, using a catchall term for industrialized countries. "They seek permanent growth to the detriment of the global South."

Worries are rising that the world is set to blow past — even obliterate — targets in the Paris climate accord of 2015 to cap the increase in global temperatures by the end of the century by 1.5 degrees Celsius (2.7 Fahrenheit) since the start of the industrial era.

In a fire-and-brimstone kickoff Friday, UN Secretary-General Antonio Guterres, fresh from viewing melting glaciers in Antarctica and Nepal, said "Earth's vital signs are failing" and told leaders, "You can prevent planetary crash and burn."

In a direct challenge to fossil fuel-aligned nations, the UN chief said the only way to limit warming to the goal set in 2015 is by eliminating oil, coal and gas use. "Not reduce, not abate. Phase out," he said.



KSIA Commences Construction of Third Runway to Enhance Operational Efficiency

 The airport will incorporate the King Khalid terminals - SPA
The airport will incorporate the King Khalid terminals - SPA
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KSIA Commences Construction of Third Runway to Enhance Operational Efficiency

 The airport will incorporate the King Khalid terminals - SPA
The airport will incorporate the King Khalid terminals - SPA

King Salman International Airport (KSIA), a PIF company, has commenced construction works on the third runway, marking a strategic step that reflects continued progress in airfield development and enhances the airport’s operational readiness to support long-term growth in air traffic demand.

The third runway forms a key component of the KSIA Master Plan and represents a major milestone in the airport’s expansion journey.
According to a press release issued by the KSIA, the project is being delivered in collaboration with FCC Construcción SA and Al-Mabani General Contractors Company and has been designed in alignment with Riyadh’s prevailing wind patterns to ensure safe and efficient aircraft operations under all operating conditions, SPA reported.

The current operational capacity stands at 65 aircraft movements per hour. With the implementation of operational enhancements and the introduction of the third runway, capacity is expected to increase to 85 aircraft movements per hour, contributing to improved operational efficiency and supporting long-term growth.

The third runway incorporates multiple access taxiways to ensure smooth aircraft flow and will span 4,200 meters in length.

Acting CEO of KSIA Marco Mejia said: “Launching construction of the third runway marks a pivotal step in delivering the KSIA Master Plan and reflects our commitment to developing world-class infrastructure capable of supporting future growth, enhancing operational efficiency, and expanding long-haul connectivity without constraints.”

King Salman International Airport is a strategic and transformative national project that reflects the Kingdom’s ambition to position Riyadh as a global capital and a leading aviation hub. The project was announced by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of the Board of Directors of King Salman International Airport, underscoring its national significance and its role in advancing the objectives of Saudi Vision 2030.

Located on the existing site of King Khalid International Airport in Riyadh, the airport will incorporate the King Khalid terminals, in addition to three new terminals, residential and leisure assets, six runways, and logistics facilities. Spanning 57 square kilometers, it is designed to accommodate 100 million passengers annually and handle over two million tons of cargo by 2030.

This phase of construction contributes to strengthening King Salman International Airport’s international flight network across multiple global destinations, reinforcing Riyadh’s position as an internationally connected aviation gateway and supporting national development objectives within the air transport sector.


Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks
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Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

The Saudi Ports Authority (Mawani) signed a contract with Arabian Chemical Terminals Ltd. to establish storage tanks for chemical and petrochemical materials at Jubail Commercial Port, with an investment exceeding SAR500 million on an area of 49,000 square meters.

The project will contribute to enhancing operational efficiency and increasing handling capacity in line with the objectives of the National Transport and Logistics Strategy to consolidate the Kingdom’s position as a global logistics hub, SPA reported.

This step is part of Mawani’s efforts to strengthen the role of the private sector in supporting the gross domestic product and to reinforce the position of Jubail Commercial Port as a driver of commercial activity. The project’s storage capacity will reach 70,000 cubic tons, boosting the competitiveness of the Kingdom’s ports at both regional and international levels.

The project aims to develop and expand storage capacity and the export of chemical and petrochemical materials in accordance with the highest international standards while supporting supply chains. It includes the establishment and development of specialized facilities for storing and exporting chemical and petrochemical products, as well as the provision of storage and distribution services for local and international import and export of chemicals in line with global quality and safety standards.

The project will contribute to supporting national supply chains, boosting the Kingdom’s chemical logistics capabilities, and raising operational efficiency and capacity, thereby improving customer competitiveness. It also supports the achievement of Saudi Vision 2030 objectives by promoting the development of infrastructure to advance the energy, industry, and supply chain sectors in the Kingdom.


Oil Prices Stable as Investors Seek Clarity on Russia-Ukraine Talks

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
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Oil Prices Stable as Investors Seek Clarity on Russia-Ukraine Talks

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel

Oil prices were little changed on Tuesday as investors took stock of ​dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen, Reuters reported.

Brent crude futures for February delivery, which expire on Tuesday, were up 15 cents at $62.09 a barrel as of 0918 GMT. The more active March contract was at $61.61, up 12 cents.

US West Texas Intermediate ‌crude gained 14 ‌cents to $58.22.

The Brent and ‌WTI ⁠benchmarks ​settled ‌more than 2% higher in the previous session as Saudi Arabia launched airstrikes against Yemen and after Moscow accused Kyiv of targeting Putin's residence, denting hopes of a peace deal.

Kyiv dismissed Moscow's accusation as baseless and designed to undermine peace negotiations. After a phone call ⁠with Putin, US President Donald Trump said he was angered by details ‌of the alleged attack.

"I think the ‍markets are sensing that ‍a deal is going to be very hard ‍to come by," said Marex analyst Ed Meir.

Traders also watched other Middle East developments after Trump said the United States could support another major strike on Iran were Tehran to resume rebuilding its ballistic missile or nuclear weapons programs.

Despite renewed fears of potential supply disruptions, perceptions of an oversupplied global market remain and could cap prices, analysts say.

Marex's Meir said prices would trend downwards in the first quarter of 2026 due to ‌a "growing oil glut".