COP28 Focuses on Protecting Health from Climate Risks

Participants walk next to COP28 flags in Expo City in Dubai (AFP)
Participants walk next to COP28 flags in Expo City in Dubai (AFP)
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COP28 Focuses on Protecting Health from Climate Risks

Participants walk next to COP28 flags in Expo City in Dubai (AFP)
Participants walk next to COP28 flags in Expo City in Dubai (AFP)

UN Climate Conference (COP28) focused on climate-related health issues, while discussions behind closed doors addressed vital other problems, such as the future of energy.

The UAE and several charities at the climate summit on Sunday offered $777 million in funding to eradicate neglected tropical diseases that are expected to worsen as temperatures rise.

COP28 President Sultan Ahmed al-Jaber said in a statement that climate-related factors "have become one of the greatest threats to human health in the 21st century."

The pledges made during the summit on Sunday, which focused on climate-related health risks, included $100 million from the UAE and another $100 million from the Bill & Melinda Gates Foundation.

Others to announce funds for climate-related health issues included Belgium, Germany, and the US Agency for International Development (USAID).

The World Bank launched a program to explore possible support measures for public health in developing countries where climate-related health risks are incredibly high.

The burden of tropical diseases will worsen as the world warms, along with other climate-driven health threats, including malnutrition, malaria, diarrhea, and heat stress.

More than 120 countries have signed a COP28 declaration acknowledging their responsibility to keep people safe amid global warming.

Climate change also increases the frequency of dangerous storms and more erratic rainfall.

In September, Storm Daniel killed more than 11,000 people in Libya, and last year's massive flooding in Pakistan fueled a 400 percent increase in malaria cases across the country, according to the World Health Organization (WHO).

Earlier on Sunday, Microsoft co-founder Bill Gates said scientists were working on new treatments for and prevention of mosquito-spread malaria as the rise in temperatures creates more hospitable habitat for the insects to breed.

"We have new tools at the lab level that decimate mosquito populations," said Gates, whose foundation supports public health research and projects for the developing world.

"These innovations give us a chance, at a reasonable cost, to make progress."

Former US Secretary of State Hillary Clinton spoke on Sunday, urging reform of the global insurance system as another key demand to keep people safe.

"Right now, insurance companies are pulling out of so many places; they're not insuring homes, they're not insuring businesses," Clinton said, addressing a panel on women and climate resiliency.

She continued, "People everywhere will be left out with no backup, no insurance for their business or home."

Meanwhile, Emirates News Agency (WAM) quoted a senior World Bank official saying that the bank had offered to host the Lost and Damage Fund.

Speaking to WAM, World Bank's Senior Managing Director (SMD) Axel van Trotsenburg said the agency will "work very closely with the United Nations Framework Convention on Climate Change (UNFCC) to create that fund."

Van Trotsenburg mentioned that countries face different challenges related to climate change.

"COP28 started with great announcements on the Loss and Damage Fund. It has been an extremely important decision and now needs to be set up."

He pointed out that small island countries with rising sea levels face different challenges than coastal regions. Therefore, solutions must be tailored to each country, but there is a global challenge.

"We need to be global. We need all countries to participate in this global challenge," van Trotsenburg noted, adding, "We need to ensure that we can keep the 1.5 degrees. So that means consequences for all of us."



IEA: Not Discussing 2nd Release of Strategic Oil Reserves

Strategic oil reserve tanks in Texas (Reuters)
Strategic oil reserve tanks in Texas (Reuters)
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IEA: Not Discussing 2nd Release of Strategic Oil Reserves

Strategic oil reserve tanks in Texas (Reuters)
Strategic oil reserve tanks in Texas (Reuters)

The International Energy Agency is not discussing a second release of strategic oil reserves at this time, IEA chief Fatih Birol told Reuters on Monday.

"Not for the time being," Birol said on the sidelines of an energy conference in Norway ⁠when asked whether ⁠the agency was discussing a second release of strategic reserves.

The IEA is always following the markets "very, very closely", and 80% of strategic reserves remain ⁠after a 400 million-barrel release in March, Birol added.

On gas, Birol expressed concerns Europe's current levels of gas reserves, which are around 62% according to transparency platform AGSI.

The European Union has a target of filling levels to 80% by December 1.

"The stocks are ⁠lower ⁠than historical averages, and we are still hoping to get gas from the Middle East, and at the same time ... Europe has committed itself to nullify the Russian gas imports," he said.

"If we have a harsh winter in Europe, we may have some challenges."


Fewer Than 20 Ships Transited Strait of Hormuz at the Start of the Week

Vessels near the Strait of Hormuz, as seen from Musandam, Oman, August 24, 2026. REUTERS/Stringer
Vessels near the Strait of Hormuz, as seen from Musandam, Oman, August 24, 2026. REUTERS/Stringer
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Fewer Than 20 Ships Transited Strait of Hormuz at the Start of the Week

Vessels near the Strait of Hormuz, as seen from Musandam, Oman, August 24, 2026. REUTERS/Stringer
Vessels near the Strait of Hormuz, as seen from Musandam, Oman, August 24, 2026. REUTERS/Stringer

Fewer than 20 commodity vessels transited the Strait of Hormuz at the start of the week, shipping data showed on Monday, as Iranian and US blockades restrict traffic through the chokepoint for energy shipments.

Four vessels crossed the strait on Sunday, initial data from shiptracker Kpler showed by 0228 GMT, with 13 on Saturday. The figures could change as some ships had switched off transponders on their way through.

That compared with Friday's figure of 16 transits, with two empty very large crude carriers (VLCCs) entering the Gulf with the tracking devices switched off, one heading to Iraq and the other to ⁠Bahrain, the data ⁠showed.

A VLCC carrying 2 million barrels of Emirati crude exited the strait on Thursday.

Eight very large gas carriers transited the strait over the past three days, the data showed, according to Reuters, six of them entering empty while the others carried liquefied petroleum gas (LPG) loaded from Iran and exited the Gulf.

Overall traffic volumes remained suppressed ⁠in the week to August 21, as vessels aborted transit plans or switched routes through the strait's north after attacks, the United Kingdom Maritime Trade Operations (UKMTO) agency said in a report.

A total of 89 vessels exited the strait while 103 entered over the seven-day period, the report, based on Automatic Identification System (AIS) data, showed.

"Traffic remains well below normal levels, with AIS-detected transits approximately 90% below pre-conflict baselines and declining since the June 24 to June 26 peak," it added.

Tanker traffic, at 45% of the total, continued ⁠to dominate movement ⁠through the strait, the agency said. Of these, 56% were tankers that carry crude oil, oil products or chemicals while LPG carriers accounted for a further 24%.

Since July 6, the UKMTO has reported 23 incidents of projectile strikes, leading to bridge, engine-room, and structural damage across vessels in the strait and its vicinity.

A total of 24 commodity vessels sailed through the Bab el-Mandeb strait on Sunday, down from Saturday's figure of 32, which was an increase from 22 on Friday, Kpler data showed.

Two VLCCs entered the Red Sea on Saturday with one carrying Iraqi Basrah crude and the other empty, it showed.


Oil Falls as Trump Pledges Economic War on Iran

LOS ANGELES, CALIFORNIA - AUGUST 21: Diesel prices over $7 a gallon are displayed on a pump at a gas station on August 21, 2026 in Los Angeles, California. Justin Sullivan/Getty Images/AFP
LOS ANGELES, CALIFORNIA - AUGUST 21: Diesel prices over $7 a gallon are displayed on a pump at a gas station on August 21, 2026 in Los Angeles, California. Justin Sullivan/Getty Images/AFP
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Oil Falls as Trump Pledges Economic War on Iran

LOS ANGELES, CALIFORNIA - AUGUST 21: Diesel prices over $7 a gallon are displayed on a pump at a gas station on August 21, 2026 in Los Angeles, California. Justin Sullivan/Getty Images/AFP
LOS ANGELES, CALIFORNIA - AUGUST 21: Diesel prices over $7 a gallon are displayed on a pump at a gas station on August 21, 2026 in Los Angeles, California. Justin Sullivan/Getty Images/AFP

Oil prices fell on Monday as investors braced for details of a US plan to isolate the Iranian economy that President Donald Trump billed as the "most crushing" financial operation ever against Tehran.

Asian stocks were mostly down, with South Korea's tech-rich Kospi falling more than three percent after Samsung Electronics said it spent $80 billion to buy back its own shares following weeks of turbulent trading.

The chip giant's shares, along with those of rival SK hynix, peaked in June on optimism for the artificial intelligence boom, but have since fallen amid investor jitters and a broader tech rout.

In an important week for AI, investors are also looking towards an earnings report from Nvidia, the world's most valuable company and a bellwether for the sector.

The recurring question for the US chipmaker is whether the AI boom will continue to accelerate as the technology takes over more corners of the broader economy.

"The spending machine is still running, but the bill is getting heavier," said Stephen Innes of SPI Asset Management.

"Nvidia must now show that the most expensive investment boom in modern market history can still pay its bills."

Chinese tech giant Alibaba is keeping focus on the sector after announcing on Sunday that it plans to issue $10.2 billion in new shares in Hong Kong to fund its global AI ambitions.

The firm, known for its open-source "Qwen" AI models, has been ploughing tens of billions of dollars into the technology, with shareholders eager to see how it will monetize the huge investments.

Tokyo and Shanghai closed down 0.7 percent and 0.6 percent respectively, echoing losses across Asia that included Taipei, Wellington, Bangkok, Mumbai and Jakarta. Sydney, Singapore, Manila and Kuala Lumpur posted marginal gains.

Hong Kong was down nearly two percent despite fast-fashion giant Shein announcing its market debut will take place in the Chinese financial hub on September 1.

The long-awaited listing would value the group -- known for its vast selection of products at stunningly low prices -- at close to $27 billion.

London was flat at the open, while Paris and Frankfurt were down 0.2 percent.

Eyes are also on US Treasury boss Scott Bessent, who said he would give more details in a news conference on Monday on a fresh push to pile economic pressure on Iran.

The United States warned allies and China on Thursday to join Trump's new campaign, which comes as the unpopular war in the Middle East drags toward the six-month mark.

US Vice President JD Vance acknowledged the plan was a "delicate dance" because Iran will "try to apply economic pressure to us".

Asked whether the United States would pressure China, Bessent told CNBC that "many conversations are best to have in private", but he also called on Beijing "to get with the program".

Both main crude contracts were down around two percent, with the Brent benchmark sitting at $92 a barrel, AFP reported.

Traders will also be watching this week's annual gathering of central bankers, economists and finance chiefs in Jackson Hole in the United States, hoping for some clarification on US monetary policy.

The meeting comes after the Treasury bought its own bonds last week in an effort to push down borrowing costs after the 30-year yield surged to levels last seen in 2007, just before the global financial crisis.

Yields have risen on inflation fears and as the United States reported that its federal debt had topped $40 trillion.