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."



Polish, Czech Republic Curb Bond Sales as Iran War Turmoil Jolts Markets

A trader monitors stock prices at a Stock Exchange in Karachi, Pakistan, 09 March 2026.  EPA/REHAN KHAN
A trader monitors stock prices at a Stock Exchange in Karachi, Pakistan, 09 March 2026. EPA/REHAN KHAN
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Polish, Czech Republic Curb Bond Sales as Iran War Turmoil Jolts Markets

A trader monitors stock prices at a Stock Exchange in Karachi, Pakistan, 09 March 2026.  EPA/REHAN KHAN
A trader monitors stock prices at a Stock Exchange in Karachi, Pakistan, 09 March 2026. EPA/REHAN KHAN

Poland canceled a bond swap tender and the Czech Republic slashed the size of a planned auction for Wednesday as the Iran war roiled global markets, sending regional yields surging, debt managers said on Monday.

Bonds across the globe sank on Monday as the US-Israeli war with Iran pushed surging oil prices near $120 a barrel, heightening investor fears over inflation which may prompt European central banks to hike interest rates this year.

"Due to the increased volatility on the domestic market... the bond swap tender planned for (March 11) will not be organized," the Polish finance ministry said in a statement, Reuters reported.

"The consistently built pool of liquid funds at the disposal of the Ministry of Finance, exceeding 160 billion zlotys ($43.34 billion), makes it possible to take actions adequate to the market situation."

Meanwhile, the Czech finance ministry said it would nearly halve its bond offer at a Wednesday auction to 5 billion crowns, from a previously planned 9 billion crowns, in reaction to developments in global markets.

Polish 10-year bond yields reached 5.723% at 1412 GMT, having earlier scaled one-year highs, while Czech 10-year yields stood at 4.993%, their highest level in more than two years.

Elsewhere in the region, Hungary's 10-year bond yields rose to their highest since November 2023, with the 10-year paper bid at 7.46%, up nearly 100 basis points from late-February levels.

Hungarian debt agency AKK did not immediately respond to emailed questions on whether it planned any measures to follow moves by the Polish and Czech finance ministries in response to the market turmoil.

Slovakia, a euro zone member, has confirmed it still planned to sell bonds maturing in 2031, 2036, 2037, 2043 at an auction on March 16.


Global Sugar Prices Rally as Oil surges, Driven by Middle East War

Small pieces of sugar (Pixels)
Small pieces of sugar (Pixels)
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Global Sugar Prices Rally as Oil surges, Driven by Middle East War

Small pieces of sugar (Pixels)
Small pieces of sugar (Pixels)

World sugar prices surged on Monday as the US-Israel war with Iran disrupted oil supplies, pushing crude oil prices to $119 a barrel and sparking fears that Brazilian cane mills would ramp up ethanol production at the expense of sugar.

Most ethanol in Brazil, the world's largest sugar producer and exporter, is made from sugarcane, meaning increased cane allocation for biofuel production would reduce the raw material available to produce sugar.

At 1422 GMT, raw sugar price futures on the ICE exchange rose3.4% at 14.58 cents per lb, while white sugar futures were up 1.5% at $420.70 a metric ton, after earlier gaining nearly 3%, Reuters reported.

Ethanol demand is growing thanks to soaring crude oil prices, which have now more than doubled since the start of the year, said Alberto Peixoto, director at broker and consultant AP Commodities.

Oil prices soared to their highest levels since mid-2022 earlier, as the Strait of Hormuz remained virtually closed, cutting off countries worldwide from a fifth of global oil and liquefied natural gas supplies.

The spike in energy prices has overshadowed the impact of a rising dollar, which usually curbs dollar-priced commodities like sugar by making them more expensive for non-US currency holders.

What is keeping sugar's gains in check, however, is the risk of weaker demand from the Gulf States. According to sugar consultant Michael McDougall, the Gulf imports roughly 10% of the world's raw sugar via the Strait of Hormuz each year.

In other soft commodities traded, arabica coffee rose 1.1% to $2.9645 per lb, having gained 4.5% last week, while robusta coffee dipped 0.3% to $3,763 a ton, having gained 4% last week.

London cocoa was little changed at 2,315 pounds per ton, while New York cocoa was also little changed at $3,229 a ton.


EU Should Press Ahead with Energy Market Integration After Iran Crisis, Spain’s Cuerpo Says

Smoke rises in the sky after blasts were heard in Manama, Bahrain, February 28, 2026. REUTERS/Stringer REFILE - QUALITY REPEAT
Smoke rises in the sky after blasts were heard in Manama, Bahrain, February 28, 2026. REUTERS/Stringer REFILE - QUALITY REPEAT
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EU Should Press Ahead with Energy Market Integration After Iran Crisis, Spain’s Cuerpo Says

Smoke rises in the sky after blasts were heard in Manama, Bahrain, February 28, 2026. REUTERS/Stringer REFILE - QUALITY REPEAT
Smoke rises in the sky after blasts were heard in Manama, Bahrain, February 28, 2026. REUTERS/Stringer REFILE - QUALITY REPEAT

Spain's Finance Minister Carlos Cuerpo said on Monday that current discussions among European governments would be an opportunity to integrate energy markets in Europe after the war in Iran caused oil prices to jump to their highest since 2022.

"We can take advantage of the situation to put an additional element of urgency and pressure to make progress on the integration of our energy markets, including interconnections of our grids," Cuerpo said after a Eurogroup Finance Ministers meeting in Brussels.

He added the best lesson the EU learned from the market crisis caused by the war in Ukraine was to have a coordinated response.