Saudi Arabia Leads Int’l Efforts to Combat Climate Change, Land Degradation

Officials from the presidencies of the next three editions of the Conference of the Parties. (Asharq Al-Awsat)
Officials from the presidencies of the next three editions of the Conference of the Parties. (Asharq Al-Awsat)
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Saudi Arabia Leads Int’l Efforts to Combat Climate Change, Land Degradation

Officials from the presidencies of the next three editions of the Conference of the Parties. (Asharq Al-Awsat)
Officials from the presidencies of the next three editions of the Conference of the Parties. (Asharq Al-Awsat)

The presidencies of the next three upcoming Conferences of the Parties (COP) — Saudi Arabia, Azerbaijan, and Colombia — held a meeting on the sidelines of the United Nations General Assembly in New York to outline their ambitions regarding the three Rio Conventions.

Additional meetings are scheduled for the last quarter of this year to address the pressing challenges of climate change, desertification, and biodiversity loss.

The Rio Initiative takes its name from the historic agreements made at the 1992 Earth Summit in Rio de Janeiro, Brazil. It aims to foster cooperation in tackling land degradation, climate change, and biodiversity loss, while boosting international efforts under the United Nations' environmental agreements.

On Sunday, world governments gathered in New York to establish a framework for addressing the threats posed by climate change, desertification, and biodiversity loss. The meeting focused on enhancing cooperation between the upcoming COP presidencies.

The participants included Saudi Arabia, set to lead the 16th Conference of the Parties to the United Nations Convention to Combat Desertification (COP16); Azerbaijan, which will chair the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29); and Colombia, which will head the 16th Conference of the Parties on Biological Diversity (COP16).

Saudi Arabia's presidency of COP16 highlighted the crucial importance of land restoration for the well-being of both people and the planet. It also underscored the devastating economic, social, and environmental impacts of land degradation and drought, which threaten biodiversity and increase greenhouse gas emissions, worsening food and water security challenges.

Dr. Osama Faqeeha, Saudi Arabia’s Deputy Minister of Environment, Water, and Agriculture, and advisor to the COP16 presidency, stated: "Climate change, biodiversity loss, and land degradation are interconnected aspects of the same crisis facing the planet, and they must be addressed in a more integrated and effective manner."

"This year presents a unique opportunity to unite efforts with Azerbaijan and Colombia and rally global support to address these interlinked environmental challenges, which have a destructive impact on the planet and its people," he added.

Colombian Minister of Environment and Sustainable Development Susana Muhamad emphasized the need for a unified agenda to be implemented on the ground. She expressed her readiness to establish a working group to bolster coordination and cooperation.

"The just transition in climate change must reflect interconnected efforts to protect natural ecosystems from degradation and harm," she said, adding: "We have a valuable opportunity to plan land use through a more integrated approach: decarbonization, environmental restoration, and improving human living conditions. COP16 for Biological Diversity is the ideal platform to deepen understanding and action on these efforts."

Mukhtar Babayev, president of COP29 for Climate Change, stressed the importance of "fostering cooperation, enhancing action efficiency, and achieving tangible results that benefit people and the planet by strengthening collaboration across the three Rio agreements."

He continued: "It’s essential to recognize that the goals of these agreements are fundamentally interconnected, and progress in one area can drive advancements in others."

Saudi Arabia called on governments attending the UN General Assembly to take decisive actions during COP16 for the United Nations Convention to Combat Desertification, which will be held in Riyadh in early December.

The UN Convention to Combat Desertification has set a target of restoring 1.5 billion hectares of degraded land by 2030. In Riyadh, Saudi Arabia's COP16 presidency will push for further concrete commitments to help achieve this goal.

The upcoming COP16 will be the largest and most comprehensive conference in the history of the convention, providing a global platform for collaboration. It will also offer opportunities for the private sector, civil society, and the scientific community to exchange solutions for combating land degradation, desertification, and drought.



World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
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World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices for a basket of food commodities, ‌averaged 133.9 points ‌in October, down from a revised ‌135.6 ⁠in September.

The index ⁠was 5.9% higher than a year earlier, but remained 16.4% below its March 2022 peak.

FAO's cereal price index fell 4.5% from September and was 12.6% lower than a year ago, as wheat and maize quotations declined. Wheat prices eased on weak import demand ⁠and improved production prospects, especially in Argentina.

"Expectations of ‌easing constraints on Black ‌Sea export flows added to the downward pressure on prices, ‌although continued disruptions to Black Sea logistics limited the decline," ‌FAO said in a statement.

Maize prices also eased after reaching a three-year high in September, pressured by the US harvest, expectations of ample supplies in South America and renewed ‌prospects of easing tensions in the Black Sea region.

Vegetable oil prices edged up 0.3%, ⁠as ⁠higher soybean and sunflower oil prices more than offset a fall in rapeseed oil prices.

Sugar prices rose 6.6%, their fourth straight monthly increase, to the highest level since December 2024, after rainfall disrupted harvesting in Brazil. They were now 28.8% above a year ago.

The dairy index fell 1.1%, as lower butter and cheese prices linked to ample supplies and subdued demand outweighed gains in milk powder.

The meat index declined 1.2%, while still slightly above its year-earlier level, as ovine and bovine meat prices fell.


Copper Falls, Set for Worst Week Since March on AI Rout

Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
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Copper Falls, Set for Worst Week Since March on AI Rout

Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)

Copper dropped on Friday and was set for its biggest weekly drop in London since March, as a rout in technology stocks battered markets.

Benchmark three-month copper on the London Metal Exchange was down 1.3% at $13,663 a metric ton by 0700 GMT. That placed it on track to fall 3.44% in the week, Reuters said.

The most-traded copper contract on the Shanghai Futures Exchange fell 1.08% to 106,830 yuan ($16,018.17) a ton.

The weakness reflects worries over AI investment, ‌with copper increasingly ‌influenced by "sentiment towards data center expansion," said ‌Craig ⁠Lang, principal analyst ⁠at CRU.

Technology shares were battered after Democratic wins in the US midterms fueled concerns that new regulatory oversight could cap the AI buildout.

On the other hand, supply constraints cushioned copper's decline.

"I would be cautious about calling this a sustained correction, given ongoing mine supply challenges and exceptionally tight ⁠metal availability outside the US," Lang said.

Copper stocks ‌in SHFE-monitored warehouses <CU-STX-SGH> fell by ‌over 24% this week to just 33,848 tons — the lowest ‌in almost three years. The closely watched Yangshan copper ‌premium <SMM-CUYP-CN>, a gauge of appetite for imports into key consumer China, increased to $210 a ton on Thursday, matching its record high.

Smelters in the country are facing a double squeeze of negative treatment ‌charges and lower sulfuric acid prices.

Meanwhile, warehouse inventories outside the US have been drawn ⁠down as ⁠material was pulled into the country ahead of a potential tariff on imports of refined copper.

"These physical constraints should provide some support against weaker investor sentiment," Lang said.

Among LME metals, aluminium lost 0.54%, zinc lost 1.42%, lead lost 0.45%, nickel dipped 0.23% and tin gained 0.83%.

On the SHFE, aluminium nudged down only 0.04%, zinc lost 1.35%, lead was little changed, down only 0.03%, nickel rose 2.14% and tin dropped 3.45%.

SHFE inventories were down across the board this week, led by sharp drops in aluminium <AL-STX-SGH> and lead <PB-STX-SGH>.


Emerging Economies Set to Match Advanced Nations’ Renewable Capacity Additions, IEA Says

Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
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Emerging Economies Set to Match Advanced Nations’ Renewable Capacity Additions, IEA Says

Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)

Emerging ‌and developing economies outside China are expected to add as much new renewable energy capacity as advanced economies for the first time over the next five years, driven by the current energy crisis, the International Energy Agency said on Friday.

Gas and oil prices have soared this year as the US-Iran war disrupts traffic through the Strait of Hormuz, a key route for global oil and gas trade.

Global renewable energy ‌capacity is forecast ‌to increase by almost 4,800 gigawatts ‌between ⁠2026 and 2031, ⁠the IEA said in its annual outlook.

Emerging and developing economies are expected to add about 1,100 GW, roughly the same as advanced economies, with China adding around 2,550 GW, the agency said.

Capacity growth in Southeast Asia, Africa and the Middle East is ⁠expected to triple over the period, ‌led mainly by solar installations, ‌the IEA said.

China will remain the biggest contributor to ‌global renewable energy growth, although its share is ‌forecast to fall to 53% by 2031 from 60% in 2025.

India is emerging as the world's second-fastest deployer of renewables and is expected to more than double its contribution ‌to global growth by 2031 to nearly 8.5%.

Grid connection delays remain ⁠a major ⁠challenge, with projects awaiting connections worldwide rising 60% over the past year, equivalent to four times the wind and solar capacity connected to grids during the same period.

Grid constraints are expected to slow growth in advanced economies, with annual additions in Europe through 2031 forecast to remain broadly in line with 2025 levels.

Renewable energy is expected to meet 6% of global transport energy demand by 2031, while higher fuel-blending mandates prompted the IEA to raise its biofuels forecast by 40% from last year's report.