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.



Oil Prices Rise on Middle East Conflict Fears as Israel Steps Up Attacks

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Prices Rise on Middle East Conflict Fears as Israel Steps Up Attacks

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices extended gains on Monday, buoyed by escalating concerns over potential supply pressures from Middle East producers following Israel's increased attacks on Iranian-backed forces in the region.
Brent crude futures for November delivery increased 51 cents, or 0.71%, to $72.49 a barrel as of 0330 GMT. That contract expires on Monday, and the more-active contract for December delivery gained 50 cents, or 0.7%, to $72.04.
US West Texas Intermediate crude futures added 43 cents, or 0.63%, to $68.61 a barrel.
Last week, Brent fell around 3%, while WTI fell by around 5% as demand worries increased after fiscal stimulus from China, the world's second-biggest economy and top oil importer, failed to reassure market confidence, Reuters said.
However, prices on Monday were supported by the possibility of a widening Middle East conflict involving Iran, a key producer and member of the Organization of the Petroleum Exporting Countries (OPEC), after Israel stepped up its attacks on the Hezbollah and Houthi militant groups that Iran backs.
While excessive supplies are a key concern for oil markets, markets broadly fear an escalation in the Middle Eastern crisis that could dampen supplies from key producing regions, said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Israel said it bombed Houthi targets in Yemen on Sunday, expanding its confrontation with Iran's allies two days after killing Hezbollah leader Sayyed Hassan Nasrallah in an escalating conflict in Lebanon.
US Defence Secretary Lloyd Austin has authorized the military to reinforce its presence in the Middle East, with the Pentagon saying on Sunday that should Iran, its partners, or its proxies target US personnel or interests, Washington "will take every necessary measure to defend our people".
In the context of Israel's decisive strike on Hezbollah, oil prices will continue to be driven by supply and demand dynamics, said Tony Sycamore, market analyst at IG.
Given the upcoming end of OPEC+'s voluntary supply cuts on Dec. 1, WTI may test its 2021 lows in the $61 to $62 a barrel range, he said.
"Additionally, despite China's recent dovish shift, it's unclear if this will translate into higher fuel demand, considering China's advancements in electrifying and decarbonizing its transportation sector," Sycamore added.
Later on Monday, markets will be waiting to hear from Federal Reserve Chair Jerome Powell for clues on the central bank's speed of monetary easing, and seven other Fed policymakers are due to speak this week, ANZ analysts said in a note.
Also due are data on job openings and private hiring, along with ISM surveys on manufacturing and services.
With the Fed and other major central banks embarking on policy easing, some economic recovery could just be around the corner, said Phillip Nova's Sachdeva.
"How well demand responds to easing rates, and how much Chinese demand revives after the major stimulus injected last week, will eventually shape oil market dynamics going forward," she said.