Saudi Arabia Leads Global Efforts Against Desertification at COP16

Saudi Arabia establishes principles for combating desertification and drought (SPA)
Saudi Arabia establishes principles for combating desertification and drought (SPA)
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Saudi Arabia Leads Global Efforts Against Desertification at COP16

Saudi Arabia establishes principles for combating desertification and drought (SPA)
Saudi Arabia establishes principles for combating desertification and drought (SPA)

Saudi Arabia is leading international efforts to address desertification and its negative impacts on economies, societies, and environments worldwide. This initiative comes as the Kingdom prepares to host the 16th Conference of the Parties to the United Nations Convention to Combat Desertification (COP16).

To support sustainable development goals, Saudi Arabia sent a high-level delegation to the 79th United Nations General Assembly, led by Foreign Minister Prince Faisal bin Farhan Al Saud.

This delegation launched a significant initiative involving the upcoming three COP conferences on climate change, biodiversity, and desertification.

The aim is to create comprehensive solutions that enhance the outcomes of these agreements, which have been working for 30 years to improve life on Earth and ensure the sustainability of natural resources.

Speaking to Asharq Al-Awsat, Dr. Osama Ibrahim Faqeeha, Deputy Minister of Environment, Water, and Agriculture in Saudi Arabia and advisor to COP16, emphasized that recent meetings are part of ongoing efforts that began when Saudi Arabia announced it would host one of the largest global environmental conferences.

This decision highlights the international community’s trust in the Kingdom’s leadership on these critical issues, according to Faqeeha.

The deputy minister also mentioned Saudi Arabia’s recent call to governments at the United Nations General Assembly, urging them to take decisive action at COP16 of the United Nations Convention to Combat Desertification, which will be held in Riyadh in early December.

Saudi Arabia’s Preparations for COP16

As COP16 approaches, Saudi Arabia is taking on a crucial role at both regional and international levels to host the conference.

Faqeeha noted that the Kingdom has launched the “Middle East Green Initiative,” a unique coalition designed to address climate change through regional cooperation.

This initiative aims to create a sustainable future by diversifying the economy, generating jobs, and attracting private sector investments.

It focuses on two main goals: increasing tree planting and reducing carbon emissions in the region.

Additionally, Saudi Arabia is establishing regional centers and programs to help achieve these objectives and promote investments in the circular carbon economy and reforestation efforts.

Faqeeha highlighted that Saudi Arabia’s efforts have earned global trust, making it the ideal host for COP16.

He pointed out that during its G20 presidency, the Kingdom launched an initiative, aiming to unify global efforts for innovative solutions in land restoration and drought resilience.

This initiative is vital for food and water security, especially as a quarter of the world's population faces drought conditions, with projections suggesting that three out of four people may experience water scarcity by 2050.

In terms of preparations for COP16, Faqeeha noted that the conference will showcase Saudi Arabia’s dedication to tackling climate change and finding effective solutions for land degradation.

The Kingdom has implemented proactive measures and revised environmental laws to reaffirm its commitment to international agreements.

“We have worked hard to bring together the world’s best minds and resources in Riyadh to pave the way for a sustainable future,” Faqeeha told Asharq Al-Awsat.

As part of the preparations for this 30th anniversary of the UN Convention to Combat Desertification, Faqeeha said: “We will present evidence to delegations showing that significant financial returns are possible for the global community, along with real benefits for society, in line with global development goals.”



Gold Retreats as Dollar Firms ahead of Key US Economic Data

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Retreats as Dollar Firms ahead of Key US Economic Data

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold extended declines on Thursday, pressured by a stronger dollar, while investors were cautious ahead of key US economic data that might provide clues about the size of the Federal Reserve's interest rate cuts expected later this year.

Spot gold fell 0.5% to $2,645.39 per ounce by 0812 GMT.

US gold futures edged 0.2% lower to $2,665.60.

The dollar hit a one-month high, making greenback-priced bullion more expensive for other currency holders.

Gold is consolidating at this point but prices will likely retest an all-time high of $2,685 as charts show persistent strong upward trends, said Brian Lan, managing director at Singapore-based dealer GoldSilver Central, according to Reuters.

Investors are watching out for the ISM services data and the initial jobless claims, due later in the day, along with the US non-farm payroll data expected on Friday.

Data on Wednesday showed US private payrolls increased more than expected in September - further evidence that labour market conditions were not deteriorating.

Expectations of another 50-basis-point rate cut at the Fed's November meeting have dipped, with markets currently pricing in a 36% chance, down from 49% last week, according to CME's FedWatch Tool.

Gold tends to thrive in a low interest rate environment and political turmoil.

"Middle East tensions and US elections will continue supporting bullion in the longer term... In the short-term, some funds might shift to oil from gold since oil is doing better," Lan said.

Israel bombed central Beirut, killing at least six, after its forces suffered the deadliest day on the Lebanese front in a year of clashes against Iran-backed armed group Hezbollah.

Perth Mint's gold product sales touched a 10-month peak in September, while silver sales hit a seven-month high.

Spot silver fell 1.2% to $31.49, platinum shed about 1% to $992.10 and palladium lost 2.2% to $992.93.