Saudi Arabia Says it is a ‘Critical’ Moment to Tackle Land Degradation, Drought

Saudi Arabia will assume the next UNCCD Presidency
Saudi Arabia will assume the next UNCCD Presidency
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Saudi Arabia Says it is a ‘Critical’ Moment to Tackle Land Degradation, Drought

Saudi Arabia will assume the next UNCCD Presidency
Saudi Arabia will assume the next UNCCD Presidency

With less than one month until the sixteenth session of the Conference of Parties (COP16) of the UN Convention to Combat Desertification (UNCCD) starts in Riyadh, Saudi Arabia, which will assume the next UNCCD Presidency, has called on the international community to deliver robust action on drought resilience and land restoration.
The appeal comes as data highlights the urgency of the crisis, with an area of land larger than Ireland, more than 71,000 square kilometers, expected to be degraded in the world before the conference begins on December 2, according to UNCCD data.
“COP16 in Riyadh is a critical moment for the international community to address land degradation if we are to meet the UNCCD target of restoring 1.5 billion hectares of land by 2030,” said Saudi Deputy Minister for Environment at the Ministry of Environment, Water and Agriculture and Advisor to the COP16 Presidency Dr. Osama Faqeeha.
“As the hosts, we are calling on all parties to come to Riyadh ready to increase their ambition by strengthening land restoration targets, bolstering drought resilience initiatives, and enhancing land tenure rights.”
Countries have been adopting voluntary Land Degradation Neutrality (LDN) targets since 2015, in line with UN Sustainable Development Goals. Currently, over 130 countries have participated in the LDN Target Setting Program, with more than 100 having already chosen their targets.
Saudi Arabia’s incoming UNCCD Presidency will be an occasion to seek to increase the number of countries signed up to LDN targets, and strengthen their ambition and implementation.
UNCCD estimates that $44 trillion of economic output – more than half of global annual GDP – is moderately or highly reliant on natural capital. Meanwhile, every dollar invested in restoration could yield up to $30 in economic returns, unlocking a potential trillion-dollar restoration economy.
To help overcome challenges, COP16 in Riyadh will be the first UNCCD COP to feature a Green Zone. The Green Zone will provide a platform for businesses, scientists, financial institutions, NGOs, the public, and impacted communities to collaborate on finding lasting solutions.
Seven thematic days will be held during the conference to help hone dialogue and outcomes, with topics including land restoration, governance, agri-food systems, resilience, finance and science, technology and innovation.



Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.