Al-Jubeir to Asharq Al-Awsat: Saudi Arabia Commits to Environmental Sustainability with Over $180 Billion in Investments

Al-Jubeir delivers a speech during the COP16 conference (Ministry of Foreign Affairs)
Al-Jubeir delivers a speech during the COP16 conference (Ministry of Foreign Affairs)
TT

Al-Jubeir to Asharq Al-Awsat: Saudi Arabia Commits to Environmental Sustainability with Over $180 Billion in Investments

Al-Jubeir delivers a speech during the COP16 conference (Ministry of Foreign Affairs)
Al-Jubeir delivers a speech during the COP16 conference (Ministry of Foreign Affairs)

Adel Al-Jubeir, Saudi Arabia’s Minister of State for Foreign Affairs, Cabinet Member, and Climate Envoy, reaffirmed the Kingdom’s steadfast commitment to achieving environmental and climate objectives.

He pointed to the Saudi Green Initiative and the Middle East Green Initiative, highlighting their aim to establish a global model for environmental sustainability. “Saudi Arabia’s actions and initiatives are clear, its investments substantial, with over 80 projects totaling more than $180 billion,” he stated.

In an interview with Asharq Al-Awsat during the 16th Conference of the Parties to the United Nations Convention to Combat Desertification (COP16) in Riyadh, Al-Jubeir discussed Saudi Arabia’s latest move to address global water challenges through the newly founded Global Water Organization.

Announced by Crown Prince and Prime Minister Mohammed bin Salman, this initiative represents a major step in tackling water-related issues worldwide. The organization, approved last year and headquartered in Riyadh, seeks to unify and enhance international efforts to address water challenges holistically. Its mission includes fostering technological innovation, promoting research and development, facilitating the financing of priority projects, and ensuring the sustainability of water resources, while improving access to water for all.

Al-Jubeir emphasized the importance of awareness in combating desertification and rehabilitating degraded lands, highlighting the direct connection between land degradation, climate change, and global stability. He explained that the loss of healthy land reduces the Earth’s capacity to store carbon, thereby increasing emissions and exacerbating climate issues.

“It’s critical to raise awareness about the link between desertification, land degradation, and climate change. Healthy land serves as a vital carbon sink. When land deteriorates, we lose this capacity, leading to heightened carbon emissions globally and severe impacts on humanity,” he explained.

He also pointed out that land degradation negatively affects food security and forces people to migrate from drought-stricken regions to more hospitable areas, often resulting in conflicts and instability.

“This displacement can lead to wars, economic collapse, extremism, and terrorism, further driving migration. In turn, this often triggers political reactions in host countries, destabilizing global security and stability,” he noted.

The minister also reaffirmed that environmental and climate action are among Saudi Arabia’s top priorities as part of its Vision 2030. These efforts, he said, aim to enhance quality of life and create a better future for all of humanity.



Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
TT

Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices trimmed earlier gains on Wednesday as the dollar strengthened but continued to find support from a tightening of supplies from Russia and other OPEC members and a drop in US crude stocks.

Brent crude was up 21 cents, or 0.27%, at $77.26 a barrel at 1424 GMT. US West Texas Intermediate crude climbed 27 cents, or 0.36%, to $74.52.

Both benchmarks had risen more than 1% earlier in the session, but pared gains on a strengthening US dollar.

"Crude oil took a minor tumble in response to a strengthening dollar following news reports that Trump is considering declaring a national economic emergency to provide legal ground for universal tariffs," added Ole Hansen, analyst at Saxo Bank.

A stronger dollar makes oil more expensive for holders of other currencies.

"The drop (in oil prices) seems to be driven by a general shift in risk sentiment with European equity markets falling and the USD getting stronger," said UBS analyst Giovanni Staunovo.

Oil output from the Organization of the Petroleum Exporting Countries fell in December after two months of increases, a Reuters survey showed.

In Russia, oil output averaged 8.971 million barrels a day in December, below the country's target, Bloomberg reported citing the energy ministry.

US crude oil stocks fell last week while fuel inventories rose, market sources said, citing American Petroleum Institute figures on Tuesday.

Despite the unexpected draw in crude stocks, the significant rise in product inventories was putting those prices under pressure, PVM analyst Tamas Varga said.

Analysts expect oil prices to be on average down this year from 2024 due in part to production increases from non-OPEC countries.

"We are holding to our forecast for Brent crude to average $76/bbl in 2025, down from an average of $80/bbl in 2024," BMI, a division of Fitch Group, said in a client note.