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)
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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.



Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
TT

Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo

The US dollar charged ahead on Thursday, underpinned by rising Treasury yields, putting the yen, sterling and euro under pressure near multi-month lows amid the shifting threat of tariffs.

The focus for markets in 2025 has been on US President-elect Donald Trump's agenda as he steps back into the White House on Jan. 20, with analysts expecting his policies to both bolster growth and add to price pressures, according to Reuters.

CNN on Wednesday reported that Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries. On Monday, the Washington Post said Trump was looking at more nuanced tariffs, which he later denied.

Concerns that policies introduced by the Trump administration could reignite inflation has led bond yields higher, with the yield on the benchmark 10-year US Treasury note hitting 4.73% on Wednesday, its highest since April 25. It was at 4.6709% on Thursday.

"Trump's shifting narrative on tariffs has undoubtedly had an effect on USD. It seems this capriciousness is something markets will have to adapt to over the coming four years," said Kieran Williams, head of Asia FX at InTouch Capital Markets.

The bond market selloff has left the dollar standing tall and casting a shadow on the currency market.

Among the most affected was the pound, which was headed for its biggest three-day drop in nearly two years.

Sterling slid to $1.2239 on Thursday, its weakest since November 2023, even as British government bond yields hit multi-year highs.

Ordinarily, higher gilt yields would support the pound, but not in this case.

The sell-off in UK government bond markets resumed on Thursday, with 10-year and 30-year gilt yields jumping again in early trading, as confidence in Britain's fiscal outlook deteriorates.

"Such a simultaneous sell-off in currency and bonds is rather unusual for a G10 country," said Michael Pfister, FX analyst at Commerzbank.

"It seems to be the culmination of a development that began several months ago. The new Labour government's approval ratings are at record lows just a few months after the election, and business and consumer sentiment is severely depressed."

Sterling was last down about 0.69% at $1.2282.

The euro also eased, albeit less than the pound, to $1.0302, lurking close to the two-year low it hit last week as investors remain worried the single currency may fall to the key $1 mark this year due to tariff uncertainties.

The yen hovered near the key 160 per dollar mark that led to Tokyo intervening in the market last July, after it touched a near six-month low of 158.55 on Wednesday.

Though it strengthened a bit on the day and was last at 158.15 per dollar. That all left the dollar index, which measures the US currency against six other units, up 0.15% and at 109.18, just shy of the two-year high it touched last week.

Also in the mix were the Federal Reserve minutes of its December meeting, released on Wednesday, which showed the central bank flagged new inflation concerns and officials saw a rising risk the incoming administration's plans may slow economic growth and raise unemployment.

With US markets closed on Thursday, the spotlight will be on Friday's payrolls report as investors parse through data to gauge when the Fed will next cut rates.