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.



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.