G20 Initiatives to Protect Degraded Lands

An underwater scene captured near the coasts of the mega Amaala project, to be established in the Red Sea, western Saudi Arabia (Asharq Al-Awsat)
An underwater scene captured near the coasts of the mega Amaala project, to be established in the Red Sea, western Saudi Arabia (Asharq Al-Awsat)
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G20 Initiatives to Protect Degraded Lands

An underwater scene captured near the coasts of the mega Amaala project, to be established in the Red Sea, western Saudi Arabia (Asharq Al-Awsat)
An underwater scene captured near the coasts of the mega Amaala project, to be established in the Red Sea, western Saudi Arabia (Asharq Al-Awsat)

At a time safeguarding the planet is at the heart of efforts exerted by the Saudi G20 presidency, an environment-focused event revealed on Thursday that approximately 1.5 billion people are affected by soil degradation.

The losses due to the decline in environmental services related to land degradation are estimated at 6 to 11 trillion dollars annually.

G20 Saudi Arabia is leading the international community in working toward minimizing land degradation and deforestation to conserve biodiversity and meet climate goals.

“We launched a global initiative to promote the rehabilitation of degraded lands and preserve current resources, targeting all countries of the world. It will be led by the G20,” said Saudi Deputy Minister for Environment Dr. Osama Faqeeha.

He said that the Saudi presidency is pursuing collective efforts and taking concrete actions to safeguard the planet.

The deputy minister said conserving the earth’s environment meant protecting marine and terrestrial environments and working towards reducing marine pollution such as plastic littering.

Faqeeha also spoke about preserving the oceans, saying that the human activity and climate change endanger the survival of coral reefs, which are vital for biodiversity.

Without concrete action, it is estimated that “a significant share of coral reefs is at risk,” he said. Coral reefs are under constant threat from pollution and habitat destruction, therefore conserving them “urgently important to ensure protection of our ecosystem.”

“We proposed launching a global initiative to preserve coral reefs,” Faqeeha reaffirmed, adding that the King Abdullah University offered to host the main headquarters for the initiative.

Moreover, land degradation affects about 60 percent of people directly or indirectly and contributes to massive habitat and ecosystem losses, Faqeeha added.

He explained that deforestation and other land use are also responsible for harmful greenhouse gas emissions.

Furthermore, Faqeeha discussed how climate change is one of the most pressing global challenges. The urgency to act increases as the world population continues to grow and emissions rise.

The Saudi G20 presidency is committed to advancing efforts for managing emissions in all sectors and improving synergies between adaptation and mitigation actions, including nature-based solutions such as reforestation and protecting and restoring marine resources.

“There has been significant appreciation of Saudi Arabia on environment preservation,” said the deputy minister.



Gold Firms; Focus on US Data for Cues on Fed's Policy Path

FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo
FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo
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Gold Firms; Focus on US Data for Cues on Fed's Policy Path

FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo
FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo

Gold prices hovered near a four-week peak on Thursday, while focus shifted to jobs report due on Friday for clarity on the Federal Reserve's 2025 interest rate path.
Spot gold edged 0.1% higher to $2,664.30 per ounce, as of 0732 GMT. US gold futures rose 0.4% to $2,681.80
"Prices are trading in a narrow range ... A new trigger is needed for gold to breach its resistance," said Ajay Kedia, director at Kedia Commodities in Mumbai.
The bullion hit a near four-week high in the previous session after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.
The market now awaits US jobs report on Friday for more cues on the Fed's policy path.
Investors are also awaiting Donald Trump to take office on Jan. 20 and his proposed tariffs and protectionist policies are expected to fuel inflation.
Policymakers at the Fed's last meeting also "noted that recent higher-than-expected readings on inflation, and the effects of potential changes in trade and immigration policy, suggested that the process could take longer than previously anticipated," the minutes showed on Wednesday.
Bullion is considered an inflationary hedge, but high rates reduce the non-yielding asset's allure.
"We believe the bulk of the rally has been put in and that while gold's upward momentum may carry it higher in the near term and in early 2025, a combination of physical and financial market factors may tame the rally and drive gold moderately lower by the end of next year," HSBC said in a note.
Elsewhere, physically-backed gold exchange-traded funds (ETFs) registered their first inflow in four years, the World Gold Council said.
Spot silver added 0.2% to $30.17 per ounce, platinum dropped 0.3% to $952.54 and palladium shed 0.8% to $921.37.