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 Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices rose to a near four-week high on Thursday, supported by safe-haven demand, while investors weighed how US President-elect Donald Trump's policies would impact the economy and inflation.

Spot gold inched up 0.4% to $2,672.18 per ounce, as of 0918 a.m. ET (1418 GMT). US gold futures rose 0.7% to $2,691.80.

"Safe-haven demand is modestly supporting gold, offsetting downside pressure coming from a stronger dollar and higher rates," UBS analyst Giovanni Staunovo said.

The dollar index hovered near a one-week high, making gold less appealing for holders of other currencies, while the benchmark 10-year Treasury yield stayed near eight-month peaks, Reuters reported.

"Market uncertainty is likely to persist with the upcoming inauguration of Donald Trump as the next US president," Staunovo said.

Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, CNN reported on Wednesday, citing sources familiar with the matter.

Trump will take office on Jan. 20 and his proposed tariffs could potentially ignite trade wars and inflation. In such a scenario, gold, considered a hedge against inflation, is likely to perform well.

Investors' focus now shifts to Friday's US nonfarm payrolls due at 08:30 a.m. ET for further clarity on the Federal Reserve's interest rate path.

Non-farm payrolls likely rose by 160,000 jobs in December after surging by 227,000 in November, a Reuters survey showed.

Gold hit a near four-week high on Wednesday after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.

However, minutes of the Fed's December policy meeting showed officials' concern that Trump's proposed tariffs and immigration policies may prolong the fight against rising prices.

High rates reduce the non-yielding asset's appeal.

The World Gold Council on Wednesday said physically-backed gold exchange-traded funds registered their first inflow in four years.

Spot silver rose 0.7% to $30.32 per ounce, platinum fell 0.8% to $948.55 and palladium shed 1.4% to $915.75.