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)
TT

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.



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)
TT

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.