World Bank Suggests Pricing Cost of Air Pollution in the Middle East

A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File Photo
A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File Photo
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World Bank Suggests Pricing Cost of Air Pollution in the Middle East

A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File Photo
A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File Photo

A World Bank report suggests pricing the cost of air pollution and reforming fossil fuel subsidies and creating markets for emissions, along with offering cleaner transportation options in the Middle East.

The human and economic cost of air pollution and degraded seas and coastlines is immense, estimated to be more than 3% of GDP in some countries of the Middle East and North Africa (MENA), according to the new report.

The report, Blue Skies, Blue Seas: Air Pollution, Marine Plastics and Coastal Erosion in the Middle East and North Africa, focuses on the degradation of "blue" natural assets in the MENA region (clean air, health seas and stable coastlines) and offers policy recommendations to reverse the threat to this natural capital.

"Polluted skies and seas are costly to the health, social and economic wellbeing of millions of people in the Middle East and North Africa region," said Ferid Belhaj, World Bank Vice President for the Middle East and North Africa, in a press release on Monday.

"As countries recover from COVID-19, there is an opportunity to change course and choose a greener, bluer and more sustainable growth path that has fewer emissions and less environmental degradation," he added.

To address marine plastic pollution, the report's recommendations include improving solid waste management, creating reliable market structures for recycling markets and increased collaboration with the private sector for plastic alternatives, while also reducing fossil fuel subsidies which artificially reduce the price of plastics versus alternatives.

To tackle coastal erosion, governments must better understand the drivers of erosion and determine hotspots while also embarking on integrated coastal zone management schemes and adopting nature-based solutions that protect coastlines, including dune vegetation or artificial reefs. Moreover, practices that exacerbate coastal erosion should be controlled, including effective bans for illegal sand mining, and retrofitting dams that obstruct the flow of sediment from rivers to the coasts, the report said.



Russia's Novak: Oil Market Balanced Thanks to OPEC+

Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024.  REUTERS/Olesya Astakhova
Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024. REUTERS/Olesya Astakhova
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Russia's Novak: Oil Market Balanced Thanks to OPEC+

Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024.  REUTERS/Olesya Astakhova
Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024. REUTERS/Olesya Astakhova

The global oil market is balanced thanks to the actions of OPEC+ countries and compliance with its quotas, Russian Deputy Prime Minister Alexander Novak said on Friday following a Russia-OPEC meeting.
OPEC+ countries, which are pumping around half the world's oil, are taking all necessary decisions to maintain market stability, Novak also said after meeting OPEC Secretary General Haitham Al Ghais in Moscow.
"Today, while discussing the situation and forecasts, we assess the current market as balanced. That's thanks primarily to the actions of OPEC+ countries and coordinated actions to comply with the quotas, voluntary commitments of OPEC+ count," Novak said.
The meeting comes as OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, prepares to meet on Dec.1.