COP28 President-designate Says Paris Agreement Goal of 1.5°C Is ‘Non-negotiable'

Al Jaber speaking at the World Sustainable Development Summit in New Delhi. (WAM)
Al Jaber speaking at the World Sustainable Development Summit in New Delhi. (WAM)
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COP28 President-designate Says Paris Agreement Goal of 1.5°C Is ‘Non-negotiable'

Al Jaber speaking at the World Sustainable Development Summit in New Delhi. (WAM)
Al Jaber speaking at the World Sustainable Development Summit in New Delhi. (WAM)

Dr. Sultan Al Jaber, COP28 UAE President-Designate, emphasized the need to mobilize resources and partnerships toward a bold and transformative approach to climate action.

His remarks came during the World Sustainable Development Summit hosted by The Energy and Resources Institute (TERI) in New Delhi.

Al Jaber reaffirmed the UAE’s unwavering commitment to the Paris Agreement goal of limiting global temperature rise to 1.5 degrees Celsius but stressed that progress was far from what was needed.

“Let me make one thing absolutely clear: the goal of keeping 1.5 alive is non-negotiable. It is also clear that business as usual won’t get us there. We need a paradigm shift in our approach to mitigation, adaptation, finance, and loss and damage.”

Acknowledging the need to support those impacted by climate change, he also pointed to the need to boost support for adaptation, and to embrace nature-based solutions.

“On adaptation, COP28 must conclude the Global Goal on Adaptation, and finalize agreement around doubling adaptation finance. TERI has been at the forefront of pushing for this goal, which will help protect vulnerable communities across the Global South. Adaptation also means preserving ALL life on earth, protecting biodiversity, natural ecosystems, and endangered species. As a nation, and as the COP28 Presidency, we share India’s firm belief that safeguarding and respecting nature is a fundamental obligation. The UAE has always embedded environmental protection, respect for nature, and climate action into our development strategy,” state news agency WAM cited Al Jaber as saying.

The COP28 President-Designate emphasised that the step change in the climate progress needed cannot happen without accessible and affordable capital, noting that trillions, not billions, are required.

“A key enabler will be the reform of the International Financial Institutions and Multilateral Development Banks. We must mobilise much more concessional finance to unlock more private sector capital and target investments where they are needed most. As such, scaling and accelerating climate finance will be one of the key goals of the COP28 Presidency, and we will rally all relevant parties in an effort to get it done.”

Dr. Al Jaber expressed that progressive climate action represents an immense opportunity for the world: “An opportunity to create millions of jobs and invent new sectors, businesses, and industries. In fact, it will create the greatest leap in human development and prosperity since the first industrial revolution.”

“Let’s ensure that progress is truly inclusive… that no-one is left behind. Let’s keep 1.5 alive, while putting an end to energy and water poverty. Let’s unite around climate action that carries humanity forward. And let’s prove that you can be pro-climate and pro-growth at the same time.

“In the months to come, myself and the COP28 team, will continue to listen, consult, and engage with everyone. Everyone from civil society, Indigenous peoples, the private sector, governments, women, and youth," he added.

“Let’s unite everyone around a COP of action and a COP for all. Let’s remember that the world makes progress through partnership, not polarization."

“And let’s follow TERI’s motto: ‘the best way to predict the future is to create it.’ So, let’s get to work and create a sustainable future together.”



Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
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Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)

Egypt announced plans on Monday for a new $1 billion marina, hotel and housing development on the Red Sea in a bid to boost the region's tourist industry.

Construction on the "Monte Galala Towers and Marina" project would ‌start in ‌the second ‌half ⁠of the ‌year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development - a partnership with the ⁠housing ministry and other state bodies ‌including the armed ‍forces' engineering authority - ‍would cost about 50 ‍billion Egyptian pounds ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square meters on the Gulf of Suez, about ⁠35 km south of Ain Sokhna, Shalaby said.

Egypt aims to boost total tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.


Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
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Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA

The Saudi-Polish Investment Forum was held today at the headquarters of the Federation of Saudi Chambers in Riyadh, with the participation of Minister of Investment Khalid Al-Falih, Minister of Finance of the Republic of Poland Andrzej Domański, and Vice President of the Federation of Saudi Chambers Emad Al-Fakhri.

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation, expanding investment partnerships in priority sectors, and exploring high-quality investment opportunities that support sustainable growth in Saudi Arabia and Poland.

During a dedicated session, the forum reviewed economic and investment prospects in both countries through presentations highlighting promising opportunities, investment enablers, and supportive legislative environments.

Several specialized roundtables addressed strategic themes, including the development of the digital economy, with a focus on information and communication technologies (ICT), financial technologies (fintech), and artificial intelligence-driven innovation, SPA reported.

Discussions also covered the development of agricultural value chains from production to market access through advanced technologies, food processing, and agricultural machinery. In addition, participants examined ways to enhance the construction sector by developing systems and materials, improving execution efficiency, and accelerating delivery timelines. Energy security issues and the role of industrial sectors in supporting economic transformation and sustainability were also discussed.

The forum witnessed the announcement of two major investment agreements. The first aims to establish a framework for joint cooperation in supporting investment, exchanging information and expertise, and organizing joint business events to strengthen institutional partnerships.

The second agreement focuses on supporting reciprocal investments through the development of financing and insurance tools and the stimulation of joint ventures to boost investment flows.

The forum concluded by emphasizing the importance of continued coordination and dialogue between the public and private sectors in both countries to deepen Saudi-Polish economic relations and advance shared interests.


Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose on Monday, buoyed by a softer dollar as investors braced for a week packed with US economic data that could offer more clues on the US Federal Reserve's monetary policy.

Spot gold rose 1.2% to $5,018.56 per ounce by 9:30 a.m. ET (1430 GMT), extending a 4% rally from Friday.

US gold futures for April delivery also gained 1.3% to $5,042.20 per ounce.

The US dollar fell 0.8% to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers.

"The big mover today (in gold prices) is the US dollar," said Bart Melek, global head of commodity strategy at TD Securities, adding that expectations are growing for weak economic data, particularly on the labor front, Reuters reported.

Investors are closely watching this week's release of US nonfarm payrolls, consumer prices and initial jobless claims for fresh signals on monetary policy, with markets already pricing in at least two rate cuts of 25 basis points in 2026.

US nonfarm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll.

Lower interest rates tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Meanwhile, China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.

"The debasement trade continues, with ongoing geopolitical risks driving people into gold," Melek said, adding that China's purchases have had a psychological impact on the market.

Spot silver climbed 2.9% to $80.22 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

Spot platinum was down 0.2% at $2,092.95 per ounce, while palladium was steady at $1,707.25.

"A slowdown in EV sales hasn't really materialized despite all the policy softening, so I do see that platinum and palladium will possibly slow down," after a bullish run in 2025, WisdomTree commodities strategist Nitesh Shah said.