Developing Nations Press Rich World to Better Fight Climate Change at UN Climate Summit

 Bolivia Vice President David Choquehuanca speaks during a plenary session at the COP28 UN Climate Summit, Saturday, Dec. 2, 2023, in Dubai, United Arab Emirates. (AP)
Bolivia Vice President David Choquehuanca speaks during a plenary session at the COP28 UN Climate Summit, Saturday, Dec. 2, 2023, in Dubai, United Arab Emirates. (AP)
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Developing Nations Press Rich World to Better Fight Climate Change at UN Climate Summit

 Bolivia Vice President David Choquehuanca speaks during a plenary session at the COP28 UN Climate Summit, Saturday, Dec. 2, 2023, in Dubai, United Arab Emirates. (AP)
Bolivia Vice President David Choquehuanca speaks during a plenary session at the COP28 UN Climate Summit, Saturday, Dec. 2, 2023, in Dubai, United Arab Emirates. (AP)

Leaders of developing nations jumped into Saturday's second-day of a UN climate summit to press rich industrial countries to share their knowhow to fight global warming and ease the financial burdens they face — while trumpeting their own natural resources that swallow heat-trapping carbon in the air.

The annual United Nations Conference of the Parties, known as COP28, in the United Arab Emirates featured about 150 presidents, prime ministers, royals and other leaders who are presenting their plans to cut heat-trapping emissions and mostly seek unity with other nations to avert climate catastrophe that seemed to draw closer than ever in 2023.

The developing world took center stage early Saturday, with Vice President Kamala Harris of the United States set to speak later.

African leaders noted their continent's rainforests help gobble up excess carbon dioxide in the air and their countries have belched out a tiny fraction of heat-trapping emissions compared to richer countries.

Teodoro Obiang Nguema Mbasogo of Equatorial Guinea — one of sub-Saharan Africa's biggest oil producers — faulted developed nations for failing to deliver on their pledges to meet their commitments on financing for climate action and meet their own targets to curb their industries' emissions.

"Africa is one of the regions in the world that sequesters the most carbon and emits oxygen," he said.

President Jose Ramos Horta of Timor-Leste, next to Indonesia and north of Australia, blasted "shark loans" from multilateral lending institutions, saying developing nations cannot recover from heavy debt burdens that squelch their ability to put money into fighting climate change and grow economically.

Harris’ appearance at COP28 in Dubai marks the first time since COP3 in Kyoto, Japan, that a vice president has led America’s delegation. COP3 in 1997 saw then-Vice President Al Gore speak. Intervening COP summits through President George W. Bush’s tenure saw lower-level representatives.

As Harris made her way toward the Dubai venue, US climate envoy John Kerry and French President Emmanuel Macron pushed for development of nuclear energy — which does not produce greenhouse gas emissions, even if it also presents security and waste challenges.

Overall, a group of more than 20 nations called for a tripling of nuclear energy generated in the world by 2050.

"I want here to reiterate the fact that nuclear energy is a clean energy and it should be repeated," said Macron, which gets around two-thirds of its electricity from nuclear power, the most of any industrialized country, and even exports some of it to its neighbors. "Nuclear energy is back."

A declaration issued at the event did not specify how much money should be set aside, but urged the World Bank and others to "encourage" expanding lending for nuclear projects.

"We have to invest — I’m not saying give away," Kerry said. "I’m saying invest the trillions of dollars that are sitting on the sidelines looking for bankable deals but not willing to move as fast as we need to move."

Whatever their perspective or national interest, leaders almost universally voiced their shared views that Earth is in crisis — with the United Nations and other environmental groups warning that the planet has recorded the nine hottest years on record over the last decade.

Bolivian Vice President David Choquehuanca called for "saving Mother Earth and staving off the multiple crises which have been caused by neocolonial, capitalist, imperialist, patriarchal, Western culture."

"The climate crisis is but the latest chapter in a long history of hypocrisy and lies: The ‘Global North’ is responsible for the global imbalance that we’re seeing," he said, using a catchall term for industrialized countries. "They seek permanent growth to the detriment of the global South."

Worries are rising that the world is set to blow past — even obliterate — targets in the Paris climate accord of 2015 to cap the increase in global temperatures by the end of the century by 1.5 degrees Celsius (2.7 Fahrenheit) since the start of the industrial era.

In a fire-and-brimstone kickoff Friday, UN Secretary-General Antonio Guterres, fresh from viewing melting glaciers in Antarctica and Nepal, said "Earth's vital signs are failing" and told leaders, "You can prevent planetary crash and burn."

In a direct challenge to fossil fuel-aligned nations, the UN chief said the only way to limit warming to the goal set in 2015 is by eliminating oil, coal and gas use. "Not reduce, not abate. Phase out," he said.



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.