Saudi Arabia Leads Global Efforts Against Desertification at COP16

Saudi Arabia establishes principles for combating desertification and drought (SPA)
Saudi Arabia establishes principles for combating desertification and drought (SPA)
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Saudi Arabia Leads Global Efforts Against Desertification at COP16

Saudi Arabia establishes principles for combating desertification and drought (SPA)
Saudi Arabia establishes principles for combating desertification and drought (SPA)

Saudi Arabia is leading international efforts to address desertification and its negative impacts on economies, societies, and environments worldwide. This initiative comes as the Kingdom prepares to host the 16th Conference of the Parties to the United Nations Convention to Combat Desertification (COP16).

To support sustainable development goals, Saudi Arabia sent a high-level delegation to the 79th United Nations General Assembly, led by Foreign Minister Prince Faisal bin Farhan Al Saud.

This delegation launched a significant initiative involving the upcoming three COP conferences on climate change, biodiversity, and desertification.

The aim is to create comprehensive solutions that enhance the outcomes of these agreements, which have been working for 30 years to improve life on Earth and ensure the sustainability of natural resources.

Speaking to Asharq Al-Awsat, Dr. Osama Ibrahim Faqeeha, Deputy Minister of Environment, Water, and Agriculture in Saudi Arabia and advisor to COP16, emphasized that recent meetings are part of ongoing efforts that began when Saudi Arabia announced it would host one of the largest global environmental conferences.

This decision highlights the international community’s trust in the Kingdom’s leadership on these critical issues, according to Faqeeha.

The deputy minister also mentioned Saudi Arabia’s recent call to governments at the United Nations General Assembly, urging them to take decisive action at COP16 of the United Nations Convention to Combat Desertification, which will be held in Riyadh in early December.

Saudi Arabia’s Preparations for COP16

As COP16 approaches, Saudi Arabia is taking on a crucial role at both regional and international levels to host the conference.

Faqeeha noted that the Kingdom has launched the “Middle East Green Initiative,” a unique coalition designed to address climate change through regional cooperation.

This initiative aims to create a sustainable future by diversifying the economy, generating jobs, and attracting private sector investments.

It focuses on two main goals: increasing tree planting and reducing carbon emissions in the region.

Additionally, Saudi Arabia is establishing regional centers and programs to help achieve these objectives and promote investments in the circular carbon economy and reforestation efforts.

Faqeeha highlighted that Saudi Arabia’s efforts have earned global trust, making it the ideal host for COP16.

He pointed out that during its G20 presidency, the Kingdom launched an initiative, aiming to unify global efforts for innovative solutions in land restoration and drought resilience.

This initiative is vital for food and water security, especially as a quarter of the world's population faces drought conditions, with projections suggesting that three out of four people may experience water scarcity by 2050.

In terms of preparations for COP16, Faqeeha noted that the conference will showcase Saudi Arabia’s dedication to tackling climate change and finding effective solutions for land degradation.

The Kingdom has implemented proactive measures and revised environmental laws to reaffirm its commitment to international agreements.

“We have worked hard to bring together the world’s best minds and resources in Riyadh to pave the way for a sustainable future,” Faqeeha told Asharq Al-Awsat.

As part of the preparations for this 30th anniversary of the UN Convention to Combat Desertification, Faqeeha said: “We will present evidence to delegations showing that significant financial returns are possible for the global community, along with real benefits for society, in line with global development goals.”



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.