Al-Jubeir to Asharq Al-Awsat: Saudi Arabia Commits to Environmental Sustainability with Over $180 Billion in Investments

Al-Jubeir delivers a speech during the COP16 conference (Ministry of Foreign Affairs)
Al-Jubeir delivers a speech during the COP16 conference (Ministry of Foreign Affairs)
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Al-Jubeir to Asharq Al-Awsat: Saudi Arabia Commits to Environmental Sustainability with Over $180 Billion in Investments

Al-Jubeir delivers a speech during the COP16 conference (Ministry of Foreign Affairs)
Al-Jubeir delivers a speech during the COP16 conference (Ministry of Foreign Affairs)

Adel Al-Jubeir, Saudi Arabia’s Minister of State for Foreign Affairs, Cabinet Member, and Climate Envoy, reaffirmed the Kingdom’s steadfast commitment to achieving environmental and climate objectives.

He pointed to the Saudi Green Initiative and the Middle East Green Initiative, highlighting their aim to establish a global model for environmental sustainability. “Saudi Arabia’s actions and initiatives are clear, its investments substantial, with over 80 projects totaling more than $180 billion,” he stated.

In an interview with Asharq Al-Awsat during the 16th Conference of the Parties to the United Nations Convention to Combat Desertification (COP16) in Riyadh, Al-Jubeir discussed Saudi Arabia’s latest move to address global water challenges through the newly founded Global Water Organization.

Announced by Crown Prince and Prime Minister Mohammed bin Salman, this initiative represents a major step in tackling water-related issues worldwide. The organization, approved last year and headquartered in Riyadh, seeks to unify and enhance international efforts to address water challenges holistically. Its mission includes fostering technological innovation, promoting research and development, facilitating the financing of priority projects, and ensuring the sustainability of water resources, while improving access to water for all.

Al-Jubeir emphasized the importance of awareness in combating desertification and rehabilitating degraded lands, highlighting the direct connection between land degradation, climate change, and global stability. He explained that the loss of healthy land reduces the Earth’s capacity to store carbon, thereby increasing emissions and exacerbating climate issues.

“It’s critical to raise awareness about the link between desertification, land degradation, and climate change. Healthy land serves as a vital carbon sink. When land deteriorates, we lose this capacity, leading to heightened carbon emissions globally and severe impacts on humanity,” he explained.

He also pointed out that land degradation negatively affects food security and forces people to migrate from drought-stricken regions to more hospitable areas, often resulting in conflicts and instability.

“This displacement can lead to wars, economic collapse, extremism, and terrorism, further driving migration. In turn, this often triggers political reactions in host countries, destabilizing global security and stability,” he noted.

The minister also reaffirmed that environmental and climate action are among Saudi Arabia’s top priorities as part of its Vision 2030. These efforts, he said, aim to enhance quality of life and create a better future for all of humanity.



Dollar Tumbles as Investors Seek Safe Havens after US Tariffs

US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Tumbles as Investors Seek Safe Havens after US Tariffs

US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar weakened broadly on Thursday, while the euro rallied after President Donald Trump announced harsher-than-expected tariffs on US trading partners, unsettling markets as investors flocked to safe havens such as the yen and Swiss franc.

The highly anticipated tariff announcement sent shockwaves through markets, with global stocks sinking and investors scrambling to the safety of bonds as well as gold.

Trump said he would impose a 10% baseline tariff on all imports to the United States and higher duties on some of the country's biggest trading partners.

The new levies ratchet up a trade war that Trump kicked off on his return to the White House, rattling markets as fears grow that a full-blown trade war could trigger a sharp global economic slowdown and fuel inflation, Reuters reported.

The dollar index, which measures the US currency against six others, fell 1.6% to 102.03, its lowest since early October.

The euro, the largest component in the index, gained 1.5% to a six-month high of $1.1021.

Trump has already imposed tariffs on aluminium, steel and autos, and has increased duties on all goods from China.

"Eye-watering tariffs on a country-by-country basis scream 'negotiation tactic', which will keep markets on edge for the foreseeable future," said Adam Hetts, global head of multi-asset and portfolio manager at Janus Henderson Investors.

The risk-sensitive Australian dollar added 0.56% to $0.63365, while the New Zealand dollar climbed 0.9% to $0.5796.

The yen strengthened to a three-week high against the dollar and was last up 1.7% at 146.76 per dollar, while the Swiss franc touched its strongest level in five months at 0.86555 per dollar.

"Negotiations are now going to be front of mind. This is probably the other big part of why we're seeing some of these currencies outperform," said Nicholas Rees, Head Of Macro Research at Monex Europe.

"It's very difficult actually to see how other countries make concessions that would encourage the US to lift these tariffs. And I think that's a big underpriced risk."

Investors are worried that some US trading partners could retaliate with measures of their own, leading to higher prices.

EU chief Ursula von der Leyen described the tariffs as a major blow to the world economy and said the 27-member bloc was prepared to respond with countermeasures if talks with Washington failed.

Worries about a global trade war have intensified since Trump stepped into the White House in January, combining with a slew of weaker-than-expected US data to stoke recession fears and undermine the dollar.

The dollar index is down more than 5.7% this year.

"These tariffs have certainly significantly increased the risks to the downside for global growth, so on balance we think that will eventually start to become more supportive again for the dollar," said Lee Hardman, senior currency analyst at MUFG.

In Asia currencies, China's onshore yuan slid to its weakest level against the dollar since February 13. China's offshore yuan also hit a two-month low.

The Vietnamese dong slumped to a record low.

Elsewhere, the Mexican peso and Canadian dollar strengthened.

Canada and Mexico, the two largest US trading partners, already face 25% tariffs on many goods and will not face additional levies from Wednesday's announcement.