Coral reef progress from Saudi G20 presidency must continue, says CORDAP chief

Dr. Rory Jordan, the deputy director of CORDAP at KAUST, speaking to Arab News at COP27. (AN Photo)
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Updated 30 January 2024
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Coral reef progress from Saudi G20 presidency must continue, says CORDAP chief

  • Backing from Saudi government and KAUST has played big role in making sure more is done to protect coral reefs
  • CORDAP calls on other G20 nations and wealthy countries to step up donations on a multiannual basis

SHARM EL-SHEIKH: Progress made since the Saudi Arabia G20 presidency in raising awareness and filling in a “knowledge gap” surrounding coral reef studies has been vital in developing research in the sector, experts have said.

Speaking to Arab News on the sidelines of the UN Climate Change Conference (COP27) in the Egyptian Red Sea resort town of Sharm El-Sheikh, Dr. Rory Jordan said a global initiative launched off the back of the G20 environmental ministers meeting two years ago was key to pushing the agenda forward and fast-tracking solutions to save the world’s coral.

“We’re here to raise the profile and get visibility of what CORDAP (Coral Research and Development Accelerator Platform) is there to do, which is to fill a knowledge gap in the global research and development space for coral research, both tropical corals which take up an awful lot of the developing world, but also deepwater corals,” said the deputy director of CORDAP at the King Abdullah University of Science and Technology.




Coral reefs are an essential part of the marine ecosystem and exist in more than 100 countries and territories around the world. (AN Photo)

Jordan, who is also a senior research adviser to Coral Reef Restoration Strategies, said: “A founding committee was formed with 17 countries from the G20 and they developed the consensus.”

He added: “Saudi Arabia agreed to put in $100 million as a founding commitment for this, with a view to raising about $300 million over the next 10 years,” and called on other G20 nations and wealthy countries to step up their donations and contribute on a multiannual basis.

CORDAP launched its first $18 million funding call in September and received $112 million in requests from 89 different countries by the deadline on Nov. 1, with over $56 million coming from developing countries.




According to CORDAP, 90 percent of the world’s remaining coral reefs are threatened and may disappear completely by 2050. (AN Photo)

“That just goes to show that the demand is there for development in those areas, where they depend on them for the livelihoods and they’re really keen to get those restored and conserve them as well.”

Jordan, who was part of a delegation participating in a number of panel discussions at COP27, said he hopes this sort of investment will reverse years of coral degradation across the planet, and help put reefs front and center of conservation projects, including in areas closer to home, such as the Red Sea.

“We want to develop scalable, affordable and translatable solutions,” he said. “Solutions to scale up restoration (of) the area of coral reef which is degraded, or dead, or bleached at the moment is reaching gargantuan proportions.”

 

 

Coral reefs, which are an essential part of the marine ecosystem, exist in more than 100 countries and territories, and 90 percent of the world’s remaining coral reefs are threatened and may disappear completely by 2050, according to CORDAP

“Most coral restoration activities at the moment are very small. They have been smaller, but they’re gaining more ambition now,” Rory said, noting that they are using science and innovation to develop more affordable and precise technologies and methods to increase the survival rates of coral restoration projects.

And backing from the Saudi government and KAUST has played a big role in making sure more is done to protect coral reefs.




Funding and investment will reverse years of coral degradation across the planet, and help put reefs front and center of conservation projects, experts say. (AN Photo)

“The Red Sea is an area of particular importance to ourselves as well, being at KAUST and being in CORDAP, with the G20 being hosted by the Saudi presidency in 2020,” he said.

“It has built a huge amount of momentum, and actually that’s a lot in thanks to KAUST, who have agreed to put up their hand to host the initiative, its management hub, pay staff full time, and run its funding programs.

“So that’s to the tune of about maybe $2 million per year. So with that full-time ability and with those resources behind us, we’ve been able to move forward very quickly,” he added.

 

 

Looking toward COP28, being hosted by the UAE next year, Jordan hopes the momentum will continue and they would be able to bolster the funding available to mobilize resources for R&D programs around the world, and “If possible, by that stage,” they would like to see the Kingdom double its funding commitment.

“Coral reefs need action right now. They need resourcing both for the restoration activities around the world, but also for the new solutions that we need to develop now for even in ten, 20 years time when, hopefully, we can adapt the corals to a warming world, because we have to understand ... the ocean is going to be warmer and we’re just going to have to adapt the corals and the natural ecosystem to that,” Jordan said.

 

 


GLOBAL MARKETS-Shares skid as oil blasts past $100 after Iran strikes Gulf shipping

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GLOBAL MARKETS-Shares skid as oil blasts past $100 after Iran strikes Gulf shipping

SYDNEY: Shares in Asia fell broadly on Thursday as oil prices roared 9 percent past $100 a barrel on reports of more ships struck in Gulf waters and terminal shutdowns — a jump that could rapidly stoke inflation and push global borrowing costs higher.

Investors took little comfort from the International Energy Agency’s plan to release 400 million barrels of oil from its reserves, the largest such move in its history. As part of that, the US said it would release 172 million barrels of oil from next week.

Brent crude futures jumped 9.2 percent to $100.37 a barrel, extending a rise of more than 4 percent overnight. US crude futures surged 8.1 percent to $94.26 a barrel.

Shares slid, with MSCI’s broadest index of Asia-Pacific shares outside Japan falling 1.5 percent, while the Nikkei dropped 1.4 percent.

Chinese blue-chips lost 0.6 percent and Hong Kong’s Hang Seng index skidded 1.2 percent.

Both S&P 500 futures and Nasdaq futures fell 0.9 percent. EUROSTOXX 50 futures were down 0.8 percent and DAX futures lost 1 percent.

Two fuel tankers in Iraqi waters had been struck by explosive-laden Iranian boats, Iraqi security officials said early on Thursday, while an Iraqi official told state media that its oil ports “have completely stopped operations.”

Bloomberg reported that Oman has evacuated all vessels from its key oil export terminal at Mina Al Fahal as a precautionary measure.

“The market remains very concerned in terms of what’s going on in the Strait of Hormuz, and basically, information that we are getting over the last 24 hours is not a good reading,” said Rodrigo Catril, a senior FX strategist at NAB.

“It sort of reemphasizes the view that we should be worried about this and the risk is oil prices are going to get higher from here rather than coming down.”

Iran had earlier stepped up attacks on merchant ships in the Strait of Hormuz, raising the number of ships struck in the region since fighting began to at least 16. Tehran has warned the world to get ready for oil at $200 a barrel.

Throwing more uncertainty into the air, US President Donald Trump on Wednesday declared the war on Iran has been won but he will stay in the fight to finish the job.

INFLATION RISKS

US data showed the consumer price index rose 0.3 percent in February, in line with forecasts and above January’s 0.2 percent increase. The report, however, was not regarded as particularly relevant given that the Iran war has started to fuel inflation.

In bond markets, the risk of rising inflation outweighed safe-haven considerations to shove yields higher globally. Yields on 10-year Treasury notes rose 3 basis points to 4.2374 percent on Thursday, having jumped 7 bps overnight.

Fed funds futures extended their slide as investors feared higher inflation would make it harder for the Federal Reserve to ease policy. Markets are just wagering one more rate cut from the Fed this year. 

The danger of energy-driven inflation has led markets to wager the next move in rates from the European Central Bank could be up, possibly as early as June. 

Nervous investors sought the liquidity of dollars while shunning currencies from countries that are net energy importers, including Japan and much of Europe.

The euro slipped 0.2 percent to $1.1539, after closing at the weakest level since November last year. The dollar inched up 0.1 percent to 159.12 yen, the strongest level since January when reported rate checks from the US Fed spooked yen bears.

The risk-sensitive Australian dollar lost 0.4 percent to $0.7122, having hit a more than three-year high of $0.7188 on Wednesday as bets for an imminent rate hike from its central bank grew.