The Executive Secretary of the United Nations Framework Convention on Climate Change, Simon Steele, called for tripling global renewable energy capacity by 2030, and developing electricity networks to transport energy across borders, in the context of accelerating the implementation of climate solutions, during the opening of the 31st Conference of the Parties (COP31) in Turkey, on Monday.
Steele said that the conference represents the beginning of a new phase that focuses on implementing commitments and accelerating solutions, stressing that “the conference must not only send signals, but must accelerate solutions.”
He pointed out that 90 percent of major renewable energy projects have become less expensive than alternatives to fossil fuels, and that efforts to adapt to climate change have moved from the margins to the center of attention, but he added that “progress is still far from the required level, and is not being achieved with sufficient justice.”
Steele urged accelerating the implementation of pledges related to financing adaptation, reducing methane emissions, especially in the oil, gas and waste sectors, and addressing the difficulties faced by countries in accessing available and committed financing.
He pointed out that the agreements related to financing in “COP 31” should provide clarity on how to fulfill the pledges amounting to $300 billion and $1.3 trillion, “without reopening previous agreements.”
Steele stressed that “the agenda is not a means that allows countries to evade the implementation of their obligations, but rather a tool to enhance and accelerate implementation,” calling for expanding the participation of developing countries in it, allowing them to benefit from programs to enhance resilience and transition to clean energy.
He pointed out that the disruptions in fossil fuel costs this year caused a “global shock” that burdened families and contributed to increased inflation, while renewable energy globally saved about half a trillion dollars during the past year, and 265 billion dollars during the first half of this year.
Steele concluded by emphasizing that “the conference does not represent a magic solution,” and that confronting climate change requires dealing with reality and accelerating practical solutions, adding: “This is what the era of implementation looks like, so let’s get to work.”
Steele's call comes at a time when COP 31 began amid disagreements over climate financing, after developing countries demanded that financing issues be included in the conference's official agenda, in light of objections to the size of contributions made by developed countries, which historically bear the largest share of emissions.
Agence France-Presse reported that negotiations continued until late Sunday evening regarding the demands of developing countries, before arriving at including the climate finance action program on the agenda. African countries also called for doubling funding for adaptation, but this demand was not included as a separate item, with the parties discussing it among other files.
The financing gap emerges as one of the main challenges to implementing climate pledges, especially with developing countries needing additional resources to finance flood and drought protection projects and developing infrastructure capable of confronting extreme climate phenomena. In this context, the road map proposed from Baku to Belem includes a goal to expand climate financing to $1.3 trillion annually.
As the conference began, United Nations Secretary-General António Guterres warned that the world was entering a new phase of extreme climate events, calling on leaders to accelerate emissions reductions, accelerate a just transition away from fossil fuels, and provide financing and protection to the most fragile countries.
The summit is being held amid continuing disagreements over the future of fossil fuels, after the COP30 conference in Brazil last year failed to include an explicit reference to this issue in its final agreement, following opposition from oil-producing countries. On the other hand, Turkey, which holds the presidency of COP31, seeks to push a voluntary initiative to raise the share of electricity in the total global energy demand from about 20 percent currently to 35 percent by 2035, amid European calls to link the expansion to clean electricity.
The Turkish presidency, in cooperation with Australia, which is leading the negotiations, seeks to make the conference an “implementation summit,” after years of climate pledges and declarations, at a time when pressure is increasing on governments to provide practical steps, in conjunction with energy security challenges, geopolitical tensions, and weak chances of reaching new financing pledges.
The Central Bank of Egypt announced, on Monday, that the annual core inflation rate declined to 13.1 percent in October, compared to 14.1 percent in September, a decrease of a full percentage point, in a development that indicates a decline in the pace of price increases according to the index used by the Central Bank to monitor basic inflationary pressures in the economy.
This decline is of particular importance as markets and investors follow the path of inflation in Egypt, as it is one of the main factors influencing monetary policy decisions, interest rate expectations, and financing costs for companies and individuals.
The decrease in the annual rate reflects a slowdown in the pace of price increases compared to the corresponding period of the previous year, but it does not necessarily mean a decline in the general level of prices, but rather indicates that the pace of their increase has become less.
• An important indicator of monetary policy
Core inflation is one of the indicators that the Central Bank of Egypt relies on to evaluate price trends. It excludes some of the more volatile components, which helps create a clearer picture of ongoing inflationary pressures.
This indicator differs from general inflation, which includes a broader range of goods and services that households consume, including components that may witness sharp changes in prices.
Hence, the decline in core inflation may carry positive signals for monetary policy makers, especially if it continues over the coming months and shows that the slowdown in price increases is not limited to a limited number of goods or temporary factors.
However, a one-month reading alone is not enough to judge the medium-term inflation trend; A more complete picture requires tracking subsequent data and comparing it to price developments in various sectors.
• Implications for companies and consumers
For the business sector, slowing inflation represents an important factor in improving financial planning capacity, especially for companies facing continuous changes in production and operating costs.
Stabilizing the pace of price increases may help reduce uncertainty related to pricing, inventory management, and budgeting, although companies' actual benefit depends on the evolution of raw material, energy, and financing costs.
As for consumers, the decline in inflation indicates a slowdown in the increase in the cost of living, but it does not mean that prices will return to their previous levels. Therefore; The purchasing power of households also remains linked to income and wage levels and the development of commodity prices.
• Keep an eye on the path of interest
The new October reading puts the inflation track once again in the focus of investors, who are monitoring the extent to which the decline in price pressures reflects the directions of the Central Bank of Egypt during the coming period.
A continued decline in inflation usually gives central banks more room to evaluate the possibility of easing monetary restrictions, but any decision on interest rates depends on a broader set of economic and financial indicators.
In conclusion, the decline in core inflation to 13.1 percent represents an encouraging sign of a slowdown in price pressures in Egypt, while the sustainability of this trend in the coming months will remain the most important factor in determining its impact on the economy, markets, and interest decisions.
Jeddah Islamic Port recorded the highest monthly container handling in its history during October 2026, at 582.9 thousand standard containers, exceeding its previous record recorded last June by 27.45 percent, coinciding with an increase in total container handling in Saudi ports by 14 percent on an annual basis.
The official spokesman for the General Ports Authority (MAWANI), Abdullah Al-Munif, said that Jeddah Islamic Port’s recording of this record level reflects the efficiency of its operational performance and logistical capabilities, and confirms its role in keeping pace with the rapid changes in global trade movement and accommodating its increasing volumes.
He added that the achievement contributes to enhancing the smooth flow of goods and supporting the continuity of supply chains.
According to the authority’s statistics, the total containers handled through Saudi ports increased to about 866.2 thousand standard containers during October, compared to about 759.8 thousand containers in the same month of 2025.
This growth was driven by an increase in imported containers by 8.53 percent, to reach about 305.6 thousand containers, compared to 281.6 thousand containers, and an increase in outgoing containers by 4.83 percent, to about 282.9 thousand containers, compared to 269.9 thousand containers.
While transshipment containers decreased by 10.54 percent, to reach about 186.4 thousand containers, compared to 208.4 thousand containers, and the number of transit containers reached about 91.3 thousand standard containers.
On the other hand, the total goods handled through Saudi ports declined by 11.7 percent, reaching 22.36 million tons during October, compared to 25.32 million tons in the same month last year. The quantities were distributed between 1.83 million tons of general cargo, 9.48 million tons of liquid bulk goods, and 4.44 million tons of solid bulk goods, while the total transit goods amounted to 34.78 thousand tons.
In terms of shipping traffic, the number of ships received by Saudi ports decreased by 9.62 percent, reaching about 1.5 thousand ships, compared to about 1.6 thousand ships during the same period last year. The number of passengers also decreased by 8.96 percent, to about 87.6 thousand passengers, compared to 96.2 thousand passengers.
The number of handling vehicles recorded a decrease of 41.46 percent, reaching about 65.5 thousand vehicles, compared to about 111.9 thousand vehicles in October of last year. On the other hand, the number of livestock received through the ports increased by 30.98 percent, reaching about 725.1 thousand heads of livestock, compared to 553.6 thousand heads during the same period in 2025.
