A giant sand artwork adorns New Brighton Beach to highlight global warming and the forthcoming Cop26 global climate conference. Getty Images
A giant sand artwork adorns New Brighton Beach to highlight global warming and the forthcoming Cop26 global climate conference. Getty Images
A giant sand artwork adorns New Brighton Beach to highlight global warming and the forthcoming Cop26 global climate conference. Getty Images
A giant sand artwork adorns New Brighton Beach to highlight global warming and the forthcoming Cop26 global climate conference. Getty Images

UK faces 'most disruptive decade' as it ramps up race to net zero


Alice Haine
  • English
  • Arabic

A climate change leader said the UK was facing one of its most disruptive decades, with every sector set to undergo radical change to meet strict climate emission targets.

Nigel Topping, Britain’s high-level climate action champion, said that because the government set out its green targets for the path to net zero, “that means that we can plan a transition".

Mr Topping told delegates attending the virtual Climate Innovation Forum that "messy transitions" were rarely fair but a planned transition has a chance to be because of wider engagement from "all key stakeholders, the communities that are relying on those industries for jobs, the regulators who are regulating the pace of the transition, and the businesses that are relying on those jobs".

Mr Topping said the decision to phase out combustion engines in the UK by 2030 offered individuals and businesses certainty that the targets must be made by a set date, with the government able to put in place regulations to support those goals.

“The key thing for me is that the clarity of long-term policies is a prerequisite to have any chance of a just transition,” he said.

“We have a real chance of making a just transition here because we know that it's inevitable we get to zero and we can put in place those decadal benchmarks which give us real clarity, and allows us to plan the transition.”

In the year of the UK’s twin presidency of the G7 and the Cop26 environment summit, Britain has set the world’s most ambitious climate change target: to reduce emissions by 68 per cent by 2030 compared with 1990 levels, by 78 per cent by 2035, and to be net zero by 2050.

This falls in line with the Paris Agreement temperature goal to limit global warming to well below 2°C and pursue efforts towards 1.5°C.

On Tuesday, Britain said it would bring forward its target to end the use of coal in electricity generation by a year to October 2024, as it looks to encourage other nations to cut emissions more quickly.

Rain Newton-Smith, chief economist at the Confederation of British Industry, said bringing forward the coal phase-out date demonstrates the UK is leading by example.

“The move from coal to renewable generation has been made possible by having clear ambition and policies in place to transition at pace and scale,” she said on Wednesday.

“To continue demonstrating UK leadership in phasing-out fossil fuels ahead of Cop26, we now need long-term strategy and swift policy action that will provide the certainty that businesses need to invest.”

Mr Topping confirmed Cop26 would go ahead despite escalating coronavirus cases in the UK, with the UN already opening the registration process and vaccines set to be “delivered to approved delegates, whether from countries or civil society, as promised by the UN and the G7”.

He praised Britain’s city mayors for leading the way on climate change.

“Cities have always been centres of innovation and ambition,” he said.

“The biggest cities in the world have been pushing for net zero since Paris. The rest of society is catching up, such as business investors and national governments.

"We see growing momentum and really good collaboration but we do need some more national governments putting in place the urban policies which unleash the power of cities to innovate ahead of the curve and help us get to net zero in the 2040s.”

Since the UN launched the Race to Zero more than a year ago, more than 700 cities around the world have committed, with many of them planning to reach net zero before 2050.

However, Mr Topping said thousands more businesses, investors and cities who have not yet committed should do so.

“If you haven't joined the race to zero yet, you need to because you won't be re-elected as a mayor if you're not in it. Your shareholders might not relate to you as a CEO if you're not in it, you won't be elected as an MP if you're not committed to it, because our citizens know that we have to make this transition,” he said.

The Cop26 summit, he said, would provide the ideal opportunity for Britain to lead the charge in persuading other countries to cut emissions.

"Hopefully, Glasgow will really land the evidence that the real economy, driven by that collaboration between mayors and CEOs and policymakers, is picking up pace towards halving emissions by 2030."

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
AL%20BOOM
%3Cp%20style%3D%22text-align%3Ajustify%3B%22%3E%26nbsp%3B%26nbsp%3B%26nbsp%3BDirector%3AAssad%20Al%20Waslati%26nbsp%3B%3C%2Fp%3E%0A%3Cp%20style%3D%22text-align%3Ajustify%3B%22%3E%0DStarring%3A%20Omar%20Al%20Mulla%2C%20Badr%20Hakami%20and%20Rehab%20Al%20Attar%0D%3Cbr%3E%0D%3Cbr%3EStreaming%20on%3A%20ADtv%0D%3Cbr%3E%0D%3Cbr%3ERating%3A%203.5%2F5%0D%3Cbr%3E%0D%3Cbr%3E%3C%2Fp%3E%0A
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

The Word for Woman is Wilderness
Abi Andrews, Serpent’s Tail

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

UAE players with central contracts

Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.

Profile

Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari

Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.

Number of employees: Over 50

Financing stage: Series B currently being finalised

Investors: Series A - Audacia Capital 

Sector of operation: Transport

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

COMPANY%20PROFILE
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BELGIUM%20SQUAD
%3Cp%3EGoalkeepers%3A%20Thibaut%20Courtois%2C%20Simon%20Mignolet%2C%20Koen%20Casteels%0D%3Cbr%3E%0D%3Cbr%3EDefenders%3A%20Jan%20Vertonghen%2C%20Toby%20Alderweireld%2C%20Leander%20Dendoncker%2C%20Zeno%20Debast%2C%20Arthur%20Theate%2C%20Wout%20Faes%0D%3Cbr%3E%0D%3Cbr%3EMidfielders%3A%20Hans%20Vanaken%2C%20Axel%20Witsel%2C%20Youri%20Tielemans%2C%20Amadou%20Onana%2C%20Kevin%20De%20Bruyne%2C%20Yannick%20Carrasco%2C%20Thorgan%20Hazard%2C%20Timothy%20Castagne%2C%20Thomas%20Meunier%0D%3Cbr%3E%0D%3Cbr%3EForwards%3A%20Romelu%20Lukaku%2C%20Michy%20Batshuayi%2C%20Lo%C3%AFs%20Openda%2C%20Charles%20De%20Ketelaere%2C%20Eden%20Hazard%2C%20Jeremy%20Doku%2C%20Dries%20Mertens%2C%20Leandro%20Trossard%3C%2Fp%3E%0A
'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

COMPANY%20PROFILE
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The Vile

Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah

Director: Majid Al Ansari

Rating: 4/5

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

Results

United States beat UAE by three wickets

United States beat Scotland by 35 runs

UAE v Scotland – no result

United States beat UAE by 98 runs

Scotland beat United States by four wickets

Fixtures

Sunday, 10am, ICC Academy, Dubai - UAE v Scotland

Admission is free

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A
Updated: October 07, 2021, 12:03 PM