The UN's upcoming Cop26 Climate Change Conference in Glasgow will address the most pressing climate risks facing the global economy.
The UN's upcoming Cop26 Climate Change Conference in Glasgow will address the most pressing climate risks facing the global economy.
The UN's upcoming Cop26 Climate Change Conference in Glasgow will address the most pressing climate risks facing the global economy.
The UN's upcoming Cop26 Climate Change Conference in Glasgow will address the most pressing climate risks facing the global economy.

Mark Carney: It is 'time for governments' to make climate-related disclosures mandatory


Sarmad Khan
  • English
  • Arabic

Governments must join hands in making climate-related financial disclosures mandatory and support setting up a global body to establish unified sustainability reporting standards for the global corporate sector, according to former Bank of England governor Mark Carney.

The world has come a long way from when the Task Force on Climate-related Financial Disclosures (TCFD) delivered its final recommendations to the group of the world’s 20 biggest economies three years ago, Mr Carney wrote in a special issue of the International Monetary Fund’s Finance and Development magazine on climate, published in partnership with the UN Climate Change Conference (Cop26).

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However, a lot still needs to be done to mitigate climate risks despite the global financial industry increasingly demanding TCFD reporting, with more than 2,000 major companies around the world responding to the calls.

“Despite these advances, coverage is still limited and reporting still incomplete, particularly of critical forward-looking metrics,” said Mr Carney, who is a UN special envoy for climate action and an adviser to British Prime Minister Boris Johnson, who will be hosting Cop26 in Glasgow in November.

“Now it is time for governments around the world to make TCFD disclosures mandatory and support the International Financial Reporting Standards Foundation’s intention to establish a new international sustainability standards board to produce a climate disclosure standard, based on the TCFD.”

Despite these advances, coverage is still limited and reporting still incomplete, particularly of critical forward-looking metrics
Mark Carney,
UN special envoy for climate action

The Covid-19 pandemic has brought 'Build Back Better' plan and greener economies into sharp focus, underpinning the need to invest in meeting the UN climate goals and transitioning to a net-zero economy.

The 2015 Paris Agreement provides a mandate for countries to lower their carbon emissions to well below 2°C above pre-industrial levels, preferably about 1.5°C. Energy producing nations are already investing in technologies such as green hydrogen and renewable power to meet their climate agendas.

Energy companies are also coming under pressure from activist investors, governments and courts to reduce their carbon footprint and transition to clean energy. Large institutional investors including some of the biggest asset managers around the world that follow environment, social and governance (ESG) standards are also reducing their exposure to companies with heavy carbon footprint in their portfolios.

The IMF has called for levying taxes on carbon, describing it as the most efficient way to meet climate goals within the Paris Agreement. A policy mix of carbon taxes and green investment stimulus could increase the level of global output in the next 15 years by about 0.7 per cent and create around 12 million new jobs through 2027, Kristalina Georgieva, IMF managing director, said in April.

Mr Carney said the number of global corporations with a combined market value of more than $25 trillion from 86 nations are supporting the TCFD reporting. The number has more than doubled from 1,000 in the first quarter of 2020 until July this year. The number of countries committed to implementing TCFD has surged from zero to 45, including G7 nations, over the same period.

Financial commitments to net zero through the Glasgow Financial Alliance for Net Zero (GFANZ) have surged five times to $80tn in July this year, from $5tn in the first quarter and may surpass $100tn over the next three decades.

GFANZ has brought together "over 250 financial institutions responsible for $80bn in assets and anchored in COP’s race to zero ... GFANZ is the gold standard for financial sector commitments to sustainability", Mr Carney said.

“By Glasgow [Cop26 conference], all major financial firms should decide whether they too will be part of this solution to climate change. GFANZ is a big tent, but it will be the only tent in Glasgow,” he added.

Building green energy in emerging markets and developing economies also requires immediate attention. While estimates vary, most suggest that more than $1tn in additional investment annually will be needed for the task, Mr Carney said.

“To meet this need, we must turn billions in public capital into trillions in private capital by scaling blended finance, catalysing standalone private capital flows and building new markets.

“Multilateral development banks are uniquely placed to mobilise private finance, but thus far the results have been modest, with only $11 billion mobilised in 2018,” he added.

Although the past 70 years are a success story on many counts, with the world economic output climbing 15 times, biosphere has diminished drastically over the same period, Partha Dasgupta professor of economics at the University of Cambridge, wrote in the publication. Between 1970 and 2016, the population of species fell globally by 68 per cent on average.

“The only way to combat this biodiversity crisis is through transformative change, which demands sustained commitment from actors at all levels – from citizens all the way to international financial institutions such as the IMF,” he said.

MATCH INFO

Rugby World Cup (all times UAE)

Final: England v South Africa, Saturday, 1pm

Shooting Ghosts: A U.S. Marine, a Combat Photographer, and Their Journey Back from War by Thomas J. Brennan and Finbarr O’Reilly

War 2

Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

PREMIER LEAGUE FIXTURES

Saturday (UAE kick-off times)

Watford v Leicester City (3.30pm)

Brighton v Arsenal (6pm)

West Ham v Wolves (8.30pm)

Bournemouth v Crystal Palace (10.45pm)

Sunday

Newcastle United v Sheffield United (5pm)

Aston Villa v Chelsea (7.15pm)

Everton v Liverpool (10pm)

Monday

Manchester City v Burnley (11pm)

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Racecard

6pm: The Pointe - Conditions (TB) Dh82,500 (Turf) 1,400m

6.35pm: Palm West Beach - Maiden (TB) Dh82,500 (T) 1,800m

7.10pm: The View at the Palm - Handicap (TB) Dh85,000 (Dirt) 1,400m

7.45pm: Nakeel Graduate Stakes - Conditions (TB) Dh100,000 (T) 1,600m

8.20pm: Club Vista Mare - Handicap (TB) Dh95,000 (D) 1,900m

8.55pm: The Palm Fountain - Handicap (TB) Dh95,000 (D) 1,200m

9.30pm: The Palm Tower - Handicap (TB) Dh87,500 (T) 1,600m

Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.

A semen analysis of the father showed abnormal sperm so the couple required IVF.

Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.

A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.

On day three of the process, 14 embryos were biopsied for gender selection.

The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.

Day five of the treatment saw two male embryos transferred to the patient.

The woman recorded a positive pregnancy test two weeks later. 

Playing records of the top 10 in 2017

How many games the top 10 have undertaken in the 2017 ATP season

1. Rafael Nadal 58 (49-9)

2. Andy Murray 35 (25-10)

3. Roger Federer 38 (35-3)

4. Stan Wawrinka 37 (26-11)

5. Novak Djokovic 40 (32-8)

6. Alexander Zverev 60 (46-14)

7. Marin Cilic 43 (29-14)

8. Dominic Thiem 60 (41-19)

9. Grigor Dimitrov 48 (34-14)

10. Kei Nishikori 43 (30-13)

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

Top%2010%20most%20competitive%20economies
%3Cp%3E1.%20Singapore%0D%3Cbr%3E2.%20Switzerland%0D%3Cbr%3E3.%20Denmark%0D%3Cbr%3E4.%20Ireland%0D%3Cbr%3E5.%20Hong%20Kong%0D%3Cbr%3E6.%20Sweden%0D%3Cbr%3E7.%20UAE%0D%3Cbr%3E8.%20Taiwan%0D%3Cbr%3E9.%20Netherlands%0D%3Cbr%3E10.%20Norway%0D%3Cbr%3E%3C%2Fp%3E%0A
Indoor Cricket World Cup Dubai 2017

Venue Insportz, Dubai; Admission Free

Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa

Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia

Updated: August 31, 2021, 4:00 PM