The UAE has launched a global initiative that aims to advance decarbonisation efforts in waste management and the circular economy.
The project, Waste to Zero, aims to boost the UAE's role in leading action towards the Paris Agreement’s goal of reducing emissions by 43 per cent by 2030, the Ministry of Climate Change and Environment said on Saturday.
It was launched with a preliminary agreement between the ministry and Abu Dhabi Waste Management Company (Tadweer).
It will centre on promoting solutions aimed at the decarbonisation of the waste management sector by attracting investment and financing in infrastructure projects, create job opportunities, strengthen regulatory frameworks and reduce overuse of natural resources, it said.
Waste to Zero also comes in the lead-up to the Cop28 climate change conference in the UAE next month, with such partnerships a “key pillar”, in delivering the Emirates' climate commitments and achieving Net Zero by 2050, Mariam Al Mheiri, Minister of Climate Change and the Environment, said.
“As we prepare to host Cop28, the UAE is keen to play a stronger role in driving global climate action by reducing emissions and contributing to the goals of the Paris Agreement, mitigating climate change effects and protecting the planet,” she said.
“Through this collaboration, we will mobilise global efforts once again to adopt practical solutions in the waste management sector to achieve sustainability and increase its contribution to reducing emissions.”
Cop28 is scheduled to be held in Dubai from November 30 to December 12 and is expected to be the most inclusive yet.
“We trust our ability to make a significant difference in global waste management sector, and contribute to the international environmental and climate agenda in the coming period”, Ms Al Mheiri said.
Tadweer, which is part of Abu Dhabi holding company ADQ's portfolio, is the sole company handling waste management in Abu Dhabi. It aims to develop an integrated waste management sector and extract value from waste to contribute to national sustainability ambitions.
The ministry's partnership with Tadweer will be central to decarbonisation efforts in the waste management sector, which is responsible for an estimated 3 per cent to 5 per cent of global greenhouse gas emissions, Ms Al Mheiri said.
A circular economy, meanwhile, is a system that focuses on reducing the extraction of natural resources, minimising waste and regenerating natural systems.
Raw materials, components and products keep their value for as long as possible, while renewable energy sources are used to fuel economic activity.
Adopting such principles could deliver $26 trillion in economic benefits by 2030, the Global Commission on Economy and Climate had said.
The UAE will focus on developing a circular economy as it aims to double its economic growth by 2031, Minister of Economy Abdulla bin Touq said in May. Last year, the UAE approved 22 policies aimed at accelerating the country's transition to a circular economy.
It also set up the UAE Circular Economy Council, which will create policies focusing on four main sectors – manufacturing, food, infrastructure and transport, the government said at the time.
On Saturday, the council said the UAE private sector has intensified its efforts in support of the nation's circular economy agenda, in its review of UAE Circular Economy Landscape Report 2023.
As part of the partnership, Tadweer will be hosting discussions, workshops and awareness programmes for partners in the UAE and overseas on the objectives of the circular economy and sustainable resource management, the statement said.
“We hope to create a platform for dialogue, raise awareness and drive actionable solutions to reduce greenhouse gas emissions from the waste sector,” said Ali Al Dhaheri, chief executive of Tadweer.
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New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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Education: Bachelor of science in chemical engineering, post graduate degree in light metal reduction technology
Favourite part of job: The challenge, because it is challenging
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
UAE currency: the story behind the money in your pockets
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
