Giant portraits of world leaders submerged in Rio de Janeiro as a protest against the lack of leadership among the world's richest nations. AFP
Giant portraits of world leaders submerged in Rio de Janeiro as a protest against the lack of leadership among the world's richest nations. AFP
Giant portraits of world leaders submerged in Rio de Janeiro as a protest against the lack of leadership among the world's richest nations. AFP
Giant portraits of world leaders submerged in Rio de Janeiro as a protest against the lack of leadership among the world's richest nations. AFP

G20 summit pushes for sustainability and energy transition in Trump's shadow


Alvin R Cabral
  • English
  • Arabic

Member nations of the Group of 20 are set to convene in Brazil next week, tasked with addressing pressing issues around sustainability amid the incoming climate change-sceptic US administration of returning president Donald Trump. On the table at Rio de Janeiro on Monday and Tuesday will be social inclusion and tackling hunger and poverty, reforming institutions of global governance, and, notably, an aim to raise sustainable development and energy transition.

That last one entails mobilisation against climate change, sustainable finance, and energy efficiency and the transition to renewable energy, according to the European Council. Under Joe Biden's Democratic administration, the US has reaffirmed its commitment to sustainability, after Mr Trump consistently denounced climate change as a hoax and pulled the US out of the Paris Agreement during his first term.

Mr Biden is already in Brazil after having attended the Asia-Pacific Economic Co-operation summit in Peru. He has one final chance to send a pro-sustainability message before Mr Trump takes over.

It is unclear how America's message will last after the Brazil meeting, especially now that Mr Trump is rapidly forming his government. One of his picks is Chris Wright, the Liberty Energy boss, who is a huge fan of fossil fuels and doesn't believe in climate change. His appointment may set the tone for the Trump administration.

Anna Wieslander, head of the Atlantic Council think tank's Northern Europe office in Stockholm, said Trump 2.0 is "perceived as carrying risks", with an expected lack of measures to fight climate change and economic protectionism among them. This echoes the Swedish government's concerns.

Climate policy is also "dominating" public debate in Australia, in response to the results of the US elections, said Peter J Dean, a senior fellow at the Atlantic Council and director of foreign policy and defence at the US Studies Centre at the University of Sydney.

The EU, meanwhile, said it remains "firmly committed" to the "comprehensive and effective implementation" of the 2030 agenda for sustainable development and its 17 Sustainable Development Goals. The economic bloc says its 27 member states have been the largest contributors to global climate finance, shelling out about €28.6 billion ($30.2 billion) in 2023 alone, according to its website.

"The transition to a net-zero economy is a must in order to tackle the climate crisis and it brings significant opportunities for economic growth, markets and jobs, and technological development," it said.

Also, with the Covid-19 era over, the EU is also calling for the strengthening of public policies favourable to climate action, including carbon pricing, discouraging environmentally harmful and economically inefficient subsidies, and shifting towards more sustainable investments. "The recovery from the pandemic has offered the opportunity to rebuild better and more sustainably," it said.

Middle East presence

G20 members include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, South Korea, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, the African Union and the EU. Spain has been invited as a permanent guest.

The UAE will also be attending. Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, arrived in Rio de Janeiro, on behalf of President Sheikh Mohamed. He is scheduled to meet Brazil's President Luiz Inacio Lula da Silva to strengthen bilateral ties, as well as to witness the exchange of several agreements, preliminary pacts and strategic partnerships.

Last week, the UAE emphasised its commitment to integrating culture into sustainable development and climate action at G20 meeting, said Sheikh Salem bin Khalid, Minister of Culture. “Culture not only preserves heritage but also provides innovative solutions to complex global issues, including climate change. As we face an evolving climate, culture strengthens our resilience against these challenges," he said.

The Group of Friends for Culture-Based Climate Action, a collaboration between the UAE and Brazil that was launched at last year's Cop28 conference in Dubai, has received much-needed support that "symbolises our dedication to addressing climate challenges through a cultural lens", Sheikh Salem added. Saudi Arabia, meanwhile, was the G20's top market for tourism growth in the first seven months of this year compared to the pre-pandemic era, according to the UN Tourism Barometer released in September, also in Brazil.

International tourist arrivals in the Arab world's biggest economy leapt by 73 per cent from 2019 to about 17.5 million visitors, boosting revenue more than threefold, it said. That follows a strong 2023 when the kingdom welcomed 27.4 million tourists, marking a 56 per cent jump from 2019.

SPEC%20SHEET
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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.”

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The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

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

Who has lived at The Bishops Avenue?
  • George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
  • Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
  • Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
  • Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills. 
Hunting park to luxury living
  • Land was originally the Bishop of London's hunting park, hence the name
  • The road was laid out in the mid 19th Century, meandering through woodland and farmland
  • Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds

 

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Brief scores:

Day 2

England: 277 & 19-0

West Indies: 154

Coal Black Mornings

Brett Anderson

Little Brown Book Group 

Healthy tips to remember

Here, Dr Mohamed El Abiary, paediatric consultant at Al Zahra Hospital Dubai, shares some advice for parents whose children are fasting during the holy month of Ramadan:

Gradual fasting and golden points - For children under the age of 10, follow a step-by-step approach to fasting and don't push them beyond their limits. Start with a few hours fasting a day and increase it to a half fast and full fast when the child is ready. Every individual's ability varies as per the age and personal readiness. You could introduce a points system that awards the child and offers them encouragement when they make progress with the amount of hours they fast

Why fast? - Explain to your child why they are fasting. By shedding light on the importance of abstaining from food and drink, children may feel more encouraged to give it there all during the observance period. It is also a good opportunity to teach children about controlling urges, doing good for others and instilling healthy food habits

Sleep and suhoor - A child needs adequate sleep every night - at least eight hours. Make sure to set a routine early bedtime so he/she has sufficient time to wake up for suhoor, which is an essential meal at the beginning of the day

Good diet - Nutritious food is crucial to ensuring a healthy Ramadan for children. They must refrain from eating too much junk food as well as canned goods and snacks and drinks high in sugar. Foods that are rich in nutrients, vitamins and proteins, like fruits, fresh meats and vegetables, make for a good balanced diet

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

UFC Fight Night 2

1am – Early prelims

2am – Prelims

4am-7am – Main card

7:30am-9am – press cons

APPLE IPAD MINI (A17 PRO)

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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
UAE tour of Zimbabwe

All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I

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Updated: November 17, 2024, 3:51 PM