Germany highlighted Oman's solar power expansion as an example of how countries can learn from each other in the clean power race. Reuters
Germany highlighted Oman's solar power expansion as an example of how countries can learn from each other in the clean power race. Reuters
Germany highlighted Oman's solar power expansion as an example of how countries can learn from each other in the clean power race. Reuters
Germany highlighted Oman's solar power expansion as an example of how countries can learn from each other in the clean power race. Reuters

Climate chiefs urged to build on 'tornado of good news' from Cop28


Tim Stickings
  • English
  • Arabic

A global clean power boom must gather even further pace if the world is to build on the “tornado of good news” that emerged from Cop28, climate talks in Germany have heard.

While 2023 was a record year for clean energy, there is still a long way to go to meet a 2030 target of trebling the world's renewable firepower, new figures show.

The UAE's presidency of December's climate talks urged countries to “maintain the momentum” of the Dubai summit, which produced a series of pledges to combat global warming.

Talks in Berlin are focusing on the UAE's calls for a clean energy revolution, while separate meetings in Bonn are looking at how to make the world more resilient to extreme temperatures.

“We invite all parties to continue to show the strong spirit of collaboration and international co-operation that we saw at Cop28,” said Amer Al Kindi, a negotiator from the UAE's Cop28 presidency, at the talks in Bonn.

The Berlin Energy Transition Dialogue is looking at ways to meet the Cop28 goal of trebling renewable energy capacity.

New figures show a record 473 gigawatts of renewables were installed in 2023, driven by a boom in solar power. In all, 87 per cent of new energy systems were renewable.

However, there is still some way to go because the 2030 target implies a rate of 1,000 gigawatts a year, according to a report by the International Renewable Energy Agency (Irena) in Abu Dhabi for the talks in Berlin.

In addition, reasonable global figures hide the fact that renewable growth is concentrated in China, the US and Europe and more than 500 million people in Africa have no electricity at all, it said.

“The vast majority of developing countries have been left out of the transition, despite their considerable energy requirements and abundant renewable potentials,” said Irena director general Francesco La Camera.

German Foreign Minister Annalena Baerbock urged nations to “learn from one another” in turning to clean energy.

She highlighted Oman's plans to expand solar power as an example.

“Oman is implementing several mega solar projects to provide electricity for tens of thousands of households,” she said.

With an “absolute explosion in investment” needed, countries should treat wind and solar power as ways of ensuring energy security in volatile times, Ms Baerbock said.

She described the outcomes of Cop28 as “a kind of tornado of good news last December coming from Dubai”.

“Because successful breakthroughs are so rare, from my point of view it was kind of a wonder that last December, 196 states made a quantum leap,” she said.

German Economy Minister Robert Habeck said the compromise Cop28 deal had “set the pace that we will have to meet in the coming years”.

“By working together at international level, with every country contributing its strengths, experience and know-how, it will be possible to successfully implement these targets by 2030,” he said.

Almost 200 countries united behind a climate deal known as the UAE Consensus at Cop28. Getty Images
Almost 200 countries united behind a climate deal known as the UAE Consensus at Cop28. Getty Images

The focus of the Bonn talks is on adaptation, meaning how the world can prepare for higher temperatures that are already inevitable to some extent.

Efforts gathered pace at Cop28 to draw up global targets for adaptation that are expected to focus on water, agriculture, health, biodiversity, infrastructure, livelihoods and cultural heritage.

Further talks on adaptation finance are pencilled in for Cop29, in Azerbaijan in November.

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WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

WHAT%20MACRO%20FACTORS%20ARE%20IMPACTING%20META%20TECH%20MARKETS%3F
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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

One in nine do not have enough to eat

Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.

One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.

The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.

Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.

It is currently estimated that one in nine people globally do not have enough to eat.

On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.

Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.

 

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Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Glossary of a stock market revolution

Reddit

A discussion website

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The users of Reddit

Robinhood

A smartphone app for buying and selling shares

Short seller

Selling a stock today in the belief its price will fall in the future

Short squeeze

Traders forced to buy a stock they are shorting 

Naked short

An illegal practice  

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.”

THE BIO

Mr Al Qassimi is 37 and lives in Dubai
He is a keen drummer and loves gardening
His favourite way to unwind is spending time with his two children and cooking

The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

Illegal%20shipments%20intercepted%20in%20Gulf%20region
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The specs

Engine: 4-litre twin-turbo V8

Transmission: nine-speed

Power: 542bhp

Torque: 700Nm

Price: Dh848,000

On sale: now

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In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

The bio

Favourite food: Japanese

Favourite car: Lamborghini

Favourite hobby: Football

Favourite quote: If your dreams don’t scare you, they are not big enough

Favourite country: UAE

The biog

Family: Parents and four sisters

Education: Bachelor’s degree in business management and marketing at American University of Sharjah

A self-confessed foodie, she enjoys trying out new cuisines, her current favourite is the poke superfood bowls

Likes reading: autobiographies and fiction

Favourite holiday destination: Italy

Posts information about challenges, events, runs in other emirates on the group's Instagram account @Anagowrunning

Has created a database of Emirati and GCC sportspeople on Instagram @abeermk, highlight: Athletes

Apart from training, also talks to women about nutrition, healthy lifestyle, diabetes, cholesterol, blood pressure

The specs: 2018 Chevrolet Equinox

Price, base / as tested: Dh76,900 / Dh110,900

Engine: 2.0L, turbocharged in-line four-cylinder

Gearbox: Nine-speed automatic

Power: 252hp @ 5,500rpm

Torque: Torque: 352Nm @ 2,500rpm

Fuel economy, combined: 8.5L / 100km

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

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Price: From Dh650,000

APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

Storage: 128/256/512GB

Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps

Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

Updated: May 23, 2024, 1:10 PM