Only four days remain at Cop27. It is endgame.
Countries are racing to agree to clinch a deal on curbing emissions and stepping up finance to deal with the devastating effects of climate change.
But in the opaque world of technical committees, panel discussions and wrangling over words, what is happening behind closed doors at the crucial climate talks and what are the chances of success?
Talks need speedy progress
Cop27 president Sameh Shoukry has already had to tell parties to “shift gears” and accelerate the pace.
Technical discussions about a final draft text have now been extended to late on Tuesday, before ministers take over on Wednesday to try to thrash out a final agreement by Friday, the event’s scheduled last day.
These discussions typically end by Saturday so it does not leave much time.
“There has been a good amount of work done,” Jan Dusik told The National. He is head of the delegation of the Czech presidency of the European Union, and speaks on behalf of the bloc.
“But there is also a lot of unfinished business. So it is important for experts to be given more time as ministers would not be able to clean up so much text.”
Negotiators are now effectively working through the night to boost the likelihood of a successful conclusion.
Main talking points
Loss and damage — what some describe as compensation for developing countries that suffer climate change harm — has become vital. Getting it on to the agenda on the first day was a win but establishing such a fund is a different matter.
“Loss and damage for us is critical,” said Nabil Mounir, Pakistan’s chief negotiator, who also chairs the important Group of 77 developing countries.
“We want a concrete decision from Cop. We are pushing for the establishment of a fund. We remain hopeful we will be able to do that.”
Gideon Behar, the Israeli climate envoy, said he understood the position of developing countries on loss and damage. “Our wish is to see a balanced Cop and give consideration to loss and damage.”
The EU said it was important to recognise the importance of this new item on the agenda.
“Talks are now moving to the political level so we will see how far we can go in terms of agreeing,” said Mr Dusik.
“There is an understanding that not everything will be agreed during this meeting. So it is also about setting the road map.”
EU Climate Policy chief Frans Timmermans also told reporters on Tuesday that he wasn't certain countries would find consensus on the loss and damage mechanism.
Set as part of the Paris Agreement, the international treaty on climate change adopted in 2015, the 1.5°C goal — an attempt to limit global warming to this threshold on pre-industrial levels — is also in the spotlight.
Commentators have speculated that some countries were trying to water this down but Mr Dusik said the objective remained.
“I just came out of round-table on mitigation to 2030 and everyone was saying we cannot afford abandoning the 1.5°C ambition," he said. "That gives me hope.”
Kevin Conrad, executive director of the Coalition for Rainforest Nations, said he was concerned there was too much noise and “parallel silos” at Cop27 that distracted attention from Paris and the 1.5°C goal. He urged a refocusing on Paris by getting countries to execute it and reward them when they do.
“If you executive Paris, there is a pot of gold for you,” he said.
How are the talks going?
About 200 countries are jockeying for position. They will try to advance national interests, as well as seek consensus on saving the planet. But trying to read the tea leaves of what is happening in the darkened, air-conditioned conference rooms at the Sharm El Sheikh venue remains elusive.
Mr Mounir said “talks are always difficult” at this stage but was “pretty hopeful” of a deal. He said the atmosphere in the negotiating rooms away from the glare of the media was positive. “They know the whole world is watching,” he said. “They want this to be successful.”
The role of the Egyptian presidency comes into play during the second week where they instruct where more work needs to be done. Mr Dusik said there was a still “a great many things still open” and much work to be done before the ministers looked at crunch issues. “We need the Egypt presidency to distil this,” he said.
Mr Behar said it was “really hard to say” how the talks were progressing. But Israel was keen to focus on solutions. “The issue of solutions has been neglected at Cops, generally speaking,” he said.
What will happen on Friday?
A declaration, or what is known as a cover decision, is expected. This will set out what has been achieved at Cop27 and the path ahead. Cops tend to overrun but is there enough time to clinch a deal?
Mr Conrad said he did not expect major exciting decisions but wanted mention of saving the rainforests in the final declaration. “Showing momentum is always really important,” he said.
Mr Mounir said he expected something “concrete” on Friday. “I think there is a sense of that.” Mr Dusik cautioned that there was a lot more work to do but despite that, he said: “Yes, I am optimistic.”
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
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.”
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
WandaVision
Starring: Elizabeth Olsen, Paul Bettany
Directed by: Matt Shakman
Rating: Four stars
Your Guide to the Home
- Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
- Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
- Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Sour%20Grapes
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3EZakaria%20Tamer%3Cbr%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3ESyracuse%20University%20Press%3Cbr%3E%3Cstrong%3EPages%3A%20%3C%2Fstrong%3E176%3C%2Fp%3E%0A