Although a milestone announcement on loss and damage was agreed upon at Cop27 in Sharm El Sheikh, the event has been seen by some as disappointing in terms of efforts to limit emissions. AFP
Although a milestone announcement on loss and damage was agreed upon at Cop27 in Sharm El Sheikh, the event has been seen by some as disappointing in terms of efforts to limit emissions. AFP
Although a milestone announcement on loss and damage was agreed upon at Cop27 in Sharm El Sheikh, the event has been seen by some as disappointing in terms of efforts to limit emissions. AFP
Although a milestone announcement on loss and damage was agreed upon at Cop27 in Sharm El Sheikh, the event has been seen by some as disappointing in terms of efforts to limit emissions. AFP

Cop28's success will depend on curbing global temperature increases, analysts say


Daniel Bardsley
  • English
  • Arabic

Climate change experts have said that Cop28 in the UAE will be crucial if progress is to be made in limiting global temperature rises.

While a milestone announcement on loss and damage compensation was agreed upon at Cop27 in Egypt, more could have been done in terms of efforts to limit greenhouse gas emissions, some analysts said.

An absence of progress on previous commitments to phase down coal, and what have been described as loopholes that allow the exploitation of new gas resources, are among the issues climate advocates have highlighted.

The experts say this makes the 28th Conference of the Parties, scheduled to run for about two weeks at Expo City Dubai in November 2023, all the more important.

The emissions curve, which keeps going up and up and up, has to be bent downwards and there’s no real progress in bending it downwards
Asher Minns,
Tyndall Centre for Climate Change Research

Niklas Hoehne, founder of the NewClimate Institute for Climate Policy and Global Sustainability, a think tank in Germany, said Cop27 had shown little progress compared to Cop26, which was staged in Glasgow, Scotland late last year.

“With Glasgow, the UK presidency did a big effort to get countries on board; they made a big diplomatic initiative,” Mr Hoehne said.

“They [brought in] initiatives for coal phase-out and gas, which committed to a significant step forward. This year, the Egyptian presidency did none of this and nothing happened with mitigation. There are no new proposals.”

Looking to Cop28

As a result, he said Cop28, to be held under the presidency of the UAE, was all the more important if there was not going to be backsliding on efforts to stem global temperature rises.

“Glasgow was a small step, but we need that step each year at each climate conference. This has not happened this year but it definitely needs to happen next year.”

Echoing this, Bob Ward, of the Grantham Research Institute on Climate Change and the Environment, part of the London School of Economics, said that any ambition to take significant measures to reduce carbon emissions “is just not there at the moment”.

“At Cop26 it was agreed the countries would come back with stronger pledges from emitting countries in line with 1.5°C. That’s not happened,” he said.

“The window is closing fast. To be honest, I don’t think there’s much prospect of staying below 1.5°C. They’ll have to shift to a conversation about how to get back to 1.5°C, having gone past it, not just at Cop28, but in the coming 12 months.”

At Cop28 in Dubai, Mr Ward said he hoped that nations would “confront” the fact that the burning of fossil fuels was central to climate change and that more ambitious efforts would be made to reach net zero. He warned that “short-term” interests were being prioritised.

1.5°C warning

As the first global stocktake of national commitments since the Paris Agreement, which was agreed in 2015 with the aim of limiting average temperature rises to 1.5°C, Cop28 is seen as particularly important.

Because of this, Mr Ward said the run-up to the event would be significant in terms of countries strengthening their efforts to reduce the release of greenhouse gases.

“This is the first of the stocktaking under the Paris Agreement,” he said. “But we already know that it’s going to show that action isn’t strong enough.

“The question really is what countries do over the next 12 months to avoid the stocktaking showing we’re just not doing enough.”

While the agreement to set up a dedicated fund to support nations suffering loss and damage was part of the final deal at Cop27, Mr Ward said there were issues about this which needed to be clarified in Dubai.

Loss and damage uncertainty

“There’s no [announcement] on how much and when it will start operating,” Mr Ward said. “This needs to be discussed over the next year and agreed at Cop28.”

Asher Minns, executive director for the Tyndall Centre for Climate Change Research at the University of East Anglia in the UK, said that the loss and damage principle of “the polluter pays” was essential, but Cop28 should not become “bogged down” on the question of how much rich countries should pay.

Nor, he said, must the making of loss and damage payments be regarded as an excuse by countries to continue to emit greenhouse gases.

“From Glasgow last year, emission reductions were going to be discussed every year. They weren’t really discussed this year, so for next year that has to be the big topic for the agenda,” he said.

“The emissions curve, which keeps going up and up and up, has to be bent downwards and there’s no real progress in bending it downwards.”

Six pitfalls to avoid when trading company stocks

Following fashion

Investing is cyclical, buying last year's winners often means holding this year's losers.

Losing your balance

You end up with too much exposure to an individual company or sector that has taken your fancy.

Being over active

If you chop and change your portfolio too often, dealing charges will eat up your gains.

Running your losers

Investors hate admitting mistakes and hold onto bad stocks hoping they will come good.

Selling in a panic

If you sell up when the market drops, you have locked yourself out of the recovery.

Timing the market

Even the best investor in the world cannot consistently call market movements.

if you go

The flights

Flydubai flies to Podgorica or nearby Tivat via Sarajevo from Dh2,155 return including taxes. Turkish Airlines flies from Abu Dhabi and Dubai to Podgorica via Istanbul; alternatively, fly with Flydubai from Dubai to Belgrade and take a short flight with Montenegro Air to Podgorica. Etihad flies from Abu Dhabi to Podgorica via Belgrade. Flights cost from about Dh3,000 return including taxes. There are buses from Podgorica to Plav. 

The tour

While you can apply for a permit for the route yourself, it’s best to travel with an agency that will arrange it for you. These include Zbulo in Albania (www.zbulo.org) or Zalaz in Montenegro (www.zalaz.me).

 

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

Trump v Khan

2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US

2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

2019: Trump calls Khan a “stone cold loser” before first state visit

2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”

2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.

Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”

The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now 

It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

The%20BaaS%20ecosystem
%3Cp%3EThe%20BaaS%20value%20chain%20consists%20of%20four%20key%20players%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConsumers%3A%3C%2Fstrong%3E%20End-users%20of%20the%20financial%20product%20delivered%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDistributors%3A%3C%2Fstrong%3E%20Also%20known%20as%20embedders%2C%20these%20are%20the%20firms%20that%20embed%20baking%20services%20directly%20into%20their%20existing%20customer%20journeys%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEnablers%3A%3C%2Fstrong%3E%20Usually%20Big%20Tech%20or%20FinTech%20companies%20that%20help%20embed%20financial%20services%20into%20third-party%20platforms%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProviders%3A%3C%2Fstrong%3E%20Financial%20institutions%20holding%20a%20banking%20licence%20and%20offering%20regulated%20products%3C%2Fp%3E%0A
Temple numbers

Expected completion: 2022

Height: 24 meters

Ground floor banquet hall: 370 square metres to accommodate about 750 people

Ground floor multipurpose hall: 92 square metres for up to 200 people

First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time

First floor terrace areas: 2,30 square metres  

Temple will be spread over 6,900 square metres

Structure includes two basements, ground and first floor 

The%20specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E261hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E400Nm%20at%201%2C750-4%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.5L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C999%20(VX%20Luxury)%3B%20from%20Dh149%2C999%20(VX%20Black%20Gold)%3C%2Fp%3E%0A

TO ALL THE BOYS: ALWAYS AND FOREVER

Directed by: Michael Fimognari

Starring: Lana Condor and Noah Centineo

Two stars

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.”

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Breast cancer in men: the facts

1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.

2) Symptoms can include a lump, discharge, swollen glands or a rash. 

3) People with a history of cancer in the family can be more susceptible. 

4) Treatments include surgery and chemotherapy but early diagnosis is the key. 

5) Anyone concerned is urged to contact their doctor

 

Step by step

2070km to run

38 days

273,600 calories consumed

28kg of fruit

40kg of vegetables

45 pairs of running shoes

1 yoga matt

1 oxygen chamber

SPECS

Nissan 370z Nismo

Engine: 3.7-litre V6

Transmission: seven-speed automatic

Power: 363hp

Torque: 560Nm

Price: Dh184,500

Updated: January 12, 2023, 6:28 AM