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.”
Company%20profile
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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
Ant-Man%20and%20the%20Wasp%3A%20Quantumania
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The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Day 2, Dubai Test: At a glance
Moment of the day Pakistan’s effort in the field had hints of shambles about it. The wheels were officially off when Wahab Riaz lost his run up and aborted the delivery four times in a row. He re-measured his run, jogged in for two practice goes. Then, when he was finally ready to go, he bailed out again. It was a total cringefest.
Stat of the day – 139.5 Yasir Shah has bowled 139.5 overs in three innings so far in this Test series. Judged by his returns, the workload has not withered him. He has 14 wickets so far, and became history’s first spinner to take five-wickets in an innings in five consecutive Tests. Not bad for someone whose fitness was in question before the series.
The verdict Stranger things have happened, but it is going to take something extraordinary for Pakistan to keep their undefeated record in Test series in the UAE in tact from this position. At least Shan Masood and Sami Aslam have made a positive start to the salvage effort.
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Wes%20Ball%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Owen%20Teague%2C%20Freya%20Allen%2C%20Kevin%20Durand%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
Top 5 concerns globally:
1. Unemployment
2. Spread of infectious diseases
3. Fiscal crises
4. Cyber attacks
5. Profound social instability
Top 5 concerns in the Mena region
1. Energy price shock
2. Fiscal crises
3. Spread of infectious diseases
4. Unmanageable inflation
5. Cyber attacks
Source: World Economic Foundation
Vaccine Progress in the Middle East
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Law%2041.9.4%20of%20men%E2%80%99s%20T20I%20playing%20conditions
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
The Outsider
Stephen King, Penguin
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
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
Company%20profile
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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.”
Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
Fanney Khan
Producer: T-Series, Anil Kapoor Productions, ROMP, Prerna Arora
Director: Atul Manjrekar
Cast: Anil Kapoor, Aishwarya Rai, Rajkummar Rao, Pihu Sand
Rating: 2/5