The UAE has pledged to deliver a “transformational road map” to guide future climate action at Cop28 this year after a new report warned there is much to be done to limit global warming.
The latest Intergovernmental Panel on Climate Change (IPCC) report, released on Monday, called for “deep, rapid and sustained greenhouse gas emissions reductions in all sectors” to support efforts to cap temperature rises to 1.5°C above pre-industrial levels, as set out by the Paris Agreement in 2015.
It puts forward a key target to nearly halve emissions over the next years, instead of allowing them to flatline or even increase.
Dr Sultan Al Jaber, President-designate of Cop28, warned that the world was “way off target” in its mission to limit global warming in remarks at the Copenhagen Climate Ministerial summit on Monday.
“Incremental steps will simply not cut it, we need transformational progress in the next seven years across mitigation, adaptation, climate finance and loss and damage,” he said.
The Cop28 Presidency has responded to the findings of the IPCC report, promising to bring together the international community to lead the fight on climate change.
“The IPCC's AR6 report makes absolutely clear the importance of ambitious and transformative action to put the world back on track to achieve the goals of the Paris Agreement,” the Cop28 Presidency said in a statement.
A duty to protect the vulnerable
“The world’s scientists tell us that we must bring down emissions rapidly to limit global warming and keep 1.5°C within reach. While doing so it is our responsibility to ensure that the most vulnerable who have done the least to cause climate change are protected against its increasingly severe impacts.”
The Cop28 climate conference aims to be a launch pad for much-needed progress.
“Cop28, hosted by the UAE, takes place in a crucial decade of action, at which we will undertake the first ever Global Stocktake since the Paris Agreement,” the statement continued.
“The UAE will utilise its Cop28 Presidency to drive consensus, reignite momentum for climate progress and deliver a transformational road map to guide future action.
“The IPCC AR6 report provides us with an ideal opportunity to undertake a fundamental course correction and to accelerate climate action that delivers new avenues for investment and growth along with a just transition that leaves no one behind.”
The Cop28 leadership stressed the importance of securing the support of big industries and investing heavily in the green agenda to bring about significant change.
“The international community must unite in promoting bold, ambitious, and practical solutions while prioritising inclusivity, enhanced accountability, and transparency. All stakeholders, particularly big industries, must go further and faster to get the world back on track.
“Such a transformation has the potential to unlock trillions of dollars of investment in a new and sustainable development pathway that can generate jobs and growth.
“The international financial institutions and multilateral development banks must be part of the solution. They must reform to enable a just energy transition and meet the needs of the most vulnerable, particularly across the global south.
“Let us work together, in solidarity, to deliver a plan that is based on the excellent work of the IPCC and is accelerated by truly global co-operation.”
Cop President-designate backs action plan
The Cop28 Presidency reaffirmed Dr Sultan Al Jaber's backing of the UN Secretary General’s call for climate solidarity and acceleration.
It said Cop28 leaders would support all countries in achieving the 1.5°C goal and achieving net-zero emissions by 2050, which it said required “transformational progress in the next seven years”.
“Progress can only happen through partnership, not polarisation. We must accelerate decarbonisation of all industries. Governments need to adopt smart policies to incentivise breakthrough technologies and enable the rapid deployment of renewables and zero carbon energies,” the statement said.
“We should inject a business mindset, short-term KPIs and an ambitious action-orientated agenda to accelerate mitigation efforts and remember that the objective is to curb emissions, not progress.
“We need to rapidly build the new energy system and reduce emissions from today's energy mix before unplugging the current energy system.
“All governments, private sector, financial institutions, industry and NGOs must come together as one to meet the challenges with ambitious climate action that delivers benefits for the climate and the economy at the same time.”
Cop28 will be held at Expo City Dubai from November 30 to December 12.
Top Hundred overseas picks
London Spirit: Kieron Pollard, Riley Meredith
Welsh Fire: Adam Zampa, David Miller, Naseem Shah
Manchester Originals: Andre Russell, Wanindu Hasaranga, Sean Abbott
Northern Superchargers: Dwayne Bravo, Wahab Riaz
Oval Invincibles: Sunil Narine, Rilee Rossouw
Trent Rockets: Colin Munro
Birmingham Phoenix: Matthew Wade, Kane Richardson
Southern Brave: Quinton de Kock
Race card
5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m
6.05pm: Handicap (TB) Dh87,500 (T) 1,400m
6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m
7.15pm: Handicap (TB) Dh105,000 (T) 1,200m
7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m
8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m
9pm: Handicap (TB) Dh105,000 (T) 2,410m
9.35pm: Handicap (TB) Dh92,500 (T) 2,000m
Saturday's schedule at the Abu Dhabi Grand Prix
GP3 race, 12:30pm
Formula 1 final practice, 2pm
Formula 1 qualifying, 5pm
Formula 2 race, 6:40pm
Performance: Sam Smith
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
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Results:
6.30pm: Maiden Dh 165,000 1,400m.
Winner: Walking Thunder, Connor Beasley (jockey), Ahmad bin Harmash (trainer).
7.05pm: Handicap (rated 72-87) Dh 165,000 1,600m.
Winner: Syncopation, George Buckell, Doug Watson.
7.40pm: Maiden Dh 165,000 1,400m.
Winner: Big Brown Bear, Pat Dobbs, Doug Watson.
8.15pm: Handicap (75-95) Dh 190,000 1,200m.
Winner: Stunned, Pat Dobbs, Doug Watson.
8.50pm: Handicap (85-105) Dh 210,000 2,000m.
Winner: New Trails, Connor Beasley, Ahmad bin Harmash.
9.25pm: Handicap (75-95) Dh 190,000 1,600m.
Winner: Pillar Of Society, Pat Dobbs, Doug Watson.
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
On sale: Now
Price: From Dh650,000
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
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%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%C2%A0Francis%20Lawrence%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3ERachel%20Zegler%2C%20Peter%20Dinklage%2C%20Viola%20Davis%2C%20Tom%20Blyth%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
EXPATS
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