A Cop28 road map could help vulnerable countries such as Pakistan prepare for floods and other disasters. Reuters
A Cop28 road map could help vulnerable countries such as Pakistan prepare for floods and other disasters. Reuters
A Cop28 road map could help vulnerable countries such as Pakistan prepare for floods and other disasters. Reuters
A Cop28 road map could help vulnerable countries such as Pakistan prepare for floods and other disasters. Reuters

New 'road map' for climate action on the cards at Cop28


Tim Stickings
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The Cop28 summit in the UAE could produce a new global battle plan to curb the worst effects of climate change, diplomats have said.

A new “road map” could set out a way forward on switching to clean energy and helping vulnerable countries prepare for disasters.

The idea was discussed at talks in Berlin this week jointly hosted by Germany and the UAE.

Specific proposals, such as setting a renewable energy target for the world, are to be negotiated in the coming months.

But a four-page summary published by Germany and the UAE said the idea of a “transformational road map” was welcomed by diplomats.

The Cop28 talks “should be used as an opportunity to assess gaps, course correct and set the direction”, the two countries said.

Scientists warn that time is running out to keep global warming to 1.5°C above pre-industrial levels.

Any higher than that and parts of the world such as islands, rainforests and polar and mountain regions may no longer be able to adapt — but the 1.5°C target can still be met with drastic action this decade, scientists say.

Diplomats want to use global climate talks "including a potential road map at Cop28 ... to respond to these findings", the Berlin document said.

Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, and Cop28 president-designate, with German Foreign Minister Annalena Baerbock at this week's talks in Berlin. EPA
Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, and Cop28 president-designate, with German Foreign Minister Annalena Baerbock at this week's talks in Berlin. EPA

Possible solutions

In a list of “solutions that a road map could highlight”, diplomats said any clean energy target could be combined with an energy efficiency goal.

Diplomats “stressed the need for a goal to be underpinned by instruments to support developing countries”, it said.

There is interest in countries working together to expand their power grids, seen as a key step in using more renewables.

Another option under discussion is using carbon prices to shift money from fossil fuels to renewables.

Levies on polluting sectors such as shipping, oil and gas could be ploughed back into climate action.

Cop26 in Britain ended in acrimony when India pushed through a last-minute amendment watering down a pledge to phase out coal power.

But German Foreign Minister Annalena Baerbock told negotiators that Cop28 should “usher in the end of the fossil fuel era”.

Germany, which plans to get 80 per cent of its electricity from renewables by 2030, supports setting a global target. Getty
Germany, which plans to get 80 per cent of its electricity from renewables by 2030, supports setting a global target. Getty

A Cop28 road map could also look at ways for countries to adapt to climate change that may no longer be stopped.

Ideas include a “comprehensive risk management” for climate-related hazards such as floods and drought.

Leaders have been urged to reform the international financial system to make it easier for developing countries to raise money.

A road map could call for strengthening the role of the private sector.

“There was a broad sense that public funds are critical but will not be enough,” said the summary of the talks.

There is also discussion of how to compensate countries already hit by climate disasters — known as “loss and damage” in UN jargon.

Ideas include raising money for a loss-and-damage fund with levies on international shipping or aviation.

Germany told the summit that a promise made in 2009 to arrange $100 billion of annual climate funds for developing countries could finally be within reach.

Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, and Cop28 president-designate welcomed Germany’s optimism.

“We need to fulfil the $100 billion pledge from donor countries and I was very happy, pleased and encouraged by the statement made yesterday by minister Baerbock that progress is indeed being made,” he said on Wednesday.

Talks on a road map are set to continue at G7 and G20 summits, the UN General Assembly and other meetings in the run-up to Cop28, which begins in Dubai on November 30.

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The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

'Nightmare Alley'

Director:Guillermo del Toro

Stars:Bradley Cooper, Cate Blanchett, Rooney Mara

Rating: 3/5

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

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Gender pay parity on track in the UAE

The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.

"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."

Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.

"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.

As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general. 

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EXare%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJanuary%2018%2C%202021%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EPadmini%20Gupta%2C%20Milind%20Singh%2C%20Mandeep%20Singh%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunds%20Raised%3A%20%3C%2Fstrong%3E%2410%20million%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E28%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Eundisclosed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EMS%26amp%3BAD%20Ventures%2C%20Middle%20East%20Venture%20Partners%2C%20Astra%20Amco%2C%20the%20Dubai%20International%20Financial%20Centre%2C%20Fintech%20Fund%2C%20500%20Startups%2C%20Khwarizmi%20Ventures%2C%20and%20Phoenician%20Funds%3C%2Fp%3E%0A
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Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5

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Fourth-round clashes for British players

- Andy Murray (1) v Benoit Paire, Centre Court (not before 4pm)

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The biog

Name: Younis Al Balooshi

Nationality: Emirati

Education: Doctorate degree in forensic medicine at the University of Bonn

Hobbies: Drawing and reading books about graphic design

Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

Ipaf in numbers

Established: 2008

Prize money:  $50,000 (Dh183,650) for winners and $10,000 for those on the shortlist.

Winning novels: 13

Shortlisted novels: 66

Longlisted novels: 111

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Novels translated internationally: 66

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Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

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Updated: May 05, 2023, 9:54 AM