The world faces a scathing verdict on its efforts to tackle climate change after talks ended on Tuesday on an appraisal that the designate UAE presidency says will “frame all of our work” at the Cop28 summit in Dubai.
The host will oversee the first five-yearly “global stocktake” ordered by the Paris Agreement, the deal that set the target of limiting global warming to 1.5°C.
With the next progress report not due until 2028, the stocktake in Dubai is considered a key moment for countries to rethink their national go-green plans.
Hana Al Hashimi, the UAE’s chief climate negotiator at Cop28, said it would be a milestone moment to “course correct for 2030 and beyond, for the future we all want”.
Talks on the “technical phase” of the stocktake ended in Bonn, Germany on Tuesday, clearing the way for a “political phase” at Cop28 where leaders and policymakers could issue a joint call to action.
The two scientists tasked with reporting back on the talks, Farhan Akhtar from the US and Harald Winkler from South Africa, have made clear they see global emissions as “not in line” with the 1.5°C goal.
“It’s clear that we’ve made significant yet inadequate progress,” Mr Akhtar said.
Negotiators and lobbyists who spoke to The National said the stocktake should call for urgent emissions cuts to keep 1.5°C within reach – preferably without overshooting the target first and trying to claw temperatures back later.
“We think that 1.5°C is where we should focus our attention. It is still feasible,” said UK negotiator Iliana Cardenes on the sidelines of the talks in Bonn.
Paris%20Agreement
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The stocktake is a “vehicle for action” that can “set out really clear next steps for climate action in the critical decade that we have left”, she said.
Carlon Mendoza, a negotiator from Trinidad and Tobago, argued that any delay in phasing out fossil fuels would be unfair to future generations.
“We should be focusing on pathways to 1.5°C and not an overshoot,” he said.
Events involving high-ranking figures are planned in the first week of Cop28 to address the stocktake, said the summit’s chief executive Adnan Amin.
Those talks could produce “key political messages and recommendations” that inform a final decision or declaration on the stocktake, he said. The summit starts in Dubai's Expo City on November 30.
A critical moment for us to embark on a new and ambitious pathway
Adnan Amin
The talks in Bonn were mired in familiar climate controversies, with rich countries urged to shoulder the burden of a crisis that poorer countries did little to bring about.
Cuban diplomat Pedro Luis Pedroso Cuesta, speaking on behalf of 134 developing countries including China, piled pressure on rich countries to lead the way in emissions cuts.
“Historical emissions are unequal. The impacts and risk associated with warming are also unevenly distributed,” he said.
India said it did not want to see “prescriptive messages” in the stocktake that order developing countries down a path of “constraining energy consumption and income growth”.
Some ways of getting to 1.5°C modelled by scientists “project a future for us that we do not want”, said the Indian delegation, which succeeded at Cop26 two years ago in securing committments to phase down coal.
The US hit back by saying development needs “cannot be an excuse” to delay emissions cuts.
Washington believes that “collective progress” is not on track and that the stocktake should stress the need for everyone to ditch fossil fuels, end deforestation and cut methane emissions, US diplomats said in Bonn.
Mr Akhtar said parties had expressed a wish to “convey both hope and urgency” and deliver a report that could inspire further action.
Experts warn that missing the 1.5°C target by even half a degree would bring a higher risk of floods, droughts, tropical cyclones, melting of ice sheets and a devastating rise in sea levels.
The top UN science panel advising on climate change said in a March report that humans had unequivocally caused about 1.1°C of global warming above pre-industrial levels already.
Small island states want the report to stress that the threat of rising sea levels is already hanging over them.
Activists in Bonn said the stocktake should include “strong political signals” about a switch to renewable energy.
Fernanda Carvalho of the World Wildlife Fund said countries should be asked to rethink their 2030 targets and given a “strong call” to phase out fossil fuels.
“We have two elephants in the room. One is ambition – the targets are not going to get us to where we need to be – and the other is implementation,” she said.
“We don’t have the right targets, but even the wrong targets are not being implemented.”
Another key question is finance, which India described as “nowhere near” the desired scale, and several countries said should figure prominently in the report handed to politicians.
Canada and Germany have expressed optimism that a promise of $100 billion in funding for global climate action will finally be ready this year after it was promised in 2009, a delay the UAE presidency has described as a distraction.
The stocktake must drive systems transformations
Adnan Amin
The total cost could run into the trillions and Algeria, speaking on behalf of a group of Arab countries, said the stocktake “needs to identify solutions” to put more money in reach for developing countries.
Lidy Nacpil, a campaigner from the Asian Peoples’ Movement on Debt and Development, said the stocktake should also address progress on adapting food production to warmer temperatures.
Ms Nacpil acknowledged that demands for a total end to fossil fuels might seem unrealistic at present.
“We’re working very hard to make sure that what we actually get in the end is not what is realistic now,” she said.
Mr Amin promised diplomats on Monday that the stocktake “will frame all of our work” when the UAE assumes the summit presidency.
The global stocktake “is a critical moment for us to embark on a new and ambitious pathway to a sustainable future”, Mr Amin said.
“The stocktake must drive systems transformations that enable us to collectively meet the ambition of the Paris Agreement and to keep the 1.5°C goal within reach,” he said.
A formal report on the Bonn talks is expected to be published in September, before Cop28 starts on November 30.
The response in Dubai could include a joint call to action, or a formal decision of the 194 parties to the Paris Agreement, that sets out plans for key sectors or identifies good practices.
There is a 2025 deadline for countries to hand in an updated climate plan and they are expected to take the stocktake into account.
The UN’s top climate official Simon Stiell has said the stocktake “must be a turning point”.
While scientists have called for drastic emissions cuts by 2030, the stocktake “will show that we are not yet on that path”, he said.
UPI facts
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More than 3.5 million Indians reside in UAE
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Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
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Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Selected fixtures
All times UAE
Wednesday
Poland v Portugal 10.45pm
Russia v Sweden 10.45pm
Friday
Belgium v Switzerland 10.45pm
Croatia v England 10.45pm
Saturday
Netherlands v Germany 10.45pm
Rep of Ireland v Denmark 10.45pm
Sunday
Poland v Italy 10.45pm
Monday
Spain v England 10.45pm
Tuesday
France v Germany 10.45pm
Rep of Ireland v Wales 10.45pm
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
2018 ICC World Twenty20 Asian Western Sub Regional Qualifier
Event info: The tournament in Kuwait this month is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.
UAE’s fixtures: Fri Apr 20, UAE v Qatar; Sat Apr 21, UAE v Saudi Arabia; Mon Apr 23, UAE v Bahrain; Tue Apr 24, UAE v Maldives; Thu Apr 26, UAE v Kuwait
World T20 2020 Qualifying process:
- Sixteen teams will play at the World T20 in two years’ time.
- Australia have already qualified as hosts
- Nine places are available to the top nine ranked sides in the ICC’s T20i standings, not including Australia, on Dec 31, 2018.
- The final six teams will be decided by a 14-team World T20 Qualifier.
World T20 standings: 1 Pakistan; 2 Australia; 3 India; 4 New Zealand; 5 England; 6 South Africa; 7 West Indies; 8 Sri Lanka; 9 Afghanistan; 10 Bangladesh; 11 Scotland; 12 Zimbabwe; 13 UAE; 14 Netherlands; 15 Hong Kong; 16 Papua New Guinea; 17 Oman; 18 Ireland
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Alcohol consumption could be an issue
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Cardiac disease, stroke and dementia from high heart rate
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Vegetarian diet reduces obesity
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He's a god
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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.”
CONFIRMED%20LINE-UP
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The specs: Hyundai Ionic Hybrid
Price, base: Dh117,000 (estimate)
Engine: 1.6L four-cylinder, with 1.56kWh battery
Transmission: Six-speed automatic
Power: 105hp (engine), plus 43.5hp (battery)
Torque: 147Nm (engine), plus 170Nm (battery)
Fuel economy, combined: 3.4L / 100km
Spider-Man%202
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Poacher
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
STAGE%201%20RESULTS
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RESULT
Everton 2 Huddersfield Town 0
Everton: Sigurdsson (47'), Calvert-Lewin (73')
Man of the Match: Dominic Calvert-Lewin (Everton)
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