Cop28 President-delegate Dr Sultan Al Jaber has reaffirmed the need to reform climate finance and international financial institutions (IFIs).
Dr Al Jaber, also UAE Minister of Industry and Advanced Technology, made the comments during a virtual address at the meeting of G77 + China ministers and high authorities of environment, science, technology and innovation on Tuesday.
“With 80 per cent of the global population, the G77 provides an essential forum for the global south to deliver a united voice on the critical issue of climate change," he said during a meeting in Havana, Cuba, on sustainable, inclusive and resilient development.
"That voice is all the more important now in light of the impacts, which are being felt the most in the global south."
Cop28 in Dubai in November will deliver a plan of action that is ambitious and practical, “focused on results that address the needs of the global south", Dr Al Jaber said.
He said Cop28 would “fast-track a just energy transition that triples renewables, doubles hydrogen production and increases energy efficiency while phasing down the use of fossil fuels".
“We must safeguard energy affordability, accessibility and security, while maintaining socio-erconomic development," Dr Al Jaber said.
Cop28 will produce a “plan of action that reignites momentum on each of the pillars of climate action, from mitigation to adaptation, finance and loss and damage", he said.
On adaptation, "we need to double finance to $40 billion and allow for a truly global early warning system, built on the best technologies", Dr Al Jaber told delegates.
“The single largest obstacle to success is finance, and the Cop28 Presidency is committed to addressing this issue in a real way."
Expo City Dubai on hunt for green innovations for Cop28 - in pictures
“There are encouraging signs that the long overdue $100 billion pledge will be fulfilled,” he said, while warning that “IFIs and MDBs are not distributing concessional finance anywhere near quickly enough.
"Climate finance needs to be more available, more accessible and more affordable.”
Dr Al Jaber told the audience that Cop28 would work to lower the level of risk, mobilising “the private sector ─ unlocking trillions of dollars in climate finance".
For the first time, Cop28 “will address the impacts of climate change and livelihoods by putting food, health and nature at the heart of Cop", he said.
He also reminded delegates that at Cop27, “The unity of the G77 was critical to delivering a historic outcome on loss and damage.
"Indeed, G77 countries can help us on each of the priority areas by pushing for unity and solidarity throughout the negotiations.”
“Cop28 will be the first Cop to host a G77 summit. We urge you to use this platform to shape ambitious outcomes and accelerated action."
Dr Al Jaber said Cop28 would need G77’s help to deliver “a bold and transformative response to the global stocktake; to conclude the global goal on adaptation; to accelerate a balanced and just energy transition; and to finally deliver the scale and scope of climate finance that is needed for concrete results.”
He concluded with a call to unite, act and deliver.
“Let us work together to pave the way towards an inclusive, sustainable and resilient future for all.”
How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar
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
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.”
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