The UAE’s presidency of Cop28 has turned to key global players such as Canada and Germany to help achieve the goals of the Dubai climate summit.
The two G7 countries have been given the task of ensuring that the rich world keeps its promises to put more financial firepower behind climate action.
Dr Sultan Al Jaber, Cop28 President-designate and UAE Minister of Industry and Advanced Technology, has also asked Denmark and South Africa to take soundings on a key global progress check.
An expert group has been commissioned to draw up a report on climate finance that will be handed to world leaders on the first two days of Cop28.
Plugging gaps in funding is one of four pillars of the UAE’s plan for Cop28 that Dr Al Jaber unveiled at climate talks in Brussels, which ended on Friday.
The investments needed to switch to clean energy have been estimated at $35 trillion. Germany and Canada have led a push for rich countries to make good on $100 billion in annual climate funding that they first promised the developing world in 2009.
Dr Al Jaber said rich countries should “provide assurances” on the delivery of the $100 billion, with Canada and Germany resuming a role as co-ordinators they have held since Cop26 in Glasgow.
At a press conference after the talks ended, Canada’s Environment Minister Stephen Guilbeault said he was “honoured for the trust” placed in his country by the UAE presidency.
Mr Guilbeault said he welcomed Dr Al Jaber’s “clarity on his vision” for the summit and his “commitment to working with Canada and all countries to securing a hopeful, ambitious and inclusive Cop28”.
The EU believes it is “well on track to delivering the EU contribution” to the $100 billion, an official said on Friday.
However, the EU’s assessment is that “there are some of our developed partners who are lagging quite significantly behind with their contribution”.
“Particularly for the countries that are not necessarily least developed any more, but have graduated, there are still huge challenges in accessing the transition financing that is needed,” the official said.
An official told The National that the EU would use meetings with Caribbean and Latin American leaders next week to try to bridge divides on another key Cop28 issue – a “loss and damage” fund to meet the costs of climate disasters.
Dr Al Jaber told ministers in Brussels it was “absolutely imperative” to agree the details of a fund at Cop28 so that it can be activated “soon after”.
Stocktake plans
A further focus of Cop28 will be the first ever “global stocktake” of whether the world is on track to limit climate change to a 1.5°C rise in temperatures – and what action should be taken if it is not.
Denmark’s Minister for Global Climate Policy Dan Jorgensen and South Africa’s Environment Minister Barbara Creecy have been enlisted to consult on the stocktake on Dr Al Jaber’s behalf.
The Danish and South African ministers will hold discussions in the coming weeks and report back to the UAE presidency in time for the UN General Assembly meeting in New York in September, Dr Al Jaber said.
Mr Jorgensen said he was grateful to be trusted with an “important assignment”.
Dr Al Jaber used the meeting to set out the “four pillars” of his plan for the summit. The UAE presidency also circulated the daily schedule for Cop28.
The four-part plan concentrating on the energy transition, finance, livelihoods and inclusivity is “science-based, action-oriented and focused on a new way forward”, Dr Al Jaber told ministers.
The summit begins on November 30 at Dubai’s Expo City. A two-day world leaders’ summit will be followed by seven themed days that focus on issues such as finance, energy and health.
Dr Al Jaber’s plan was praised by ministers in attendance. Jennifer Morgan, a German special envoy, said on Friday she welcomed the vision to “drastically cut emissions” and pave the way for a “cleaner, more resilient and prosperous planet”.
Mr Guilbeault added the UAE presidency was “working very hard to put in place all of the conditions necessary to ensure that we have a successful Cop28 meeting in December”.
He praised the UAE for submitting an updated climate plan that aims for a 40 per cent cut in emissions by 2030, compared to the 31 per cent planned previously.
The UAE as an oil-exporting country is “in some ways in a similar position to Canada, in finding solutions to transition from where they are to where they need to be”, he said.
COMPANY%20PROFILE
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
COMPANY%20PROFILE%20
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
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
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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.”
The biog
Date of birth: 27 May, 1995
Place of birth: Dubai, UAE
Status: Single
School: Al Ittihad private school in Al Mamzar
University: University of Sharjah
Degree: Renewable and Sustainable Energy
Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.