Dr Sultan Al Jaber, Cop28 President-Designate and Simon Stiell, executive secretary of the United Nations Framework Convention on Climate Change (UNFCCC). Photo: Cop28
Dr Sultan Al Jaber, Cop28 President-Designate and Simon Stiell, executive secretary of the United Nations Framework Convention on Climate Change (UNFCCC). Photo: Cop28
Dr Sultan Al Jaber, Cop28 President-Designate and Simon Stiell, executive secretary of the United Nations Framework Convention on Climate Change (UNFCCC). Photo: Cop28
Dr Sultan Al Jaber, Cop28 President-Designate and Simon Stiell, executive secretary of the United Nations Framework Convention on Climate Change (UNFCCC). Photo: Cop28

Cop28 must deliver deal that leads to significant cuts in emissions, UAE and UN say


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Dr Sultan Al Jaber, Cop28 President-designate and Simon Stiell, executive secretary of the United Nations Framework Convention on Climate Change on Thursday said Cop28 must produce an outcome that results in a “significant reduction in emissions”.

Speaking ahead of a G20 ministerial climate meeting in Chennai on Friday, they urged the G20 to “lead the way” in driving a just and credible outcome based on science that protects the most vulnerable now and “not in five years time”. The G20 is responsible for about 80 per cent of the world's emissions.

With just 125 days to go until the Dubai summit, they said steps must be taken to accelerate the “inevitable phase-down of all fossil fuels in a responsible manner” and to ensure an energy system “free of unabated fossil fuels by the middle of this century”.

The main G20 gathering takes place in September and is seen as an important bellwether ahead of the November 30 to December 12 summit in terms of what might be agreed. And it comes during a summer in which extreme weather events from heatwaves to flash floods are causing havoc around the world.

“The science demands a strong mitigation outcome at Cop28 that drives a significant reduction in emissions and builds on the progress of previous Cops,” the leaders said.

“And we call on the G20 to lead the way on the basis of both science and equity and lay the path to a strong and credible outcome that provides developing countries with the basis to undertake a just transition,” they said.

“Together, we must take necessary steps to accelerate the inevitable phase-down of all fossil fuels in a responsible manner, in order to have an energy system free of unabated fossil fuels by the middle of this century while enabling access for all and promoting sustainable development.”

They also reiterated the importance of tripling global renewable energy capacity and doubling the rate of energy efficiency improvements across sectors by 2030.

  • An aerial shot of the Great Barrier Reef in Australia, showing parts of the reef that has been subjected to coral bleaching.
    An aerial shot of the Great Barrier Reef in Australia, showing parts of the reef that has been subjected to coral bleaching.
  • A house located on land that has been deformed by permafrost thaw at a former airfield in Churapcha, Russia. Reuters
    A house located on land that has been deformed by permafrost thaw at a former airfield in Churapcha, Russia. Reuters
  • Native vegetation has been cut down to give space for eucalyptus plantations in the Setubinha region in Brazil. AFP
    Native vegetation has been cut down to give space for eucalyptus plantations in the Setubinha region in Brazil. AFP
  • A large melt pool forms in the Ilulissat ice fjord below the Jakobshavn Glacier at the fringe of the Greenland ice sheet. AP
    A large melt pool forms in the Ilulissat ice fjord below the Jakobshavn Glacier at the fringe of the Greenland ice sheet. AP
  • Lake Erhai in China has become eutrophic (where an entire body of water becomes enriched with nutrients and minerals) which caused algal growth that destroyed other life. Photo: Ronan O'Connell
    Lake Erhai in China has become eutrophic (where an entire body of water becomes enriched with nutrients and minerals) which caused algal growth that destroyed other life. Photo: Ronan O'Connell
  • Deforestation in Para state, Brazil. AFP
    Deforestation in Para state, Brazil. AFP
  • Moai statues in Easter Island, Chile, were damaged after a wildfire. Reuters
    Moai statues in Easter Island, Chile, were damaged after a wildfire. Reuters

Support for developing nations

The statement said discussions at the G20 energy ministerial meeting did not provide a sufficiently clear signal for transforming global energy systems, scaling up renewable and clean energy sources and responsibly phasing down fossil fuels.

“It is our hope that any progress achieved by the G20 drives decisively a strong outcome at Cop28 under the global stocktake [how countries are adhering to the 2015 Paris deal] and capitalises on the just transition work programme established at Cop27 to ensure that this transition is fair, leaves no one behind and supports the broad development challenges faced by developing countries in launching this transition."

The pair also urged the G20 to ramp up work on defining what is known as the “global goal on adaptation” – to help countries adapt to climate change – and bringing the loss and damage fund established at Cop27 last year into operation.

“The G20 must affirm its commitment to achieve the operationalisation of the fund and funding arrangements. Those at the front line of climate change need our support now, not in five years’ time. This is the benchmark for ambition,” they said in the statement. They also called on the G20 to show that it can deliver for the most climate vulnerable, including the least developed countries and small island developing states. ”

Adaptation finance must be doubled urgently, the leaders said.

“Climate finance arrangements will need to be transformed to deliver at the necessary scale, to work better as a system and to support private finance mobilisation at unprecedented levels.”

They also called on the G20 to raise their ambition on pledges to cut emissions – known as nationally determined contributions to align with the Paris deal’s goal of trying to limit global warming to 1.5°C on pre-industrial levels.

“We must leave Chennai on the right path and with a clear signal that the political will to tackle the climate crisis and launch a new era of development is within our grasp, because it is only a short path to Cop28.

"Every meeting counts, every outcome must bring us closer. The world needs its leaders to unite, act and deliver; and that must start with the G20.”

If you go...

Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).

How Alia's experiment will help humans get to Mars

Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.

Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.

After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.

Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.

It also means that the first DNA experiments using human genomes can now be carried out on the ISS.

 

LA LIGA FIXTURES

Friday Athletic Bilbao v Celta Vigo (Kick-off midnight UAE)

Saturday Levante v Getafe (5pm), Sevilla v Real Madrid (7.15pm), Atletico Madrid v Real Valladolid (9.30pm), Cadiz v Barcelona (midnight)

Sunday Granada v Huesca (5pm), Osasuna v Real Betis (7.15pm), Villarreal v Elche (9.30pm), Alaves v Real Sociedad (midnight)

Monday Eibar v Valencia (midnight)

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.”

While you're here
Tickets

Tickets for the 2019 Asian Cup are available online, via www.asiancup2019.com

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INDIA V SOUTH AFRICA

First Test: October 2-6, at Visakhapatnam

Second Test: October 10-14, at Maharashtra

Third Test: October 19-23, at Ranchi

Updated: August 20, 2023, 5:10 PM