The world is losing the fight against climate change and will continue to do so unless leading countries show solidarity, Dr Sultan Al Jaber, Cop28 President-designate, has warned.
Dr Al Jaber made his comments during a speech on Friday at a G20 ministerial climate meeting in the eastern Indian city of Chennai.
G20 nations have a duty to take leadership roles when it comes to climate action, he said.
Many of the indicators are going in the wrong direction
Dr Sultan Al Jaber
“The science and our senses are telling us that the world is more vulnerable, less resilient and lacks the critical capacity to deal with mounting climate impacts,” said Dr Al Jaber.
“Right now, many of the indicators are going in the wrong direction. Temperature records continue to be broken, with this month officially recorded as the hottest in history.
“We are losing biodiversity. Agricultural land is being degraded and food insecurity is increasing.”
Dr Al Jaber also voiced his concern that his call at a meeting last week in Goa, southern India, to triple renewable energy capacity by 2030 has “yet to find expression in G20 outcomes”.
The Cop28 President-designate had called for action at a clean energy ministerial meeting at held alongside the G20 energy transitions ministerial meeting.
“As a group, the G20 represents 85 per cent of the world’s GDP and 80 per cent of the world’s emissions,” said Dr Al Jaber.
“What you decide will have a huge influence on outcomes for everyone, everywhere.
“There is still time for the G20 to show leadership, and I am calling on all of you to work with your leaders to drive global climate action in this critical decade.”
Solidarity is key
He called on all parties to get behind the UN Secretary General’s Climate Solidarity Pact and Acceleration Agenda.
“I made the case for all parties to get behind a rapid scale up of renewable energy, while we comprehensively decarbonise the current energy system and build towards a system free of all unabated fossil fuels,” said Dr Al Jaber.
The President-designate also highlighted the importance of making progress when it came to adaptation, with parties having agreed to this as part of the Paris Agreement.
“We all signed up to this. We are all responsible for its success,” he said.
He urged nations to accelerate the implementation of 30x30 – the name given to the scheme to conserve 30 per cent of terrestrial and marine habitat by the end of this decade.
Dr Al Jaber also called for the expansion of the Forest and Climate Leaders Partnership.
“If we are going to make progress on adaptation, we first have to define what success looks like in terms of stopping biodiversity loss, restoring agricultural land, preserving forests, protecting coastlines, ensuring no one goes hungry and safeguarding lives and livelihoods everywhere,” he said.
Dr Al Jaber told ministers the transformation of food systems was a top priority for the Cop28 Presidency.
“We need it to be your priority as well,” he said.
“Your national adaptation plans and strategies should promote sustainable land use, leverage technologies to increase crop resilience, enhance nutrition and reduce the climate impacts of farming.”
Needle needs to move
The President-designate reiterated the need to “move the needle on adaptation finance”.
“Doubling adaptation finance by 2025 is a critical first step but we need to look at directing a solid proportion of all climate finance towards adaptation responses,” he said.
“The more that is invested in adaptation, the greater our collective resilience to climate impacts will be.
“Yet, we must acknowledge that many vulnerable countries – in particular small-island developing states and least developed countries – are already experiencing consequences of climate change that go beyond what people can adapt to.
“Every day, we are seeing the human impacts of extreme climate events devastating the lives of ordinary people around the world.
“Let us reflect on that as human beings and remember once again why solidarity is so important.
“I urge you to bring that spirit of solidarity to Cop28.”
The Cop28 climate change conference will take place in Dubai for two weeks, starting on November 30.
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.”
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
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UAE currency: the story behind the money in your pockets
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The Rub of Time: Bellow, Nabokov, Hitchens, Travolta, Trump and Other Pieces 1986-2016
Martin Amis,
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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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