The UAE and the UN on Tuesday said they were committed to ensuring Cop28 would be an “inclusive and safe space for all participants”.
A joint statement underlined the importance of staging “an inclusive, transparent and respectful setting”, as well as stressing that voices from all backgrounds must be heard and acknowledged.
It said that space would be available for “climate activists to assemble peacefully and make their voices heard”.
Dr Sultan Al Jaber, Cop28 President-designate, and UN Climate Change executive secretary Simon Stiell made the statement after what is known as the “host country agreement” for the crucial talks was signed in Abu Dhabi.
There will be space available for climate activists to assemble peacefully and make their voices heard.
UAE and UN statement
Cop28 will take place at Expo City Dubai from November 30 to December 12 and the host country agreement typically puts in place the legal infrastructure to organise the event.
“As the work to prepare for a successful Cop28 gathers momentum, we want to express our commitment to making Cop28 an inclusive and safe space for all participants,” the statement said.
“Recognising the global nature of the climate emergency and its varying impacts across communities and societies, we want to emphasise the crucial importance of an inclusive, transparent and respectful setting for all participants to engage in the Cop process.
“In line with UN Framework Convention on Climate Change guidelines and adherence to international human rights norms and principles, there will be space available for climate activists to assemble peacefully and make their voices heard.
“We are committed to upholding the rights of all participants and to ensuring that everyone’s perspectives are heard and their contributions to the climate challenge are recognised.”
Both sides said they were working to ensure Cop28 was the most inclusive conference to date and all parties had been contacted to encourage “increased participation and meaningful engagement of youth, women, local communities and indigenous peoples as members of party and observer delegations to Cop and in climate decision-making, policy and action”.
Crucial global gathering
Organisers expect up to 70,000, from heads of states to youth advocates, to converge on the venue for the talks to tackle the escalating climate emergency. Cops also typically see vibrant calls to action from groups and organisations from across the climate landscape.
“The Cop28 plan of action is centred around fast-tracking a just, equitable and orderly energy transition; fixing climate finance; focusing on people, lives and livelihoods; and underpinning everything with full inclusivity,” said Dr Al Jaber.
“The Cop28 presidency believes inclusivity is a critical enabler to achieving transformative progress across the climate agenda.
“Only by rising above our differences and working together can we raise our shared ambition and deliver progress to keep 1.5°C within reach.”
Mr Stiell said he was firmly committed to ensuring UN values are upheld at Cops.
“We are also making every effort on our part to ensure that this will be a Cop process where the voices of youth, women, local communities, indigenous peoples and those most impacted by climate change will be heard and reflected within the process,” he said.
Dr Al Jaber, who is also Minister of Industry and Advanced Technology and managing director and group chief executive of Adnoc, said in July that Cop28 will be based around four pillars – fast-tracking the energy transition, fixing climate finance, focusing on people and making inclusivity a hallmark of the summit.
He said the “north star” of his plan would be keeping the Paris Agreement target of limiting global warming to 1.5°C on pre-industrial levels within reach.
Other major issues at the crunch talks are expected to be mitigation (UN parlance for cutting warming emissions), scaling up climate funding and how to bring into operation the loss and damage fund agreed at Cop27 in Egypt last year.
Cop28 will also see the first ever “global stocktake” of progress in limiting climate change.
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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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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Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Fourth Arab Economic and Social Development Summit
As he spoke, Mr Aboul Gheit repeatedly referred to the need to tackle issues affecting the welfare of people across the region both in terms of preventing conflict and in pushing development.
Lebanon is scheduled to host the fourth Arab Economic and Social Development Summit in January that will see regional leaders gather to tackle the challenges facing the Middle East. The last such summit was held in 2013. Assistant Secretary-General Hossam Zaki told The National that the Beirut Summit “will be an opportunity for Arab leaders to discuss solely economic and social issues, the conference will not focus on political concerns such as Palestine, Syria or Libya". He added that its slogan will be “the individual is at the heart of development”, adding that it will focus on all elements of human capital.