Dr Sultan Al Jaber is calling for more financial support to help Caribbean nations in their fight against the impact of climate change.
The Cop28 President-designate and Minister of Industry and Advanced Technology was in Barbados on Thursday meeting with leaders from a 15-member trade bloc known as Caribbean Community and Common Market (Caricom).
In the meeting, he underlined his commitment to support countries at risk and to mobilise the international community at Cop28 to close the climate finance gap.
"We all know that the cost of capital has slowed the adoption of renewable energy in this region, alongside many other climate-vulnerable regions of the world," Dr Al Jaber said.
"That is why addressing the climate finance gap is so important and why I have made it a key priority for Cop28."
Dr Al Jaber spoke the same day that the US National Oceanic and Atmospheric Administration increased its prediction for the Atlantic hurricane season from near-normal to above-normal given record sea surface temperatures, AP reported.
Some 14 to 21 named storms are now expected, with two to five major hurricanes. Five tropical storms already have formed this year, marking an unusually busy start to the season, which runs from June 1 to November 30.
“This region knows only too well the human and economic costs of too little finance for climate adaptation and resilience,” he said.
Dr Al Jaber said high costs have prevented island nations from quickly adopting renewable energy as they face what he said was some of the world’s harshest climate impacts.
“The peoples of the Caribbean have been on the front lines of climate change for longer than most,” he said.
“Your experience represents an early warning system for the rest of the world.”
Closing the climate finance gap is one of four pillars of the UAE's Cop28 plan.
Announced last month, Dr Al Jaber said fast-tracking the energy transition, fixing climate finance, focusing on people and making inclusivity will be hallmarks of the summit in Dubai.
He set out what he called a “science-based, action-oriented” plan at a 26-nation climate meeting in Brussels.
The focus on finance comes amid calls to reform a global system that is “not making finance anywhere near available, accessible or affordable enough”, he said.
Dr Al Jaber, who recently attended a summit in Paris on overhauling the financial system, said it was in need of a “comprehensive transformation” and not just “piecemeal reform”
Cop28, which will be hosted at Expo City Dubai in November, will be the first “global stocktake” of progress in limiting climate change.
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What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Global institutions: BlackRock and KKR
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
England Test squad
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