President Sheikh Mohamed has stressed the need for action on climate change at the upcoming Cop28 summit, with a strong focus on the need to protect the planet and future generations.
The head of state met with the team tasked with the delivery of the climate summit on Tuesday.
He spoke of the need to enhance international solidarity and co-operation to find practical solutions to climate challenges.
The meeting was attended by members of the National Higher Committee overseeing preparations to host Cop28 in the UAE, beginning on November 30.
The Cop28 team briefed Sheikh Mohamed about the conference preparations and the four pillars of the summit's agenda.
"These are fast-tracking a just and orderly energy transition, fixing climate finance and putting nature, lives, and livelihoods at the centre of climate action, as well as enhancing inclusivity in national climate action," state news agency Wam said.
By hosting Cop28, the UAE is building on its enduring legacy of environmental stewardship first championed by the late Founding Father, Sheikh Zayed bin Sultan Al Nahyan, while empowering youth, women and civil society to contribute to international efforts to battle climate change, Sheikh Mohamed said.
The UAE is extending an invitation to the world to foster co-operation and joint action in collective efforts to achieve outcomes that benefit the global community, he said.
He also underscored that the Cop28 team’s endeavours to accelerate effective climate action serve all of humanity in light of the climate crisis.
Sheikh Mohamed affirmed that under the UAE Presidency, Cop28 will lead the global effort to protect the planet and the wellbeing of future generations.
The UAE will use its diverse international partnerships to pursue inclusive dialogue and co-operation that focuses on practical climate solutions, and fosters sustainable social and economic development, he said.
Preparing to host the summit is important, Sheikh Mohamed said, emphasising that the UAE has essential capabilities including modern infrastructure, a commendable track record in sustainability and environmental conservation, and recognition as a successful convener of global events, as well as deep-rooted relations with other countries.
He commended the efforts of the Cop28 team in overseeing the conference and striving to achieve its objectives.
The Higher Committee is led by Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and chairman of the Higher Committee, and Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, UAE Special Envoy for Climate Change, and vice chairman of the Cop28 UAE Higher Committee.
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Results
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