Dr Sultan Al Jaber, Cop28 President-designate, speaks during the Changemakers' Majlis. Photo: Cop28 / X
Dr Sultan Al Jaber, Cop28 President-designate, speaks during the Changemakers' Majlis. Photo: Cop28 / X
Dr Sultan Al Jaber, Cop28 President-designate, speaks during the Changemakers' Majlis. Photo: Cop28 / X
Dr Sultan Al Jaber, Cop28 President-designate, speaks during the Changemakers' Majlis. Photo: Cop28 / X

Cop28 head calls for energy sector to take action on green goals


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Cop28 President-designate Dr Sultan Al Jaber on Sunday urged industry leaders to come together to help accelerate the crucial clean energy transition – warning they must do more to help protect the planet.

Dr Al Jaber hosted representatives of the oil and gas, cement, steel, aluminium and heavy transport sectors and emphasised the need for urgent action.

The UAE special envoy on climate change, who also serves as Minister of Industry and Advanced Technology and managing director and group chief executive of Adnoc, was joined for high-level talks in Abu Dhabi by US special presidential envoy for climate John Kerry as calls were made for greater collaboration to help achieve environmental goals.

At the event – the latest stop on the road to Cop28 – efforts to accelerate global decarbonisation were at the top of the agenda.

Prominent figures from the energy and hard-to-abate sectors took part in the discussions, which were moderated by Dr Daniel Yergin, vice chairman of S&P Global and a respected authority on energy, economy and international politics.

“Hard-to-abate sectors” refers to transport, cement, steel, aluminium and other heavy industries that face greater financial and practical challenges in adopting greener operating practices.

“The energy transition is under way – but decarbonisation will be faster if we all work together,” Dr Al Jaber said during the event, which was headlined Cop28 Changemakers’ Majlis: Fast-Tracking the Energy Transition.

The event was also attended by Sheikh Hamed bin Zayed, Member of the Abu Dhabi Executive Council

“Cross-sector collaboration will be indispensable,” said the Cop28 head.

The switch from traditional fossil fuels to cleaner energy is central to the international mission to limit global warming, reduce emissions and carbon footprints to protect the planet for future generations.

Mr Kerry underlined the importance of eliminating methane pollution from the energy sector by the end of the decade.

Dr Al Jaber reaffirmed his view that the world was “not on track” in its mission to limit global temperatures to no higher than 1.5°C above pre-industrial levels

“We need to deliver a 43 per cent emission reduction by 2030. I believe we can only keep 1.5 within reach if we are willing to collaborate,” he said.

World is waiting for climate action

He added that the production of oil and gas, cement, steel and aluminium accounts for about a quarter of all global carbon emissions.

He said these sectors “can collaborate to accelerate decarbonisation by working on infrastructure, technology, policy and finance together”.

“The world is watching and waiting for real, actionable progress across all sectors – and the energy and hard-to-abate industries have a critical role to play.

“We can find ways of commercialising hydrogen, increasing the efficiency of the electrical grid, speeding the elimination of methane, and increasing the availability of biofuels,” Dr Al Jaber said.

He concluded by calling on the energy industry to play a more active role in the energy transition.

“For years, the energy industry has been without a seat at the climate change table,” he told delegates.

“But you can’t just ask for it. You need to earn it. And candidly, I don’t think the industry has yet done enough to earn that seat.”

Countdown to Cop28

The UAE has said it will be guided by a “deep sense of urgency” to hold the world to its promise of limiting global temperatures to no higher than 1.5°C above pre-industrial levels, when it hosts UN climate talks in November.

Dr Al Jaber told the Climate Future Week conference in Dubai on Saturday that breaching the crucial 1.5°C threshold would have far-reaching repercussions.

“We have decided that our comprehensive and holistic plan for Cop28 is to be centred around one thing, and that is the North Star,” he said, referring to the star used by humans for navigation since ancient times.

“What is our North Star at Cop28? It is keeping 1.5°C within reach,” Dr Al Jaber added, describing it as a call to action for the international community.

The Cop28 climate conference will be held at Expo City Dubai from November 30 to December 12.

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

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A foster couple or family must:

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Director: Todd Phillips 

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Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.

Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.

The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.

The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.

A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.

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Updated: October 02, 2023, 4:13 AM