A sunken boat sits on cracked earth hundreds of metres from the shoreline of Lake Mead in Boulder City, Nevada, the US. AP
A sunken boat sits on cracked earth hundreds of metres from the shoreline of Lake Mead in Boulder City, Nevada, the US. AP
A sunken boat sits on cracked earth hundreds of metres from the shoreline of Lake Mead in Boulder City, Nevada, the US. AP
A sunken boat sits on cracked earth hundreds of metres from the shoreline of Lake Mead in Boulder City, Nevada, the US. AP

UN Climate Change report brings Cop28 global stocktake into focus


Soraya Ebrahimi
  • English
  • Arabic

Past climate action has been insufficient and more needs to be done by governments to limit global warming to 1.5°C above pre-industrial levels, to avoid loss and damage, and to adapt to climate change, a UN report has found.

The report reflects the views of governments and their perspectives on the main elements that will help them make decisions at the Cop28 global stocktake.

The global stocktake is part of the Paris Agreement, and a key means to assess the world’s global response to the climate crisis and chart a better way forward.

The report is based on 24 joint submissions from 180 groups and 44 individual stakeholders.

While there are divergent views on the details of how to reach the goals of the Paris Agreement, all parties agreed they need to take more action and support developing countries.

“The report is again telling us the world is off track," said Dr Sultan Al Jaber, Cop28 President-designate and UAE Minister of Industry and Advanced Technology.

"Cop28 is the moment for all parties to come together and put actionable solutions on the table.

"We must be ready with real answers to tackle the challenges, eradicate 22 gigatons of emissions by 2030, strengthen global resilience and mobilise finance at the scale necessary to enable a just and equitable transition.

"Now is the time to unite, act and deliver a strong negotiated outcome on the global stocktake.”

Simon Stiell, executive Secretary of UN Climate Change, said: “This report puts the cards on the table – except this is not a game.

"We know that we, as the global community, are not on track towards achieving the long-term goals of the Paris Agreement and that there is a rapidly closing window of opportunity to secure a livable and sustainable future.

“This synthesis report is a blueprint of what the final outcome of the global stocktake could look like, based on parties’ own words.

"Nations should make full use of the inputs to build consensus for an ambitious outcome towards action in this critical decade."

Expo City Dubai as Cop28 venue - in pictures

  • The Rove Expo 2020 will be in the blue zone with access for accredited delegates during the global climate summit. Photo: Rove Hotels
    The Rove Expo 2020 will be in the blue zone with access for accredited delegates during the global climate summit. Photo: Rove Hotels
  • Alif - the Mobility Pavilion in Dubai will be open to the public during Cop28. Photo: Expo 2020 Dubai
    Alif - the Mobility Pavilion in Dubai will be open to the public during Cop28. Photo: Expo 2020 Dubai
  • The Expo 2020 falcon-winged UAE pavilion will go by a different name and serve as a cultural venue during Cop28. Photo: Antonie Robertson / The National
    The Expo 2020 falcon-winged UAE pavilion will go by a different name and serve as a cultural venue during Cop28. Photo: Antonie Robertson / The National
  • Terra - the Sustainability pavilion, which is covered with hundreds of solar panels, will be open to the public for Cop28. Chris Whiteoak / The National
    Terra - the Sustainability pavilion, which is covered with hundreds of solar panels, will be open to the public for Cop28. Chris Whiteoak / The National
  • The Terra, Alif, Vision, Women’s and Stories of Nations pavilions and Latifa’s Playground will be shut from November 18-29 to incorporate changes for Cop28. EPA
    The Terra, Alif, Vision, Women’s and Stories of Nations pavilions and Latifa’s Playground will be shut from November 18-29 to incorporate changes for Cop28. EPA
  • The Expo 2020 metro station serves the Dubai Exhibition and Convention Centre. Cop28 organisers have asked visitors to use the Dubai Metro. Pawan Singh / The National
    The Expo 2020 metro station serves the Dubai Exhibition and Convention Centre. Cop28 organisers have asked visitors to use the Dubai Metro. Pawan Singh / The National
  • The central Al Wasl Plaza at Expo City Dubai will be in the Cop28 green zone and accessible to the public during the summit. EPA
    The central Al Wasl Plaza at Expo City Dubai will be in the Cop28 green zone and accessible to the public during the summit. EPA
  • Surreal, a popular Expo 2020 Dubai water feature, will be open to the public during Cop28. Photo: Expo 2020 Dubai
    Surreal, a popular Expo 2020 Dubai water feature, will be open to the public during Cop28. Photo: Expo 2020 Dubai
  • Airport-style security gates will be installed for entry into the Cop28 summit's blue and green zones, much like the screening at the Expo 2020 site. Pawan Singh / The National
    Airport-style security gates will be installed for entry into the Cop28 summit's blue and green zones, much like the screening at the Expo 2020 site. Pawan Singh / The National
  • A night view of the Vision Pavilion that will be open to the public during Cop28. Photo: Expo 2020 Dubai
    A night view of the Vision Pavilion that will be open to the public during Cop28. Photo: Expo 2020 Dubai
  • The Garden in the Sky attraction will be shut from October and will not operate during Cop28. Pawan Singh / The National.
    The Garden in the Sky attraction will be shut from October and will not operate during Cop28. Pawan Singh / The National.
  • Arish, traditional architecture using dried palm leaves, will feature across the Cop28 site. Photo: Sandra Piesik
    Arish, traditional architecture using dried palm leaves, will feature across the Cop28 site. Photo: Sandra Piesik
  • As well as dried palm leaves, the age-old arish technique also uses fibre from the trunk and husk to construct homes and weave ropes. Photo: Sandra Piesik
    As well as dried palm leaves, the age-old arish technique also uses fibre from the trunk and husk to construct homes and weave ropes. Photo: Sandra Piesik

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.”

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

While you're here
RedCrow Intelligence Company Profile

Started: 2016

Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel 

Based: Ramallah, Palestine

Sector: Technology, Security

# of staff: 13

Investment: $745,000

Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors

Updated: October 04, 2023, 11:02 PM