Minister of Industry and Advanced Technology and Cop28 President-designate Dr Sultan Al Jaber addressed a high-level forum on green development in Beijing. Photo: Cop28
Minister of Industry and Advanced Technology and Cop28 President-designate Dr Sultan Al Jaber addressed a high-level forum on green development in Beijing. Photo: Cop28
Minister of Industry and Advanced Technology and Cop28 President-designate Dr Sultan Al Jaber addressed a high-level forum on green development in Beijing. Photo: Cop28
Minister of Industry and Advanced Technology and Cop28 President-designate Dr Sultan Al Jaber addressed a high-level forum on green development in Beijing. Photo: Cop28

Dr Sultan Al Jaber praises China and calls for collective action to meet Paris goals


Alkesh Sharma
  • English
  • Arabic

Minister of Industry and Advanced Technology and Cop28 President-designate Dr Sultan Al Jaber has commended China’s climate action initiatives, while emphasising the need for collective global action to meet the goals of the Paris agreement.

Countries committed to limiting average global temperature increases to 1.5°C above pre-industrial levels under the 2015 Paris Agreement.

While addressing a high-level forum on green development in Beijing, Dr Al Jaber said China is “driving green growth, not just in Belt and Road countries but around the world.”

“China has the potential to lead the world in turning the goals of Paris into a solid and durable reality.”

The UN has said that meeting the 1.5°C target would prevent at least 10 million people globally from losing their homes to rising sea levels, and it would drastically reduce the number suffering from water shortages.

“The world can only succeed if all countries, all companies, all stakeholders work together," Dr Al Jaber said.

"As the Belt and Road Initiative has shown over the past 10 years, we can achieve great things through partnership and collaboration.

“The Cop28 team has listened to and engaged with many people from all walks of life to develop a plan based on four pillars.”

The four pillars of the Cop28 presidency’s action agenda are: fast-tracking a just and orderly energy transition; fixing climate finance; focusing on people, lives, and livelihoods; and underpinning everything with full inclusivity.

“China is the powerhouse that can make it happen,” Dr Al Jaber said of the first pillar.

Last month, China’s Foreign Minister Wang Yi said his country fully supports the UAE in hosting Cop28.

During his China visit, Dr Al Jaber met senior figures from the Chinese government and discussed a range of topics surrounding climate change.

On the second pillar of fixing climate finance, he called on countries to live up to their responsibilities.

Dr Sultan Al Jaber praised China’s climate action initiatives. Photo: Cop28
Dr Sultan Al Jaber praised China’s climate action initiatives. Photo: Cop28

“The $100 billion pledge must be fulfilled … nice words won’t do it. The Global South needs to see it actually happen.”

The high-level forum on green development comes before the pre-Cop on October 30-31 in the UAE, where senior leaders and ministers will gather to make major progress on defining and driving consensus on negotiations in advance of Cop28.

Cop28 will take place at Expo City Dubai from November 30 to December 12.

Dr Al Jaber said Cop28 will be the first to integrate health and climate.

“I am calling on all countries to sign up to the Cop28 declarations on food and on health. These are people focused initiatives that need support from every country, including China.”

“We live in turbulent times against a complex geopolitical backdrop. Cop28 provides a global platform for the world to set aside differences and come together around a common challenge that affects us all."

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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JAPAN SQUAD

Goalkeepers: Masaaki Higashiguchi, Shuichi Gonda, Daniel Schmidt
Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
Midfielders: Toshihiro Aoyama, Genki Haraguchi, Gaku Shibasaki, Wataru Endo, Junya Ito, Shoya Nakajima, Takumi Minamino, Hidemasa Morita, Ritsu Doan
Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa

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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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Updated: October 19, 2023, 5:04 AM