Cop28, the UN's climate change conference, takes place in Dubai from November 30 to December 12. EPA
Cop28, the UN's climate change conference, takes place in Dubai from November 30 to December 12. EPA
Cop28, the UN's climate change conference, takes place in Dubai from November 30 to December 12. EPA
Cop28, the UN's climate change conference, takes place in Dubai from November 30 to December 12. EPA

Anyone not taking part in Cop28 risks being left behind on climate change, says expert


Patrick Ryan
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Countries not taking part in the coming Cop28 global talks risk being left behind when it comes to the fight against climate change, said a leading UAE expert.

Ahmad Baharoon, executive director for environmental information and science and outreach management at the Environment Agency – Abu Dhabi, told The National there must be collaboration and unity between nations over climate action.

A lack of unity between countries on the issue would only create problems, said Mr Baharoon.

If you are not part of the discussions at Cop28 there is absolutely a chance that you will be left behind
Ahmad Baharoon

“If you are not part of the discussions at Cop28 there is absolutely a chance that you will be left behind,” he said.

“You cannot be singing along outside of the herd, you need to be part of the group.

“If you are not part of Cop28 then you are not part of the outcome, you are not part of the decision.”

Cop28, the UN's climate change conference, takes place in Dubai from November 30 to December 12.

Education is key

Next month's event is not the only global climate event on the UAE's upcoming calendar. Abu Dhabi will host the World Environmental Education Congress (WEEC 2024) from January 29 to February 2.

More than 3,000 people are expected to attend.

The congress, which is being organised by the Environment Agency, offers a vital opportunity to help educate young people on the importance of sustainability, said Mr Baharoon.

“There needs to be greater awareness among young people about the need to protect the planet for the survival of humanity,” he said.

Ahmed Baharoon of the Environment Agency – Abu Dhabi says there must be collaboration and unity between nations over climate action. Photo: Environment Agency – Abu Dhabi
Ahmed Baharoon of the Environment Agency – Abu Dhabi says there must be collaboration and unity between nations over climate action. Photo: Environment Agency – Abu Dhabi

“We all have a role to play in protecting our planet. Not just in the UAE or the UN, every person in every country has a duty.”

The issue of sustainability is especially pertinent in the UAE, not only because the country is hosting Cop28 at the end of next month.

President Sheikh Mohamed declared 2023 to be the Year of Sustainability in January.

“The need to act now is more pressing than ever,” said Eisa Al Subousi, project lead at the Year of Sustainability.

Eisa Al Subousi, project lead at Year of Sustainability, said there is an urgent need for action on climate change. Photo: Year of Sustainability
Eisa Al Subousi, project lead at Year of Sustainability, said there is an urgent need for action on climate change. Photo: Year of Sustainability

“Cop28 is an excellent opportunity for the world to gather and discuss the global environmental challenges and come up with impactful solutions, and for all those who call the UAE home, to learn first-hand about how their collective actions – big and small – can contribute to a better tomorrow for our planet.

“Events such as the World Environmental Education Congress are important in that they are bringing together academics, students and people from all over the world to develop educational programmes focusing on sustainable development, thus preparing the next generation for a sustainable future, which is in line with the UAE’s vision.”

Rooted in culture

Sustainability is a practice that has always been part of the Emirates' make-up, he added.

“Sustainability has always been a deeply-rooted value within the UAE’s heritage, and this is something we aim to remind and instil in the public, for future generations to come,” said Mr Al Subousi.

“Our ancestors were sustainable out of necessity and care for their land. From fresh water in wells to fishing for their food, they've used only what they needed.

“To be the best ancestors to our future generations, just like our ancestors were to us, we need to take action today – individually and collectively.”

Earlier this month The National reported how the UAE's focus on climate issues was beginning to pay off as one of the country's leading universities, Zayed University, was experiencing a surge in students studying sustainability.

Call for collaboration

Collaboration was the only way challenges could be overcome said another expert, who added Cop28 was the perfect opportunity to kick-start the fight against climate change.

However, that would only happen if everyone approached it with an open mind, said Ivano Iannelli, senior adviser for sustainability at Emirates Global Aluminium.

“Collaboration is the only way forward. Not a single one of us has a silver bullet that will fix these problems on their own,” he said.

Complaining about Cop28 being held in the UAE, an oil-producing country is also unhelpful in solving climate issues, added Mr Iannelli.

A letter was signed earlier this year by a number of members of the US Congress and the European Parliament calling for the influence of oil and gas lobbyists to be curbed at this year's climate talks.

However, it was unrealistic to expect the challenges around sustainability to be overcome without the input of all stakeholders, said Mr Iannelli.

“Cop28 being held in an oil-producing country is the beginning of change,” he said.

“We all need to accept we have to be out of our comfort zones.

“Inviting high emitters to the table is part of the solution, it's as simple as that.”

How to get there

Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
 

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Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

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Stree

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Director: Amar Kaushik
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September 4-8: Fourth Test, Old Trafford

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Personal motto: If something’s meant for you it won’t pass you by.

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May 24 Pakistan v Afghanistan, Bristol; Sri Lanka v South Africa, Cardiff

May 25 England v Australia, Southampton; India v New Zealand, The Oval

May 26 South Africa v West Indies, Bristol; Pakistan v Bangladesh, Cardiff

May 27 Australia v Sri Lanka, Southampton; England v Afghanistan, The Oval

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The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

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Four stars

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.”

The Facility’s Versatility

Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
 
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
 
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
 
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
 
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
 
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

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Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

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MATCH INFO

Juventus 1 (Dybala 45')

Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')

Red card: Rodrigo Bentancur (Juventus)

Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

Updated: October 27, 2023, 5:04 AM