The Cop28 summit in Dubai is the most important UN climate change conference in eight years, as the goals of the 2015 Paris Agreement will be evaluated for the first time by world leaders, a senior Spanish officials has told The National.
The agreement set 2023 as the year for a first global stocktake, which will be “the real test to confirm that we can reach 1.5°C in the next decade", said Valvanera Maria Ulargui Aparicio, director general at the Spanish government’s office for climate change.
She was referring to pledges by world leaders to limit the increase in global temperatures to 1.5°C above pre-industrial levels.
The global stocktake is not simply a progress assessment, it represents a “real exercise to look beyond and identify concrete actions that we need to put on the table", she said.
The stocktake will influence the next nationally determined contributions, or NDCs, which outline each country’s plans to cut emissions and adapt to climate change.
“If these national commitments are not ambitious enough, the gap will not be closed,” Ms Ulargui Aparicio said.
She spoke to The National at a conference organised by the European Commission in Brussels aimed at highlighting Europe’s efforts to adhere to the goals of the Paris Agreement.
In a technical report published in September, the UN warned the world was “not on track” to slow global warming to 1.5°C.
“Time is not on our side,” EU Commissioner for Climate Action Wopke Hoekstra said.
The bloc aims to achieve net zero by 2050 and expects to reduce carbon emissions by about 57 per cent by 2030, compared with 1990.
“We feel Cop28 is the opportunity to aim higher than any other Cop before,” said Mr Hoekstra, who plans to present a target of 90 per cent net emission reduction by 2040.
Ms Ulargui Aparicio said the main priority was to reduce greenhouse gas emissions and to commit to them peaking by 2025 at the latest.
'We must be brave'
“We must be very, very brave on energy transition goals,” she said. “If we do not peak fossil fuels this decade, if we do not reduce drastically their consumption and production, it will not be enough.”
Ms Ulargui Aparicio said called for more investment in the green transition in the developing world.
“We need to help Africa and the most vulnerable [countries] with clear, concrete goals, otherwise the rest of the regulatory framework and market improvements will not happen,” she said.
Cop28 is the last chance to make “credible commitments to start bending the curve on fossil fuel-based emissions", Johan Rockstrom, director for the Potsdam Institute for Climate Impact Research, told The National.
“We need to have credible outcomes in Dubai to start reducing emissions from oil, coal and gas,” he said.
Mr Rockstrom called on “big economies” including he US, India, China and the EU to “step up” to tackle the climate crisis.
Speaking during a panel, he said aiming to limit global warming by 1.5°C was “non-negotiable".
“It’s a physical limit where life would cross a number of tipping points that would undermine livelihoods for many people around the world,” he told the panel.
Policymakers and scientists must also be “humble” in the face of the enormity of the task, Mr Rockstrom said.
“We have been powering the economy with fossil fuels for 250 years and now we are transitioning to green energy," he added.
“It is the biggest transition for humankind on planet Earth. We must be humble to that fact."
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UAE currency: the story behind the money in your pockets
The Outsider
Stephen King, Penguin
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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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
'Ashkal'
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No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
New Zealand 15 British & Irish Lions 15
New Zealand 15
Tries: Laumape, J Barrett
Conversions: B Barrett
Penalties: B Barrett
British & Irish Lions 15
Penalties: Farrell (4), Daly
Eyasses squad
Charlie Preston (captain) – goal shooter/ goalkeeper (Dubai College)
Arushi Holt (vice-captain) – wing defence / centre (Jumeriah English Speaking School)
Olivia Petricola (vice-captain) – centre / wing attack (Dubai English Speaking College)
Isabel Affley – goalkeeper / goal defence (Dubai English Speaking College)
Jemma Eley – goal attack / wing attack (Dubai College)
Alana Farrell-Morton – centre / wing / defence / wing attack (Nord Anglia International School)
Molly Fuller – goal attack / wing attack (Dubai College)
Caitlin Gowdy – goal defence / wing defence (Dubai English Speaking College)
Noorulain Hussain – goal defence / wing defence (Dubai College)
Zahra Hussain-Gillani – goal defence / goalkeeper (British School Al Khubairat)
Claire Janssen – goal shooter / goal attack (Jumeriah English Speaking School)
Eliza Petricola – wing attack / centre (Dubai English Speaking College)
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ANATOMY%20OF%20A%20FALL
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UAE currency: the story behind the money in your pockets
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
The biog
Name: Sarah Al Senaani
Age: 35
Martial status: Married with three children - aged 8, 6 and 2
Education: Masters of arts in cultural communication and tourism
Favourite movie: Captain Corelli’s Mandolin
Favourite hobbies: Art and horseback ridding
Occupation: Communication specialist at a government agency and the owner of Atelier
Favourite cuisine: Definitely Emirati - harees is my favourite dish
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
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CHELSEA'S NEXT FIVE GAMES
Mar 10: Norwich(A)
Mar 13: Newcastle(H)
Mar 16: Lille(A)
Mar 19: Middlesbrough(A)
Apr 2: Brentford(H)
Monday's results
- UAE beat Bahrain by 51 runs
- Qatar beat Maldives by 44 runs
- Saudi Arabia beat Kuwait by seven wickets