The group’s priorities for the summit include establishing a fund for loss and damage as soon as possible, providing money for countries already affected by extreme weather events due to climate change. Getty Images
The group’s priorities for the summit include establishing a fund for loss and damage as soon as possible, providing money for countries already affected by extreme weather events due to climate change. Getty Images
The group’s priorities for the summit include establishing a fund for loss and damage as soon as possible, providing money for countries already affected by extreme weather events due to climate change. Getty Images
The group’s priorities for the summit include establishing a fund for loss and damage as soon as possible, providing money for countries already affected by extreme weather events due to climate chang

UK Cop28 priorities outlined in nine-point plan


Soraya Ebrahimi
  • English
  • Arabic

The UK government must “double down” on Britain’s climate leadership ahead of the Cop28 summit at the end of the month and be “ambitious and tenacious” to reach net zero, a cross-party group of MPs has said.

A list of nine priorities has been put forward by members of the All-Party Parliamentary Group for the Environment, two weeks before the annual climate summit is due to begin in Dubai.

Tory environmentalist Chris Skidmore leads the group and said it was especially important that the UK play a leading role at Cop28 after Prime Minister Rishi Sunak rowed back several environmental commitments earlier this year.

“The UK must double down on its climate leadership, to be both ambitious and tenacious in our journey towards net zero,” Mr Skidmore said.

“This means taking action both domestically and on the world stage, ensuring we have the same enthusiasm for achieving our existing climate goals as our ambition for setting new targets.”

The group’s priorities for the summit include establishing a fund for loss and damage as soon as possible, providing money for countries already affected by extreme weather events due to climate change.

“A serious commitment to climate finance for loss and damage at this year’s Cop28 conference is absolutely to support individuals who are made refugees in their own country as a result of extreme weather events,” Labour MP Afzal Khan said.

“It is thought there will be 1.2 billion climate refugees in the next 25 years. With the impacts of climate change worsening, acting now is the only viable option.”

The group is also calling for a consensus on phasing out fossil fuels, a tripling of renewable energy by 2030 and a transformation of land use to “end deforestation and boost food security”.

“The importance of securing a rapid, fair and global phase-out of fossil fuels at Cop28 cannot be overstated,” said Caroline Lucas, the Green Party MP and vice-chairwoman of the group.

“I’m urging the Prime Minister to seize this opportunity to show strong climate leadership on the world stage, and work with international allies to secure this agreement, otherwise our chance to keep global heating below 1.5°C will be in serious jeopardy.”

What is Cop28? – video

Scientists believe that a permanent increase in average temperatures by 1.5°C compared to pre-industrial levels would bring very serious changes in the climate that could be “calamitous” for the world.

The latest round of climate negotiations will begin in Dubai on November 30, with Mr Sunak expected to attend on behalf of the UK.

Government’s lack of long-term planning risks jeopardising net zero, MPs warn

Meanwhile, the Public Accounts Committee has said a lack of long-term planning from the government risks jeopardising the UK’s legally mandated 2050 net-zero target.

The committee said the government did not consider what levels of long-term investment might be required up to 2050 to support net-zero technology when it set out timescales for their development in 2021.

In a report published on Wednesday, the committee said that too often, the plans for supporting the progression of these technologies have been short term, putting at risk the large amounts of private investment needed to achieve net zero by 2050.

Overall, there has also been a lack of clarity for businesses and a lack of support for consumers, it added.

This comes following the government’s announcement that it would delay the phasing out of new fossil fuel vehicles and heating systems in September, the committee said.

The committee inquiry found that new low-carbon investment in the UK from both public and private sectors will have to increase by two to three times each year from last year’s estimated total of £23 billion ($29 billion) to hit the 2050 target.

Most of this increase would need to come from a private sector encouraged to invest by government action, it found.

The report said the government is dependent on businesses on the supply side to deliver successful innovation to reach net zero, but businesses are finding sources of public sector funding difficult to navigate and gain access to.

It also warned that on the demand side, developing new technology may be taking priority over focusing on the practical challenges consumers might face in taking them up.

Ten pictures that tell the story of the climate crisis

  • A child stands in his family's yard as a wildfire burns nearby, in the village of Agios Charalampos near Athens, in July 2023. Europe saw record temperatures amid a relentless heatwave and wildfires that scorched vast regions of the Northern Hemisphere, forcing the evacuation of 1,200 children close to a Greek seaside resort. Health authorities sounded alarms from North America to Europe and Asia, urging people to stay hydrated and shelter from the burning sun, in a stark reminder of the effects of global warming. AFP
    A child stands in his family's yard as a wildfire burns nearby, in the village of Agios Charalampos near Athens, in July 2023. Europe saw record temperatures amid a relentless heatwave and wildfires that scorched vast regions of the Northern Hemisphere, forcing the evacuation of 1,200 children close to a Greek seaside resort. Health authorities sounded alarms from North America to Europe and Asia, urging people to stay hydrated and shelter from the burning sun, in a stark reminder of the effects of global warming. AFP
  • A resident uses a buoy to move through a flooded house after heavy rains in Bago township, in Myanmar's Bago region, in October. Floods sparked by record rain hit parts of southern Myanmar, inundating roads and fields and sending residents fleeing for higher ground. AFP
    A resident uses a buoy to move through a flooded house after heavy rains in Bago township, in Myanmar's Bago region, in October. Floods sparked by record rain hit parts of southern Myanmar, inundating roads and fields and sending residents fleeing for higher ground. AFP
  • Ali Hakim, an Iraqi Marsh Arab man, Iooks at the remains of a buffalo that died due to drought and the salinity of the water at the Basra marshes, Iraq. Reuters
    Ali Hakim, an Iraqi Marsh Arab man, Iooks at the remains of a buffalo that died due to drought and the salinity of the water at the Basra marshes, Iraq. Reuters
  • Iris Hsueh, left, and her fiance Ian Ciou pose for a pre-wedding photo in front of a rubbish heap in Puli Township, Taiwan. The couple chose the site for their photoshoot because the environment-conscious bride said she wanted to discourage guests and the public from generating waste. AFP
    Iris Hsueh, left, and her fiance Ian Ciou pose for a pre-wedding photo in front of a rubbish heap in Puli Township, Taiwan. The couple chose the site for their photoshoot because the environment-conscious bride said she wanted to discourage guests and the public from generating waste. AFP
  • Residents of a riverside community in Amazonas state, Brazil, carry food and containers of drinking water distributed by the state's humanitarian aid action, amid a continuing drought and high temperatures that affect the region of the Solimoes River. AP
    Residents of a riverside community in Amazonas state, Brazil, carry food and containers of drinking water distributed by the state's humanitarian aid action, amid a continuing drought and high temperatures that affect the region of the Solimoes River. AP
  • The edge of Larsen C Ice Shelf, left, and the western edge of iceberg A68 in the distance over the Antarctic in November 2017. The iceberg detached from the ice shelf in July 2017, becoming one of the largest in recorded history to split off from Antarctica. AFP
    The edge of Larsen C Ice Shelf, left, and the western edge of iceberg A68 in the distance over the Antarctic in November 2017. The iceberg detached from the ice shelf in July 2017, becoming one of the largest in recorded history to split off from Antarctica. AFP
  • A man walks past construction vehicles submerged in debris caused by flash floods after a lake burst in Rangpo, India, in October. Reuters
    A man walks past construction vehicles submerged in debris caused by flash floods after a lake burst in Rangpo, India, in October. Reuters
  • A mobile home swept by floodwaters in Steinhatchee, Florida, in August 2023, after Hurricane Idalia made landfall. Idalia slammed into north-west Florida as an 'extremely dangerous' Category 3 storm, buffeting coastal communities as officials warned of 'catastrophic' flooding in parts of the southern US state. AFP
    A mobile home swept by floodwaters in Steinhatchee, Florida, in August 2023, after Hurricane Idalia made landfall. Idalia slammed into north-west Florida as an 'extremely dangerous' Category 3 storm, buffeting coastal communities as officials warned of 'catastrophic' flooding in parts of the southern US state. AFP
  • A floating solar farm, built on the site of a former coal mine since filled with water, in Huainan, China. The installation by Sungrow Power Supply Co covers the size of more than 400 football pitches and generates power for more than 100,000 homes. Getty Images
    A floating solar farm, built on the site of a former coal mine since filled with water, in Huainan, China. The installation by Sungrow Power Supply Co covers the size of more than 400 football pitches and generates power for more than 100,000 homes. Getty Images
  • A handprint of glue left behind by an activist from the group Last Generation (Letzte Generation), after they were removed by police, is visible on the asphalt following a blockade at an intersection in Berlin, Germany, in September. Last Generation is continuing its disruptive protests in an effort to put pressure on politicians to stop the burning of fossil fuels. Getty Images
    A handprint of glue left behind by an activist from the group Last Generation (Letzte Generation), after they were removed by police, is visible on the asphalt following a blockade at an intersection in Berlin, Germany, in September. Last Generation is continuing its disruptive protests in an effort to put pressure on politicians to stop the burning of fossil fuels. Getty Images

The committee said there is a lack of targeted support, a clear focal point for businesses and researchers, and continuing barriers to market deployment because there is no single person or organisation responsible for overseeing the performance of the government’s support for innovation.

On transparency, it said there is no clear mechanism for publicly reporting progress on government support for technologies which are priorities for achieving net zero such as offshore wind and nuclear advanced modular reactors.

It outlined several recommendations which included the Department for Energy Security and Net Zero working with the Treasury to set out its plans for supporting priority technologies beyond the confines of the current Spending Review period for 2022 to 2025.

“Our committee has warned time and again of the damage that can be done to delivering policy by the lack of long-term planning and funding from government,” Dame Meg Hillier MP, chairwoman of the committee, said.

“There is no more critical area where this is true than on net zero.

“If the government continues to leave businesses to peer through a haze of uncertainty, then that investment will not be forthcoming. Businesses and consumers need certainty.

“On supporting innovation for net zero, the government needs to agree with itself on what success looks like, what failure looks like, and report transparently on progress.

“Such basic building blocks being absent four years after a pledge critical to our very way of life was made is disappointing.

“The government must call an end to this faltering approach, or risk spelling out to industry, the public and the world that the UK is simply not serious about tackling climate change.”

A Department for Energy Security and Net Zero representative said: “The UK is a global leader in clean energy, having attracted £200 billion in low carbon investment since 2010, with a further £100 billion expected by 2030 – powering up Britain and supporting up to 480,000 jobs.

“On top of this, we are investing £4.2 billion into long-term research and innovation to develop the net zero technologies of the future.

“We lead the world in tacking climate change, cutting emissions by nearly 50 per cent since 1990 and decarbonising faster than any other major economy as we continue to drive forward our net-zero ambitions.”

The President's Cake

Director: Hasan Hadi

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

Rating: 4/5

Sun jukebox

Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)

This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.

Elvis Presley, Mystery Train (1955)

The B-side of Presley’s final single for Sun bops with a drummer-less groove.

Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)

Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.

Carl Perkins, Blue Suede Shoes (1956)

Within a month of Sun’s February release Elvis had his version out on RCA.

Roy Orbison, Ooby Dooby (1956)

An essential piece of irreverent juvenilia from Orbison.

Jerry Lee Lewis, Great Balls of Fire (1957)

Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Blonde
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Voy!%20Voy!%20Voy!
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LUKA CHUPPI

Director: Laxman Utekar

Producer: Maddock Films, Jio Cinema

Cast: Kartik Aaryan, Kriti Sanon​​​​​​​, Pankaj Tripathi, Vinay Pathak, Aparshakti Khurana

Rating: 3/5

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A

Founder: Ayman Badawi

Date started: Test product September 2016, paid launch January 2017

Based: Dubai, UAE

Sector: Software

Size: Seven employees

Funding: $170,000 in angel investment

Funders: friends

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.”

Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

UAE currency: the story behind the money in your pockets
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%3Cp%3E%3Cstrong%3ERound%201%3A%3C%2Fstrong%3E%20Beat%20Leolia%20Jeanjean%206-1%2C%206-2%3Cbr%3E%3Cstrong%3ERound%202%3A%20%3C%2Fstrong%3EBeat%20Naomi%20Osaka%207-6%2C%201-6%2C%207-5%3Cbr%3E%3Cstrong%3ERound%203%3A%20%3C%2Fstrong%3EBeat%20Marie%20Bouzkova%206-4%2C%206-2%3Cbr%3E%3Cstrong%3ERound%204%3A%3C%2Fstrong%3E%20Beat%20Anastasia%20Potapova%206-0%2C%206-0%3Cbr%3E%3Cstrong%3EQuarter-final%3A%20%3C%2Fstrong%3EBeat%20Marketa%20Vondrousova%206-0%2C%206-2%3Cbr%3E%3Cstrong%3ESemi-final%3A%20%3C%2Fstrong%3EBeat%20Coco%20Gauff%206-2%2C%206-4%3Cbr%3E%3Cstrong%3EFinal%3A%3C%2Fstrong%3E%20Beat%20Jasmine%20Paolini%206-2%2C%206-2%3C%2Fp%3E%0A
The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

%3Cp%3E%3Cstrong%3ETHE%20SPECS%3C%2Fstrong%3E%0D%3Cbr%3EEngine%3A%203.5-litre%20V6%0D%3Cbr%3ETransmission%3A%209-speed%20automatc%0D%3Cbr%3EPower%3A%20279hp%0D%3Cbr%3ETorque%3A%20350Nm%0D%3Cbr%3EPrice%3A%20From%20Dh250%2C000%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
UAE’s revised Cricket World Cup League Two schedule

August, 2021: Host - United States; Teams - UAE, United States and Scotland

Between September and November, 2021 (dates TBC): Host - Namibia; Teams - Namibia, Oman, UAE

December, 2021: Host - UAE; Teams - UAE, Namibia, Oman

February, 2022: Hosts - Nepal; Teams - UAE, Nepal, PNG

June, 2022: Hosts - Scotland; Teams - UAE, United States, Scotland

September, 2022: Hosts - PNG; Teams - UAE, PNG, Nepal

February, 2023: Hosts - UAE; Teams - UAE, PNG, Nepal

Results

Male 51kg Round 1

Dias Karmanov (KAZ) beat Mabrook Rasea (YEM) by points 2-1.

Male 54kg Round 1

Yelaman Sayassatov (KAZ) beat Chen Huang (TPE) TKO Round 1; Huynh Hoang Phi (VIE) beat Fahad Anakkayi (IND) RSC Round 2; ​​​​​​​Qais Al Jamal (JOR) beat Man Long Ng (MAC) by points 3-0; ​​​​​​​Ayad Albadr (IRQ) beat Yashar Yazdani (IRI) by points 2-1.

Male 57kg Round 1

Natthawat Suzikong (THA) beat Abdallah Ondash (LBN) by points 3-0; Almaz Sarsembekov (KAZ) beat Ahmed Al Jubainawi (IRQ) by points 2-1; Hamed Almatari (YEM) beat Nasser Al Rugheeb (KUW) by points 3-0; Zakaria El Jamari (UAE) beat Yu Xi Chen (TPE) by points 3-0.

Men 86kg Round 1

Ahmad Bahman (UAE) beat Mohammad Al Khatib (PAL) by points 2-1

​​​​​​​Men 63.5kg Round 1

Noureddin Samir (UAE) beat Polash Chakma (BAN) RSC Round 1.

Female 45kg quarter finals

Narges Mohammadpour (IRI) beat Yuen Wai Chan (HKG) by points.

Female 48kg quarter finals

Szi Ki Wong (HKG) beat Dimple Vaishnav (IND) RSC round 2; Thanawan Thongduang (THA) beat Nastaran Soori (IRI) by points; Shabnam Hussain Zada (AFG) beat Tzu Ching Lin (TPE) by points.

Female 57kg quarter finals

Nguyen Thi Nguyet (VIE) beat Anisha Shetty (IND) by points 2-1; Areeya Sahot (THA) beat Dana Al Mayyal (KUW) RSC Round 1; Sara Idriss (LBN) beat Ching Yee Tsang (HKG) by points 3-0.

Calls

Directed by: Fede Alvarez

Starring: Pedro Pascal, Karen Gillian, Aaron Taylor-Johnson

4/5

SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
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Wales 1 (Bale 45 3')

Croatia 1 (Vlasic 09')

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The specs: Rolls-Royce Cullinan

Price, base: Dh1 million (estimate)

Engine: 6.75-litre twin-turbo V12

Transmission: Eight-speed automatic

Power: 563hp @ 5,000rpm

Torque: 850Nm @ 1,600rpm

Fuel economy, combined: 15L / 100km

The lowdown

Rating: 4/5

Updated: November 15, 2023, 9:08 AM