Live updates: Follow the latest news on Cop28
Cop28 opened on Thursday with a historic deal to finally launch a fund that helps the most vulnerable countries deal with the worst effects of climate change.
With a bang of the gavel, Cop28 President Dr Sultan Al Jaber delivered an early win for the crucial talks in Dubai.
Loss and damage has long been sought by countries on the front lines of the crisis that have often done the least to cause the problem.
The UAE and Germany immediately announced $100 million each to the fund, with up to $75 million from the UK.
The US committed $17.5 million and Japan $10 million.
The fact that we have been able to achieve such a significant milestone on the first day of this Cop is unprecedented.
Cop28 President Dr Sultan Al Jaber
“The fact that we have been able to achieve such a significant milestone on the first day of this Cop is unprecedented. This is historic,” Dr Al Jaber later told reporters.
“I have been to 12 Cops before. Never ever did I feel this level of excitement,” added Dr Al Jaber. However, he cautioned, now the “real work begins”.
In the immediate jubilation of the decision that brought delegates to their feet, it was easy to forget that just a few weeks ago the prospect of such a deal looked difficult.
The final round of talks in the lead-up to the climate summit had broken up in acrimony, but an extra session in Abu Dhabi this month ended the deadlock.
Hoping to build on this momentum, the Cop28 presidency sought an early agreement during the opening session.
Supposed to start at 10am, the session was delayed by several hours, which is typical of Cops as parties tend to wrangle over words and clauses.
But it started at 2pm and during the late afternoon, Dr Al Jaber brought the gavel down on the historic agreement.
It was agreed the contentions loss and damage fund would be created at Cop27 in Sharm El Sheikh last year. It broadly refers to financial assistance for vulnerable countries to deal with the worst impacts of climate change.
Historically, wealthier countries have resisted this type of fund believing it would be viewed as a type of climate reparations. But loss and damage is seen as hugely important for countries hardest hit by the climate crisis but which have done the least to create the problem in terms of emissions.
Not everyone will be happy with the loss and damage deal though. Developing countries compromised on the choice of host – the World Bank – which will oversee payments, and it is thought billions of dollars will be needed to deal with worst affects of climate change.
“The responsibility now lies with affluent nations,” wrote Harjeet Singh, head of global political strategy at Climate Action Network International, in a statement posted on X. “They must meet their financial obligations in a manner proportionate to their role in the climate crisis – driven by decades of fossil fuel consumption and a lack of adequate climate finance delivered to the Global South.”
Nonetheless, this will be seen as a major early breakthrough for Cop28 that has faced some criticism over the past few weeks.
During the same session, Dr Al Jaber brought the gavel down on the adaptation of the Cop28 agenda, ensuring the negotiations could begin early and in earnest.
‘Do or not do. There is no try'
The first session also heard impassioned calls to action not just from Dr Al Jaber but also the UN climate chief Simon Stiell.
“As Yoda would say: ‘Do or not do. There is no try,’ ” Mr Stiell told the opening session. “Yes, this is the biggest Cop yet – but attending a Cop does not tick the climate box for the year. The badges around your necks make you responsible for delivering climate action here and at home.” Mr Stiell said he was committing the United Nations Framework Convention on Climate Change to “track all announcements made and initiatives launched” long after the cameras had left the Cop28 venue.
“Remember this,” he said. “Behind every line you work on, every word or comma you wrestle with here at Cop, there is a human being, a family, a community, that depends on you.”
Mr Stiell’s words sounded a further note of caution on a jubilant first day, as there are still days of tough talks ahead.
Other sticking points over the course of the summit are expected to be the global stocktake, scaling up climate finance and, potentially, the future of fossil fuels.
But the loss and damage breakthrough and early adoption of the agenda marked a positive culmination of the first day of a Cop climate summit that is at least double the size of last year's and on track to be the largest ever.
On Friday, the two-day World Climate Action Summit begins, with more than 100 world leaders and representatives from nearly every country in attendance.
UAE President Sheikh Mohamed is scheduled to welcome leaders, while King Charles will make a speech on the need to tackle the climate threat together.
King Abdullah II of Jordan, Abdel Fattah El Sisi, President of Egypt, Sheikh Tamim bin Hamad of Qatar and Luiz Inácio Lula da Silva, President of Brazil, are among the leaders due to speak.
From Sunday, crunch talks will ramp up and last until the summit's final day, December 12.
Held behind closed doors, they will focus on some of the hardest issues.
Attendees began streaming into the Expo venue in Dubai early on Thursday, injecting colour and passion into an often dry world of negotiations.
Juan David Amaya, a 16-year-old climate activist from Villavicencio, Colombia, told The National he started mobilising his community against the palm industry when he was just 13.
“The climate crisis is causing so many humanitarian problems,” he said. “I really want to see outcomes for adaptation at Cop28.”
The six points:
1. Ministers should be in the field, instead of always at conferences
2. Foreign diplomacy must be left to the Ministry of Foreign Affairs and International Co-operation
3. Emiratisation is a top priority that will have a renewed push behind it
4. The UAE's economy must continue to thrive and grow
5. Complaints from the public must be addressed, not avoided
6. Have hope for the future, what is yet to come is bigger and better than before
The biog
Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha
Favourite book: One Hundred Years of Solitude
Holiday destination: Sri Lanka
First car: VW Golf
Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters
Driverless cars or drones: Driverless Cars
How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
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.”
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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COMPANY PROFILE
Name: N2 Technology
Founded: 2018
Based: Dubai, UAE
Sector: Startups
Size: 14
Funding: $1.7m from HNIs
SPECS
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ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
COMPANY%20PROFILE
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