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.”
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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.”
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Borussia Dortmund v Paderborn (11.30pm)
Saturday
Bayer Leverkusen v SC Freiburg (6.30pm)
Werder Bremen v Schalke (6.30pm)
Union Berlin v Borussia Monchengladbach (6.30pm)
Eintracht Frankfurt v Wolfsburg (6.30pm)
Fortuna Dusseldof v Bayern Munich (6.30pm)
RB Leipzig v Cologne (9.30pm)
Sunday
Augsburg v Hertha Berlin (6.30pm)
Hoffenheim v Mainz (9pm)
RACE RESULTS
1. Valtteri Bottas (FIN/Mercedes) 1hr 21min 48.527sec
2. Sebastian Vettel (GER/Ferrari) at 0.658sec
3. Daniel Ricciardo (AUS/Red Bull) 6.012
4. Lewis Hamilton (GBR/Mercedes) 7.430
5. Kimi Räikkönen (FIN/Ferrari) 20.370
6. Romain Grosjean (FRA/Haas) 1:13.160
7. Sergio Pérez (MEX/Force India) 1 lap
8. Esteban Ocon (FRA/Force India) 1 lap
9. Felipe Massa (BRA/Williams) 1 lap
10. Lance Stroll (CAN/Williams) 1 lap
11. Jolyon Palmer (GBR/Renault) 1 lap
12. Stoffel Vandoorne (BEL/McLaren) 1 lap
13. Nico Hülkenberg (GER/Renault) 1 lap
14. Pascal Wehrlein (GER/Sauber) 1 lap
15. Marcus Ericsson (SWE/Sauber) 2 laps
16. Daniil Kvyat (RUS/Toro Rosso) 3 laps
Brief scoreline:
Crystal Palace 2
Milivojevic 76' (pen), Van Aanholt 88'
Huddersfield Town 0