Live updates: Follow the latest news on Cop28
Landmark announcements on food and finance, along with impassioned calls to act from global leaders, raised the ambition on the second day of Cop28.
At least 134 leaders endorsed a UAE declaration on sustainable agriculture, resilient food systems and climate action, while a separate $30 billion climate finance pledge was made that aims to find solutions to the world's funding challenges.
UAE President Sheikh Mohamed announced the $30 billion drive during his opening speech at Friday’s World Climate Action Summit in Dubai.
“The lack of financing has long been one of the biggest obstacles to advancing climate action globally,” he said.
The UAE also on Friday made a separate pledge of US$200m (Dh735 million) to help climate resilience in vulnerable countries.
A vast, frightening experiment of changing every ecological condition all at once
King Charles on human behaviour
The food initiative included a vow to cut emissions from farming – about a third of the world’s greenhouse gas footprint – by shifting to “more sustainable production and consumption”.
“Today signals a turning point, embedding sustainable agriculture and food systems as critical components in both dealing with climate change and building food systems fit for the future,” said Mariam Al Mheiri, UAE Minister of Climate Change and Environment and Cop28 food systems lead. “Together we will deliver lasting change for families, farmers and the future.”
Gernot Laganda, climate director of the World Food Programme, told The National the announcement was a breakthrough.
“WFP supports the declaration,” he said. “The biggest driver of hunger in the world is still conflict, but climate, I think, is following very closely, especially in places where conflict and climate intersect.”
World leaders also addressed the summit on Friday, taking turns to lament over the state of the planet and urge more action to correct course.
'Praying with all my heart'
King Charles III said he was “praying with all my heart” that Cop28 would be a “critical turning point” in the fight against climate change.
He said the world was carrying out a “vast, frightening experiment of changing every ecological condition all at once”.
The monarch, a lifelong advocate for the environment, seemed to chuckle in frustration at how long he had been talking about protecting the planet and pointed out he had addressed the 2015 Paris Cop that resulted in the landmark deal to try to limit temperatures to 1.5°C above pre-industrial levels.
“The Earth does not belong to us, we belong to the Earth,” he said.
UN Secretary General Antonio Guterres, who has just visited Antarctica to see melting ice scientists believe is linked to climate change, said keeping the 1.5°C threshold was only possible if the world stopped “burning all fossil fuels”.
The UN has warned that this year could be the hottest ever, and it also cautioned before Cop28 started that the world could be on track for warming of 3°C which would have devastating consequences for the lives and livelihoods of billions of people.
“Not reduce, not abate,” said Mr Guterres. “Phaseout – with a clear time frame aligned with 1.5°C.”
Jordan's King Abdullah II warned climate change will exacerbate the impact of war, amid a worsening humanitarian crisis in Gaza, while Indian Prime Minister Narendra Modi said the world didn’t have much time to correct “mistakes of the past century” while also stating India would seek to host Cop33.
The second day of the summit sought to continue the momentum of the opening day where the contentious loss and damage fund was capitalised after a fraught year-long process over its operation. But delegates still face a tough few days ahead when the future of fossil fuels is set to be debated further.
A first draft of an agreement on the global stocktake published in the early hours of Friday did include fossil fuels but it was a very early text and subject to change. The global stocktake is the first assessment of how the world is doing against the goals of the Paris deal and is a critical part of Cop28.
The opening and leader speeches injected a sense of urgency and occasion into the often dry world of UN negotiations, with the opening event featuring traditional UAE music and, after Sheikh Mohamed ended his speech, his father and UAE Founding Father – the late Sheikh Zayed bin Sultan Al Nahyan – appeared in a 3D hologram with a backdrop of rolling dunes and stars.
One of the most impassioned speeches of the day came from Brazil’s President Luiz Inacio Lula da Silva, who sounded a note of caution about the challenges ahead. Since he became president a year ago, Lula has brought Brazil back to the centre of the climate fight and eased destruction of the vital Amazon rainforest. Cop30 takes place there in 2025.
Mr Lula rebuked those who were not following through on their commitments and were spending a fraction on climate compared with weapons.
“The world is already convinced of the potential of renewable sources of energy,” he told attendees, his voice thundering through the auditorium.
“Now is the time to face the debate about the slow-motion pace of the decarbonisation of the planet, and to work towards an economy that will be less reliant on fossil fuel. We have to do it, and in a way that is urgent and fair.”
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
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.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
UAE currency: the story behind the money in your pockets
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
Killing of Qassem Suleimani
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
Scoreline
Arsenal 3
Aubameyang (28'), Welbeck (38', 81')
Red cards: El Neny (90' 3)
Southampton 2
Long (17'), Austin (73')
Red cards: Stephens (90' 2)
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