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.”
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Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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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
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Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
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Key findings of Jenkins report
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Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates