Cop28 'successful from day one' with win on loss and damage fund, IMF chief says


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Momentum to fight the climate crisis must continue after the UAE's Cop28 scored an early win when nations agreed to put into operation the loss and damage fund and triple global renewable energy capacity by 2030, the International Monetary Fund's managing director has said.

The landmark loss and damage fund, which came into operation after a 30-year wait, and the renewables agreement will help the world to hasten decarbonisation efforts and boost financial commitments to battle climate change, Kristalina Georgieva told The National on Sunday.

Climate-related financial pledges started to pour in during the early days of the Cop28 summit in Dubai, including the UAE's $30 billion fund and the IMF's Resilience and Sustainability Trust that has received pledges for more than $40 billion to accelerate the energy transition.

Cop28 “is very successful from Day 1, it has turned the hopes of everybody here up. Why? Because of the actions that have already been taken”, she said.

“I do hope this will continue in the spirit of 'yes we can fight, successfully, the climate crisis and turn it into an opportunity to transform our economies to low-carbon and climate resilient development'.”

Countries on Thursday agreed to the historic deal of putting into operation the loss and damage fund, which is aimed at helping vulnerable countries to cope with the increasingly expensive and damaging effect of climate disasters.

Loss and damage refers to climate effects that are already happening or are inevitable, such as rising sea levels that threaten to submerge small island nations.

Countries agreed on the principle of a loss and damage fund at Cop27 in Egypt last year, but left several questions open, such as who would pay and who would oversee the payments.

The deal in Dubai means the fund can now come into operation. With some of those questions answered, governments of rich countries have been told to “take the lead” in funding, and the World Bank is envisaged as an initial host.

  • President Sheikh Mohamed and UN Secretary General Antonio Guterres hold a meeting at the Cop28 summit in Dubai. Photo: UAE Presidential Court
    President Sheikh Mohamed and UN Secretary General Antonio Guterres hold a meeting at the Cop28 summit in Dubai. Photo: UAE Presidential Court
  • Participants walk among flagpoles on day four of the Cop28 summit in Dubai. Getty Images
    Participants walk among flagpoles on day four of the Cop28 summit in Dubai. Getty Images
  • Britain's former prime minister Tony Blair at the summit. AP
    Britain's former prime minister Tony Blair at the summit. AP
  • Joseph Vipond from the Canadian Association of Physicians for the Environment crosses the Blue Zone. Getty Images
    Joseph Vipond from the Canadian Association of Physicians for the Environment crosses the Blue Zone. Getty Images
  • David Miliband, president and chief executive of the International Rescue Committee, addresses a session at Cop28. Getty Images
    David Miliband, president and chief executive of the International Rescue Committee, addresses a session at Cop28. Getty Images
  • Delegates are photographed in the Blue Zone on the fourth day of Cop28. Pawan Singh / The National
    Delegates are photographed in the Blue Zone on the fourth day of Cop28. Pawan Singh / The National
  • Participants walk at Expo City Dubai. EPA
    Participants walk at Expo City Dubai. EPA
  • Sheikh Abdullah bin Zayed, Minister of Foreign Affairs, Microsoft co-founder Bill Gates, Tanzanian President Samia Hassan and Reem Al Hashimy, Minister of State for International Co-operation, attend the Reaching the Last Mile Forum held alongside Cop28. Reuters
    Sheikh Abdullah bin Zayed, Minister of Foreign Affairs, Microsoft co-founder Bill Gates, Tanzanian President Samia Hassan and Reem Al Hashimy, Minister of State for International Co-operation, attend the Reaching the Last Mile Forum held alongside Cop28. Reuters
  • Cop28 visitors ride a train in the Green Zone at Expo City Dubai. Pawan Singh / The National
    Cop28 visitors ride a train in the Green Zone at Expo City Dubai. Pawan Singh / The National
  • Visitors in the Green Zone at Expo City Dubai. Pawan Singh / The National
    Visitors in the Green Zone at Expo City Dubai. Pawan Singh / The National
  • Visitors ride an electric cart in the Green Zone. Pawan Singh / The National
    Visitors ride an electric cart in the Green Zone. Pawan Singh / The National
  • Located in the Sustainability District, the Green Zone will host a wide variety of events and workshops until the final day of Cop28 on December 12. Pawan Singh / The National
    Located in the Sustainability District, the Green Zone will host a wide variety of events and workshops until the final day of Cop28 on December 12. Pawan Singh / The National
  • Visitors at the water feature in the Green Zone. Pawan Singh / The National
    Visitors at the water feature in the Green Zone. Pawan Singh / The National
  • Members of the public ride electric scooters in the Green Zone. Khushnum Bhandari / The National
    Members of the public ride electric scooters in the Green Zone. Khushnum Bhandari / The National
  • People arrive for the fourth day of the Cop28 summit at Expo City Dubai. EPA
    People arrive for the fourth day of the Cop28 summit at Expo City Dubai. EPA
  • A welcome sign at the Cop28 venue. AP
    A welcome sign at the Cop28 venue. AP
  • People walk through the site near Al Wasl Dome. AP
    People walk through the site near Al Wasl Dome. AP
  • Eleni Myrivili, global chief heat officer at UN Habitat, with former US secretary of state Hillary Clinton and Indian social worker Reema Nanavaty at the Resilience Hub. AP
    Eleni Myrivili, global chief heat officer at UN Habitat, with former US secretary of state Hillary Clinton and Indian social worker Reema Nanavaty at the Resilience Hub. AP
  • Al Gore, environmentalist and former US vice president, presents the Climate Trace global greenhouse gases emissions database on day four of Cop28. Getty Images
    Al Gore, environmentalist and former US vice president, presents the Climate Trace global greenhouse gases emissions database on day four of Cop28. Getty Images
  • Elizabeth Yee and John Kerry, US Special Presidential Envoy for Climate, at a session at the US Centre. AP
    Elizabeth Yee and John Kerry, US Special Presidential Envoy for Climate, at a session at the US Centre. AP
  • About 200 countries are taking part in the Cop28 talks. Khushnum Bhandari / The National
    About 200 countries are taking part in the Cop28 talks. Khushnum Bhandari / The National
  • Pope Francis records a video message to be broadcast during the inauguration of the Faith Pavilion, at Casa Santa Marta, in the Vatican. Reuters
    Pope Francis records a video message to be broadcast during the inauguration of the Faith Pavilion, at Casa Santa Marta, in the Vatican. Reuters
  • Dr Tedros Ghebreyesus, Director General of the World Health Organisation, speaks at the Health Day opening session. Getty Images
    Dr Tedros Ghebreyesus, Director General of the World Health Organisation, speaks at the Health Day opening session. Getty Images
  • Attendees arrive at the Cop28 summit. AP
    Attendees arrive at the Cop28 summit. AP
  • The Voice Action hub for peaceful protesters at Cop28, Expo City, Dubai. Khushnum Bhandari / The National
    The Voice Action hub for peaceful protesters at Cop28, Expo City, Dubai. Khushnum Bhandari / The National
  • The Expo City farm, which will remain in operation after Cop28 ends. Khushnum Bhandari / The National
    The Expo City farm, which will remain in operation after Cop28 ends. Khushnum Bhandari / The National

However, the IMF chief said challenges remained, including putting in place policies to speed up decarbonisation, eliminate fossil fuel subsidies and expand the use of carbon pricing.

“The biggest challenge is to address the policy obstacles for faster decarbonisation,” Ms Georgieva said.

Governments should eliminate fossil fuel subsidies to accelerate decarbonisation goals, she said.

Direct and indirect fossil-fuel subsidies surged to a record $7.1 trillion in 2022 as governments supported consumers and businesses, and higher fuel prices and inflation rates sparked a cost-of-living crisis.

Ms Georgieva also called for wider use of carbon pricing, which creates an incentive for the biggest polluters to decarbonise their operations quickly.

Carbon pricing determines the cost that a company needs to pay for its planet-warming emissions and is considered by the IMF as a cost-effective way to cut such pollution.

The Washington-based lender views carbon pricing as a tool that leads to more government revenue, creates incentives for changes in behaviour and is fair as companies pay for the emissions they produce.

Carbon pricing currently covers close to 25 per cent of emissions, up from 10 per cent a decade ago, according to the IMF.

Average carbon prices are also increasing in areas where they exist, reaching $20 a tonne, but that remains below the target of at least $85 a tonne by 2030.

“We have a long way to go and the private sector would actually welcome a clearer price signal on carbon because then they would know how to structure their investments and we would see a peak of investments as a result,” Ms Georgieva said.

The IMF chief's comments come as top policymakers and business leaders gather in Dubai for the UN's two-week long climate summit, which is scheduled to end on December 12.

Expert advice

“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”

Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles

“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”

Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre 

“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”

Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
 

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

PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

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Avatar: Fire and Ash

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Results

5pm: Wadi Nagab – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Al Falaq, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)

5.30pm: Wadi Sidr – Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel

6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Fakhama, Fernando Jara, Mohamed Daggash

6.30pm: Wadi Shees – Handicap (PA) Dh80,000 (T) 2,200m; Winner: Mutaqadim, Antonio Fresu, Ibrahim Al Hadhrami

7pm: Arabian Triple Crown Round-1 – Listed (PA) Dh230,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami

7.30pm: Wadi Tayyibah – Maiden (TB) Dh80,000 (T) 1,600m; Winner: Poster Paint, Patrick Cosgrave, Bhupat Seemar

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

Naga
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Abu Dhabi Equestrian Club race card

5pm: Abu Dhabi Fillies Classic (PA) Prestige; Dh110,000; 1,400m
5.30pm: Abu Dhabi Colts Classic (PA) Prestige; Dh110,000; 1,400m
6pm: Maiden (PA); Dh80,000; 1,600m
6.30pm: Abu Dhabi Championship (PA) Listed; Dh180,000; 1,600m
7pm: Wathba Stallions Cup (PA) Handicap; Dh70,000; 2,200m
7.30pm: Handicap (PA); Dh100,000; 2,400m

Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3Eamana%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2010%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Karim%20Farra%20and%20Ziad%20Aboujeb%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%3Cbr%3E%3Cstrong%3ERegulator%3A%20%3C%2Fstrong%3EDFSA%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinancial%20services%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E85%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESelf-funded%3Cbr%3E%3C%2Fp%3E%0A
Benefits of first-time home buyers' scheme
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  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Gran Gala del Calcio 2019 winners

Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta​​​​​​​
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)

Real Madrid 1
Ronaldo (87')

Athletic Bilbao 1
Williams (14')

Story of 2017-18 so far and schedule to come

Roll of Honour

Who has won what so far in the West Asia rugby season?

 

Western Clubs Champions League

Winners: Abu Dhabi Harlequins

Runners up: Bahrain

 

Dubai Rugby Sevens

Winners: Dubai Exiles

Runners up: Jebel Ali Dragons

 

West Asia Premiership

Winners: Jebel Ali Dragons

Runners up: Abu Dhabi Harlequins

 

UAE Premiership Cup

Winners: Abu Dhabi Harlequins

Runners up: Dubai Exiles

 

Fixtures

Friday

West Asia Cup final

5pm, Bahrain (6pm UAE time), Bahrain v Dubai Exiles

 

West Asia Trophy final

3pm, The Sevens, Dubai Hurricanes v Dubai Sports City Eagles

 

Friday, April 13

UAE Premiership final

5pm, Al Ain, Dubai Exiles v Abu Dhabi Harlequins

THE BIO

Ambition: To create awareness among young about people with disabilities and make the world a more inclusive place

Job Title: Human resources administrator, Expo 2020 Dubai

First jobs: Co-ordinator with Magrudy Enterprises; HR coordinator at Jumeirah Group

Entrepreneur: Started his own graphic design business

Favourite singer: Avril Lavigne

Favourite travel destination: Germany and Saudi Arabia

Family: Six sisters

UAE currency: the story behind the money in your pockets
It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

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.”

Russia's Muslim Heartlands

Dominic Rubin, Oxford

CHATGPT%20ENTERPRISE%20FEATURES
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British Grand Prix free practice times in the third and final session at Silverstone on Saturday (top five):

1. Lewis Hamilton (GBR/Mercedes) 1:28.063 (18 laps)

2. Sebastian Vettel (GER/Ferrari) 1:28.095 (14)

3. Valtteri Bottas (FIN/Mercedes) 1:28.137 (20)

4. Kimi Raikkonen (FIN/Ferrari) 1:28.732 (15)

5. Nico Hulkenberg (GER/Renault)  1:29.480 (14)

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Match info:

Wolves 1
Boly (57')

Manchester City 1
Laporte (69')

SHAITTAN
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The Florida Project

Director: Sean Baker

Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe

Four stars

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Updated: December 04, 2023, 5:48 AM