Live updates: Follow the latest news on Cop28
At the Cop28 climate conference in Dubai, schisms have developed between those advocating the continuing use of some form of fossil fuels and others calling for their elimination.
More than 100 countries committed to a global pledge aiming to triple renewable energy capacity by the decade's end. Yet the abstention of China and India, two of the world’s largest economies, further underscores the contrasting priorities among countries and regions.
However, most participants at the UN climate summit agree that any solution aimed at hastening the transition to cleaner energy is incomplete without private capital.
Climate finance has in fact taken the centre stage, with governments, businesses and development banks announcing plans to mobilise billions of dollars.
“There isn't a meeting I have with a CEO or chairman of a business where this isn’t a topic,” Noel Quinn, group chief executive HSBC, said during a panel session on Monday.
“I'm optimistic … on the basis of the conversations I have with my clients. They're talking about the need to invest in sustainable infrastructure [and] the need to invest in new technology to make their business models have a lower carbon footprint."
By 2030, emerging markets and developing economies will require $2.4 trillion every year to address climate change, according to the Climate Policy Initiative.
Meanwhile, Deloitte has said investment of $5 trillion to $7 trillion a year is needed until 2050 in the energy sector to drive the transition but less than $2 trillion is currently spent each year.
Institutional investors control assets worth more than $200 trillion, only 0.3 per cent of which is going towards climate financing.
“That is because they have a responsibility to take care of their populations,” said Ray Dalio, founder of Bridgewater Associates, a hedge fund with about $125 billion in assets.
“I think the important thing is when you look at who's got the money, you just can't go get the money, you have to convert that into productivity,” he told a Cop28 panel session.
The International Monetary Fund and the World Bank have identified public-private risk-sharing as key to fostering private climate investment in emerging markets.
Investment guarantees from development banks that cover risks related to currency fluctuations and political instability could coax more investors to sign on for projects in such markets.
“A guarantee from the World Bank on currency volatility can allow the private sector to put the money into projects,” Mr Quinn said.
Last week, the World Bank committed to increasing its climate finance target to $40 billion by 2025, with 50 per cent dedicated to mitigation and the other half to adaptation.
However, Mr Dalio said backing from development banks would only solve part of the problem.
“Keep in mind, the World Bank [has] hardly any money relative to [the requirement]. The IMF don't have that much money,” he said.
“The governments will raise the money, they borrow the money and then they print the money, so we have a financial problem, right?”
Despite the risks, governments and investors have announced billion-dollar funds at Cop28 for projects related to climate mitigation.
The UAE, the event’s host, has launched a $30 billion fund for clean energy, backed by major US institutional investors such as BlackRock, Brookfield and TPG.
The money will go towards a new private investment vehicle, Alterra, which aims to raise $250 billion globally in the next six years to create a fairer climate-finance system.
The European Bank for Reconstruction and Development (EBRD) and the EU have announced new guarantee support of up to €1 billion ($1.1 billion) for green investment.
Bruce Douglas, chief executive of the Global Renewables Alliance, told The National the industry body was working with development banks such as the International Finance Corporation to mobilise financing to encourage investment in clean energy projects.
“There [are] many funds that exist now that are mobilising public-sector but also private-sector finance to enable renewables deployment in … more challenging markets,” he said.
For developing countries, the shift to low-carbon energy is further complicated by high debt loads, exacerbated by the Covid-19 pandemic.
The IMF’s financial stability report found 56 per cent of low-income countries and 25 per cent of emerging market countries are in or at high risk of debt distress.
“I don't know if climate funds which are too generic is a solution, but the transfer of funds from rich countries … is the key to success because otherwise it will not happen,” Mathias Burghardt, head of infrastructure at French investment firm Ardian, told The National.
“If we don't share the pain of the cost of the energy transition between people who are richer and those who have less income, that will not work."
‘The bridge’
UAE renewable energy company Masdar has been pushing ahead with projects across the globe, including in the Global South, broadly the regions of Latin America, Asia, Africa and Oceania.
The company is “the bridge” that links private capital to the usage of renewable energy, Niall Hannigan, Masdar's chief financial officer, told The National.
Masdar is using the capital it raised from the issuance of its green bond “solely” to finance projects in the Global South, he said.
“We are the party that will secure the opportunities,” Mr Hannigan said. "We are the party that engages with the governments [and] the development finance institutions … to create a framework that is sustainable and bankable."
Abdullah Jefri, senior manager for the GCC at IFC, said 80 per cent of the annual funding required for climate financing needs to come from the private sector.
"The other challenge is over the last [few] years, only 20 per cent of investments in renewable energy took place in developing countries and 80 per cent was in developed countries, while it needs to be the other way around," Mr Jefri said during a Cop28-related event in Dubai.
DUBAI%20BLING%3A%20EPISODE%201
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3ENetflix%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EKris%20Fade%2C%20Ebraheem%20Al%20Samadi%2C%20Zeina%20Khoury%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
'Gold'
Director:Anthony Hayes
Stars:Zaf Efron, Anthony Hayes
Rating:3/5
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
AS%20WE%20EXIST
%3Cp%3EAuthor%3A%20Kaoutar%20Harchi%C2%A0%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20Other%20Press%3C%2Fp%3E%0A%3Cp%3EPages%3A%20176%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20Now%3C%2Fp%3E%0A
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
LAST 16
SEEDS
Liverpool, Manchester City, Barcelona, Paris St-Germain, Bayern Munich, RB Leipzig, Valencia, Juventus
PLUS
Real Madrid, Tottenham, Atalanta, Atletico Madrid, Napoli, Borussia Dortmund, Lyon, Chelsea
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
BIRD%20BOX%20BARCELONA
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20David%20and%20Alex%20Pastor%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EGeorgina%20Campbell%2C%20Mario%20Casas%2C%20Diego%20Calva%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
Punchy appearance
Roars of support buoyed Mr Johnson in an extremely confident and combative appearance
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Packages which the US Secret Service said contained possible explosive devices were sent to:
- Former first lady Hillary Clinton
- Former US president Barack Obama
- Philanthropist and businessman George Soros
- Former CIA director John Brennan at CNN's New York bureau
- Former Attorney General Eric Holder (delivered to former DNC chair Debbie Wasserman Schultz)
- California Congresswoman Maxine Waters (two devices)
Key findings
- Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
- Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase.
- People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”.
- Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better.
- But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
Biography
Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine
Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid
Favourite drink: Water
Her hobbies: Reading and volunteer work
Favourite music: Classical music
Her motto: I don't wait, I initiate
A Prayer Before Dawn
Director: Jean-Stephane Sauvaire
Starring: Joe Cole, Somluck Kamsing, Panya Yimmumphai
Three stars
'Manmarziyaan' (Colour Yellow Productions, Phantom Films)
Director: Anurag Kashyap
Cast: Abhishek Bachchan, Taapsee Pannu, Vicky Kaushal
Rating: 3.5/5
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
If%20you%20go
%3Cp%3E%0DThere%20are%20regular%20flights%20from%20Dubai%20to%20Addis%20Ababa%20with%20Ethiopian%20Airlines%20with%20return%20fares%20from%20Dh1%2C700.%20Nashulai%20Journeys%20offers%20tailormade%20and%20ready%20made%20trips%20in%20Africa%20while%20Tesfa%20Tours%20has%20a%20number%20of%20different%20community%20trekking%20tours%20throughout%20northern%20Ethiopia.%20%20The%20Ben%20Abeba%20Lodge%20has%20rooms%20from%20Dh228%2C%20and%20champions%20a%20programme%20of%20re-forestation%20in%20the%20surrounding%20area.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
RESULT
Australia 3 (0) Honduras 1 (0)
Australia: Jedinak (53', 72' pen, 85' pen)
Honduras: Elis (90 4)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.