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At least 60 countries have signed a Cop28-backed pledge to cut emissions from the cooling sector, it was announced on Tuesday.
The "global cooling pledge" calls for countries by 2050 to cut cooling-related emissions by at least 68 per cent from 2022 levels.
It is a critical task for the world, with emissions from cooling predicted to account for more than 10 per cent of global emissions by 2050 on current projections, according to a UN report.
Released on Tuesday at Cop28, the report said swift action could ease pressure on the world’s stressed energy grids, cut emissions in the sector by 60 per cent and save trillions of dollars by 2050, the report found.
Keeping it chill: how to meet cooling demands while cutting emissions was released by the UN Environment Programme in support of the pledge.
The report said using natural measures, such as accelerating the “phase down” of climate-warming hydrofluorocarbon refrigerants, would allow low-emissions cooling to reach an additional 3.5 billion people around the world and save US$22 trillion.
Inger Andersen, executive director of the UN Environment Programme (Unep), said the cooling sector must grow to protect the world from rising temperatures, maintain food quality and safety, keep vaccines stable and economies productive.
“But this growth must not come at the cost of the energy transition and more intense climate impacts,” she said.
“The potential outcomes of a sustainable cooling transition sound almost too good to be true, but they are true.
"This is one of the rare cases where we should do something because the cool kids are doing it. So, I’m asking governments, the private sector and financiers to get behind the global cooling pledge with real money and real action, so we can all be cool.”
Dangers of extreme heat
About 1.2 billion people in Africa and Asia lack access to cooling services, putting lives at risk from extreme heat, reducing farmers’ incomes, contributing to food loss and waste and affecting access to vaccines.
The UN has said the world could be on track for warming of up to 3ºC, which would place huge pressure on electricity grids because of a huge demand for cooling. A recent report from Saudi Arabia highlighted the pressure this puts on the grid.
The UN report said cooling equipment represents 20 per cent of total electricity consumption today – and is expected to more than double by 2050 with a demand for older and inefficient equipment partly driving this surge. Inefficient equipment could also result in high electricity bills, particularly in Africa and South Asia where demand is surging.
Emissions from cooling are predicted to account for more than 10 per cent of global emissions in 2050.
According to the UN report, the benefits are clear. These measures would allow an additional 3.5 billion people to benefit from refrigerators, air conditioners or passive cooling by 2050; reduce electricity bills for end users by $1 trillion in 2050; reduce peak power requirements by between 1.5 and 2 terawatts – almost double the EU’s total generation capacity today; and help to avoid power generation investment in the order of $4 trillion to $5 trillion.
“As temperatures rise, it is critical that we work together to improve energy efficiency and reduce emissions from the cooling sector while increasing access to sustainable cooling,” said Sultan Al Jaber, Cop28 President.
“This access is especially important for the most vulnerable communities, who have often contributed the least to climate change but are the most exposed to its impacts.”
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THE BIO:
Sabri Razouk, 74
Athlete and fitness trainer
Married, father of six
Favourite exercise: Bench press
Must-eat weekly meal: Steak with beans, carrots, broccoli, crust and corn
Power drink: A glass of yoghurt
Role model: Any good man
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KILLING OF QASSEM SULEIMANI
COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
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RESULTS
4pm: Al Bastakiya Listed US$250,000 (Dirt) 1,900m
Winner: Yulong Warrior, Richard Mullen (jockey), Satish Seemar (trainer)
4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m
Winner: Jordan Sport, Adrie de Vries, Fawzi Nass
5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m
Winner: Jungle Cat, William Buick, Charlie Appleby
5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m
Winner: Kimbear, Patrick Dobbs, Doug Watson
6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m
Winner: Blair House, James Doyle, Charlie Appleby
6.55pm: Al Maktoum Challenge Round-3 Group 1 $400,000 (D) 2,000m
Winner: North America, Richard Mullen, Satish Seemar
7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m
Winner: Hawkbill, William Buick, Charlie Appleby.
UAE v IRELAND
All matches start at 10am, and will be played in Abu Dhabi
1st ODI, Friday, January 8
2nd ODI, Sunday, January 10
3rd ODI, Tuesday, January 12
4th ODI, Thursday, January 14
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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.”
Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Mia Man’s tips for fermentation
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How it works
Booklava works on a subscription model. On signing up you receive a free book as part of a 30-day-trial period, after which you pay US$9.99 (Dh36.70) per month to gain access to a library of books and discounts of up to 30 per cent on selected titles. You can cancel your subscription at any time. For more details go to www.booklava.com
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Based: Abu Dhabi
Founded: 2017
Number of employees: 7
Sector: Aviation and space industry
Funding: $250,000
Future plans: Looking to raise $1 million investment to boost expansion and develop new products
A list of the animal rescue organisations in the UAE
Our family matters legal consultant
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Started: January 2021
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Sector: B2B Vertical SaaS(software as a service)
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ITU Abu Dhabi World Triathlon
SCHEDULE FOR SHOW COURTS
Centre Court - from 4pm (UAE time)
Angelique Kerber (1) v Irina Falconi
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Engine: 2-litre turbocharged
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Torque: 390Nm
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