Live updates: Follow the latest news on Cop28
The UN's most senior climate official said governments needed to give their negotiators “clear marching orders” to step up ambition for the remainder of Cop28.
Simon Stiell said the talks on the crucial global stocktake had led to “a starting text on the table”.
“But it’s a grab bag of wish lists and heavy on posturing," he added. "The key now is to sort the wheat from the chaff.”
We need Cop to deliver a bullet train to speed up climate action
Simon Stiell
Negotiators are working day and night on the text that will assess where the world stands in limiting warming to 1.5ºC and chart the way forward.
There is a pause on Thursday during which the summit site will be mostly closed. On Friday, talks will intensify amid high expectations.
The draft text currently contains wording that includes everything from a sustained "phase down" of fossil fuels and coal to taking no action whatsoever.
Mr Stiell and other officials urged countries and their negotiating teams to use much firmer language that will be presented to close to 200 parties for approval next week.
Despite the UN making it clear that the world is way off track, Mr Stiell said the stocktake negotiating text at this year's Cop is vague.
It leaves options open on the contentious issue of trying to phase down or phase out the use of fossil fuels but mainly sets out building blocks for a future outcome, rather than confirming a nailed-down plan of action.
Mr Stiell said parties needed to come up with a clear statement of intent to signal the "terminal decline of the fossil-fuel era as we know it".
“At the end of next week, we need Cop to deliver a bullet train to speed up climate action,” he said. “We currently have an old caboose train chugging over rickety tracks."
Cop28 started strongly with the early adaptation of the agenda and the launch of the loss and damage fund. Mr Stiell acknowledged loss and damage progress had given Cop28 “a spring in its step” but it was only the start.
As of Wednesday, about $720 million had been pledged by governments but developing nations warn at least tens, if not hundreds, of billions will be needed.
Mr Stiell called for finance to be front and centre of the talks, noting that more needs to be done after the early successes of the summit at Expo City Dubai.
“Now all governments must give their negotiators clear marching orders: we need the highest ambition, not point-scoring or lowest common-denominator politics," he said.
"Loss and damage was a win but we’re kidding ourselves if we think it’s a tick in the box for finance and support at this Cop. More is required.
“We’ve said we’ll double adaptation finance – now we have to deliver, including on the details, and set ourselves up to go much further."
He urged parties not to lose sight of the "global goal for adaptation" that was mandated under the 2015 Paris deal and aims to scale up how counties can boost their resilience to climate-related damage.
"Eight billion people are on the front lines," said Mr Stiell. "Right now, only 50 countries have national adaptation plans."
Experienced lobbyist Kelly Dent, representing World Animal Protection at Cop28, told The National Mr Stiell’s efforts to rally negotiators were “not unusual at this stage in the process”.
“These things are evolving,” she said. "Just because we get a text, that doesn’t mean it’s the end of it. These things go on and on and on."
On Wednesday, US climate envoy John Kerry said it had been "a pretty damn good week" so far but the world must "emphatically accelerate the pace of emissions reductions".
Mr Kerry spoke at Cop28 shortly after Mr Stiell made his call for negotiators to up their game.
"I'm not telling you that everybody's going to come 'kumbaya' to the table," Mr Kerry said. "But I am telling you we're going to make a best effort to get the best agreement we can to move as far as we can, as fast as we can."
The UN’s leading climate expert Prof Jim Skea said Cop28 had made considerable progress in its first week.
Prof Skea, 70, is also the current chairman of the Intergovernmental Panel on Climate Change.
The IPCC’s job is to distil the world’s knowledge and provide facts on what the science is telling us.
Prof Skea has spent his time in Dubai meeting leaders, discussing the IPCC's next review cycle and reminding people what that science says.
Asked in Dubai how the talks are shaping up, he said: “It’s a Cop that’s making progress.
“It isn’t a landmark like Paris or Glasgow but we’ve seen a lot of progress on the first day, with the loss and damage fund being established. So we definitely have seen achievements.”
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
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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.”
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Stuck in a job without a pay rise? Here's what to do
Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.
“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”
Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.
Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.
“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”
For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.
“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”
Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
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
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UAE currency: the story behind the money in your pockets
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
COMPANY%20PROFILE
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Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
EA Sports FC 24
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Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.