Inger Andersen speaks onstage at Cop28. Mahmoud Khaled / Getty Images
Inger Andersen speaks onstage at Cop28. Mahmoud Khaled / Getty Images
Inger Andersen speaks onstage at Cop28. Mahmoud Khaled / Getty Images
Inger Andersen speaks onstage at Cop28. Mahmoud Khaled / Getty Images

We must show solidarity with the Global South, UNEP chief says


Mina Al-Oraibi
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As Cop28 enters its final days, Inger Andersen, executive director of the UN Environment Programme, is among the officials calling for more concerted efforts to protect the environment.

She also stressed the “really positive” work done by the UAE's Presidency of Cop28 so far.

Speaking to The National during her participation in Cop28, Ms Andersen lauded the efforts of the Presidency in getting the global summit off to a strong start with the capitalisation of the loss and damage fund on the first day.

“It is massive, it's absolutely massive, and we have to say 'chapeau' to our UAE hosts here”, she said, adding the feat was “not easy… and usually these things would come at the last day or 2am. This was a major win”.

She said the “first win was the agenda got agreed so fast” and then loss and damage received funding.

"This was really smart from a strategic point of view that the Presidency saw that they could get this win and lift the spirits a little bit. So that was really good," Ms Andersen said.

With more than $725 million committed to the loss and damage fund, and that amount continuing to grow during Cop28, she said it was "really positive and bought a lot of trust”.

However, the work is not yet complete and in Ms Andersen’s assessment “the big issue on the table is, of course, will we agree or will we not to phase out fossil fuels? And that's still very much in discussion”.

The success of Cop28 will rely in large part on the agreement to reduce emissions, which includes tackling the energy transition, in addition to ensuring the protection of nature.

"We understand that without nature we cannot make it, especially the high forest, the tropical forests, the Borneo Mekong Basin, Indonesia plus the Congo Basin, the Amazon Basin – these are critical, they are the lungs of the world," Ms Andersen said.

"Forests alone will not do the trick, we must decarbonise our economies … right now we are going in the wrong direction."

According to UNEP, the world is heading to 2.9°C increase in temperatures by 2100. But based on non-conditional commitments for countries to take climate action, known as NDCs, if there is the right financing, then the figure drops to 2.5°C by 2100.

"That is still not a place we want to be at, therefore we need to see decarbonisation happen much speedier," Ms Andersen added.

"That means finance on the table for that energy shifts, it means that the G20 – the largest 20 producers and emitters, which are the key to the land, which are responsible for 75 per cent of all emissions – they have to lead.

"But everyone, all producers, all coal producers, all gas producers, we need to lead on this matter."

One matter that Ms Andersen said was vital was the capturing highly potent, but short-lived climate polluting gases.

"That is where methane comes in, that is where fluorinated gases that we use for cooling come in. And that is where nitrous oxides, the gases that are released from fertiliser making and so on, come in," she said.

She stressed the importance of limiting methane emissions and gas flaring, two matters that the Cop28 Presidency has been advocating.

“The focus is on avoiding and eliminating, flaring, venting and leakage from oil, gas and coal infrastructure, and honestly, tightening a few screws," she added.

"If we do that, it buys us time that we stop flaring, we capture that wealth instead and sell it and we stop venting and leakages. And we then reduce that dimension … methane is more than 100 times more potent a gas than CO2, one tonne of CO2 to one tonne of methane is 100-fold more the same perfluorinated gases. And the same for nitrous oxide.

"That's why the methane story here is very big. We run the international methane emissions observatory and we've just launched the methane alert reduction system ... telling you that your methane emissions are way high on your particular infrastructure."

At the Cop28 Global Methane Pledge Ministerial, countries pledged to cut methane at least 30 percent by 2030, a target the UAE presidency had championed.

UNEP also hosts the Climate and Clean Air Coalition “because when we take methane and nitrous oxides, and fluorinated gases out of the system, it's also good for us”.

"These kinds of opportunities are real. It will buy us a little period of time, while we do the real hard work of decarbonising our economies," she said.

While Ms Andersen is appealing to all countries to act, she says there are developing countries for which “it's a difficult thing to leave [fossil fuels] in the ground, unless there's finance that can have an able and just transition getting that country out of energy poverty. I say that because we have to have solidarity towards the Global South”.

She used South Sudan as an example. “It's a country that has 7.9 per cent access to modern electricity and it is a country that is an oil producer. So the world has to ask itself, what is the world going to do for that country?”

Ms Andersen has called for solidarity in understanding the needs of developing countries, in addition to “the real opportunity” of technological advancements in renewable energy.

She also referenced the fact some countries, such as Kenya, can produce clean and green energy, which can help to decarbonise industry.

“Many African countries are saying we would like to produce excess [clean energy], because OECD countries cannot decarbonise without African help," she said.

"They say, 'You should move your industries and your jobs to our countries where we have renewable energy, you are all relying on coal and oil and gas, move it to these countries in the Global South, where we can rely either on green nitrogen, or we can rely on renewable directly, so that you can produce clean and green and at the same time produce jobs.'"

She stressed “it is a very interesting proposition and something the world should really look at”.

With the opportunities being presented with technologies and renewable energy “the early bird really will get the worm here”.

"That's why we're really encouraging countries to lean in on renewables, on the technologies that do exist," she added.

"And we are encouraging those that can make more R&D to do so. The price has already dropped a lot and it's very competitive”.

She added with optimism “there's some real good news here”.

In her role at UNEP, Ms Andersen is Undersecretary General of the UN and plays an instrumental role in working on the processes that allow for climate actions across countries.

In 2022, the UN asserted it was a human right to live in "a safe, clean and sustainable environment”. Ms Andersen said this right was "now beginning to emerge into courts where it's been quoted by judgments or, indeed, into where new constitutions are being framed”.

The UNEP has an environmental law division that provides technical support for countries as this issue grows in significance.

While Ms Andersen stressed the rights and voice of all people, she spoke of the importance of the inclusivity of Cop28.

“Indigenous people are taking care of 80 per cent of the world's biodiversity ... so we need to make sure we hear their voices, and that there's prior and informed consent to anything that might happen in their territories," she said.

She added it was important to hear from other belief systems, indigenous people and “some powerful belief systems there that actually find its way into nearly every religion, irrespective of where it comes from”.

"This understanding that the duty to care for the planet is enshrined in most holy books and is something that I think everyone understands," she added.

The Faith Pavilion at Cop28 “is another powerful example of the world's faiths coming together and speaking of taking care of the planet. And every living being on it”.

Ms Andersen said she was “ever the optimist” and expected action at Cop28.

“In Paris, we were heading towards a 5°C to 6°C world. Today, we are heading towards 2.9°C. Well, neither is good enough. But we're making progress," she added.

“Our children deserve it and we cannot not do this. The Secretary General [Antonio Guterres] has made it very clear. We are facing an existential crisis. And we have to decarbonise and we have to do it now”.

MATCH INFO

FA Cup final

Chelsea 1
Hazard (22' pen)

Manchester United 0

Man of the match: Eden Hazard (Chelsea)

Fixtures:

Thursday:
Hatta v Al Jazira, 4.55pm
Al Wasl v Dibba, 7.45pm

Friday:
Al Dhafra v Al Nasr, 5.05pm
Shabab Al Ahli Dubai v Al Wahda, 7.45pm

Saturday:
Ajman v Emirates, 4.55pm
Al Ain v Sharjah, 7.45pm

THE CLOWN OF GAZA

Director: Abdulrahman Sabbah 

Starring: Alaa Meqdad

Rating: 4/5

Indika
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Meydan Racecourse racecard:

6.30pm: The Madjani Stakes Listed (PA) | Dh175,000 1,900m

7.05pm: Maiden for 2-year-old fillies (TB) Dh165,000 1,400m

7.40pm: The Dubai Creek Mile Listed (TB) Dh265,000 1,600m

8.15pm: Maiden for 2-year-old colts (TB) Dh165,000 1,600m

8.50pm: The Entisar Listed (TB) Dh265,000 2,000m

9.25pm: Handicap (TB) Dh190,000 1,200m

10pm: Handicap (TB) Dh190,000 1,600m.

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.”

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

Specs

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The Bio

Favourite place in UAE: Al Rams pearling village

What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft

Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans

Best time to swim in the sea: When there is enough light to see beneath the surface

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Ruwais timeline

1971 Abu Dhabi National Oil Company established

1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants

1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed

1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.  

1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex

2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea

2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd

2014 Ruwais 261-outlet shopping mall opens

2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies

2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export

2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.

2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery 

2018 NMC Healthcare selected to manage operations of Ruwais Hospital

2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13

Source: The National

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1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

Poacher
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Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Mica

Director: Ismael Ferroukhi

Stars: Zakaria Inan, Sabrina Ouazani

3 stars

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Company profile

Company: Eighty6 

Date started: October 2021 

Founders: Abdul Kader Saadi and Anwar Nusseibeh 

Based: Dubai, UAE 

Sector: Hospitality 

Size: 25 employees 

Funding stage: Pre-series A 

Investment: $1 million 

Investors: Seed funding, angel investors  

UK’s AI plan
  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
  • £10bn AI growth zone in South Wales to create 5,000 jobs
  • £100m of government support for startups building AI hardware products
  • £250m to train new AI models
Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

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.” 

The bio

Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

Was a middle distance state athletics champion in school

Enjoys driving to Fujairah and Ras Al Khaimah with family

His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

Keeps the diaries in his car to remember his journey in the Emirates

If you go

The flights

Fly direct to London from the UAE with Etihad, Emirates, British Airways or Virgin Atlantic from about Dh2,500 return including taxes. 

The hotel

Rooms at the convenient and art-conscious Andaz London Liverpool Street cost from £167 (Dh800) per night including taxes.

The tour

The Shoreditch Street Art Tour costs from £15 (Dh73) per person for approximately three hours. 

Updated: December 08, 2023, 9:43 AM