Live updates: Follow the latest news on Cop28
Non-profit groups have hailed the early progress made at Cop28, but said that the final text of the global stocktake must be clear on the need for emissions cuts.
As Cop28 enters its second week, there are concerns from some organisations that caveats could limit the impact that any agreement has on the phasing out of fossil fuels.
Campaigners have also said that the final global stocktake text – which is poised to be the central outcome of Cop28 – should also highlight the potential for nature-based solutions to mitigate the effects of climate change.
There’s some [delegates] coming out with very strong views on fossil fuels we haven’t heard before, but there’s so many options on the table
Shirley Matheson,
WWF
Dr Sandeep Sengupta, global policy lead for climate change at the International Union for Conservation of Nature, said that the conference "went off to a really strong start" in securing financial pledges for the loss and damage fund established at Cop27 last year in Egypt.
But the conclusion of a recent UN report that current nationally determined contributions (NDCs) – the commitments countries make on how they will manage their greenhouse gas emissions – only add up to a two per cent reduction in emissions by 2030, compared with 2019 levels.
He said this falls far short of the 43 per cent reduction needed to avoid the worst effects of climate change.
The global stocktake must send a "strong signal" that economies must change in order to "keep 1.5°C alive" and "recognise the role the world’s ecosystems can play" in adapting to and mitigating the extent of climate change.
"The global stocktake is really the instrument that needs to succeed if the world is to get on the 1.5° trajectory," he told The National.
Limiting global average temperature rises to 1.5°C above pre-industrial levels was the central aim of the 2015 Paris Agreement, with scientists saying that greater increases could lead to climate change having much more severe consequences.
He called for "enhanced climate finance" for mitigation, adaptation and loss and damage, "with an increased proportion being made available to indigenous peoples and local communities".
Observers are looking at whether the final global stocktake text describes the need for a "phase-out" of fossil fuels rather then the "phase-down" agreed at Cop26 in Glasgow.
Rhiannon Niven, senior policy manager for climate and energy at Birdlife International and co-chairwoman of ecosystems for the Climate Action Network, said that a phase out was "absolutely integral".
She said that mentions of "nature-based solutions" to climate change – while highlighted as important by many environmental organisations – should not become "a distraction to compensate for business as usual" on emissions.
"It has to happen together," Ms Niven said, adding that the world needed to protect at least 30 per cent of land and oceans for nature, as agreed at the UN biodiversity summit in Montreal last year, to stop the world going "past its tipping point and its ability to adapt".
She said at this Cop, and over the past two years, there had been much greater discussion about how preserving nature was central to dealing with climate change.
"It needs to be translated to the text and implementation on the ground," she added.
"Having parties coming out and pushing this at the party-to-party level shows there’s momentum. We’re seeing more and more countries signing up to this and governments committing to landing it in the text. We need to get these hard references in the text."
According to Florence Laloe, senior director for climate policy at Conservation International, mentions of land use and agriculture were proving to be "a tricky part" of the final text, largely because of push-back from countries whose emissions were connected to land use.
Changes in land use, notably converting forested areas to agricultural use, are a significant contributor to climate change.
Entering the second week of Cop28, Shirley Matheson global NDC enhancement director at WWF, said that she was "cautious because there’s so much on the table".
"I’m happy the consistent discussion has been 1.5°C," she said. "There’s some [delegates] coming out with very strong views on fossil fuels we haven’t heard before, but there’s so many options on the table."
In terms of the global stocktake, she said that there was "a lot of expectations for week two" but the signals were that it was "going in a positive direction".
Sara Shaw, climate justice and energy international programme co-ordinator at the environmental organisation Friends of the Earth, expressed concerned about the use of the term "unabated" fossil fuels in draft texts.
If texts only pledge the phase-out of unabated fossil fuel use, this would open up "a colossal loophole" for the continued burning of fossil fuels, she said.
"We’re quite worried. The word abatement has been hanging around for quite a long time," she said. "We’re so opposed to another use of the word unabated. It’s so unhelpful even if it’s refined down."
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What is graphene?
Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.
At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.
It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.
But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties.
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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.”
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.
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UAE currency: the story behind the money in your pockets
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5