Live updates: Follow the latest news on Cop28
Climate change talks in Dubai are focusing on a 31-word draft sentence that proposes a way forward on the contentious issues of fossil fuels.
A new draft of the global stocktake – the key text being agreed to at Cop28 – suggests reducing fossil fuel use in what would be the first such commitment at a global level.
The UAE’s Cop28 Presidency described the draft text as a “huge step forward” that reflects its ambitions for the summit.
But negotiations are set to stretch into the summit’s final hours as several key players push for tougher language, such as a “phase-out” of fossil fuels that had been on the table in an earlier draft.
The magic words in the draft are “reducing both consumption and production of fossil fuels in a just, orderly and equitable manner so as to achieve net zero by, before or around 2050 in keeping with the science”.
Breaking it down:
Reducing consumption and production of fossil fuels
This is a compromise, after early drafts of the stocktake showed countries were considering everything from a phase-out to no agreement at all.
“Reducing” fossil fuel use, but not necessarily to zero, is somewhere in the middle.
For many delegates, it does not go far enough, with small island states indicating that they will only sign a text with “strong commitments” on a phase-out.
EU countries also want tougher wording, with Germany saying “key elements” of the draft are unacceptable because they indicate that fossil fuels have a viable future.
Others see the proposal as a “phase-down” – the language agreed to on coal two years ago – by a less contentious name.
“This is historic text, which recognises for the first time in the outcome of a United Nations climate change summit that the production and consumption of fossil fuels need to be cut,” said Bob Ward of the Grantham Institute on climate change.
In a just, orderly and equitable manner
These words are similar to an early draft that proposed an “orderly and just phase-out”.
This is the sort of wording that tends to be insisted on by developing countries who say they cannot be expected to turn away from fossil fuels overnight.
It means they can reasonably balance the push to go green against the need to find money, contain the social impact and avoid worsening inequality.
Some campaigners want to see the text spell out more clearly how the transition will be managed, with Romain Ioualalen of Oil Change International saying it “must be significantly improved to align with science, finance needs, and equity”.
So as to achieve net zero by, before or around 2050
This refers to net-zero greenhouse gas emissions.
In other words, any carbon dioxide you still emit in 2050 should be balanced out by removing carbon from the atmosphere.
Focusing on the outcome leaves open different policy options to get there, with countries such as India typically opposing what they see as overly prescriptive language on fossil fuels.
“There will be some who argue that we should commit to end all fossil fuels, but it is important to remain focused on the driver of climate change, which is greenhouse gas emissions,” Mr Ward said.
In keeping with the science
The UN’s top panel on climate science estimates that hitting the world’s key goal of limiting the temperature rise to 1.5°C above pre-industrial levels would involve a 95 per cent reduction in coal use, 60 per cent for oil and 45 per cent for natural gas.
Wording on following “the science” only alludes to such findings, rather than setting them as concrete targets, but is generally welcomed by those pushing for an ambitious deal.
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3) Ederson, Benfica to Manchester City (£35m)
4) Gianluigi Buffon, Parma to Juventus (£33m)
5) Angelo Peruzzi, Inter Milan to Lazio (£15.7m
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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SPEC%20SHEET
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GROUPS AND FIXTURES
Group A
UAE, Italy, Japan, Spain
Group B
Egypt, Iran, Mexico, Russia
Tuesday
4.15pm: Italy v Japan
5.30pm: Spain v UAE
6.45pm: Egypt v Russia
8pm: Iran v Mexico
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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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.”
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Royal wedding inspired menu
Ginger, citrus and orange blossom iced tea
Avocado ranch dip with crudites
Cucumber, smoked salmon and cream cheese mini club sandwiches
Elderflower and lemon syllabub meringue
Overview
Cricket World Cup League Two: Nepal, Oman, United States tri-series, Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
Company profile: buybackbazaar.com
Name: buybackbazaar.com
Started: January 2018
Founder(s): Pishu Ganglani and Ricky Husaini
Based: Dubai
Sector: FinTech, micro finance
Initial investment: $1 million
UAE currency: the story behind the money in your pockets
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
Read more from Aya Iskandarani
Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Aldar Properties Abu Dhabi T10
*November 15 to November 24
*Venue: Zayed Cricket Stadium, Abu Dhabi
*Tickets: Start at Dh10, from ttensports.com
*TV: Ten Sports
*Streaming: Jio Live
*2017 winners: Kerala Kings
*2018 winners: Northern Warriors
Scoreline
Liverpool 3
Mane (7'), Salah (69'), Firmino (90')
Bournemouth 0
The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
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Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
The specs
Engine: 5.0-litre supercharged V8
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Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
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
THE BIG THREE
NOVAK DJOKOVIC
19 grand slam singles titles
Wimbledon: 5 (2011, 14, 15, 18, 19)
French Open: 2 (2016, 21)
US Open: 3 (2011, 15, 18)
Australian Open: 9 (2008, 11, 12, 13, 15, 16, 19, 20, 21)
Prize money: $150m
ROGER FEDERER
20 grand slam singles titles
Wimbledon: 8 (2003, 04, 05, 06, 07, 09, 12, 17)
French Open: 1 (2009)
US Open: 5 (2004, 05, 06, 07, 08)
Australian Open: 6 (2004, 06, 07, 10, 17, 18)
Prize money: $130m
RAFAEL NADAL
20 grand slam singles titles
Wimbledon: 2 (2008, 10)
French Open: 13 (2005, 06, 07, 08, 10, 11, 12, 13, 14, 17, 18, 19, 20)
US Open: 4 (2010, 13, 17, 19)
Australian Open: 1 (2009)
Prize money: $125m