Cop28: What was achieved and what happens next?


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When the gavel came down at Cop28 on December 13, it brought delegates to their feet.

After about two weeks of difficult talks that had even threatened to collapse just a few days earlier, it was all over in just a few minutes.

The agreement was historic. It had taken 28 Cops but, for the first time, the role of fossil fuels was directly addressed in the text decision at a UN climate summit.

Countries were called on to “transition away” from fossil fuels in what was arguably the most significant step forward for global climate action since the 2015 Paris agreement.

It seeks to keep the global temperature limit of 1.5°C within reach and avoid the worst effects of climate change.

Cop28 also mobilised more than $85 billion in funding, including a $30 billion fund, Alterra, launched by the UAE. This set the pace for a new era in climate action, and was, by some distance, the most well attended Cop yet, with more than 80,000 registered.

The Cop28 deal was viewed by some, however, as not having gone far enough, although everyone signed up nonetheless.

So what was achieved, does it matter, and what comes next?

The historic Cop28 agreement that answered the sceptics

The final deal that emerged at Cop28 is formally known as the global stocktake, essentially an assessment of how the world is doing in terms of limiting global warming.

The answer was known before Cop28: not good. The UN repeatedly warned that the world is way off track and headed for warming of 3°C which would imperil the lives and livelihoods of billions of people. Burning fossil fuels is the primary driver of the problem.

So could a summit being hosted in an oil-producing country and presided over by the chief of Adnoc deliver? Critics said no. But the UAE had another plan.

Talks about how to address the root cause of the problem dominated the summit. Various iterations of the text appeared throughout with a significantly watered down draft published on December 11 prompting a backlash from many parties, including the EU and vulnerable small island states, for weak language

Intense rounds of talks followed and pushed the summit a full day into overtime before the new draft was issued at about 7am local time.

The deal, which has also been called the "UAE Consensus" calls for “transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner … so as to achieve net zero by 2050 in keeping with the science”.

That is a historic first – although in return, there are concessions to developing countries, coal users and gas exporters.

“While we didn’t turn the page on the fossil fuel era in Dubai, this outcome is the beginning of the end,” said Simon Stiell, UN climate change chief.

The deal does not compel countries to end use of fossil fuels, however, and developing countries still need billions, if not trillions of dollars to help move to renewable sources of energy.

What were the other major negotiated outcomes?

The loss and damage fund was brought into operation on the first day of the summit, giving impetus to the talks.

The fund was established at Cop27 and seeks to help vulnerable countries deal with severe effects of climate change, such as major floods.

Countries began to step up and contribute immediately. At least $792 million has been pledged so far.

The Cop28 deal also calls for “accelerated financial support” from rich countries and criticised them for failing to deliver on a long-promised $100 billion pledge.

In the negotiated outcome countries called for a tripling of renewables and double the energy efficiency by 2030, urges peak emissions by 2025; and a global target to halt deforestation by 2030.

UAE-led pledges drive global climate action

Away from the party-driven talks, the UAE sought to push climate action through 11 landmark initiatives on topics such as food systems, health, air conditioning, decarbonising heavy emitting industries and encouraging oil and gas companies to cut emissions.

The UAE Declaration on Agriculture, Food and Climate, for example, was endorsed by 159 countries and called on them to put food at the heart of the climate agenda by linking their agricultural policies to their national emissions and biodiversity plans.

Cop28 provided the first in-depth look at the effects of climate change on health. The UAE declaration on this topic was endorsed by 144 countries and underscored the need to confront the connections between climate change and health.

Other pledges on energy efficiency, hydrogen, methane, climate finance, cooling systems and recovery and peace (making fragile and conflict-affected countries and communities more resilient to climate change) also won widespread support.

Will Cop28 make any difference?

Many who are sceptical of UN climate summits say they are unwieldy. The fact all countries must agree is also viewed as hampering the need for urgent action. However, the summit is also one of the few arenas left where every country, from small island states to superpowers, have an equal voice.

And some summits, such as Cop21 that delivered the Paris agreement, are now considered as being particularly important.

The UN, for example, said the Paris deal has driven "near-universal climate action", according to the UN.

But there remains much to do and a hard road ahead. As Cop28 President Dr Sultan Al Jaber said, the deal will be only as good as its implementation.

“We are what we do, not what we say,” Dr Al Jaber said. “We must take the steps necessary to turn this agreement into tangible action.”

What comes next?

One overarching message from the global stocktake has long been clear – the world is “not yet collectively on track” to slow global warming to 1.5°C to stave off the worst effects of climate change.

The way forward agreed in Dubai is the foundation on which countries are expected to base their next round of national climate plans, due in 2025.

The UAE, Azerbaijan and Brazil – as hosts of Cop28, Cop29 and Cop30 respectively – will work together on a "road map to mission 1.5°C" to push for ambitious targets in those national plans.

At an international level, talks at Cop29 in Azerbaijan, scheduled for November 2024, are expected to focus on raising the finance needed to turn the vision of Dubai into reality.

A key target for Cop29 will be to agree a new funding goal for the developing world. The earlier pledge by rich countries to arrange $100 billion was agreed in 2009, but the money was slow to arrive, damaging trust in the negotiations.

The new goal must "reflect the scale and urgency of the climate challenge", Mr Stiell said, with the cost of implementing green pledges estimated at about $5.9 trillion for the developing world.

The agreed text in Dubai calls on ministers to use Cop29 to help developing countries adapt to climate effects that it may be too late to prevent.

Also to be tackled in 2024 is desertification and drought, which will be discussed at pre-Cop talks in Bonn, Germany, over the summer before a separate summit in Saudi Arabia.

Then at Cop30 in Brazil, two years from now, countries will hand in their homework on their national go-green plans – revealing whether they have followed the spirit of Dubai.

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Top financial tips for graduates

Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:

1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.

2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.

3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.

4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.

The Voice of Hind Rajab

Starring: Saja Kilani, Clara Khoury, Motaz Malhees

Director: Kaouther Ben Hania

Rating: 4/5

T20 WORLD CUP QUALIFIERS

Qualifier A, Muscat

(All matches to be streamed live on icc.tv) 

Fixtures

Friday, February 18: 10am Oman v Nepal, Canada v Philippines; 2pm Ireland v UAE, Germany v Bahrain 

Saturday, February 19: 10am Oman v Canada, Nepal v Philippines; 2pm UAE v Germany, Ireland v Bahrain 

Monday, February 21: 10am Ireland v Germany, UAE v Bahrain; 2pm Nepal v Canada, Oman v Philippines 

Tuesday, February 22: 2pm Semi-finals 

Thursday, February 24: 2pm Final 

UAE squad:Ahmed Raza(captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A

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.”

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

SQUADS

South Africa:
Faf du Plessis (capt), Hashim Amla, Temba Bavuma, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, JP Duminy, Imran Tahir, David Miller, Wayne Parnell, Dane Paterson, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada
Coach: Ottis Gibson

Bangladesh:
Mashrafe Mortaza (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Mustafizur Rahman, Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shakib Al Hasan, Soumya Sarkar, Tamim Iqbal, Taskin Ahmed.
Coach: Chandika Hathurusingha

Results

4pm: Al Bastakiya Listed US$300,000 (Dirt) 1,900m; Winner: Emblem Storm, Oisin Murphy (jockey), Satish Seemar (trainer).

4.35pm: Mahab Al Shimaal Group 3 $350,000 (D) 1,200m; Winner: Wafy, Tadhg O’Shea, Satish Seemar.

5.10pm: Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m; Winner: Wildman Jack, Fernando Jara, Doug O’Neill.

5.45pm: Burj Nahaar Group 3 $350,000 (D) 1,600m; Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass.

6.20pm: Jebel Hatta Group 1 $400,000 (T) 1,800m; Winner: Barney Roy, William Buick, Charlie Appleby.

6.55pm: Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m; Winner: Matterhorn, Mickael Barzalona, Salem bin Ghadayer.

7.30pm: Dubai City Of Gold Group 2 $350,000 (T) 2,410m; Winner: Loxley, Mickael Barzalona, Charlie Appleby.

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

CHELSEA'S NEXT FIVE GAMES

Mar 10: Norwich(A)

Mar 13: Newcastle(H)

Mar 16: Lille(A)

Mar 19: Middlesbrough(A)

Apr 2: Brentford(H)

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Updated: December 29, 2023, 5:33 AM