Egypt's El Sisi opens Cop27 climate summit with plea for flexibility


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The high-level segment of the two-week UN climate summit opened in Egypt on Monday, with Egyptian President Abdel Fattah El Sisi urging participants to be flexible in negotiations to agree that can save the planet from rising temperatures.

“The time has arrived, the time to work. There's no room for retreat or excuses. Missing the opportunity means the loss of our legacy and the future of our children and grandchildren,” said the Egyptian leader.

“This is a defining moment in the life of our planet.”

Mr El Sisi's warning came as recent scientific findings showed that current trends would mean carbon pollution increasing by 10 per cent by the end of the decade, and the Earth's surface heating up by 2.8 degrees.

The Egyptian president was the first to take to the podium as world leaders gathered to share their vision on how to save the planet. He was followed by UN Secretary General Antonio Guterres and President Sheikh Mohamed.

Nearly 50 heads of state and prime ministers are scheduled to address the summit, also known as Cop27, at the Egyptian Red Sea resort of Sharm El Sheikh on Monday.

"What the world needs today to pull through the current climate crisis," said Mr El Sisi.

"What our people are expecting now is effective, fast and just implementation, they expect from us real and tangible measures to reduce emissions and build a capability to adjust to the consequences of climate change.”

In his address, Mr El Sisi also made a passionate plea to world leaders to work towards ending the Russia-Ukraine war. He said the conflict has caused economic hardship to his country as well as many others.

“I call on behalf of myself and you, if you will allow me, for that war to stop; for this ruin and killing to stop.”

Mr Guterres delivered a stern warning on climate change, in keeping with his stepped-up rhetoric on the issue.

“Our planet is fast approaching tipping points that will make climate chaos irreversible,” he said. We are on a highway to climate hell with our foot on the accelerator. It is unacceptable, outrageous and self-defeating to put it on the back burner.

"The science is clear: any hope of limiting temperature rise to 1.5 degrees means achieving global net zero emissions by 2050. But that 1.5 degree goal is on life support and the machines are rattling. We are getting dangerously close to the point of no return," he said.

Sheikh Mohamed, whose country hosts Cop28 next year, said climate change had an impact on the stability and security of the world and called for efforts to be united to confront the challenge.

He said the UAE would continue to produce and export oil and gas to meet world demand. The carbon intensity of the country's oil was among the world's lowest, he said, and pledged to continue to work to reduce gas emissions in the UAE's large energy sector.

US President Joe Biden will address the two-week summit later this week.

Pakistan's Prime Minister Shahbaz Sharif, whose country was devastated by floods this summer, will speak on Tuesday.

British Prime Minister Rishi Sunak has arrived in Sharm El Sheikh and was expected to address the meeting on Tuesday.

Downing Street said Mr Sunak will announce in Sharm El Sheikh that his government will give £65.5 million to a clean energy innovation facility that provides grants to researchers and scientists in developing nations who work on clean technologies.

Another £90m will go to the conservation of the Congo Basin rainforest and £65m to support communities.

Mr Sunak met Sheikh Mohamed on the sidelines of the summit on Monday.

UN climate change executive secretary Simon Stiell during a press conference at the summit in Egypt. AFP
UN climate change executive secretary Simon Stiell during a press conference at the summit in Egypt. AFP

Simon Stiell, the UN climate change executive secretary, said 110 leaders had confirmed their participation in the two-week summit. They join nearly 27,000 government representatives, about 14,000 observers and more than 3,000 media representatives, he added.

“We always want more leaders,” said Mr Stiell, alluding to earlier forecasts that as many as 200 leaders would attend. “But I believe there is sufficient (leadership) right now for us to have a very productive outcome.”

He said the summit’s Egyptian presidency had created a “very rich and innovative series of sessions” for the leaders to take part in, including round table discussions.

However, the leaders of some of the world’s main carbon emitters — China and India — decided to stay away.

Mr Stiell sought to play down the significance of their absence.

“We have a sufficient number,” he said.

This year's climate summit is being held under the cloud of a geopolitical crisis — chiefly the Russia-Ukraine war and growing rivalry between the US and China — and deepening economic woes in most parts of the world because of higher energy and food costs.

Underscoring the danger of politicising the summit, Egyptian Foreign Minister and Cop27 president Sameh Shoukry spoke on Sunday against allowing the world's crises to interfere with the summit's proceedings.

However, Cop27 got off to a flying start on Sunday, when Mr Shoukry said the thorny question of “loss and damage” funding has been formally added to the agenda, something that had proved elusive for 30 years.

Cop27 president Sameh Shoukry during a press conference after the opening ceremony in Sharm El Sheikh. AFP
Cop27 president Sameh Shoukry during a press conference after the opening ceremony in Sharm El Sheikh. AFP

The question was initially brought up by small island states to help them deal with the devastating effects of climate change, but it was shut down by wealthier nations.

Climate funding so far has focused on cutting carbon dioxide emissions in an effort to curb climate change, while about a third of it has gone towards projects to help communities adapt to the effects.

“It’s a culmination of consultations during the past year and intense consultations over the past 48 hours,” Mr Shoukry told reporters at a news conference on Sunday. “It is a very fundamental issue that must be dealt with.”

There is no agreement yet over what should count as “loss and damage” in climate disasters. Mr Shoukry refused to be drawn into what mechanisms would be put in place to implement loss and damage and how much money would be needed.

A June report by 55 vulnerable countries estimated their combined climate-linked losses over the past two decades at about $525 billion, or about 20 per cent of their collective GDP.

A delegate from Lesotho on the first day of the UN climate summit in Egypt. Getty Images.
A delegate from Lesotho on the first day of the UN climate summit in Egypt. Getty Images.

The introduction of loss and damage to the agenda will be of particular interest to Africa, which Egypt has selected to champion its climate change-related demands from the industrialised world.

Africa is responsible for only 3 to 4 per cent of global emissions, despite having only 17 per cent of the world’s population.

“We aim to restore the 'grand bargain' … whereby developing countries agreed to increase their efforts to tackle a crisis for which they are far less responsible, in return for appropriate financial support and other means of implementation,” Mr Shoukry wrote in a letter to parties and observers at the summit.

Egypt is not without its significant financial needs to mitigate and combat climate change.

In an updated submission to the UN this year, Egypt said it faced a $246bn funding shortfall to meet its 2030 climate targets.

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    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you
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2012-2015

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Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

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The High Court of England and Wales approves the company’s restructuring plan

July 2025

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August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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5. Zakat 

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The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.

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Profile of Bitex UAE

Date of launch: November 2018

Founder: Monark Modi

Based: Business Bay, Dubai

Sector: Financial services

Size: Eight employees

Investors: Self-funded to date with $1m of personal savings

LAST-16 FIXTURES

Sunday, January 20
3pm: Jordan v Vietnam at Al Maktoum Stadium, Dubai
6pm: Thailand v China at Hazza bin Zayed Stadium, Al Ain
9pm: Iran v Oman at Mohamed bin Zayed Stadium, Abu Dhabi

Monday, January 21
3pm: Japan v Saudi Arabia at Sharjah Stadium
6pm: Australia v Uzbekistan at Khalifa bin Zayed Stadium, Al Ain
9pm: UAE v Kyrgyzstan at Zayed Sports City Stadium, Abu Dhabi

Tuesday, January 22
5pm: South Korea v Bahrain at Rashid Stadium, Dubai
8pm: Qatar v Iraq at Al Nahyan Stadium, Abu Dhabi

Russia's Muslim Heartlands

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Copa del Rey

Barcelona v Real Madrid
Semi-final, first leg
Wednesday (midnight UAE)

Slow loris biog

From: Lonely Loris is a Sunda slow loris, one of nine species of the animal native to Indonesia, Malaysia, Thailand and Singapore

Status: Critically endangered, and listed as vulnerable on the International Union for Conservation of Nature red list due to growing demand in the global exotic pet trade. It is one of the most popular primate species found at Indonesian pet markets

Likes: Sleeping, which they do for up to 18 hours a day. When they are awake, they like to eat fruit, insects, small birds and reptiles and some types of vegetation

Dislikes: Sunlight. Being a nocturnal animal, the slow loris wakes around sunset and is active throughout the night

Superpowers: His dangerous elbows. The slow loris’s doe eyes may make it look cute, but it is also deadly. The only known venomous primate, it hisses and clasps its paws and can produce a venom from its elbow that can cause anaphylactic shock and even death in humans

SPECS
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Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

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Results
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Brief scoreline:

Crystal Palace 2

Milivojevic 76' (pen), Van Aanholt 88'

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The specs

Engine: four-litre V6 and 3.5-litre V6 twin-turbo

Transmission: six-speed and 10-speed

Power: 271 and 409 horsepower

Torque: 385 and 650Nm

Price: from Dh229,900 to Dh355,000

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Match info

What: Fifa Club World Cup play-off
Who: Al Ain v Team Wellington
Where: Hazza bin Zayed Stadium, Al Ain
When: Wednesday, kick off 7.30pm

War 2

Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

The specs

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Transmission: 9-speed auto

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In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

If you go

The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.

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Expo details

Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia

The world fair will run for six months from October 20, 2020 to April 10, 2021.

It is expected to attract 25 million visits

Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.

More than 30,000 volunteers are required for Expo 2020

The site covers a total of 4.38 sqkm, including a 2 sqkm gated area

It is located adjacent to Al Maktoum International Airport in Dubai South

Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

Updated: November 07, 2022, 4:52 PM