Beirut, the capital of Lebanon. The country's delegation to Cop26 is taking a green message to the conference. Getty
Beirut, the capital of Lebanon. The country's delegation to Cop26 is taking a green message to the conference. Getty
Beirut, the capital of Lebanon. The country's delegation to Cop26 is taking a green message to the conference. Getty
Beirut, the capital of Lebanon. The country's delegation to Cop26 is taking a green message to the conference. Getty

Lebanon's recovery must be green, says environment minister ahead of Cop26


Gareth Browne
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Action on climate change must be at the heart of Lebanon’s recovery from financial crisis, the country’s environment minister said on Tuesday.

“Climate change will continue to accelerate some of the shocks we are seeing in the country,” Nasser Yassin told an online UN panel.

He said that environmental protection had to be the essence of Lebanon’s recovery plan.

The comments were made during a seminar on Lebanon's climate commitment and sustainable recovery. Mr Yassin is scheduled to travel to Glasgow, Scotland, for Cop26, the UN’s annual climate summit, this week.

“Climate change action is not a luxury. We are not going there [to Cop 26] to take pictures with world leaders – this is going to be at the heart of the coming recovery plan of the government,” he said.

Mr Yassin became Lebanon's environment minister in the government of Prime Minister Najib Mikati last month. He was a professor of policy and planning at the American University of Beirut.

With Lebanon facing a cascade of social and political crises, as well as an economic crisis the World Bank has described as one of the worst in history, Mr Yassin reaffirmed the government’s targets under the Nationally Determined Contribution – a series of commitments which includes reducing greenhouse gas emissions and other environmental measures.

“We were ambitious in the midst of crisis we are going through,” he said.

Under the targets, which were updated last year, Lebanon aims to reduce its greenhouse gas emissions by 20 per cent by 2030, as well as providing 18 per cent of power demands from renewable energy sources.

Panellist Saroj Kumar Jha, World Bank regional director for the Middle East, said that the gulf between Lebanon’s government and its people would be a hurdle to achieving any climate goals.

“In no country is this agenda more relevant,” he said. “It requires behavioural change in the country. People need to be engaged in this conversation.”

He also said that climate action needed to be incorporated into Lebanon’s educational curriculum: “People need to study the climate in their early education.”

Early on Tuesday, Mr Mikati met Mr Yassin and Foreign Minister Abdallah Bou Habib. They comprise Lebanon’s delegation to the Glasgow summit.

A statement released after the meeting affirmed Lebanon’s “belief in combating the climate crisis by adopting the path to sustainable development, especially within the framework of the financial and economic advancement plan”.

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  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

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How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
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  • Drones must weigh 5 kg or less

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Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

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Top Hundred overseas picks

London Spirit: Kieron Pollard, Riley Meredith 

Welsh Fire: Adam Zampa, David Miller, Naseem Shah 

Manchester Originals: Andre Russell, Wanindu Hasaranga, Sean Abbott

Northern Superchargers: Dwayne Bravo, Wahab Riaz

Oval Invincibles: Sunil Narine, Rilee Rossouw

Trent Rockets: Colin Munro

Birmingham Phoenix: Matthew Wade, Kane Richardson

Southern Brave: Quinton de Kock

Safety 'top priority' for rival hyperloop company

The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.

He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.

“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.

“Only once the system has been certified and approved will it move people,” he said.

HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon. 

With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.

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Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

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Always use only regulated platforms

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Courtesy: Crystal Intelligence

UAE currency: the story behind the money in your pockets
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Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Updated: October 27, 2021, 6:14 AM