Dr Sultan Al Jaber, Cop28 President, said this week that Cop29 must build on the foundations laid down in Dubai in 2023. AFP
Dr Sultan Al Jaber, Cop28 President, said this week that Cop29 must build on the foundations laid down in Dubai in 2023. AFP
Dr Sultan Al Jaber, Cop28 President, said this week that Cop29 must build on the foundations laid down in Dubai in 2023. AFP
Dr Sultan Al Jaber, Cop28 President, said this week that Cop29 must build on the foundations laid down in Dubai in 2023. AFP

News

UAE

New documentary charts historic Cop28 UAE Consensus

Film called Eye of the Storm commemorates unifying moment in global fight against climate change

The National

October 12, 2024

  • English
  • Arabic

A documentary was released on Saturday to celebrate the landmark moment the world came together to deliver the UAE Consensus and conclude crunch climate talks at Dubai's Cop28 on a high.

The 20-minute film – called Eye of the Storm – chronicles how the agreement was reached by all 198 parties at the UN event last year, striking a crucial blow in the fight against climate change.

The deal called for the international community to transition away from fossil fuels to achieve net zero by 2050 and also set time-bound targets to greatly increase global renewable energy capacity.

It is viewed as being vital to efforts to limit global temperature increases to 1.5°C above pre-industrial levels.

It was adopted after about two weeks of hard-fought talks and built on early success that gave the summit initial momentum, such as the launch of the loss and damage fund and the galvanising of more than $80 billion in climate finance.

“Eye of the Storm provides an immersive experience, allowing viewers to relive the moments that led to the most comprehensive set of climate breakthroughs since the Paris Agreement,” the Cop28 team said.

“Agreed by all 198 Parties, the UAE Consensus provides an ambitious, but achievable, road map to keeping the goal of 1.5°C within reach and this film tells the story.

“Viewers are taken behind behind-the-scenes and given real-time insight into how this crucial turning point was reached.”

The film has been shared as world leaders, environmental campaigners and experts prepare for Cop29, being held in Azerbaijan from November 11 to 22.

Dr Sultan Al Jaber, Cop28 President, said this week that Cop29 must build on the foundations laid down in Dubai in 2023.

A finance deal at Cop29 “must provide the means to implement the UAE Consensus. The quantum we agree on should meet the size of the challenge”, Dr Al Jaber, who is also UAE Minister of Industry and Advanced Technology, said during pre-Cop talks in Baku on Thursday.

He said delegates in Baku did not need to “reinvent the wheel” but “follow through on what we all signed up to” at Cop28.

“As we gather against a backdrop of continuing geopolitical conflict, let us again find common cause across every pillar of the climate agenda. What we delivered in Dubai, we must build on here in Baku. Let us once again unite, act and deliver,” he added.

To watch the Eye of the Storm Film in full, visit www.Cop28.com.

On Women's Day

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.”

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

UAE currency: the story behind the money in your pockets
You might also like
Profile of RentSher

Started: October 2015 in India, November 2016 in UAE

Founders: Harsh Dhand; Vaibhav and Purvashi Doshi

Based: Bangalore, India and Dubai, UAE

Sector: Online rental marketplace

Size: 40 employees

Investment: $2 million

Tomorrow 2021
Whiile you're here
On Women's Day
New process leads to panic among jobseekers

As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.  

“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.

Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE. 

“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.

“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”

Dengue%20fever%20symptoms
%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A
%3Cp%3EMATA%0D%3Cbr%3EArtist%3A%20M.I.A%0D%3Cbr%3ELabel%3A%20Island%0D%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Updated: October 12, 2024, 10:15 AM
UAECop28DubaiClimate change