The UAE wants to see no let-up in global climate ambitions at Cop29, a senior official has said, as leaders, government officials and environmental activists from around the world prepare to meet for the UN talks in Azerbaijan from November 11 to 22.
Abdulla Balalaa, Assistant Minister of Foreign Affairs for Energy and Sustainability, told The National in an exclusive interview that the world sealed an ambitious agreement at the crucial Cop28 talks in Dubai last year and now the focus needed to turn to implementation, with scaling up climate finance at the heart of this approach.
“Cop29 will be a finance Cop,” Mr Balalaa said on Wednesday. “If we are serious about climate action – and if there is no finance to support that action agenda – then we will not solve the problem and eventually not keep the 1.5ºC goal within reach.
“We want to see no decrease in the ambition that Cop28 had.”
Countries need to agree in Baku on a new target – called the New Collective Quantified Goal – to replace the $100 billion a year for developing countries to help them shift from fossil fuels and embrace sustainable energy systems.
Trillions of dollars are believed to be needed but countries remain some way apart on a deal.
Mr Balalaa, a member of the UAE's Cop29 delegation, said there were a lot of “discussions” at the pre-Cop gathering in Baku earlier this month, and elsewhere, but finance could not be negotiated in separation from other areas. He said he believed “our colleagues in Azerbaijan will come up with something”.
“We're at the last mile of that discussion and we're getting closer to Baku, so it depends on how the negotiations will go,” he said.
When asked if countries remain far apart on how much money is needed, he said there will “always be a discussion between the Global South and Global North” and predicted that this discussion will continue during Cop29.
“The hope is to come up with a scalable finance goal … that can meet the ambition [of] what the world agreed in Dubai,” he said.
Loss and damage funds
One of the main achievements at Cop28 was the deal to bring the contentious loss and damage fund into operation, which he describes as “one of those moments that I will never forget”.
The climate disaster fund aims to help vulnerable countries deal with the effects of climate change and was agreed on the first day of the summit. Such a fund was long-sought by countries on the front lines of climate change who often have done the least to cause the problems.
“I'm old enough to remember that it used to be once in a blue moon that we heard about a catastrophe or a natural disaster,” he said. “Today, we see this every two weeks.”
Mr Balalaa noted that the increasing prevalence of extreme weather events was at the heart of the UAE’s drive towards an “open to business” fund being finalised by Cop29, to get the money out to those who need it most.
“Because we realise how big the need is for such a fund,” he said. “Hopefully we're at the final stage to get it open for business within Cop29.”
More than $850m has been pledged so far and he said the UAE was now working on turning pledges into contributions.
Some have argued that funds can be hard and time-consuming to access but Mr Balalaa said there would always be terms, references and eligibility criteria but it was “the intention” this fund would be more accessible.
Water at heart of climate action
Water is also expected to be a central part of Cop29. Climate change and water are linked to patterns such as rising seas and droughts and these are particularly important for the UAE.
“We Emiratis understand the importance of water,” he said. “When we talk about water today, you cannot talk about it in isolation from food security, from energy and of course, from climate change.”
Noting that the UAE is committed to tackling this issue globally, he pointed to how President Sheikh Mohamed in February launched the Mohamed bin Zayed Water Initiative and at Cop28 the UAE pledged $150m to fund water security initiatives in vulnerable countries. The UAE and Senegal are also co-hosts of the next UN Water Conference, which will be held in the UAE in 2026
Globally, the UN’s new special envoy on water, Retno Marsudi, starts on November 1 and Mr Balalaa said he had picked up signals the world was taking this issue seriously.
Geopolitical landscape heading into Cop29
Cop29 takes place amid a challenging geo-political landscape including wars in Gaza and Ukraine. Mr Balalaa said the impact of climate change is happening regardless of these conflicts.
“I really hope people see that climate is affecting everyone,” he said. “It's the one planet we all live on. We really hope countries and member states look at it in a way that can benefit us all.”
The Cop28 deal - known as the UAE Consensus - also included pledges to transition away from fossil fuels and triple renewable energy along with the galvanising of more than $80 billion in climate finance. He said the UAE was “walking the talk” and is investing in renewable energy across the world.
“It can be profitable, it's deployable, it's scalable,” he said, regarding global renewable energy. “I think the issue remains finance.”
Cop28's imprint on the UAE
Azerbaijan takes over the Cop presidency from the UAE in just days. But the Cop Presidencies Troika – where the UAE has teamed up with the next two hosts of the climate conference, Azerbaijan and Brazil, to keep the momentum going – means the UAE will continue to have a major role in global climate action.
A new UAE climate plan – known as a nationally determined contribution – is also expected before Cop29. Regardless, the impact of the Cop28 presidency on the UAE has been clear.
“The legacy of Cop28 has actually been worked out by multiple organisations within the UAE," Mr Balalaa said. “Climate change is in every single agenda meeting we have, whether it be the Ministry of Foreign Affairs; Ministry of Environment; or Ministry of Energy and Infrastructure.
“If there is something we don't compromise with, it is our credibility,” he said. “When we say we will do something, we do it, especially if it's for a noble cause such as climate change.”
Dhadak 2
Director: Shazia Iqbal
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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TOUCH RULES
Touch is derived from rugby league. Teams consist of up to 14 players with a maximum of six on the field at any time.
Teams can make as many substitutions as they want during the 40 minute matches.
Similar to rugby league, the attacking team has six attempts - or touches - before possession changes over.
A touch is any contact between the player with the ball and a defender, and must be with minimum force.
After a touch the player performs a “roll-ball” - similar to the play-the-ball in league - stepping over or rolling the ball between the feet.
At the roll-ball, the defenders have to retreat a minimum of five metres.
A touchdown is scored when an attacking player places the ball on or over the score-line.
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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.
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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.”
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
World Sevens Series standing after Dubai
1. South Africa
2. New Zealand
3. England
4. Fiji
5. Australia
6. Samoa
7. Kenya
8. Scotland
9. France
10. Spain
11. Argentina
12. Canada
13. Wales
14. Uganda
15. United States
16. Russia
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