“If you don’t reduce enough between 2020 and 2030, the scientists tell us we can’t get where we need to go … this is really what Glasgow is about – the last best hope to do what scientists tell us we must which is avoid the worst consequences of climate by making decisions now and implementing them now.”
This was the stark warning that John Kerry, appointed by US President Joe Biden as his special envoy for climate, gave me this year to describe the significance of the international gathering that is beginning in Glasgow on Monday.
Cop26 – the 26th Conference of the Parties – is a UN meeting that will bring together representatives of more than 190 countries with only one aim: tackling climate change.
Glasgow is my home city. It's a city forged by the coal, iron and steam of the Industrial Revolution that, like others around the world, is now making the transition to a lower carbon future. And, as Glaswegians, we are excited to be welcoming the world this week.
I know Glasgow: and my political work means I know climate talks. I’m familiar with how these UN climate conferences work … or don’t. I was in the room as part of the UK ministerial delegation at a previous Cop in Copenhagen. That conference, despite being branded “Hopeinhagen”, infamously ended in acrimony.
Since then there has been the landmark 2015 Paris climate convention, which set a 1.5°C global temperature increase target.
Glasgow will be the first real test of whether the approach agreed at Paris is working and is sustainable. The Glasgow conference is about putting more flesh on the bones. It aims to entrench the limit of an atmospheric temperature rise to 1.5°C by more countries making more ambitious pledges to cut carbon emissions more quickly. There will be a lot of hard negotiating in the days ahead and money will be key to unlocking any agreement.
Disappointment is possible, just look at Copenhagen over a decade ago. Difficult geopolitics meant that the countries represented were unable to resolve their differences, and so, at the end of the conference, the world came apart rather than together. Instead of achieving a historic agreement, Copenhagen ended in fiasco.
To the dismay of the British hosts, China’s President Xi Jinping, Japan’s new Prime Minister Fumio Kishida, and Russia’s President Vladimir Putin, have all decided to stay away. Those are worrying absences for this critical climate conference.
To gain a sense as to why this conference nonetheless matters so much, I asked Mr Kerry to try to explain. His answer was unequivocal: “Mother Nature herself has been sending an awful lot of messages to people around the world. Hotter, hotter, hotter everywhere, fires, floods, incredible intensity to the storms, more moisture in the rainfall. There are a lot of indicators, all of which confirm what scientists have told us is going to be happening.”
Those scientists have now made clear how big a difference a small rise in global temperature can make.
Christiana Figueres, the Costa Rican climate negotiator credited with designing the landmark agreement reached at the Paris Cop in 2015, explained: “There is a catastrophic difference between a world that heats an extra 2°C [above pre-industrial levels] versus a world that heats an extra 1.5°C, with two completely different qualities of life for humans, for all species on this planet.”
Alok Sharma, the UK minister who will lead the negotiations has, as president of Cop26, confirmed to me that the central task in Glasgow will be to agree policies to reduce carbon emissions by enough to limit the world’s temperature rise “to 1.5°C” above pre-industrial levels.
The conference will seek to make progress on phasing out coal and protecting forests, but insiders see that attempt to limit a global temperature rise to 1.5°C as the test of Cop26's success or failure. The real and present danger in the coming days is that Glasgow marks the global gathering when a 1.5°C temperature rise slips out of the world’s reach.
So, if the stakes are so high, can one conference really make the huge and necessary difference?
Before or during the conference, each country represented makes a pledge on how much and by when they will reduce the amount of carbon that they pump into the atmosphere.
Each country signs up to a long-term goal and sets out its immediate actions. For example, how quickly it will embrace renewable power or phase out petrol engines in cars.
This approach – in which each country makes a specific public pledge – was devised six years ago at the Paris Cop. Now, with the Glasgow conference delayed by a year by Covid-19, the problem is that, even if every state delivered on its commitment from 2015, science is unanimous it won’t be enough to avoid dangerous climate change.
Is Cop26 a diplomatic disaster in the making or are there grounds for optimism? The UN has reported recently that the nationally determined contributions (NDCs) submitted before Glasgow simply aren’t ambitious enough.
At Copenhagen in 2009, rich countries pledged to provide $100 billion a year to poor countries to help them to adapt to climate change. A dozen years on, as climate change hits many impoverished countries first and worst, that promise has still to be kept.
Despite this, little wonder that leaders from the Global South have arrived in Glasgow determined that rich nations must pay more.
UN Secretary General Antonio Guterres last week warned: “The time has passed for diplomatic niceties. If all governments – especially G20 governments – do not stand up and lead efforts against the climate crisis, we are headed for terrible human suffering.”
While many argue publicly that Cop26 is the last chance to keep “1.5°C alive”, some governments are already planning privately to say at the end of the Glasgow conference that Cop27 in 2022 – likely to be in Sharm El Sheikh, Egypt – will soon become the next “last chance” to align national commitments with what the scientists say is required.
A “might-have-been” moment is not good enough and the 196 countries must to come together to do what the science demands remains unclear.
As Mr Kerry told me: “There’s not a lack of capacity technologically to be able to make things happen. There is a lack of willpower, a lack of political leaderships’ vision. What happens in the conference is everything.
“So, in the meeting rooms, in the halls, will be efforts by various stakeholders to argue out what is fair, what they are capable of doing, what they could do if there was more money on the table – that’s where it will finally come together.
“What we hope to achieve in Glasgow is a raising of ambition. This is the greatest test of global citizenship of universal values and principles I can think of.”
Will the world pass that test? In the coming days, we will find out. In the coming decades, we will all feel whether it did.
Former UK Development Secretary Douglas Alexander is a senior fellow at Harvard University’s Kennedy School of Government and a Visiting Professor at NYU Abu Dhabi.
Match info
Manchester United 1
Fred (18')
Wolves 1
Moutinho (53')
Squads
Australia: Finch (c), Agar, Behrendorff, Carey, Coulter-Nile, Lynn, McDermott, Maxwell, Short, Stanlake, Stoinis, Tye, Zampa
India: Kohli (c), Khaleel, Bumrah, Chahal, Dhawan, Shreyas, Karthik, Kuldeep, Bhuvneshwar, Pandey, Krunal, Pant, Rahul, Sundar, Umesh
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
The past Palme d'Or winners
2018 Shoplifters, Hirokazu Kore-eda
2017 The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
How they line up for Sunday's Australian Grand Prix
1 Lewis Hamilton, Mercedes
2 Kimi Raikkonen, Ferrari
3 Sebastian Vettel, Ferrari
4 Max Verstappen, Red Bull
5 Kevin Magnussen, Haas
6 Romain Grosjean, Haas
7 Nico Hulkenberg, Renault
*8 Daniel Ricciardo, Red Bull
9 Carlos Sainz, Renault
10 Valtteri Bottas, Mercedes
11 Fernando Alonso, McLaren
12 Stoffel Vandoorne, McLaren
13 Sergio Perez, Force India
14 Lance Stroll, Williams
15 Esteban Ocon, Force India
16 Brendon Hartley, Toro Rosso
17 Marcus Ericsson, Sauber
18 Charles Leclerc, Sauber
19 Sergey Sirotkin, Williams
20 Pierre Gasly, Toro Rosso
* Daniel Ricciardo qualified fifth but had a three-place grid penalty for speeding in red flag conditions during practice
UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
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.”
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
more from Janine di Giovanni
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
Results
2.30pm: Dubai Creek Tower – Handicap (PA) Dh40,000 (Dirt) 1,200m; Winner: Marmara Xm, Gary Sanchez (jockey), Abdelkhir Adam (trainer)
3pm: Al Yasmeen – Maiden (PA) Dh40,000 (D) 1,700m; Winner: AS Hajez, Jesus Rosales, Khalifa Al Neyadi
3.30pm: Al Ferdous – Maiden (PA) Dh40,000 (D) 1,700m; Winner: Soukainah, Sebastien Martino, Jean-Claude Pecout
4pm: The Crown Prince Of Sharjah – Prestige (PA) Dh200,000 (D) 1,200m; Winner: AF Thayer, Ray Dawson, Ernst Oertel
4.30pm: Sheikh Ahmed bin Rashid Al Maktoum Cup – Handicap (TB) Dh200,000 (D) 2,000m; Winner: George Villiers, Antonio Fresu, Bhupat Seemar
5pm: Palma Spring – Handicap (PA) Dh40,000 (D) 2,000m; Winner: Es Abu Mousa, Antonio Fresu, Abubakar Daud
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures: Monday, first 50-over match; Wednesday, second 50-over match; Thursday, third 50-over match
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions