Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, galvanised support for global food system transformation and built momentum for COP28, the UN Climate Change Conference hosted by the UAE, during her interactions with African ministers and leaders at the Africa Food Systems Forum (AGRF). Photo: WAM
Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, galvanised support for global food system transformation and built momentum for COP28, the UN Climate Change Conference hosted by the UAE, during her interactions with African ministers and leaders at the Africa Food Systems Forum (AGRF). Photo: WAM
Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, galvanised support for global food system transformation and built momentum for COP28, the UN Climate Change Conference h
Dr Nawal Al-Hosany is permanent representative of the UAE to the International Renewable Energy Agency
October 13, 2023
Next year, the first International Day of Clean Energy will take place on January 26. It will underscore the critical role of clean energy in limiting global warming to 1.5°C, achieving a net-zero economy by 2050 and accelerating the global energy transition.
Building on our track record as a first mover in climate action and clean energy, the UAE joined forces with Panama to sponsor the resolution for the International Day of Clean Energy at the UN General Assembly, and brought this day into existence. This international partnership is indicative of the increasing global influence and clout that we, the UAE, hold in driving international imperatives.
In November, we will rise to the challenge of setting the agenda again, when we host one of the most important climate negotiations since the Paris Climate Agreement was adopted in 2015.
Set against the context of the global stocktake, Cop28 will convene heads of state and high-level delegates to build a global consensus on keeping 1.5°C within reach.
Reaching such a consensus has proved challenging at past climate conferences. Governments from different regions, of developed and developing countries, have all come to the table with different priorities and concerns.
But on the back of the hottest summer on record, it’s clear that the time for reaching a global consensus on climate is long overdue. Cop28 represents an unmissable opportunity for climate diplomacy. We must act now to turn the tide and adjust our global trajectory.
The challenge is great. But we believe that this moment in time is a milestone opportunity to drive transformative change.
As a young country, established in 1971 on a foundation of history and tradition, we have had to navigate a well-established international system to thrive
The key to the success of Cop28 will be galvanising governments to agree on concrete resolutions, agreements and actions. Fortunately, the UAE is the ideal platform from which to bring the full spectrum of ideas and concerns to the table. Having accumulated significant soft power in recent years, the UAE will leverage its position as a global mediator to create a conference capable of delivering tangible, practical, pragmatic outcomes.
The Cop28 presidency’s ambitions for the negotiations are underscored by a resolute commitment to the Paris Agreement goal of keeping 1.5°C within reach. Further, the four paradigm shifts outlined in the presidency’s vision – which include fast-tracking the energy transition, fixing climate finance, focusing on people, communities and livelihoods, and full inclusivity – will identify how the international community can collectively accelerate the urgent course correction we need.
This is where the UAE’s soft power credentials will be crucial. As a bridge between Global South and Global North, East and West, the Cop28 presidency is in the ideal position to find common ground and discover overlapping interests to build a binding consensus that is based on unity and togetherness in what is often seen as a deglobalising world.
As a young country, established in 1971 on a foundation of history and tradition, we have had to navigate a well-established international system to thrive. Our strategic geo-location has also enabled us to build partnerships around the world, as we sit at the intersection of three continents. We understand a diversity of needs. Almost all of the world’s nationalities are represented here in the UAE, with more than 200 nationalities living and working here.
Our journey to statehood, our rise to geo-economic prominence, our intuitive understanding of different cultures and our solutions-oriented approach to the climate challenge, has created a panoramic perspective of the world around us and a unique understanding of what various actors need to drive both economic and climate progress, at the same time.
We understand, intuitively, that there is more that unites us than divides us. We understand that it is necessary set aside our differences to reach mutual agreement, while remaining sensitive to the differences and needs of different peoples and nations.
The UAE also has the power of example. Despite our emergence as a hydrocarbon-based economy, we are absolutely determined to achieve net-zero emissions by 2050. Two decades of climate action, and a proactive diversification of our energy sources, make this point crystal clear.
The UAE has issued an operating licence for the fourth and final unit of its Barakah Nuclear Energy Plant. FANR
Unit three of Abu Dhabi's Barakah Nuclear Energy Plant started commercial operations in February. Photo: Emirates Nuclear Energy Corporation
A view of the Barakah nuclear site under construction in 2012.
Unit 1 being built in 2013 in the Western region of Abu Dhabi.
The Emirates Nuclear Energy Corporation selected a Korean consortium in 2013 to build four APR-1400 reactors. Photo: Enec
Kristine Svinicki, head of the US Nuclear Regulatory Commission, toured the Barakah site in November 2013. Photo: Enec
By August 2014, more than 55 per cent of construction at Unit 1 had been completed. Photo: Enec
The first nuclear reactor at Barakah in 2016. Christopher Pike / The National
The UAE's nuclear energy programme is based in Barakah in the Western Region of Abu Dhabi. Photo: Enec
Trainees learn to deal with potentially catastrophic scenarios at this simulator in Barakah. Christopher Pike / The National
Khalid Naqbi was part of the first batch of resident inspectors sent to the construction site by the Federal Authority for Nuclear Regulation. Ravindranath K / The National
We have been engaged in the energy transition since our foundation as a nation. The oil and gas industry now contributes less than 28 per cent of our total gross domestic product. And the UAE has increased its renewable energy capacity more than any other country in the world over the past ten years, according to the Green Fuel Index. Today, we produce the cheapest commercial-scale solar power on the planet.
In 2009, we commissioned the Middle East’s first peaceful nuclear programme, and today the Barakah Nuclear Plant in Abu Dhabi is saving 5 million tonnes of carbon dioxide every year, while Adnoc, Masdar and Emirates Steel have deployed the world’s first industrial-scale carbon-capture and utilisation facility.
While we have made tremendous progress, we know that we cannot solve climate change on our own. We need to unlock the power of partnerships. This is why we continue to spread clean energy adoption and climate finance around the world.
This commitment to working with international partners to drive climate progress includes the $4.5 billion pledged by the UAE to help finance climate projects in Africa, announced in Nairobi at the Africa Climate Summit. It also includes the UAE-US Partnership for Accelerating Clean Energy, which will invest $100 billion to deploy 100 gigawatts of clean energy by 2035. And it includes the $1.25 billion Energy Transition Acceleration Financing platform, which the UAE launched with the International Renewable Energy Agency at Cop26 in Glasgow.
We understand the opportunities of energy transition and economic diversification – perhaps better than anyone else. We understand that every country has their challenges and circumstances. But we also know we must strike consensus to host a historic Cop that will deliver global transformational climate action for the benefit of all humanity.
The Cop28 presidency will use our ingrained knowledge, our learned diplomacy and our world-leading examples of successful climate action and energy diversification, to work collaboratively alongside all parties at Cop28 to secure agreements that work for everyone, and most importantly, work for the planet.
Badr Organisation: Seen as the most militarily capable faction in the Hashd. Iraqi Shiite exiles opposed to Saddam Hussein set up the group in Tehran in the early 1980s as the Badr Corps under the supervision of the Iran Revolutionary Guards Corps (IRGC). The militia exalts Iran’s Supreme Leader Ali Khamenei but intermittently cooperated with the US military.
Saraya Al Salam (Peace Brigade): Comprised of former members of the officially defunct Mahdi Army, a militia that was commanded by Iraqi cleric Moqtada Al Sadr and fought US and Iraqi government and other forces between 2004 and 2008. As part of a political overhaul aimed as casting Mr Al Sadr as a more nationalist and less sectarian figure, the cleric formed Saraya Al Salam in 2014. The group’s relations with Iran has been volatile.
Kataeb Hezbollah: The group, which is fighting on behalf of the Bashar Al Assad government in Syria, traces its origins to attacks on US forces in Iraq in 2004 and adopts a tough stance against Washington, calling the United States “the enemy of humanity”.
Asaeb Ahl Al Haq: An offshoot of the Mahdi Army active in Syria. Asaeb Ahl Al Haq’s leader Qais al Khazali was a student of Mr Al Moqtada’s late father Mohammed Sadeq Al Sadr, a prominent Shiite cleric who was killed during Saddam Hussein’s rule.
Harakat Hezbollah Al Nujaba: Formed in 2013 to fight alongside Mr Al Assad’s loyalists in Syria before joining the Hashd. The group is seen as among the most ideological and sectarian-driven Hashd militias in Syria and is the major recruiter of foreign fighters to Syria.
Saraya Al Khorasani: The ICRG formed Saraya Al Khorasani in the mid-1990s and the group is seen as the most ideologically attached to Iran among Tehran’s satellites in Iraq.
(Source: The Wilson Centre, the International Centre for the Study of Radicalisation)
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
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.”
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
An arms embargo
A ban on uranium enrichment and reprocessing
A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
A targeted global asset freeze and travel ban on Iranian individuals and entities
Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
