A wildfire in Greece last July. If rising temperatures and extreme weather conditions suggest that our house is on fire, then the foundations we have built it on are close to collapse. AFP
A wildfire in Greece last July. If rising temperatures and extreme weather conditions suggest that our house is on fire, then the foundations we have built it on are close to collapse. AFP
A wildfire in Greece last July. If rising temperatures and extreme weather conditions suggest that our house is on fire, then the foundations we have built it on are close to collapse. AFP
Dr Nawal Al-Hosany is permanent representative of the UAE to the International Renewable Energy Agency
March 06, 2024
In the immediate aftermath of Cop28, I wrote in these pages that 2023 had been a dark year for diplomacy.
At the time, the rumbling of several geopolitical and humanitarian crises hung over the climate talks in Dubai. Two months into 2024, the skies of diplomacy look murkier than they did at the turn of the year, despite the UAE Consensus offering some light on the horizon.
As distressing headlines from the Middle East continue to dominate the news cycle, with deepening conflicts, the world’s multilateral institutions – the very entities designed to uphold international law – are creaking under pressure, exposing systemic inequities and inefficacies.
This decade was supposed to mark a turning point for inclusive and sustainable economic development for all. Instead, it is becoming a decade of humanitarian shortcomings. In our increasingly interconnected world, peace, stability and prosperity are inextricably linked to our ability to address the other existential threats we face – including climate change and energy security.
Our climate fight is a direct casualty of conflict. Indeed, conflicts complicate an already fractured global diplomatic landscape. They disrupt crucial but volatile markets, such as oil and gas. They tempt the world to secure their energy supplies from sources we must transition away from. They overshadow diplomacy efforts that require everyone’s buy-in – such as the ongoing climate talks. And they redirect vital expenditure away from climate solutions.
Displaced Palestinians hold a white flag as they pass an Israeli tank position while fleeing the Hamad Town district of Khan Younis. Bloomberg
A Palestinian woman cuts material to be used for sewing nappies at a workshop in Rafah. AFP
Smoke rises following an explosion in Gaza, as seen from southern Israel. AP
Parachutes carrying relief for Palestinians drop from an Egyptian Air Force cargo plane over central Gaza. Bloomberg
A Palestinian boy who is suffering from malnutrition is treated at a healthcare centre amid widespread hunger. Reuters
Palestinian children attend an English class in the library of the school housing displaced people in Rafah, the southern Gaza Strip. AFP
An UNRWA-run school housing displaced Palestinians in Rafah. AFP
Palestinians search for bodies and survivors in the rubble of a residential building destroyed in an Israeli air strike in Rafah. AP
A wounded Palestinian man who lost his wife and daughter walks past a neighbours' house destroyed by Israeli bombing in Rafah. AFP
An injured man is rescued from the rubble after an Israeli air strike on the Rafah camp in Gaza. EPA
Palestinians walk amid the rubble of houses destroyed by the Israeli bombardment of Gaza city. AFP
Aid is dropped into Gaza from US military aircraft. Reuters
Palestinians gather at air lorries in Gaza. More than 100 were killed when Israeli troops opened fire. AP
The sun sets behind destroyed buildings in Gaza. AFP
A Palestinian man enters a heavily damaged house following an Israeli strike in Rafah, in the southern Gaza Strip. AFP
A wounded Palestinian is assisted at the site of an Israeli strike in Deir Al Balah, in the central Gaza Strip. Reuters
Palestinians gather in the hope of getting bags of flour carried by air lorries near an Israeli checkpoint in Gaza city, as the enclave's residents face crisis levels of hunger. Reuters
Palestinian children wait to receive food cooked by a charity kitchen as the conflict between Israel and Hamas continues in Gaza. Reuters
A displaced Palestinian child holds a crying baby in a camp in Rafah, in the southern Gaza Strip. Reuters
We need to invest north of $5 trillion globally, every year, into energy transition solutions to tackle climate change. And yet the cost of conflicts continues to spiral. Rising military expenditure and an increased focus on conflicts impede countries’ ability to invest in climate solutions. And that’s not to mention military emissions in conflict zones, which account for about 5.5 per cent of global emissions.
Rising military expenditure and an increased focus on conflicts impede countries’ ability to invest in climate solutions
If rising temperatures and intensifying extreme weather conditions suggest that our house is on fire, then the foundations we have built it on are close to collapse. Rebuilding them relies on an effective and collective push from the global community to put people above political interests.
In the UAE, our leaders are meeting this moment of fragility with a clear and concise path forward, towards prosperity, stability and sustainability. This is being done in a range of ways – by providing vital food and water supplies to those most in need, working on resolutions to end regional conflicts, and ensuring that political leaders lay the groundwork for peace so that climate action can follow.
Last December, the Cop28 Declaration on Climate Relief, Recovery and Peace represented a watershed moment in this regard. The declaration underscores the urgent need to create institutions that are more representative of global populations, emphasising the connection between climate resilience and global stability. It acknowledges that peace and recovery are not only outcomes of effective climate action but also prerequisites for its success. It espouses a much-needed humanitarian approach to climate action.
By prioritising the needs of the most vulnerable communities and countries, the declaration calls for an unprecedented level of international co-operation and solidarity, which is crucial for addressing the systemic inequities that have long hindered global climate action efforts.
Cop28 President Dr Sultan Al Jaber applauds after the UAE Consensus is reached in Dubai last December. The agreement offers some light on the horizon. AFP
More recently at the World Governments Summit in Dubai, the launch of the Cop Presidencies Troika, which includes the UAE, Azerbaijan and Brazil, marked a levelling-up for climate diplomacy. It sets the course for continuity in purpose and ambition from one Cop presidency to the next, laying the groundwork for a more cohesive and strategic global climate action framework.
By fostering a sense of shared responsibility and mutual support among successive Cop presidencies, the Troika agreement enables a more integrated and proactive approach to ensure that each Cop builds on the achievements of its predecessors to advance global climate goals.
As we carry the torch forward to Azerbaijan and then to Brazil, the path towards climate resilience requires a unified approach that transcends political and geographical boundaries. By aligning the efforts of successive Cop presidencies, we can create outcomes that benefit all, rather than a select few. This approach not only ensures that the ambitious goals set in Paris, and refined in subsequent Cops, are met, but also that they evolve to meet the changing needs of our planet and its inhabitants.
We cannot do this, however, if we do not have a bedrock of stability firmly in place. We must develop collaborative frameworks, such as the Troika, that recognise the fundamental interconnectedness of climate change, peace and recovery. We need structures and institutions that catalyse equitable and transformative change.
It is now down to our leaders to build bridges and the foundations for lasting and sustainable peace and prosperity. Without them, we cannot hope to meet the climate goals and ambitions we have set for ourselves in the near, medium or long-term future.
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
MATCH INFO
AC Milan v Inter, Sunday, 6pm (UAE), match live on BeIN Sports
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.”
Understanding of marketing objectives and audience engagement.
Tourism industry knowledge.
Professional ethics.
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