An attendee watches a projection at the Pleistocene Park pavilion in the Technology and Innovation hub within the Green Zone on the opening day of the COP28 climate conference at Expo City in Dubai, United Arab Emirates, on November 30, 2023. Bloomberg
An attendee watches a projection at the Pleistocene Park pavilion in the Technology and Innovation hub within the Green Zone on the opening day of the COP28 climate conference at Expo City in Dubai, United Arab Emirates, on November 30, 2023. Bloomberg
An attendee watches a projection at the Pleistocene Park pavilion in the Technology and Innovation hub within the Green Zone on the opening day of the COP28 climate conference at Expo City in Dubai, U
Razan Khalifa Al Mubarak is president of the International Union for Conservation of Nature and UN Climate Change High-Level Champion for the leadership team of Cop28 UAE
April 22, 2024
The Cop28 UN climate summit last year in Dubai presented the international community with a clear mandate: Place nature at the very heart of climate action.
Today being Earth Day and International Mother Earth Day is a timely moment for us to reflect on the nature-specific outcomes of Cop28. These days are a global call to action for environmental stewardship and a reminder of the interconnectedness of life on Earth.
International Mother Earth Day, established by the UN in 2009, invites us to live in harmony with nature and the planet we call home. It’s a moment to celebrate, read about and learn from the Indigenous peoples who are on the frontlines of climate action.
Cop28 has set a precedent for the integration of nature in addressing climate change, offering a roadmap for the journey ahead. The summit underscored the indispensable role of Indigenous peoples in environmental protection and conservation as well as in climate action. Indigenous knowledge and practices are foundational in protecting nature and play a significant role in both mitigating and adapting to climate change.
Cop28's achievements in nature and climate action are multifaceted. The unanimous agreement in the UAE Consensus that all countries should halt and reverse deforestation by 2030 is a landmark commitment that underscores the importance of forests in maintaining ecological balance and climate stability. This goal, ambitious in its scope, is complemented by the mobilisation of $2.7 billion in financing for nature-related projects.
The specificity of the commitments made, including the $1.7 billion dedicated to forest conservation and the $100 million contribution from the UAE, exemplifies a targeted approach to biodiversity and ecosystem protection, especially across the world’s largest carbon sinks in South America, Africa and Asia.
These funds are allocated specifically for crucial projects that aim to conserve forests, restore degraded lands and protect endangered species, thereby safeguarding biodiversity and ecological integrity.
Our partnership is making significant progress in implementing its comprehensive programme through projects in selected countries with rich forest resources, notably Ghana. We recently met representatives from Ghana's Ministry for Land and Natural Resources to organise a workshop in the country that aims to kickstart this ambitious programme and serves as tangible evidence of the impactful work we are doing.
Cop28 also highlighted the essential role of marine and coastal ecosystems in the climate equation. The formation of the Mangrove Alliance for Climate and the signing of the Mangrove Breakthrough is already bringing us closer to meeting the goal of conserving and restoring 15 million hectares by 2030 and reaching $4 billion in sustainable finance.
The eastern mangroves of Abu Dhabi. Khushnum Bhandari / The National
The launch of initiatives at Cop28 focused on seagrass conservation, representing significant steps forward in our understanding and appreciation of these vital ecosystems. Mangroves and seagrasses are not just carbon sinks, they are also protectors of coastal communities against the effects of climate change, and act as nurseries for marine life – sustaining biodiversity and fisheries that millions of people depend on for their livelihoods.
The connection between nature and achieving the Paris Agreement's goals has never been more evident than after Cop28. The realisation that nature-based solutions can contribute significantly to climate mitigation and adaptation is a paradigm shift, emphasising the need for a holistic approach to environmental and climate policies.
This approach is not just about reducing emissions; it is about creating sustainable interaction between humans and the natural world, where each action in favour of nature is also a step towards climate resilience and sustainability.
As we approach a critical phase in implementing the ambitious goals set forth at Cop28, particularly those related to nature, approaching major UN meetings this year hold immense significance. These conventions – on biological diversity in Colombia this October, on climate change in Azerbaijan this November and on desertification in Saudi Arabia in December – provide a crucial timetable for taking concrete actions and making substantial progress. It is imperative that these goals are not isolated within specific sectors but are integrated across all facets of global environmental governance, ensuring a holistic approach to addressing environmental challenges.
The key to success lies in the implementation of our commitments. This requires a concerted effort from all sectors of society, including governments, non-state actors, the private sector, civil society, financial institutions, charities and individuals. We all have a role to play in protecting the planet.
The Asian Venture Philanthropy Forum convening in Abu Dhabi is a prime example of the pivotal role that philanthropy can play in this ecosystem, providing a platform for collaboration, innovation and funding for nature-based climate solutions.
Our journey from Cop28 towards a more sustainable and resilient future is a collective endeavour that demands action, innovation and perseverance. It requires us to rethink our relationship with nature, not as a resource to be exploited, but as a partner in our survival and prosperity.
We must build on the momentum of Cop28, leveraging the commitments made and the pathways forged, to ensure that our actions today lead to a healthier, more sustainable planet for future generations.
Key findings
Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase.
People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”.
Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better.
But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road.
The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
1) Kepa Arrizabalaga, Athletic Bilbao to Chelsea (£72m)
2) Alisson, Roma to Liverpool (£67m)
3) Ederson, Benfica to Manchester City (£35m)
4) Gianluigi Buffon, Parma to Juventus (£33m)
5) Angelo Peruzzi, Inter Milan to Lazio (£15.7m
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.”
