Expo City Dubai in March 2022 during Earth Hour, an annual event in which lights are switched off in major cities around the world to draw attention to energy consumption and its effects on the climate. EPA
Expo City Dubai in March 2022 during Earth Hour, an annual event in which lights are switched off in major cities around the world to draw attention to energy consumption and its effects on the climate. EPA
Expo City Dubai in March 2022 during Earth Hour, an annual event in which lights are switched off in major cities around the world to draw attention to energy consumption and its effects on the climate. EPA
Expo City Dubai in March 2022 during Earth Hour, an annual event in which lights are switched off in major cities around the world to draw attention to energy consumption and its effects on the climat


Let's involve cities to help avert the climate crisis


Razan Al Mubarak
Razan Al Mubarak
  • English
  • Arabic

June 21, 2024

For billions of people across the world, cities are synonymous with opportunities – employment, education, healthcare and so on. More than half the global population lives in cities. That figure will rise to more than two thirds by 2050.

However, the increase in the urban population has a direct link to the climate crisis. As of 2020, urban areas were responsible for 70 per cent of global greenhouse gas emissions, up from 62 per cent just five years earlier.

City dwellers, however, shouldn’t be seen as solely culpable for climate change: many are also victims of it. Globally, 70 per cent of urban areas are already being adversely affected, from issues like flooding, rising heat levels and other extreme weather events. Many urban areas are seeing population rises precisely because of climate-induced displacement.

Given the interconnectedness of cities and climate change issues, it would be assumed that sustainable urban development would be at the forefront of most, if not all, countries’ climate plans. However, a study UN Habitat released at this month’s Bonn Climate Change Conference showed that the majority of countries’ Nationally Determined Contributions (NDCs) lacked focus on urban elements, with just 27 percent of NDCs being categorised as having a “strong” focus on urban priorities.

This glaring gap underscores the critical need to incorporate all tiers of governments – national, sub-national and local, as well as critical stakeholders including civil society, academia and the private sector, to empower the urban climate agenda.

The Paris Agreement explicitly outlines the role of local governments in combating climate change, and the UNFCCC's Marrakech Partnership framework reinforces cities, states, and regions as essential partners in implementing outcomes of climate summits.

There is a critical need to incorporate all tiers of governments to empower the urban climate agenda

Last year, before the Conference of the Parties (Cop28), we knew we wanted to elevate multilevel action within the global climate agenda, paving the way for a stronger bridge between national and subnational and local actions and build momentum for local entities’ climate action efforts.

That was why we hosted the Cop28 Local Climate Action Summit. The first event of its kind, the Summit recognised the critical role local leaders play in reducing emissions, addressing climate risk, and supercharging national efforts to move further and faster on climate progress.

Participants walk past the Dubai Expo fixed Russia pavilion at Expo City Dubai, on December 6, 2023 in Dubai. Cop28 delivered many world-firsts, yet there is still much work ahead. Getty Images
Participants walk past the Dubai Expo fixed Russia pavilion at Expo City Dubai, on December 6, 2023 in Dubai. Cop28 delivered many world-firsts, yet there is still much work ahead. Getty Images

The Summit brought together hundreds of national and subnational climate leaders to transform climate finance, enhance global action, speed up the energy transition, and strengthen resilience and adaptation at the local level. It highlighted innovative strategies for emissions reduction, climate resilience and adaptation, and strengthening national climate action efforts.

The Summit also featured the launch of the Cop28 Coalition for High Ambition Multilevel Partnership (Champ) for Climate Action, which aims to include cities and regions in the design of national climate strategies and action plans.

Developed in consultation with subnational and national leaders, along with a diverse set of stakeholders, Champ is a pioneering initiative that recommends a new process for local and regional leaders to contribute to the development of updated and ambitious NDCs. To date, 72 nations have signed up to the initiative.

Cop28 also featured the second Ministerial Meeting on Urbanisation and Climate Change, focused on accelerating local climate finance by facilitating dialogue between ministers of housing, urban development, environment, and finance, as well as local and regional governments, multilateral banks and other non-state actors.

Cop28 delivered many world-firsts, yet there is still much work ahead of us. To seize this opportunity, I propose a three-step approach to get local and sub-national entities fully on board:

First, integrate subnational governments into national decision-making processes regarding NDCs, National Adaptation Plans, National Biodiversity Strategies and Action Plans, and other relevant policies.

Second, strengthen the integration of subnational leadership across various sectors in NDC investment and implementation planning. This integration can be enhanced by leveraging existing platforms and networks such as Race to Zero and Resilience, as well as within the Local Governments and Municipal Authorities (LGMA) Constituency to the UNFCCC. The LGMA has served as the voice of cities and regions since the first Cop in 1995 and continues to achieve advocacy success for multilevel action in the climate agenda.

Third, streamline support for subnational and local governments to access diverse sources of finance for localised climate action. This includes engaging with the private sector, financiers, donors, and organisations to support de-risking municipal-level projects and enhancing the capacity of local authorities in governance.

Nations will submit their NDCs ahead of Cop30, and I look forward to seeing a more comprehensive input of local and regional knowledge and expertise, reflective of the key role they play in the transition. The updated NDCs will act as a blueprint that guarantee cities and local actors become a core delivery partner for national climate action plans going forward.

As a UN Climate Change High-Level Champion, I will keep collaborating with cities, states, regions and vital non-party stakeholders.

This will be done firstly, through our Cities and Regions Race to Resilience and Race to Zero initiatives, which act as key platforms for subnational governments to join global campaigns focusing respectively on adaptation and resilience and, mitigation. Both offer recognition of subnational leadership in these areas, driving clear results under the 2030 Climate Solutions.

Secondly, by partnering with organisations that champion the work of subnational governments, providing technical assistance, capacity building, and reporting support to showcase successful initiatives. Cop28 put cities and regional governments under the spotlight like never before – and that’s a good thing.

By further enabling action at local levels, we can raise ambitions for national goals, and deliver solutions that have lasting impact on the global stage.

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Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Griselda
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ARGENTINA SQUAD

Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez

SPECS
%3Cp%3EEngine%3A%20Twin-turbocharged%204-litre%20V8%3Cbr%3EPower%3A%20625%20bhp%3Cbr%3ETorque%3A%20630Nm%3Cbr%3EOn%20sale%3A%20Now%3Cbr%3EPrice%3A%20From%20Dh974%2C011%3C%2Fp%3E%0A
PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

Kamindu Mendis bio

Full name: Pasqual Handi Kamindu Dilanka Mendis

Born: September 30, 1998

Age: 20 years and 26 days

Nationality: Sri Lankan

Major teams Sri Lanka's Under 19 team

Batting style: Left-hander

Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)

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.”

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%3Cp%3EChris%20Jordan%20insists%20Sanchit%20Sharma%20will%20make%20an%20impact%20on%20the%20ILT20%2C%20despite%20him%20starting%20the%20campaign%20on%20Gulf%20Giants'%20bench.%3Cbr%3EThe%20young%20UAE%20seamer%20was%20an%20instant%20success%20for%20the%20side%20last%20season%2C%20and%20remained%20part%20of%20the%20XI%20as%20they%20claimed%20the%20title.%3Cbr%3EHe%20has%20yet%20to%20feature%20this%20term%20as%20the%20Giants%20have%20preferred%20Aayan%20Khan%20and%20Usman%20Khan%20as%20their%20two%20UAE%20players%20so%20far.%3Cbr%3EHowever%2C%20England%20quick%20Jordan%20is%20sure%20his%20young%20colleague%20will%20have%20a%20role%20to%20play%20at%20some%20point.%3Cbr%3E%22Me%20and%20Sanchit%20have%20a%20great%20relationship%20from%20last%20season%2C%22%20Jordan%20said.%3Cbr%3E%22Whenever%20I%20am%20working%20with%20more%20inexperienced%20guys%2C%20I%20take%20pleasure%20in%20sharing%20as%20much%20as%20possible.%3Cbr%3E%22I%20know%20what%20it%20was%20like%20when%20I%20was%20younger%20and%20learning%20off%20senior%20players.%3Cbr%3E%22Last%20season%20Sanchit%20kick-started%20our%20season%20in%20Abu%20Dhabi%20with%20a%20brilliant%20man-of-the-match%20performance.%3Cbr%3E%22Coming%20into%20this%20one%2C%20I%20have%20seen%20a%20lot%20of%20improvement.%20The%20focus%20he%20is%20showing%20will%20only%20stand%20him%20in%20good%20stead.%22%3C%2Fp%3E%0A
While you're here
Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

Book%20Details
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COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20OneOrder%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20March%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Tamer%20Amer%20and%20Karim%20Maurice%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Cairo%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E82%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Series%20A%3C%2Fp%3E%0A
Famous left-handers

- Marie Curie

- Jimi Hendrix

- Leonardo Di Vinci

- David Bowie

- Paul McCartney

- Albert Einstein

- Jack the Ripper

- Barack Obama

- Helen Keller

- Joan of Arc

Everybody%20Loves%20Touda
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Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

Updated: June 21, 2024, 4:00 AM