Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, presents a Zayed the Second Medal to Hana Al Hashimi, chief Cop28 negotiator for the UAE. Ministry of Presidential Affairs
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, presents a Zayed the Second Medal to Hana Al Hashimi, chief Cop28 negotiator for the UAE. Ministry of Presidential Affairs
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, presents a Zayed the Second Medal to Hana Al Hashimi, chief Cop28 negotiator for the UAE. Ministry of Presidential Affairs
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, presents a Zayed the Second Medal to Hana Al Hashimi, chief Cop28 negotiator for the UAE. Ministry of Presidential Affairs


Emirati women's climate work should be an example to the world


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August 28, 2024

The global climate community has a great opportunity to build on the foundations set by Emirati women at Cop28 on gender-responsive climate action when Cop29 arrives in Baku, Azerbaijan, in just under three months.

Cop29 is poised to focus on climate finance – a critical aspect of an inclusive energy transition and broader climate action, which can no longer afford to overlook the importance of gender responsiveness. And Emirati women – who played an integral role in shaping the outcomes of Cop28 – are positioned to guide the global community towards a more inclusive and equitable approach to climate finance.

Cop28 marked a significant milestone in the UAE’s climate diplomacy. Not only for the headline-grabbing outcomes it achieved, but also for the remarkable climate leadership and diplomacy demonstrated by Emirati women.

As I was reminded during a special edition of my podcast, On Renewables, hosted at the Ministry of Climate Change and Environment on the occasion of Emirati Women’s Day, our women have become standard-bearers of the UAE’s climate advocacy and action on the global stage.

Both the UAE Consensus and the Cop28 Presidential Action Agenda, which spanned critical areas such as food, nature, climate finance, energy and multilevel action, were shaped by the efforts of our female climate leaders.

Shamma Al Mazrui has pushed for greater support for youth in climate decision-making. Antonie Robertson / The National
Shamma Al Mazrui has pushed for greater support for youth in climate decision-making. Antonie Robertson / The National

For example, Shamma Al Mazrui, the Cop28 Youth Climate Champion, advocated for the institutionalisation of the youth climate role and pushed for greater support for youth in climate decision-making. Razan Al Mubarak, the UN Climate Change High-Level Champion for Cop28, mobilised civil society, businesses and indigenous peoples, ensuring that climate action was integrated across all segments of society. And Hana Al Hashimi, the UAE’s Chief Climate Negotiator, played an instrumental role in steering complex negotiations to successful conclusions.

The momentum generated by their achievements meets a critical juncture at Cop29, where climate finance is set to dominate the agenda.

Women aren’t merely victims of climate change. When supported and empowered, they are the greatest agents of climate action

Negotiations and discussions in Baku will focus heavily on a mechanism called the New Collective Quantified Goal on Climate Finance, which is essential to scaling up support for developing countries in their climate efforts. However, for this collective to be truly effective, it must incorporate gender-responsive policies that acknowledge and address the unique challenges faced by women in the context of climate change – especially those on the frontlines.

It is time to acknowledge that climate change is a social issue, which women sit at the heart of. Simply put, delivering a climate-positive future depends on the speed at which the global community can unlock capital and mobilise finance to reach developing economies and frontline communities, where women comprise 80 per cent of those displaced by climate change.

Despite these challenges, it is too reductionist to say that women are mere victims of climate change. Because, when supported and empowered, they are the greatest agents of climate action. Around the globe, women are at the forefront of climate adaptation and mitigation efforts, driving innovative solutions that benefit entire communities.

Razan Al Mubarak, UN Climate Change High-Level Champion for Cop28, speaking during the Climate Future Week at the Museum of the Future in Dubai. Pawan Singh / The National
Razan Al Mubarak, UN Climate Change High-Level Champion for Cop28, speaking during the Climate Future Week at the Museum of the Future in Dubai. Pawan Singh / The National

The integration of a gender lens into investment frameworks for climate finance is, therefore, a moral imperative. It is also a strategic necessity. By ensuring that climate finance is gender-responsive, we can achieve outcomes that are inclusive, resilient and sustainable.

This approach, as outlined in a recent 2X Global report, aligns with the goals of the Paris Agreement, particularly Article 73, which emphasises the need for gender-responsive actions. Unfortunately, despite this emphasis, gender considerations have historically been under-prioritised and overlooked in climate finance discussions.

By supporting women through gender-responsive climate finance, we are not only addressing vulnerabilities but also empowering those who have the potential to lead in the fight against climate change.

As such, the discussions at Cop29 must prioritise gender-responsive climate finance, ensuring that the climate finance collective mentioned above, as well as other financial mechanisms, are designed with a clear understanding of the gender-specific effects of climate change.

On this, the world can learn much from the example set by Emirati women at Cop28. Their leadership has shown that when women are encouraged to take to the global climate stage, they can drive meaningful, transformative change.

As we prepare for Cop29, let us commit to putting gender-responsive climate finance in the spotlight. By doing so, we can build on the legacy of the Emirati women who have dedicated their efforts to ensuring that gender equality is at the heart of our climate finance and action policies.

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.”

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, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match

Updated: August 28, 2024, 3:14 PM