Insight and opinion from The National’s editorial leadership
July 14, 2023
Stabilising the Earth’s climate is arguably the most challenging collective feat our species has ever attempted to accomplish. There is no clearer evidence of this than the amount of time the world’s nations have been aware of the problem – more than three decades – and have, nonetheless, failed to deliver on action.
The Kyoto Protocol, a legally binding document agreed in 1997 at the third meeting of the Conference of the Parties (Cop) to the UN Framework Convention on Climate Change, was meant to represent a turning point in that regard. But the US failed to ratify it, and Canada, Russia and Japan (where the protocol was signed) eventually withdrew their support.
The Paris Agreement, put forth at Cop21, has been ratified by 195 countries, but experts agree that too many of them are behind on meeting their commitments. As a result, the world is unlikely, as things stand, to meet its goal of preventing the average global temperature from rising more than 1.5ºC above pre-industrial levels.
Dr Sultan Al Jaber, President-designate of Cop28, which will be held in Dubai in November, insists that this pattern can be broken. On Thursday, at a 26-nation climate meeting in Brussels, Dr Al Jaber set out his vision for the UAE summit, calling “on all of us to disrupt business as usual, unite around decisive action and achieve game-changing results.”
Stabilising the Earth’s climate is the most challenging collective feat our species has ever attempted to accomplish
In addition to carrying out the first-ever “global stocktake” of progress on limiting emissions, Cop28 will be based around four pillars: fast-tracking the global energy transition, fixing climate finance, focusing on lives and livelihoods and ensuring inclusivity.
All four address issues that have dogged successive climate talks for years. The world’s need for cleaner sources of energy – and more efficient energy use – is now widely accepted as a priority. But the question of “if” has been replaced by the question of “when”, and the answer is that expanding renewables and decarbonising come soon enough.
Dr Al Jaber’s goals show a clear-eyed determination on this front. They include trebling renewable energy output, doubling energy efficiency measures and producing 180 million tonnes of hydrogen in the next seven years.
But there are certain ground realities that must be confronted, with a particularly challenging one being ensuring that any energytransition is fair to the developing world. This not only means addressing thorny issues like the undeniable role of fossil fuels in the global economy, but also building an international climate finance system that can support mitigation and adaption measures for the most vulnerable countries. The world’s poorest nations bear relatively little responsibility for its climate predicament, and Cop28 organisers are calling on donor countries to double their funding for adaptation measures over the next two years, as well as to arrange $100 billion in annual climate funding “well ahead” of the Dubai summit.
The third and fourth pillars of Cop28 are designed to ensure that climate action is not just seen as an intergovernmental negotiation on science and the environment. It must be seen by everyone as a matter relevant to them individually, in the way it affects their health, their livelihoods and their relationships with each other. Cop28 will distinguish itself from its predecessors by featuring discussions on the relationship between climate change and health.
The Cop28 President-designate has laid out a clear and robust plan, stating that the world can only succeed in defeating climate change by “engaging every person, every generation and every corner of society”. That may sound ambitious, but it is ambition on exactly the scale that will be needed for a task as monumental as shifting the gears of humanity’s relationship with nature once and for all.
Turkish Ladies
Various artists, Sony Music Turkey
UAE currency: the story behind the money in your pockets
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
if you go
The flightsFly Dubai, Air Arabia, Emirates, Etihad, and Royal Jordanian all offer direct, three-and-a-half-hour flights from the UAE to the Jordanian capital Amman. Alternatively, from June Fly Dubai will offer a new direct service from Dubai to Aqaba in the south of the country. See the airlines’ respective sites for varying prices or search on reliable price-comparison site Skyscanner.
The trip
Jamie Lafferty was a guest of the Jordan Tourist Board. For more information on adventure tourism in Jordan see Visit Jordan. A number of new and established tour companies offer the chance to go caving, rock-climbing, canyoning, and mountaineering in Jordan. Prices vary depending on how many activities you want to do and how many days you plan to stay in the country. Among the leaders are Terhaal, who offer a two-day canyoning trip from Dh845 per person. If you really want to push your limits, contact the Stronger Team. For a more trek-focused trip, KE Adventure offers an eight-day trip from Dh5,300 per person.
VERSTAPPEN'S FIRSTS
Youngest F1 driver (17 years 3 days Japan 2014) Youngest driver to start an F1 race (17 years 166 days – Australia 2015) Youngest F1 driver to score points (17 years 180 days - Malaysia 2015) Youngest driver to lead an F1 race (18 years 228 days – Spain 2016) Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016) Youngest on F1 podium finish (18 years 228 days – Spain 2016) Youngest F1 winner (18 years 228 days – Spain 2016) Youngest multiple F1 race winner (Mexico 2017/18) Youngest F1 driver to win the same race (Mexico 2017/18)
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
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.
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally • Only about 160,000 have been officially described leaving around 90% undiscovered • Fungi account for roughly 90% of Earth's unknown biodiversity • Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
TWISTERS
Director: Lee Isaac Chung
Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos