WGS in Dubai: 'We need a major course correction' on climate, says Dr Sultan Al Jaber


John Dennehy
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Dr Sultan Al Jaber, president-designate of the Cop28 summit, on Tuesday said the world needed a “major course correction” to tackle climate change.

The Minister of Industry and Advanced Technology and Special Envoy for Climate Change said the world was way off track, with current approaches no longer "fit for purpose".

Speaking at the World Government Summit in Dubai, Dr Al Jaber, also group chief executive of Adnoc and chairman of Masdar, said entire industrial systems that still run on the energies of the first Industrial Revolution must be transformed.

The hard reality is that global emissions must fall 43 per cent by 2030. That’s just seven years away. We need a major course correction
Dr Sultan Al Jaber

He said the UAE, as hosts of Cop28, was approaching the task of securing consensus at the crucial summit with humility, a clear sense of responsibility and urgency.

“The hard reality is that global emissions must fall 43 per cent by 2030. That’s just seven years away. We need a major course correction,” he said.

“We are not shying away from energy transition, we are running towards it.”

Leaders and delegates from across the world will travel to the UAE in November for the key summit at Expo City Dubai where they will assess how to address the escalating climate emergency. Dr Al Jaber’s role will be to shape its agenda and help countries try to find agreement during up to two weeks of intense and often tortuous negotiations.

The need for urgency is clear with devastating floods inundating Pakistan last year and extreme heatwaves scorching countries such as the UK, India, China and the US. Scientists predict that these events will become more common and deadlier.

  • Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of the Interior, concludes the World Government Summit with a talk entitled 'The Emirates: A Family of Solid Roots and a Vibrant Future'. WAM
    Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of the Interior, concludes the World Government Summit with a talk entitled 'The Emirates: A Family of Solid Roots and a Vibrant Future'. WAM
  • Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, listens to Sheikh Saif. WAM
    Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, listens to Sheikh Saif. WAM
  • Najla Bouden, Prime Minister of Tunisia, Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, Wavel Ramkalawan, President of Seychelles, Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, Dr Maeen Saeed, Prime Minister of Yemen and Panagiotis Pikrammenos, Deputy Prime Minister of Greece, at the summit. Photo: Presidential Court
    Najla Bouden, Prime Minister of Tunisia, Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, Wavel Ramkalawan, President of Seychelles, Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, Dr Maeen Saeed, Prime Minister of Yemen and Panagiotis Pikrammenos, Deputy Prime Minister of Greece, at the summit. Photo: Presidential Court
  • Joko Widodo, President, Government of the Republic of Indonesia speaking at the World Government Summit held at Madinat Jumeirah in Dubai. Pawan Singh / The National
    Joko Widodo, President, Government of the Republic of Indonesia speaking at the World Government Summit held at Madinat Jumeirah in Dubai. Pawan Singh / The National
  • Huda AlHashimi, Deputy Minister of Cabinet Affairs for Strategic Affairs, United Arab Emirates during the interview at the World Government Summit held at Madinat Jumeirah in Dubai. Pawan Singh / The National
    Huda AlHashimi, Deputy Minister of Cabinet Affairs for Strategic Affairs, United Arab Emirates during the interview at the World Government Summit held at Madinat Jumeirah in Dubai. Pawan Singh / The National
  • Left to Right - Nasser Al-Khater, Chief Executive Officer, FIFA World Cup Qatar 2022 and Najeeb AlAli, Executive Director, Expo 2020 Bureau speaking during the session on Hosting Major Events: An Arab Success Story at the World Government Summit held at Madinat Jumeirah in Dubai. Pawan Singh / The National
    Left to Right - Nasser Al-Khater, Chief Executive Officer, FIFA World Cup Qatar 2022 and Najeeb AlAli, Executive Director, Expo 2020 Bureau speaking during the session on Hosting Major Events: An Arab Success Story at the World Government Summit held at Madinat Jumeirah in Dubai. Pawan Singh / The National
  • Elon Musk and Mohammad Al Gergawi, Minister of Cabinet Affairs, speak on day three of the World Government Summit in Dubai. Mr Al Gergawi is also chairman of the summit. Pawan Singh / The National
    Elon Musk and Mohammad Al Gergawi, Minister of Cabinet Affairs, speak on day three of the World Government Summit in Dubai. Mr Al Gergawi is also chairman of the summit. Pawan Singh / The National
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    Ian Bremmer, president and founder of Eurasia Group, speaking during a session called 'Beyond 2023: A Global Outlook'. Pawan Singh / The National
  • Delegates gather at Madinat Jumeirah for the summit. Pawan Singh / The National
    Delegates gather at Madinat Jumeirah for the summit. Pawan Singh / The National
  • Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, presents the World Data Visualisation Award to Lindsey Poulter. Pawan Singh / The National
    Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, presents the World Data Visualisation Award to Lindsey Poulter. Pawan Singh / The National
  • Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, addresses delegates at the summit. Pawan Singh / The National
    Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, addresses delegates at the summit. Pawan Singh / The National
  • National flags displayed at the global event. Pawan Singh / The National
    National flags displayed at the global event. Pawan Singh / The National
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    Turkish President Recep Tayyip Erdogan speaks at the event using a video link. Antonie Robertson / The National
  • People gather for the second day of the summit. Antonie Robertson / The National
    People gather for the second day of the summit. Antonie Robertson / The National
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    Huda Al Hashimi, right, Deputy Minister of Cabinet Affairs for Strategic Affairs, on stage with Waleed Al Ali, left, Secretary General of the Digital School, and Reda Hegazy, Egypt's Minister of Education. Antonie Robertson / The National
  • Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Cop28 President-designate, speaks during a session titled The Road Map to Cop28: Prioritising Action. Pawan Singh / The National
    Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Cop28 President-designate, speaks during a session titled The Road Map to Cop28: Prioritising Action. Pawan Singh / The National
  • Dr Al Jaber, who is also the UAE's special envoy for climate change, addresses delegates in Dubai. Pawan Singh / The National
    Dr Al Jaber, who is also the UAE's special envoy for climate change, addresses delegates in Dubai. Pawan Singh / The National
  • Day two of the World Government Summit. Antonie Robertson/The National
    Day two of the World Government Summit. Antonie Robertson/The National
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    Omar Al Olama, Minister of State for Digital Economy, AI and Remote Work System, and Nick Clegg, president of Global Affairs at Meta, at the summit. Pawan Singh / The National
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    Delegates at the World Government Summit held at Madinat Jumeirah in Dubai. Pawan Singh / The National
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    Mina Al-Oraibi, Editor-in-Chief of The National newspaper, Kersti Kaljulaid, fifth President of Estonia, and Mona Al Marri, vice president of the UAE Gender Balance Council. Pawan Singh / The National
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    Delegates during the session on Women in Government: Powering the Future. Pawan Singh / The National
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    President Sheikh Mohamed, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Egyptian President Abdel Fattah El Sisi. Photo: Dubai Media Office
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    Sheikh Mohamed greets Mr El Sisi. Photo: Presidential Court
  • Mr El Sisi presents the Global Best M-Gov Award to the winners as Mohammed Al Gergawi, Minister of Cabinet Affairs, looks on. Photo: Presidential Court
    Mr El Sisi presents the Global Best M-Gov Award to the winners as Mohammed Al Gergawi, Minister of Cabinet Affairs, looks on. Photo: Presidential Court
  • Mr El Sisi presents the Global Best M-Gov Award. Photo: Presidential Court
    Mr El Sisi presents the Global Best M-Gov Award. Photo: Presidential Court
  • Mr El Sisi presents the Global Best M-Gov Award. Photo: Presidential Court
    Mr El Sisi presents the Global Best M-Gov Award. Photo: Presidential Court
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    Sky News Arabia's media relations director Faisal bin Huraiz sits alongside Mr El Sisi at the summit. EPA
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    Francesco La Camera, Director General of International Renewabale Energy Agency, speaks at the summit. Antonie Robertson / The National
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    Omar Sultan Al Olama, Minister of State for Artificial Intelligence at the summit. Antonie Robertson / The National
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    Mohamed Al Ramahi, Chief Executive Officer, Masdar. Antonie Robertson / The National
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    Marco Dunand, CEO and Co-founder, Mercuria Energy Group. Antonie Robertson/The National
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    Christian Bruch, President and CEO, Siemens Energy. Antonie Robertson / The National
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    Ahmed Bahrozyan, chief executive of the Public Transport Agency at the RTA. Antonie Robertson / The National
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    RTA's flyng taxi and sky port project powered by Joby. Virtual simulation of the flying experience. Antonie Robertson / The National
  • will.i.am speaking during the session on Accelerating Tech: The New Frontier for Policy-making at the World Government Summit in Dubai. Pawan Singh / The National
    will.i.am speaking during the session on Accelerating Tech: The New Frontier for Policy-making at the World Government Summit in Dubai. Pawan Singh / The National
  • Doron Avni, Google VP of Government Affairs and Public Policy Emerging Markets speaking during the session on Accelerating Tech: The New Frontier for Policy-making at the World Government Summit in Dubai. Pawan Singh / The National
    Doron Avni, Google VP of Government Affairs and Public Policy Emerging Markets speaking during the session on Accelerating Tech: The New Frontier for Policy-making at the World Government Summit in Dubai. Pawan Singh / The National
  • Sujay Jaswa, Founder and Managing Partner, WndrCo speaking during the session on Accelerating Tech: The New Frontier for Policy-making at the World Government Summit in Dubai. Pawan Singh / The National
    Sujay Jaswa, Founder and Managing Partner, WndrCo speaking during the session on Accelerating Tech: The New Frontier for Policy-making at the World Government Summit in Dubai. Pawan Singh / The National
  • Mohammed Al Gergawi, Minister of Cabinet Affairs and the chairman of the World Government Summit, delivers the opening speech. Pawan Singh / The National
    Mohammed Al Gergawi, Minister of Cabinet Affairs and the chairman of the World Government Summit, delivers the opening speech. Pawan Singh / The National
  • Al Gergawi highlighted the rapid change the world has seen in the decade since the event was first held. Pawan Singh / The National
    Al Gergawi highlighted the rapid change the world has seen in the decade since the event was first held. Pawan Singh / The National
  • Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, speaks at the summit. Pawan Singh / The National
    Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, speaks at the summit. Pawan Singh / The National
  • Georgia's Prime Minister Irakli Garibashvili speaks at the World Government Summit in Dubai. Pawan Singh / The National
    Georgia's Prime Minister Irakli Garibashvili speaks at the World Government Summit in Dubai. Pawan Singh / The National
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    Al Gergawi and Schwab held a joint discussion. Pawan Singh / The National
  • Delegates standing during the moment of silence for the Turkey – Syria earthquake before the start of World Government Summit in Dubai. Pawan Singh / The National
    Delegates standing during the moment of silence for the Turkey – Syria earthquake before the start of World Government Summit in Dubai. Pawan Singh / The National
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    Delegates at the World Government Summit held at Madinat Jumeirah in Dubai. Pawan Singh / The National

Nations at Cop28 are expected for the first time conduct a “global stocktake” that examines whether pledges made under the 2015 Paris climate agreement go far enough to halt warming emissions.

Agreed in 2015 and signed by about 200 countries, the Paris accord aims to limit global temperature rises to 1.5ºC and to keep them “well below” 2.0ºC above pre-industrial levels.

Many of the world largest emitters — caused mainly by burning fossil fuels — have yet to submit plans to cut emissions in line with Paris and the UN and climate experts say the world is running out of time to act.

“We don’t need to wait for the stocktake to find out what it will say,” said Dr Al Jaber. "We already know that we are way off track. The world is playing catch-up when it comes to holding global temperatures down to 1.5ºC.”

It will be the second successive UN climate change conference to be held in the Middle East, following Cop27 in Egypt. One of the few main agreements last year in Sharm El Sheikh was the creation of a “loss and damage” fund.

The fund aims to help developing countries deal with the effects of climate change but many questions remain about how it will be financed and it is expected to resurface at Cop28.

Dr Al Jaber said the world had to shift from incremental steps to “transformational progress” across mitigation, adaptation, finance and also loss and damage.

On mitigation — cutting warming emissions — Dr Al Jaber said the world had to “triple renewable energy capacity, double hydrogen production, expand nuclear power, improve battery storage and, if we are serious about capturing emissions, scale up carbon-capture technologies”.

He said the energy transition must not leave behind the “800 million people” who are excluded from access to energy today.

“We must eliminate energy poverty, while keeping 1.5ºC alive,” he said. “And we must cater for a world that will be home to an additional 2 billion people by 2050. In short, we need to hold back emissions, not progress.”

As Cop28 president, he said he aimed to lay out a road map that was inclusive, results-orientated and “far from business as usual”. He highlighted the speech made by President Sheikh Mohamed at the summit in 2015, when he said the UAE would celebrate the last barrel of oil to be exported.

“It was a bold call to action that resonated deeply around the world and it absolutely resonated with me,” said Dr Al Jaber.

He added that he would engage the energy sector “because it is in our common interest to have the energy industry working hand-in-hand and alongside everyone on the solutions that the world needs”.

Dr Al Jaber said: "Economists estimate that decarbonising industry, the energy sector, power generation, transportation and food systems could create an additional 12 trillion dollars in economic value by 2030."

He said the UAE was “listening to everyone and engaging with everyone”.

"There are moments in history when humanity comes together to fight a common threat. Let's prove to ourselves that we can do it once again. Let's put our differences aside. Fight climate change, not each other.

“We believe that game-changing solutions can be achieved if the collective political will is there. It certainly is from the UAE. Let’s stop deliberating and start delivering.”

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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Name: Garbine Muguruza (ESP)

World ranking: 15 (will rise to 5 on Monday)

Date of birth: October 8, 1993

Place of birth: Caracas, Venezuela

Place of residence: Geneva, Switzerland

Height: 6ft (1.82m)

Career singles titles: 4

Grand Slam titles: 2 (French Open 2016, Wimbledon 2017)

Career prize money: $13,928,719

UAE SQUAD

Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani

Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Salem Rashid, Mohammed Al Attas, Alhassan Saleh

Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Yahya Nader, Ahmed Barman, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah, Yahya Al Ghassani

Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
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UAE currency: the story behind the money in your pockets
Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Essentials

The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours 
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.

Updated: February 15, 2023, 6:22 AM