• Guyana is net zero thanks to dense rainforest cover, despite being a newly oil-producing nation. AFP
    Guyana is net zero thanks to dense rainforest cover, despite being a newly oil-producing nation. AFP
  • Bhutan was the first country to report net-zero emissions. Getty
    Bhutan was the first country to report net-zero emissions. Getty
  • Niue's emissions are negligible, at less than 0.0001 per cent. Photo: Flickr
    Niue's emissions are negligible, at less than 0.0001 per cent. Photo: Flickr
  • Suriname's forests absorb billions of tonnes of CO2. Getty
    Suriname's forests absorb billions of tonnes of CO2. Getty
  • Panama was one of the first three countries to report net-zero emissions. Photo: Flickr
    Panama was one of the first three countries to report net-zero emissions. Photo: Flickr
  • The Comoros government has reported its carbon emissions have been in the negative since at least 2015. AFP
    The Comoros government has reported its carbon emissions have been in the negative since at least 2015. AFP
  • Almost 90 per cent of Gabon's surface is covered by forests, allowing for optimal carbon absorption. Getty
    Almost 90 per cent of Gabon's surface is covered by forests, allowing for optimal carbon absorption. Getty
  • Madagascar may lose its net-zero status if rampant deforestation continues. Photo: Alexandra Laube / imageBROKER / Shutterstock
    Madagascar may lose its net-zero status if rampant deforestation continues. Photo: Alexandra Laube / imageBROKER / Shutterstock

How these eight countries have already achieved net-zero emissions


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The international community is facing a crucial race against time to limit global warming as the countdown continues to the Cop28 environment summit in Dubai in November.

Dr Sultan Al Jaber, Cop28 President-designate and the UAE's special envoy on climate change, has said the world is “playing catch up” in its efforts to limit temperature rises to 1.5°C above pre-industrial levels.

The key goal was set out in the landmark Paris Agreement at Cop21 in 2015 and successes and failures in the intervening years will be put under the microscope at a global stocktake at the Dubai gathering.

In order to achieve this, global greenhouse gas emissions need to be curbed 45 per cent from 2010 levels by 2030 and by 2050 for the world to reach net zero, according to scientific consensus.

This means cutting emissions close to zero with the remainder reabsorbed by the atmosphere, such as by oceans and forests.

More than 70 countries, including the UAE, have set a net-zero target, but eight nations, rich in natural resources and with small populations, claim to have already reached that goal, according to research collated by Energy Monitor.

These “carbon sinks” absorb more carbon dioxide from the atmosphere each year than they emit.

The National takes a closer look at the forward-thinking countries leading the way.

Bhutan

Bhutan was the first country to reach net zero ambitions. Photo: Pema Gyamtsho / Unsplash
Bhutan was the first country to reach net zero ambitions. Photo: Pema Gyamtsho / Unsplash

Bhutan, a Buddhist nation east of the Himalayas that measures its success by its Gross National Happiness, was the first carbon-negative country, thanks to the government’s commitment to preserving its environment.

More than 70 per cent of its land is covered in trees and it has in its constitution a mandate to preserve 60 per cent of its territory as forest, but Bhutan also exports renewable hydroelectric power it generates from rivers.

In 1999, the country introduced “biological corridors” that allow wildlife to go between areas of protected land, preventing biodiversity loss, as well as letting species adapt to climate change.

Its latest targets and policies also include low emission development strategies in food security, human settlements, industries and surface transport.

Comoros

This volcanic archipelago off Africa’s east coast is a densely populated country, one of the world’s poorest, with about 800,000 inhabitants.

But what Comoros may lack in economic prowess it makes up for in environmental contribution, with carbon emissions in the negative since at least 2015, according to its government's reports.

Agriculture, fishing and livestock rearing account for about half its economy, all of which produce low emissions, and it has strict environmental protection policies in place.

This includes an emissions reduction target of 23 per cent and an increase of CO2 absorption by 47 per cent by 2030.

Gabon

The UN has previously referred to Gabon as a “model of environmental conservation”.

It is in the Congo Basin, the world’s second largest carbon sink after the Amazon, and almost 90 per cent of the Central African country’s surface is covered by forests.

Its government is strongly committed to preserving its untouched areas, with policies for non-deforestation and sustainable management of natural resources.

Guyana

Guyana balances oil producing with its net-zero status. Photo: Joshua Gobin / Unsplash
Guyana balances oil producing with its net-zero status. Photo: Joshua Gobin / Unsplash

The government of this English-speaking South American nation claimed to have reached its net-zero ambitions in 2021, and has said they plan to reduce emissions by 70 per cent come 2030.

This is thanks to Guyana's dense rainforest and despite it beginning to pump crude oil at the end of 2019.

“Though we recently became an oil producer, we support the removal of subsidies from fossil fuel production and advocate a strong global carbon price,” President Irfaan Ali said in 2021 at Cop26 in Glasgow.

Vice President Bharrat Jagdeo reiterated this sentiment last year, saying they believe they can continue to maintain their net-zero credentials while producing oil “because of the nature of our forest and the carbon sink”.

Madagascar

While this island in the Indian Ocean, whose economy relies on agriculture and fishing, is currently at net zero, it is thought by experts it may lose its status come 2030 if rampant deforestation continues.

The country has seen a quarter of the country’s forest cover disappear since 2000, according to Global Forest Watch.

Madagascar has one of the world’s most diverse ecosystems, with thousands of species of flora and fauna, but this deforestation, recent droughts and high poverty are among the reasons it is fast changing.

Niue

This tiny volcanic island in the Pacific Ocean, which has a population of about 2,000, sits between the Cook Islands, Tonga and Samoa.

The government has reported its emissions are negligible, at less than 0.0001 per cent, and that the country is a “net sink given the growth of our forest”.

Some of its plans include to produce 80 per cent of its electricity from renewable energy by 2025 and increase marine protection.

Despite its contribution, however, it’s highly vulnerable to the effects of climate change, and in 2004 the capital of Alofi was decimated by a category 5 cyclone.

Panama

Panama joined a carbon-negative alliance with Bhutan and Suriname at Cop26. Photo: Cristhian Carreno / Unsplash
Panama joined a carbon-negative alliance with Bhutan and Suriname at Cop26. Photo: Cristhian Carreno / Unsplash

Panama was one of the first three countries to achieve net-zero emissions and joined an alliance of carbon-negative nations with Bhutan and Suriname at Cop26 that called for trade and carbon-pricing support.

About 65 per cent of the Central American country’s land, 33 per cent of which is protected, is covered in rainforests and it’s home to 4.5 million, as well as more than 10,000 species of plants.

The government has promised to reforest 50,000 hectares of land and reduce emissions by 24 per cent from the energy sector, both by 2050.

They also aim to focus on the marine-coastal system, biodiversity, sustainable agriculture, livestock, aquaculture and the circular economy.

Suriname

A total 93 per cent of Suriname’s land mass is covered in forest canopy, which absorbs billions of tonnes of CO2.

The Amazon nation has a population of 600,000, with 2.9 citizens per square kilometre, and describes itself as a “carbon sink of global significance”.

The government aims to protect at least 17 per cent of its terrestrial area by 2030, as well as integrate more renewable energy, with a strategy for reducing emissions from deforestation and degradation.

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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: Hassan Mohsen Elhais

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What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

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Thursday (All UAE kick-off times)

Sevilla v Real Betis (midnight)

Friday

Granada v Real Betis (9.30pm)

Valencia v Levante (midnight)

Saturday

Espanyol v Alaves (4pm)

Celta Vigo v Villarreal (7pm)

Leganes v Real Valladolid (9.30pm)

Mallorca v Barcelona (midnight)

Sunday

Atletic Bilbao v Atletico Madrid (4pm)

Real Madrid v Eibar (9.30pm)

Real Sociedad v Osasuna (midnight)

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F1 2020 calendar

March 15 - Australia, Melbourne; March 22 - Bahrain, Sakhir; April 5 - Vietnam, Hanoi; April 19 - China, Shanghai; May 3 - Netherlands, Zandvoort; May 20 - Spain, Barcelona; May 24 - Monaco, Monaco; June 7 - Azerbaijan, Baku; June 14 - Canada, Montreal; June 28 - France, Le Castellet; July 5 - Austria, Spielberg; July 19 - Great Britain, Silverstone; August 2 - Hungary, Budapest; August 30 - Belgium, Spa; September 6 - Italy, Monza; September 20 - Singapore, Singapore; September 27 - Russia, Sochi; October 11 - Japan, Suzuka; October 25 - United States, Austin; November 1 - Mexico City, Mexico City; November 15 - Brazil, Sao Paulo; November 29 - Abu Dhabi, Abu Dhabi.

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EMERGENCY PHONE NUMBERS

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

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Updated: April 22, 2023, 8:46 AM