Cop28 to be 'pro-climate and pro-economic growth'

Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation and Chairman of the Cop 28 Higher Committee responsible for preparations for November's summit, convened members to discuss priorities, preparations and milestones.

In the meeting, Sheikh Abdullah spoke of the responsibility of the UAE as the host country and the inclusive approach the nation has taken towards the planning and organisation of the conference, reported news agency Wam.

“Cop28 will be a significant meeting point for heads of state, business leaders, civil society, the scientific community, youth and all segments of society, as we deliberate where the world stands today on climate action, and what must be done to shift from promises to progress by 2030 in line with the Paris Agreement,” he said.

During the committee meeting, Dr Sultan Al Jaber, Cop28 President-designate and Vice Chairman of the Higher Committee, discussed the summit presidency’s tour.

We need an approach that ensures economic prosperity and energy access in parallel with emissions reductions

Dr Sultan Al Jaber,
President-designate, Cop28

This included visits to India, China, Japan, Germany, France, the UK and the US.

Recent meetings included the G7 Climate, Energy and Environment Ministerial in Sapporo, Japan, and the Spring meetings of the World Bank and the International Monetary Fund in Washington.

“Climate change is more than just an environmental challenge, it is also an economic issue,” Dr Sultan Al Jaber said.

“We need an approach that ensures economic prosperity and energy access in parallel with emissions reductions.

“Cop28 will be working with all stakeholders to accelerate a business-orientated approach that balances climate action with sustainable economic and social development.

“We must act together to ignite a transformational Cop28 agenda that is pro-growth, pro-climate and leaves no one behind.

“As the Cop28 Presidency continues on its global listening and engagement tour, we are calling for greater climate co-operation to accelerate progress across the core climate pillars.

“We have also been affirming the need for a just and pragmatic energy transition, and supporting reforms of international financial institutions and multilateral development banks to enable more affordable, accessible and available climate finance, especially for the Global South.

“We are committed to shaping an inclusive Cop28 agenda where everyone has an opportunity to be heard and contribute to the process.”

Shamma Al Mazrui, Minister of Community Development and the Youth Climate Champion for Cop28, shared more on the positive response to the International Youth Climate Delegate Programme, announced at last month’s Road to Cop28 event.

The gathering at Expo City Dubai brought together more than 3,000 participants from across UAE society to raise climate awareness and inspire action in the Year of Sustainability.

The Cop28 UAE Higher Committee includes ministers and government officials who represent all areas of the government, industries and sectors to co-ordinate nationwide efforts for the climate summit.

Cop 28 will take place from November 30 until 12 December 2023 at Expo City Dubai.

Road to Cop 28 launch event at Expo City Dubai: in pictures

Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Cop28 President-designate, speaking at the Road to Cop28 launch event at Al Wasl Plaza, Expo City Dubai. All photos: Pawan Singh / The National
Minister of Climate Change and Environment Mariam Al Mheiri in conversation on stage at the event
Ms Al Mheiri with Minister of Community Development and and Cop28 Youth Climate Champion Shamma Al Mazrui, Youngo spokeswoman and lead on nationally determined contributions working group Shreya KC and UN climate change high-level champion Razan Al Mubarak, in discussion on stage
Shreya KC, a Nepali climate justice activist, addresses the event at Al Wasl Plaza
Filipino award-winning poet, rapper and climate artist Meta Sarmiento on stage at the event
Visitors at the Road to Cop28 launch event
An artist at work on an Emirati scene at the Road to Cop28 launch
A model of an onyx – a UAE conservation success story – at the launch event
A performer wearing a dress made from recycled material at the Road to Cop28 launch event at Al Wasl Plaza, Expo City Dubai

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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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