• Dr Dena Assaf, UN Resident Coordinator for the UAE addresses the UN Women's conference on Tuesday. All photos: Victor Besa / The National
    Dr Dena Assaf, UN Resident Coordinator for the UAE addresses the UN Women's conference on Tuesday. All photos: Victor Besa / The National
  • Sarah Adil Shaw, Senior Advisorat COP 28 UAE.
    Sarah Adil Shaw, Senior Advisorat COP 28 UAE.
  • Alfonso Ferdinand, Ambassador of the Philippines to the UAE.
    Alfonso Ferdinand, Ambassador of the Philippines to the UAE.
  • Sajeda Sufiana Shawa, Head of the UAE office of the United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA).
    Sajeda Sufiana Shawa, Head of the UAE office of the United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA).
  • Ahlam Saeed Al-Lamki, Head of Department of Research and Development, General Women Union.
    Ahlam Saeed Al-Lamki, Head of Department of Research and Development, General Women Union.
  • Andrea Fontana, Ambassador of the European Union to the UAE.
    Andrea Fontana, Ambassador of the European Union to the UAE.
  • Mervat Shelbaya, Head, Inter-Agency Standing Committee (IASC) Secretariat and Director, Inter-Agency Support Branch (IASB) - UNOCHA.
    Mervat Shelbaya, Head, Inter-Agency Standing Committee (IASC) Secretariat and Director, Inter-Agency Support Branch (IASB) - UNOCHA.

Climate discussions must address closing gender gap, UN conference hears


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Women remain a minority in the climate change agenda and must feature in all discussions if the gender gap is to close, a UN Women's conference heard on Tuesday.

Historically, women have been more vulnerable than men to the effects of climate change.

This is especially felt in remote, rural areas and villages where women are often guardians of natural and household resources, with no access to clean water and, in some instances, experiencing extreme weather such as drought or flooding.

At a session held at the General Women’s Union in Abu Dhabi, Sheikha Dr Moza bint Tahnoun Al Nahyan, adviser to the UAE's Ministry of Foreign Affairs and International Co-operation, said immediate action was needed to involve women in climate change decisions.

“We find ourselves at a pivotal moment in history, where the fate of our planet and our well-being, especially that of our youth and future generations, hangs in the balance," she said.

"It is crucial that we take transformative action now. Climate change does not affect everyone equally.

"Unfortunately, women and girls bear a disproportionate impact and burden that is placed mostly on those who are must are most vulnerable, such as refugees and rural women."

Sheikha Dr Moza said 80 per cent of all people displaced by climate emergencies are women and girls.

“Additionally, they experience the loss of livelihoods, food security and limited access to clean water and salination," she said.

"They are also burdened with increased care responsibilities as communities strive to build resilience and cope with the effects of climate change. ”

Closing the gap

Mouza Al Shehhi, director of UN Women GCC Liaison Office. Victor Besa / The National
Mouza Al Shehhi, director of UN Women GCC Liaison Office. Victor Besa / The National

Mouza Al Shehhi, director of UN Women GCC Liaison Officer, outlined key priorities and steps that must be taken to close the gender gap.

She said it was crucial to address the specific needs and vulnerabilities of women and girls.

"By integrating gender considerations into our climate strategies, we can ensure a more inclusive response," Ms Al Shehhi said.

“Women's leadership is a catalyst for transformative change in climate action.

"Let us create spaces for women to participate meaningfully in decision-making processes. Together, we can break down barriers and unleash their potential to shape sustainable solutions.”

She said creating women-led finance initiatives would have a far-reaching effect on rural communities.

“Women often face challenges in accessing financial resources to address climate change," Ms Al Shehhi said.

"It is essential to design climate finance initiatives that support women-led initiatives, providing them with the necessary funding and opportunities. By investing in women, we invest in the resilience of our communities.”

Data-driven insights will help make informed decisions and develop policies that address the unique challenges faced by women and girls, she said.

As Cop28 approaches, Ms Al Shehhi said it was important to commit to gender-responsive climate action.

“Lastly, we must engage and empower youth. Young women and girls are essential in shaping our sustainable future.

"Let us create platforms for their voices to be heard and integrate their perspectives into our strategies. By nurturing their leadership, we ensure a legacy of resilience for future generations.”

Dr Dena Assaf, United Nations resident co-ordinator in the UAE, said more women need to be included in climate discussions.

“Unfortunately, women are still a minority among climate negotiators in the Mena region," she said.

"There are also very few women-led organisations participating in UNFCCC’s Women and Gender Constituency.

"This gap is particularly important for the youth and young women, where their energy and promising ideas can be instrumental in helping us overcome climate change challenges.”

UAE currency: the story behind the money in your pockets

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.”

The Laughing Apple

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Updated: July 12, 2023, 2:30 AM