The Cop28 presidency has said agriculture and food production will take centre stage at the climate summit later this year.
Mariam Al Mheiri, Minister for Climate Change and Environment, on Monday unveiled the “food systems and agriculture agenda” for the crucial talks that aim to tackle the issue in four ways: galvanising national leadership; involving non-state actors; boosting innovation; and scaling up finance.
Launched at the UN Food Systems Summit in Rome, Ms Al Mheiri said it was the “strongest push ever given to food systems and agriculture in the Cop process”.
Ms Al Mheiri also called on governments to sign the first “leaders' declaration on food systems, agriculture and climate action”.
The declaration asks governments to put the agenda at the heart of plans to tackle climate change, embedding proposals with pledges to reduce emissions – known as nationally determined contributions – as well as in their biodiversity strategies and adaptation plans.
The launch came on the same day that UN chief Antonio Guterres told the summit global food systems were “broken” and a transformation was needed in how the world produces and consumes food. “Billions of people are paying the price,” he said.
Under the four pillars set out by Ms Al Mheiri, Cop28 will call for governments across the world to step up action on food systems and, secondly, work with non-state actors – businesses, cities, financial institutions, civil society, non-government organisations, indigenous people, academia and all other sections of society – to find solutions.
Thirdly, there will be a call for much more innovation in areas of adaptation (dealing with the effects of climate change) and mitigation (cutting emissions), while fourthly, governments will be urged to scale up finance to help fund the changes.
“The Cop28 presidency’s commitment to prioritising food systems demonstrates a dedication to address pressing global challenges,” said Ms Al Mheiri, also the Cop28 food systems lead.
“By mobilising national leadership, engaging non-state actors, scaling innovation and securing financing, Cop28 aims to drive transformative change to secure a sustainable future for all.”
Adapting to climate change
Unsustainable food production, packaging and consumption account for about a third of all greenhouse gas emissions, 70 per cent of the world’s freshwater usage and drives biodiversity loss, the UN has said.
Switching to renewable energy and adapting to climate change, such as using heat-tolerant crops and more efficient use of water, have been part of the solution and Ms Al Mheiri said it was important to increase the resilience of climate-vulnerable farmers and reduce food system-related emissions.
The Cop28 presidency also said it would unite businesses, farmer and producer organisations and other non-state actors to drive progress. This partnership will work with more than 15 leading chief executives and involve actors across each stage of the agriculture process from production to consumption and finance.
As part of this collaboration, an initiative was launched to promote the widespread adoption of regenerative agriculture in large food landscapes underpinned by procurement and investment commitments.
This drive will be co-chaired with the UN Climate Change High Level Champions; the World Business Council for Sustainable Development; and Boston Consulting Group.
During Cop28, one of the thematic days will be dedicated to food, agriculture and water to galvanise action.
Action on the issue has been building. At Cop26, the UAE and the US launched the Agriculture Innovation Mission for Climate (AIM for Climate). The fund aims to help prepare the agricultural sector for climate change. Billions of dollars in investment has been pledged so far by countries across the globe.
Cop27 in Egypt last year featured the first food systems pavilion and a thematic day dedicated to agriculture.
The UAE Cop28 team, meanwhile, has also been revealing more of its vision for the summit that takes place at Expo City Dubai from November 30 to December 12.
Dr Sultan Al Jaber, Cop28 President-designate, on July 13 said the summit would be based on four pillars – fast-tracking the energy transition, fixing climate finance, focusing on people and making inclusivity a hallmark.
He also said limiting global warming to 1.5°C was the “north star” of his plan for Cop28.
It comes after the UAE raised its own target for emissions cuts to 40 per cent this decade, up from 31 per cent.
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Killing of Qassem Suleimani
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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.”
Buy farm-fresh food
The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.
In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others.
In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food.
In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra.
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Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am
Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am
Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight
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Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
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Favourite player: Franz Beckenbauer
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