Dr Sultan Al Jaber was on Sunday appointed as the UAE's special envoy for climate change.
Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, announced the appointment after a Cabinet meeting.
"We have adopted the mandate of Sultan Al Jaber as special envoy for the UAE in the field of climate change. To represent the state in all external forums and all international understandings related to this vital issue, which will be at the top of the international agenda concerning the future of the world," Sheikh Mohammed said.
During the meeting, the Cabinet also adopted an environmental policy, which includes prioritising conservation, air quality, sustainable agricultural and the safe management of waste and chemicals.
Dr Al Jaber has extensive experience of advocacy on environment-related matters, having led a clean energy agenda for almost 15 years.
Having previously been in a similar role between 2010 and 2016, Dr Al Jaber is currently the Minister of Industry and Advanced Technology and group chief executive of Abu Dhabi National Oil Company. At Adnoc, he oversaw a transformation of the state-owned producer over the past four years that has made it a more efficient and technology-led organisation.
Adnoc is currently one of the top five lowest greenhouse gas emitters in the oil and gas industry and has one of the lowest methane intensities in the world. It is also expanding its carbon capture, utilisation and storage programme.
This month, Dr Al Jaber told the Abu Dhabi International Petroleum Exhibition and Conference that Adnoc would pursue the potential of new fuels, such as hydrogen.
“We all have a role to play and we as an industry can do more on climate change,” he said.
Dr Al Jaber has been chairman of Abu Dhabi's clean energy company Masdar, which has developed more than 12GW of renewable energy capacity in 25 countries since 2006. Dr Al Jaber also helped the UAE successfully bid in 2009 to locate the headquarters of the UN's International Renewable Energy Agency in Abu Dhabi. That same year, he was appointed by UN Secretary General Ban Ki-moon to his Advisory Group on Energy and Climate Change.
The view from The National
How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
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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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
