International politicians speaking at the opening event of the World Future Energy Summit in Abu Dhabi today criticised the world community for the lack of ambition they said had led to the dramatic failure of the climate talks in Copenhagen.
COP15, the UN Climate Change Conference in December, was expected to result in a new treaty to follow the Kyoto Protocol, which was adopted in Japan by 184 countries in 1997 and expires in 2012.
Instead, the Copenhagen negotiations, between December 7 and 18, produced only a political agreement to limit global warming to a rise of no more than two degrees centigrade above average temperatures before the beginning of the industrial era in the 18th century.
The conference failed to specify the mechanisms for achieving this and did not set targets for the reduction of greenhouse gases.
Today in Abu Dhabi, the heads of state of Greece and the Maldives and the prime minister of Malaysia criticised the international community's lack of resolve.
"The Copenhagen Accord in its current form will not prevent catastrophic climate change," said Mohamed Nasheed, president of the Republic of the Maldives, speaking at the opening plenary session of the summit.
"If we do not act now, our coral reefs and tropical forest will die. Deserts will become unbearable to live in and low-lying countries such as the Maldives will disappear under the sea."
The Maldives, a chain of 26 low-lying atolls in the Indian ocean, is among the nations most in danger from the consequences of rising sea levels. It has said the target for global warming should be set not at two degrees, but only 1.5 degrees above pre-industrial temperatures.
"We do not have the luxury of time to meet year after year in climate negotiations," Mr Nasheed said. "We cannot cut a deal with Mother Nature."
Karolos Papoulias, the president of Greece, agreed, adding: "The failure of Copenhagen becomes dramatic if seen as part of a greater picture."
Najib Tun Razak, the prime minister of Malaysia, urged world leaders to do better to ensure a healthy planet. At Copenhagen, the international community had failed to seize the opportunity and rise to the occasion, he said.
He warned that a "business-as-usual" scenario would lead to a 44 per cent increase in greenhouse gas emissions between 2006 and 2030, with the strongest growth coming from developing countries.
"Addressing the voracious global appetite [for fossil fuels] seems daunting," he said. "It is the challenge of our times."
Mr Nasheed urged that concentrations of greenhouse gases in the atmosphere be kept at 350 parts per million, lower than levels now in the atmosphere. Achieving what the Maldives is asking for would mean emissions peaking by 2015 and decreasing thereafter. "By the end of the century, the entire world needs to be climate-neutral," he said.
However, that position is not supported by the majority of countries, some of which, such as China last year, question the need for any emissions targets at all.
The future of climate-change talks will be the subject of discussions at the summit tomorrow morning when, after a keynote speech by Rashid Ahmed bin Fahad, the UAE's Minister of Environment and Water, experts gather for a plenary forum with the title "What now, after Copenhagen?". Among them will be Rajendra Pachauri, chairman of the Intergovernmental Panel on Climate Change, the foremost global scientific body engaging with the issues. They will also be joined by Bianca Jagger, the former model, founder of the Bianca Jagger Foundation and chairman of the World Future Council, an environmental policy organisation.
On Wednesday Lord Stern, chairman of the Grantham Research Institute on Climate Change and the Environment and author of the first detailed report to analyse climate change in terms of economic impact, will chair a debate on "International policy and climate change action plans".
The political delegates yesterday stressed the importance of energy efficiency and renewable energy.
"Energy efficiency is clearly the lowest-hanging fruit," Mr Najib said, urging governments to make it "a culture and a way of life".
Malaysia, which currently relies primarily on fossil fuels, was looking at adopting a "feed-in" tariff to promote the fast adoption of renewable energy, he said.
Mr Papoulias said that adopting renewable energy solutions, which were often decentralised and not dominated by large corporations, could help in "dealing with inequalities and providing social cohesion". It could also help to make energy systems "more democratic in developing countries" and bridge the gap between rich and poor countries. "Energy," he said, "will no longer be a means of domination and power."
Despite the disappointments of Copenhagen, Mr Nasheed said he remained optimistic: "I believe in mankind's capacity to innovate and change." To his mind, "the smart money is green money" and he praised Abu Dhabi for the stance it was taking on energy issues.
"I am here because in many ways Abu Dhabi represents the future," Mr Nasheed said. The emirate was "investing the proceeds of yesterday's resources to build the green economy of tomorrow".
Sultan al Jaber, the chief executive of Masdar, made clear that Abu Dhabi saw a bright future for renewables: "Over the past year, we have all faced the challenges of the economic downturn," he said. "Nevertheless, renewable energy retains its relevance and continues to make sense.
The world faced significant climate, he said, and "We cannot afford to falter. We cannot lose sight of our responsibility to drive progress towards a low-carbon economy."
This would require "greater collaboration between the public and private sectors". The latter had to come up with innovations, while governments had to make renewables economically sound. "It is our responsibility and duty to shape our energy future," he said
vtodorova@thenational.ae
The Byblos iftar in numbers
29 or 30 days – the number of iftar services held during the holy month
50 staff members required to prepare an iftar
200 to 350 the number of people served iftar nightly
160 litres of the traditional Ramadan drink, jalab, is served in total
500 litres of soup is served during the holy month
200 kilograms of meat is used for various dishes
350 kilograms of onion is used in dishes
5 minutes – the average time that staff have to eat
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HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
Super 30
Produced: Sajid Nadiadwala and Phantom Productions
Directed: Vikas Bahl
Cast: Hrithik Roshan, Pankaj Tripathi, Aditya Srivastav, Mrinal Thakur
Rating: 3.5 /5
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
MATCH INFO
Everton 0
Manchester City 2 (Laporte 45 2', Jesus 90 7')
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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.”
Scores
New Zealand 266 for 9 in 50 overs
Pakistan 219 all out in 47.2 overs
New Zealand win by 47 runs
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Thanksgiving meals to try
World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.
Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as well as festive food platters, canapes and both apple and pumpkin pies.
Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.
The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.
Nolu’s, The Galleria Mall, Maryah Island Abu Dhabi. With much of the menu focused on a California inspired “farm to table” approach (with Afghani influence), it only seems right that Nolu’s will be serving their take on the Thanksgiving spread, with a brunch at the Downtown location from 12pm to 4pm on Friday.
Day 1, Abu Dhabi Test: At a glance
Moment of the day Dimuth Karunaratne had batted with plenty of pluck, and no little skill, in getting to within seven runs of a first-day century. Then, while he ran what he thought was a comfortable single to mid-on, his batting partner Dinesh Chandimal opted to stay at home. The opener was run out by the length of the pitch.
Stat of the day – 1 One six was hit on Day 1. The boundary was only breached 18 times in total over the course of the 90 overs. When it did arrive, the lone six was a thing of beauty, as Niroshan Dickwella effortlessly clipped Mohammed Amir over the square-leg boundary.
The verdict Three wickets down at lunch, on a featherbed wicket having won the toss, and Sri Lanka’s fragile confidence must have been waning. Then Karunaratne and Chandimal's alliance of precisely 100 gave them a foothold in the match. Dickwella’s free-spirited strokeplay meant the Sri Lankans were handily placed at 227-4 at the close.
Tell Me Who I Am
Director: Ed Perkins
Stars: Alex and Marcus Lewis
Four stars
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
INVESTMENT PLEDGES
Cartlow: $13.4m
Rabbitmart: $14m
Smileneo: $5.8m
Soum: $4m
imVentures: $100m
Plug and Play: $25m
Summer special
More from Neighbourhood Watch
The biog
Hometown: Birchgrove, Sydney Australia
Age: 59
Favourite TV series: Outlander Netflix series
Favourite place in the UAE: Sheikh Zayed Grand Mosque / desert / Louvre Abu Dhabi
Favourite book: Father of our Nation: Collected Quotes of Sheikh Zayed bin Sultan Al Nahyan
Thing you will miss most about the UAE: My friends and family, Formula 1, having Friday's off, desert adventures, and Arabic culture and people
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The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000