A quarter of a century ago, as humankind came to grips with the fact that the climate was warming, world leaders finalised a landmark treaty — the Kyoto Protocol.
Named after the Japanese city where negotiations were concluded on December 11, 1997, the agreement resulted in the first legally binding targets for dozens of developed nations to reduce or slow the growth of their greenhouse gas emissions.
Developing nations were excluded from such obligations and, in the early 2000s, the US — at the time the world’s biggest emitter of greenhouse gases — decided not to ratify the treaty. Canada also went on to withdraw from the protocol.
Niklas Hoehne, founder of the German think tank the NewClimate Institute for Climate Policy and Global Sustainability, said despite this “major failure” to include the US, the protocol had many achievements, especially in the EU, which “took it seriously and wanted to comply”.
“In the European Union, it initiated a whole set of policies that significantly changed the climate policies of the [bloc],” he said.
“Without the Kyoto Protocol, there wouldn’t be emissions trading, effort sharing [the EU’s mechanism for allocating greenhouse gas commitments to member states], car standards, a whole set of new policies.”
The Kyoto Protocol was struck five years after the landmark “Earth Summit” in Brazil, where nations agreed on the UN Framework Convention on Climate Change (UNFCCC), which set up the structure for dealing with the issue.
The protocol was designed to achieve the UNFCCC’s aim of stabilising greenhouse gas concentrations at a level that limited harm.
Under the protocol, 41 industrialised nations and the EU pledged that, by 2012, they would cut emissions of six greenhouse gases by an average of 5.2 per cent compared to 1990 levels.
There were many ways in which emissions reductions could be achieved, including investing in clean technologies in developing nations, something known as the clean development mechanism.
Although it later refused to ratify the protocol, the US was central to designing it, said Michael Grubb, professor of energy and climate change at University College London.
Al Gore, the US vice president at the time, took part in the negotiations, and the treaty was signed by Bill Clinton, a Democrat, in late 1998. But there was heavy opposition to the measure in the US Senate.
“The Republicans always said the US had overcommitted, the target was too ambitious and it made no sense without the developing countries,” Dr Grubb said.
George W Bush criticised the treaty during his campaign for the US presidency in 2000 and, in March the following year, not long after moving into the White House, he said his country would not enact the agreement.
In 2005, when the protocol came into effect, annual US carbon dioxide emissions from fossil fuels and industry were 6.14 gigatonnes (with one gigatonne equal to one billion tonnes), while those of the EU were 4.31Gt, OurWorldinData reports.
Between 2005 and 2021, the US and EU showed similar reductions in absolute terms, their emissions falling to 5.01Gt and 3.14Gt, respectively. In percentage terms, however, the EU achieved a faster decrease of 27 per cent, compared to 18 per cent for the US.
The omission from the protocol of China was significant. Lumped in with developing nations, it was exempt from the treaty’s requirements — only for its emissions to soar at a rate unseen before.
In 1997, when the protocol was agreed to, China pumped out 3.57Gt of CO2 from industry and the burning of fossil fuels.
By the time the protocol passed into law in 2005, this had risen to 5.88Gt, and a year later, China overtook the US as the world’s biggest emitter.
After further steep rises, the country’s CO2 emissions last year were estimated at 11.47Gt, but the NewClimate Institute has projected they will peak in 2025.
When the negotiations for the Kyoto Protocol started and the original framework convention was developed, it was “a very different world”, said Dr Grubb.
“Developing countries’ emissions were fairly small on an absolute basis … and the treaty said this problem has been caused by emissions from the industrialised world and they have the responsibility,” he said.
The Kyoto Protocol was, he continued, in part about developed countries, especially those in the EU, showing that it was possible to continue to develop while limiting emissions.
Green revolution
This was demonstrated by the “revolution in renewables”, as Dr Grubb described it, that came in the protocol’s wake.
Echoing this, Edgar Hertwich, a professor in industrial ecology at the Norwegian University of Science and Technology, credits the protocol with improving energy efficiency and pushing forward wind and solar power.
The protocol was, however, “really weak in what it was aiming for”, he said. As well as the absence of emissions reductions for scores of developing nations, targets for developed countries were “quite modest”.
While its goals were reached, Dr Hertwich said it was unclear how much the protocol was actually the cause for this. The process, he said, “could have gone a lot faster”.
“I think in the end the story will be one of a missed opportunity because there wasn’t enough will back then to act strongly,” he said.
“I think the Paris Agreement is in a sense a much better set-up. OK, it doesn’t have the same national targets for emissions that the Kyoto Protocol had, but at the same time it does [have] a dynamic mechanism for ratcheting up commitments by national governments.”
The Paris Agreement, struck in 2015, included both developed and developing nations and had more ambitious long-term goals “but pretty fuzzy implementation”, Dr Grubb said.
Unlike the Kyoto Protocol, it did not create legally binding targets, reflecting the tension between getting an agreement that is broad and one that is deep.
“By then [2015], developing countries were worried about climate change. They still felt it should be some other countries’ responsibility, but they did want to try to find a way forward,” he said.
“The more countries you have on board, the weaker the structure is going to be. That’s almost unavoidable.”
As part of the Paris Agreement — the first proper stocktaking of which is set to happen at Cop28 in the UAE in late 2023 — countries put forward Nationally Determined Contributions, their pledges on what action they will take to reduce emissions and adapt to climate change.
These are put forward by nations knowing that they will not be held legally accountable, Dr Grubb said, and implementation can be especially problematic if there is a change of government, as an incoming administration may not feel obliged to adhere to the commitments of its predecessor.
There are, then, both pluses and minuses to the Kyoto Protocol and its successors.
Despite its faults, the Kyoto Protocol in the form that it was agreed to was “an essential first step”, Dr Hoehne said, given that in 1992, five years before it was signed, the decision had been made that developed countries should act first.
“Therefore it was a very important step along the way,” he said. “I’m sure it paved the way towards agreements with all countries.”
UFC%20in%20Abu%20Dhabi
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
The%20specs
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The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
Match info
Manchester United 1 (Van de Beek 80') Crystal Palace 3 (Townsend 7', Zaha pen 74' & 85')
Man of the match Wilfried Zaha (Crystal Palace)
Russia's Muslim Heartlands
Dominic Rubin, Oxford
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The%20Genius%20of%20Their%20Age
%3Cp%3EAuthor%3A%20S%20Frederick%20Starr%3Cbr%3EPublisher%3A%20Oxford%20University%20Press%3Cbr%3EPages%3A%20290%3Cbr%3EAvailable%3A%20January%2024%3C%2Fp%3E%0A
The Cockroach
(Vintage)
Ian McEwan
Results
5pm: Maiden (PA) Dh80,000 (Turf) 2,200m, Winner: Zalman, Pat Cosgrave (jockey), Helal Al Alawi (trainer)
5.30pm: Maiden (PA) Dh80,000 (T) 1,600m, Winner: Hisham Al Khalediah II, Fernando Jara, Mohamed Daggash.
6pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: Qader, Adrie de Vries, Jean de Roualle
6.30pm: Abu Dhabi Championship Listed (PA) Dh180,000 (T) 1,600m, Winner: Mujeeb, Fabrice Veron, Eric Lemartinel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,600m, Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
7.30pm: Handicap (TB) Dh90,000 (T) 1,600m, Winner: Shanaghai City, Fabrice Veron, Rashed Bouresly
8pm: Handicap (TB) Dh100,000 (T) 1,400m, Winner: Nayslayer, Bernardo Pinheiro, Jaber Ramadhan
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.”
Lowest Test scores
26 - New Zealand v England at Auckland, March 1955
30 - South Africa v England at Port Elizabeth, Feb 1896
30 - South Africa v England at Birmingham, June 1924
35 - South Africa v England at Cape Town, April 1899
36 - South Africa v Australia at Melbourne, Feb. 1932
36 - Australia v England at Birmingham, May 1902
36 - India v Australia at Adelaide, Dec. 2020
38 - Ireland v England at Lord's, July 2019
42 - New Zealand v Australia in Wellington, March 1946
42 - Australia v England in Sydney, Feb. 1888
Avengers: Endgame
Directors: Anthony Russo, Joe Russo
Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin
4/5 stars
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
WHY%20AAYAN%20IS%20'PERFECT%20EXAMPLE'
%3Cp%3EDavid%20White%20might%20be%20new%20to%20the%20country%2C%20but%20he%20has%20clearly%20already%20built%20up%20an%20affinity%20with%20the%20place.%3Cbr%3E%3Cbr%3EAfter%20the%20UAE%20shocked%20Pakistan%20in%20the%20semi-final%20of%20the%20Under%2019%20Asia%20Cup%20last%20month%2C%20White%20was%20hugged%20on%20the%20field%20by%20Aayan%20Khan%2C%20the%20team%E2%80%99s%20captain.%3Cbr%3E%3Cbr%3EWhite%20suggests%20that%20was%20more%20a%20sign%20of%20Aayan%E2%80%99s%20amiability%20than%20anything%20else.%20But%20he%20believes%20the%20young%20all-rounder%2C%20who%20was%20part%20of%20the%20winning%20Gulf%20Giants%20team%20last%20year%2C%20is%20just%20the%20sort%20of%20player%20the%20country%20should%20be%20seeking%20to%20produce%20via%20the%20ILT20.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20is%20a%20delightful%20young%20man%2C%E2%80%9D%20White%20said.%20%E2%80%9CHe%20played%20in%20the%20competition%20last%20year%20at%2017%2C%20and%20look%20at%20his%20development%20from%20there%20till%20now%2C%20and%20where%20he%20is%20representing%20the%20UAE.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20was%20influential%20in%20the%20U19%20team%20which%20beat%20Pakistan.%20He%20is%20the%20perfect%20example%20of%20what%20we%20are%20all%20trying%20to%20achieve%20here.%3Cbr%3E%3Cbr%3E%E2%80%9CIt%20is%20about%20the%20development%20of%20players%20who%20are%20going%20to%20represent%20the%20UAE%20and%20go%20on%20to%20help%20make%20UAE%20a%20force%20in%20world%20cricket.%E2%80%9D%C2%A0%3C%2Fp%3E%0A
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nag%20Ashwin%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EPrabhas%2C%20Saswata%20Chatterjee%2C%20Deepika%20Padukone%2C%20Amitabh%20Bachchan%2C%20Shobhana%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E%E2%98%85%E2%98%85%E2%98%85%E2%98%85%3C%2Fp%3E%0A
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
EVIL%20DEAD%20RISE
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ELee%20Cronin%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EAlyssa%20Sutherland%2C%20Morgan%20Davies%2C%20Lily%20Sullivan%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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Results
Stage 7:
1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29
2. Sam Bennett (IRL) Deceuninck-QuickStep - same time
3. Phil Bauhaus (GER) Bahrain Victorious
4. Michael Morkov (DEN) Deceuninck-QuickStep
5. Cees Bol (NED) Team DSM
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28
2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35
3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02
4. Chris Harper (AUS) Jumbo-Visma - 0:01:42
5. Neilson Powless (USA) EF Education-Nippo - 0:01:45
NATIONAL%20SELECTIONS
%3Cp%3E6pm%3A%20Falling%20Shadow%3Cbr%3E6.35pm%3A%20Quality%20Boone%3Cbr%3E7.10pm%3A%20Al%20Dasim%3Cbr%3E7.45pm%3A%20Withering%3Cbr%3E8.20pm%3A%20Lazuli%3Cbr%3E8.55pm%3A%20Tiger%20Nation%3Cbr%3E9.30pm%3A%20Modern%20News%3C%2Fp%3E%0A
SERIE A FIXTURES
All times UAE ( 4 GMT)
Saturday
Roma v Udinese (5pm)
SPAL v Napoli (8pm)
Juventus v Torino (10.45pm)
Sunday
Sampdoria v AC Milan (2.30pm)
Inter Milan v Genoa (5pm)
Crotone v Benevento (5pm)
Verona v Lazio (5pm)
Cagliari v Chievo (5pm)
Sassuolo v Bologna (8pm)
Fiorentina v Atalanta (10.45pm)