What world leaders said at Cop26 Glasgow climate summit


Jamie Prentis
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World leaders issued a series of stark warnings and urged immediate, ambitious action, as they addressed the opening session of the UN Cop26 climate summit in Glasgow.

Boris Johnson

The UK Prime Minister was the first world leader to address the summit, telling delegates that it would be the generations to come who world judge today’s leaders.

“We are now coming centre-stage before a vast and uncountable audience of posterity and we must not fluff our lines or miss our cue,” he said.

“Because if we fail, they will not forgive us — they will know that Glasgow was the historic turning point when history failed to turn.

“They will judge us with bitterness and with a resentment that eclipses any of the climate activists of today, and they will be right.”

Joe Biden

The US President highlighted the urgency of the matter, calling for action now and without delay. “The science is clear. We only have a brief window left before us to raise our ambitions,” he said. “This is the decisive decade in which we have an opportunity to prove ourselves.”

He called for “a decade of transformative action” to preserve the planet and boost the quality of life for people everywhere.

“We can do this, we just have to make a choice to do it. So, let’s get to work,” he said.

“Those of us who are responsible for much of the deforestation and all the problems we have so far have an overwhelming obligation [to] nations who, in fact, are not there and have not done it.

“We have to help much more than we have thus far.”

But he also highlighted the potential economic windfalls, arguing: “Within the growing catastrophe I believe there's an incredible opportunity — not just for the United States, but for all of us.”

He said there was an opportunity “to invest in ourselves and build an equitable, clean-energy future and in the process create millions of good paying jobs and opportunities around the world".

Narendra Modi

The Indian prime minister said his country will meet a target of net zero emissions by 2070 and pledged that India will reduce its projected carbon emissions by one billion tonnes between now and 2030.

He also called for a global push to adopt sustainable lifestyles "instead of mindless and destructive consumption".

Angela Merkel

The outgoing German Chancellor said there must be a way to “measure our targets and goals” to “provide us with a yardstick,” adding that developed countries had a special responsibility to act.

“The world community hopes that we present ourselves in a better shape at the end of this conference than we found ourselves in the beginning,” she said.

Justin Trudeau

The Canadian Prime Minister said that putting a price on pollution is key to pushing down global emissions.

“Just as globally we’ve agreed to a minimum corporate tax, we must work together to ensure it is no longer free to pollute anywhere in the world. That means establishing a shared minimum standard for pricing pollution.”

“We know pollution pricing is key to getting emissions down while getting innovation up and running.”

Emmanuel Macron

“Too many of us make commitments here — and then sign commercial contracts that do exactly the opposite,” said the French President.

Antonio Guterres

The UN Secretary General blasted the world’s “addiction to fossil fuels,” which he said was “pushing humanity to the brink”.

He said humans are “digging our own graves” through climate change and by “brutalising biodiversity”.

Sir David Attenborough

The famed naturalist and broadcaster asked the audience: “Is this how our story is due to end — a tale of the smartest species doomed by that all too human characteristic of failing to see the bigger picture in pursuit of short-term goals?”

He added: “Perhaps the fact that the people affected by climate change are no longer some imagined future generations but young people alive today, perhaps that will give us the impetus we need to rewrite our story, to turn this tragedy into a triumph.”

Prince Charles

The heir to the British throne said it was quite literally “the last-chance saloon".

“We must now translate fine words into still finer actions.”

Tips on buying property during a pandemic

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar. 

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities. 

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong. 

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

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8.50pm: The Garhoud Sprint Listed Dh265,000 1,200m - Winner: Drafted, Sam Hitchcott, Doug Watson

9.25pm: Handicap Dh170,000 1,600m - Winner: Cachao, Tadhg O’Shea, Satish Seemar

10pm: Handicap Dh190,000 1,400m - Winner: Rodaini, Connor Beasley, Ahmed bin Harmash

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.”

Top 10 most polluted cities
  1. Bhiwadi, India
  2. Ghaziabad, India
  3. Hotan, China
  4. Delhi, India
  5. Jaunpur, India
  6. Faisalabad, Pakistan
  7. Noida, India
  8. Bahawalpur, Pakistan
  9. Peshawar, Pakistan
  10. Bagpat, India
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Results

Light Flyweight (49kg): Mirzakhmedov Nodirjon (UZB) beat Daniyal Sabit (KAZ) by points 5-0.

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Welterweight (69kg): Bobo-Usmon Baturov (UZB) beat Ablaikhan Zhussupov (KAZ) RSC round-1.

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Heavyweight (91kg): Sanjeet (IND) beat Vassiliy Levit (KAZ) 4-1.

Super Heavyweight ( 91kg): Jalolov Bakhodir (UZB) beat Kamshibek Kunkabayev (KAZ) 5-0.

Conflict, drought, famine

Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.

Band Aid

Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.

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Updated: November 01, 2021, 11:17 PM