Investors opened a $130 trillion war chest to tackle climate change on Tuesday in what Britain's finance chief described as a "historic wall of capital" to lead the global response.
Chancellor of the Exchequer Rishi Sunak told delegates at the Cop26 summit that a coalition of banks, insurers and asset managers would provide the financial firepower to meet the Paris Agreement goals.
He said Britain's wealthy finance industry would become the world's first "net-zero financial centre" under new rules on disclosing green activities, aimed at ensuring that the vast sums hit their intended target.
Mr Sunak used the summit's designated Finance Day to assure developing countries that a delayed $100 billion in annual funding would soon be in their treasuries more than a decade after it was promised.
The money was due to come from a mixture of public and private sources but governments blamed stagnant private investment for the failure to meet the target by 2020.
"While we know we are not yet meeting it soon enough, we will work closely with developing countries to do more and to reach the target sooner," Mr Sunak told delegates in Glasgow.
The private sector commitment comes from an initiative called the Glasgow Financial Alliance for Net Zero, led by Mark Carney, former governor of the Bank of England and now a UN envoy for climate.
It was announced on Wednesday that US billionaire Michael Bloomberg would join Mr Carney as a chairman of the coalition, which said it had brought together 40 per cent of the world's banking asets.
It makes up about 450 companies who represent a combined $130 trillion in assets. They are committing to manage their funds in accordance with climate goals and provide annual updates on their work.
Their funding is intended to help meet the goal of the Paris Agreement to cap global warming at 1.5°C above pre-industrial levels.
But Mr Carney said reforms of the financial system were needed, including mandatory climate disclosure rules, so that the pot of money does not go to waste.
Speaking later, Mr Sunak told Bloomberg TV that financial rules needed to ensure that “what sits there on a piece of paper is actually going to turn into tangible actual projects on the ground”.
Mr Carney said investors had long seen climate action as a form of corporate social responsibility. "Too many thought that this was someone else’s problem," he said in Glasgow.
"Right here, right now is where we draw the line. Right here, right now is where private finance draws the line," he said. "Make no mistake, the money is here, if the world wants to use it."
He said money was being put aside this decade to fund the green transition in emerging and developing economies.
The costs of carbon neutrality, Cop26 organisers say, include $16tn for electric power, $5.2tn for energy-efficient buildings and $1.5 for a green overhaul in agriculture.
Mr Sunak said electricity for schools and hospitals in Africa, flood defences in the Philippines and Pacific islands and better-insulated homes around the world were among the priorities for investment.
Alok Sharma, the president of Cop26, said there was more private and public finance for climate action than ever before.
"I am delighted that work is underway to mobilise finance into developing countries to help with their energy transition," he said. Countries are telling us what they need, now global finance needs to respond."
Campaigners had criticised a lack of focus on fossil fuels in the finance coalition's plans, but welcomed an indication from Mr Carney that banks would be urged to steer money away from oil and gas.
"The net zero alliances must now incorporate robust requirements on 1.5°C-aligned fossil fuel phase outs into their criteria for financial institutions," said analyst Patrick McCully of the group Reclaim Finance.
Janet Yellen, the US Treasury Secretary, said green investments were the "greatest economic opportunity of our time", echoing President Joe Biden's focus on jobs.
"As big as the public sector effort is across all our countries, the $100tn-plus price tag to address climate change globally is far bigger," she said.
"The gap between what governments have and what the world needs is large and the private sector needs to play a bigger role."
Patricia Espinosa, executive secretary of the UN Framework Convention on Climate Change, said the pledges would help “move the billions to the trillions” in global finance.
“There is the money. We need to mobilise it for climate. We need to put it at the service of this,” she said.
The finance negotiations are the first of the specialised days of events at Cop26 after world leaders wrapped up their initial talks on Tuesday. Attention will turn to energy, young people and nature later in the week.
The UK's Treasury said Tuesday's talks were the largest ever meeting of finance leaders on climate change.
Net-zero finance
Mr Sunak said Britain would strive to become a net-zero financial services centre by cutting out investments in carbon-intensive industries.
He told Cop26 delegates he wanted to "rewire the entire global financial system for net zero" by strengthening transparency rules on green investment.
Mr Carney said the goal for Cop26 was to build a financial system in which every decision takes climate change into account.
The UK financial sector's carbon emissions exceeded the net annual output of most countries in 2019 as a result of worldwide investments, a study by environmentalist groups including Greenpeace claimed in May.
Under Mr Sunak's proposals, financial institutions and listed companies that operate primarily in Britain would be required to publish net-zero transition plans.
Mr Sunak is proposing an expert task force to develop a "gold standard" for such decarbonisation plans, to prevent them from misleading customers in what is known as greenwashing.
A fact sheet on Mr Sunak's proposals specified that it would not be mandatory for companies to commit to net zero and they could set different targets.
It also said that investments in carbon-intensive activities would still be allowed.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The biog
Occupation: Key marker and auto electrician
Hometown: Ghazala, Syria
Date of arrival in Abu Dhabi: May 15, 1978
Family: 11 siblings, a wife, three sons and one daughter
Favourite place in UAE: Abu Dhabi
Favourite hobby: I like to do a mix of things, like listening to poetry for example.
Favourite Syrian artist: Sabah Fakhri, a tenor from Aleppo
Favourite food: fresh fish
THE%20SPECS
%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
Sholto Byrnes on Myanmar politics
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
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
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:
Killing of Qassem Suleimani
Children who witnessed blood bath want to help others
Aged just 11, Khulood Al Najjar’s daughter, Nora, bravely attempted to fight off Philip Spence. Her finger was injured when she put her hand in between the claw hammer and her mother’s head.
As a vital witness, she was forced to relive the ordeal by police who needed to identify the attacker and ensure he was found guilty.
Now aged 16, Nora has decided she wants to dedicate her career to helping other victims of crime.
“It was very horrible for her. She saw her mum, dying, just next to her eyes. But now she just wants to go forward,” said Khulood, speaking about how her eldest daughter was dealing with the trauma of the incident five years ago. “She is saying, 'mama, I want to be a lawyer, I want to help people achieve justice'.”
Khulood’s youngest daughter, Fatima, was seven at the time of the attack and attempted to help paramedics responding to the incident.
“Now she wants to be a maxillofacial doctor,” Khulood said. “She said to me ‘it is because a maxillofacial doctor returned your face, mama’. Now she wants to help people see themselves in the mirror again.”
Khulood’s son, Saeed, was nine in 2014 and slept through the attack. While he did not witness the trauma, this made it more difficult for him to understand what had happened. He has ambitions to become an engineer.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
((Disclaimer))
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
HERO%20CUP%20TEAMS
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THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
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.”
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
Selected fixtures
All times UAE
Wednesday
Poland v Portugal 10.45pm
Russia v Sweden 10.45pm
Friday
Belgium v Switzerland 10.45pm
Croatia v England 10.45pm
Saturday
Netherlands v Germany 10.45pm
Rep of Ireland v Denmark 10.45pm
Sunday
Poland v Italy 10.45pm
Monday
Spain v England 10.45pm
Tuesday
France v Germany 10.45pm
Rep of Ireland v Wales 10.45pm
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