An agreement struck between the US and China is a welcome boost as negotiators make their final efforts to secure a long-term deal to limit global warming to 1.5C at the UN's Cop26 climate change summit in Scotland, the UK's Prime Minister Boris Johnson said on Thursday.
The world's two largest emitters of carbon dioxide unveiled a deal on Wednesday to increase their cooperation on tackling climate change, including cutting methane emissions, phasing out coal consumption and protecting forests.
The surprise announcement came despite tensions between the two superpowers and signalled that the countries' leaders were prepared to put aside their difference to work together on the common threat to the planet, said analysts.
Mr Johnson said on Twitter that that deal was a sign that countries could keep alive the prospect of limiting global warming to 1.5C above pre-industrial levels.
"This is a boost to negotiations as we go into the final days of Cop26 and continue working to deliver an ambitious outcome for the planet," he said.
Alok Sharma, head of the UN climate conference, has warned that climate commitments so far in the talks would do too little to tame global warming and demanded an ambitious deal to be struck over the next few days.
"I want to be clear, we are not there yet, there's still a lot more work to be done," he said. "I know how hard you are all working, but today must represent another gearshift where negotiators finalise outstanding technical work and ministers dial up their engagement," he said.
The framework agreement was announced by US climate envoy John Kerry and his Chinese counterpart Xie Zhenhua at the summit in Scotland, billed by both as way to tip the summit towards success.
“Together we set out our support for a successful Cop26, including certain elements which will promote ambition,” Mr Kerry told a news conference about the deal between Washington and Beijing.
“Every step matters right now and we have a long journey ahead of us.”
Mr Xie told reporters that the deal would lead to China strengthening its emissions-cutting targets.
“Both sides will work jointly and with other parties to ensure a successful Cop26 and to facilitate an outcome that is both ambitious and balanced,” Mr Xie said.
A first draft of the Cop26 deal released earlier in the day received a mixed response from climate activists and experts.
Representatives from almost 200 countries in Glasgow have until the close of the two-week meeting on Friday to agree on a final text.
In an implicit acknowledgement that current pledges were insufficient to avert climate catastrophe, the draft asks countries to “revisit and strengthen” by the end of next year their targets to reduce greenhouse gas emissions up to 2030.
EU climate policy chief Frans Timmermans told Reuters the US-China agreement inspired hope.
“It's really encouraging to see that those countries that were at odds in so many areas have found common ground on what is the biggest challenge humanity faces today,” he said.
“It shows also that the US and China know this subject transcends other issues. And it certainly helps us here at Cop to come to an agreement.”
But E3G, a European climate change think tank, said that the deal did not include any new commitments on the crucial issue of coal.
China has pledged to peak coal consumption before 2030 and go carbon neutral by 2060 but has yet to spell out how it will achieve the goals. Environmentalists have warned that China could keep increasing emissions until 2030 under its current commitments.
"This declaration is a reassuring sign that the world’s two biggest emitters can work together on the biggest crisis humanity is facing," said senior E3G policy advisor Byford Tsang.
"But to walk the talk they’d now need to support a strong political commitment at the COP26 on mitigation and climate finance, and rally other countries to do the same."
The statement from the two global powers was not enough to "close the deal", said Bernice Lee, research director at the Chatham House think tank. "The real test of Washington and Beijing is how hard they push for a 1.5C aligned deal here in Glasgow."
Scientific evidence has grown suggesting that crossing the 1.5C threshold will significantly worsen extreme weather effects, including droughts, flooding and wildfires, and could wipe out some species.
Mr Johnson has made a goal of the conference to "keep 1.5 alive" but environmental groups said that pledges so far did not amount to a significant change. The Climate Action Tracker research group earlier this week said all national pledges submitted so far to cut greenhouse gases by 2030 would, if fulfilled, allow the Earth's temperature to rise 2.4C.
Negotiations are still likely to be fierce over the next two days.
While some developed countries point the finger at major polluters such as China, India and Russia, poorer nations accuse the rich world of failing to keep promises of financial help to deal with the ravages of climate change.
As delegations locked horns over the wording of the final statement, a group of countries, companies and cities composed a pledge committed to phasing out fossil fuel-powered vehicles by 2040.
The overarching goal of the conference is to keep alive hopes of capping global temperatures at 1.5°C above pre-industrial levels, which is unachievable based on most countries' current emissions-cutting pledges.
That aspirational target was set out in the 2015 Paris Agreement. Since then, scientific evidence has shown that crossing the 1.5°C threshold will unleash worse rises in sea levels, floods, droughts, fires and storms than those already occurring, with irreversible consequences.
Cop26 day 11 - in pictures
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Abu Dhabi Sustainability Week
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UAE%20v%20West%20Indies
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England squad
Goalkeepers: Jordan Pickford, Nick Pope, Aaron Ramsdale
Defenders: Trent Alexander-Arnold, Conor Coady, Marc Guehi, Reece James, Harry Maguire, Tyrone Mings, Luke Shaw, John Stones, Ben White
Midfielders: Jude Bellingham, Conor Gallagher, Mason Mount, Jordan Henderson, Declan Rice, James Ward-Prowse
Forwards: Tammy Abraham, Phil Foden, Jack Grealish, Harry Kane, Bukayo Saka, Emile Smith Rowe, Raheem Sterling
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
KILLING OF QASSEM SULEIMANI
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
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.”
Premier Futsal 2017 Finals
Al Wasl Football Club; six teams, five-a-side
Delhi Dragons: Ronaldinho
Bengaluru Royals: Paul Scholes
Mumbai Warriors: Ryan Giggs
Chennai Ginghams: Hernan Crespo
Telugu Tigers: Deco
Kerala Cobras: Michel Salgado
The%20specs
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The specs: 2018 Audi Q5/SQ5
Price, base: Dh183,900 / Dh249,000
Engine: 2.0L, turbocharged in-line four-cylinder / 3.0L, turbocharged V6
Gearbox: Seven-speed automatic / Eight-speed automatic
Power: 252hp @ 5,000rpm / 354hp @ 5,400rpm
Torque: 370Nm @ 1,600rpm / 500Nm @ 1,370rpm
Fuel economy: combined 7.2L / 100km / 8.3L / 100km
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Other must-tries
Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
Pkhali
This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
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.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Ronaldo's record at Man Utd
Seasons 2003/04 - 2008/09
Appearances 230
Goals 115
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5