• Signs from Fridays for Future movement in Berlin, Germany. Ten cities joined New York and London in committing to divest from fossil fuel companies as part of efforts to combat climate change. AP
    Signs from Fridays for Future movement in Berlin, Germany. Ten cities joined New York and London in committing to divest from fossil fuel companies as part of efforts to combat climate change. AP
  • Climate activists march in an attempt to occupy the Garzweiler open-cast coal mine and nearby gas infrastructure on a day of civil disobedience near Grevenbroich, Germany. Getty
    Climate activists march in an attempt to occupy the Garzweiler open-cast coal mine and nearby gas infrastructure on a day of civil disobedience near Grevenbroich, Germany. Getty
  • A child wears plastic bottle waste provided by climate and environmental activists during a protest in Nairobi, Kenya. Reuters
    A child wears plastic bottle waste provided by climate and environmental activists during a protest in Nairobi, Kenya. Reuters
  • A deforested area close to Sinop, Mato Grosso state, Brazil. The number of bushfires raging in Brazil's Amazon increased 61 per cent in September last year, compared to the same period in 2019. AFP
    A deforested area close to Sinop, Mato Grosso state, Brazil. The number of bushfires raging in Brazil's Amazon increased 61 per cent in September last year, compared to the same period in 2019. AFP
  • Ice sculptures of Donald Trump and Jair Bolsonaro comprise the artwork 'Meltdown', which was on display last September during the UN Summit On Biodiversity in New York City. AFP
    Ice sculptures of Donald Trump and Jair Bolsonaro comprise the artwork 'Meltdown', which was on display last September during the UN Summit On Biodiversity in New York City. AFP
  • A Jaguar named Ousado, who suffered second-degree burns during fires in the South American Pantanal region, rests in his cage after treatment in Brazil. AP
    A Jaguar named Ousado, who suffered second-degree burns during fires in the South American Pantanal region, rests in his cage after treatment in Brazil. AP
  • Cars on the Golden Gate Bridge in San Francisco, California. The US state plans to phase out sales of new, petrol-powered cars by 2035. Bloomberg
    Cars on the Golden Gate Bridge in San Francisco, California. The US state plans to phase out sales of new, petrol-powered cars by 2035. Bloomberg
  • Deadly bushfires in California burnt more than 16,000 square kilometres of land last year — more than double the previous record for the most land burnt in a single year in the state. AP
    Deadly bushfires in California burnt more than 16,000 square kilometres of land last year — more than double the previous record for the most land burnt in a single year in the state. AP
  • An aircraft prepares to drop fire retardant while battling a blaze in the Mendocino National Forest, California. AP
    An aircraft prepares to drop fire retardant while battling a blaze in the Mendocino National Forest, California. AP
  • Filipino climate activists hold placards calling for climate action as a part of global climate change protests in Quezon City. Reuters
    Filipino climate activists hold placards calling for climate action as a part of global climate change protests in Quezon City. Reuters
  • Debris collects in a river after heavy rains and floods hit Breil-sur-Roya, a French village close to the Italian border. AFP
    Debris collects in a river after heavy rains and floods hit Breil-sur-Roya, a French village close to the Italian border. AFP
  • Climate and environmental activists make their way through a forest next to the village of Shipunovo, 170 km south of the Siberian city of Novosibirsk, to extinguish a peat fire. AFP
    Climate and environmental activists make their way through a forest next to the village of Shipunovo, 170 km south of the Siberian city of Novosibirsk, to extinguish a peat fire. AFP
  • A man holds a banner with the message "United for climate" during a small climate change protest in Brussels. AP
    A man holds a banner with the message "United for climate" during a small climate change protest in Brussels. AP
  • British zoologist Andrew Bladon takes the temperature of a butterfly near Pegsdon, England. Whether a butterfly's wings absorb or reflect heat from the sun could be a matter of life and death in a warming world, British researchers said. AFP
    British zoologist Andrew Bladon takes the temperature of a butterfly near Pegsdon, England. Whether a butterfly's wings absorb or reflect heat from the sun could be a matter of life and death in a warming world, British researchers said. AFP
  • Members of an environmental group in Seoul, South Korea, take part in a protest against climate change. EPA
    Members of an environmental group in Seoul, South Korea, take part in a protest against climate change. EPA
  • Activists from various environmental groups take part in a protest against climate change in New Delhi, India. EPA
    Activists from various environmental groups take part in a protest against climate change in New Delhi, India. EPA
  • Ugandan climate change activist Vanessa Nakate takes part in a demonstration in the Luzira suburb of Kampala, Uganda. Reuters
    Ugandan climate change activist Vanessa Nakate takes part in a demonstration in the Luzira suburb of Kampala, Uganda. Reuters
  • A climate change demonstration in Vienna, Austria. AFP
    A climate change demonstration in Vienna, Austria. AFP
  • An iceberg floats past Bylot Island in the Canadian Arctic Archipelago in 2017. AP
    An iceberg floats past Bylot Island in the Canadian Arctic Archipelago in 2017. AP
  • A polar bear stands on the ice in the Franklin Strait in the Canadian Arctic Archipelago in 2017. AP
    A polar bear stands on the ice in the Franklin Strait in the Canadian Arctic Archipelago in 2017. AP

Cop26 must consign coal to history to save the planet


Simon Rushton
  • English
  • Arabic

The last chance to protect the planet and its population from catastrophic climate change lies with the Cop26 environmental summit, the event's president said on Friday.
Cop26 chief Alok Sharma said the November summit in Glasgow, Scotland, is "our last hope" to limit global warming to 1.5°C above pre-industrial levels.
"I have faith that world leaders will rise to the occasion and not be found wanting in their tryst with destiny," he said in a speech.

"That, in six months' time, when we are packing up and going home, we will be able to say that at this critical juncture, each of us took responsibility. That we chose to act. And that we kept 1.5°C alive."
The environment emerged in 2021 as a key priority for international leaders after US President Joe Biden led a conference on climate action, showing the US was back at the table after Donald Trump's presidency.

The National
The National

UK Prime Minister Boris Johnson this year announced that Britain would cut carbon emissions by 78 per cent by 2035, bringing forward the country's target to reach zero emissions by 15 years.

Activists including Greenpeace and Greta Thunberg say action is needed rather than words and are wary of political ambitions to achieve climate change goals.

Mr Sharma, a member of the UK Cabinet, said coal as a power source must be consigned to history.

In 2012, 40 per cent of the UK's electricity came from coal. That figure has dropped to less than 2 per cent, the UK government said.

"This is our last hope of keeping 1.5°C alive. Our best chance of building a brighter future – a future of green jobs and cleaner air," Mr Sharma  said.
"We are working directly with governments and through international organisations to end international coal financing.

“This is a personal priority, and to urge countries to abandon coal power, with the G7 leading the way.

“The days of coal providing the cheapest form of power are in the past, and in the past they must remain.”

Environmental protesters in Germany as the country's leaders discussed amendments to climate protection laws this week. Getty
Environmental protesters in Germany as the country's leaders discussed amendments to climate protection laws this week. Getty

Cop26 will focus on limiting global warming, helping communities to adapt and encouraging co-operation to reach climate goals.

Four climate priorities

Mr Sharma said he wanted all countries to commit to 2030 emission targets so that the world could become net zero by 2050. He proposed bans on environmentally harmful vehicles by 2040.
He said vulnerable people in parts of the world already affected by climate change needed help, and he encouraged projects that would put one billion people in a safer place by 2025.
The Cop26 president said there was too much uncertainty about the availability of money pledged to tackle climate change, and he aims to build international trust by ensuring the promise of an annual $1 billion is realised.
His fourth priority, he said, was to build co-operation between nations and organisations committed to tackling the effects of climate change.

Mr Sharma, speaking at Whitelee windfarm near Glasgow, said he would head to Cop26 with a message from his daughters in mind – to choose the planet over politics.
"Their response was simple: 'Please, tell them to pick the planet.' And that's the message I want to leave you with today.

Alok Sharma at Whitelee Windfarm, near Glasgow. WPA Pool/Getty Images
Alok Sharma at Whitelee Windfarm, near Glasgow. WPA Pool/Getty Images

“A message from my daughters, a message from future generations. This is our moment. There are no second chances. Let’s pick the planet.”

He said plans were still in placed for an in-person, Covid-secure summit in November, allowing for officials from developing countries that bear the brunt of climate change to meet those from developed countries responsible for most of the world's emissions.

Kate Blagojevic, head of climate at Greenpeace UK, welcomed Mr Sharma’s commitment to the 1.5°C goal, but said more action was needed.

“The UK can’t claim climate leadership overseas while at home the government continues to entertain a new coal mine in Cumbria or maintains the planning block on English onshore wind,” she said.

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.”

Gender pay parity on track in the UAE

The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.

"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."

Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.

"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.

As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general. 

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

UAE currency: the story behind the money in your pockets
The specs: 2018 Jaguar E-Pace First Edition

Price, base / as tested: Dh186,480 / Dh252,735

Engine: 2.0-litre four-cylinder

Power: 246hp @ 5,500rpm

Torque: 365Nm @ 1,200rpm

Transmission: Nine-speed automatic

Fuel consumption, combined: 7.7L / 100km

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Switch%20Foods%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Edward%20Hamod%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Plant-based%20meat%20production%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2034%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%246.5%20million%3Cbr%3E%3Cstrong%3EFunding%20round%3A%3C%2Fstrong%3E%20Seed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Based%20in%20US%20and%20across%20Middle%20East%3C%2Fp%3E%0A
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%20PROFILE
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Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

The specs

Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

Torque: 370Nm

Price: Dh136,814

The years Ramadan fell in May

1987

1954

1921

1888

Day 4, Abu Dhabi Test: At a glance

Moment of the day Not much was expected – on Sunday or ever – of Hasan Ali as a batsman. And yet he lit up the late overs of the Pakistan innings with a happy cameo of 29 from 25 balls. The highlight was when he launched a six right on top of the netting above the Pakistan players’ viewing area. He was out next ball.

Stat of the day – 1,358 There were 1,358 days between Haris Sohail’s previous first-class match and his Test debut for Pakistan. The lack of practice in the multi-day format did not show, though, as the left-hander made an assured half-century to guide his side through a potentially damaging collapse.

The verdict As is the fashion of Test matches in this country, the draw feels like a dead-cert, before a clatter of wickets on the fourth afternoon puts either side on red alert. With Yasir Shah finding prodigious turn now, Pakistan will be confident of bowling Sri Lanka out. Whether they have enough time to do so and chase the runs required remains to be seen.

MATCH INFO

Uefa Champions League, Group C
Liverpool v Red Star Belgrade
Anfield, Liverpool
Wednesday, 11pm (UAE)

Generational responses to the pandemic

Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:

Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.

Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.

Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

BUNDESLIGA FIXTURES

Friday (All UAE kick-off times)

Borussia Dortmund v Eintracht Frankfurt (11.30pm)

Saturday

Union Berlin v Bayer Leverkusen (6.30pm)

FA Augsburg v SC Freiburg (6.30pm)

RB Leipzig v Werder Bremen (6.30pm)

SC Paderborn v Hertha Berlin (6.30pm)

Hoffenheim v Wolfsburg (6.30pm)

Fortuna Dusseldorf v Borussia Monchengladbach (9.30pm)

Sunday

Cologne v Bayern Munich (6.30pm)

Mainz v FC Schalke (9pm)

At Everton Appearances: 77; Goals: 17

At Manchester United Appearances: 559; Goals: 253