Britain's Prince William has launched a Dubai-backed £50 million ($64.6m) drive to find the best visionary climate change projects that can help to save the planet.
DP World in partnership with Dubai Expo 2020 are among the founding partners of the Earthshot Prize, the inspiration for which was provided by conservationist Sir David Attenborough.
The initiative has a 10-year plan designed to clean up the Earth by 2030.
Only the best environmental ideas with the biggest wow factor will be considered for an Earthshot accolade, said Royal Foundation chief executive Jason Knauf.
Mr Knauf said the Earthshots project was based on the theory that “urgency plus optimism equals action”.
He said that by taking pessimism out of the equation and working alongside those committed to science, the rising climate crisis might be alleviated.
Mr Knauf said Dubai Expo was an ideal platform for the initiative.
“We have bought in philanthropy covering China, the Middle East, North America and Europe to make sure we have local expertise and each of our partners bring expertise beyond financial support,” he said.
“DP World is heavily involved with Dubai Expo and that is going to be a very important showcase for innovation and sustainable energy and technology, which is a perfect platform for the Earthshot Prize to work with.”
We are rapidly approaching a number of tipping points.
It is hoped the winners will inspire “everyone from a schoolchild in Africa to a boardroom in Europe”, Mr Knauf said.
The awards are all the more prestigious thanks to the project’s royal backing.
Prince William, who has been immersed in environmental issues all his life, said the same resources used to tackle the coronavirus pandemic should be devoted to saving the natural world.
He added: “The plan is to really galvanise and bring together the best minds, the best possible solutions, to fixing and tackling some of the world’s greatest environmental challenges.
“We’ve got to harness our ingenuity and our ability to invent. The next 10 years are a critical decade for change.
"Time is of the essence, which is why we believe that this very ambitious global prize is the only way forward.”
The scheme is inspired by former US president John F Kennedy’s "moonshot" vision in the 1960s, which resulted in the Americans putting men on the Moon, thus winning the Cold War space race against the Soviet Union.
The Earthshots will award £1m to each of five projects for the next 10 years, making it the world’s most high-profile accolade for fighting climate change.
"We are rapidly approaching a number of tipping points," Mr Knauf said.
"If we don’t act now, we may find that runaway climate change and the destruction of the natural world will simply become impossible to stop.
“This is not theory any more. We can see the fires burning, the ice caps melting. The most vulnerable people on the planet are already suffering from rising sea levels.
“Prince William identified a challenge. Urgency is a key part to people demanding change but people feel pessimistic about our ability to solve complex challenges.”
“With every prize we will demonstrate we have the answers. Our power to innovate and co-operate can now save the planet for future generations. The Earthshot prize will speak to every corner of the Earth.”
Organisers contacted representatives at the Nobel and X Prize foundations to establish how winners would be chosen.
One of the first people Prince William spoke to was Sir David.
The best ideas will be adjudged by nominators from around the world across five categories: protect and restore nature; clean our air; revive our oceans; build a waste-free world; and fix our climate.
Earthshot’s other founding partners are the Aga Khan Development Network, Bloomberg Philanthropies, the Jack Ma Foundation, Marc and Lynne Benioff, and the Paul G Allen Family Foundation.
Nominations will open on November 1, with the first winners – which could be people, established companies, start-ups or even cities – being named in December 2021.
Finalists will have the chance to scale up their project with Earthshot funding.
“We will provide a global platform so that the people who have the solutions have the loudest voice in the room,” Mr Knauf said.
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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MATCH INFO
Barcelona v Real Madrid, 11pm UAE
Match is on BeIN Sports
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The Two Popes
Director: Fernando Meirelles
Stars: Anthony Hopkins, Jonathan Pryce
Four out of five stars
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
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