President Joe Biden kicked off global talks on climate change on Thursday by announcing the US will aim to halve its carbon emissions over 2005 levels by 2030.
The ambitious goal from the world's second-biggest polluter after China marks a stark reversal from the policies of Mr Biden's predecessor Donald Trump, whose tenure was marked by inaction on climate change, a withdrawal from the Paris climate accord and loosening of pollution rules.
Additionally, Mr Biden announced that by 2024, the US would double its annual assistance to help developing countries cope with the effects of climate change.
The UN Green Climate Fund is falling well short of its goal of providing $100 billion per year to low-income countries, and Mr Trump halted contributions to the fund after withdrawing from the Paris Accord.
Mr Biden also called on the rest of the world to join the US in reducing carbon emissions to keep global warming below 1.5°C above pre-industrial levels.
“The world beyond 1.5°C means more frequent fires, floods, draughts, hurricanes tearing through our communities, sweeping away lives and livelihoods, increasingly dire impacts to our public health,” Mr Biden said.
"The signs are unmistakable. The science is undeniable, and the cost of inaction just keeps mounting.”
The US wants other nations to follow suit and scale up plans for cutting pollution and preventing future climate-related challenges. China, Russia, Canada, India, Germany, the UK, Saudi Arabia, the UAE and other big economies are among those attending the summit.
Underscoring the sense of urgency, UN Secretary-General Antonio Guterres said the world stood at "the verge of the abyss".
"Mother Nature is not waiting. Last summer was the hottest on record … Meanwhile, we see ever-rising sea levels, scorching temperatures," he warned.
Chinese President Xi Jinping laid out Beijing's goals, which included "strictly" limiting coal consumption in the coming years.
"China will strive to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060," Mr Xi said.
"China has committed to move from peak carbon to carbon neutrality in a much shorter time span than might take many [developing] countries and that requires extraordinary hard efforts from China.”
Turkish President Recep Tayyip Erdogan spoke on Ankara's initial 2015 commitments under the Paris climate accord during his opening remarks at the summit, praising Turkey as "a leading country in its region when it comes to renewable energy".
"Within the framework of our nationally determined contribution that we had presented in 2015, we are expecting a reduction of our greenhouse gas emissions up to 21 per cent until 2030," said Mr Erdogan.
"We will be increasing our electricity generation from solar power to 10 gigawatts until 2030 and from wind energy to 16 gigawatts."
Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai, will represent the Emirates at the talks. He will join US climate envoy John Kerry and others for a session on "unleashing climate innovation".
Discussions will feature Pope Francis, Saudi Arabia's King Salman bin Abdulaziz, Russian President Vladimir Putin and Israeli Prime Minister Benjamin Netanyahu.
After a brief technical glitch in the opening session, Mr Putin promised to carry out a large-scale campaign for renewable energies, including a pilot project on carbon reduction.
King Salman also touted Saudi Arabia's investments in clean energy, vowing that renewables would comprise half of the oil-rich kingdom's energy needs by 2030.
French President Emmanuel Macron, British Prime Minister Boris Johnson and Canadian Prime Minister Justin Trudeau – whose countries are among those that contribute most to emissions – also addressed the summit.
Mr Johnson said that tackling climate change was not "some expensive, politically correct green act of bunny-hugging", and instead insisted "this is about growth and jobs and I think the president was absolutely right to stress that".
The event involves pre-recorded messages and live interactions between leaders from 40 countries and other luminaries before a UN meeting in Glasgow, Scotland, in November, called Cop26.
Microsoft co-founder and philanthropist Bill Gates will address the talks on Friday.
Celebrities are involved, too. Actor Leonardo DiCaprio, singer Katy Perry and other stars this week wrote to Mr Biden asking him not to sign any environmental deals with Brazil’s President Jair Bolsonaro, who will also address the meeting.
Mr Bolsonaro's government, widely criticised for its lack of action in preventing the destruction of the Amazon rainforest, is demanding $1 billion from the US to cut deforestation in the rainforest by 40 per cent.
Even as the White House aims to ensure the world meets a goal of limiting planetary warming to 1.5°C compared with pre-industrial levels, activists and UN climatologists say we are badly off-track.
The planet has so far warmed by 1.2°C and is headed for at least 3°C this century, increasing the risk of bush fires, droughts, floods, hurricanes and other weather disasters that could one day force millions of people from their homes.
A Biden administration official involved in planning the talks told The National that Gulf oil exporters such as Saudi Arabia and the UAE were key to keeping global temperature increases within acceptable limits.
“Some of these countries which have historically been relegated to a second tier of either unimportant or problem nations, I think may be part of the solution,” he said.
He highlighted the UAE’s advanced water management technology and Saudi’s transition from being a crude exporter to capturing solar energy and powering its $793 billion economy with hydrogen.
“It doesn't matter if you’re in Australia or the US, the UAE or Saudi Arabia, you’re going to have to figure out how you move an economy, which is partially reliant on carbon-intensive activities, to one that is not,” the official said.
The US and China, the world's two biggest carbon polluters, agreed to boost co-operation on climate change before the summit, even as Washington and Beijing clash over everything from trade to cybersecurity and human rights.
The European Union on Wednesday reached a tentative deal that aims to make the 27-nation bloc climate-neutral by 2050, with member states and the parliament agreeing on new carbon reduction targets on the eve of Mr Biden's summit.
Still, climate activists and some UN climatologists say the pledges being announced are too little, too late.
Teenage environmental activist Greta Thunberg this week cast doubt on the US climate summit, saying world leaders were not truly treating the “crisis as a crisis”.
“Lots of insufficient climate ‘targets’ and ‘pledges’ being presented … they equal surrender on the 1.5°C target," the Swedish activist said on Twitter on Wednesday.
"Same facts pretty much apply to all high income nations.”
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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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
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
Have you been targeted?
Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.
2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.
3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.
4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.
5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Alaan%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Parthi%20Duraisamy%20and%20Karun%20Kurien%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%247%20million%20raised%20in%20total%20%E2%80%94%20%242.5%20million%20in%20a%20seed%20round%20and%20%244.5%20million%20in%20a%20pre-series%20A%20round%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
Starring: Jamie Foxx, Angela Bassett, Tina Fey
Directed by: Pete Doctor
Rating: 4 stars
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
COMPANY PROFILE
Company name: Blah
Started: 2018
Founder: Aliyah Al Abbar and Hend Al Marri
Based: Dubai
Industry: Technology and talent management
Initial investment: Dh20,000
Investors: Self-funded
Total customers: 40
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
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Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
THE DETAILS
Deadpool 2
Dir: David Leitch
Starring: Ryan Reynolds, Josh Brolin, Justin Dennison, Zazie Beetz
Four stars
