UN chief Antonio Guterres said a meeting on climate change this year in Scotland is at risk of failure because of mistrust between developed and developing countries, and lack of ambitious goals among some emerging economies.
The UN Cop26 conference in Glasgow in November aims to bring much more ambitious climate action and funds for it from participants around the globe.
Scientists said last month that global warming is dangerously close to being out of control.
"I believe that we are at risk of not having a success in Cop26," Mr Guterres told Reuters on Wednesday.
"There is still a level of mistrust – between north and south, developed and developing countries – that needs to be overcome.
"We are on the verge of the abyss and when you are on the verge of the abyss, you need to be very careful about what the next step is. And the next step is Cop26 in Glasgow."
Mr Guterres and Britain's Prime Minister Boris Johnson will on Monday host a meeting of world leaders during the annual high-level week of the UN General Assembly to build up the chances of success at the climate conference, being held from November 1 to 12.
"My objective and the reason why we are convening a meeting on Monday is exactly to build trust, to allow for everybody to understand that we all need to do more," Mr Guterres said.
"We need the developed countries to do more, namely in relation to the support to developing countries.
"And we need some emerging economies to go an extra mile and be more ambitious in the reduction of air emissions."
Monday's meeting, which will be both online and in person, will be closed to allow for "frank and open discussions" on how to deliver success in Glasgow, a senior UN official said.
Meanwhile, the world remains behind in its battle to cut carbon emissions and the pace of climate change has not been slowed by the global Covid-19 pandemic , the World Meteorological Organisation said on Thursday.
Scientists said last month that unless major action is taken to cut emissions, the average global temperature is likely to hit or pass the level of 1.5°C above pre-industrial times within 20 years.
"Until now, I have not seen enough commitment of developed countries to support developing countries ... and to give a meaningful share of that support to the needs of adaptation," Mr Guterres said.
Developing countries tend to be the most vulnerable to costly climate impacts, and the least resourced to deal with them.
For years, they have been struggling to secure the funds to help them prepare for climate disruptions that rich nations in 2009 pledged to increase to $100 billion a year.
So far, the money that has arrived focused on emissions reduction rather than adaptation. Of the $78.9bn in climate finance transferred by rich countries in 2018, only 21 per cent was spent on adaptation, OECD data shows.
Asked if companies that develop carbon capture technology should have to issue patent waivers so those advances can be shared, Mr Guterres said: "Any development in that area should be a global public good and should be made available to all countries in the world."
But he added: "We have not yet seen results that confirm those technologies will be a key element to solve the problem."
Mr Guterres played down the effect that the increasingly cold relationship between China and the US – the world's two biggest emitters of greenhouse gases – would have on their co-operation on climate change.
"They are a multilateral issue," he said. "So my appeal to both the United States and China is for each of them to do their part."
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MATCH INFO
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Manchester City 1 (Sterling 16')
Man of the match: Kevin de Bruyne (Manchester City)
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Zayed Sustainability Prize
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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.”
Five films to watch
Castle in the Sky (1986)
Grave of the Fireflies (1988)
Only Yesterday (1991)
Pom Poki (1994)
The Tale of Princess Kaguya (2013)
Mohammed bin Zayed Majlis
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Zayed Sustainability Prize
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
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)