Performers from Ocean Rebellion dressed as Prime Minister Boris Johnson demonstrate on the banks of the River Clyde in Glasgow. PA
Performers from Ocean Rebellion dressed as Prime Minister Boris Johnson demonstrate on the banks of the River Clyde in Glasgow. PA
Performers from Ocean Rebellion dressed as Prime Minister Boris Johnson demonstrate on the banks of the River Clyde in Glasgow. PA
Performers from Ocean Rebellion dressed as Prime Minister Boris Johnson demonstrate on the banks of the River Clyde in Glasgow. PA

Success or failure for 'King of Cop26' Boris Johnson hang on carbon commitments and cash


Thomas Harding
  • English
  • Arabic

Cop26, states Boris Johnson, will mark “the turning point for humanity”.

The British prime minister may well be right, but the question remains: will history hail Glasgow as the place where humanity finally showed the resolve to tackle climate change?

When Britain is on the world stage next week it will certainly be hosting the most important global conference for years.

If success is measured in the number of world leaders attending, then 120-plus have agreed to travel to Glasgow, lured perhaps by Mr Johnson's bonhomie and the presence of 95-year-old Queen Elizabeth II, before she pulled out earlier this week.

But the royal family, the prime minister and the world’s abnormal weather patterns have not proven a draw for President Xi Jinping of China, whose country is considered the biggest global polluter. The same for President Vladimir Putin of Russia, although his dire relations with Britain might also be a reason.

The summit, however, should not be judged on a pageant of world leaders as every country, including China and Russia, is sending delegations with the authority to strike deals.

And success or failure will be measured on the basis of those deals.

  • An aerial view of the Scottish Events Centre in Glasgow, where the Cop26 Summit will take place from Sunday, October 31, until Friday, November 12. Getty Images
    An aerial view of the Scottish Events Centre in Glasgow, where the Cop26 Summit will take place from Sunday, October 31, until Friday, November 12. Getty Images
  • Banners advertising the upcoming Cop26 Summit line a street in Glasgow. Glasgow was chosen to host the summit in 2019. Ministers described it as one of the UK’s most sustainable cities and a showcase for “diverse culture and world-leading innovation”. Bloomberg
    Banners advertising the upcoming Cop26 Summit line a street in Glasgow. Glasgow was chosen to host the summit in 2019. Ministers described it as one of the UK’s most sustainable cities and a showcase for “diverse culture and world-leading innovation”. Bloomberg
  • Workers erect a fence at the Scottish Events Centre. Cop26 was initially due to take place in 2020 but was postponed by a year because of the pandemic. Getty Images
    Workers erect a fence at the Scottish Events Centre. Cop26 was initially due to take place in 2020 but was postponed by a year because of the pandemic. Getty Images
  • A pupil holds a poster at St Convals Primary School in Glasgow while learning about climate change ahead of Cop26. About 25,000 people are expected to attend the summit. Reuters
    A pupil holds a poster at St Convals Primary School in Glasgow while learning about climate change ahead of Cop26. About 25,000 people are expected to attend the summit. Reuters
  • Road closures are in place around the SEC in Glasgow. There have been 25 Conference of the Parties (or 'Cop') summits so far, making this year's event 'Cop26'. Bloomberg
    Road closures are in place around the SEC in Glasgow. There have been 25 Conference of the Parties (or 'Cop') summits so far, making this year's event 'Cop26'. Bloomberg
  • An electronic poster advertising the Cop26 summit. World leaders will kick off the summit by setting 'high-level ambition' for climate action, the UK government says. Bloomberg
    An electronic poster advertising the Cop26 summit. World leaders will kick off the summit by setting 'high-level ambition' for climate action, the UK government says. Bloomberg
  • The Armadillo building forms part of the SEC, the location for the summit. Bloomberg
    The Armadillo building forms part of the SEC, the location for the summit. Bloomberg
  • Artists paint a mural on a a wall next to the Clydeside Expressway near the SEC. Getty Images
    Artists paint a mural on a a wall next to the Clydeside Expressway near the SEC. Getty Images
  • Police Scotland mounted officers patrol near the SSE Hydro venue in Glasgow. As part of the summit, world leaders are holding talks on November 1 and 2. Prime Minister Boris Johnson will represent Britain and US President Joe Biden will be there. AFP
    Police Scotland mounted officers patrol near the SSE Hydro venue in Glasgow. As part of the summit, world leaders are holding talks on November 1 and 2. Prime Minister Boris Johnson will represent Britain and US President Joe Biden will be there. AFP
  • Volunteers model the official uniforms that will be worn by about 1,000 volunteers at Cop26. PA
    Volunteers model the official uniforms that will be worn by about 1,000 volunteers at Cop26. PA

The UK, which holds the UN’s Conference of the Parties (Cop) 26th presidency, will have to persuade all countries to make firm commitments that fix dates to curb emissions and give billions to poorer nations.

Mr Johnson said this week success at Cop26 remains "on a knife edge".

That is partly his way of dampening expectations and protecting his reputation, if it fails.

“We need as many people as possible to go to net zero so that they are not producing too much carbon dioxide by the middle of the century,” he said.

“Now, I think it can be done. It’s going to be very, very tough, this summit.

“And I’m very worried, because it might go wrong and we might not get the agreements that we need.

“It’s touch and go.”

On the flip side, if he pulls it off Mr Johnson's achievements will seem even more impressive. He hopes “peer pressure” at the UN summit could force some nations into action.

The acronym NDC will soon become familiar. Nationally Determined Contributions are the undertakings countries make to reduce their carbon emissions by a certain date.

Britain plans to drop them by 68 per cent by 2030, the European Union by 55 per cent in the same year. But many countries have yet to outline or submit their NDCs, China included.

Mr Johnson, well-rehearsed in hosting world leaders after fronting the G7 summit in Cornwall in June, will again welcome President Joe Biden. The US leader, unlike his predecessor Donald Trump, is among those firmly convinced that much needs to be done to reverse climate deterioration.

Snow storms in Texas, droughts in California and forest fires pretty much everywhere are among the main reasons. And that’s just America. Nearly every country is experiencing unusual weather events as the earth warms.

Boris Johnson attends the launch of the Cop26 Summit in February last year. Getty Images
Boris Johnson attends the launch of the Cop26 Summit in February last year. Getty Images

Observers point to the “intersection X” whereby the evidence of global warming is such that it reaches the point where’s it becomes economically and politically imperative to address.

“It’s the point of what is right for the world in the future and what your living electorate will allow you to do,” said Dr Alan Mendoza. “It’s when those issues intersect and if we haven't got to the intersection point yet we're heading there quite rapidly with extreme weather events that are showing people that something is not right. That's probably doing more to change opinions than anything else.”

It will test Mr Johnson’s diplomatic skills to secure NDCs which are an “absolutely top priority”, said Antony Froggatt, a climate and energy specialist from Chatham House think tank. “It's critical as people increasingly see the current implications of climate change. The UN call it ‘Code Red for humanity’ which is a soundbite but is still true because we can't allow global temperatures to carry on rising.”

The 2015 Paris agreement, which America withdrew from under Mr Trump but rejoined this year, committed to keeping global warming to below 2°C above pre-industrial levels, and preferably to 1.5°C.

But now it’s clear the proposed emissions cuts are not enough to meet the 2°C target.

Alok Sharma, the UK’s Cop26 president, has so far managed to persuade more than 110 countries to submit more ambitious NDCs. His boss – and perhaps British royalty as Prince Charles and the Duke and Duchess of Cambridge will be present – may now lean on the rest for concessions with much of the first few days of Cop26, starting on October 31, used to debate targets.

An artist completes his climate-crisis themed mural in Edinburgh, to coincide with the Cop26 Summit in Glasgow. PA
An artist completes his climate-crisis themed mural in Edinburgh, to coincide with the Cop26 Summit in Glasgow. PA

“Triumph can be measured in a broad communique that commits all participants to hitting certain targets by a clear date,” said Dr Mendoza, director of the Henry Jackson think tank. “What Boris has cleverly done, is present this as a leadership opportunity for the UK. At the end of this conference it will be, do we have a direction we’re mostly heading in together or do we not? If we do, that would be a successful conference.”

If NDCs are a priority, cash is a close second. The world’s richest countries need to pledge $100 billion a year to help developing countries build clean energy infrastructure and move away from fossil fuels.

“The $100bn is also crucial,” said Mr Froggatt. “It can significantly help with technology transfer. But it will be a question of faith and trust because for developing countries the issue of the lack of Covid-19 vaccines has undermined the feeling that we’re all in this together.”

The money will be a key point in winning over the poorer countries, agrees Dr Mendoza.

“It's very important that to show this isn't about a power game, it's not about stopping developing countries from reaching the economic heights they can achieve,” he said. “It is actually about helping them to change their economies to reflect what we need collectively."

Unlike some development aid projects this money would “directly benefit every single human being,” he said.

Another gain will be a global methane pledge, in which the EU and America want to persuade others to help slash the potent gas emissions by 30 per cent by 2030.

It will also be important to secure pledges from as many countries as possible to stop building coal power stations, at the very least by 2040.

.
.

This is where technology could really help, argues Mr Froggatt. “In a couple of years, I would anticipate that we could get tipping points in technologies to the extent that new renewables and new low carbon systems become cheaper than existing fossil fuel plants.”

That can make a huge difference, making it economically viable for countries to shut down coal in favour of solar or wind plants.

Expect to hear the slogan “coals, cars, cash and trees” from Mr Johnson, as well as his colourful and unique verbal skills that might prove effective in cajoling the waverers.

If the prime minister succeeds on securing significant NDCs and the $100 billion, that will mark the start of a long fight to ensure climate change does not become an irreversible fate for the grandchildren of today’s youth.

It’s difficult to contemplate failure at Cop26 as the consequences are so dire. But if all Mr Johnson achieves is multiple approaches with no common agreement, that will not bode well for the Earth’s future.

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

T20 WORLD CUP QUALIFIERS

Qualifier A, Muscat

(All matches to be streamed live on icc.tv) 

Fixtures

Friday, February 18: 10am Oman v Nepal, Canada v Philippines; 2pm Ireland v UAE, Germany v Bahrain 

Saturday, February 19: 10am Oman v Canada, Nepal v Philippines; 2pm UAE v Germany, Ireland v Bahrain 

Monday, February 21: 10am Ireland v Germany, UAE v Bahrain; 2pm Nepal v Canada, Oman v Philippines 

Tuesday, February 22: 2pm Semi-finals 

Thursday, February 24: 2pm Final 

UAE squad:Ahmed Raza(captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia

Avatar%20(2009)
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJames%20Cameron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ESam%20Worthington%2C%20Zoe%20Saldana%2C%20Sigourney%20Weaver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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
While you're here
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
Key recommendations
  • Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
  • Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
  • Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
  • More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

((Disclaimer))

The Liechtensteinische Landesbank AG (“Bank”) assumes no liability or guarantee for the accuracy, balance, or completeness of the information in this publication. The content may change at any time due to given circumstances, and the Liechtensteinische Landesbank AG is under no obligation to update information once it has been published. This publication is intended for information purposes only and does not constitute an offer, a recommendation or an invitation by, or on behalf of, Liechtensteinische Landesbank (DIFC Branch), Liechtensteinische Landesbank AG, or any of its group affiliates to make any investments or obtain services. This publication has not been reviewed, disapproved or approved by the United Arab Emirates (“UAE”) Central Bank, Dubai Financial Services Authority (“DFSA”) or any other relevant licensing authorities in the UAE. It may not be relied upon by or distributed to retail clients. Liechtensteinische Landesbank (DIFC Branch) is regulated by the DFSA and this advertorial is intended for Professional Clients (as defined by the DFSA) who have sufficient financial experience and understanding of financial markets, products or transactions and any associated risks.

Conflict, drought, famine

Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.

Band Aid

Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.

Specs – Taycan 4S
Engine: Electric

Transmission: 2-speed auto

Power: 571bhp

Torque: 650Nm

Price: Dh431,800

Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor

Transmission: 2-speed auto

Power: 455bhp

Torque: 700Nm

Price: from Dh431,800

Six pitfalls to avoid when trading company stocks

Following fashion

Investing is cyclical, buying last year's winners often means holding this year's losers.

Losing your balance

You end up with too much exposure to an individual company or sector that has taken your fancy.

Being over active

If you chop and change your portfolio too often, dealing charges will eat up your gains.

Running your losers

Investors hate admitting mistakes and hold onto bad stocks hoping they will come good.

Selling in a panic

If you sell up when the market drops, you have locked yourself out of the recovery.

Timing the market

Even the best investor in the world cannot consistently call market movements.

LILO & STITCH

Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders

Director: Dean Fleischer Camp

Rating: 4.5/5

Who has lived at The Bishops Avenue?
  • George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
  • Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
  • Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
  • Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills. 
Hunting park to luxury living
  • Land was originally the Bishop of London's hunting park, hence the name
  • The road was laid out in the mid 19th Century, meandering through woodland and farmland
  • Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds

 

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
'Dark Waters'

Directed by: Todd Haynes

Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper 

Rating: ****

 

 

THE%20HOLDOVERS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAlexander%20Payne%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Paul%20Giamatti%2C%20Da'Vine%20Joy%20Randolph%2C%20Dominic%20Sessa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204.5%2F5%3C%2Fp%3E%0A
Key features of new policy

Pupils to learn coding and other vocational skills from Grade 6

Exams to test critical thinking and application of knowledge

A new National Assessment Centre, PARAKH (Performance, Assessment, Review and Analysis for Holistic Development) will form the standard for schools

Schools to implement online system to encouraging transparency and accountability

HOW TO WATCH

Facebook: TheNationalNews 

Twitter: @thenationalnews 

Instagram: @thenationalnews.com 

TikTok: @thenationalnews   

Results

6.30pm: Mazrat Al Ruwayah Group Two (PA) US$55,000 (Dirt) 1,600m; Winner: Rasi, Harry Bentley (jockey), Sulaiman Al Ghunaimi (trainer).

7.05pm: Meydan Trophy (TB) $100,000 (Turf) 1,900m; Winner: Ya Hayati, William Buick, Charlie Appleby.

7.40pm: Handicap (TB) $135,000 (D) 1,200m; Winner: Bochart, Richard Mullen, Satish Seemar.

8.15pm: Balanchine Group Two (TB) $250,000 (T) 1,800m; Winner: Magic Lily, William Buick, Charlie Appleby.

8.50pm: Handicap (TB) $135,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.

9.25pm: Firebreak Stakes Group Three (TB) $200,000 (D) 1,600m; Winner: Capezzano, Mickael Barzalona, Salem bin Ghadayer.

10pm: Handicap (TB) $175,000 (T) 2,410m; Winner: Eynhallow, Mickael Barzalona, Charlie Appleby.

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EMaly%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Mo%20Ibrahim%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%20International%20Financial%20Centre%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20%241.6%20million%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2015%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%2C%20planning%20first%20seed%20round%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20GCC-based%20angel%20investors%3C%2Fp%3E%0A
OIL PLEDGE

At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.

Updated: October 28, 2021, 1:42 PM