British Prime Minister Boris Johnson greets US President Joe Biden as leaders arrive to attend the Cop26 Sumimt. EPA
British Prime Minister Boris Johnson greets US President Joe Biden as leaders arrive to attend the Cop26 Sumimt. EPA
British Prime Minister Boris Johnson greets US President Joe Biden as leaders arrive to attend the Cop26 Sumimt. EPA
British Prime Minister Boris Johnson greets US President Joe Biden as leaders arrive to attend the Cop26 Sumimt. EPA

UK's Boris Johnson invokes spirit of James Bond in Cop26 climate change battle


Soraya Ebrahimi
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Boris Johnson told world leaders they need to be as heroic as British fictional icon James Bond in the fight against runaway climate change.

Addressing the opening session of Cop26 in Glasgow, he said that younger generations will “not forgive us” if leaders do not take their chance to deliver at the summit.

Cop26 must herald the beginning of the end of efforts to tackle climate change, the UK Prime Minister said, as he told world leaders: “let’s get to work”.

He invoked the spirit of the fictional spy and compared the planet’s predicament to that of “007" being “strapped to a doomsday device”.

Bond “generally comes to the climax of his highly lucrative films strapped to a doomsday device, desperately trying to work out which coloured wire to pull to turn it off, while a red digital clock ticks down remorselessly to a detonation that will end human life as we know it”.

“We are in roughly the same position, my fellow global leaders, as James Bond today — except that the tragedy is this is not a movie and the doomsday device is real,” Mr Johnson said.

Boris Johnson invoked the spirit of James Bond in his speech, seen here played by Daniel Craig, in the latest Bond film 'No Time to Die'. Alamy
Boris Johnson invoked the spirit of James Bond in his speech, seen here played by Daniel Craig, in the latest Bond film 'No Time to Die'. Alamy

US President Joe Biden said the “eye of history” was on the meeting, as he called for transformative action.

“Glasgow must be the kick-off of a decade of ambition and innovation to preserve our shared future,” he said.

“Climate change is already ravaging the world. It’s not hypothetical. It’s not a hypothetical threat. It is destroying people’s lives and livelihoods, and doing it every single day.”

Mr Johnson urged political leaders and delegates at the opening ceremony of the world leaders summit at the UN climate conference to move from debate to concerted, real action. He said it was “one minute to midnight” on the climate doomsday clock.

The summit featured the sound of bagpipes and young climate activists from the developing world.

“If summits alone solve climate change then we wouldn’t have needed 25 previous Cop summits to get where we are today. But while Cop26 will not be the end of climate change it can and it must mark the beginning of the end,” Mr Johnson said.

He called for action on phasing out coal-generated power, protecting and restoring forests, providing finance for countries to tackle climate change and increasing the number of electric vehicles.

“The children who will judge us are children not yet born, and their children. We are now coming centre stage before a vast and uncountable audience of posterity and we must not fluff our lines or miss our cue.

“Because if we fail, they will not forgive us — they will know that Glasgow was the historic turning point when history failed to turn. They will judge us with bitterness and with a resentment that eclipses any of the climate activists of today and they will be right,” Mr Johnson said.

World leaders and other prominent figures will address the two-week summit in the coming days, with UN Secretary General Antonio Guterres following Mr Johnson.

He criticised “a deficit of credibility and a surplus of confusion” over emissions reduction and net-zero targets, which held “different meanings and different metrics”.

Mr Guterres said that already the “sirens are sounding” and “our planet is telling us something”.

Britain's Prince Charles told the summit that the Covid-19 pandemic “has shown us just how devastating a global cross-border threat can be".

“Climate change and biodiversity loss are no different — in fact, they pose an even greater existential threat, to the extent that we have to put ourselves on what might be called a war-like footing.”

He told the leaders the “eyes and hopes of the world” are on them to act fast because “time has quite literally run out”.

Broadcaster and naturalist Sir David Attenborough told Cop26 that the motivation for tackling climate change should “not be fear, but hope”.

Mr Johnson is pledging an extra £1 billion ($1.37bn) in climate finance by 2025 to support developing countries if the economy grows as forecast and the UK’s international aid budget returns to 0.7 per cent of gross domestic product.

The UK government has been criticised for cutting its aid budget.

Before the Cop26 summit, a report revealed that developed countries would not reach the $100bn a year goal promised for poorer countries, to help them develop cleanly and cope with climate effects with public and private finance, until 2023.

The UK doubled its promised climate aid to £11.6bn over five years in 2019 and the new announcement would bring that to £12.6bn if delivered.

The UN has warned countries that plans to cut climate-warming emissions in the next decade are not enough to put the world on track to limit warming to 1.5°C above pre-industrial levels.

Temperatures rising above that could lead to increasingly severe extreme weather, rising seas and damage to crops, health and wildlife.

“Humanity has long since run down the clock on climate change,” Mr Johnson said. “It’s one minute to midnight on that doomsday clock and we need to act now.

“If we don’t get serious about climate change today, it will be too late for our children to do so tomorrow.

  • British Prime Minister Boris Johnson delivers a speech during the opening ceremony of the Cop26 summit in Glasgow. AP
    British Prime Minister Boris Johnson delivers a speech during the opening ceremony of the Cop26 summit in Glasgow. AP
  • Boris Johnson greets US President Joe Biden. AP
    Boris Johnson greets US President Joe Biden. AP
  • Journalists listen to a live transmission of the speech by Boris Johnson. AFP
    Journalists listen to a live transmission of the speech by Boris Johnson. AFP
  • Sir David Attenborough delivers a speech during the opening ceremony. Reuters
    Sir David Attenborough delivers a speech during the opening ceremony. Reuters
  • Prince Charles arrives for the summit. Getty Images
    Prince Charles arrives for the summit. Getty Images
  • A view of the opening ceremony in Glasgow. AP
    A view of the opening ceremony in Glasgow. AP
  • Boris Johnson speaks to UN Secretary General Antonio Guterres as leaders arrive at the Cop26 summit in Glasgow. AP
    Boris Johnson speaks to UN Secretary General Antonio Guterres as leaders arrive at the Cop26 summit in Glasgow. AP
  • Boris Johnson greets Indian Prime Minister Narendra Modi ahead of their bilateral meeting. Getty Images
    Boris Johnson greets Indian Prime Minister Narendra Modi ahead of their bilateral meeting. Getty Images
  • A member of staff adjusts flags before the arrival of leaders in Glasgow. Getty Images
    A member of staff adjusts flags before the arrival of leaders in Glasgow. Getty Images
  • Boris Johnson and Antonio Guterres in discussion with French President Emmanuel Macron. Reuters
    Boris Johnson and Antonio Guterres in discussion with French President Emmanuel Macron. Reuters
  • Environmental campaigners with 'big heads' of world leaders, including Joe Biden and Boris Johnson, dress in kilts and carry bagpipes as they gather in Royal Exchange Square, central Glasgow. PA
    Environmental campaigners with 'big heads' of world leaders, including Joe Biden and Boris Johnson, dress in kilts and carry bagpipes as they gather in Royal Exchange Square, central Glasgow. PA
  • Delegates queue as they arrive at the event. AP
    Delegates queue as they arrive at the event. AP
  • Boris Johnson waits to greet leaders as they arrive to attend. AFP
    Boris Johnson waits to greet leaders as they arrive to attend. AFP
  • A protester dressed as a dinosaur roars outside the Gallery of Modern Art in Glasgow. PA
    A protester dressed as a dinosaur roars outside the Gallery of Modern Art in Glasgow. PA
  • Boris Johnson and Antonio Guterres hold a conversation with Narendra Modi. AP
    Boris Johnson and Antonio Guterres hold a conversation with Narendra Modi. AP
  • Red Rebellion activists participate in a protest at Glasgow Central Station. Reuters
    Red Rebellion activists participate in a protest at Glasgow Central Station. Reuters
  • Joe Biden attends the opening session of Cop26. AP Photo
    Joe Biden attends the opening session of Cop26. AP Photo
  • Canada's Prime Minister Justin Trudeau arrives at the Cop26 summit. PA
    Canada's Prime Minister Justin Trudeau arrives at the Cop26 summit. PA
  • Boris Johnson greets Antonio Guterres and Palestinian Prime Minister Mohammed Shtayyeh. AP
    Boris Johnson greets Antonio Guterres and Palestinian Prime Minister Mohammed Shtayyeh. AP
  • Emmanuel Macron speaks to reporters. Reuters
    Emmanuel Macron speaks to reporters. Reuters
  • Scotland's First Minister Nicola Sturgeon (C) poses for a photograph as she meets climate activists Vanessa Nakate (R) and Greta Thunberg. AFP
    Scotland's First Minister Nicola Sturgeon (C) poses for a photograph as she meets climate activists Vanessa Nakate (R) and Greta Thunberg. AFP
  • A man tries out virtual reality goggles at the SECC in Glasgow, the venue for Cop26. Getty Images
    A man tries out virtual reality goggles at the SECC in Glasgow, the venue for Cop26. Getty Images
  • Boris Johnson welcomes German Chancellor Angela Merkel. Getty Images
    Boris Johnson welcomes German Chancellor Angela Merkel. Getty Images
  • Egyptian President Abdel Fattah El Sisi arrives at Cop26. PA
    Egyptian President Abdel Fattah El Sisi arrives at Cop26. PA
  • Indonesian traditional dancers perform. Reuters
    Indonesian traditional dancers perform. Reuters

More than 120 leaders are set to attend the summit, where countries are under pressure to deliver the financial support for poorer countries least responsible for, but most vulnerable to, climate change.

There will also be attempts to finalise parts of the Paris climate accord agreed to in 2015 to make it effective and operational.

Observers had hoped a weekend meeting in Rome of leaders of the G20 nations, which between them emit nearly 80 per cent of global carbon emissions, would give a strong impetus to Cop26, which was postponed for a year due to the pandemic.

The G20 major economies committed on Sunday to the goal of limiting global warming to 1.5°C above pre-industrial levels, the most ambitious target of the 2015 Paris Agreement.

They also agreed to end funding for new unabated coal plants abroad — those whose emissions have not gone through any filtering process — by the end of 2021.

But this did not convince NGOs, the British prime minister or the United Nations.

“While I welcome the G20's recommitment to global solutions, I leave Rome with my hopes unfulfilled — but at least they are not buried,” Mr Guterres said on Twitter.

“We've inched forward [at the G20]. We've put ourselves in a reasonable position for Cop in Glasgow but it's going to be very difficult in the next few days,” Mr Johnson said on Sunday.

“If Glasgow fails, then the whole thing fails.”

The Glasgow gathering, which runs until November 12, comes as an accelerating onslaught of extreme weather events across the world underscores the devastating effects of climate change from 150 years of burning fossil fuels.

Cop26 marks the “last, best hope to keep 1.5°C in reach”, summit president Alok Sharma said as he opened the meeting on Sunday.

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One in nine do not have enough to eat

Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.

One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.

The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.

Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.

It is currently estimated that one in nine people globally do not have enough to eat.

On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.

Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.

 

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.”

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

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Updated: November 01, 2021, 4:40 PM