UAE and US launch $4bn initiative to drive climate innovation in agriculture at Cop26


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The UAE and US unveiled a joint initiative to drive rapid and transformative climate action in the agriculture sector at Cop26 on Tuesday, as they look to boost investment in science and innovation to ensure the sector contributes to solving the climate crisis.

The Agriculture Innovation Mission for Climate (AIM for Climate) has mobilised $4 billion of increased investment to enhance resilience to climate change, including a $1bn contribution from the UAE.

The UAE-US initiative is the first global agriculture and climate change coalition of its kind. AIM for Climate’s diverse list of supporters comprises more than 30 countries from six continents, including the recent addition of Azerbaijan, Canada, and the UK.

Other backers include prominent non-governmental agencies, such as the Bill and Melinda Gates Foundation, as well as the multilateral Food and Agriculture Organisation.

“AIM for Climate is focusing on a sector that has been previously overlooked in terms of the opportunities it offers for global climate action," said Dr Sultan Al Jaber, the UAE's Minister of Industry and Advanced Technology, and Special Envoy for Climate Change.

  • US President Joe Biden speaks to British Prime Minister Boris Johnson during a meeting on the 'Build Back Better World', part of the World Leaders' Summit at Cop26. AFP
    US President Joe Biden speaks to British Prime Minister Boris Johnson during a meeting on the 'Build Back Better World', part of the World Leaders' Summit at Cop26. AFP
  • A giant model of the Earth is seen in a meeting hall of the summit. Reuters
    A giant model of the Earth is seen in a meeting hall of the summit. Reuters
  • US actor Leonardo DiCaprio attends the Cop26 summit. PA
    US actor Leonardo DiCaprio attends the Cop26 summit. PA
  • Climate activists from the Red Rebel Brigade take part in a protest outside the offices of JP Morgan on Waterloo Street, Glasgow. PA
    Climate activists from the Red Rebel Brigade take part in a protest outside the offices of JP Morgan on Waterloo Street, Glasgow. PA
  • People wait outside the security gates to gain entrance to the venue on day three of the Cop26 summit. AP Photo
    People wait outside the security gates to gain entrance to the venue on day three of the Cop26 summit. AP Photo
  • US President Joe Biden speaks at the Leaders' Action on Forests and Land-use event. PA
    US President Joe Biden speaks at the Leaders' Action on Forests and Land-use event. PA
  • Police officers patrol the River Clyde, near the Scottish Event Campus. AFP
    Police officers patrol the River Clyde, near the Scottish Event Campus. AFP
  • Amazon founder Jeff Bezos speaks. PA
    Amazon founder Jeff Bezos speaks. PA
  • Prince William, Duke of Cambridge, speaks to a group before a meeting with Earthshot Prize winners and finalists at the Glasgow Science Centre. Getty Images
    Prince William, Duke of Cambridge, speaks to a group before a meeting with Earthshot Prize winners and finalists at the Glasgow Science Centre. Getty Images
  • Prince William and US businessman Michael Bloomberg stand with Earthshot Prize winners and finalists. Getty Images
    Prince William and US businessman Michael Bloomberg stand with Earthshot Prize winners and finalists. Getty Images
  • Delegates sit on the pavement as they wait for the queue at security to ease on day three of Cop26. Getty Images
    Delegates sit on the pavement as they wait for the queue at security to ease on day three of Cop26. Getty Images
  • Boris Johnson and India's Prime Minister Narendra Modi bond at a meeting. AP Photo
    Boris Johnson and India's Prime Minister Narendra Modi bond at a meeting. AP Photo
  • US Special Presidential Envoy for Climate John Kerry arrives on stage to deliver a speech. AFP
    US Special Presidential Envoy for Climate John Kerry arrives on stage to deliver a speech. AFP
  • A mural refers to the goal to limit global warming to a 1.5°C, in the summit venue. AP Photo
    A mural refers to the goal to limit global warming to a 1.5°C, in the summit venue. AP Photo
  • Police patrol outside the summit's venue. AP Photo
    Police patrol outside the summit's venue. AP Photo
  • Simone Karipuna, from the Amazonian Brazilian indigenous community, takes a selfie photograph at the summit. AFP
    Simone Karipuna, from the Amazonian Brazilian indigenous community, takes a selfie photograph at the summit. AFP
  • Climate campaigners protest on the fringes of Cop26. AP Photo
    Climate campaigners protest on the fringes of Cop26. AP Photo
  • Prince Charles speaks to worldwide indigenous leaders before the Action on Forests and Land Use event. Getty Images
    Prince Charles speaks to worldwide indigenous leaders before the Action on Forests and Land Use event. Getty Images

"This initiative demonstrates the UAE’s holistic and inclusive approach to climate action, which characterises our offer to host Cop28.

"The United Arab Emirates has already driven change in the energy sector through green innovation and growth, investing over $17bn in clean energy around the world. AIM for Climate is a smart extension of that investment strategy, and the UAE is pleased to pledge $1bn as part of the initiative.”

Agriculture is a major part of the climate change challenge facing the world because it contributes about 25 per cent of all greenhouse gas emissions. Food security is also at risk as the world’s growing population becomes increasingly dependent on climate-vulnerable food production.

Although the sector has been recognised as a major contributor to global warming, there has been limited investment to date.

The AIM Climate initiative was first previewed by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and US President Joe Biden at his Leaders’ Summit on Climate in April. The initiative aims to help the agriculture industry meet the target set out in the Paris Agreement to limit global warming to 1.5°C above pre-industrial levels.

“The United States is proud to be launching the Agriculture Innovation Mission for Climate initiative alongside the United Arab Emirates and over 80 partners across the globe," said John Kerry, US special presidential envoy for climate.

"Investment in climate-smart agriculture innovation is critical to addressing the climate crisis. Innovation can reduce emissions, feed the world’s growing population, and help farmers and ranchers mitigate and adapt to climate change.

"AIM for Climate has an impressive start, garnering $4bn in increased investment in climate-smart agriculture and food systems innovation thus far.”

The initiative wants to unite participants and attract much-needed investment in climate-smart agriculture and food systems innovation that will address global hunger challenges and increase sustainable economic growth.

Greater investment in these areas can ensure agriculture becomes part of the solution to addressing climate change, according to AIM Climate, by helping to inform science-based, data-driven decision-making and policies.

In turn, this will help to achieve breakthroughs in technologies and approaches that adapt food production to the world’s harsher climate, with the UAE already proving to be a pioneer in the agritech field as it looks to meet more of its food requirement through locally grown produce.

The UAE is already proving to be a pioneer in the agri-tech field as it looks to meet more of its food demands through locally grown produce. Photo: AIM for Climate
The UAE is already proving to be a pioneer in the agri-tech field as it looks to meet more of its food demands through locally grown produce. Photo: AIM for Climate

The GCC imports between 80 per cent and 90 per cent of its food requirements, according to British think tank Chatham House, with better food security a top priority for the UAE, which is the second-biggest Arab economy.

Separately, the UAE was the first country in the GCC region to sign and ratify the Paris Agreement and the first country in the Mena region to commit to an economy-wide reduction in emissions.

The UAE's strategy to reduce carbon emissions by 2050 was unveiled last month, with Dh600bn ($163.37) invested in clean and renewable energy sources in the next three decades.

Sheikh Mohammed said the country would “play its global role in combatting climate change".

Mr Kerry said the US "is proud" to be pioneering the AIM Climate mission with the UAE.

By raising agriculture’s ability to cope with climate change, bolster food security and improve the livelihoods of farmers by improving the ecosystems they rely on – particularly for women, children and indigenous populations – the scheme can help generate higher economic returns and job creation in a sector that already employs more than two billion people.

The multi-stakeholder approach to co-operation already has 70 public and private partners committed to spur agricultural innovation through investments and knowledge-sharing.

Target areas for innovation include sustainable productivity improvements, ensuring water is used efficiently, developing resilient crop and livestock production, enhancing digital tools and creating equitable, sustainable and secure food systems.

“AIM for Climate is the kind of bold move towards accelerating the global food systems transformation that we need, to achieve the Sustainable Development Goal (SDG) 2 and eradicate world hunger by 2030," said Mariam Al Mheiri, the UAE's Minister of Climate Change and Environment, and Minister of State for Food Security.

"The initiative will go a long way in mobilising a global movement to strengthen food security, transform our food systems into more sustainable ones and mitigate climate change.”

This forward-thinking approach, already being adopted in the UAE, means the nation is now home to three of the largest and lowest-cost solar plants in the world – including Noor Abu Dhabi, the world’s largest stand-alone operational solar power plant.

The plant in Sweihan houses 3.2 million solar panels and produces 1.2 gigawatts of electricity.

This results in a carbon footprint reduction of one million tonnes a year, the equivalent of taking 200,000 petrol-powered cars off the roads.

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Welcome back. What was it like to return to RAK and to play for fans out here again?
It’s an amazing feeling to be back in the passionate UAE again. Seeing the fans having a great time that is what it’s all about.

You're currently touring the globe as part of your Legends of the Feels Tour. How important is it to you to include the Middle East in the schedule?
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You mix tracks that people know and love, but you also have a visually impressive set too (graphics etc). Is that the secret recipe to Dash Berlin's live gigs?
People enjoying the combination of the music and visuals are the key factor in the success of the Legends Of The Feel tour 2018.

Have you had some time to explore Ras al Khaimah too? If so, what have you been up to?
Coming fresh out of Las Vegas where I continue my 7th annual year DJ residency at Marquee, I decided it was a perfect moment to catch some sun rays and enjoy the warm hospitality of Bab Al Bahr.

 

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Uefa Champions League semi-final, second leg result:

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Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates

The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:

ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.

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IN WITNESS WHEREOF the undersigned have signed this Treaty.

DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.

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- Abdullah Ishnaneh, Partner, BSA Law 

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

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Sharad Nair recommends three investment apps for UAE residents:

  • For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
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  • Source: Can be carried from distant regions
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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ICC T20 Team of 2021

Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi

The studios taking part (so far)
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Company Profile

Name: JustClean

Based: Kuwait with offices in other GCC countries

Launch year: 2016

Number of employees: 130

Sector: online laundry service

Funding: $12.9m from Kuwait-based Faith Capital Holding

Updated: November 02, 2021, 7:03 PM