Delegates talk during the UN Climate Change Conference (Cop26) in Glasgow, Scotland. Reuters
Delegates talk during the UN Climate Change Conference (Cop26) in Glasgow, Scotland. Reuters
Delegates talk during the UN Climate Change Conference (Cop26) in Glasgow, Scotland. Reuters
Delegates talk during the UN Climate Change Conference (Cop26) in Glasgow, Scotland. Reuters

Britain hopes for close working relationship with future Cop hosts Egypt and UAE


Alice Haine
  • English
  • Arabic

Britain is hoping for a close working relationship with Egypt and the UAE – the hosts of Cop27 and Cop28 respectively – as it continues its presidency of UN climate change negotiations until November next year.

Andrew Griffith, the UK climate action business champion, said the real hard work started after Cop26 in Glasgow concluded.

"It was always the case that the hard work started when they folded up the tents and the chairs and then we go forward, and not just the UK presidency, but I hope that we will work very closely with our friends in Egypt, and with the UAE,” he said.

Mr Griffith said the negotiations have come a long way but there is “still a lot to do” and the UK must be “restless and driven” as its presidency continues.

Under the UN rules, the UK will retain responsibility for climate negotiations until the Egyptian government assumes the presidency next November.

It will take responsibility for a year until the UAE takes the reins in November 2023.

Andrew Griffith during a walkthrough by sustainable packaging company DS Smith, in Kent. The UK's climate change business champion says negotiations have come a long way. Alamy Stock Photo
Andrew Griffith during a walkthrough by sustainable packaging company DS Smith, in Kent. The UK's climate change business champion says negotiations have come a long way. Alamy Stock Photo

At the weekend, Alok Sharma, the UK’s Cop26 president, said the UK will continue to press governments over the next 12 months to urgently cut greenhouse gas emissions year to limit global heating to 1.5ºC.

The UK business community was disappointed by the Cop26 talks because the emissions pledges were insufficient to meet the 2050 goal after a pledge to "phase out" coal became a commitment to "phase down" coal.

However, Mr Sharma insisted the "historic" deal "keeps 1.5ºC within reach" as it was the first climate deal that planned explicitly to reduce coal, the worst fossil fuel for greenhouse gases.

Under the Glasgow climate pact, countries were also asked to republish their climate action plans by the end of next year in time for Cop27 at Sharm El Sheikh, with more ambitious emissions reduction targets for 2030.

Developed countries were urged to increase the money they give to nations suffering the effects of climate change beyond the current $100 billion annual target.

  • Walelasoetxeige Paiter Bandeira Surui, known as Txai Surui, an indigenous activist from the Paiter Surui people of the state of Rondonia, Brazil, poses for a photograph during the Cop26 summit in Glasgow. AFP
    Walelasoetxeige Paiter Bandeira Surui, known as Txai Surui, an indigenous activist from the Paiter Surui people of the state of Rondonia, Brazil, poses for a photograph during the Cop26 summit in Glasgow. AFP
  • Cop26 President Alok Sharma and Scotland's First Minister Nicola Sturgeon observe a two-minute silence to remember the war dead on Armistice Day in the UK Pavilion at Cop26. PA
    Cop26 President Alok Sharma and Scotland's First Minister Nicola Sturgeon observe a two-minute silence to remember the war dead on Armistice Day in the UK Pavilion at Cop26. PA
  • Police officers observe a two-minute silence outside the summit venue. PA
    Police officers observe a two-minute silence outside the summit venue. PA
  • Messages attached to the fence at the entrance to the Cop26 summit. PA
    Messages attached to the fence at the entrance to the Cop26 summit. PA
  • UN Secretary General Antonio Guterres gestures during an interview at the summit. AP Photo
    UN Secretary General Antonio Guterres gestures during an interview at the summit. AP Photo
  • Delegates are silhouetted at the summit venue. Reuters
    Delegates are silhouetted at the summit venue. Reuters
  • Activists from the climate change group Extinction Rebellion pretend to be dead under white sheets as they hold a 'Remember climate death' sit-in on the sidelines of Cop26. AFP
    Activists from the climate change group Extinction Rebellion pretend to be dead under white sheets as they hold a 'Remember climate death' sit-in on the sidelines of Cop26. AFP
  • A person takes a picture of messages left on a fence at the Scottish Event Campus in Glasgow. PA
    A person takes a picture of messages left on a fence at the Scottish Event Campus in Glasgow. PA

Mr Griffith said one of the positives to come out of Cop26 was a quickening of the pace needed to achieve climate change goals, largely because of the heavy presence of corporations and financiers at the Glasgow summit

“It was a design principle, to bring business, the ferocious problem solving power of business, to the heart of the Cop," he said.

“And it was also a design principle, to put the climate summit at the heart of the UK’s G7 presidency and I hope as we pass the G7 baton on, and continue to work through the G7, that things like international climate finance initiatives are really central to that.”

While Mr Sharma said the world showed in Glasgow that countries could work together to establish a framework for climate action, the next year must ensure the focus stays on keeping the promises made in the Scottish city.

Chris Stark, chief executive of the Committee on Climate Change, said while the UK has a strategy for net zero "with all the right bits in", the best thing the UK can do now is to "turn that into real progress that actually reduces emissions" as a " signal to the rest of the world that it's possible to do this".

"So, in the 12 months of this presidency, of course, we have a job to ginger up stronger commitments from those countries that didn't deliver on their 2030 goals, but we also need to demonstrate that that strategy that we've got for the UK is a credible one that is actually moving now into actually delivering real emissions reductions," he said.

Looking to Cop27, Mr Stark said he expected to see the "club of countries and corporates now acting" together on the climate change challenges "to continue as we go towards Sharm el Sheikh".

" I see the template that's been established in Glasgow is that this is now more than just a set of national commitments. Alongside that it's got corporate commitments and finance commitments as well that together point the way to even more rapid progress," he said.

"If that's continued in Sharm El Sheikh, then I think we'll be in a good place."

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7.05pm: Meydan Sprint – Group 2 (TB) $163,000 (Turf) 1,000m

7.40pm: Curlin Stakes – Listed Handicap (TB) $88,000 (D) 2,200m

8.15pm: UAE Oaks – Group 3 (TB) $125,000 (D) 1,900m

8.50pm: Zabeel Mile – Group 2 (TB) $163,000 (T) 1,600m

9.25pm: Balanchine – Group 2 (TB) $163,000 (T) 1,800m

10pm: Al Shindagha Sprint – Group 3 (TB) $130,000 (D) 1,200m

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 National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

MATCH INFO

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Liverpool (0) v Atletico Madrid (1)
Venue: Anfield
Kick-off: Thursday, March 12, midnight
Live: On beIN Sports HD

Episode list:

Ep1: A recovery like no other- the unevenness of the economic recovery 

Ep2: PCR and jobs - the future of work - new trends and challenges 

Ep3: The recovery and global trade disruptions - globalisation post-pandemic 

Ep4: Inflation- services and goods - debt risks 

Ep5: Travel and tourism 

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Start-up hopes to end Japan's love affair with cash

Across most of Asia, people pay for taxi rides, restaurant meals and merchandise with smartphone-readable barcodes — except in Japan, where cash still rules. Now, as the country’s biggest web companies race to dominate the payments market, one Tokyo-based startup says it has a fighting chance to win with its QR app.

Origami had a head start when it introduced a QR-code payment service in late 2015 and has since signed up fast-food chain KFC, Tokyo’s largest cab company Nihon Kotsu and convenience store operator Lawson. The company raised $66 million in September to expand nationwide and plans to more than double its staff of about 100 employees, says founder Yoshiki Yasui.

Origami is betting that stores, which until now relied on direct mail and email newsletters, will pay for the ability to reach customers on their smartphones. For example, a hair salon using Origami’s payment app would be able to send a message to past customers with a coupon for their next haircut.

Quick Response codes, the dotted squares that can be read by smartphone cameras, were invented in the 1990s by a unit of Toyota Motor to track automotive parts. But when the Japanese pioneered digital payments almost two decades ago with contactless cards for train fares, they chose the so-called near-field communications technology. The high cost of rolling out NFC payments, convenient ATMs and a culture where lost wallets are often returned have all been cited as reasons why cash remains king in the archipelago. In China, however, QR codes dominate.

Cashless payments, which includes credit cards, accounted for just 20 per cent of total consumer spending in Japan during 2016, compared with 60 per cent in China and 89 per cent in South Korea, according to a report by the Bank of Japan.

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Winners: Hyde Park, Royston Ffrench (jockey), Salem bin Ghadayer (trainer)

2.15pm: Conditions (TB) Dh100,000 (D) 1,400m
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2.45pm: Conditions (TB) Dh100,000 (D) 1,200m
Winner: Hurry Up, Royston Ffrench, Salem bin Ghadayer.

3.15pm: Shadwell Jebel Ali Mile Group 3 (TB) Dh575,000 (D) 1,600m
Winner: Blown by Wind, Xavier Ziani, Salem bin Ghadayer

3.45pm: Handicap (TB) Dh72,000 (D) 1,600m
Winner: Mazagran, Tadhg O’Shea, Satish Seemar.

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Winner: Obeyaan, Adrie de Vries, Mujeeb Rehman

4.45pm: Handicap (TB) Dh84,000 (D) 1,000m
Winner: Shanaghai City, Fabrice Veron, Rashed Bouresly.

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The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

Emergency phone numbers in the UAE

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

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Results

1.30pm Handicap (PA) Dh50,000 (Dirt) 1,400m

Winner Al Suhooj, Saif Al Balushi (jockey), Khalifa Al Neyadi (trainer)

2pm Handicap (TB) 68,000 (D) 1,950m

Winner Miracle Maker, Xavier Ziani, Salem bin Ghadayer

2.30pm Maiden (TB) Dh60,000 (D) 1,600m

Winner Mazagran, Tadhg O’Shea, Satish Seemar

3pm Handicap (TB) Dh84,000 (D) 1,800m

Winner Tailor’s Row, Royston Ffrench, Salem bin Ghadayer

3.30pm Handicap (TB) Dh76,000 (D) 1,400m

Winner Alla Mahlak, Adrie de Vries, Rashed Bouresly

4pm Maiden (TB) Dh60,000 (D) 1,200m

Winner Hurry Up, Royston Ffrench, Salem bin Ghadayer

4.30pm Handicap (TB) Dh68,000 (D) 1,200m

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Updated: November 25, 2021, 5:49 PM