King Charles III greets Prime Minister Rishi Sunak, to a reception for world leaders, business figures, environmentalists and NGOs, at Buckingham Palace, London, ahead of the Cop27 Summit. November 4, 2022. Jonathan Brady / Pool via REUTERS
King Charles III greets Prime Minister Rishi Sunak, to a reception for world leaders, business figures, environmentalists and NGOs, at Buckingham Palace, London, ahead of the Cop27 Summit. November 4, 2022. Jonathan Brady / Pool via REUTERS
King Charles III greets Prime Minister Rishi Sunak, to a reception for world leaders, business figures, environmentalists and NGOs, at Buckingham Palace, London, ahead of the Cop27 Summit. November 4, 2022. Jonathan Brady / Pool via REUTERS
King Charles III greets Prime Minister Rishi Sunak, to a reception for world leaders, business figures, environmentalists and NGOs, at Buckingham Palace, London, ahead of the Cop27 Summit. November 4,

Rishi Sunak promises to lead global green energy push at Cop27


Tim Stickings
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UK prime minister Rishi Sunak has promised to make Britain a “clean energy superpower” as he prepares for the Cop27 climate summit.

Mr Sunak said he would put Britain at the head of efforts to replace Russian gas with cheaper renewable energy.

He said he would tell leaders at Cop27 in Egypt not to backslide on commitments made when Britain hosted the Cop26 summit last year.

Cop26 president Alok Sharma will on Sunday formally hand over that role to Egypt's government.

It came as US climate envoy John Kerry said the fallout from Russia's invasion of Ukraine had added difficulty to the green transition.

“Because of the war in Ukraine, because of the inflation, because of the challenge of energy in Europe particularly, there are hurdles,” Mr Kerry told BBC Radio 4's Today programme on Saturday.

“There are people within the fossil fuel industry who are using the crisis in Ukraine, frankly, as leverage to be able to say, well, we need to be pumping a lot more.”

Like other European countries, Britain has set its sights on more renewable energy output since the war began, while also moving to extract more oil and gas.

Mr Sunak took a step back from the drive for more fossil fuels by cancelling plans to revive fracking, but more North Sea drilling licences are planned.

Nonetheless, he said Russia's manipulation of energy markets had “reinforced the importance of ending our dependence on fossil fuels”.

Preparations for Cop27 — in pictures

  • Workers walk past signage promoting this year’s United Nations global summit on climate change, known as COP27, adorns Peace Road, in Sharm el-Sheikh, South Sinai, Egypt. AP Photo
    Workers walk past signage promoting this year’s United Nations global summit on climate change, known as COP27, adorns Peace Road, in Sharm el-Sheikh, South Sinai, Egypt. AP Photo
  • A 10-lane highway, part of the refurbishing of the city for this year’s United Nations global summit on climate change, known as COP27, in Sharm el-Sheikh, South Sinai, Egypt. AP Photo
    A 10-lane highway, part of the refurbishing of the city for this year’s United Nations global summit on climate change, known as COP27, in Sharm el-Sheikh, South Sinai, Egypt. AP Photo
  • A private yacht cruises in the Red Sea ahead of this year’s United Nations global summit on climate change, known as COP27, in Sharm el-Sheikh, South Sinai, Egypt. AP Photo
    A private yacht cruises in the Red Sea ahead of this year’s United Nations global summit on climate change, known as COP27, in Sharm el-Sheikh, South Sinai, Egypt. AP Photo
  • A new hybrid electric bus is parked at an entrance of the conference center complex for this year’s United Nations global summit on climate change, known as COP27, in Sharm el-Sheikh, South Sinai, Egypt. AP Photo
    A new hybrid electric bus is parked at an entrance of the conference center complex for this year’s United Nations global summit on climate change, known as COP27, in Sharm el-Sheikh, South Sinai, Egypt. AP Photo
  • Guests enter the convention center hosting the COP27 U.N. Climate Summit. AP Photo
    Guests enter the convention center hosting the COP27 U.N. Climate Summit. AP Photo
  • Signs promoting the Cop27 climate summit on Peace Road in Sharm El Sheikh, Egypt. AP
    Signs promoting the Cop27 climate summit on Peace Road in Sharm El Sheikh, Egypt. AP
  • The entrance to the 'Green Zone' before this year’s Cop. AP
    The entrance to the 'Green Zone' before this year’s Cop. AP
  • A cruise ship is docked at the international harbour ahead of this year’s United Nations global summit on climate change, known as COP27, in Sharm el-Sheikh, South Sinai, Egypt. When world leaders, diplomats, campaigners and scientists descend on Sharm el-Sheikh in Egypt for talks on tackling climate change, don't expect them to part the Red Sea or perform other miracles that would make huge steps in curbing global warming. AP Photo
    A cruise ship is docked at the international harbour ahead of this year’s United Nations global summit on climate change, known as COP27, in Sharm el-Sheikh, South Sinai, Egypt. When world leaders, diplomats, campaigners and scientists descend on Sharm el-Sheikh in Egypt for talks on tackling climate change, don't expect them to part the Red Sea or perform other miracles that would make huge steps in curbing global warming. AP Photo
  • An advert for Cop27 on Peace Road.
    An advert for Cop27 on Peace Road.
  • The Egyptian flag flies in the Old Market of Sharm El Sheikh ahead of the summit.
    The Egyptian flag flies in the Old Market of Sharm El Sheikh ahead of the summit.
  • A billboard shows Egyptian President Abdel Fattah el-Sissi ahead of this year’s United Nations global summit on climate change, known as COP27, along Peace Road, in Sharm el-Sheikh, South Sinai, Egypt. When world leaders, diplomats, campaigners and scientists descend on Sharm el-Sheikh in Egypt for talks on tackling climate change, don't expect them to part the Red Sea or perform other miracles that would make huge steps in curbing global warming. AP Photo
    A billboard shows Egyptian President Abdel Fattah el-Sissi ahead of this year’s United Nations global summit on climate change, known as COP27, along Peace Road, in Sharm el-Sheikh, South Sinai, Egypt. When world leaders, diplomats, campaigners and scientists descend on Sharm el-Sheikh in Egypt for talks on tackling climate change, don't expect them to part the Red Sea or perform other miracles that would make huge steps in curbing global warming. AP Photo
  • A peace sign adorns a concrete barrier that surrounds parts of the city of Sharm el-Sheikh, South Sinai, Egypt. When world leaders, diplomats, campaigners and scientists descend on Sharm el-Sheikh in Egypt for talks on tackling climate change, don't expect them to part the Red Sea or perform other miracles that would make huge steps in curbing global warming. AP Photo
    A peace sign adorns a concrete barrier that surrounds parts of the city of Sharm el-Sheikh, South Sinai, Egypt. When world leaders, diplomats, campaigners and scientists descend on Sharm el-Sheikh in Egypt for talks on tackling climate change, don't expect them to part the Red Sea or perform other miracles that would make huge steps in curbing global warming. AP Photo
  • A new pedestrian promenade, part of the refurbishing of the city for the event.
    A new pedestrian promenade, part of the refurbishing of the city for the event.

“Fighting climate change is not just a moral good — is it fundamental to our future prosperity and security,” Mr Sunak said.

“We need to move further and faster to transition to renewable energy, and I will ensure the UK is at the forefront of this global movement as a clean energy superpower.”

Mr Sunak had said he would skip Cop27 while he dealt with the economic turmoil he inherited from predecessor Liz Truss.

But under pressure from MPs, including in his own Conservative Party, he announced this week that he would travel to Sharm El Sheikh after all.

King Charles III, a lifelong environmentalist, is not attending the summit. He instead hosted a Buckingham Palace reception for business leaders and policymakers, including Mr Sunak.

Mr Sunak will host an event on deforestation at Cop27, after more than 100 countries pledged in Glasgow to turn the tide on damaging land use.

The two-week summit is meant to rally further action to reduce carbon emissions and keep the goal of limiting warming to 1.5ºC about pre-industrial levels in sight.

Britain's climate negotiator Alok Sharma will formally hand over the Cop presidency on Sunday. Getty
Britain's climate negotiator Alok Sharma will formally hand over the Cop presidency on Sunday. Getty

Rich countries will once again feel pressure from developing nations, especially in Africa, to provide more funding for environmental damage already taking place.

Britain is expected to announce more funding for conservation in tropical rainforests and support for vulnerable countries.

Another country caught in an energy squeeze, Germany, is likewise calling for green policies to be maintained despite the energy crisis.

Germany has big ambitions for solar and wind energy but has had to reactivate old coal plants and build new gas terminals after Russian supplies were ended.

Chancellor Olaf Scholz will use Cop27 to canvass support for his “climate club” project and hold an event on green hydrogen with Egypt's president.

A German official said of the climate negotiations this week: “It’s clear that many are asking for more time because of global events.

“But in our view, the pace has to be maintained and further bold and ambitious steps have to be taken in order to reach the 1.5ºC goal.”

Abu Dhabi GP Saturday schedule

12.30pm GP3 race (18 laps)

2pm Formula One final practice 

5pm Formula One qualifying

6.40pm Formula 2 race (31 laps)

Russia's Muslim Heartlands

Dominic Rubin, Oxford

Afghanistan squad

Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.

Frankenstein in Baghdad
Ahmed Saadawi
​​​​​​​Penguin Press

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

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About Seez

Company name/date started: Seez, set up in September 2015 and the app was released in August 2017  

Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer

Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon 

Sector:  Search engine for car buying, selling and leasing

Size: (employees/revenue): 11; undisclosed

Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A 

Investors: Wamda Capital, B&Y and Phoenician Funds 

Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

Updated: November 06, 2022, 3:47 AM