Prime Minister Rishi Sunak speaking to the media during his visit to Shell St Fergus Gas Plant in Peterhead, Aberdeenshire. PA
Prime Minister Rishi Sunak speaking to the media during his visit to Shell St Fergus Gas Plant in Peterhead, Aberdeenshire. PA
Prime Minister Rishi Sunak speaking to the media during his visit to Shell St Fergus Gas Plant in Peterhead, Aberdeenshire. PA
Prime Minister Rishi Sunak speaking to the media during his visit to Shell St Fergus Gas Plant in Peterhead, Aberdeenshire. PA

Rishi Sunak rejects referendum on 2050 net-zero economy pledge


Soraya Ebrahimi
  • English
  • Arabic

Prime Minister Rishi Sunak has ruled out the suggestion of a referendum on the pledge to have a net-zero economy by 2050, saying he is “committed” to reducing carbon emissions.

The target could be achieved in a “proportionate and pragmatic way” without stinging the public’s pocket, Mr Sunak said.

Following his party's success in last month’s Uxbridge and South Ruislip by-election, during which local campaigners tapped into anger over the expansion of the ultra low emission zone (Ulez), some backbench MPs have called on the government to review other green policies.

Since the shock win in Boris Johnson’s former seat, Mr Sunak has signalled he is on the side of motorists and used a visit to Scotland to announce plans to grant more than 100 new licences for oil and gas extraction in the North Sea.

The Conservative Party leader has insisted that, despite concerns raised by the likes of former Conservative environment minister Lord Goldsmith about the Prime Minister’s green ambitions, he is working towards the 2050 net-zero target.

Speaking to ITV News in Leicester on Wednesday, Mr Sunak said: “I’m committed to net zero.

“I have two young daughters, I care about the environment that we – I – leave them.

“My job is to leave it in a better state than I found it.

“But I think the path to net zero has got to be one that we tread carefully, that we bring everyone along with us on that journey, and we make that journey in a proportionate and a pragmatic way.

“So, my view is I’m committed to it. We will get there.

“We will bring people along with us as we do, we will not unnecessarily burden them with extra hassle or extra cost as we do it. That is my overall approach to net zero.”

Eight countries with net-zero emissions – in pictures

  • Guyana is net zero thanks to dense rainforest cover, despite being a newly oil-producing nation. AFP
    Guyana is net zero thanks to dense rainforest cover, despite being a newly oil-producing nation. AFP
  • Bhutan was the first country to report net-zero emissions. Getty
    Bhutan was the first country to report net-zero emissions. Getty
  • Niue's emissions are negligible, at less than 0.0001 per cent. Photo: Flickr
    Niue's emissions are negligible, at less than 0.0001 per cent. Photo: Flickr
  • Suriname's forests absorb billions of tonnes of CO2. Getty
    Suriname's forests absorb billions of tonnes of CO2. Getty
  • Panama was one of the first three countries to report net-zero emissions. Photo: Flickr
    Panama was one of the first three countries to report net-zero emissions. Photo: Flickr
  • The Comoros government has reported its carbon emissions have been in the negative since at least 2015. AFP
    The Comoros government has reported its carbon emissions have been in the negative since at least 2015. AFP
  • Almost 90 per cent of Gabon's surface is covered by forests, allowing for optimal carbon absorption. Getty
    Almost 90 per cent of Gabon's surface is covered by forests, allowing for optimal carbon absorption. Getty
  • Madagascar may lose its net-zero status if rampant deforestation continues. Photo: Alexandra Laube / imageBROKER / Shutterstock
    Madagascar may lose its net-zero status if rampant deforestation continues. Photo: Alexandra Laube / imageBROKER / Shutterstock

When asked whether he would consider putting the 2050 deadline to a public vote, Mr Sunak appeared to rule it out, saying he thought there was “agreement on it”.

“I think most people are committed to getting to net zero, but getting there in a proportionate and pragmatic way,” he continued.

“That seems to me that commonsense approach to doing this, I think that has broad support.”

Mr Sunak was also asked about Greenpeace attacking his constituency home while he was away on holiday in the US with his family.

A group of demonstrators scaled the Sunaks’ Grade II-listed constituency manor house in Richmond, North Yorkshire, to protest against his oil and gas licences announcement.

The activists draped an oil-black fabric from the roof, staying there from about 8am to 1.15pm, when they were arrested and later bailed as part of an ongoing investigation by North Yorkshire Police.

The Prime Minister suggested he agreed that it should not have been possible for protesters to get to his Yorkshire home, but said it “wouldn’t be right” for him to comment further following the arrests.

Mr Sunak said he had given the police additional powers to crack down on “these kinds of eco extremists, these eco zealots, the Just Stop Oil and others who are disrupting all these sporting events over the summer in particular”.

Lampedusa: Gateway to Europe
Pietro Bartolo and Lidia Tilotta
Quercus

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SPECS
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THE%20SPECS
%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
The biog

From: Ras Al Khaimah

Age: 50

Profession: Electronic engineer, worked with Etisalat for the past 20 years

Hobbies: 'Anything that involves exploration, hunting, fishing, mountaineering, the sea, hiking, scuba diving, and adventure sports'

Favourite quote: 'Life is so simple, enjoy it'

In 2018, the ICRC received 27,756 trace requests in the Middle East alone. The global total was 45,507.

 

There are 139,018 global trace requests that have not been resolved yet, 55,672 of these are in the Middle East region.

 

More than 540,000 individuals approached the ICRC in the Middle East asking to be reunited with missing loved ones in 2018.

 

The total figure for the entire world was 654,000 in 2018.

Directed by: Craig Gillespie

Starring: Emma Stone, Emma Thompson, Joel Fry

4/5

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3ESingle%20front-axle%20electric%20motor%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E218hp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E330Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20automatic%3Cbr%3E%3Cstrong%3EMax%20touring%20range%3A%20%3C%2Fstrong%3E402km%20(claimed)%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh215%2C000%20(estimate)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ESeptember%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
The biog

Favourite car: Ferrari

Likes the colour: Black

Best movie: Avatar

Academic qualifications: Bachelor’s degree in media production from the Higher Colleges of Technology and diploma in production from the New York Film Academy

THE%20SPECS
%3Cp%3EBattery%3A%2060kW%20lithium-ion%20phosphate%3Cbr%3EPower%3A%20Up%20to%20201bhp%3Cbr%3E0%20to%20100kph%3A%207.3%20seconds%3Cbr%3ERange%3A%20418km%3Cbr%3EPrice%3A%20From%20Dh149%2C900%3Cbr%3EAvailable%3A%20Now%3C%2Fp%3E%0A
Dubai works towards better air quality by 2021

Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.

The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.

These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.

“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.

“We’re in a good position except for the cases that are out of our hands, such as sandstorms.

“Sandstorms are our main concern because the UAE is just a receiver.

“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”

Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.

There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.

“There are 25 stations in total,” Mr Al Daraji said.

“We added new technology and equipment used for the first time for the detection of heavy metals.

“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”

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.”

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

World Cup warm up matches

May 24 Pakistan v Afghanistan, Bristol; Sri Lanka v South Africa, Cardiff

May 25 England v Australia, Southampton; India v New Zealand, The Oval

May 26 South Africa v West Indies, Bristol; Pakistan v Bangladesh, Cardiff

May 27 Australia v Sri Lanka, Southampton; England v Afghanistan, The Oval

May 28 West Indies v New Zealand, Bristol; Bangladesh v India, Cardiff

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

AGUERO'S PREMIER LEAGUE RECORD

Apps: 186
Goals: 127
Assists: 31
Wins: 117
Losses: 33

Ovo's tips to find extra heat
  • Open your curtains when it’s sunny 
  • Keep your oven open after cooking  
  • Have a cuddle with pets and loved ones to help stay cosy 
  • Eat ginger but avoid chilli as it makes you sweat 
  • Put on extra layers  
  • Do a few star jumps  
  • Avoid alcohol   
COMPANY%20PROFILE
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Avengers: Endgame

Directors: Anthony Russo, Joe Russo

Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin

4/5 stars 

The Lowdown

Us

Director: Jordan Peele

Starring: Lupita Nyong'o, Winston Duke, Shahadi Wright Joseqph, Evan Alex and Elisabeth Moss

Rating: 4/5

Company%20profile
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Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
Updated: August 16, 2023, 8:58 PM