Mark Carney's appointment as the next leader of Canada's Liberal Party, paving the way for him to become prime minister, comes at a critical juncture, not just for relations between the US and Canada, but also in the fight against climate change.
Mr Carney's former positions as governor of the Bank of England and Bank of Canada, as well as a UN special envoy on climate action and finance, could provide him with a unique background to tackle the issues head on.
Antonios Vouloudis, senior director of sustainability and stewardship at NYU Abu Dhabi, told The National that Mr Carney's extensive experience in financial regulation and climate strategy “could significantly accelerate Canada's transition to net-zero emissions while balancing economic stability”.
Recognised contribution to UAE Consensus
Mr Carney played an important role on the road to achieving the historic UAE Consensus at the Cop28 climate summit in Dubai in 2023 – particularly concerning the delivery of key Presidential Action Agenda outcomes across climate finance and energy.
As a result of his involvement at Cop28, President Sheikh Mohamed bestowed the First Class Order of Zayed II to Mr Carney.
Sheikh Mohamed emphasised that the legacy of sustainability established by the UAE’s Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, is a cornerstone of the UAE's efforts to support sustainability, promote effective climate action, and ensure equitable economic and social development for a better future for humanity, state news agency Wam reported.
Mr Carney's work in climate, however, predates Cop28. At the end of 2019, UN Secretary General Antonio Guterres announced the appointment of Mr Carney as UN special envoy for climate action and finance.
Mr Vouloudis said that, in this capacity, Mr Carney played a crucial role in integrating climate action into the global financial system.
“He was instrumental in launching the Glasgow Financial Alliance for Net Zero in 2021, a coalition of over 250 financial institutions managing assets worth $80 trillion, committed to funding the transition to a carbon-neutral economy,” Mr Vouloudis added.
Mr Carney is also credited with playing an essential role in co-founding the Taskforce on Scaling Voluntary Carbon Markets, which aims to establish a credible carbon offset market to help businesses and nations meet climate commitments.
“It’s an absolute imperative to get to net zero. We will be compounding adaptation if we don’t get to net zero,” Mr Carney said in an interview with the UN in 2021, in which he discussed the urgency of achieving the goals of the 2015 Paris Agreement.
“In other words, things will continue to get worse. The adaption consistent with 1.5°C unfortunately would not be consistent with 2°C or 2.5°C or more.”
Mr Carney's campaign website highlights his climate action plan, which seeks to scrap Canada's consumer carbon tax and replace it with “incentives to reward people for greener choices”. The site states that the shift will ask major polluters to “contribute their fair share”, as well as furthering investments to electric vehicles and energy efficient buildings.
Climate activists have welcomed his appointment as Liberal Party leader, given Mr Carney's green credentials at a time when the US is scaling back on climate commitments.
“The best revenge for US President Donald Trump’s unprecedented assault on our livelihoods, environment and democracy would be to become an even better Canada by building a greener, fairer society that will be a beacon to the world,” said Keith Stewart, senior energy strategist at Greenpeace Canada.
At the start of Mr Trump's second term in office, he began the process of once again pulling the US out of the Paris Agreement. The international treaty covers climate change mitigation, adaptation and finance. It is aimed at limiting the rise in global temperatures to 1.5°C above pre-industrial levels.
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
Last-16 Europa League fixtures
Wednesday (Kick-offs UAE)
FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm
Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm
Inter Milan v Getafe (one leg only) 11pm
Manchester United (5) v LASK (0) 11pm
Thursday
Bayer Leverkusen (3) v Rangers (1) 8.55pm
Sevilla v Roma (one leg only) 8.55pm
FC Basel (3) v Eintracht Frankfurt (0) 11pm
Wolves (1) Olympiakos (1) 11pm
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
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
Heather, the Totality
Matthew Weiner,
Canongate
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
