British Prime Minister Rishi Sunak has defended his decision to miss Cop27 amid a wave of criticism, arguing that it is right for him to focus on addressing economic challenges at home.
The new Conservative leader was accused of “a massive failure of leadership” when he decided he would not attend the UN climate change conference in Egypt next month.
Critics have argued his absence will “make a mockery” of his government's commitment to tackle climate change.
Downing Street on Friday confirmed King Charles III had been advised not to attend the summit, arguing it is not the “right occasion” for him to make the trip. It followed a report that former prime minister Liz Truss had urged the monarch not to make an appearance.
“As is standard practice, government advice was sought and provided under a previous PM, and it was unanimously agreed that it would not be the right occasion for the king to visit in person,” a No 10 spokeswoman said.
Mr Sunak on Friday hit back at criticism, insisting he is “really proud” of the UK’s record on tackling global warming, particularly with regard to Cop.
He cited the fact that Britain hosted the global summit in Glasgow last year.
Responding to accusations that his decision to shun the gathering amounted to failing in his premiership, he said: “No. The leadership that we have shown on the climate is unmatched almost along the world.”
Speaking during a visit to a hospital in south London, he added: “It’s important to me that as prime minister we leave behind an environment that is better for our children and grandchildren. I’m very passionate about that. I’m very personally committed to it.
“I just think, at the moment, it’s right that I’m also focusing on the depressing domestic challenges we have with the economy. I think that’s what people watching would reasonably expect me to be doing as well.”
Opposition Labour Party leader Sir Keir Starmer criticised Mr Sunak's decision, tweeting: “Britain showing up to work with world leaders is an opportunity to grasp. Not an event to shun.”
Mr Sunak took office on Monday and has delayed an autumn fiscal statement to November 17 as he looks to tackle a cost-of-living crisis and restore credibility damaged in the short tenure of his predecessor Ms Truss.
Ms Truss was set to attend the UN climate conference in Sharm El Sheikh but Downing Street said on Thursday that Mr Sunak would instead focus on “pressing domestic commitments”.
“The UK will be fully represented by other senior ministers, as well as Cop26 president Alok Sharma,” said a Downing Street spokeswoman.
She said Mr Sunak was “absolutely committed” to supporting the climate conference and denied the decision signalled a downgrading of climate change as a priority.
“We remain committed to net zero and to leading international and domestic action to tackle climate change,” she said.
“The UK is forging before many other countries on net zero. We will obviously continue to work closely with Egypt as the hosts of Cop27 and to make sure that all countries are making progress on the historic commitments they made at the Glasgow climate pact.”
Questions have been asked in the past about Mr Sunak’s commitment to tackling climate change, not least when he cut taxes on fuel and flying a few days before the UK hosted last year’s UN summit in Glasgow.
No 10 also confirmed the demotion of the position of environment minister as Graham Stuart was reappointed to the role but stripped of his entitlement to attend Cabinet. Mr Sharma will also no longer attend.
It is not unusual for a head of government to miss the UN summit. Although Ms Truss planned to take part, world leaders tend to attend the UN conference only every few years when bigger agreements are being negotiated.
Last year’s gathering in Glasgow was the biggest since the meeting in Paris in 2015 that produced a global agreement to limit temperature rises.
Ms Truss’s predecessor Boris Johnson attended the Glasgow meeting while David Cameron, who was prime minister when the 2015 meeting was held, went to the French capital.
Shadow climate change secretary Ed Miliband said: “This is a massive failure of climate leadership. We were the Cop26 hosts and now the UK prime minister isn’t even bothering to turn up to Cop27.
“What Rishi Sunak obviously fails to understand is that tackling the climate crisis isn’t just about our reputation and standing abroad, but the opportunities for lower bills, jobs and energy security it can deliver at home.”
But Conservative MP Jacob Rees-Mogg said the prime minister “is right not to go to Cop” and said the move would save the taxpayer money from hotel bills in Egypt.
“The cost of living won’t be solved in Sharm El Sheikh where each hotel room for the conference is £2,000 ($2,300) a night,” Mr Rees-Mogg said.
Speaking on LBC on Friday morning, Therese Coffey, the government's newly appointed environment secretary, said Mr Sunak would show “global leadership,” rather than attending “just a gathering of people in Egypt”.
She insisted the “big political” summits take place only every five years, with next month’s being more “low key,” despite US president Joe Biden planning to attend.
Speaking on Radio 4, she dismissed suggestions the environment was not a focus for the government.
“[The] UK has set challenging climate change commitments in terms of what we are aiming to do, in terms of reducing carbon emissions. We hosted a very significant Cop last year in Glasgow [where] a lot of progress was made,” said Ms Coffey.
Climate activists and opposition MPs have been urging the new prime minister to go further on his windfall tax as the profits of oil and gas companies soar.
Downing Street said “nothing is off the table” before Chancellor Jeremy Hunt's autumn budget on November 17.
Green MP Caroline Lucas said: “The first test of leadership is to turn up. The new PM’s decision not to attend Cop27 makes a mockery of any government claims on continued climate leadership — and what a shameful way to end the UK’s Cop presidency.”
Gareth Redmond-King, at the Energy and Climate Intelligence Unit advisory organisation, questioned if pulling out was a good decision by the new administration.
“The UK built a global reputation for leading on climate at Cop26, welcoming dozens of presidents and prime ministers to Glasgow,” he said.
“By not turning up to mark the end of the UK’s presidency year, is Sunak missing a trick? And what does it say to allies like the US, as well as to the British public who want the UK to show leadership on climate change?”
Rebecca Newsom, head of politics at Greenpeace UK, said the move suggested that Mr Sunak did not take climate change “seriously enough”.
“The UK government is supposed to hand over the Cop presidency to their Egyptian counterparts at next month’s summit,” she said.
“For Rishi Sunak not to show up is like a runner failing to turn up with the baton at a crucial stage of the relay.”
Cop27 baton relay — in pictures
King Charles will not be attending the climate conference after palace and government officials decided it would not be the best place for the new head of state to make his first international appearance.
By convention, all overseas official visits by members of the royal family are undertaken in accordance with advice from the government.
The known environmentalist attended the Cop26 as Prince of Wales, but his place in Egypt has been in doubt since he became king.
Conservative minister Baroness Neville-Rolfe told Parliament on Thursday that the king’s presence at the conference was “a matter for the palace”.
She hailed his global reputation as an environmental campaigner and denied he had been barred from travelling.
John Kerry, the US special envoy on climate change, said the king's participation at Cop could be “very powerful” and “make a difference”.
“I think it would be terrific, personally,” he told Sky News.
“I know that his being there would make a difference … because he has credibility because he has been a long-term leader.
“I think it would be very powerful.”
UK's Prince Charles says Cop26 success depends on 'sustained commitment' — video
The specs
Price, base / as tested Dh100,000 (estimate)
Engine 2.4L four-cylinder
Gearbox Nine-speed automatic
Power 184bhp at 6,400rpm
Torque 237Nm at 3,900rpm
Fuel economy, combined 9.4L/100km
How to vote in the UAE
1) Download your ballot https://www.fvap.gov/
2) Take it to the US Embassy
3) Deadline is October 15
4) The embassy will ensure all ballots reach the US in time for the November 3 poll
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
MATCH INFO
CAF Champions League semi-finals first-leg fixtures
Tuesday:
Primeiro Agosto (ANG) v Esperance (TUN) (8pm UAE)
Al Ahly (EGY) v Entente Setif (ALG) (11PM)
Second legs:
October 23
Race 3
Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
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.”
Results:
2.15pm: Handicap (PA) Dh60,000 1,200m.
Winner: AZ Dhabyan, Adam McLean (jockey), Saleha Al Ghurair (trainer).
2.45pm: Maiden (PA) Dh60,000 1,200m.
Winner: Ashton Tourettes, Sam Hitchcott, Ibrahim Aseel.
3.15pm: Conditions (PA) Dh60,000 2,000m.
Winner: Hareer Al Reef, Gerald Avranche, Abdallah Al Hammadi.
3.45pm: Maiden (PA) Dh60,000 1,700m.
Winner: Kenz Al Reef, Gerald Avranche, Abdallah Al Hammadi.
4.15pm: Sheikh Ahmed bin Rashid Al Maktoum Cup (TB) Dh 200,000 1,700m.
Winner: Mystique Moon, Sam Hitchcott, Doug Watson.
4.45pm: The Crown Prince Of Sharjah Cup Prestige (PA) Dh200,000 1,200m.
Winner: ES Ajeeb, Sam Hitchcott, Ibrahim Aseel.
Brief scoreline:
Liverpool 2
Keita 5', Firmino 26'
Porto 0
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
More from Rashmee Roshan Lall
At Eternity’s Gate
Director: Julian Schnabel
Starring: Willem Dafoe, Oscar Isaacs, Mads Mikkelsen
Three stars
The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
All the Money in the World
Director: Ridley Scott
Starring: Charlie Plummer, Mark Wahlberg, Michelle Williams, Christopher Plummer
Four stars
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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