The UAE has pledged to deliver a “transformational road map” to guide future climate action at Cop28 this year after a new report warned there is much to be done to limit global warming.
The latest Intergovernmental Panel on Climate Change (IPCC) report, released on Monday, called for “deep, rapid and sustained greenhouse gas emissions reductions in all sectors” to support efforts to cap temperature rises to 1.5°C above pre-industrial levels, as set out by the Paris Agreement in 2015.
It puts forward a key target to nearly halve emissions over the next years, instead of allowing them to flatline or even increase.
Dr Sultan Al Jaber, President-designate of Cop28, warned that the world was “way off target” in its mission to limit global warming in remarks at the Copenhagen Climate Ministerial summit on Monday.
“Incremental steps will simply not cut it, we need transformational progress in the next seven years across mitigation, adaptation, climate finance and loss and damage,” he said.
The Cop28 Presidency has responded to the findings of the IPCC report, promising to bring together the international community to lead the fight on climate change.
“The IPCC's AR6 report makes absolutely clear the importance of ambitious and transformative action to put the world back on track to achieve the goals of the Paris Agreement,” the Cop28 Presidency said in a statement.
A duty to protect the vulnerable
“The world’s scientists tell us that we must bring down emissions rapidly to limit global warming and keep 1.5°C within reach. While doing so it is our responsibility to ensure that the most vulnerable who have done the least to cause climate change are protected against its increasingly severe impacts.”
The Cop28 climate conference aims to be a launch pad for much-needed progress.
“Cop28, hosted by the UAE, takes place in a crucial decade of action, at which we will undertake the first ever Global Stocktake since the Paris Agreement,” the statement continued.
“The UAE will utilise its Cop28 Presidency to drive consensus, reignite momentum for climate progress and deliver a transformational road map to guide future action.
“The IPCC AR6 report provides us with an ideal opportunity to undertake a fundamental course correction and to accelerate climate action that delivers new avenues for investment and growth along with a just transition that leaves no one behind.”
The Cop28 leadership stressed the importance of securing the support of big industries and investing heavily in the green agenda to bring about significant change.
“The international community must unite in promoting bold, ambitious, and practical solutions while prioritising inclusivity, enhanced accountability, and transparency. All stakeholders, particularly big industries, must go further and faster to get the world back on track.
“Such a transformation has the potential to unlock trillions of dollars of investment in a new and sustainable development pathway that can generate jobs and growth.
“The international financial institutions and multilateral development banks must be part of the solution. They must reform to enable a just energy transition and meet the needs of the most vulnerable, particularly across the global south.
“Let us work together, in solidarity, to deliver a plan that is based on the excellent work of the IPCC and is accelerated by truly global co-operation.”
Cop President-designate backs action plan
The Cop28 Presidency reaffirmed Dr Sultan Al Jaber's backing of the UN Secretary General’s call for climate solidarity and acceleration.
It said Cop28 leaders would support all countries in achieving the 1.5°C goal and achieving net-zero emissions by 2050, which it said required “transformational progress in the next seven years”.
“Progress can only happen through partnership, not polarisation. We must accelerate decarbonisation of all industries. Governments need to adopt smart policies to incentivise breakthrough technologies and enable the rapid deployment of renewables and zero carbon energies,” the statement said.
“We should inject a business mindset, short-term KPIs and an ambitious action-orientated agenda to accelerate mitigation efforts and remember that the objective is to curb emissions, not progress.
“We need to rapidly build the new energy system and reduce emissions from today's energy mix before unplugging the current energy system.
“All governments, private sector, financial institutions, industry and NGOs must come together as one to meet the challenges with ambitious climate action that delivers benefits for the climate and the economy at the same time.”
Cop28 will be held at Expo City Dubai from November 30 to December 12.
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How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
2289 - Dh10
2252 - Dh50
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6027 - Dh100
6026 - Dh200
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Company%20profile
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UAE currency: the story behind the money in your pockets
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Profile box
Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India
The%20specs%3A%202024%20Mercedes%20E200
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
2018 ICC World Twenty20 Asian Western Regional Qualifier
Saturday results
Qatar beat Kuwait by 26 runs
Bahrain beat Maldives by six wickets
UAE beat Saudi Arabia by seven wickets
Monday fixtures
Maldives v Qatar
Saudi Arabia v Kuwait
Bahrain v UAE
* The top three teams progress to the Asia Qualifier
The biog
Favourite book: Animal Farm by George Orwell
Favourite music: Classical
Hobbies: Reading and writing
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
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
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
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.
