King Charles has passionately advocated for urgent global action against climate change at three UN-backed Cop meetings stretching as far back as 2009.
The British monarch has spoken to delegates about the need for a strong sense of responsibility, urging world leaders to act decisively to safeguard the future of our planet and ensure a liveable environment for generations yet unborn.
King Charles will travel to Dubai to attend a reception on November 30 to launch the inaugural Cop28 Business and Philanthropy Climate Forum.
The two-day event runs parallel with the summit and is being hosted by the Cop28 Presidency in partnership with the Sustainable Markets Initiative, founded by the King.
He will then deliver a keynote address at the World Climate Action Summit at Cop28 on December 1, officials announced on Wednesday.
His trip to Cop28 in Dubai marks a chance to revisit the top messages he has conveyed at previous summits.
Cop26 in Glasgow
The then Prince of Wales used his platform at Cop26 in Glasgow to amplify the urgency of global co-operation and decisive action.
He said: “We need a vast military-style campaign to marshal the strength of the global private sector,” underscoring the imperative need for an orchestrated, large-scale response in the battle against climate change.
He urged: “With trillions at its disposal – far beyond global GDP and, with the greatest respect, beyond even the governments of the world's leaders – it offers the only real prospect of achieving fundamental economic transition,” highlighting the pivotal role of private sector capital in spearheading substantial change.
Cop21 in Paris
In Paris at Cop21, Charles's words resonated with empathy and a call for urgent action.
His address focused on the magnitude of the responsibility shouldered by the global leaders attending: “Rarely in human history have so many people around the world placed their trust in so few.”
In a compelling appeal, he underscored the urgent necessity of action: “On an increasingly crowded planet, humanity faces many threats – but none is greater than climate change.”
He urged the world to think of the next generation “because none of us has the right to assume that for our today they should give up their tomorrow. It magnifies every hazard and tension of our existence.”
He emphasised the immediate need for action to deter catastrophic outcomes: “We must act now.”
Cop15 in Copenhagen
At Cop15 in Copenhagen, Charles voiced a passionate plea for the global community to undertake determined and united actions against the looming crisis of climate change.
“We have the knowledge, and we know what to do,” he said.
He emphasised the interconnectedness of humanity with nature, stating: “The future of mankind can be assured only if we rediscover ways in which to live as a part of nature, not apart from her.”
His speech conveyed a strong sense of urgency, underscoring the critical need for transformative action and collaboration in the face of the escalating climate crisis.
He highlighted the indispensable role of sound knowledge and decisive action in navigating the pathways towards sustainable futures and combating the multifaceted challenges posed by climate change.
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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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.”
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