Mariam Al Mheiri, UAE Minister of Climate Change and the Environment, said the UAE may update its climate action plan based on what transpires at Cop28.
The crucial climate talks will see the world assess progress made under the 2015 Paris Agreement when leaders agreed to “pursue efforts” to limit global temperatures to 1.5ºC on pre-industrial levels.
This is known as the “global stocktake” and will take place at Cop28 for the first time.
“Based on the conclusion of the global stocktake, the UAE may consider updating its climate plans and potentially update its nationally determined contribution,” Ms Al Mheiri said on Thursday.
Ms Al Mheiri also said the UAE wanted Cop28 to be a “beacon of hope” amid a “disheartening” regional situation.
With just two weeks to go until the crucial summit begins, Ms Al Mheiri outlined how the UAE wanted a positive summit and to lead by example in cutting emissions.
Vital need to cut waste
She said issues such as the UAE’s household waste and food waste needed to be addressed and the role of new technology in curbing warming emissions, such as carbon capture, should be explored.
“Households have a huge role to play,” she told reporters. “Sometimes we lose ourselves in how we are being very wasteful,” pointing to how the ministry has launched a series of engagements known as “changemakers majlis” to galvanise the support of everyday households.
Food loss and waste contribute in a major way to global emissions. According to the UN, if food loss and waste were a country, it would be the third biggest source of greenhouse gas emissions.
“We don’t even feel how much waste we are producing because the waste management system is so good in the country,” said Ms Al Mheiri. “You take out your waste and the next morning it is gone. So you don’t see it and don’t feel how much it is.”
Net-zero vision
The UAE announced its net-zero by 2050 goal in 2021. Net zero typically means not adding new emissions to the atmosphere. The road map to cutting emissions is through what is known as “nationally determined contributions” or a country's climate action plan.
These plans are usually issued or updated every five years as mandated under the 2015 Paris deal. But the UAE has updated its NDC several times within this five-year time frame, with the last update in July outlining how the Emirates planned to ensure a 40 per cent cut in emissions by 2030 compared to business as usual.
“We are updating it because technology has accelerated,” she said. “The private sector is being enabled. And since we are hosting the world [at Cop28] why not push it further?”
When asked about independent research group Climate Action Tracker's ranking of the NDC as “insufficient” – better than the previous ranking – Ms Al Mheiri said it was a “step in the right direction” and “we are always striving to get better”.
“Let’s raise the ambition even higher,” she said. “And we are realistic. We are in a desert and must think of high temperatures. Living and adapting to the environment we are in is also not easy,” she said, saying the UAE also considered the cost of living and environmental aspects in such decisions.
She also said the ministry was working closely with all the significant players from transport to energy and the major companies “were feeling the heat” on net zero, She outlined how Adnoc had also issued its own net-zero targets.
The minister said the UAE was keen to explore the potential of what’s known as carbon capture technologies that stores C02 from the air.
“I was in Iceland and saw the direct air capture they are using. The project looks very promising,” she said, referring to a project that sees C02 being turned into stone.
“The UAE is very open to looking at technologies and innovations in this space. We have some areas in UAE that could actually be ideal for this technology,” she said, pointing to a trial in Fujairah.
The UN, meanwhile, has warned the world remains way off track collectively in curbing emissions with countries only taking “baby steps” to tackle the crisis. Cop28 also comes in a challenging global outlook amid the Ukraine war and Gaza conflict.
Ms Al Mheiri said what was happening in the region was “disheartening” yet the UAE wanted Cop28 to be a “beacon of hope”.
“We are excited and nervous at hosting the world to talk about one of the biggest threats that we are facing,” she said.
“We really want to lead by example at Cop28. We want to walk the talk.”
UAE set for Cop28 – in pictures
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
First Person
Richard Flanagan
Chatto & Windus
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.”
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
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SPECS
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UAE currency: the story behind the money in your pockets
The 10 Questions
- Is there a God?
- How did it all begin?
- What is inside a black hole?
- Can we predict the future?
- Is time travel possible?
- Will we survive on Earth?
- Is there other intelligent life in the universe?
- Should we colonise space?
- Will artificial intelligence outsmart us?
- How do we shape the future?
More from Neighbourhood Watch:
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
COMPANY%20PROFILE
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
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'Laal Kaptaan'
Director: Navdeep Singh
Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
Rating: 2/5
RESULT
Shabab Al Ahli Dubai 0 Al Ain 6
Al Ain: Caio (5', 73'), El Shahat (10'), Berg (65'), Khalil (83'), Al Ahbabi (90' 2)
In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
