US climate envoy John Kerry said the US would not accept an “imposed standard of liability” to help vulnerable countries overcome the effects of climate change.
In an interview with The National, the former secretary of state said the US could be relied upon for climate-related disaster relief — but “that's different from paying for a loss that hasn't been purely defined”.
“The United States will not accept … some imposed standard of liability,” said Mr Kerry, who was in Abu Dhabi for an Atlantic Council event.
The creation of a Loss and Damage Fund was one of the biggest outcomes of the last United Nations Climate Conference (Cop27).
The fund's contributors and exactly which countries will benefit are still to be decided, but the aim is to provide financial assistance to nations hardest hit by the effects of climate change.
The United States will not accept ... some imposed standard of liability
John Kerry
Looking ahead to Cop28, Mr Kerry said he had “high expectations” of the UAE as host nation.
“The UAE has really been a solid leader on new technologies,” he said. “They're highly invested in alternative renewable energy, even though they're a gas and oil producer.
“The new president of the Cop [Dr Sultan Al Jaber] was very public about it: that this is a time for transition.
“And UAE understands they are transitioning away from gas and oil into a new energy future. They're determined to be leaders in that effort. And I have high expectations that they're really going to put this issue on the table, as people prepare for the next meeting in December.”
No drawing down on fossil fuels
He disagreed with the notion of setting targets to draw down fossil fuel production at Cop28 — a topic that was debated at Cop27 — and instead suggested setting emissions reduction targets.
He said the transition to low-carbon energy is under way and there should be no negotiations over drawing down fossil fuels at Cop28.
“I don't think we have to be specifically prohibiting one thing or another,” Mr Kerry said.
“We have to prohibit emissions. We have to set standards for the way those emissions need to be reduced,” he said, adding that adequate energy supply to keep economies growing is a must.
Mr Kerry said the goal of limiting the warming of the planet to that 1.5°C is in jeopardy amid a lack of co-operation among the world's biggest economies.
The world would be “so far ahead … in the fight” against emissions if there was greater international co-operation.
“We've got to move faster,” he said.
More than 190 countries are part of the legally binding Paris Agreement, a framework agreed to in 2015 to avoid dangerous climate change by limiting the Earth's warming to 1.5°C above pre-industrial levels. Breaching the 1.5ºC threshold would mean the worst consequences of global warming, according to climate scientists.
Emissions would have to fall at rates comparable to 2020 — when Covid-19 restrictions shut down transport, industry and economic activities — every year to keep temperature rises to 1.5°C in the long term, according to the Global Carbon Brief.
Instead, global CO2 emissions rebounded to their highest level in history in 2021.
Mr Kerry criticised the lack of investment in global energy transition efforts, saying not enough money was being “put on the table” to achieve net-zero targets.
'No trying to do it on the cheap'
“We're either not trying to do it or we're trying to do it on the cheap, and the result is that we're not doing it,” said Mr Kerry on stage at the Atlantic Council Global Energy Forum on Sunday.
“The system is broken in terms of how we're trying to fix this and we need to respond more effectively.”
Investment in renewable energy needs to double to more than $4 trillion by the end of the decade to meet net-zero emissions targets by 2050, the International Energy Agency said in its World Energy Outlook last year.
In November, the US-UAE Partnership to Accelerate Transition to Clean Energy (Pace) was announced, a massive partnership to mobilise $100 billion in financing, investment and other support, and to deploy globally 100 gigawatts of clean energy by 2035.
Mr Kerry said “most of it” is to be funnelled directly into the UAE and US “in a co-operative way”, rather than invested elsewhere, without citing specific figures.
Last year, the US government launched the Energy Transition Accelerator (ETA) alongside private partners the Rockefeller Foundation and the Bezos Earth Fund, with the intention of funding renewable energy projects in developing countries through the creation of a new voluntary carbon credit marketplace.
Mr Kerry said “no” to the question of if there was today proper scrutiny of carbon markets for the initiative to be successful.
“But we are absolutely determined in this effort. And we have all of those stakeholders at the table, in order to be able to make sure that there is transparency, that there is accountability, that this is not a phoney process.
“But we have a challenge, which is being able to get companies and countries to be able to transition more rapidly to reduce emissions. We want it to be a gold standard measurement of emissions reduction and enticement for companies and countries to be able to engage in that reduction.”
Commenting on the nuclear fusion breakthrough announced by the US Department of Energy in December, Mr Kerry called it a “welcome breakthrough … [that] is not going to solve our immediate problem”, adding that it would be at least 20 years before a nuclear fusion energy might be commercially viable.
On the question of his legacy as the first climate envoy for the US, Mr Kerry, who turns 80 this year, indicated his work is unfinished.
“I want to get the job done,” he said. “I want to make sure we are on the road with clarity to do real things, not rhetorical, but real things that are going to make life better. And guarantee we can leave our kids and our grandkids, the world that they deserve.
"It's exciting. There are huge, positive economic and health and security possibilities here. I mean, this is a winner. In terms of life itself on the planet. If we do what we know we have to do.”
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
MATCH INFO
Sheffield United 3
Fleck 19, Mousset 52, McBurnie 90
Manchester United 3
Williams 72, Greenwood 77, Rashford 79
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
Tips for used car buyers
- Choose cars with GCC specifications
- Get a service history for cars less than five years old
- Don’t go cheap on the inspection
- Check for oil leaks
- Do a Google search on the standard problems for your car model
- Do your due diligence. Get a transfer of ownership done at an official RTA centre
- Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
- Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
- If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell
Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com
KILLING OF QASSEM SULEIMANI
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
Match info
Huddersfield Town 0
Chelsea 3
Kante (34'), Jorginho (45' pen), Pedro (80')
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
KILLING OF QASSEM SULEIMANI
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
MATCH INFO
Real Madrid 2
Vinicius Junior (71') Mariano (90 2')
Barcelona 0
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Dresos%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20September%202020%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Vladimir%20Radojevic%20and%20Aleksandar%20Jankovic%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Fashion%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%24285%2C000%3B%20%24500%2C000%20currently%20being%20raised%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Crowdfunding%2C%20family%2C%20friends%20and%20self-funding%3C%2Fp%3E%0A
