With the UN warning earlier this week that greenhouse gases in the atmosphere have hit an all-time high, the pressure on the upcoming Cop26 climate conference to deliver tangible commitments from the world’s leading powers to cut carbon emissions has never been greater.
Speaking on the eve of the Cop26 international climate summit that opens in Glasgow on Sunday, John Kerry, US President Joe Biden’s climate envoy, warned that this is the world’s “last best chance” to stop a climate catastrophe.
In Britain, his words were echoed by a team of international scientists, who in a signed declaration issued on the eve of the summit, set out in stark terms the extent of the climate challenges the world is facing.
Warning that the scientific case for urgent climate action was “unequivocal”, they pointed to the fact that the world is now 1.09°C warmer than it was in the early industrial era. This had resulted in sea levels rising, and had contributed to weather extremes, such as heatwaves, excess rainfall, wildfires, flooding and droughts. The scientists insisted that “there is no doubt” human activity has been responsible for warming the ocean, atmosphere and land, and that urgent action was required to halt this trend if the world was to avoid potentially catastrophic consequences in the decades to come.
As if to underline the urgency of the issue, the UN warned that greenhouse gases in the atmosphere were higher than ever despite the drop in global emissions that had been caused by the coronavirus pandemic.
Notwithstanding pledges by some of the world’s leading industrialised nations made at previous climate summits to cut carbon emissions, the UN’s World Meteorological Organisation has found that concentrations of carbon dioxide and other heat-trapping gases in the atmosphere have risen at a faster rate during the last year than over the previous decade. And this is despite the downturn in the global economy caused by the pandemic.
But if the scientific arguments in favour of world leaders taking tougher action to tackle the impact of climate change appear compelling, the prospects of the two-week Cop26 summit producing the necessary reductions is not looking promising, as British Prime Minister Boris Johnson, who is hosting the summit, himself admitted earlier this week.
In order to get rising temperatures under control, one of the summit’s main goals is to limit warming to 1.5°C by the end of the century, which scientists argue, can only be achieved if world leaders agree to a steep reduction in global emissions by 2030, with the aim of reaching global net zero by around 2050.
Coal burning is one of the most contentious issues
But Mr Johnson, speaking at a press conference convened for young children to raise climate concerns, warned that it was “touch and go” whether the summit delivered the desired results. He said it was “very far from clear” that the necessary commitments would be forthcoming at Glasgow, even though the meeting was arguably the most important the UK has had “in our lifetimes”.
The omens for the summit producing the required outcome have certainly not been promising after the Queen was forced to pull out of hosting a reception for world leaders after being given medical advice to rest. In addition, Glasgow has been hit by a number of industrial disputes that will disrupt the city’s transportation system.
The prospects of the summit resulting in lasting commitments from world leaders to meet the UN’s ambitious climate goals have also been hit by the absence of a number of key leaders, with both Chinese President Xi Jingping and Russian President Vladimir Putin unlikely to attend.
The absence of the Russian and Chinese leaders certainly underlines the deep divisions that have emerged over the climate debate, with most Western powers accepting the need to cut carbon emissions while other countries, especially in the developing world, argue that their own economic development should take precedence over meeting climate targets.
In this context coal burning has emerged as one of the most contentious issues, which is seen as one of the biggest contributors to global warming. In Britain one of Mr Johnson’s strongest claims to global leadership on climate change is his commitment that coal will no longer be used to generate electricity in the UK from October 2024.
But with 6,600 coal-fired generating units still operational worldwide, Mr Johnson’s hopes of persuading other countries, particularly in the developing world, to follow suit are not promising. Global coal use was about 4 per cent higher in the last quarter of last year than in the same period in 2019, and hundreds more coal plants are being planned in countries such as China, India and Indonesia.
In this context it is therefore vital that Cop26 makes progress on the pledge by developed countries, initially made in 2009, to provide $100 billion a year to help developing countries respond to the climate challenge. According to the latest figures produced by the Organisation for Economic Co-operation and Development, a club of mostly rich nations, only $80 billion was raised in 2019, with warnings that this year’s total could also be “well short” of the target unless other commitments are forthcoming at Glasgow.
The prospects of a major breakthrough being achieved at Cop26 have also been undermined by wrangling between western powers over the best means of achieving climate goals.
The recent debate in Europe over Russia’s controversial Nord Stream II gas pipeline has, for example, revealed divisions between countries like Britain – that are concerned it will make Europe too reliant on Moscow for its energy needs – and other European powers like Germany, which believe access to Russian energy is vital as European economies make the transition to greener economies.
Nevertheless, there are some grounds for optimism that the summit will not be a complete failure. In terms of providing support for developing nations, the Biden administration has already agreed to increase its annual contribution to $11.4 billion a year by 2024, while President Xi promised to end support for new coal power projects overseas.
In 2019, when Britain won the right to host Cop26, commitments to net zero emissions covered only about a quarter of the world’s economy. Now 84 per cent is covered by such national commitments.
The challenge now is for Cop26 to maintain the momentum on these achievements.
The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
WHAT%20IS%20THE%20LICENSING%20PROCESS%20FOR%20VARA%3F
%3Cp%3EVara%20will%20cater%20to%20three%20categories%20of%20companies%20in%20Dubai%20(except%20the%20DIFC)%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20A%3A%3C%2Fstrong%3E%20Minimum%20viable%20product%20(MVP)%20applicants%20that%20are%20currently%20in%20the%20process%20of%20securing%20an%20MVP%20licence%3A%20This%20is%20a%20three-stage%20process%20starting%20with%20%5B1%5D%20a%20provisional%20permit%2C%20graduating%20to%20%5B2%5D%20preparatory%20licence%20and%20concluding%20with%20%5B3%5D%20operational%20licence.%20Applicants%20that%20are%20already%20in%20the%20MVP%20process%20will%20be%20advised%20by%20Vara%20to%20either%20continue%20within%20the%20MVP%20framework%20or%20be%20transitioned%20to%20the%20full%20market%20product%20licensing%20process.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20B%3A%3C%2Fstrong%3E%20Existing%20legacy%20virtual%20asset%20service%20providers%20prior%20to%20February%207%2C%202023%2C%20which%20are%20required%20to%20come%20under%20Vara%20supervision.%20All%20operating%20service%20proviers%20in%20Dubai%20(excluding%20the%20DIFC)%20fall%20under%20Vara%E2%80%99s%20supervision.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECategory%20C%3A%3C%2Fstrong%3E%20New%20applicants%20seeking%20a%20Vara%20licence%20or%20existing%20applicants%20adding%20new%20activities.%20All%20applicants%20that%20do%20not%20fall%20under%20Category%20A%20or%20B%20can%20begin%20the%20application%20process%20through%20their%20current%20or%20prospective%20commercial%20licensor%20%E2%80%94%20the%20DET%20or%20Free%20Zone%20Authority%20%E2%80%94%20or%20directly%20through%20Vara%20in%20the%20instance%20that%20they%20have%20yet%20to%20determine%20the%20commercial%20operating%20zone%20in%20Dubai.%C2%A0%3C%2Fp%3E%0A
THE BIO
Occupation: Specialised chief medical laboratory technologist
Age: 78
Favourite destination: Always Al Ain “Dar Al Zain”
Hobbies: his work - “ the thing which I am most passionate for and which occupied all my time in the morning and evening from 1963 to 2019”
Other hobbies: football
Favorite football club: Al Ain Sports Club
UAE currency: the story behind the money in your pockets
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,200m. Winner: Majd Al Megirat, Sam Hitchcott (jockey), Ahmed Al Shehhi (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m. Winner: Dassan Da, Patrick Cosgrave, Helal Al Alawi
6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 (T) 1,400m. Winner: Heba Al Wathba, Richard Mullen, Jean de Roualle
6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 (T) 1,400m. Winner: Hameem, Adrie de Vries, Abdallah Al Hammadi
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m. Winner: Jawal Al Reef, Richard Mullen, Ahmed Al Mehairbi
Handicap (TB) Dh100,000 (T) 2,200m. Winner: Harbour Spirit, Adrie de Vries, Jaber Ramadhan.
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
Mercedes-AMG GT 63 S E Performance: the specs
Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor
Power: 843hp at N/A rpm
Torque: 1470Nm N/A rpm
Transmission: 9-speed auto
Fuel consumption: 8.6L/100km
On sale: October to December
Price: From Dh875,000 (estimate)
MEDIEVIL%20(1998)
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20SCE%20Studio%20Cambridge%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%2C%20PlayStation%204%20and%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
More from Aya Iskandarani
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.”
SPECS
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The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
