A huge sphere hanging from the roof sits at the heart of the Glasgow venue for Cop26, the latest round of the UN negotiations to keep global warming to just 1.5°C above the pre-Industrial Revolution levels.
It is a giant bulb of Mother Earth hovering over the delegates, designed to inspire as the two weeks of intense negotiations play out in the Scottish city. The sphere invokes the Overview Effect, which describes the inspiration that grips astronauts when they view the planet from space for the first time, as a fragile ball that ought to be protected.
The UN climate change process has now been going on for more than a quarter of a century. It has certain structural priorities that have driven progress in that time. The search for justice between the Global North and the Global South as climate solutions are rolled out is, for example, a predominant concern for many of the thousands of delegates.
In Glasgow, efforts to reach the 1.5°C target is led by the process of countries setting target dates to declare that their economies can reach net-zero carbon status. Beyond that, it is clear the UN process is capturing more and more of the forces around climate change.
Finance has powered ahead to make ambitious declarations. Businesses seek a place at a table that is the preserve of diplomats. Health and resilience demand a place in the deliberations. Education and culture can channel the coming changes.
The approach taken by the UK, host of the summit, has benefited from more and more countries setting a target date. That work is bending the trajectory of the rising temperatures. The International Energy Agency (IEA) has provided a useful chart that shows that the announcements leading up to and in Glasgow have pushed the projected temperature rise down to 1.8°C above the historic level.
The UN process is capturing more and more of the forces around climate change
The IEA report indicates that the gap can be closed further, even if the negotiators cannot claim to have eliminated it when Cop26 wraps up on November 12. It recommends a surge in clean electrification, better efforts to exploit energy efficiency, bearing down on methane emissions and enhanced energy innovation.
The IEA cites progress in electric cars, which use 70 per cent less energy to travel one kilometre than conventional automobiles. It also sets out the need for rapid decarbonisation of the electricity sector. This, it says, requires a significant surge in the deployment of low emissions generation technology.
To get there would mean to significantly increase the use of renewables. One of the big announcements, made by the UAE last week, was that of a new platform to boost investment in renewables in less developed countries.
The share of renewables in the national plans translates into a gain from 30 per cent of global capacity to 45 per cent. The IEA says a further bumping up, to 60 per cent, will be required for the international community to meet the net-zero targets that have been announced.
To circle back to the Overview Effect, it is clear that Cop26 and its predecessors have driven progress. There is much more happening in sight.
One of the headline-catching announcements last week was the establishment of the Glasgow Financial Alliance for Net-Zero, chaired by Michael Bloomberg, the businessman and former New York City mayor, and Mark Carney, the former Bank of England governor. This alliance brings together financial institutions that command assets of £130 trillion (almost $176tn).
Not all of those resources will go into fighting climate change. It is a fair bet, however, that increased sums from these firms are going to benefit the fight. When Egypt and, in all likelihood, the UAE host the Cop process in 2022 and 2023, there are plenty of foundations to be built on coming out of Glasgow.
Already the UN Climate Change Secretariat has reduced its estimate of the increase in global carbon emissions by 2030 to 13.7 per cent, down from the 16 per cent that grabbed the headlines a few weeks ago.
Adair Turner, the chairman of the UK’s Energy Transitions Commission, has said the commitments announced last week deliver 40 per cent of the cuts needed to meet the target. There are more announcements on the way in steel, aviation and shipping.
In a nutshell, the growth of Cop process is gathering momentum to address climate change from many different places. That can only be a good thing.
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
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Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
The specs: 2019 Infiniti QX50
Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
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Engine: 2.0-litre turbocharged and supercharged in-line four-cylinder
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Price, base Dh485,000 (GranTurismo) and Dh575,000 (GranCabrio)
Engine 4.7L V8
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Fuel economy, combined 14.3L (GranTurismo) and 14.5L (GranCabrio) / 100km
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
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UAE currency: the story behind the money in your pockets