Dr Nawal Al-Hosany is permanent representative of the UAE to the International Renewable Energy Agency
May 22, 2023
For more than a decade, the Petersberg Climate Dialogue (PCD) has provided a stage to strengthen trust between states in multilateral climate negotiations. That trust runs in three directions.
Trust that the Cop presidency and its parties are plugged into, and prioritising, the most critical issues on the climate agenda. Trust that the international community can reach a consensus on implementing commitments and pledges. And trust that climate leaders will match the rhetoric of the negotiations text to their actions in the real world, and deliver a viable pathway to net zero and a sustainable future.
On this, the UAE is in a strong position to deliver on the crucial metrics of the climate trust barometer.
In his address to the parties gathered in Berlin for this year’s PCD, Dr Sultan Al Jaber, President-designate of the Cop28 summit, acknowledged that “Expectations are high. Trust is low,” while delivering a clear, pertinent message that collaboration and determination are needed across the international community to ensure that Cop28 delivers “transformational results”.
Green spaces and architecture displays at Expo 2020 Dubai. Antonie Robertson / The National
This is precisely the opportunity that we have at hand with Cop28 – the year of the first global stocktake since the Paris Agreement. The UAE can demonstrate its commitment to transformative global climate action by demonstrating the possibilities of a post-hydrocarbon-reliant economy, and outlining the bold steps that can take us there.
Finding common ground across the factions in the climate space it essential. By coming together, we can deliver impactful climate action and sustainable economic development – they are not mutually exclusive.
Addressing the most urgent climate challenges and opportunities – such as the energy transition – goes hand in hand with sustainable economic growth, especially for those in the most vulnerable communities.
A man walks through his flooded compound to a road, in Northern Bahr el Ghazal State, South Sudan, on October 20, 2021. His field of sorghum, which fed his family, is under water. AP
Today, the world’s least developed economies comprise more than half the world’s population. They contribute just 12 per cent of global emissions. And yet, they find themselves on the frontlines of the changing climate, most vulnerable to erratic weather patterns, and the most likely to be displaced by extreme weather events. At the same time, more than 770 million people have no access to electricity.
The UAE is a recognised bridge builder – a trusted partner to countries between East and West, Global South and Global North
The link between human health, economic opportunity and energy access is critical in energy transition and broader climate action. It is a link that Cop28 is setting out to address head on. Indeed, Cop28 UAE will be the first Cop with a day dedicated to health – with the first health and climate ministerial, scheduled for the first day of the conference’s programming and after the World Climate Action Summit.
Delivering outcomes and results across each of the thematic days at Cop28, as well as the negotiated text that will form the content of the Cop28 Agreement, hinges on our ability to build consensus and bring all stakeholders around the table to design an inclusive, comprehensive roadmap for a sustainable future.
In this regard, the UAE’s credentials and its convening power speak for themselves. As home of the International Renewable Energy Agency (Irena), the UAE is a recognised bridge builder – a responsible and trusted partner to countries between East and West, Global South and Global North. This places the country in an ideal position to foster consensus on climate diplomacy and progress.
As the Cop28 presidency has emphasised, partnerships will be key to climate progress. We saw the UAE’s ability to forge impactful partnerships in action at the first-ever Climate Tech Forum last week in Abu Dhabi, where Irena and Masdar signed an agreement to set a roadmap to triple global renewable energy capacity by 2030.
The two entities will collaborate to establish a global baseline for renewable energy, with a focus on solar, wind, hydropower, geothermal and other technologies, including battery storage. These will be complemented by region-specific data to ensure continued and swift progress in renewable capacity.
In the 17 years since the UAE leadership established Masdar, the cost of a kilowatt hour of solar energy in 2006 has fallen to under 2 cents. We need to double down on the tenets of innovation and collaboration that have brought us to this point, so we can bring costs down further, lower barriers to entry and improve energy access.
This approach of innovative collaboration and pioneering partnerships aligns with the approach we are seeing in the lead up to Cop28, which underscores the power of partnerships, invests in inclusivity and demands delivery. It is an approach that recognises immense opportunity in the face of adversity. And it is one that is predicated on unity and ending polarity.
With these principles in place, Cop28 can seize the moment, and turn an inflection point for trust in the climate process into a turning point for unified climate action.
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Walls
Louis Tomlinson
3 out of 5 stars
(Syco Music/Arista Records)
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.”
RESULTS
Cagliari 5-2 Fiorentina
Udinese 0-0 SPAL
Sampdoria 0-0 Atalanta
Lazio 4-2 Lecce
Parma 2-0 Roma
Juventus 1-0 AC Milan
Manchester City 4
Otamendi (52) Sterling (59) Stones (67) Brahim Diaz (81)
Real Madrid 1
Oscar (90)
Uefa Nations League: How it works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
White hydrogen: Naturally occurring hydrogen Chromite: Hard, metallic mineral containing iron oxide and chromium oxide Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
All people fleeing from Ukraine before the armed conflict are allowed to enter Poland. Our country shelters every person whose life is in danger - regardless of their nationality.
The dominant group of refugees in Poland are citizens of Ukraine, but among the people checked by the Border Guard are also citizens of the USA, Nigeria, India, Georgia and other countries.
All persons admitted to Poland are verified by the Border Guard. In relation to those who are in doubt, e.g. do not have documents, Border Guard officers apply appropriate checking procedures.
No person who has received refuge in Poland will be sent back to a country torn by war.
