Speaking from a devastated Grenada in the aftermath of Hurricane Beryl this month, the head of the UN Framework Convention on Climate Change laid bare the biggest obstacle facing climate frontline communities.
“Governments in these vulnerable, developing islands have such limited fiscal space. They’re heavily debt burdened. They don’t have the financial means to continue to borrow to rebuild what they have just rebuilt, only for it to be destroyed again,” Simon Stiell said in an emotional interview, as the small Caribbean island’s community struggles to pick up the pieces.
If ever there as a snapshot of the brutal socio-economic impact of climate change, it is this: peoples’ lives and livelihoods were swept away overnight.
And, as Mr Stiell pointed out, the impact of Hurricane Beryl also highlights the global climate fight’s biggest challenge: making finance accessible and affordable to vulnerable and emerging markets and developing economies – otherwise known as EMDEs.
The climate fight won’t make any headway if the global financial system isn’t reformed. Far too many low-income economies are imperilled by mounting debt, entrapped and forced to repay higher-interest loans on money borrowed to fight the consequences of increasing extreme weather events.
Finance holds the key to unlocking new, inclusive climate mitigation and adaptation solutions. It is rightly, therefore, at the top of the international community’s agenda this year.
Brazil, the G20 president, has pushed reform of the climate finance system hard. This was on display at the third G20 Finance Ministers and Central Bank Governors Meeting in Rio de Janeiro last week. The subsequent communique emphasised the group’s focus on “promoting effective policy frameworks and mobilising adequate, affordable and accessible finance to address climate change and biodiversity challenges”.
Importantly, the meeting also showed important signs of integration with the global climate action agenda laid out by the Cop28 UAE presidency, at the Cop28-G20 Conference on Sustainable Finance, held on the sidelines in Rio. At the conference, the UAE’s Minister of State for Financial Affairs, Mohamed Hadi Al Hussaini, called for an international framework that supports the distribution of finance in ways that mitigate investment risks in developing countries.
Hurricane Beryl highlights climate fight’s biggest challenge: making finance accessible and affordable to vulnerable countries
Given the fact that this year, the G20 Leaders’ Summit overlaps with the first days of Cop29 – when heads of state and government usually convene at the UN climate talks – a direct merging of agendas from the two influential bodies can be seen. In this sense, integration between these two bodies is both inevitable and important.
Much of the momentum behind the issue of climate finance was generated seven months ago, when Cop28 ushered in a new dawn for a practical, pragmatic approach to closing the climate finance gap and investing in an equitable energy transition that leaves no one behind.
As well as securing $85 billion in new commitments and replenishing the Green Climate Fund, Cop28 secured an agreement on a new Global Climate Finance Framework with 10 principles for closing the finance gap that the transition demands, which currently stands at about $7 trillion a year by 2050, according to data from the International Renewable Energy Agency.
Investing this $7 trillion annually to greenify the global economy and close the financing gap is not only critical to achieving our shared climate goals, it also presents an unprecedented opportunity to accelerate local, regional and global low-carbon, climate resilient, inclusive growth.
The good news is that climate finance is moving in the right direction. More than $1.7 trillion was invested in clean energy alone in 2023, which coincided with a 13.9 per cent growth in renewable energy power capacity, according to Irena.
The not-so-good news is that climate finance is not moving fast enough. Further delays are only exacerbating the urgency of future needs, with the annual sum of climate finance needed set to rise only if the shortfall persists.
This climate finance gap is felt especially acutely in EMDEs in the Global South. According to a report by the Independent High-level Expert Group on Climate Finance, $2.4 trillion worth of investment a year is needed in EMDEs by 2030 across the priorities of a just energy transition, adaptation and resilience, loss and damage, and the conservation and restoration of nature.
This figure represents a four-fold increase from current levels devoted to these areas. And, as the first Global Stocktake highlighted, climate investments and accessible finance in EMDEs are severely lacking.
Further, EMDEs are being left behind on clean energy. While clean energy investments hit an all-time global peak last year, more than 90 per cent of the increase in these investments since 2021 has taken place in the developed economies, and China. Low- and lower-middle income countries accounted for only 7 per cent of clean energy spending in 2022.
The challenges to overturning the climate finance status quo are clear. EMDEs face higher interest rates, impractical policy frameworks and market designs, and a higher cost of capital. The solutions should be just as clear.
Guided by international co-operation, we need to see an urgent scaling-up of climate finance that prioitises the needs of EMDEs with ready solutions to easing debt burdens. It is on these frontlines – the small islands, the developing states, the vulnerable and emerging economies – where the fight against climate change and the race to the energy transition will be won and lost.
Initiatives such as Irena’s Energy Transition Acceleration Financing Platform and Lives and Livelihoods seek to mobilise and redirect crucial finance to the parts of the world that need it the most. This is important to build and rebuild infrastructure; to support vital industries that frontline communities rely on, like food, agriculture, health care and education; and to build new energy capabilities so that no-one lives in the dark.
For finance to trickle down, however, the taps at the top need to be turned on. And a new financial architecture needs to be built so that capital flows quicker and easier.
The systemic nature of the climate crisis means that it can be tackled effectively only through expedient and efficient economy-wide reforms designed to deliver the quantity and quality of finance necessary for all communities to transition to climate resilience and safety.
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
The Lowdown
Kesari
Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra
Results
5pm Maiden (PA) Dh80,000 1,400m
Winner No Riesgo Al Maury, Szczepan Mazur (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm Handicap (PA) Dh80,000 1,600m
Winner Marwa W’Rsan, Sam Hitchcott, Jaci Wickham.
6pm Handicap (PA) Dh80,000 1,600m
Winner Dahess D’Arabie, Al Moatasem Al Balushi, Helal Al Alawi.
6.30pm Handicap (PA) Dh80,000 2,200m
Winner Safin Al Reef, Connor Beasley, Abdallah Al Hammadi.
7pm Wathba Stallions Cup Handicap (PA) Dh70,000 2,200m
Winner Thulbaseera Al Jasra, Shakir Al Balushi, Ibrahim Al Hadhrami.
7.30pm Maiden (TB) Dh 80,000 2,200m
Winner Autumn Pride, Szczepan Mazur, Helal Al Alawi.
Spider-Man: No Way Home
Director: Jon Watts
Stars: Tom Holland, Zendaya, Jacob Batalon
Rating:*****
Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The five pillars of Islam
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Aggro%20Dr1ft
%3Cp%3EDirector%3A%20Harmony%20Korine%3Cbr%3EStars%3A%20Jordi%20Molla%2C%20Travis%20Scott%3Cbr%3ERating%3A%202%2F5%3C%2Fp%3E%0A
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
Superliminal%20
%3Cp%3EDeveloper%3A%20Pillow%20Castle%20Games%0D%3Cbr%3EPublisher%3A%20Pillow%20Castle%20Games%0D%3Cbr%3EConsole%3A%20PlayStation%204%26amp%3B5%2C%20Xbox%20Series%20One%20%26amp%3B%20X%2FS%2C%20Nintendo%20Switch%2C%20PC%20and%20Mac%0D%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
LA LIGA FIXTURES
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EXare%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJanuary%2018%2C%202021%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EPadmini%20Gupta%2C%20Milind%20Singh%2C%20Mandeep%20Singh%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunds%20Raised%3A%20%3C%2Fstrong%3E%2410%20million%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E28%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Eundisclosed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EMS%26amp%3BAD%20Ventures%2C%20Middle%20East%20Venture%20Partners%2C%20Astra%20Amco%2C%20the%20Dubai%20International%20Financial%20Centre%2C%20Fintech%20Fund%2C%20500%20Startups%2C%20Khwarizmi%20Ventures%2C%20and%20Phoenician%20Funds%3C%2Fp%3E%0A
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
CHATGPT%20ENTERPRISE%20FEATURES
%3Cp%3E%E2%80%A2%20Enterprise-grade%20security%20and%20privacy%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Unlimited%20higher-speed%20GPT-4%20access%20with%20no%20caps%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Longer%20context%20windows%20for%20processing%20longer%20inputs%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Advanced%20data%20analysis%20capabilities%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customisation%20options%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shareable%20chat%20templates%20that%20companies%20can%20use%20to%20collaborate%20and%20build%20common%20workflows%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Analytics%20dashboard%20for%20usage%20insights%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Free%20credits%20to%20use%20OpenAI%20APIs%20to%20extend%20OpenAI%20into%20a%20fully-custom%20solution%20for%20enterprises%3C%2Fp%3E%0A
