Several times during his valedictory speech to climate delegates gathered at Expo City Dubai yesterday, Cop28 President Dr Sultan Al Jaber referred to the “North Star” – in this case, a commitment to keeping global warming below 1.5°C.
"Many said this could not be done," Dr Al Jaber said to applause. "But when I spoke to you at the very start of this Cop, I promised a different sort of Cop. A Cop that brought everyone together, private and public sectors, civil society, NGOs and faith leaders and indigenous peoples.
"Everyone came together from day one, everyone united, everyone acted – and everyone delivered."
It is true that the “UAE consensus” that emerged after two weeks of intense negotiations is something to value. For the first time in nearly three decades of UN climate talks, a commitment to reducing fossil fuel production and use has been agreed to. A commitment to make such fuels net zero by 2050 is a more ambitious target than some have set themselves to date, including China’s date of 2060 and India’s goal of 2070. Nations have also been called on to substantially reduce emissions, “including in particular methane emissions by 2030".
Cop28 represents a victory for ambition, compromise and pragmatism. Those qualities will have to remain in abundance as the world figures out how to achieve these targets in the years to come.
Of course, the scale of the task ahead is unprecedented. The problems posed by climate change require sweeping solutions across all sectors. What was being considered at Cop28 is no less than a wholesale reimagination of how the worldwide economy operates. Delegates were essentially talking about a root-and-branch reorganisation – on a global level – of how energy is produced and consumed. Now they have given themselves a timetable of just a few decades to achieve net-zero emissions in a way that that doesn’t shock countries or their economies.
It is a task almost without parallel. According to the Energy Transitions Commission, an international think tank, to build a clean power system will require a large one-off increase in investment over the next 20 years to retrofit buildings and build low-carbon industrial and transport networks. Building a net-zero economy will, the commission says, require a $3.5 trillion average annual capital investment until 2050. How do we get to there from here, and how will we pay for it?
It will require each country to develop and implement well-constructed policies and subsidy programmes, not just at home but abroad, and for the long term, not just the lifespan of one government. A significant positive is that the energy transition offers significant investment opportunities for private capital as interest in fossil fuels decreases. It is also a catalyst for considerable technological innovation – much of the cutting-edge work on renewable energy and carbon capture technologies is being pioneered in the UAE and other Gulf states where the link with business is strong.
The transition envisaged at Cop28 has the potential to transform and enrich entire regions. Writing in The National this week, energy expert Michael Tanchum noted how Africa has the potential to generate a trillion dollars’ worth of green hydrogen by 2035, not only helping to decarbonise the planet but ensuring prosperity for the continent’s peoples.
Nevertheless, the reality is that middle and low-income countries will require financial help, particularly low-cost finance, to make their transition successfully. Industrialised economies have a particular responsibility in this regard, as does international finance. In October, World Bank president Ajay Banga laid out an ambitious vision to transform the multilateral lender into a bigger and more efficient institution that will expand the scope of lending to include climate finance as well as cheaper and longer-maturity funding.
The challenges ahead are immense but acute threats have galvanised countries into making major changes before: the Covid-19 pandemic led to many governments adopting a programme of mass subsidies to businesses as their economies ground to a halt. This is nothing to say of the innovation displayed by states and the private sector; the creation, funding and distribution of several effective Covid vaccines in less than two years remains a modern marvel.
Cop28 may be over but Dr Al Jaber’s North Star remains a guiding principle – keeping global warming to below 1.5°C. The summit in Dubai was a significant and timely move in the right direction. With the right will in the right circumstances, all things are possible.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EQureos%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%0D%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3E2021%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E33%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ESoftware%20and%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%243%20million%0D%3Cbr%3E%3C%2Fp%3E%0A
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
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Killing of Qassem Suleimani
COMPANY%20PROFILE%20
%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
if you go
The flights
Flydubai offers three daily direct flights to Sarajevo and, from June, a daily flight from Thessaloniki from Dubai. A return flight costs from Dhs1,905 including taxes.
The trip
The Travel Scientists are the organisers of the Balkan Ride and several other rallies around the world. The 2018 running of this particular adventure will take place from August 3-11, once again starting in Sarajevo and ending a week later in Thessaloniki. If you’re driving your own vehicle, then entry start from €880 (Dhs 3,900) per person including all accommodation along the route. Contact the Travel Scientists if you wish to hire one of their vehicles.
