There was no doubting the signal from Rishi Sunak on how the UK economy would decarbonise at the recent Cop28 summit in Dubai.
It was one of the key topics of conversation among the delegates that first week: how the UK Prime Minister had flown in for just half a day; how he argued for climate change solutions that don’t affect people’s finances; how his government was accused by the Conservatives’ own president of the previous Cop26 in Glasgow, Alok Sharma, of rowing back on its road to net zero pledge.
Sunak’s was a very public display, calculated to send a message. In the UK, a succession of U-turns has reinforced the impression of a change of heart – that Sunak is nowhere near devoted to combating a hotter planet than previously.
This culminated in Chris Stark, head of the UK Climate Change Committee, the government watchdog that advises ministers and assesses progress on targets, telling Laura Kuenssberg at the weekend that Sunak has “set us back” on climate change and left the UK at risk of falling behind other countries.
Stark said Sunak had “clearly not” prioritised the issue as much as his predecessors. He accused him of telling the world that the UK is now “less ambitious” than it once was.
Prior to Stark’s criticism of the Prime Minister – extremely rare from the head of a statutory body – the UK has witnessed a raft of ‘anti-climate change’ steps. They include: the reopening of the North Sea to fossil fuel exploration; rolling back on diesel and petrol new car bans so they will carry on being manufactured; renewing support for Heathrow's expansion; the scrapping of plans for household heat pumps and energy efficiency; and pressing ahead with a new deep-cast coal mine in Cumbria.
There have been ‘pro-green’ measures, including relaxing the ban on onshore wind farms and restoring the moratorium on fracking. But the overall impression is of a UK leader who no longer cares whether he is seen as ‘green’.
Electricity costs
Two reasons are being cited at Westminster for the PM’s shift. One is the cost. Going green is not cheap. As yesterday’s Resolution Foundation report found, implementing a low-carbon electricity system in the UK will require a four-fold increase in electricity investment over the next decade.
Sunak simply does not possess that sort of money. There is not sufficient spare cash in the national purse. And ahead of a possible election victory, Labour is already signalling the same, which does not augur well.
The other is that there are no votes in eco, not in the volume that could deliver Sunak an improbable victory. Those Red Wall constituencies that drove a Tory triumph last time are looking for investment in infrastructure projects, in hospitals, schools, transport and in tax cuts. What little he must play with, Sunak is going to use to try to woo marginal voters, not flex environmental muscle.
The result is confusion. Yes, he told Cop28 that he would not “burden working people” with the meeting of climate targets. But he did say that Britain had every intention of meeting them, just “in a more pragmatic way”.
In theory, the government still has a ‘Build Back Greener’ net-zero strategy. It’s also meant to be ‘powering up Britain’ with a net-zero growth plan. They may exist but they don’t seem as vital, as high a priority, as they once did.
Society takes its cue from those in charge. People and businesses always look for a steer as to how they should behave. Alarmingly, there are signs that business has made up its mind and that without government assistance, to make climate change initiatives worthwhile, some companies are prepared to push saving the planet to the back burner.
Fossil fuel enterprises have rushed to ready themselves to apply for the new licences to survey and drill in the North Sea.
Car manufacturers are revisiting their production plans. They are doing so in the knowledge, that like the oil and gas producers, they are no longer the pariahs they once were.
It’s the same at Heathrow, which speaks of "net-zero aviation", while the industry is busy dusting off the airport’s growth and development files after taking a low profile as the sector endured the stop-start legacy of Covid-19.
Similarly, fracking may be banned but lobbyists are quietly pressing the cause, believing they can see the granting of permission in sight once more.
Mining and quarrying, long off the agenda are very much back on again. It’s not only in Cumbria. Hanson UK, part of the giant Heidelberg Materials group, has submitted a planning application to double the size of its cement mining operation in another beautiful part of the country, in Rutland. This, despite widespread concerns about the impact on traffic, noise, dust and carbon emissions.
Heidelberg stress their adherence towards the decarbonisation of their sector, in providing low-carbon products and being 'Nature Positive'. However, granting permission to increase the site by a huge 120 hectares will be in direct conflict to the county council’s stated aim of reducing the impact of climate change, of achieving "net zero by 2050".
The quarry provides the raw material to make cement, yet cement contributes almost 8 per cent of global carbon dioxide emissions. When the building market is moving towards more sustainable materials, such as timber, the site is to expand, knowingly adding to pollution. At present, there are 1,575 HGV movements on the local A606 road daily; this will only rise enormously.
In Dubai, Sunak said “climate politics is close to breaking point”. As they look at where the UK is currently, other nations could be forgiven for thinking that in Sunak’s country they lie broken already.
Employment lawyer Meriel Schindler of Withers Worldwide shares her tips on achieving equal pay
Do your homework
Make sure that you are being offered a fair salary. There is lots of industry data available, and you can always talk to people who have come out of the organisation. Where I see people coming a cropper is where they haven’t done their homework.
Don’t be afraid to negotiate
It’s quite standard to negotiate if you think an offer is on the low side. The job is unlikely to be withdrawn if you ask for money, and if that did happen I’d question whether you want to work for an employer who is so hypersensitive.
Know your worth
Women tend to be a bit more reticent to talk about their achievements. In my experience they need to have more confidence in their own abilities – men will big up what they’ve done to get a pay rise, and to compete women need to turn up the volume.
Work together
If you suspect men in your organisation are being paid more, look your boss in the eye and say, “I want you to assure me that I’m paid equivalent to my peers”. If you’re not getting a straight answer, talk to your peer group and consider taking direct action to fix inequality.
More from Rashmee Roshan Lall
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Turkish Ladies
Various artists, Sony Music Turkey
More coverage from the Future Forum
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
HOW TO WATCH
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TikTok: @thenationalnews
WWE Super ShowDown results
Seth Rollins beat Baron Corbin to retain his WWE Universal title
Finn Balor defeated Andrade to stay WWE Intercontinental Championship
Shane McMahon defeated Roman Reigns
Lars Sullivan won by disqualification against Lucha House Party
Randy Orton beats Triple H
Braun Strowman beats Bobby Lashley
Kofi Kingston wins against Dolph Zigggler to retain the WWE World Heavyweight Championship
Mansoor Al Shehail won the 50-man Battle Royal
The Undertaker beat Goldberg
The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
COMPANY%20PROFILE
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Black Panther
Dir: Ryan Coogler
Starring: Chadwick Boseman, Michael B Jordan, Lupita Nyong'o
Five stars
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.”
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
Ultra processed foods
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
Teaching in coronavirus times
Remaining Fixtures
Wednesday: West Indies v Scotland
Thursday: UAE v Zimbabwe
Friday: Afghanistan v Ireland
Sunday: Final
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
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
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
