Cop28 President Dr Sultan Al Jaber has called for “unprecedented” climate action to ensure the historic deal agreed during the summit has a chance to keep global temperatures from exceeding the crucial 1.5ºC threshold.
Speaking at the International Energy Agency in Paris on Tuesday, Dr Al Jaber urged governments, business and industry to step up and keep the deal – under which countries agreed to transition away from fossil fuels – alive and not allow the momentum to slip away.
He also cautioned of “turmoil” if the green transition was not managed correctly and stated governments needed to be honest and transparent about the costs involved.
“The UAE Consensus set a new direction and a clear course correction,” said Dr Al Jaber, who is also UAE Minister of Industry and Advanced Technology, referring to the Cop28 deal signed by close to 200 countries.
“We must now turn an unprecedented agreement into unprecedented action. Now is the time for all stakeholders to step up.”
It comes as climate records continue to be broken. In February it was reported that global warming had for the first time exceeded 1.5ºC above pre-industrial levels across an entire year, according to the EU's climate service.
January was also the world's warmest January on record, with an average temperature of 13.14°C.
Scientists believe major cuts to greenhouse gas emissions, chiefly caused by burning fossil fuels, are the only way to stop global temperatures from increasing and stave off the worst effects of climate change.
Investing in greener future
Dr Al Jaber was speaking at the “Beyond Cop28: Time to unite, act and deliver the UAE consensus” event, which was attended by ministers, ambassadors, industry executives and other leaders, including International Energy Agency executive director Fatih Birol, Cop21 President Laurent Fabius; Jennifer Morgan, Germany's climate envoy; and John Kerry, the US special presidential envoy for climate.
During the event, the Cop28 President also warned that the energy transition would lead to energy turmoil if only the supply side was focused on.
Dr Al Jaber said the green transition would need “massive investment” in grid infrastructure to deliver renewable energy, while governments needed to be “honest and transparent about the costs and trade-offs involved”.
Mr Kerry also paid tribute to the Cop deal stating Dr Al Jaber did a "superb job" in putting Cop28 together in a situation where "one country can stand up and wreak havoc".
"It’s a brilliant consensus," he said. "A really important consensus."
Ms Morgan praised the Cop28 team and said the world faced its "1974 moment", referring to the date the IEA was founded during the 1973 to 1974 oil crisis.
"This is our moment where we have to come together in a new way, collectively, to respond to the shocks that are happening to our countries from the climate crisis," she said.
Ms Morgan said people needed to "bottle that spirit and the determination of the UAE consensus”.
Mr Fabius said Cop28 was a "gamechanger" and Mr Birol said it "set out very clearly, and for the first time", the direction of travel for the global energy system.
Scaling up climate finance, meanwhile, is seen as crucial in the fight against climate change, particularly in helping those on the front lines switch to more sustainable forms of energy.
Cop28 mobilised $85 billion in new pledges and commitments and launched the world’s largest private investments vehicle for climate action – Alterra.
Dr Al Jaber last year welcomed the announcement that wealthier countries reportedly hit the overdue $100 billion annual climate finance goal but said “trillions” will be needed.
Cop28 also tried to get the oil and gas industry to step up, with 40 per cent of global oil production committing to zero methane emissions by 2030 and net zero by or before 2050.
While describing these targets as “a good start, Dr Al Jaber said “it must be built on. I will continue to push for more”.
Dr Al Jaber’s comments came just days after the Cop28 presidency launched a major partnership with the next two hosts of the climate conference, Azerbaijan and Brazil, to help keep the crucial 1.5ºC climate goal within reach.
The “Cop presidencies troika” aims to boost co-operation and ensure continuity between the hosts of the annual climate talks in what is being called “mission 1.5ºC”.
“Cop28 created a moment of hope in challenging times,” said Dr Al Jaber. “Let’s not waste it. Let’s harness this positive energy to drive breakthrough progress”.
Climate tipping points – in pictures
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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.
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Producer: T-Series, Anil Kapoor Productions, ROMP, Prerna Arora
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Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
How to vote
Canadians living in the UAE can register to vote online and be added to the International Register of Electors.
They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi
Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday)