The UAE's environment minister has urged international leaders not to neglect the threat posed by climate change as they seek to revive economies hit hard by the Covid-19 pandemic.
Abdullah Al Nuaimi, who was appointed Minister of Climate Change and Environment following a Cabinet reshuffle last month, stressed the importance of safeguarding natural resources during challenging times.
Mr Al Nuaimi delivered the key message during an environmental conference in Bahrain addressing the effects of Covid-19 across West Asia.
The conference was organised by the regional office of the UN Environment Programme (Unep).
It aimed to assess the effects of the pandemic on the region and develop policies to drive a sustainable recovery.
"Covid-19 has triggered an economic downturn on a global scale," said Mr Al Nuaimi.
"Countries around the world are currently shaping their recovery plans, and we urge them to align their post-Covid-19 economic activities with the environmental protection priority, because climate change still is the most important existential threat to humanity.
"Any plans of economic recovery must factor in the green economy as its cornerstone."
He said the public health crisis had highlighted weaknesses in global food supply chains.
"For that reason, food security and safety are now at the forefront of the UAE’s priorities and a key focus area for the Ministry of Climate Change and Environment," he said.
Mr Al Nuaimi said green policies remain central to the UAE's vision for the future, citing the launch of the Arab world's first nuclear power plant, Barakah, along with the country's solar power strategy.
"The UAE stayed on course and maintained the timeline of projects that increase the share of clean energy in the mix," he said.
"These projects include awarding the contract of the 2gw solar plant project in Abu Dhabi to a consortium, and the milestone induction of the first peaceful nuclear reactor in the Arab world."
Delegates at the meeting included Dr Mohammed bin Daina, vice president of the UN Environment Assembly and chief executive of the Supreme Council for Environment in Bahrain, Inger Andersen, undersecretary general and executive director of Unep, and Sami Dimassi, director and regional representative of the agency's West Asia Office.
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
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.
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