Antonio Guterres, Secretary General of the United Nations, said the world is still falling short in its bid to tackle catastrophic climate change. EPA.
Antonio Guterres, Secretary General of the United Nations, said the world is still falling short in its bid to tackle catastrophic climate change. EPA.
Antonio Guterres, Secretary General of the United Nations, said the world is still falling short in its bid to tackle catastrophic climate change. EPA.
Antonio Guterres, Secretary General of the United Nations, said the world is still falling short in its bid to tackle catastrophic climate change. EPA.

Full text of UN Secretary General's Cop26 statement


Neil Murphy
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UN Secretary General Antonio Guterres cautiously welcomed an agreement on climate change at Cop26 on Saturday.

Almost 200 countries signed off on the compromise package which was finally agreed after after two weeks of intense negotiations.

Mr Guterres said important steps had been made during the Glasgow summit, but warned of a 'climate catastrophe' unless further steps to limit global warming were made in the future.

The UN chief also reiterated his desire for a 'coal-free future' following India's last-minute amendment to the deal which blocked a contentious passage on the 'phasing out' of coal power.

Here is his reaction to the historic agreement, known as the Glasgow Climate Pact.

UN Secretary General Antonio Guterres' statement in full

Let me begin by thanking our hosts —the UK government and the people of Glasgow — for their tremendous hospitality.

I salute Alok Sharma and his team. This was an extremely challenging conference. They have shown remarkable expertise in reaching consensus among parties.

I am grateful to Patricia Espinosa and all my colleagues of the United Nations Climate Change team.

And I express my gratitude to all delegates — and all those on the outside who have put pressure on this Cop to deliver.

The approved texts are a compromise. They reflect the interests, the conditions, the contradictions and the state of political will in the world today.

They take important steps, but unfortunately the collective political will was not enough to overcome some deep contradictions.

As I said at the opening, we must accelerate action to keep the 1.5 degree goal alive.

Our fragile planet is hanging by a thread.

We are still knocking on the door of climate catastrophe.

It is time to go into emergency mode — or our chance of reaching net zero will itself be zero.

I reaffirm my conviction that we must end fossil fuels subsidies.

Phase out coal.

Put a price on carbon.

Build resilience of vulnerable communities against the here and now impacts of climate change.

And make good on the $100 billion climate finance commitment to support developing countries.

We did not achieve these goals at this conference. But we have some building blocks for progress.

Commitments to end deforestation. To drastically reduce methane emissions. To mobilise private finance around net zero.

And the texts today reaffirm resolve towards the 1.5 degree goal. Boost climate finance for adaptation. Recognise the need to strengthen support for vulnerable countries suffering from irreparable climate damage.

And for the first time they encourage International Financial Institutions to consider climate vulnerabilities in concessional financial and other forms of support, including Special Drawing Rights.

And finally close the Paris rule book with agreement on carbon markets and transparency.

These are welcome steps, but they are not enough.

Science tells us that the absolute priority must be rapid, deep and sustained emissions reductions in this decade.

Specifically — a 45 per cent cut by 2030 compared to 2010 levels.

But the present set of Nationally Determined Contributions -- even if fully implemented -- will still increase emissions this decade on a pathway that will clearly lead us to well above 2 degrees by the end of the century compared to pre-industrial levels.

I welcome the agreement between US and China here in Glasgow that — like the text today — pledges to accelerate action to reduce emissions in the 2020s.

To help lower emissions in many other emerging economies, we need to build coalitions of support including developed countries, financial institutions, those with the technical know-how.

This is crucial to help each of those emerging countries speed the transition from coal and accelerate the greening of their economies.

The partnership with South Africa announced a few days ago is a model for doing just that.

I want to make a particular appeal for our future work in relation to adaptation and the issue of loss and damage.

Adaptation isn’t a technocratic issue, it is life or death.

I was once Prime Minister of my country. And I imagine myself today in the shoes of a leader from a vulnerable country.

Covid-19 vaccines are scarce. My economy is sinking. Debt is mounting. International resources for recovery are completely insufficient.

Meanwhile, although we contributed least to the climate crisis, we suffer most.

And when yet another hurricane devastates my country, the treasury is empty.

Protecting countries from climate disaster is not charity. It is solidarity and enlightened self-interest.

We have another climate crisis today. A climate of mistrust is enveloping our globe. Climate action can help rebuild trust and restore credibility.

That means finally delivering on the $100 billion climate finance commitment to developing countries.

No more IOUs.

It means measuring progress, updating climate plans every year and raising ambition. I will convene a global stock-taking summit at the heads of state level in 2023.

And it means – beyond the mechanisms already set out in the Paris Agreement – establishing clear standards to measure and analyse net zero commitments from non-state actors.

I will create a High-Level Expert Group with that objective.

Finally, I want to close with a message of hope and resolve to young people, indigenous communities, women leaders, all those leading the climate action army.

I know many of you are disappointed.

Success or failure is not an act of nature. It’s in our hands.

The path of progress is not always a straight line. Sometimes there are detours. Sometimes there are ditches.

As the great Scottish writer Robert Louis Stevenson said: “Don’t judge each day by the harvest you reap, but by the seeds that you plant.”

We have many more seeds to plant along the path.

We won’t reach our destination in one day or one conference.

But I know we can get there.

We are in the fight of our lives.

Never give up. Never retreat. Keep pushing forward.

I will be with you all the way.

Cop27 starts now.

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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.”

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