The US president Barack Obama will plunge into the thick of the Copenhagen summit tomorrow, arguing he has transformed US global warming policy and seeking verification guarantees in any new climate pact.
Mr Obama will fly overnight tonight to Denmark to join other world leaders at the knife-edge climax of the push to secure a new international deal to combat global warming at an increasingly acrimonious UN conference.
He will spend mere hours on the ground, but aides are billing the visit as a sign that the United States, long condemned for foot dragging on climate change, is now a leader.
The president is also wagering valuable domestic political capital on his trip: his team will hope for no repeat of his last quick visit to Copenhagen to lobby for Chicago's Olympics bid, which ended in embarrassing failure.
But amid bickering and frustration in Copenhagen, hopes for progress towards a deal appeared to be hanging in the balance.
Today, Australian prime minister Kevin Rudd admitted negotiations were "very sticky" and warned that talks are "proceeding at a snail's pace".
German Chancellor Angela Merkel said reports from the climate summit in Copenhagen were "not good" but hoped the arrival of world leaders at the meeting would unblock negotiations.
"At the moment, the negotiations do not look promising but I of course hope that the presence of more than 100 heads of state and government can give the necessary impetus to the event," she said.
Mr Obama had originally intended to visit Copenhagen at the start of the two week conference, before heading to Oslo last week to accept his Nobel Prize, but changed his mind as pressure mounted for him to help broker a deal.
"President Obama is clearly committed to making a global climate deal happen," said Joe Romm of the Center for American Progress, a progressive policy institute.
"For eight years, we had an administration run by people who not only didn't want an agreement but they actively worked to undermine the international negotiating process."
Mr Obama's pitch will be hampered however by uncertainty about the prospects for a cap-and-trade climate bill in Congress, as opposition to the measure grows amid Republican warnings it could stifle the nascent economic recovery.
The Obama administration has already said it will table an offer in Copenhagen to curb emissions in the world's largest economy by 17 per cent from 2005 levels by 2020.
That figure is well below pledges by Europe and Japan, but US officials have made clear that they do not expect Mr Obama, who is walking a political tightrope at home, to offer to make deeper emissions cuts.
Senior US officials say Mr Obama will argue that since succeeding George W Bush in January, he has made historic efforts to thrust the United States to the forefront of the global fight against climate change.
They also point to efforts under his US$787 billion (Dh2.89 trillion) economic stimulus plan to frame a "green" energy efficient economy, to create new jobs from renewable energy and to cut down on the waste of dwindling resources.
Despite increasing acrimony in Copenhagen, the White House says it still believes a worthwhile agreement can be reached to be followed by a binding ratifiable treaty next year.
"The president is hopeful that his presence can help ... and hopeful that, again, we leave Copenhagen with a strong operational agreement even as we work toward something even stronger in the future," White House spokesman Robert Gibbs said yesterday.
Early this morning, US Secretary of State Hillary Clinton arrived in Copenhagen and was due to hold a set of meetings with key nations before attending a gala dinner being thrown in the evening by Denmark's Queen Margrethe, an aide said.
State Department spokesman Ian Kelly earlier said in Washington that Ms Clinton and Mr Obama believed they "could play a useful role in helping close gaps" in the climate talks by personally participating.
Ahead of his own trip to Copenhagen, Mr Obama told Brazilian President Luiz Inacio Lula da Silva Wednesday that he would push for "a robust agreement" to include "emissions reductions, financing, and a transparent and internationally verifiable compliance regime," the White House said.
Aides confirmed that Mr Obama would push for a deal that all countries could sign on to, with clear goals and verification mechanisms.
"What we are trying to achieve fundamentally is the result that gives us an adequate sense of clarity about what other countries are doing," a senior US official said on condition of anonymity.
Another official added: "What we are looking for, is for China and other developing countries to enter into a regime or system of transparency and verification."
Sceptics are arguing that China and India, with which Mr Obama has mounted intense global warming diplomacy in recent weeks, are not committed to curbing what will be the bulk of future greenhouse gas emissions.
* AFP
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
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Results
1. Mathieu van der Poel (NED) Alpecin-Fenix - 3:45:47
2. David Dekker (NED) Jumbo-Visma - same time
3. Michael Morkov (DEN) Deceuninck-QuickStep
4. Emils Liepins (LAT) Trek-Segafredo
5. Elia Viviani (ITA) Cofidis
6. Tadej Pogacar (SLO UAE Team Emirates
7. Anthony Roux (FRA) Groupama-FDJ
8. Chris Harper (AUS) Jumbo-Visma - 0:00:03
9. Joao Almeida (POR) Deceuninck-QuickStep
10. Fausto Masnada (ITA) Deceuninck-QuickStep
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
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.
Asia Cup Qualifier
Final
UAE v Hong Kong
TV:
Live on OSN Cricket HD. Coverage starts at 5.30am
F1 drivers' standings
1. Lewis Hamilton, Mercedes 281
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 222
4. Daniel Ricciardo, Red Bull 177
5. Kimi Raikkonen, Ferrari 138
6. Max Verstappen, Red Bull 93
7. Sergio Perez, Force India 86
8. Esteban Ocon, Force India 56
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
STAY%2C%20DAUGHTER
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3EYasmin%20Azad%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3ESwift%20Press%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAvailable%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
Du Plessis plans his retirement
South Africa captain Faf du Plessis said on Friday the Twenty20 World Cup in Australia in two years' time will be his last.
Du Plessis, 34, who has led his country in two World T20 campaigns, in 2014 and 2016, is keen to play a third but will then step aside.
"The T20 World Cup in 2020 is something I'm really looking forward to. I think right now that will probably be the last tournament for me," he said in Brisbane ahead of a one-off T20 against Australia on Saturday.
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.”
COMPANY%20PROFILE
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Hotel Silence
Auður Ava Ólafsdóttir
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