Leading finance officials have emphasised the need for a worldwide, co-ordinated approach to tackle climate change, as economic experts plot a path towards net-zero emissions.
Venice is hosting a conference on climate change, following a meeting of G20 finance ministers and central bank chiefs on Friday and Saturday.
Kristalina Georgieva, managing director of the International Monetary Fund, told the conference that a top priority was to “make market signals work for the new climate economy, not against it”.
She said the world needed to “rid itself” of fossil fuel subsidies and improve carbon pricing.
“This will provide a critical signal for redirecting private investment and innovation to clean technologies, and to incentivise energy efficiency,” she said.
She emphasised the importance of green investment, saying that carbon pricing “alone is not enough”.
“Radically decarbonising our economies will require a substantial scaling-up of investment over the next two decades,” she said.
“The shift to renewables, new electricity networks, energy efficiency and low carbon mobility offer a huge investment opportunity.”
Ms Georgieva told the meeting that international public finance could help to reduce costs and any perceived risks.
“Governments can help provide the infrastructure to support the deployment of low-carbon technologies in response to carbon pricing. And financial sector policies, such as green taxonomies and common risk disclosures, can steer private investment towards sustainable projects,” she said.
A “just transition” that supported all countries and populations is vital, she said.
“Our miserable performance so far has given ground to an interesting joke: how can we achieve sustainability and protect our climate?
“There are two ways to do that: one is realistic and the other one is fantastic. The realistic way is extraterrestrials come from space, they take over our affairs, they do it, and the fantastic [way] is we do it ourselves,” Ms Georgieva said.
She told Italian Finance Minister Daniele Franco that it was his country's job as G20 president to “make the fantastic realistic".
“And we are here to help you do so,” she said.
“Tackling climate change is a global challenge which calls for co-ordinated policy action. It is also a challenge that requires the mobilisation of considerable resources,” Mr Franco told the meeting.
“The international financial community and private sector should actively participate to support the achievements of the Paris agreement objectives. Finally, differences across countries in terms of fiscal pace and access to financial markets should be taken into account.”
The IMF has issued a warning about a “two-track” recovery from the pandemic, in which poor countries are left behind as wealthy nations, such as those in the G20, rebuild.
Some of those fears have been attributed to the gaps in vaccination rates around the world.
But rich countries have also been urged by campaigners to give more funds to the developing world to support the green transition.
US Treasury Secretary Janet Yellen said the developing world was at particular risk from climate shocks and called for multilateral development banks (MDBs), as leading sources of official finance, to maximise their influence to confront climate change.
“I plan to shortly convene the heads of the MDBs to articulate our expectations that the MDBs align their portfolios with the Paris Agreement and net-zero goals as urgently as possible,” she said.
“We also expect them to take steps to more effectively mobilise private capital so that developing countries can increasingly benefit from private sector pledges to support climate-aligned and sustainable investments.”
Alok Sharma, president of the UN Cop26 climate conference, also spoke at the conference in Venice. Cop26 is scheduled to take place in Glasgow, Scotland, in November.
He called on developed countries to deliver on their pledge to give $100 billion a year in climate finance to poorer parts of the world. Mr Sharma described it as “a matter of trust".
“I look forward to other donors, including other G7 countries, stepping up with new or increased commitments ahead of Cop26,” he said.
Larry Fink, chief executive of the world's largest money manager BlackRock, said institutions such as the World Bank and IMF would be of more use if they focused on their role as financiers, instead of lending money.
“There is private capital that can be mobilised for the emerging markets, but we need to rethink the way the international financial institutions can support low-carbon investments at scale,” he said.
“We need a financing system that isn’t built around bank balance sheets.”
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TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
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Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
The%20specs
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 178hp at 5,500rpm
Torque: 280Nm at 1,350-4,200rpm
Transmission: seven-speed dual-clutch auto
Price: from Dh209,000
On sale: now
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
SPECS
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The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
The low down on MPS
What is myofascial pain syndrome?
Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (connective tissue that covers the muscles, which develops knots, also known as trigger points).
What are trigger points?
Trigger points are irritable knots in the soft tissue that covers muscle tissue. Through injury or overuse, muscle fibres contract as a reactive and protective measure, creating tension in the form of hard and, palpable nodules. Overuse and sustained posture are the main culprits in developing trigger points.
What is myofascial or trigger-point release?
Releasing these nodules requires a hands-on technique that involves applying gentle sustained pressure to release muscular shortness and tightness. This eliminates restrictions in connective tissue in orderto restore motion and alleviate pain. Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The Library: A Catalogue of Wonders
Stuart Kells, Counterpoint Press
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
FIGHT CARD
Bantamweight Hamza Bougamza (MAR) v Jalal Al Daaja (JOR)
Catchweight 67kg Mohamed El Mesbahi (MAR) v Fouad Mesdari (ALG)
Lighweight Abdullah Mohammed Ali (UAE) v Abdelhak Amhidra (MAR)
Catchweight 73kg Mostafa Ibrahim Radi (PAL) v Yazid Chouchane (ALG)
Middleweight Yousri Belgaroui (TUN) v Badreddine Diani (MAR)
Catchweight 78kg Rashed Dawood (UAE) v Adnan Bushashy (ALG)
Middleweight Sallaheddine Dekhissi (MAR) v Abdel Emam (EGY)
Catchweight 65kg Rachid Hazoume (MAR) v Yanis Ghemmouri (ALG)
Lighweight Mohammed Yahya (UAE) v Azouz Anwar (EGY)
Catchweight 79kg Omar Hussein (PAL) v Souhil Tahiri (ALG)
Middleweight Tarek Suleiman (SYR) v Laid Zerhouni (ALG)
England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
Company%C2%A0profile
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