The world appears to have reached the limit of its tolerance for economic disruption. Even as the novel virus continues to put lives at risk, governments around the world are beginning the process of reopening. More than $7 trillion (Dh25.7tn) has been committed to relief efforts just in the past three months, and many more trillions will need to be injected into the global economy in the coming months to help it recover.
With so much at stake, it matters whether governments are getting the most out of their money. The world’s top financial thinkers agree: many of the most effective solutions are also those that reduce carbon emissions.
That conclusion comes from a survey of more than 200 central bankers, G-20 finance minsters, and top academics from across 53 countries, conducted by a group of star economists that includes Nobel Laureate Joseph Stiglitz, among others. The results were released today in the Oxford Review of Economic Policy.
The authors fear that unless policymakers keep carbon emissions in mind, the world risks leaping “from the Covid frying pan into the climate fire".
It's interesting to see that financial minds are turned toward green policies for economic recovery
“We’ve already got enough capital stock to take us to 2° [Celsius of warming],” says Cameron Hepburn, professor of environmental economics at the University of Oxford, referring to the target set under the Paris climate agreement. There’s broad agreement in the scientific community that crossing that temperature threshold would unleash irreversible environmental changes that could lead to massive disasters, millions of deaths, and a poorer world for everyone. “If we load up another $10tn on fossil fuels, we can pretty much kiss Paris goodbye,” Mr Hepburn says.
Most of the money spent so far has gone toward increasing liquidity in global markets, such as direct payment to citizens and loans for businesses, mostly without green strings attached. As governments move beyond providing relief to an economy on pause and begin to set a course for recovery, however, climate objectives may come more into play.
Mr Stiglitz and Mr Hepburn, along with colleagues such as Grantham Research Institute Chairman Nicholas Stern, wanted to gauge the zeitgeist on stimulus among the world’s financial thinkers. Among the respondents to their survey were Laurence Boone, chief economist at the Organisation for Economic Co-operation and Development Sylvie Goulard, deputy governor of France’s central bank, Gus O’Donnell, president of the UK’s Institute for Fiscal Studies, and Sandra Eickmeier, senior economist at Germany’s central bank. Many are in a position to exert direct influence over where stimulus dollars wind up.
Their task was to rank 25 different economic policies—many of which were used to boost recovery after the financial crisis of 2008-09—on four characteristics: how quickly the policy could be deployed, what economic return would it bring for each $1 of public money spent, for how long would it provide returns and how much it would contribute to lowering emissions.
Beyond liquidity measures, the top preferences were for policies with major climate benefits such as clean energy research and infrastructure, disaster preparedness, and zero-carbon transportation. In practice, that might mean funding for things like electric vehicle charging stations and grid modernisation, coastal rehabilitation, and research grants in areas such as energy storage and carbon capture.
“Covid-19 recovery packages ought to take broader priorities in mind, making us more resilient in light of a number of other risks and uncertainty—climate change chief among them,” said Gernot Wagner, associate professor at New York University.
Few governments are considering austerity measures this time around—likely because countries like the UK that followed the deficit-reduction track the last time around have been hit hard during the pandemic as poorly funded healthcare systems have come under pressure.
“It’s interesting to see that financial minds are turned toward green policies for economic recovery,” says Maeva Cousin of Bloomberg Economics. “Much more so than in 2009.” The results of the survey bode well as a prediction for the kinds of economic recovery the world is likely to see. But Ms Cousin also warns that politics could come in the way of green recovery in certain sectors of the economy.
Tourism and aviation, for instance, are likely to get bailed out even without green conditions because of the sheer number of people they employ—even though airline bailouts were ranked lowest by survey respondents from both economic and environmental perspectives. Other policies that received little enthusiasm included income tax cuts, liquidity for large corporations, and non-green infrastructure spending.
Overall, however, Mr Hepburn is pleased that the wisdom of the crowd largely tilted toward economics policies that are inherently green. “If policymakers can be conscious of the potential to solve two problems with one set of actions,” he says, “then there's a reasonable chance that they will.”
Match info
Manchester City 3 (Jesus 22', 50', Sterling 69')
Everton 1 (Calvert-Lewin 65')
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
RESULT
Bournemouth 0 Southampton 3 (Djenepo (37', Redmond 45' 1, 59')
Man of the match Nathan Redmond (Southampton)
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
UAE currency: the story behind the money in your pockets
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
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Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
More about Middle East geopolitics
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
TOUCH RULES
Touch is derived from rugby league. Teams consist of up to 14 players with a maximum of six on the field at any time.
Teams can make as many substitutions as they want during the 40 minute matches.
Similar to rugby league, the attacking team has six attempts - or touches - before possession changes over.
A touch is any contact between the player with the ball and a defender, and must be with minimum force.
After a touch the player performs a “roll-ball” - similar to the play-the-ball in league - stepping over or rolling the ball between the feet.
At the roll-ball, the defenders have to retreat a minimum of five metres.
A touchdown is scored when an attacking player places the ball on or over the score-line.
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
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Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
The Vines - In Miracle Land
Two stars
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
STAR%20WARS%20JEDI%3A%20SURVIVOR
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
KILLING OF QASSEM SULEIMANI
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
RESULTS
1.45pm: Handicap (TB) Dh80,000 (Dirt) 1,400m
Winners: Hyde Park, Royston Ffrench (jockey), Salem bin Ghadayer (trainer)
2.15pm: Conditions (TB) Dh100,000 (D) 1,400m
Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard
2.45pm: Conditions (TB) Dh100,000 (D) 1,200m
Winner: Hurry Up, Royston Ffrench, Salem bin Ghadayer.
3.15pm: Shadwell Jebel Ali Mile Group 3 (TB) Dh575,000 (D) 1,600m
Winner: Blown by Wind, Xavier Ziani, Salem bin Ghadayer
3.45pm: Handicap (TB) Dh72,000 (D) 1,600m
Winner: Mazagran, Tadhg O’Shea, Satish Seemar.
4.15pm: Handicap (TB) Dh64,000 (D) 1,950m
Winner: Obeyaan, Adrie de Vries, Mujeeb Rehman
4.45pm: Handicap (TB) Dh84,000 (D) 1,000m
Winner: Shanaghai City, Fabrice Veron, Rashed Bouresly.
