Former Bank of England governor Mark Carney called on banks, insurers and fund managers to invest in private sector initiatives and profit from "the greatest commercial opportunity of our time" to help companies transition to a net zero future.
Mr Carney, a UN special envoy for climate action and an adviser to British Prime Minister Boris Johnson, told the three-day Green Horizon Summit that achieving net zero targets on greenhouse gases required “a whole economy transition, involving every company, bank, insurer and investors", who can now profit from "changing consumer preferences and new climate policies".
Covid is forcing a social reset for countries and a strategic reset for companies," he said. "Society is placing a greater value on resilience and on sustainability.
“Private finance will play a critical role in funding the initiatives and innovations of the private sector and helping companies realign their business models for net zero," he said.
"Our priority for Cop 26 is to build this market in the transition on the pillars of comprehensive climate reporting, better climate risk management, and optimisation of returns."
Mr Carney set out a private finance strategy ahead of Cop 26, the UN climate summit to be hosted by the UK which was set to start today in Glasgow. However, the event has been pushed back to November 2021 by the coronavirus pandemic.
Despite the delay, Mr Carney said the crisis has actually exposed the problem of “undervaluing resilience, ignoring systemic risk and not investing up front”.
“And so it is with climate change, a crisis that involves the entire world and from which no one will be able to self-isolate. Covid is forcing a social reset for countries and a strategic reset for companies,” he said. “Society is placing a greater value on resilience and on sustainability."
The former BoE governor’s advice came as the International Monetary Fund chief pointed to a long road to recovery for the world to bounce back from a 4.4 per cent shrinkage of the global economy.
IMF managing director Kristalina Georgieva revealed $12 trillion in fiscal measures to support jobs and said: “We are projecting a partial recovery next year but it will be a long ascent.
“Many countries will see long-lasting scars from this crisis and will not recover quickly.”
Warning against a focus on “near-term politics”, Ms Georgieva added: “We estimate financing of 2.3 per cent of GDP per year will be needed to meet the goals of the Paris agreement.
"But the right policies can pave the road towards net zero emissions in 2050," she said.
She also emphasised the need for immediate action. "This crisis has confronted us with a sudden social challenge.
“But it’s an opportunity not to be missed. To seize this opportunity, we must act. We must act now. There is no time to waste," Ms Georgieva said.
Mr Carney said 126 governments have committed to net zero including China, South Korea and Japan, with more and more countries recognising that green stimulus is essential.
Six years after the Paris convention, in which governments pledged to limit global temperature increases to below 2 degrees Celsius from pre-industrial levels, Cop 26 will see global leaders review their promises to cut carbon emissions and mobilise financial markets to support the transition to a net-zero world.
“Building a sustainable future will be capital intensive after a period when there's been too little investment. It will be job heavy, when unemployment is soaring,” Mr Carney said.
“Given the wholesale shift in economic and social drivers of value since Covid, it will be a rare company whose pre-crisis strategy remains optimal. And so businesses of all stripes increasingly recognise the changing consumer preferences and new climate policies are creating the greatest commercial opportunity of our time.”
Mr Carney said finance will be critical to accelerate a smooth transition by funding private-sector initiatives and amplifying the effectiveness of government climate policies.
A transition to net zero will affect how risk is measured and managed, and how assets are valued, he said, adding that climate change must now be assessed regularly by the accountants and auditors.
“We have governments setting the goal of net zero and we have over $140 trillion dollars of capital demanding action. At a minimum, companies must disclose whether the assumptions in their accounts are aligned with Paris. In other words, are they joining us on the road to Glasgow or not?” he said.
While almost half of companies with market capitalisation greater than $10 billion are disclosing in line with most of the Taskforce on Climate-Related Disclosures (TCFD) recommendations, Mr Carney called for full disclosure and urged governments to make climate-related disclosures mandatory.
Mr Carney pointed to the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), the group of 75 central banks and supervisory authorities, which accounts for jurisdictions that account for two thirds of global emissions.
Fourteen of those organisations now issue guidance to major banks and insurers, after the NGFS published its set of scenarios for climate stress testing, which allows investors to compare results and readily differentiate the strategic resilience of companies they lend to.
“It's now developed standards for supervision and the management of climate risk, as well as approaches for climate stress testing, and central bank policies for climate change," he said.
With some of the world's largest banks, including Barclays, HSBC, and Morgan Stanley, committing to net zero by 2050, which means bringing all of their financed emissions in line with net zero, Mr Carney called on more firms to use these NGFS scenarios.
European Central Bank head Christine Lagarde told the summit that the financial system will be affected whether the transition to a carbon neutral economy takes place in an orderly fashion or otherwise.
“We should keep in mind that the consequences will be considerably worse if the transition is disorderly. And we should also keep in mind that finance can and must play a key role in fuelling and accelerating an orderly transition,” she said.
Ms Lagarde said financial institutions need to provide more complete disclosures of their climate exposures. And as a result, demand the same from the counter-parties.
"Financial markets need to play a substantial role in accelerating the development of new firms and new sources of sustainable growth by supporting innovation and financing it,” she said.
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
If you go
The flights
Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes.
The car
Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals. A week's car hire costs from Dh1,500 including taxes.
The hotels
Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes.
More info
To keep up with constant developments in Portland, visit www.travelportland.com. Good guidebooks include the Lonely Planet guides to Northern California and Washington, Oregon & the Pacific Northwest.
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
More on Quran memorisation:
FOOTBALL TEST
Team X 1 Team Y 0
Scorers
Red card
Man of the Match
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HEADLINE HERE
- I would recommend writing out the text in the body
- And then copy into this box
- It can be as long as you link
- But I recommend you use the bullet point function (see red square)
- Or try to keep the word count down
- Be wary of other embeds lengthy fact boxes could crash into
- That's about it
Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
UAE currency: the story behind the money in your pockets
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Women’s World T20, Asia Qualifier, in Bangkok
UAE fixtures Mon Nov 20, v China; Tue Nov 21, v Thailand; Thu Nov 23, v Nepal; Fri Nov 24, v Hong Kong; Sun Nov 26, v Malaysia; Mon Nov 27, Final
(The winners will progress to the Global Qualifier)
The specs: McLaren 600LT
Price, base: Dh914,000
Engine: 3.8-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 600hp @ 7,500rpm
Torque: 620Nm @ 5,500rpm
Fuel economy 12.2.L / 100km
COMPANY%20PROFILE
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What is an FTO Designation?
FTO designations impose immigration restrictions on members of the organisation simply by virtue of their membership and triggers a criminal prohibition on knowingly providing material support or resources to the designated organisation as well as asset freezes.
It is a crime for a person in the United States or subject to the jurisdiction of the United States to knowingly provide “material support or resources” to or receive military-type training from or on behalf of a designated FTO.
Representatives and members of a designated FTO, if they are aliens, are inadmissible to and, in certain circumstances removable from, the United States.
Except as authorised by the Secretary of the Treasury, any US financial institution that becomes aware that it has possession of or control over funds in which an FTO or its agent has an interest must retain possession of or control over the funds and report the funds to the Treasury Department.
Source: US Department of State
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
BUNDESLIGA FIXTURES
Friday (all kick-offs UAE time)
Hertha Berlin v Union Berlin (10.30pm)
Saturday
Freiburg v Werder Bremen (5.30pm)
Paderborn v Hoffenheim (5.30pm)
Wolfsburg v Borussia Dortmund (5.30pm)
Borussia Monchengladbach v Bayer Leverkusen (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Sunday
Schalke v Augsburg (3.30pm)
Mainz v RB Leipzig (5.30pm)
Cologne v Fortuna Dusseldorf (8pm)
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
MATCH INFO
UAE Division 1
Abu Dhabi Harlequins 12-24 Abu Dhabi Saracens
UAE currency: the story behind the money in your pockets
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Fixtures:
Wed Aug 29 – Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30 - UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1 - UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2 – Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6 – Final
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
In The Heights
Directed by: Jon M. Chu
Stars: Anthony Ramos, Lin-Manual Miranda
Rating: ****
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
The Freedom Artist
By Ben Okri (Head of Zeus)
Killing of Qassem Suleimani
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
MATCH INFO
Manchester City 2 (Mahrez 04', Ake 84')
Leicester City 5 (Vardy 37' pen, 54', 58' pen, Maddison 77', Tielemans 88' pen)
Man of the match: Jamie Vardy (Leicester City)
UAE currency: the story behind the money in your pockets
