Global leaders and 46 chief executives from the One Planet Sovereign Wealth Funds Network reaffirmed their commitment to the Paris Agreement on climate change at the fifth annual Opswf summit in Abu Dhabi on Thursday.
French President Emmanuel Macron, John Kerry, the US special presidential envoy for climate and Mary Schapiro, head of the Task Force on Climate-Related Financial Disclosures (TCFD) secretariat, met financial sector leaders at the gathering to advance the community's contribution to achieving the goals of the Paris Agreement.
The summit was co-hosted by the Abu Dhabi Investment Authority (Adia) and Mubadala Investment Company.
The escalating climate emergency combined with the current energy supply challenges calls for reinforced co-operation across the financial system, a communique from the summit said.
At the gathering, chief executives from the financial sector agreed that complementary solutions to both must be found at the same time to maintain momentum in the race to ensure the planet does not warm by more than 1.5°C and compound catastrophic climate outcomes.
The Opswf initiative championed by Mr Macron was launched at the One Planet Summit in December 2017 in Paris to accelerate the integration of climate change analysis into the management of large, long-term and diversified asset pools.
The goals of SWFs of long-term growth, the protection of intergenerational wealth and providing for a sustainable future coincide with the Paris Agreement objective, namely, the protection of the planet for generations to come, an Opswf statement said.
“The Opswf Network has demonstrated that increased co-operation among asset managers and private equity funds can contribute to the systems change we need to address climate change,” said Mr Macron.
To implement the Opswf framework, chief executives agreed on the importance of acquiring new climate-related capabilities and the need for close collaboration between asset owners and fund managers on related issues.
Mr Kerry said: “Redoubling our efforts to scale-up investments in climate action, including in some of the world’s fastest growing markets, will be critical to make these ambitions a reality."
The Opswf, under Mr Macron’s leadership, has the potential "to drive market transformation, leveraging the experience of sovereign wealth funds, asset managers and private equity funds to mobilise finance for low emission, resilient transitions around the world", he said.
Members also expressed their intention to formally establish Opswf as a permanent organisation in support of the collaborative efforts and stewardship of Opswf Network members to encourage the change necessary to achieve the goals of the Paris Accords.
“Private sector leaders are making bold commitments to tackle climate change, but their ability to deliver is limited by a lack of accurate data,” said Ms Schapiro.
“It’s a big problem at the heart of the climate battle and we look forward to engaging with the One Planet Sovereign Wealth Fund Network as we work on providing freely available, transparent, standardised data that will help investors make informed decisions and enable assessment of progress toward net zero.”
During the past 12 months, One Planet sovereign wealth funds, asset managers and private investment companies have engaged in peer exchanges on technical competency including carbon foot-printing and the implementation of the TCFD recommendations. In June, Growthfund, the national fund of Greece, hosted two days of expert meetings in Athens for Network members.
At the Abu Dhabi summit, Opswf Network members agreed to further accelerate the pace of acquiring these core competencies through the peer exchange programme.
Chief executives reviewed the progress made by Opswf Network members, which included a selection of more than 100 climate investment actions, with data points, as chronicled in the 2022 Opswf Framework Companion Document, the statement said.
The network members are aligning with the Opswf framework through a variety of measures, including investing in dedicated climate-related funds, adopting emission reduction investment strategies, institutionalising ESG (environmental, social and governance) policies, and forming a better understanding of the effects of climate change on their existing portfolios, the statement said.
Opswf members are advancing on the principle of ownership through active stewardship of their investments to mainstream TCFD reporting among their fund managers and investing in funds that support the transition of companies, large and small, it added.
Moreover, members are integrating climate solutions by deploying capital at a significant scale into renewables and clean energy tech domestically and globally.
The company chiefs at the Abu Dhabi summit reviewed the findings of three member-led workstreams focusing on climate data, clean hydrogen and renewables in emerging markets — all key in achieving the goals of the Paris Agreement.
- Harmonising climate data for private markets: A fundamental barrier exists in measuring, managing, and mitigating SWF portfolios’ climate impact due to the struggle to access reliable data to support informed decision-making. In 2020, Opswf Network members agreed to support the TCFD recommendations as a universal standard. In 2021, members galvanised around supporting the TCFD in the private markets, which have lagged the public markets. Today, the significant majority of the private markets are not disclosing climate-related data, preventing investors from incorporating climate considerations into decision-making.
- Accelerating investments in clean hydrogen: Clean hydrogen is a key lever to achieving the goals of the Paris Agreement. In line with the Opswf framework, investing in clean hydrogen can help solve the energy trilemma of sustainable, secure, and affordable energy in support of decarbonising global economies, including hard-to-abate industries. Investment in clean hydrogen can be significantly accelerated in the coming five years, provided the appropriate enablers are in place.
- Accelerating investments in renewables: Investing in renewable energy in the markets of emerging and developing economies constitutes a massive investment opportunity from the triple perspective of impact, risk and return. Reducing carbon emissions in these countries while meeting rising energy demand will require significantly scaling-up private sector engagement and is critical to align with the goals of the Paris Agreement.
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
Ultra processed foods
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
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MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score)
Porto (0) v Liverpool (2), Wednesday, 11pm UAE
Match is on BeIN Sports
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
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Killing of Qassem Suleimani
Killing of Qassem Suleimani
ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
Our legal advisor
Rasmi Ragy is a senior counsel at Charles Russell Speechlys, a law firm headquartered in London with offices in Europe, the Middle East and Hong Kong.
Experience: Prosecutor in Egypt with more than 40 years experience across the GCC.
Education: Ain Shams University, Egypt, in 1978.
RESULTS
1.30pm Handicap (PA) Dh 50,000 (Dirt) 1,400m
Winner AF Almomayaz, Hugo Lebouc (jockey), Ali Rashid Al Raihe (trainer)
2pm Handicap (TB) Dh 84,000 (D) 1,400m
Winner Karaginsky, Tadhg O’Shea, Satish Seemar.
2.30pm Maiden (TB) Dh 60,000 (D) 1,200m
Winner Sadeedd, Ryan Curatolo, Nicholas Bachalard.
3pm Conditions (TB) Dh 100,000 (D) 1,950m
Winner Blue Sovereign, Clement Lecoeuvre, Erwan Charpy.
3.30pm Handicap (TB) Dh 76,000 (D) 1,800m
Winner Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
4pm Maiden (TB) Dh 60,000 (D) 1,600m
Winner Bladesmith, Tadhg O’Shea, Satish Seemar.
4.30pm Handicap (TB) Dh 68,000 (D) 1,000m
Winner Shanaghai City, Fabrice Veron, Rashed Bouresly.
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
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UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
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THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Meydan race card
6pm Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
6.35Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
1,800m
7.10pm Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m ,400m
7.45pm Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
8.20pm Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
8.55pm Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
9.30pm Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
