The UAE Ministry of Climate Change and Environment hosted a special event to accelerate the country’s journey to net-zero emissions by 2050.
The session, held as part of the country's National Dialogue for Climate Ambition, highlighted the gaps in climate finance for decarbonisation of the economy and urged everyone — particularly in private-sector financial entities — to increase green finance to support the UAE’s vision to build a sustainable economy, the ministry said.
The dialogue, an initiative led by the UAE Ministry of Climate Change and Environment, aims to promote climate action through stronger collaboration, including with the private sector.
It is a series of industry-specific assemblies in various sectors aimed at raising climate ambitions in the nation’s journey to net zero, which means not adding to the amount of greenhouse gases in the atmosphere.
This session, on Monday, was attended by Mariam Al Mheiri, Minister of Climate Change and Environment, and brought together 100 participants from the banking, insurance, investment, financial services and consulting sectors and various ministries.
Coming only months before the UAE hosts the UN climate summit Cop28, Ms Al Mheiri emphasised the importance of collaboration to raise ambition for climate finance, which is important to implement the goals of the 2015 Paris agreement. Climate finance is crucial in funding renewable power such as wind or solar.
Agreed in 2015 and signed by about 200 countries, the Paris climate accord aims to limit global temperature rises to 1.5ºC above pre-industrial levels, and to keep them “well below” 2.0ºC. How countries are implementing the accord and what more needs to be done will be discussed at Cop28 in what is known as a "global stocktake".
World must unite for climate fight
"One of the key elements of UAE’s vision for Cop28 is to raise ambition and collective action towards mitigation [cutting emissions], adaptation [coping with climate change], loss and damage and climate finance," said Ms Al Mheiri.
"The UAE believes scaling up climate finance is crucial for system-wide transformation, and this can be achieved through strong partnerships that will support the nation's journey to net zero by 2050."
She added: "The participation of all sectors is essential in tackling the challenge, with perceived risks in green investments, such as a relatively long payback period, hindering green finance investments. These perceptions must be addressed, with the UAE demonstrating to the world that investing in green projects is an investment in our future. Together, we must create new financial products and services that promote sustainability and resilience and work towards a strategy that aligns with the interests of all stakeholders."
Ms Al Mheiri pointed to the UAE's successes in clean energy projects such as Masdar City and Noor Abu Dhabi Solar Park. She noted the significant green finance behind Etihad Rail, which will transform the UAE's transportation sector and reduce the UAE’s CO2 emissions by up to 2.2 million tonnes annually.
"With environmental, social and governance (ESG) emerging as the cornerstone for responsible business, government entities and the private sector, including the finance industry, can rally their efforts to raise ambition for climate finance," said Ms Al Mheiri.
"Furthermore, investors and financial markets increasingly demand an effective ESG plan and a path to net-zero carbon emissions as part of their analysis process to identify material risks and growth opportunities.”
Panellists at Monday's event included Alexandros Severis and Girish Narula from Intercontinental Exchange, Shargiil Bashir from First Abu Dhabi Bank, Zoe Knight from HSBC, Faisal Al Shimmari from Mashreq Intercontinental Exchange, and Oliver Phillips from Standard Chartered Bank.
Cop28 takes place at Expo City Dubai from November 30 to December 12.
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Off-roading in the UAE: How to checklist
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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
Credits
Produced by: Colour Yellow Productions and Eros Now
Director: Mudassar Aziz
Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana
Star rating: 2.5/5
MEYDAN RESULTS
6.30pm Baniyas (PA) Group 2 Dh125,000 (Dirt) 1,400m
Winner ES Ajeeb, Sam Hitchcock (jockey), Ibrahim Aseel (trainer).
7.05pm Maiden (TB) Dh165,000 (D) 1,200m
Winner Galaxy Road, Antonio Fresu, Musabah Al Muhairi.
7.40pm Maiden (TB) Dh165,000 (D) 1,400m
Winner Al Modayar, Fernando Jara, Ali Rashid Al Raihe.
8.15pm Handicap (TB) Dh170,000 (D) 1,900m
Winner Gundogdu, Xavier Ziani, Salem bin Ghadayer.
8.50pm Rated Conditions (TB) Dh240,000 (D) 1,600m
Winner George Villiers, Tadhg O’Shea, Satish Seemar.
9.25pm Handicap (TB) Dh175,000 (D)1,200m
Winner Lady Parma, Connor Beasley, Satish Seemar
10pm Handicap (TB) Dh165,000 (D) 1,400m
Winner Zaajer, Fernando Jara, Ali Rashid Al Raihe
ALRAWABI%20SCHOOL%20FOR%20GIRLS
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FROM%20THE%20ASHES
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The Baghdad Clock
Shahad Al Rawi, Oneworld
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.
if you go
The flights
Etihad and Emirates fly direct from the UAE to Seoul from Dh3,775 return, including taxes
The package
Ski Safari offers a seven-night ski package to Korea, including five nights at the Dragon Valley Hotel in Yongpyong and two nights at Seoul CenterMark hotel, from £720 (Dh3,488) per person, including transfers, based on two travelling in January
The info
Visit www.gokorea.co.uk
JUDAS AND THE BLACK MESSIAH
Directed by: Shaka King
Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons
Four stars
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: 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
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Killing of Qassem Suleimani
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
SQUADS
Bangladesh (from): Shadman Islam, Mominul Haque, Soumya Sarkar, Shakib Al Hasan (capt), Mahmudullah Riyad, Mohammad Mithun, Mushfiqur Rahim, Liton Das, Taijul Islam, Mosaddek Hossain, Nayeem Hasan, Mehedi Hasan, Taskin Ahmed, Ebadat Hossain, Abu Jayed
Afghanistan (from): Rashid Khan (capt), Ihsanullah Janat, Javid Ahmadi, Ibrahim Zadran, Rahmat Shah, Hashmatullah Shahidi, Asghar Afghan, Ikram Alikhil, Mohammad Nabi, Qais Ahmad, Sayed Ahmad Shirzad, Yamin Ahmadzai, Zahir Khan Pakteen, Afsar Zazai, Shapoor Zadran
MWTC
Tickets start from Dh100 for adults and are now on sale at www.ticketmaster.ae and Virgin Megastores across the UAE. Three-day and travel packages are also available at 20 per cent discount.
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
