Abdulla Bin Touq, Minister of Economy, speaks during a Road to Cop28 event held in Dubai this week. Pawan Singh / The National
Abdulla Bin Touq, Minister of Economy, speaks during a Road to Cop28 event held in Dubai this week. Pawan Singh / The National
Abdulla Bin Touq, Minister of Economy, speaks during a Road to Cop28 event held in Dubai this week. Pawan Singh / The National
Abdulla Bin Touq, Minister of Economy, speaks during a Road to Cop28 event held in Dubai this week. Pawan Singh / The National

Cop28: Six months to go before crucial Dubai summit tackles climate crisis


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The countdown to Cop28 is gathering pace with only six months to go until world leaders, ministers, officials and campaigners on the front lines of the fight against climate change descend on Dubai.

About 70,000 delegates are expected to attend the global gathering at Expo City Dubai, as the international community meets to outline action aimed at safeguarding the planet for future generations.

The UN has repeatedly warned time is running out to tackle the emergency.

With just months to go, here is what to expect from the key environment summit.

Building on Cop27 in Egypt

Cop27 took place at Sharm El Sheikh in 2022. Countries agreed to establish a loss and damage fund that, in theory, could be paid by developed countries to developing nations as compensation for damage caused by climate change. Who pays into it and other key questions were left for discussions at Cop28.

Majid Al Suwaidi, director general of Cop28, told attendees at the end of the talks there was a “steep hill” to climb before Cop28 with some delegates at Cop27 saying not enough was done on cutting harmful warming emissions and scaling up climate finance.

Others called for action in securing the $100 billion a year promised more than a decade ago by richer countries to help poorer nations tackle climate change.

The UAE’s global listening tour

As part of the UAE plans to host Cop28, Dr Sultan Al Jaber, President-designate of the summit, has embarked on a global listening tour to hear the views of everyone involved in the Cop process.

In March, Dr Al Jaber, who is also Minister of Industry and Advanced Technology, warned at the Copenhagen Climate Ministerial summit the world was “way off track” in its efforts to limit global warming.

Dr Al Jaber, who serves as UAE special envoy for climate change and chairman of Masdar, said Cop28 needed to advance the loss and damage fund and ramp up climate finance.

He also spoke at May's Petersberg Climate Dialogue in Germany emphasising the need to make progress on finance discussion.

Dr Al Jaber told the UK’s Guardian newspaper the scale of the problem needed everyone “working in solidarity”.

“We need partnerships, not polarisation, and we need to approach this with a clear-eyed rationale and executable plan of action,” he said.

Dr Sultan Al Jaber, President-designate of Cop28 and Minister of Industry and Advanced Technology, at the 'Road to Cop28' launch event at Expo City Dubai. Pawan Singh / The National
Dr Sultan Al Jaber, President-designate of Cop28 and Minister of Industry and Advanced Technology, at the 'Road to Cop28' launch event at Expo City Dubai. Pawan Singh / The National

Two Cop28 events point the way forward

The first Cop28 presidency event took place at Expo City Dubai in March where it was announced that the UAE is to sponsor 100 international youth delegates to attend the summit. It will prioritise delegates from the least developed countries, small island developing states, indigenous peoples and other minority groups.

A second event, organised by the UN Climate Change High-Level Champions and the Dubai Chambers in collaboration with the Cop28 Presidency, on Monday, aimed to galvanise non-state actors, such as companies and non-governmental organisations, into tackling climate change. It underlined the UAE’s drive to involve all segments of society ahead of the climate summit.

Support for UAE as hosts

The US and EU have reiterated their support for the UAE after some members of the US Congress and the European Parliament called for the influence of oil and gas lobbyists to be curbed at the talks.

“Dr Sultan Al Jaber is an experienced diplomat and business leader, including as chairman of renewable energy company Masdar,” a US government official told The National.

“The UAE is a crucial partner in advancing our joint efforts to combat the climate crisis, including through their Cop28 leadership.”

Frans Timmermans, the EU’s senior negotiator on climate change, said vilifying and ignoring private energy concerns would not help the green transition.

US climate envoy John Kerry has also backed Dr Al Jaber.

Crucial German summit marks halfway stage

The next key global climate meeting takes place in Germany from June 5 to 15.

The Bonn Climate Change Conference marks the crucial halfway point to Cop28 and will reflect on progress made since Cop27. Key areas for discussion will include loss of damage, mitigation, adaptation (dealing with the effects of climate change), scaling up climate finance and global stocktake.

Mandated under the 2015 Paris Agreement to take place every five years, the first stocktake began at Cop26 in Glasgow and will conclude at Cop28. Each stocktake is a two-year process and will assess how countries are doing in their pledges made to meet the 2015 deal.

The Paris Agreement aims to try to limit global temperature increases to 1.5ºC on pre-industrial levels and keep them below 2ºC.

The UN has said the world has much work to do to meet these goals but Dr Al Jaber has said the 1.5ºC goal remains a top priority for Cop28.

Cop28 takes place at Expo City Dubai. EPA
Cop28 takes place at Expo City Dubai. EPA

What to expect at Cop28 and can the public attend?

Cops are typically divided into a blue and green zone. The blue zone is managed by the United Nations Framework Convention on Climate Change and is open to only accredited party and observer delegates.

This is where the negotiations take place, along with discussions, speaking events and cultural events.

The green zone is managed by the Cop28 presidency and is typically open to the public. Youth groups, civil society, the private sector and indigenous groups hold events in the area to promote their message about climate change.

Cop28, which also takes place during the UAE's National Day celebrations, will also have a programme of thematic days to raise awareness about climate issues.

A provisional list for Cop28 includes, for the first time, a day focused on the climate crisis’ consequences on health and well-being. Other days are set to focus on food and water systems, youth, and cities,

The programme is expected to be confirmed in the coming weeks.

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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

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

BULKWHIZ PROFILE

Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait

Updated: May 31, 2023, 2:43 PM`