Dr Sultan Al Jaber, Cop28 President-designate and Simon Stiell, executive secretary of the United Nations Framework Convention on Climate Change on Thursday said Cop28 must produce an outcome that results in a “significant reduction in emissions”.
Speaking ahead of a G20 ministerial climate meeting in Chennai on Friday, they urged the G20 to “lead the way” in driving a just and credible outcome based on science that protects the most vulnerable now and “not in five years time”. The G20 is responsible for about 80 per cent of the world's emissions.
With just 125 days to go until the Dubai summit, they said steps must be taken to accelerate the “inevitable phase-down of all fossil fuels in a responsible manner” and to ensure an energy system “free of unabated fossil fuels by the middle of this century”.
The main G20 gathering takes place in September and is seen as an important bellwether ahead of the November 30 to December 12 summit in terms of what might be agreed. And it comes during a summer in which extreme weather events from heatwaves to flash floods are causing havoc around the world.
“The science demands a strong mitigation outcome at Cop28 that drives a significant reduction in emissions and builds on the progress of previous Cops,” the leaders said.
“And we call on the G20 to lead the way on the basis of both science and equity and lay the path to a strong and credible outcome that provides developing countries with the basis to undertake a just transition,” they said.
“Together, we must take necessary steps to accelerate the inevitable phase-down of all fossil fuels in a responsible manner, in order to have an energy system free of unabated fossil fuels by the middle of this century while enabling access for all and promoting sustainable development.”
They also reiterated the importance of tripling global renewable energy capacity and doubling the rate of energy efficiency improvements across sectors by 2030.
Support for developing nations
The statement said discussions at the G20 energy ministerial meeting did not provide a sufficiently clear signal for transforming global energy systems, scaling up renewable and clean energy sources and responsibly phasing down fossil fuels.
“It is our hope that any progress achieved by the G20 drives decisively a strong outcome at Cop28 under the global stocktake [how countries are adhering to the 2015 Paris deal] and capitalises on the just transition work programme established at Cop27 to ensure that this transition is fair, leaves no one behind and supports the broad development challenges faced by developing countries in launching this transition."
The pair also urged the G20 to ramp up work on defining what is known as the “global goal on adaptation” – to help countries adapt to climate change – and bringing the loss and damage fund established at Cop27 last year into operation.
“The G20 must affirm its commitment to achieve the operationalisation of the fund and funding arrangements. Those at the front line of climate change need our support now, not in five years’ time. This is the benchmark for ambition,” they said in the statement. They also called on the G20 to show that it can deliver for the most climate vulnerable, including the least developed countries and small island developing states. ”
Adaptation finance must be doubled urgently, the leaders said.
“Climate finance arrangements will need to be transformed to deliver at the necessary scale, to work better as a system and to support private finance mobilisation at unprecedented levels.”
They also called on the G20 to raise their ambition on pledges to cut emissions – known as nationally determined contributions to align with the Paris deal’s goal of trying to limit global warming to 1.5°C on pre-industrial levels.
“We must leave Chennai on the right path and with a clear signal that the political will to tackle the climate crisis and launch a new era of development is within our grasp, because it is only a short path to Cop28.
"Every meeting counts, every outcome must bring us closer. The world needs its leaders to unite, act and deliver; and that must start with the G20.”
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UAE currency: the story behind the money in your pockets
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Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
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if you go
The flights
Emirates offer flights to Buenos Aires from Dubai, via Rio De Janeiro from around Dh6,300. emirates.com
Seeing the games
Tangol sell experiences across South America and generally have good access to tickets for most of the big teams in Buenos Aires: Boca Juniors, River Plate, and Independiente. Prices from Dh550 and include pick up and drop off from your hotel in the city. tangol.com
Staying there
Tangol will pick up tourists from any hotel in Buenos Aires, but after the intensity of the game, the Faena makes for tranquil, upmarket accommodation. Doubles from Dh1,110. faena.com
The specs: 2019 Aston Martin DBS Superleggera
Price, base: Dh1.2 million
Engine: 5.2-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 725hp @ 6,500pm
Torque: 900Nm @ 1,800rpm
Fuel economy, combined: 12.3L / 100km (estimate)
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
T20 World Cup Qualifier A, Muscat
Friday, February 18: 10am - Oman v Nepal, Canada v Philippines; 2pm - Ireland v UAE, Germany v Bahrain
Saturday, February 19: 10am - Oman v Canada, Nepal v Philippines; 2pm - UAE v Germany, Ireland v Bahrain
Monday, February 21: 10am - Ireland v Germany, UAE v Bahrain; 2pm - Nepal v Canada, Oman v Philippines
Tuesday, February 22: 2pm – semi-finals
Thursday, February 24: 2pm – final
UAE squad: Ahmed Raza (captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia
All matches to be streamed live on icc.tv
Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
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