Live updates: Follow the latest news on Cop28
When the UN’s Stefan Stiell declared on Wednesday that “Cop28 will be a finance Cop”, it was a message that seemed tailored for Michael Mainelli, the Lord Mayor of London.
Mr Mainelli travels to Dubai this weekend to play a prominent role in talks at the Cop Expo site.
The Lord Mayor, who represents the City of London, the financial centre of the British capital, has been working on climate and markets since the last century.
Having mapped the effects of climate change over his career, Mr Mainelli sees the challenge playing out across two uneasy strands: state subsidies and markets.
He will appear as a panellist in two Green Zone discussions: one on the state of transition finance, and one on growing trust in voluntary carbon markets, both at the EY Pavilion.
He has voiced hope that the markets, and particularly London traders – which are evolving as climate action players – can take a leading role in tackling carbon emissions, reducing the role of governments in these efforts.
“The situation is investable, and solvable,” he told The National.
“My focus, really, over the years, has been on finding ways to encourage long-term decisions by governments that are more stable [for the markets].”
In the 1980s, Mr Mainelli was creating groundbreaking maps, including a campaign to log environmentally sensitive areas around the world.
In the late 1990s, he was inspired by early emissions trading schemes, notably in the US, to work on the City's first shadow market to produce rules for contracts under English law, which were launched in 2005.
Now, Mr Mainelli serves as an ambassador for the market side in the race to net zero, which, he estimates, accounts for about a quarter of all efforts.
The sustainability drive can improve significantly as emerging solutions, such as hydrogen, are funded from the capital markets, he has said.
“I think there's a lot of potential there that people are certainly talking about and interested in,” he said.
Mr Stiell has also set better financing arrangements for developing countries as a priority for Cop28. “The reality is that without much more finance flowing to developing countries, a renewables revolution will remain a mirage in the desert,” he said.
“Cop28 must turn it into a reality.”
As well as creating new trading places, Mr Mainelli thinks markets can find new ways to reward governments' commitment to sustainability.
He cites the example of new bonds issued last year by Chile and Uruguay, aiming to finance the transition by promising lower interest rates if they hit their targets, but higher if the benchmarks are missed.
With Cop28's focus on ensuring a fair and just transition for the developing world, there will be calls for reparations or transfers from advanced economies – historically the main culprits in emissions – to finance poorer countries' efforts to meet targets, or to compensate for loss and damage.
The developed world has pledged $100bn in annual funding for developing nations.
However, Mr Stiell said that trillions would be needed, and Mr Mainelli also frames his argument in such terms. He sees voluntary carbon markets playing a key role.
“We do have to get voluntary to work, but it's going to be a 10-year programme,” Mr Mainelli said.
The Lord Mayor's Show - in pictures
“The other markets are already here, but they ought to be four times the size, which puts you closer to just under $3 trillion. You might see it as a $6 or $8 trillion market. If that was the case I think we could be solving it with market forces.”
London could yet be boosted by the huge subsidies directing the climate response in the US under President Joe Biden’s Inflation Reduction Act. Its traditional stand-alone international role also insulates it from the domestic gyrations of Prime Minister Rishi Sunak’s net-zero u-turns.
“If you look at offshore centres, or London historically, it's their stability of policy that sets them apart,” Mr Mainelli said.
“I think the UK probably is benefiting, because we're being seen, believe it or not, as a more stable policy home for a lot of these things.”
A backlash in the US against ESG-driven corporate sustainability policy in some Republican-governed states has only added to the economic and political pressures surrounding the drive for net zero by 2050. For Mr Mainelli, this underlines the perils facing businesses in transition.
“What is wanted when they produce net-zero steel or cement is, 'If I'm going to get the money for it or is my competition is going to be paying a much higher [carbon] price'.”
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
CREW
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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What is the Supreme Petroleum Council?
The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
KILLING OF QASSEM SULEIMANI
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
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Best Academy: Ajax and Benfica
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Best Men’s Player: Cristiano Ronaldo
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Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
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Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
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US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
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UAE SQUAD
Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani
Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Mohammed Al Attas
Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah
Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue
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Director: Jonathan Levine
Starring: Charlize Theron, Seth Rogan
Four stars
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
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Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
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Key 2013/14 UAE Motorsport dates
October 4: Round One of Rotax Max Challenge, Al Ain (karting)
October 1: 1 Round One of the inaugural UAE Desert Championship (rally)
November 1-3: Abu Dhabi Grand Prix (Formula One)
November 28-30: Dubai International Rally
January 9-11: 24Hrs of Dubai (Touring Cars / Endurance)
March 21: Round 11 of Rotax Max Challenge, Muscat, Oman (karting)
April 4-10: Abu Dhabi Desert Challenge (Endurance)
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
MATCH INFO
Norwich 0
Watford 2 (Deulofeu 2', Gray 52')
Red card: Christian Kabasele (WatforD)
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Aaron Finch, Matt Renshaw, Brendan Doggett, Michael Neser, Usman Khawaja, Shaun Marsh, Mitchell Marsh, Tim Paine (captain), Travis Head, Marnus Labuschagne, Nathan Lyon, Jon Holland, Ashton Agar, Mitchell Starc, Peter Siddle
