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'.”
Race card
1.30pm: Handicap (PA) Dh 50,000 (Dirt) 1,400m
2pm: Handicap (TB) Dh 84,000 (D) 1,400m
2.30pm: Maiden (TB) Dh 60,000 (D) 1,200m
3pm: Conditions (TB) Dh 100,000 (D) 1.950m
3.30pm: Handicap (TB) Dh 76,000 (D) 1,800m
4pm: Maiden (TB) Dh 60,000 (D) 1,600m
4.30pm: Handicap (TB) Dh 68,000 (D) 1,000m
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
Abramovich London
A Kensington Palace Gardens house with 15 bedrooms is valued at more than £150 million.
A three-storey penthouse at Chelsea Waterfront bought for £22 million.
Steel company Evraz drops more than 10 per cent in trading after UK officials said it was potentially supplying the Russian military.
Sale of Chelsea Football Club is now impossible.
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
Fight card
Preliminaries:
Nouredine Samir (UAE) v Sheroz Kholmirzav (UZB); Lucas Porst (SWE) v Ellis Barboza (GBR); Mouhmad Amine Alharar (MAR) v Mohammed Mardi (UAE); Ibrahim Bilal (UAE) v Spyro Besiri (GRE); Aslamjan Ortikov (UZB) v Joshua Ridgwell (GBR)
Main card:
Carlos Prates (BRA) v Dmitry Valent (BLR); Bobirjon Tagiev (UZB) v Valentin Thibaut (FRA); Arthur Meyer (FRA) v Hicham Moujtahid (BEL); Ines Es Salehy (BEL) v Myriame Djedidi (FRA); Craig Coakley (IRE) v Deniz Demirkapu (TUR); Artem Avanesov (ARM) v Badreddine Attif (MAR); Abdulvosid Buranov (RUS) v Akram Hamidi (FRA)
Title card:
Intercontinental Lightweight: Ilyass Habibali (UAE) v Angel Marquez (ESP)
Intercontinental Middleweight: Amine El Moatassime (UAE) v Francesco Iadanza (ITA)
Asian Featherweight: Zakaria El Jamari (UAE) v Phillip Delarmino (PHI)
more from Janine di Giovanni
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
Most F1 world titles
7 — Michael Schumacher (1994, ’95, 2000, ’01 ’02, ’03, ’04)
7 — Lewis Hamilton (2008, ’14,’15, ’17, ’18, ’19, ’20)
5 — Juan Manuel Fangio (1951, ’54, ’55, ’56, ’57)
4 — Alain Prost (1985, ’86, ’89, ’93)
4 — Sebastian Vettel (2010, ’11, ’12, ’13)
Sholto Byrnes on Myanmar politics
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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Anxiety and work stress major factors
Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.
A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.
Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.
One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.
It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."
Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.
“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi.
“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."
Daniel Bardsley
UAE currency: the story behind the money in your pockets
Personalities on the Plate: The Lives and Minds of Animals We Eat
Barbara J King, University of Chicago Press
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
SERIES SCHEDULE
First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Stadium
August 12-16
First ODI, Rangiri Dambulla Stadium
August 20
Second ODI, Pallekele International Stadium
August 24
Third ODI, Pallekele International Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6
