Need for new social contract for climate change action, IMF's Jihad Azour says


Rory Reynolds
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Governments and their people need a "new social contract" to be forged if climate change action is to be at the heart of society.

Jihad Azour, the International Monetary Fund's director for the Middle East and North Africa, said "difficult conversations" lay ahead on political decisions such as the cutting of fuel subsidies – on which nations collectively spend $7 trillion a year.

He said there has already been backtracking on climate pledges by some nations, at a time when billions, if not trillions, must be diverted to renewables and mitigation.

We see even advanced economies, including in Europe, that are very much sensitive to climate issues
Jihad Azour,
International Monetary Fund

"There are policy issues that would require strong political support," Mr Azour told The National at Cop28.

"We see even advanced economies, including in Europe, that are very much sensitive to climate issues."

Rishi Sunak's UK government recently backtracked on key climate targets as it draws election battle lines, while the Netherlands is in political limbo following a tetchy election campaign in which climate spending was seized on by radical parties.

Part of the challenge will be overcome given that this generation of young people are so climate-minded, Mr Azour said.

"We see some backtracking because, yes, climate would require investment, would require effort ... this is part of the social contract of the future.

"This is a big transformative issue. That has to be at the core of the new social contract."

Speaking about the war in Gaza, Mr Azour, a former finance minister of Lebanon, said he was concerned about the economic impact of the conflict, which has already hit the economies of some neighbouring countries.

The war in Gaza has devastated the local economy and affected tourism in Lebanon, Egypt and Jordan. Reuters
The war in Gaza has devastated the local economy and affected tourism in Lebanon, Egypt and Jordan. Reuters

"First of all, we need to think about the humanitarian toll of this war in Gaza, the impact on people, impacts on life, impact on the future.

"Economically, of course, there are several levels that you need to look at ... the immediate impact on the epicentre, but also there are ripple effects on the outside the main adjacent countries – Lebanon, Jordan, Egypt.

"But also you have larger waves of impact of this crisis. What are those implications? Of course, in terms of economic activities, you see a lot of destruction of infrastructure, destruction of output, which will bring the economy to negative growth in Gaza."

But turning to the oil markets, Mr Azour said the Gulf and the Middle East no longer sees the shocks caused by geopolitical turmoil that it once did.

Prices remained steady last month, even as Israel's war in Gaza threatened to spill over into surrounding countries, while the long war in Ukraine – which affected gas and food prices – has little impact today on crude prices.

"We are discovering that geopolitical events have a limited impact on the oil market. Yet what we see today is the high level of uncertainty.

"And this high level of uncertainty is not only impacting the short term, but it could have an impact on the long term, especially in a world that is fragmented.

"And especially that those fragmentations are being coupled by a number of conflicts and danger."

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UAE currency: the story behind the money in your pockets
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Cyclists must wear a helmet, arm and knee pads

Have a white front-light and a back red-light on their bike

They must place a number plate with reflective light to the back of the bike to alert road-users

Avoid carrying weights that could cause the bike to lose balance

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Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

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Canada

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Singapore

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Australia

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Saudi Arabia

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  • Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
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Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.

Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.

Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.

Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.

 

 

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First car: VW Golf

Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters

Driverless cars or drones: Driverless Cars

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Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

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FIXTURES

Nov 04-05: v Western Australia XI, Perth
Nov 08-11: v Cricket Australia XI, Adelaide
Nov 15-18 v Cricket Australia XI, Townsville (d/n)
Nov 23-27: 1ST TEST v AUSTRALIA, Brisbane
Dec 02-06: 2ND TEST v AUSTRALIA, Adelaide (d/n)
Dec 09-10: v Cricket Australia XI, Perth
Dec 14-18: 3RD TEST v AUSTRALIA, Perth
Dec 26-30 4TH TEST v AUSTRALIA, Melbourne
Jan 04-08: 5TH TEST v AUSTRALIA, Sydney

Note: d/n = day/night

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THREE POSSIBLE REPLACEMENTS

Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.

Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.

Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.

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Results

Light Flyweight (49kg): Mirzakhmedov Nodirjon (UZB) beat Daniyal Sabit (KAZ) by points 5-0.

Flyweight (52kg): Zoirov Shakhobidin (UZB) beat Amit Panghol (IND) 3-2.

Bantamweight (56kg): Kharkhuu Enkh-Amar (MGL) beat Mirazizbek Mirzahalilov (UZB) 3-2.

Lightweight (60kg): Erdenebat Tsendbaatar (MGL) beat Daniyal Shahbakhsh (IRI) 5-0.

Light Welterweight (64kg): Baatarsukh Chinzorig (MGL) beat Shiva Thapa (IND) 3-2.

Welterweight (69kg): Bobo-Usmon Baturov (UZB) beat Ablaikhan Zhussupov (KAZ) RSC round-1.

Middleweight (75kg): Jafarov Saidjamshid (UZB) beat Abilkhan Amankul (KAZ) 4-1.

Light Heavyweight (81kg): Ruzmetov Dilshodbek (UZB) beat Meysam Gheshlaghi (IRI) 3-2.

Heavyweight (91kg): Sanjeet (IND) beat Vassiliy Levit (KAZ) 4-1.

Super Heavyweight ( 91kg): Jalolov Bakhodir (UZB) beat Kamshibek Kunkabayev (KAZ) 5-0.

Updated: December 04, 2023, 1:43 PM`