More must be done to accelerate green investments in the Mena region and help it make a sustainable transition, climate advocates and business leaders said in Cairo.
Better investment will increase employment opportunities and boost economic development, Tarek Tawfik, chairman of the American Chamber of Commerce (AmCham) Mena Regional Council and president of AmCham Egypt, said on Sunday.
“Countries in the Mena region have taken proactive steps to advance green investments, adopt climate-change strategies and place sustainability and clean energy as their top priority, believing that sustainability investments will accelerate business growth,” Mr Tawfik told the one-day AmCham Mena Regional Council conference.
The event sought to build on what was achieved at the UN climate conference Cop27, hosted by Egypt, and the road ahead to Cop28, hosted by the UAE.
The council’s mission is to promote trade and investment between the US and Mena, comprising 4,000 members in 11 countries — Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Palestine, Qatar, Tunisia and the UAE.
Green and sustainable finance in Mena more than quadrupled to $18.6 billion in 2021, from $4.5 billion in 2020, according to the council’s Mena-US Trade and Investment Report 2023.
However, about $230 billion still needs to be mobilised annually in the region for countries to achieve the UN Sustainable Development Goals.
Mr Tawfik quoted International Renewable Energy Agency figures that renewable energy jobs reached 12.7 million in 2021 and are expected to double in the next decade.
Mahmoud Mohieldin, the UN Climate Change High-Level Champion for Egypt and the UN Special Envoy on Financing the 2030 Agenda for Sustainable Development, said he was proud of the creation of the loss and damage fund at Cop27.
Loss and damage, the payment of reparations to developing countries by developed countries for the damaging effects of climate change, was a decisive issue at the conference.
However, he said “we need to do better”.
On a global scale, countries should be reducing emissions by 45 per cent from now until 2030, but instead are adding about 14 per cent.
Energy demand is expected to double and the region’s share in global oil production is expected to rise from 35 per cent to 44 per cent by 2030, he said.
“The Mena region is responsible for 8.7 per cent of global emissions and emissions, at this current pace, are expected to more than triple by 2060,” Mr Mohieldin said.
“We need to really capture it before it’s too late. If we are going to be late, as we are late in other parts of the world … the cost of dealing with the challenges is going to be multiples of what we see today.”
Private sector's role in a sustainable future
Globally, more than 62 per cent of climate finance is coming from debt instruments and in developing economies, the ratio is even higher than that, Mr Mohieldin said, warning “that’s not a sustainable model for funding”.
The opportunities for wind and solar energy in Mena are “enormous”, he said.
For example, the region receives 22 per cent to 26 per cent of the world's solar energy, which would meet half of global electricity needs.
Ambassador Mohamed Nasr, the lead negotiator for Cop27, said the role of the private sector was crucial in tackling climate change mitigation and adaptation.
“There are a lot of opportunities there. We believe that things are going in the right direction — not at the speed as envisaged and needed — but at least on the right track,” he said.
Sammy Bousaba, president of AmCham Dubai and vice chairman of the AmCham Mena Regional Council, highlighted the US-UAE Partnership for Accelerating Clean Energy (Pace).
The agreement signed in November has a goal to act as a catalyst for $100 billion in financing, investment and other support to generate 100 gigawatts of clean energy globally by 2035.
The Cop28 presidency will “carry the conversation forward” with plans for mitigation, adaptation, finance and loss and damage, Mr Bousaba said.
It will also mark the conclusion of the first global stock-take, a comprehensive assessment of the progress made in achieving the goals of the Paris Agreement.
Marty Durbin, senior vice president of policy at the US Chamber of Commerce and president of the Global Energy Institute, said there had been much more acknowledgement by governments of the important role the business community has played in recent years.
Noting the increased co-operation between the public sector and private sector in Egypt before Cop27, he said, “we’re seeing that same type of close co-ordination in the UAE already”.
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Sunday:
GP3 race: 12:10pm
Formula 2 race: 1:35pm
Formula 1 race: 5:10pm
Performance: Guns N' Roses
Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
The specs
A4 35 TFSI
Engine: 2.0-litre, four-cylinder
Transmission: seven-speed S-tronic automatic
Power: 150bhp
Torque: 270Nm
Price: Dh150,000 (estimate)
On sale: First Q 2020
A4 S4 TDI
Engine: 3.0-litre V6 turbo diesel
Transmission: eight-speed PDK automatic
Power: 350bhp
Torque: 700Nm
Price: Dh165,000 (estimate)
On sale: First Q 2020
MEFCC information
Tickets range from Dh110 for an advance single-day pass to Dh300 for a weekend pass at the door. VIP tickets have sold out. Visit www.mefcc.com to purchase tickets in advance.
Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
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
The%20Kitchen
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EDaniel%20Kaluuya%2C%20Kibwe%20Tavares%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EKane%20Robinson%2C%20Jedaiah%20Bannerman%2C%20Hope%20Ikpoku%20Jnr%2C%20Fiona%20Marr%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%C2%A0%3C%2Fp%3E%0A
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
RESULTS
1.30pm Handicap (PA) Dh 50,000 (Dirt) 1,400m
Winner AF Almomayaz, Hugo Lebouc (jockey), Ali Rashid Al Raihe (trainer)
2pm Handicap (TB) Dh 84,000 (D) 1,400m
Winner Karaginsky, Tadhg O’Shea, Satish Seemar.
2.30pm Maiden (TB) Dh 60,000 (D) 1,200m
Winner Sadeedd, Ryan Curatolo, Nicholas Bachalard.
3pm Conditions (TB) Dh 100,000 (D) 1,950m
Winner Blue Sovereign, Clement Lecoeuvre, Erwan Charpy.
3.30pm Handicap (TB) Dh 76,000 (D) 1,800m
Winner Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
4pm Maiden (TB) Dh 60,000 (D) 1,600m
Winner Bladesmith, Tadhg O’Shea, Satish Seemar.
4.30pm Handicap (TB) Dh 68,000 (D) 1,000m
Winner Shanaghai City, Fabrice Veron, Rashed Bouresly.
THE%C2%A0SPECS
%3Cp%3EEngine%3A%204-cylinder%202.5-litre%20%2F%202-litre%20turbo%0D%3Cbr%3EPower%3A%20188hp%20%2F%20248hp%0D%3Cbr%3ETorque%3A%20244Nm%20%2F%20370Nm%0D%3Cbr%3ETransmission%3A%207-speed%20auto%0D%3Cbr%3EOn%20sale%3A%20now%0D%3Cbr%3EPrice%3A%20From%20Dh110%2C000%0D%3C%2Fp%3E%0A
The specs
Engine: 6.2-litre V8
Power: 502hp at 7,600rpm
Torque: 637Nm at 5,150rpm
Transmission: 8-speed dual-clutch auto
Price: from Dh317,671
On sale: now
Essentials
The flights
Return flights from Dubai to Windhoek, with a combination of Emirates and Air Namibia, cost from US$790 (Dh2,902) via Johannesburg.
The trip
A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company.
When to go
The cooler winter months, from June to September, are best, especially for game viewing.
Quick%20facts
%3Cul%3E%0A%3Cli%3EStorstockholms%20Lokaltrafik%20(SL)%20offers%20free%20guided%20tours%20of%20art%20in%20the%20metro%20and%20at%20the%20stations%3C%2Fli%3E%0A%3Cli%3EThe%20tours%20are%20free%20of%20charge%3B%20all%20you%20need%20is%20a%20valid%20SL%20ticket%2C%20for%20which%20a%20single%20journey%20(valid%20for%2075%20minutes)%20costs%2039%20Swedish%20krone%20(%243.75)%3C%2Fli%3E%0A%3Cli%3ETravel%20cards%20for%20unlimited%20journeys%20are%20priced%20at%20165%20Swedish%20krone%20for%2024%20hours%3C%2Fli%3E%0A%3Cli%3EAvoid%20rush%20hour%20%E2%80%93%20between%209.30%20am%20and%204.30%20pm%20%E2%80%93%20to%20explore%20the%20artwork%20at%20leisure%3C%2Fli%3E%0A%3C%2Ful%3E%0A
