Last year, amid mounting concern over accelerating climate disasters, history was made at Cop28 with the adoption of the UAE Consensus: a roadmap to a climate safe future and a powerful testament to the fact that multilateralism can deliver real results.
Entering Cop28, it was clear that the world was well off track in meeting its collective goals under the Paris Agreement. In a high-stakes, down-to-the-wire negotiation, we achieved what many deemed impossible: uniting 198 Parties around a bold roadmap to keep the 1.5°C target within reach and giving the world a critical course correction on climate.
At the heart of the UAE Consensus is the first Global Stocktake (GST) – an ambitious, unified, and science-aligned response pathway to achieve the goals of the Paris Agreement, whilst simultaneously driving sustainable socio-economic growth. The GST includes landmark commitments for a just, orderly and equitable energy transition, incorporating tripling renewable energy capacity and doubling energy efficiency by 2030, and calls for an end to deforestation in the same timeframe.
Cop28 achieved an unprecedented success on day one, demonstrating the power of inclusive leadership and elevated ambition by reaching an agreement on capitalising and operationalising a Fund for responding to Loss and Damage – an achievement after three decades of trying. With $853 million already pledged to the fund, the selection of the Philippines as host, and the World Bank acting as interim secretariat and trustee, the fund is expected to be fully ready to support developing countries by Cop29.
Beyond the negotiated outcomes, the Presidential Action Agenda catalysed real-world progress. In total, Cop28 mobilised more than $85 billion in climate finance commitments, including $30 billion for Alterra, the world’s largest private climate investment fund, and the replenishment of the Green Climate Fund (GCF) reaching a record total of $12.8 billion from 31 countries.
The Action Agenda also brought diverse stakeholders to the table. Key initiatives like the Oil and Gas Decarbonisation Charter, which now covers 43 per cent of global oil production, and the Industrial Transition Accelerator – focused on decarbonising the heavy-emitting sectors – bring industry into the climate agenda like never before.
Another key achievement at Cop28 was the launch of the Global Climate Finance Framework, targeting the development of a new climate finance architecture that unlocks the investment opportunity of climate action. Since Cop28, momentum has continued, with 64 additional endorsements for the 11 declarations made at the summit.
The remarkable accomplishment of Cop28 has cemented the credentials of the UAE as a forward-thinking and inclusive leader at the global level. The recognition and strong support expressed for the UAE Consensus by the G7 and G20, as well as the endorsement of the “Pact for the Future” adopted by the UN General Assembly in September this year, reflect the universal appreciation of the international community.
As the UAE prepares to officially pass the Cop Presidency to Azerbaijan, we reflect on our collective achievements in Dubai as the beginning of a new era of climate action. At Cop29 in Baku, it’s imperative that Parties build on this foundation with renewed resolve and trust.
We have an extraordinary opportunity in Baku to turn ambition into action
Looking ahead to Cop29 – hailed as the “finance Cop” – Parties must come together to deliver a robust New Collective Quantified Goal (NCQG) for climate finance. The NCQG must be of the quantum needed to drive the implementation of the UAE Consensus, while helping make climate finance more affordable, accessible to all, and available at scale.
Global targets under the GST must also be translated into national actions. The next generation of Nationally Determined Contributions (NDCs), guiding each nation’s climate plans through 2035, will be a decisive measure of climate ambition. The work of the Cop Presidencies Troika, comprising the Cop28, Cop29 and the Cop30 Presidencies, has been instrumental in rallying momentum for the next NDC cycle, with submissions due by February 2025.
And there can be no delay. Recent extreme weather events, from devastating floods in Valencia to deadly storms across the Caribbean and the US, serve as urgent reminders of the climate crisis. Record-breaking heatwaves across the Middle East further underscore our region’s particular vulnerability to climate impacts.
While there is no doubt that the journey ahead will demand hard work and collaboration, the path to a new climate finance goal is within reach. United by a shared commitment and a vision for a 1.5°C-aligned world, we have an extraordinary opportunity in Baku to turn ambition into action. Cop29 can mark the moment we unlock the resources needed for a climate safe future. With the stakes higher than ever, let us seize this moment to build a legacy of lasting impact for generations to come.
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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TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Young women have more “financial grit”, but fall behind on investing
In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.
While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.
In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all).
“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”
Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.
"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."
UAE currency: the story behind the money in your pockets
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RESULT
Valencia 3
Kevin Gameiro 21', 51'
Ferran Torres 67'
Atlanta 4
Josip Llicic 3' (P), 43' (P), 71', 82'
The specs: 2018 Alfa Romeo Stelvio
Price, base: Dh198,300
Engine: 2.0L in-line four-cylinder
Transmission: Eight-speed automatic
Power: 280hp @ 5,250rpm
Torque: 400Nm @ 2,250rpm
Fuel economy, combined: 7L / 100km
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
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Honeymoonish
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
Pathaan
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COMPANY%20PROFILE
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