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.
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Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
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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
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
UAE currency: the story behind the money in your pockets
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
