The six-nation joint climate change statement in full

Joint statement from the foreign ministers of the UAE, Cape Verde, Costa Rica, Iceland, Singapore and Slovenia In view of the UN Conference on Climate Change in Copenhagen, the Foreign Ministers of Cape Verde, Costa Rica, Iceland, Singapore, Slovenia, and the United Arab Emirates have agreed to strengthen their commitments and call for renewed global action to address climate change. In the opening days of the UN Climate Change Conference in Copenhagen, humankind is confronted with the consequences of its past actions. Scientific evidence clearly shows that anthropogenic greenhouse gas emissions contribute significantly to global warming. The prospects are grim: rising temperatures will cause major crop declines in entire regions and significant changes in the availability of water resources. At the same time, as some areas experience major water shortages, rising sea levels will be threatening some of the world's largest cities and may even cause loss of territory and give rise to border disputes. Entire ecosystems, from glaciers to rain forests, could collapse, and many species would face extinction. Storms, droughts, forest fires and floods will cause irreversible environmental degradation and desertification, affecting the food security of millions and causing massive migration flows. Climate change will have the most severe impact on countries with scarce natural resources and a limited ability to adapt to these challenges. Small developing island states, in particular, are among the most vulnerable and face the existential threat from the rising sea level. As preventive adaptation measures are costly, not all developing island states are able to implement such measures on their own. In this regard, financial and technology support must be provided. Furthermore, climate change may also exacerbate political instability in some of the most volatile regions in the world, creating new geopolitical rivalries over scarce resources. The potential risks of unmitigated climate change are enormous. Therefore, a successful agreement in Copenhagen, with deep cuts in global emissions that limit global warming to 2°C, and taking into account the principle of common but differentiated responsibilities, respective resources and national circumstances, is of paramount importance. We should also look beyond Copenhagen. Addressing climate change presents a challenge to global governance. The existing network of international organisations is already under stress, due to the complexity of this issue and its repercussions on political and social stability, economic growth and development, as well as on environmental sustainability. Climate change has the potential to exacerbate conflict, but at the same time, it could also foster cooperation by underlining growing global interdependence in dealing with the changing environment and related security threats. Coping with climate change could be one of the bases for creating a more cooperative world. In this regard, the active participation of all relevant stakeholders, especially women, is essential. Apart from growing interdependence, climate change also blurs the distinction between foreign and domestic policy. Six foreign ministers from small countries representing different regions have decided to act collectively, committed to acting in favour of the environment and sustainable development. Our national policies include measures that address climate change and reflect the need for a concerted international effort in this endeavour. Each state acts as a small point of green reference within its own region, and all points are interconnected to establish an efficient global network. We are striving for political balance, particularly regarding energy and water. Our countries are promoting clean energy approaches, renewable energy and energy efficiency. Cape Verde is committed to weather-dependent wind power and solar energy. Costa Rica's "Peace with Nature" initiative strives for carbon neutrality through the sustainable use of all natural resources. Iceland has achieved an energy transformation with the successful use of renewables. Despite its constraints in using alternative energy sources, Singapore has taken various measures such as energy efficiency improvement and other policy measures to reduce its emissions. Slovenia will further develop its sustainable forest management and the qualitative use of biomass. Through the multi-faceted approach of the Masdar Initiative, The United Arab Emirates is committed to clean energy solutions, energy efficiency, carbon emissions reduction and human capacity building in the field of renewable energy and clean technologies. The synergetic effect of so many different approaches and visions will be enormous. Climate change will seriously affect existing water resources, making water a strategic asset of the future. Water is essential for satisfying basic human needs, ensuring social and economic development and preserving ecosystems. Today, the lack of water to meet daily needs is a reality for one in three people around the world. The efficiency of water usage can be increased through technological improvements, changes in human behaviour and better water management. We cannot afford to continue as we have done in the past. Our countries face different challenges in providing water security. Cape Verde is entirely dependent on rainfall and desalination. Costa Rica has abundant water resources and uses hydroelectric power for over 70% of its electricity production. Iceland meets 80% of its energy needs, generating almost 100% of its electricity with clean energy, and is among world leaders in harnessing geothermal resources for thermal and electricity production. Singapore has leveraged on membrane technology to add high-grade reclaimed water and desalinated water to its inventory of water supply. The United Arab Emirates focuses its efforts on reducing water consumption and improving the efficiency of water supply. With its diverse water resources, Slovenia has developed an efficient water management system. Again, our countries will make an effort to transfer knowledge, expertise and best practices to address the issue of water as one of the main global challenges. Our planet is a living being with great resilience and will undoubtedly survive without us. Yet, our environment demands that we rethink and reinvent ourselves in order to channel imagination, creativity, ingenuity and entrepreneurship into creating a sustainable world. Awareness of the scope of these environmental challenges is of vital importance in searching for sustainable responses. Climate change is changing our world in more ways than one. Decisions taken by individuals and groups at the local and global level should fully take into account scientific findings, be ambitious and based on the principles of interconnectivity and synergy. Strong commitment at governmental level is also required. For any responsible policy-maker, the challenges posed by climate change and the high risks involved if the issue is not dealt with leave us with no other option but to act together, in the most efficient and synergized way. Jose Brito, Minister of Foreign Affairs, Co-operation and Communities, Cape Verde Bruno Stagno Ugarte, Minister of Foreign Affairs and Religion, Costa Rica Össur Skarphéðinsson, Minister for Foreign Affairs and External Trade, Iceland George Yeo, Minister for Foreign Affairs, Singapore Samuel ?bogar, Minister of Foreign Affairs, Slovenia H H Sheikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs, United Arab Emirates

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Company profile

Date started: January, 2014

Founders: Mike Dawson, Varuna Singh, and Benita Rowe

Based: Dubai

Sector: Education technology

Size: Five employees

Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.

Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)

Emiratisation at work

Emiratisation was introduced in the UAE more than 10 years ago

It aims to boost the number of citizens in the workforce particularly in the private sector.

Growing the number of Emiratis in the workplace will help the UAE reduce dependence on overseas workers

The Cabinet in December last year, approved a national fund for Emirati jobseekers and guaranteed citizens working in the private sector a comparable pension

President Sheikh Khalifa has described Emiratisation as “a true measure for success”.

During the UAE’s 48th National Day, Sheikh Khalifa named education, entrepreneurship, Emiratisation and space travel among cornerstones of national development

More than 80 per cent of Emiratis work in the federal or local government as per 2017 statistics

The Emiratisation programme includes the creation of 20,000 new jobs for UAE citizens

UAE citizens will be given priority in managerial positions in the government sphere

The purpose is to raise the contribution of UAE nationals in the job market and create a diverse workforce of citizens

The rules on fostering in the UAE

A foster couple or family must:

be Muslim, Emirati and be residing in the UAE
not be younger than 25 years old
not have been convicted of offences or crimes involving moral turpitude
be free of infectious diseases or psychological and mental disorders
have the ability to support its members and the foster child financially
undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially

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.”

Company%20profile%20

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First Person
Richard Flanagan
Chatto & Windus

While you're here

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The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
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9.30pm: Forever Young

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Pupils in Abu Dhabi are learning the importance of being active, eating well and leading a healthy lifestyle now and throughout adulthood, thanks to a newly launched programme 'Healthy Lifestyle'.

As part of the Healthy Lifestyle programme, specially trained coaches from City Football Schools, along with Healthpoint physicians have visited schools throughout Abu Dhabi to give fun and interactive lessons on working out regularly, making the right food choices, getting enough sleep and staying hydrated, just like their favourite footballers.

Organised by Manchester City FC and Healthpoint, Manchester City FC’s regional healthcare partner and part of Mubadala’s healthcare network, the ‘Healthy Lifestyle’ programme will visit 15 schools, meeting around 1,000 youngsters over the next five months.

Designed to give pupils all the information they need to improve their diet and fitness habits at home, at school and as they grow up, coaches from City Football Schools will work alongside teachers to lead the youngsters through a series of fun, creative and educational classes as well as activities, including playing football and other games.

Dr Mai Ahmed Al Jaber, head of public health at Healthpoint, said: “The programme has different aspects - diet, exercise, sleep and mental well-being. By having a focus on each of those and delivering information in a way that children can absorb easily it can help to address childhood obesity."

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Film: Raid
Dir: Rajkumar Gupta
Starring: Ajay Devgn, Ileana D'cruz and Saurabh Shukla

Verdict: Three stars

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

Financial considerations before buying a property

Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.

“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.

Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.

Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.