Developing countries set out their demands for the Cop26 climate summit with a call for the rich world to increase funding.
They said there could be “no more excuses” as Britain prepares to host the November summit.
Africa needs an estimated $3 trillion to reach its climate goals and the rich world is under fire for failing to meet its promises of aid.
A target of $100 billion in annual support to the global south has not been met, according to the UN’s climate agency.
A five-point plan for Cop26 put forward by a coalition of developing countries said wealthy nations should set out clearly how they intend to raise the funds.
More money from the rich world would help African countries to adapt to climate change and mitigate the effect in future of rising temperatures.
But Cop26 delegates were also told to provide funding to address the loss and damage that many countries are already suffering.
Major environmental damage is expected even if the world meets its aim of limiting global warming to 1.5°C above pre-industrial levels.
This was the goal set out in the 2015 Paris Agreement, but developing countries want Cop26 to set more ambitious targets to reach it.
Scientists say that emissions cuts are needed in the short term and cannot be delayed in exchange for planting billions of trees in the future.
The EU this week unveiled a sweeping climate overhaul to slash emissions by 55 per cent compared with 1990 levels by the end of the decade.
But environmental groups say it is not enough, and developing countries say the world’s current plans will not be sufficient to meet the Paris target.
“Despite welcome recent progress, the sum total of climate policies in place across the world will not keep global warming within the limits that governments agreed to in Paris,” the developing nations said.
“There can be no more excuses. Governments with a leadership responsibility need to deliver on their promises, showing solidarity with the less prosperous, to reach an outcome for Cop26 that is fair and robust. And they need to deliver now.”
Another key demand of developing countries is help with adapting to the effects of climate change.
Adaption measures include building flood defences and weather warning systems to prevent natural disasters.
What’s the point of agreeing on a new set of promises if we don’t keep them?
Fekadu Beyene,
Environment, Forest and Climate Change Commission, Ethiopia
Many developing countries are especially vulnerable to extreme weather events such as floods and droughts.
At least 50 per cent of climate finance should go towards adaptation measures, developing countries say in their Cop26 plan.
The promise of an annual $100 billion was made at a Copenhagen climate summit in 2009, with the pledge that the target would be reached by 2020.
The UN said the amount of money mobilised by rich countries was $78.9bn in 2018 but was not rising fast enough for the target to be met.
“A lack of keeping promises on these key areas of finance, adaptation, and loss-of-damage is unacceptable,” said Fekadu Beyene of the Ethiopian Environment, Forest and Climate Change commission.
“What’s the point of agreeing on a new set of promises if we don’t keep them?”.
TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%209
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
57%20Seconds
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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.”
BUNDESLIGA FIXTURES
(All games 4-3pm kick UAE time) Bayern Munich v Augsburg, Borussia Dortmund v Bayer Leverkusen, Hoffenheim v Hertha Berlin, Wolfsburg v Mainz , Eintracht Frankfurt v Freiburg, Union Berlin v RB Leipzig, Cologne v Schalke , Werder Bremen v Borussia Monchengladbach, Stuttgart v Arminia Bielefeld
