A missed target of $100 billion in climate funding to developing countries must increase before Cop26 summit in Glasgow later this year, a think tank has said.
World leaders and climate activists will meet in November for the Cop26 summit, described as humanity's "last, best chance" to restrict global warming to 1.5°C and avert an environmental catastrophe.
Since 2009, developed countries have agreed to find $100bn each year in funding to address the needs of developing nations between 2020 and 2025. This money was to be used to help poorer countries mobilise and meet their climate goals under the Paris Agreement.
However, an estimated climate finance gap of $20bn remained by the 2020 deadline, according to figures released by the Organisation for Economic Co-operation and Development.
In a new paper, the E3G think tank said a new climate plan must aim to deliver larger sums between 2022 and 2025, above the $100bn that was promised to address this shortfall.
If this funding is not met, China – which has half the world’s coal-fired power plants – will find it easier to excuse a failure to reduce its emissions, the report says.
It cited figures produced by the economist Lord Nicholas Stern from the Centre for Climate Change Economics and Policy at the London School of Economics. He said $150 billion a year would be feasible by 2025.
"A higher target is needed to average out beyond $100bn annually and make amends for initial shortfalls," said report author Iskander Erzini Vernoit.
"Although lawyers may argue there is no legal basis for a higher target or $500bn expectation, this misses the point. The issue is not a legal obligation, but a political necessity of showing good faith.
"To permit progress on other agendas – including the post-2025 finance goal and obtaining pre-2030 emissions reductions by all major economies to keep 1.5°C alive – ambition on scale is crucial."
The authors of the report say that "joined-up, whole-of-government diplomacy" is also required and that politicians must take heed of the failure to deliver on the $100bn-a-year goal.
The keys to meeting this challenge would be boosting specific national climate finance pledges, reallocating International Monetary Fund-issued special drawing rights and increased input from developed country shareholders.
The report also said that such a promise is within reach but should be delivered by September, at the latest, before the UN General Assembly.
"Advanced economies spent almost $12 trillion in 2020 alone on Covid-19 fiscal measures, according to the IMF – powering past the $100bn is therefore a relatively small fiscal commitment by comparison," the report said.
"A credible plan to surpass $500bn in climate finance over five years is needed – not just for trust between countries, but for action to keep 1.5°C alive in this decisive decade for human history."
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
COMPANY%20PROFILE%3A
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Envision%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2017%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EKarthik%20Mahadevan%20and%20Karthik%20Kannan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20The%20Netherlands%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Technology%2FAssistive%20Technology%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%241.5%20million%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2020%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%204impact%2C%20ABN%20Amro%2C%20Impact%20Ventures%20and%20group%20of%20angels%3C%2Fp%3E%0A
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.
The Freedom Artist
By Ben Okri (Head of Zeus)
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
SPEC%20SHEET%3A%20APPLE%20IPAD%20(2022)
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2010.9-inch%20Liquid%20Retina%20IPS%20LCD%2C%202%2C360%20x%201%2C640%2C%20264ppi%2C%20wide%20colour%2C%20True%20Tone%2C%20Apple%20Pencil%201%20support%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EChip%3A%3C%2Fstrong%3E%20Apple%20A14%20Bionic%2C%206-core%20CPU%2C%204-core%20GPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%2064GB%2F256GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20iPadOS%2016%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%2012-megapixel%20wide%2C%20f%2F1.8%2C%205x%20digital%2C%20Smart%20HDR%203%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F30%2F60fps%2C%20full%20HD%20%40%2025%2F30%2F60fps%2C%20slo-mo%20%40%20120%2F240fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2012MP%20ultra-wide%2C%20f%2F2.4%2C%202x%2C%20Smart%20HDR%203%2C%20Centre%20Stage%3B%20full%20HD%20%40%2025%2F30%2F60fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%20Stereo%20speakers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%2C%20smart%20connector%20(for%20folio%2Fkeyboard)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%20Up%20to%2010%20hours%20on%20Wi-Fi%3B%20up%20to%209%20hours%20on%20cellular%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFinish%3A%3C%2Fstrong%3E%20Blue%2C%20pink%2C%20silver%2C%20yellow%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20iPad%2C%20USB-C-to-USB-C%20cable%2C%2020W%20power%20adapter%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Wi-Fi%20%E2%80%94%20Dh1%2C849%20(64GB)%20%2F%20Dh2%2C449%20(256GB)%3B%20cellular%20%E2%80%94%20Dh2%2C449%20(64GB)%20%2F%20Dh3%2C049%20(256GB)%3C%2Fp%3E%0A
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
Killing of Qassem Suleimani
23-man shortlist for next six Hall of Fame inductees
Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
LIST OF INVITEES
Shergo Kurdi (am)
Rayhan Thomas
Saud Al Sharee (am)
Min Woo Lee
Todd Clements
Matthew Jordan
AbdulRahman Al Mansour (am)
Matteo Manassero
Alfie Plant
Othman Al Mulla
Shaun Norris
Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
Results
6.30pm: Madjani Stakes Group 2 (PA) Dh97,500 (Dirt) 1,900m, Winner: RB Frynchh Dude, Pat Cosgrave (jockey), Helal Al Alawi (trainer)
7.05pm: Maiden (TB) Dh82,500 (D) 1,400m, Winner: Mnasek, Dane O’Neill, Doug Watson.
7.40pm: Maiden (TB) Dh82,500 (D) 1,600m, Winner: Grand Dubai, Sandro Paiva, Ali Rashid Al Raihe.
8.15pm: Handicap (TB) Dh87,500 (D) 2,200m, Winner: Meqdam, Sam Hitchcock, Doug Watson.
8.50pm: Dubai Creek Mile Listed (TB) Dh132,500 (D) 1,600m, Winner: Thegreatcollection, Pat Cosgrave, Doug Watson.
9.25pm: Conditions (TB) Dh120,000 (D) 1,900m, Winner: Sanad Libya, Richard Mullen, Satish Seemar.
10pm: Handicap (TB) Dh92,500 (D) 1,400m, Winner: Madkhal, Adrie de Vries, Fawzi Nass.
UAE currency: the story behind the money in your pockets
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now