The British hosts of the Cop26 environment summit have unveiled various events to help battle climate change.
The government published two sets of events on Wednesday — the programme of presidency events and the UK Pavilion programme, which will highlight British climate leadership.
Cop26 president Alok Sharma said the presidency and pavilion schedules were vital to the summit’s success.
“The science is clear that we need urgent, decisive action from around the world if we are to change the course of history for the better,” Mr Sharma said.
“Our presidency themed days are aimed at ensuring Cop26 is not a talking shop or a photo opportunity, but a moment for governments and all of society to move forward with practical solutions touching on all aspects of how we inhabit our precious planet.”
What’s in the presidency schedule?
The programme kicks off with a World Leaders’ Summit hosted by UK Prime Minister Boris Johnson, for which more than 120 leaders have already confirmed their attendance.
Running alongside the formal negotiations, the two-week programme spotlights how all parts of society and the global economy drive ambitious climate action.
Events will focus on themed days including finance, adapting to the impacts of climate change, energy transition, nature and land-use, gender, and youth.
Finance - November 3
Mobilising public and private finance flows at scale for mitigation and adaptation
UK Chancellor of the Exchequer Rishi Sunak will open the first of the themed days, with an event on how finance is being made available to deliver on the goals of the Paris Agreement.
Energy – November 4
Accelerating the global transition to clean energy
Youth and public empowerment – November 5
Elevating the voice of young people and demonstrating the critical role of public empowerment and education in climate action.
Nature – November 6
Ensuring the importance of nature and sustainable land use are part of global action on climate change and a clean, green recovery
Rest day – November 7
Adaptation, loss and damage – November 8
Delivering the practical solutions needed to adapt to climate impacts and address loss and damage.
People from front-line communities will share their experiences of the worst effects of climate change.
Gender – November 9
Progressing gender equality and the full and meaningful participation of women and girls in climate action.
Science and innovation – November 9
Demonstrating that science and innovation can deliver climate solutions to meet, and accelerate, increased ambition.
Transport – November 10
Driving the global transition to zero-emission transport.
Cities, Regions and built environment – November 11
Advancing action in the places we live, from communities, through to cities and regions.
What’s in the Pavilion events?
November 1
Sessions include: The Power of TV to Combat the Climate Crisis. Home is Where the Heat is, and Smart Cities are Sustainable Cities
November 2
The Heroes of Net Zero Competition Awards ceremony and the launch of the Global Energy Alliance for People and Planet.
November 3
Sessions include Mobilising Climate Finance and Financial Sector Greening.
November 4
Sessions include Female Leadership - Energy for The Global Energy Transition, Accelerating the Deployment of Offshore Wind in Emerging Markets and The Role of Nuclear Energy in a Net Zero Future.
November 5
Sessions include How the Climate Crisis is Denying Children Their Right and How Sport Can Help Kick Carbon.
November 6
Sessions include Our Vision for Healthy Oceans, and Scaling Investment in Natural Climate Solutions.
November 8
Sessions include How We Understand and Respond to Climate Change Hazards and How Technology Can Build Resilience to Climate Change.
November 9
Sessions include How Gender Equality Improves Science, Tech and Innovation for Climate Action and Girls' Education and Tackling the Climate Crisis.
November 10
Sessions include Delivering Jet Zero and Recharging Rail to Power Economies.
November 11
Sessions include Recharging Rail to Power Economies and Kickstart Construction Decarbonisation.
November 12
Sessions include Looking to the Future with Fusion Energy and The Road Beyond Cop26.
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.”
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What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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If you go...
Flying
There is no simple way to get to Punta Arenas from the UAE, with flights from Dubai and Abu Dhabi requiring at least two connections to reach this part of Patagonia. Flights start from about Dh6,250.
Touring
Chile Nativo offers the amended Los Dientes trek with expert guides and porters who are met in Puerto Williams on Isla Navarino. The trip starts and ends in Punta Arenas and lasts for six days in total. Prices start from Dh8,795.
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
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Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
