UN special envoy on climate action and finance Mark Carney on Thursday said businesses must urgently step up the fight against climate change, but can use the lessons of the financial crisis to guide them.
He said the speed at which the global community is transitioning to a clean energy future has “gone up exponentially”.
“It really has moved particularly since the Glasgow [Cop26],” he said.
“That is true [but] it is also true that we’re running out of time and the consequences of running out of time appear worse.”
The former governor of the Bank of England was speaking at a webinar held by the Policy Institute at King’s College London.
Mr Carney explained why he has faith in businesses’ ability and desire to do the right thing.
The 2007-08 financial crisis revealed “some pretty deep cultural issues in markets” where business became “detached from the end users”, Mr Carney said.
He said he is a believer in “purpose to business”, providing solutions and not being disembodied from customers or suppliers.
On the climate front, he said firms have an opportunity to align more closely with their customers and producers.
He backed Pope Francis’ clarion call for urgent climate action.
He said the head of the Catholic Church is “absolutely” right to raise the alarm on global warming eight years after he issued a similar plea.
The Vatican this week published a new apostolic exhortation titled Laudate Deum, which means “Praise God” in Latin. In it, the pontiff called on world leaders to step up in the fight against climate change.
The Pope said the planet is moving towards a “point of no return” as global warming approaches the maximum recommended limit of 1.5C higher than the pre-industrial average.
“The anchor in terms of being at a climatic tipping point is absolutely right,” Mr Carney said.
'Carbon budget almost exhausted'
The Canadian economist, who governed the BoE from 2013 to 2020, cited Johan Rockstrom, director of Potsdam Institute for Climate Impact Research, to back up his point.
The Swedish scientist has been internationally recognised for his work on global sustainability issues.
“One of the things [Rockstrom] has taught me is as we’ve exhausted the carbon budget for 1.5C, almost exhausted it, we’ve also learned that the mapping of degree rises to extreme weather events has been worse than expected,” Mr Carney said.
“So that, plus the prospect of tipping points happening as well, and accelerating the process, means that there is a huge urgency.”
Laudate Deum, a 7,000-word package, was released on October 4, the feast of Saint Francis of Assisi, whose name the pope took when he was elected in 2013.
It came ahead of the Cop28 climate summit, which starts next month in the UAE, and followed on from Laudato Si, which means “Praise Be” in Latin, published in 2015. It was the first time in the church’s history that a papal letter to every Roman Catholic bishop addressed protection of the environment.
“Even if we do not reach this point of no return, it is certain that the consequences would be disastrous and precipitous measures would have to be taken, at enormous cost and with grave and intolerable economic and social effects,” Pope Francis wrote in Laudate Deum.
“Although the measures that we can take now are costly, the cost will be all the more burdensome the longer we wait.”
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
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.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
The biog
Name: Gul Raziq
From: Charsadda, Pakistan
Family: Wife and six children
Favourite holes at Al Ghazal: 15 and 8
Golf Handicap: 6
Childhood sport: cricket
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
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
MATCH INFO
Burnley 0
Man City 3
Raheem Sterling 35', 49'
Ferran Torres 65'
Naga
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The Library: A Catalogue of Wonders
Stuart Kells, Counterpoint Press
UAE and Russia in numbers
UAE-Russia ties stretch back 48 years
Trade between the UAE and Russia reached Dh12.5 bn in 2018
More than 3,000 Russian companies are registered in the UAE
Around 40,000 Russians live in the UAE
The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023
The Land between Two Rivers: Writing in an Age of Refugees
Tom Sleigh, Graywolf Press
Russia's Muslim Heartlands
Dominic Rubin, Oxford
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
What is Diwali?
The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.
According to the Sanskrit epic, penned by the sage Valmiki, Diwali marks the time that the exiled king Rama – a mortal with superhuman powers – returned home to the city of Ayodhya with his wife Sita and brother Lakshman, after vanquishing the 10-headed demon Ravana and conquering his kingdom of Lanka. The people of Ayodhya are believed to have lit thousands of earthen lamps to illuminate the city and to guide the royal family home.
In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.
The view from The National
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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.
Book%20Details
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
