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.”
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The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
The biog
Name: Abeer Al Bah
Born: 1972
Husband: Emirati lawyer Salem Bin Sahoo, since 1992
Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old
Education: BA in Elementary Education, worked for five years in a Dubai school
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Thanksgiving meals to try
World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.
Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as well as festive food platters, canapes and both apple and pumpkin pies.
Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.
The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.
Nolu’s, The Galleria Mall, Maryah Island Abu Dhabi. With much of the menu focused on a California inspired “farm to table” approach (with Afghani influence), it only seems right that Nolu’s will be serving their take on the Thanksgiving spread, with a brunch at the Downtown location from 12pm to 4pm on Friday.
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2. Sebastian Vettel (GER/Ferrari) at 0.658sec
3. Daniel Ricciardo (AUS/Red Bull) 6.012
4. Lewis Hamilton (GBR/Mercedes) 7.430
5. Kimi Räikkönen (FIN/Ferrari) 20.370
6. Romain Grosjean (FRA/Haas) 1:13.160
7. Sergio Pérez (MEX/Force India) 1 lap
8. Esteban Ocon (FRA/Force India) 1 lap
9. Felipe Massa (BRA/Williams) 1 lap
10. Lance Stroll (CAN/Williams) 1 lap
11. Jolyon Palmer (GBR/Renault) 1 lap
12. Stoffel Vandoorne (BEL/McLaren) 1 lap
13. Nico Hülkenberg (GER/Renault) 1 lap
14. Pascal Wehrlein (GER/Sauber) 1 lap
15. Marcus Ericsson (SWE/Sauber) 2 laps
16. Daniil Kvyat (RUS/Toro Rosso) 3 laps
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When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
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Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
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Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed
Power: 720hp
Torque: 770Nm
Price: Dh1,100,000
On sale: now
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
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Price, base / as tested: Dh48,000
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