Uae Financial News

By Simon Jessop, Maha El Dahan and Hadeel Al Sayegh

The annual U.N. climate talks are nearly two weeks of delegates meeting

The United States has taken action to reduce methane emissions from oil and natural gas production

The U.S. military says three commercial ships in the Red Sea were struck by ballistic missiles fired from Houthi-controlled Yemen, and a U.S. warship shot down three drones in self-defense during the hourslong assault

Fifty oil companies are pledging to reach near-zero methane emissions.

The United States is now committed to the idea of phasing out coal power plants, joining 56 other nations in kicking the coal habit

COP28 Declaration on Climate and Health, with sources pointing out that curbing greenhouse gas use for cooling in the health sector, which is one of the points in the document, may not be practical or achievable within the country's healthcare infrastructure in the short term.

International Maritime Organisation (IMO) Council with the highest tally on Friday, and the term of council will be for the biennium 2024-25, according to an official statement. The statement said India's re-election falls under the category of 10 states with «the largest interest in international seaborne trade», alongside Australia, Brazil, Canada, France, Germany, the Netherlands, Spain, Sweden, and the United Arab Emirates (UAE).

Narendra Modi and Maldives newly elected President in their maiden meet held in Dubai discussed the issue of presence of India’s military platforms in Maldives that are engaged in humanitarian missions and the bilateral core group set up by the two leaders will discuss operational matters of platforms. “We have seen reports about status of Indian platforms in Maldives engaged in HADR activities. The continued usefulness of the Indian platforms as it was recognised in discussions needs to be looked at in a proper perspective.

COP28 climate talks filed in Sunday for another day of talks, they found themselves greeted by a rare sight in the United Arab Emirates — a protest. From activism about the Israel-Hamas war to environmental issues, activists allowed into the UAE can demonstrate under strict guidelines in this autocratic nation.

Cayman Islands and Cyprus contracted significantly during April-September this fiscal as the overall inflows declined by 24 per cent, according to the government data. FDI from Cayman Islands dipped 75 per cent to USD 145 million during April-September from USD 582 million in the same period last fiscal, the data showed.

But observers have warned that the headline-grabbing — but voluntary — pledges promoted by the UAE could distract from the more challenging work of negotiating a formal COP28 text at the climax of the two-week talks. As pressure builds during what is expected to be the hottest year on record, here are some major funding pledges and declarations announced so far at COP28. — Loss and damage - The first day of the talks saw the official launch of a «loss and damage» fund to help vulnerable countries cope with the increasingly costly and damaging impacts of climate disasters. Thursday's agreement came with pledges of $100 million each from the UAE and Germany, $109 million from France, $50 million from Britain, $25 million from Denmark and $17.5 million from the United States, the world's biggest oil and gas producer. The total committed so far is a little over $576 million, according to a tally by the Natural Resources Defense Council, an environmental advocacy group. That falls vastly short of the $100 billion a year that developing nations — which have historically been least responsible for greenhouse gas emissions — have said are needed to cover losses from natural disasters. South African President Cyril Ramaphosa told the summit that «we need to mobilise funding on a far greater scale». Campaigners said the US offering was woefully inadequate from the world's biggest historical polluter. Bineshi Albert of the Climate Justice Alliance called it «insulting». «It is a paltry, shameful amount of money that shows the US is completely uninterested in prioritising or being accountable to the climate impacts frontline communities are facing,» she said. — Food and farming - More than 130 countries have agreed to

United States led calls at UN climate talks Saturday for efforts to curb methane emissions but also pushed a deeply controversial drive to boost nuclear energy to curb global warming. With smoggy skies in Dubai highlighting the challenges facing the world, other pledges are expected at the COP28 conference, including stepping up the deployment of renewable energy. The use of nuclear power as a cleaner alternative to fossil fuels is highly controversial as environmental groups are concerned about safety and the disposal of nuclear waste. But more than 20 nations ranging from the US to Ghana, Japan and several European countries said in a declaration that it plays a «key role» in the goal of achieving carbon neutrality by mid-century. They called for the tripling of nuclear energy capacity by 2050 from 2020 levels. «We are not making the argument to anybody that this is absolutely going to be a sweeping alternative to every other energy source,» US climate envoy John Kerry said at COP28. «But we know because (of) the science and the reality of facts… that you can't get to net zero 2050 without some nuclear,» he said. The other signatories include Britain, France, South Korea, Ukraine and the United Arab Emirates.

By Kate Abnett and Valerie Volcovici

By Valerie Volcovici

Climate advocacy groups are pressuring world governments gathered at this year's United Nation's COP28 climate conference in Dubai to commit to cutting global food sector emissions, as the conference host promises to put agriculture in the spotlight. Global food systems- including farming and land use, livestock production, household food consumption and waste, and energy used in the farm and food retail sectors — account for 31% of human-made greenhouse gas (GHG) emissions, according to the United Nations' Food and Agriculture Organization (FAO). But few governments have ever published numeric targets for lowering those emissions, focusing instead mostly on the use of fossil fuels for power, transport and industry, according to climate advocates. «Business as usual food systems would use nearly the whole carbon budget for a 2-degree Celsius world. We need to implement food systems approaches throughout COP28,» said Joao Campari, global leader of food practice at the World Wildlife Fund. A full day of the 28th Conference of the Parties (COP), Dec.

Narendra Modi met his Italian counterpart Giorgia Meloni on the sidelines of the United Nations' ongoing 28th Conference of the Parties (COP28) in Dubai on December 1. In a photo post on social media site X (formerly Twitter), Modi wrote in Italian: “Met PM Giorgia Meloni of Italy on the sidelines of the COP28 Summit. Looking forward to collaborative efforts between India and Italy for a sustainable and prosperous future." Also Read: Italy PM Giorgia Meloni applauds PM Modi calls him the ‘most loved leader’ of the world Meloni in turn also posted a selfie with the Indian PM saying, “Good friends at COP28.

United Arab Emirates National Day, also known as the Spirit of the Union. As per the description, this public holiday observes the formation of the UAE, a union comprising seven emirates: Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al-Quwain, Fujairah, and Ras Al Khaimah. December 2, 1971, holds historical significance as the day when the UAE was established as a sovereign, independent nation, allowing each emirate to maintain its individual identity.

Israel President, on the sidelines of the COP28 Summit in Dubai and emphasised on a two-state solution, dialogue and diplomacy for durable peace. “PM @narendramodi met President @Isaac_Herzog of Israel on the sidelines of #COP28 WCAS in Dubai. The two leaders exchanged views on the ongoing Israel-Hamas conflict in the region. PM expressed his condolences on the loss of lives in the October 07 terror attacks and welcomed the release of hostages,” MEA spokesperson posted on X. The PM reiterated the need for continued and safe delivery of humanitarian aid for the affected population.

Antonio Guterres urged world leaders at the COP28 climate summit to plan for a future without fossil fuels, saying there was no other way to curb global warming. Speaking a day after COP28 president Sultan Ahmed al-Jaber proposed embracing the continued use of fossil fuels, Guterres said: «We cannot save a burning planet with a fire hose of fossil fuels.» «The 1.5-degree limit is only possible if we ultimately stop burning all fossil fuels. Not reduce.

Mint in an interview. He said the COP process hasn't been as effective on implementation as it has been on pledges and declarations because “business has not been properly engaged in the process". “We've had 27 years of COP, and in the last 27 years, emissions have gone up 50%.