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UN climate chief: Phasing out all fossil fuels is central to curbing global warming


The world needs to phase out fossil fuels if it wants to curb global warming, the United Nations climate chief said in an interview with The Associated Press. But he said the idea might not make it on to the agenda of “make-or-break” international climate negotiations this fall, run in and by an oil haven.

A phase out of heat-trapping fossil fuels “is something that is at top of every discussion or most discussions that are taking place,” UN climate Executive Secretary Simon Stiell said. “It is an issue that has global attention. How that translates into an agenda item and a (climate talks) outcome we will see.”

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Stiell told AP he couldn’t quite promise it would get a spot on the agenda in climate talks, called COP28, in Dubai later this year.

That agenda decision is up to the president of the negotiations, Stiell said. He is the head of the state-owned Abu Dhabi National Oil Company, Sultan al-Jaber. The decision by host nation United Arab Emirates to make al-Jaber the head of the climate conference has drawn fierce opposition from lawmakers in Europe and the United States, as well as environmental advocates. UAE officials said they want game-changing results in the climate talks and note that al-Jaber also runs a large renewable energy company.

Last year at climate talks, a proposal by India to phase out all fossil fuels, supported by the United States and many European nations, never got on the agenda. What gets discussed is decided by the COP president, who last year was the foreign minister of Egypt, a natural gas exporting nation.

When asked if Egypt’s leaders kept the concept off the agenda, Stiell, speaking via Zoom from Bonn, Germany, where preliminary talks start Monday, said he couldn’t comment except to say that “it’s within their purview.”

An engineer-turned government official and diplomat, Stiell walked a fine line between talking about the importance of a fossil fuel phase out and supporting the UN process that has put countries that export oil and natural gas in charge of negotiations about global warming for two consecutive years.

About 94 percent of the heat-trapping carbon dioxide human industrial activity put in the air last year was from the burning of coal, oil and natural gas, according to the scientists who monitor emissions at Global Carbon Project. Al-Jaber’s company has the capacity to produce 2 million barrels of oil and 7 billion cubic feet of natural gas a day and said it plans to increase that drilling to 5 million barrels a day by 2027.

Getting a fossil fuel phase out on the agenda this year depends on the conference president al-Jaber and on whether there is enough pressure from other nations, Stiell said.

“Where better to have a discussion … then in a region where fossil fuels is at the center of their economy?” Stiell asked.

But the issue of a coal, oil and natural gas phase out is so central to Stiell he brought it up four times in the half-hour interview Saturday. He said the real issue is getting something done, not putting it on the agenda.

In public appearances, al-Jaber has emphasized being “laser-focused on phasing out fossil fuel emissions,” not necessarily the fuels themselves, by promoting carbon capture and removal of the pollutant from the air.

Stiell dismissed the idea that carbon removal can be a short-term solution.

“Right now, in this critical decade of action to achieve those deep reductions, the science tells us it can only be achieved through the reduced use, significantly reduced use, of all fossil fuels,” Stiell said in the interview.

Stiell defended the back-to-back years of having climate negotiations run in and by fossil fuel-exporting nations as the wishes of the “parties” or countries involved.

This year will be critical because it is the first global stocktake to see where the world is in its efforts to reduce carbon emissions. To reach the Paris agreement goal of limiting warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) since pre-industrial times, greenhouse gas pollution needs to be cut in half by 2030, he said.

“We know we are a long way from where we need to be,” Stiell said.

This year’s stocktake sets up a new round of pledges for even tighter emissions cuts by telling nations the stark truth of how bad the situation is, Stiell said. The problem hasn’t been nations knowing how bad it is, he said.

“It’s lack of implementation,” Stiell said. “I don’t believe it is the lack of knowledge. There’s been report after report after report that all say the same thing, all with increasing urgency."

After less than a year on the job, but years as a national negotiator before that, Stiell said he has “gone beyond frustration. What drives me is a desire to make a difference.”

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Abu Dhabi Overtakes Oslo for Sovereign Wealth Fund Capital in Global SWF’s First City Ranking

Today, industry specialist Global SWF published a special report announcing a new global ranking of cities according to the capital managed by their Sovereign Wealth Funds (SWFs). The findings show that Abu Dhabi is the leading city that manages the most SWF capital globally, thanks to the US$ 1.7 trillion in assets managed by its various SWFs headquartered in the capital of the UAE. These include the Abu Dhabi Investment Authority (ADIA), Mubadala Investment Company (MIC), Abu Dhabi Developmental
Holding Company (ADQ), and the Emirates Investment Authority (EIA). Abu Dhabi now ranks slightly above Oslo, home to the world’s largest SWF, the Government Pension Fund (GPF), which manages over US$ 1.6 trillion in assets. Abu Dhabi and Oslo are followed by Beijing (headquarters of the China Investment Corporation), Singapore (with GIC Private and Temasek Holdings), Riyadh (home to the
Public Investment Fund), and Hong Kong (where China’s second SWF, SAFE
Investment Corporation, operates from). Together, these six cities represent two thirds
of the capital managed by SWFs globally, i.e., US$ 12.5 trillion as of October 1, 2024.
For the past few decades, Abu Dhabi has grown an impressive portfolio of institutional
investors, which are among the world’s largest and most active dealmakers. In addition
to its SWFs, the emirate is home to several other asset owners, including central banks,
pension funds, and family offices linked to member of the Royal Family. Altogether, Abu
Dhabi’s public capital is estimated at US$ 2.3 trillion and is projected to reach US$ 3.4
trillion by 2030, according to Global SWF estimates.
Abu Dhabi, often referred to as the “Capital of Capital,” also leads when it comes to
human capital i.e., the number of personnel employed by SWFs of that jurisdiction, with
3,107 staff working for funds based in the city.
Diego López, Founder and Managing Director of Global SWF, said: “The world ranking
confirms the concentration of Sovereign Wealth Funds in a select number of cities,
underscoring the significance of these financial hubs on the global stage. This report
offers valuable insights into the landscape of SWF-managed capital and shows how it is
shifting and expanding in certain cities in the world.”

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AM Best Briefing in Dubai to Explore State of MENA Insurance Markets; Panel to Feature CEOs From Leading UAE Insurance Companies

AM Best will host a briefing focused on the insurance markets of the Middle East and North Africa (MENA) on 20 November 2024, at Kempinski Central Avenue in Dubai.
At this annual regional market event, senior AM Best analysts and leading executives
from the (re)insurance industry will discuss recent developments in the MENA region’s
markets and anticipate their implications in the short-to-medium term. Included in the
programme will be a panel of chief executive officers at key insurance companies in the
United Arab Emirates: Abdellatif Abuqurah of Dubai Insurance; Jason Light of Emirates
Insurance; Charalampos Mylonas (Haris) of Abu Dhabi National Insurance Company
(ADNIC); and Dr. Ali Abdul Zahra of National General Insurance (NGI).
Shivash Bhagaloo, managing partner of Lux Actuaries & Consultants, will his present
his observations in an additional session regarding implementation of IFRS 17 in the
region. The event also will highlight the state of the global and MENA region
reinsurance sectors, as well as a talk on insurance ramifications stemming from the
major United Arab Emirates floods of April 2024. The programme will be followed by a
networking lunch.
Registration for the market briefing, which will take place in the Diamond Ballroom at the
Kempinski hotel, begins at 9:00 a.m. GST with introductory comments at 9:30 a.m.
Please visit www.ambest.com/conference/IMBMENA2024 for more information or to
register.
AM Best is a global credit rating agency, news publisher and data analytics
provider specialising in the insurance industry. Headquartered in the United
States, the company does business in over 100 countries with regional offices in
London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.

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Future of Automotive Mobility 2024: UAE Leads the Charge in Embracing Digital Car Purchases and Alternative Drivetrains

-UAE scores show highest percentage among the region in willingness to purchase a car
completely online
– Openness to fully autonomous cars has grown to 60% vs previous 32%.
– More than half of UAE respondents in the survey intend to move to hybrid cars during
next car purchase, while less than 15% intend to move to fully electric car.
– UAE sees strong use of new mobility services such as ride-hailing (Uber, Careem, Hala
Taxi)
– The perceived future importance of having a car is not only increasing in UAE but is
higher than any other major region globally, even China

Arthur D. Little (ADL) has released the fourth edition of its influential Future of Automotive Mobility (FOAM) report, presenting a detailed analysis of current and future trends in the automotive industry. This year’s study, with insights from over 16,000 respondents across 25 countries, includes a comprehensive focus on the United Arab Emirates (UAE). The report examines car ownership, electric vehicles,
autonomous driving, and new mobility services within the UAE.

“The UAE is at the forefront of automotive innovation and consumer readiness for new mobility
solutions,” said Alan Martinovich, Partner and Head of Automotive Practice in the Middle East
and India at Arthur D. Little. “Our findings highlight the UAE’s significant interest in
transitioning to electric vehicles, favorable attitudes towards autonomous driving technologies,
and a strong inclination towards digital transactions in car purchases. These insights are critical
for automotive manufacturers and policymakers navigating the evolving landscape of the UAE
automotive market.”
Key Findings for the UAE:
1. Car Ownership:
o Over half of UAE respondents perceive that the importance of owning a car is
increasing, with the study showing the increase higher than any other major
region, including China.
o Approximately 80% of UAE respondents expressed interest in buying new (as
opposed to used) cars, above Europe and the USA which have mature used
vehicle markets

2. Shift to Electric and Hybrid Vehicles:
o While a high number of UAE respondents currently own internal combustion
engine (ICE) vehicles, more than half intend that their next vehicle have an
alternative powertrain, with significant interest in electric and plug-in hybrid
(PHEV) options. Less than 15% plan to opt for pure battery electric vehicles
(BEVs).

3. Emerging Mobility Trends:

o Ride-hailing services are the most popular new mobility option among UAE
residents, with higher usage rates than traditional car sharing and ride sharing.
The study indicates a strong openness to switching to alternative transport modes
given the quality and service levels available today.

4. Autonomous Vehicles:
o UAE consumers are among the most open globally to adopting autonomous
vehicles, with a significant increase in favorable attitudes from 32% in previous
years to 60% this year versus approximately 30% in mature markets. Safety
concerns, both human and machine-related, remain the primary obstacles to
broader adoption.

5. Car Purchasing Behavior and Sustainability:
o The internet has become a dominant channel for UAE residents throughout the car
buying process, from finding the right vehicle to arranging test drives and closing
deals. UAE car buyers visit dealerships an average of 3.9 times before making a
purchase, higher than any other region in the world, emphasizing the need for
efficient integration of online and offline experiences.
o Upwards of 53% of respondents from the region would prefer to ‘close the deal’
and complete the purchase of their car online, which is the highest for any region
in the world.
o Sustainability is a key factor cited by UAE consumers as influencing car choice.
The UAE scored among the top half of regions, highlighting the importance of
environmental considerations.

“Our study confirms the promising market opportunities for car manufacturers (OEMs) and
distributors in the UAE” commented Philipp Seidel, Principal at Arthur D. Little and co-Author
of the Global Study. “Consumers in the Emirates show a great and increasing appetite for cars
while being among the most demanding globally when it comes to latest vehicle technologies
and a seamless purchase and service experience.”
The comprehensive report, “The Future of Automotive Mobility 2024” by Richard Parkin and
Philipp Seidel, delves into global automotive trends and their impact on various regions,
including the UAE. This study is an invaluable tool for industry stakeholders seeking to navigate
and leverage the dynamic changes driving the future of mobility.

 

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