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☆ Emirates' chairman has a message for Boeing: 'Get your act together'
▼ + stars: | 2024-05-07 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

With 245 passenger planes and five 778 freighters on order, Emirates is Boeing's largest customer in terms of wide-body jets. Emirates airlines Boeing 777-31H(ER) takes off from Los Angeles international Airport on January 13, 2021. Al Maktoum, who sits at the helm of the world's largest long-haul airline and helped launch it in 1985, echoed the sentiments of many other airline CEOs when it comes to expectations for Boeing. Asked if he had a message for the plane maker, Al Maktoum said: "I always say, you know, get your act together and just do it. The chairman did not indicate that Emirates would cancel the Boeing orders or move them to its French rival, Airbus .

Persons: We're, it's, Sheikh Ahmed bin Saeed Al Maktoum, CNBC's Dan Murphy, Bauer, Griffin, Al Maktoum Organizations: United Arab Emirates, Dubai's, Emirates, Arabian, Boeing, Los Angeles, Airport, Aaronp, CNBC, Airbus, Alaska Airlines Flight, National Transportation Safety Board, NTSB, Reuters Locations: DUBAI, United Arab, Dubai, Emirates, Los, Alaska, Portland , Oregon, U.S

☆ Dubai's new airport will be five times the size of its current one and aims to be the largest in the world
▼ + stars: | 2024-04-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

Digital render of the planned entrance of Dubai's Al Maktoum International Airport, set to be the biggest in the world upon completion. DUBAI, United Arab Emirates — Dubai's leadership approved a 128 billion dirham ($35 billion) plan to build a new passenger terminal at the emirate's Al Maktoum International Airport, which will make it five times bigger than Dubai's main international airport in terms of size — and the biggest in the world. For reference, Dubai International Airport in 2023 serviced 86.9 million passengers, the second-highest in the world after Atlanta's Hartsfield-Jackson International Airport in the U.S.All of the operations at Dubai International Airport, currently the second-busiest in the world by passenger traffic, will be transferred to it in the coming years, the statement said, adding that the new airport will have 400 aircraft gates and five parallel runways. An entirely new city will be built around the airport, which the Dubai ruler said will create demand for housing for a million people. Dubai will be the world's airport, its port, its urban hub, and its new global center."

Persons: Dubai's Al, United Arab Emirates —, Al, Sheikh Mohammed bin Rashid Al Maktoum, Atlanta's, Sheikh Maktoum, Sheikh Ahmed bin Saeed Al Maktoum, Al Maktoum Organizations: Dubai's Al Maktoum International Airport, United Arab Emirates, Al Maktoum International Airport, Al Maktoum International, Dubai International Airport, Atlanta's Hartsfield, Jackson International Airport, U.S, The Dubai Media Office, Dubai's, Emirates Airline, Dubai Locations: Dubai's, Dubai's Al Maktoum, DUBAI, United Arab, Al Maktoum, Dubai, UAE, @emirates

☆ Emirates CEO issues apology after Dubai flood chaos; says airline has 30,000 suitcases to return
▼ + stars: | 2024-04-22 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

People queue at a flight connection desk after a rainstorm hit Dubai, causing delays at the Dubai International Airport, United Arab Emirates, April 17, 2024. Rula Rouhana | ReutersThe CEO of Emirates airline issued an apology letter to customers over the weekend after historic rains in the United Arab Emirates caused record flooding and mayhem at Dubai's airport. Hundreds of flights were grounded and thousands of customers were stranded as a result. A woman and her daughters eat as they wait for their flight after a rainstorm hit Dubai, causing delays at Dubai International Airport, United Arab Emirates, April 17, 2024. Another traveler told CNBC via social media: "It took me 48 hours to get from London to Baghdad via Dubai.

Persons: Rula Rouhana, Tim Clark, Clark, Giuseppe Cacace Organizations: Dubai International Airport, United, United Arab Emirates, Emirates, Dubai Airport, Reuters, CNBC, Dubai ., Afp, Getty Locations: Dubai, United Arab, Emirates, London, Baghdad, gridlocked

☆ Nowhere for the water to go: Dubai flooding shows the world is failing a big climate change drainage test
▼ + stars: | 2024-04-21 | by ( Michelle Castillo | ) www.cnbc.com time to read: +2 min

The Dubai flooding last week illustrated how urban engineering is failing a major climate change test. The United Arab Emirates' city and others like it built on previously uninhabitable areas reflect 20th century urban development ideas that result in the blocking of natural water absorption systems. What's known is that Dubai was built on sand, a natural environment which lets water seep into the soil very easily. But by pouring massive amounts of concrete on top of Dubai's natural terrain, the developers effectively blocked the soil from absorbing water. Plastic products don't absorb water well, and when they end up in landfills around the world, massive piles of trash contribute to a global backup of natural drainage systems.

Persons: Ana Arsky, Arsky Organizations: United Arab, UAE, CNBC Locations: Sharjah, UAE, Dubai, United Arab Emirates, it's

☆ Torrential rain wreaked havoc at Dubai's airport, with video showing a plane battling across a flooded runway
▼ + stars: | 2024-04-17 | by ( Polly Thompson | ) www.businessinsider.com time to read: +1 min

Torrential rain and flash floods brought Dubai airport to a standstill on Tuesday. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . All operations were suspended for 25 minutes in the afternoon, and inbound flights were diverted due to the intense storm, an airport spokesperson said. In total, 21 outbound and 24 inbound flights were cancelled, and 3 flights were diverted, according to the latest update published around 5 p.m. local time on Tuesday. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Dubai, Business Locations: Dubai

☆ Photos show heavy rain and severe flooding in the United Arab Emirates
▼ + stars: | 2024-04-17 | by ( Matt Clinch | ) www.cnbc.com time to read: 1 min

Storms and heavy rain have caused flooding in some Gulf states, leading to the Tuesday closure of Dubai's airport — one of the busiest in the world. The United Arab Emirates, usually known for its hot and sunny weather, reportedly saw over 100 mm of rain in a 24-hour period, marking a 75-year record since the country began logging rainfall. The local government also issued a red warning and shuttered offices, school and banks. The storms hit other parts of the Middle East, with at least 19 dead in Oman due to flooding, according to local media.

Organizations: United Locations: United Arab Emirates, Oman

DUBAI — One of the world's busiest airports temporarily halted operations as the United Arab Emirates experienced its heaviest rainfall on record. The airport said road blockages and flooding have prevented many passengers from reaching the airport for departing flights. Fly Dubai, a budget carrier owned by the government of Dubai, suspended all flights from the UAE hub until 10 a.m. local time on April 17, citing extreme weather. The UAE saw over 100 mm of rain, a 75 year record since the UAE began recording rainfall. It also advised people to take preventative measures to avoid property damage from heavy rain and hailstorms.

Organizations: United Arab Emirates, Dubai's, CNBC, Emirates, National, of Meteorology, Disaster Authority Locations: DUBAI, Dubai, UAE, Al Ain

☆ Cloud seeding probably didn't cause Dubai's floods. The UAE has been trying to control its weather for years, and the US does it too.
▼ + stars: | 2024-04-17 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +6 min

Photos show how the UAE, United States, and other countries have been seeding clouds for decades. Historic floods in Dubai didn't come from cloud seeding, but humans' climate impacts are playing a role. Related storiesAccording to several scientists, cloud seeding isn't the driving force behind Dubai's historic floods. Packets of salt are pictured during a cloud seeding operation at a military airbase in Subang, Malaysia. The real threat behind Dubai's floodsMany atmospheric scientists have dismissed the idea that cloud seeding was behind Dubai's floods.

Persons: GIUSEPPE CACACE, Getty, Prometheus, Frankenstein —, Thomas Peipert, Al Hayer, Amr Alfiky, Andrea DiCenzo, Lim Huey Teng, there'd, Friederike Otto, John Marsham, Jeff Big Jeff, Gary Coronado, Marsham, Fred Greaves, Otto Organizations: Dubai didn't, Service, United Arab Emirates, United Arab, UAE, Reuters, National Center of Meteorology, United, UAE's National, of Meteorology, Militia, Imperial College London, Science Media, SMC, University of Leeds, Los Angeles Times, Getty, UAE isn't, National Park Service, AP Locations: UAE, United States, Dubai, United Arab Emirates, Rocky, Lyons , Colorado, China, Australia, Al Ain, Utah, Dongkou county, Shaoyang, Hunan province, Subang, Malaysia, Bannon, Sacramento, , California, California's Sacramento County

☆ I tutor the children of some of Dubai's richest people. One of them paid me $3,000 to do his homework.
▼ + stars: | 2024-04-14 | by ( Cameron Manley | ) www.businessinsider.com time to read: +5 min

A 25-year-old private tutor told BI about his experiences working in the UAE. He said he had taught the children of some of Dubai's richest people. One of his pupils paid him $3,000 to do his homework, he said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThis as-told-to essay is based on a conversation with a 25-year-old private tutor and academic governor in Dubai.

Persons: —, Catherine Boudreau, I'd Organizations: Service, United Arab Emirates Locations: UAE, Dubai, Maiden Shanghai, Russia, France

☆ Boeing needs to be led by engineers, time is not on its side, Emirates Airline president says
▼ + stars: | 2024-03-27 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Boeing needs to be led by engineers if it wants to pull itself out of its current crisis, Tim Clark, the president of Emirates Airline, said in comments Wednesday. "To fix Boeing's issues the company needs a strong engineering lead as its head coupled to a governance model which prioritizes safety and quality," said Clark, who leads Dubai's flag carrier Emirates. Aviation analysts and former Boeing employees have criticized the company's reported sidelining of engineers in its senior management ranks. Boeing CEO Dave Calhoun will also step down at the end of 2024. "Whether, yet again, this changing of the guard will resolve Boeing's issues only time will tell, but time, unfortunately, is not on their side," Clark said.

Persons: Tim Clark, Max, Clark, Stan Deal, shakeup, Stephanie Pope, Dave Calhoun Organizations: Boeing, Emirates Airline, Alaska Airlines, Federal Aviation Administration, Justice Department, FAA, Max, Emirates, Machinists, Aviation, CNBC

☆ Dubai’s bar scene is being redefined by artisanal champagnes
▼ + stars: | 2024-03-05 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +12 min

While the city has over 13,000 restaurants, its bar scene has largely been confined to Michelin fine dining, nightclubs, and boozy brunches. Look through the gallery and see the region's other top restaurants, as selected by 50 Best list group. The 50 Best has unveiled its 2024 list of the best restaurants in the Middle East and North Africa (MENA). Al Muntaha, which was recognized by Star Wine List as having the best sparkling wine list in the UAE earlier this year, has 166 labels on its champagne list, including around 60 recently added grower champagnes, says Lacroix. Tina HillierAnd the culture around drinking is largely focused on dining or special occasions, with little in between, says Krister Bengtsson, founder of Star Wine List.

Persons: Lana —, Nicolas Caupain, ”, boozy, Caupain, Raz Rahav, Tala Bashmi, Em Sherif, Yasmina Hayek, Fawzi Al Mulki, 3Fils, Khufu's, Solemann Haddad, Moonrise, Gregoire Berger, Berger, Himanshu Saini, Pol Roger, Queen Elizabeth II, Winston Churchill, champagnes, Larmandier Bernier, Ulysse Collin, Samuel Lacroix, Al Muntaha, Lacroix, “, Josette, Veuve Clicquot, Dom Pérignon, Millau, Lana, Tina Hillier, Krister Bengtsson, it’s, Bengtsson, ” Bengtsson, Jean Imbert, — Organizations: CNN, High Society, United Arab, Michelin, Middle, Gulf, Jordanian, Trèsind, Burj, Star Wine, Arabian, BOCA, Michelin Star, Wine, UAE Locations: Dorchester, Dubai, Emirate, Islam, United Arab Emirates, UAE, East, North Africa, Tel Aviv, Tala, Manama's, Bahrain, Beirut, Giza, Cairo, Ossiano, Atlantis, BOBY, Africa, Emirates, Swedish, Dubai’s, Paris, London , New York, French

☆ OpenAI says it thwarted malicious state actors out of China, Russia, and North Korea, and one of them's called Salmon Typhoon
▼ + stars: | 2024-02-15 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

The company named the five actors — China-affiliated "Charcoal Typhoon" and "Salmon Typhoon," Iran-affiliated "Crimson Sandstorm," North Korea-affiliated "Emerald Sleet," and Russia-affiliated "Forest Blizzard." The Chinese mecha in the film was named "Crimson Typhoon," while the Russian mecha was called "Cherno Alpha." Adjectives are then added at the front to distinguish between threat actors within the same family. Besides "Crimson Sandstorm," Iran is also affiliated with "Lemon Sandstorm" and "Marigold Sandstorm." Besides monitoring and disrupting threat actors, the company said it has been working with industry partners to exchange information.

Persons: —, Guillermo del, OpenAI, Sandstorm, Sam Altman, Altman Organizations: Service, Microsoft, Business, Warner Bros Locations: — China, Iran, North Korea, Russia, Guillermo, Russian, China

☆ China's biggest problem is a 'lack of confidence,' Standard Chartered CEO says
▼ + stars: | 2024-02-13 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

"China's biggest problem to me is a lack of confidence. External investors lack confidence in China and domestic savers lack confidence," Bill Winters, CEO of emerging markets-focused bank Standard Chartered, told CNBC's Dan Murphy Monday during a panel discussion. "But I think China is going through a major transition from old economy to new economy," Winters added. Investors are closely watching China, whose stock market gyrations, deflation problem and property woes are casting a shadow over the global growth outlook. Property and related industries account for about 25% of China's gross domestic product.

Persons: Bill Winters, CNBC's Dan Murphy, Winters Organizations: Chartered, International Monetary Fund Locations: DUBAI, United Arab Emirates, China

☆ China's economy is 'booming,' but it's being held back by a lack of confidence, Standard Chartered CEO says
▼ + stars: | 2024-02-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

China's economy is transitioning from an old to newer one, Standard Chartered Bill Winters told CNBC. The country's new economy is actually booming into double-digit growth rates, though confidence doesn't reflect this. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "I think China is going through a major transition from old economy to new economy. Since the pandemic, domestic consumers have focused aggressively on saving, weighing down on the country's growth and the world's only deflationary economy.

Persons: Bill Winters, —, Winters, it's, we've Organizations: CNBC, Service Locations: China, Beijing

☆ Dubai is the economic jewel of the Middle East — now its Gulf neighbors are coming for a piece of the pie
▼ + stars: | 2024-02-03 | by ( Pete Syme | Beatrice Nolan | ) www.businessinsider.com time to read: +8 min

According to Forbes' 2023 Travel Guide, Dubai has nine 5-star hotels , compared to Abu Dhabi's three and two in Qatar and Saudi Arabia. Saudi Arabia has made it clear that it wants in on international travel, stating it aims to attract 100-150 million visitors by 2030. Saudi Arabia is catching up with a new airlineThe competition is perhaps the most heated in the aviation industry. On its double-decker Airbus A380, Dubai's airline, Emirates, has top amenities like a shower for business-class passengers, plus an on-board bar. AdvertisementAnd even if it succeeds in attracting tourists to Saudi Arabia, it is unlikely to knock Emirates off its perch.

Persons: —, Saudi Crown Prince Mohammed bin Salman Al Saud, Saudi Arabia hasn't, Abu, Abu Dhabi, Forbes, Abu Dhabi's, Faisal Alibrahim, Alibrahim, Mohammed Bin Salman, Kristian Coates Ulrichsen, Ulrichsen, Skytrax, Pete Syme, Tony Douglas, Douglas, That's, OAG Organizations: Service, United Arab Emirates, Business, Saudi Crown, Etihad, Bloomberg, CNN, Saudi, Economic, Rice, Baker Institute for Public Policy, Emirates, Qatar Airways, Qatari, Etihad Airways, Riyadh Air, Air, Riyadh Air's Boeing, Boeing, Dubai International Airport Locations: Dubai, Gulf, Saudi, Saudi Arabia, Riyadh, Abu, UAE, Qatar, Davos, Neom, Emirates, Still, Kingdom of Saudi Arabia, Europe, Americas, Africa, Asia

☆ Investor protection is "non-negotiable" in crypto regulation: Dubai's DFSA
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestor protection is "non-negotiable" in crypto regulation: Dubai's DFSAIan Johnston, CEO of Dubai Financial Services Authority says regulators need to ensure strong governance and compliance in crypto companies and offerings.

Persons: DFSA Ian Johnston Organizations: Dubai Financial Services Authority Locations: Dubai

☆ A concierge at the world's most luxurious hotel details guests' wildest wishes, from a hot air balloon proposal to a 2 a.m. shopping spree
▼ + stars: | 2024-01-16 | by ( Joey Hadden | ) www.businessinsider.com time to read: +5 min

Burj Al Arab Jumeirah is one of the world's most iconic luxury hotels on a manmade island in Dubai. Roger Geadah is the hotel's chief concierge, who organizes custom experiences for guests. AdvertisementThe Burj Al Arab Jumeirah hotel in Dubai is "the most luxurious hotel in the world," Business Insider previously reported. Meet the chief concierge at the world's most luxurious hotel who caters to guests' every whimA view of Burj Al Arab Jumeirah in Dubai. In addition, he also plans exclusive experiences only available at Burj Al Arab Jumeirah, such as a high-end, exclusive star-gazing experience on the hotel's helipad.

Persons: Roger Geadah, Geadah, —, It's, Sylvain Sonnet, Burj Al Arab Jumeirah, Julia Schmitz, Laszlo Szirtesi Organizations: Service, Al Arab Jumeirah, BI, Michelin, Travel, Burj Al, Dubai Mall, Oneworld, Getty Locations: Al Arab, Dubai, Arabian, Burj Al Arab Jumeirah, Paris, Burj Al Arab, Dubai's, Deira, India

☆ Russian demand for Dubai property is slowing — but China's is picking up, DAMAC chairman says
▼ + stars: | 2024-01-16 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

But that wave is slowing down, DAMAC Chairman Hussain Sajwani says. But other countries are coming in strong, especially Chinese coming back," Sajwani told CNBC's Dan Murphy at the World Economic Forum in Davos, Switzerland on Tuesday. "Dubai is, you know, surrounded by more than 100 countries with all kinds of issues and challenges. While China's economy faces challenges at home, Dubai is benefitting from those who can spend outside of the country. "So a lot of people coming and residing in Dubai anyway."

Persons: Hussain Sajwani, Sajwani, CNBC's Dan Murphy Organizations: Economic Locations: Russia, Ukraine, Gulf, China, Davos, Switzerland, India, Europe, Dubai, Israel, UAE

☆ I moved to Dubai from the UK and love it. Life is safer and easier here.
▼ + stars: | 2024-01-05 | by ( Claire Turrell | ) www.businessinsider.com time to read: +6 min

In July, Harrison Granger moved with his partner from Maidstone, England, to Dubai. He says conveniences such as gas delivery and amenities like a private gym make life much easier. In July, my partner and I moved to the United Arab Emirates, and we love it. When I visited my uncle who used to live in Dubai, I spent most of my time at the beach or the waterparks. We also weren't clear on where we wanted to live in Dubai, so we cast our net wider.

Persons: Harrison Granger, —, I'd, Brit who's, wasn't, we'd, I've, haven't, they'll, We've Organizations: Service, United Arab, of, Dubai Marina, Dubai Production City, Dubai Locations: Maidstone, England, Dubai, Kent, United Arab Emirates, of England, It's, There's, Irish

☆ Dubai penthouse sells for record $136 million
▼ + stars: | 2023-12-05 | by ( Jacopo Prisco | ) edition.cnn.com time to read: +6 min

CNN —A five-bedroom penthouse covering almost 22,000 square feet has sold in Dubai for 500 million UAE dirhams — just over $136 million — setting a new record for one of the world’s busiest luxury real estate markets. Record salesThe previous record for a penthouse sale in Dubai dates back just a few months, when an apartment occupying the top floor of the Marsa Al Arab Hotel sold for 420 million UAE dirhams (about $114 million). According to Provident Estate, the penthouse at Como Residences is the third most expensive in the world, after Penthouse D at One Hyde Park in London, priced at $237 million, and the Odeon Tower Penthouse in Monaco, priced at $440 million. Shutterstock Palm Jumeirah also boasts the first monorail in the Middle East, which opened in April 2009, and connects the Palm to Dubai's mainland. But when it comes to the asking price for a penthouse, the view is one of the key drivers.

Persons: CNN —, Nahkeel, Karim Sahib, Giuseppe Cacace, Shutterstock, Kamran Jebreili, ”, Chris Boswell, he’s, ” Boswell, “, it’s Organizations: CNN, UAE dirhams —, Jumeirah, Provident Estate, Marsa Al Arab, UAE, Como Residences, Penthouse, Dubai Marina, Getty, Burj Locations: Dubai, Como, Marsa, Hyde, London, Monaco, Burj Al Arab, Burj, Eastern Europe, Dubai's, Nakheel, AFP, Karim, Burj Al, United States, Italy, France

The Global Cooling Pledge would mark the world's first collective focus on energy emissions from the cooling sector. That would equal one-tenth of expected global emissions, the report said, and would strain electric grids. Organizers hope to see at least 80 countries supporting the cooling pledge, given the urgent need to slash climate-warming emissions and keep people safe from dangerous heatwaves. Nearly three-quarters of the potential for reducing cooling emissions by mid-century can be found in G20 countries, the UNEP report said. UNEP estimates that global efforts to tackle cooling emissions could avoid the release of up to 78 billion metric tonnes of carbon dioxide equivalent.

Persons: Amr Alfiky, Brian Dean, Gloria Dickie, Sarita Chaganti Singh, Katy Daigle Organizations: United Nations, Change, United Arab Emirates, REUTERS, Rights, U.S . State Department, United Nations Environment Programme, Reuters, U.S . Environmental Protection Agency, Sustainable Energy, UNEP, Thomson Locations: Dubai, United Arab, United States, U.S, Kenya, India

In this year's gleaming host city of Dubai, billboards advertise the benefits of wind energy, climate ambition and Exxon Mobil's (XOM.N) carbon capture projects. This is seen by some as a sign of success and by others as a dangerous distraction from the business of combating climate change as over nearly three decades global oil demand, carbon emissions and temperatures have marched steadily upward. "It's a lobby fest where polluters can schmooze with politicians, all under the guise of tackling climate change," Pascoe Sabido, a researcher at the Corporate Europe Observatory, which scrutinizes corporate influence on policy-making, said. Delegates walk at the Dubai's Expo City during the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 4, 2023. For daily comprehensive coverage on COP28 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.

Persons: Exxon Mobil's, Pascoe Sabido, Alden Meyer, Meyer, Lisa Jacobson, Jacobson, Thaier, We're, –, Daniel Lund, Joko Widodo, COP28, Jake Schmidt, Darren Woods, General Antonio Guterres, Al Gore, Valerie Volcovici, Katy Daigle, Kate Abnett, Sarah McFarlane, Bernadette Christina, Richard Valdmanis, Alexander Smith Organizations: Exxon, Corporate, Observatory, United Nations, Business Council, Sustainable Energy, Global Strategic Communications Council, Change, United Arab Emirates, REUTERS, Natural Resources Defense, Exxon Mobil, Drillers, U.S, Reuters, Thomson Locations: DUBAI, Dubai, Berlin, The Hague, COP28, United Arab, Fiji, Indonesia, China, UAE

☆ Latin America Must Invest up to 4.9% of GDP Annually to Meet Climate Goals -UN
▼ + stars: | 2023-12-04 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +1 min

MEXICO CITY (Reuters) - Latin America and the Caribbean need to rapidly boost spending to up to 4.9% of gross domestic product (GDP) annually by 2030 to meet their climate targets, a United Nations agency said in a report on Monday. The Economic Commission for Latin America and the Caribbean (ECLAC) report presented at Dubai's COP28 summit said the region must spend between 3.7% to 4.9% of GDP annually, up from just 0.5% in 2020, amounting to total investments of $2.1 trillion to $2.8 trillion by 2030. This implies the "availability of substantial but not unattainable amounts - and the time to act is now," ECLAC Executive Secretary Jose Manuel Salazar-Xirinachs said. Climate mitigation - mostly projects around transportation as well as energy, infrastructure and deforestation - would take up the lion's share of spending, ECLAC said, while a remaining third would need to go toward adaptation methods. Climate change - excluding the impacts of extreme phenomena - could strip 10% off labor productivity in some countries, it added, cutting potential for economic growth.

Persons: Jose Manuel Salazar, Xirinachs, ECLAC, Salazar, Marion Giraldo, Sarah Morland, Sandra Maler Organizations: MEXICO CITY, United, Economic Commission, Latin Locations: MEXICO, America, Caribbean, United Nations, Latin America, Uruguay, Brazil, Argentina, South America's Parana, La Plata, Chile

☆ What are leaders saying at the UN climate summit?
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +3 min

President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan walks with Brazil's President Luiz Inacio Lula da Silva, alongside other world leaders and delegates, at Dubai's Expo City ahead of the World Climate Action Summit during the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates,... Acquire Licensing Rights Read moreDUBAI, Dec 2 (Reuters) - World leaders addressed the COP28 summit on Saturday, where their countries' delegations are assessing progress towards meeting global climate goals. Because for every dollar that we spend before disaster, we can save $7 in damage, and indeed loss of lives. Leaders who deny climate science, delay climate action and spread misinformation. Corporations that greenwash climate inaction and lobby for billions of dollars in fossil fuel subsidies. ___For daily comprehensive coverage on COP28 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.

Persons: United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan, Luiz Inacio Lula da Silva, OLAF SCHOLZ, there's, POPE FRANCIS, State Cardinal Pietro Parolin, KAMALA HARRIS, William James, Elizabeth Piper, Nandita Bose Organizations: United, United Nations, Change, Vatican, State, Reuters, Thomson Locations: United Arab Emirates, Dubai, DUBAI, BARBADOS

[1/2] World leaders and delegates walk at Dubai's Expo City ahead of the World Climate Action Summit during the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 1, 2023. Away from the main stage, delegations and technical committees set to work on Friday with the mammoth task of assessing their progress in meeting global climate targets, specifically the Paris Agreement goal of limiting global warming to within 2 degrees Celsius above preindustrial temperatures. The United Nations on Friday published its first draft for what could serve as a template for a final agreement from the COP28 summit, which ends Dec. 12. The summit also clinched an early victory by adopting a new fund to help poor nations cope with costly climate disasters. ___For daily comprehensive coverage on COP28 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.

Persons: Thomas Mukoya, Britain's King Charles, Antonio Guterres, William Ruto, Prince Mohammed bin Salman Al Saud, Sultan Ahmed al, Jaber, Valerie Volcovici, William James, Katy Daigle, Miral Organizations: United Nations, Change, United Arab Emirates, REUTERS, Rights, Saudi, United Arab, Reuters, Thomson Locations: Dubai, United Arab, Paris, United Arab Emirates

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