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☆ ‘It’s chaos:’ Starving Gazans dig for food, supplies under the rubble
▼ + stars: | 2023-12-05 | by ( Nadeen Ebrahim | Abeer Salman | ) edition.cnn.com time to read: +8 min

Jerusalem and Abu Dhabi CNN —One man carries six jars of cooking oil as he struggles to walk across the rubble. Since October 9, Israel has blocked access to water, food and electricity in the Strip that is home to more than 2 million Palestinians. “It’s chaos,” one resident told CNN Monday, standing behind a crowd of people scavenging for supplies under the damage. Displaced Palestinians queue for food donations in the southern Gaza Strip city of Rafah on November 30. A day after the IDF said it was expanding its ground operation, it said it struck about 200 Hamas targets in the Gaza Strip.

Persons: Baraka, Dier, Gazans, ” Thomas White, Kamil Al, ”, Mohammed Abed, Ibrahim Dabbour, ” Dabbour, Israel, Israel’s, Khan Younis, Bani Suheila, Abed Zagout, Critics, ” Sari Bashi, ” Bashi, Khalil Abu Marahil, “ It’s, “ We’ve, Sally Essam, Deir Organizations: Abu Dhabi CNN, CNN, Israeli Defense Forces, IDF, of Health, United Nations, UN Relief and Works Agency for Palestine Refugees, Food Programme, Getty, UN, Hamas, Human Rights Locations: Jerusalem, Abu Dhabi, Gazan, Deir, Israel, Gaza, Dier, East, Rafah, AFP, Beit Hanoun, United States, Khan, Southern Gaza, Khuza'a, Maan, Anadolu, Gaza City, “, Palestinian, Deir al

☆ Oil CEO says blaming the energy industry for the climate crisis ‘like blaming farmers for obesity’
▼ + stars: | 2023-12-05 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

watch nowDUBAI, United Arab Emirates —The chief executive of UAE-based energy firm Crescent Petroleum on Tuesday claimed that blaming the oil and gas industry for the climate crisis "is like blaming farmers for obesity." The burning of coal, oil and gas is by far the largest contributor to climate change, accounting for more than three-quarters of global greenhouse gas emissions. "Blaming the producers of oil and gas for climate change is like blaming farmers for obesity. U.N. Secretary-General António Guterres said that the announcement was "a step in the right direction" for Big Oil and showed that the fossil fuel industry was "finally starting to wake up." Others, including former U.S. Energy Secretary Ernest Moniz, believe that the participation of energy giants should be welcomed at events such as COP28.

Persons: Majid Jafar, CNBC's Dan Murphy, Sultan Ahmed Al Jaber, Abu, COP28, António Guterres, Jafar, We're, Ernest Moniz Organizations: United Arab Emirates —, UAE, Petroleum, Crescent Petroleum, Crescent Petroleum Co, Abu Dhabi National Oil Co, United Arab Emirates national, Expo, Bloomberg, Getty, Big Oil, U.S . Energy Locations: DUBAI, United Arab, Dubai, Abu Dhabi, United Arab Emirates, U.N, New York

Climate concerns boil overTensions are rising on Monday over contentious comments by Sultan Ahmed al Jaber, the oil executive and Emirati politician presiding over the COP28 climate summit. His skepticism about the world’s ability to halt a rise in global temperatures by reducing the use of hydrocarbons is casting fresh doubts over the U.A.E.’s commitment to addressing the climate crisis. “There is no science out there, or no scenario out there, that says that the phaseout of fossil fuel is what’s going to achieve 1.5 C,” he said at an event before the summit. The controversy revived concerns about his role as leader of COP28, given that he is also the chairman of the Abu Dhabi National Oil Company. Al Jaber has long contended that fossil fuel companies should play a prominent role in the world’s energy transition to bring down global temperatures.

Persons: Sultan Ahmed al Jaber, Al Jaber, ”, COP28 Organizations: Abu Dhabi National Oil Company Locations: Abu Dhabi

☆ COP28 president sparks outcry after claims there’s ‘no science’ behind fossil fuel phase out
▼ + stars: | 2023-12-04 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Sultan Al-Jaber, chief executive officer of Abu Dhabi National Oil Co. and president of COP28, speaks in Dubai, United Arab Emirates, on Saturday, Dec. 2, 2023. Dubai, UNITED ARAB EMIRATES — COP28 President Sultan Al-Jaber is facing a backlash over his claim that there is "no science" behind calls for a phase out of fossil fuels — a demand that many believe will ultimately determine the success of the U.N. climate conference. In comments first reported on Sunday by The Guardian and investigative journalism organization the Centre for Climate Reporting, COP28 president and United Arab Emirates climate chief Al-Jaber suggested a fossil fuel phase out would not allow sustainable development "unless you want to take the world back into caves." He added that he'd been surprised by the "constant and repeated attempts to undermine the work of the COP28 presidency." "The COP President is clear that phasing down and out of fossil fuels is inevitable and that we must keep 1.5°C within reach.

Persons: Sultan Al, Jaber, Abu, Michael Mann, Al, U.N, Antonio Guterres, he'd Organizations: Abu Dhabi National Oil Co, COP28, UNITED, EMIRATES —, The Guardian, Climate, United, Al, University of Pennsylvania, Abu, Abu Dhabi National Oil Company, CNBC Locations: Abu Dhabi, Dubai, United Arab Emirates, Al

On Monday, Prince Abdulaziz bin Salman, energy minister and the key climate negotiator, for the kingdom, was a no-show at the Saudi Green Initiative. "The climate finance that they have pledged at this COP28 is simply not enough," said Pakistani activist Zaigham Abbas, whose country was devastated last year by widespread flooding. Elsewhere, France and Japan said they would support a move by the African Development Bank to leverage IMF Special Drawing Rights for climate and development. This year also features the biggest-ever representation of business at the annual U.N. summit, amid hopes for more private investment toward climate causes. "The scale of the climate crisis demands urgent and game-changing solutions from every industry," COP28 President Ahmed Al-Jaber said.

Persons: COP28, Johanna Geron, Prince Abdulaziz bin Salman, Crown Prince Mohammad bin Salman, Nicholas Stern, Mia Mottley, Antonio Guterres, Zaigham Abbas, Abu Dhabi, Ahmed Al, Jaber, Simon Jessop, Maha El, Al Sayegh, Alexander Cornwell, Elizabeth Piper, David Stanway, Katy Daigle Organizations: of, European Union, REUTERS, Companies, Saudi, United, United Arab Emirates, Saudi Green Initiative, Crown, Grantham Research, Asian Peoples ' Movement, Development, African Development Bank, European Bank for Reconstruction, Copenhagen Infrastructure Partners, BlackRock, HSBC, Finance, Reuters, Thomson Locations: Dubai, Brussels, Belgium, Companies UAE, DUBAI, COP28, United Arab, Saudi Arabia, Sharm el, Sheikh, Egypt, Paris, China, Grantham, Barbados, France, Japan, Copenhagen, Abu

☆ COP28: UAE signs deal with Bill Gates' nuclear company on advanced reactors
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Thomas Mukoya Acquire Licensing RightsDUBAI, Dec 4 (Reuters) - Bill Gates' advanced nuclear reactor company TerraPower LLC and the United Arab Emirates’ state owned nuclear company ENEC said on Monday they have agreed to study the potential development of advanced reactors in the UAE and abroad. “For the UAE, we're looking for a future for the clean electrons and molecules that will be brought to reality by advanced reactors,” said Mohamed Al Hammadi, CEO of ENEC, during the signing ceremony. "Bringing advanced nuclear technologies to market is critical to meeting global decarbonization targets," said TerraPower President and CEO Chris Levesque. The UAE currently has one traditional nuclear power plant, near Abu Dhabi, which began producing electricity in 2020. The MOU between TerraPower and the UAE said they would explore uses for advanced nuclear reactors such storing power on the grid and providing the energy needed to produce hydrogen, and decarbonize coal, steel and aluminum plants.

Persons: Bill Gates, Thomas Mukoya, ENEC, ”, Mohamed Al Hammadi, Chris Levesque, TerraPower, Richard Valdmanis, Kim Coghill Organizations: Microsoft, United Nations, Change, United Arab Emirates, REUTERS, Rights, TerraPower, United, UAE, The UAE, Thomson Locations: Dubai, United Arab, UAE, Abu Dhabi, U.S ., Wyoming, TerraPower, Russia, TerraPower's Wyoming, Ukraine, United States

☆ COP28: Abu Dhabi teams up with HSBC, others on climate finance think-tank
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: 1 min

DUBAI, Dec 4 (Reuters) - Abu Dhabi will host the newly launched Global Climate Finance Centre in partnership with nine founding members including the World Bank, lender HSBC (HSBA.L) and asset managers BlackRock (BLK.N) and Ninety One (N91.L). Described as an independent think-tank and research hub, the centre will look at barriers to investment into low-carbon projects and develop the financial frameworks to overcome them. "It will put Abu Dhabi and the UAE at the forefront of driving global change in sustainable finance, providing a positive legacy for years to come," COP28 President Sultan Al Jaber said in a statement on Monday. Reporting by Maha El-Dahan and Simon Jessop; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

Persons: Abu, Sultan Al Jaber, Maha El, Simon Jessop, William James Our Organizations: Climate Finance, World Bank, HSBC, BlackRock, Thomson Locations: DUBAI, Abu Dhabi, UAE

☆ Climate summit leader said there’s ‘no science’ behind need to phase out fossil fuels, alarming scientists
▼ + stars: | 2023-12-03 | by ( Laura Paddison | ) edition.cnn.com time to read: +6 min

CNN —The president of the COP28 climate summit, Sultan Al Jaber, recently claimed there is “no science” that says phasing out fossil fuels is necessary to limit global warming to 1.5 degrees Celsius above pre-industrial levels, in comments that have alarmed climate scientists and advocates. The future role of fossil fuels is one of the most controversial issues countries are grappling with at the COP28 climate summit. Al Jaber was asked by Mary Robinson, former president of Ireland and current chair of the Elders Group, an independent group of global leaders, if he would lead on phasing out fossil fuels. While some argue carbon capture will be an important tool for reducing planet-heating pollution, others argue these technologies are expensive, unproven at scale and a distraction from policies to cut fossil fuel use. “They are not going to get any help from the COP Presidency in delivering a strong outcome on a fossil fuel phase out,” he said in a statement.

Persons: Sultan Al Jaber, Al Jaber, Mary Robinson, Robinson, ”, Al Jaber’s, what’s, Romain Ioualalen, Al, ” Joeri, Mohamed Adow, Angela Dewan, Rachel Ramirez Organizations: CNN, ”, Guardian, Elders Group, Abu, Abu Dhabi National Oil Company, UN, International Energy Agency, IEA, Stockholm Environment Institute, Change, Imperial College London Locations: Paris, “, Abu Dhabi, Stockholm, UN, UAE

☆ John Kerry responds to COP28 president's claim there's 'no science' behind fossil fuel phase out
▼ + stars: | 2023-12-03 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

The remarks, which were made by Al-Jaber during a live online event on Nov. 21, were described as "farcical" by climate scientists. Asked to respond to Al-Jaber's comments, Kerry replied, "That's not the argument." watch nowA spokesperson for COP28 wasn't immediately available to comment when asked about Al-Jaber's comments. A spokesperson for COP28 told The Guardian: "The IEA and IPCC 1.5C scenarios clearly state that fossil fuels will have to play a role in the future energy system, albeit a smaller one. A "phase out" commitment would likely require a shift away from fossil fuels until their use is eliminated, while a "phase down" could indicate a reduction in their use — but not an absolute end.

Persons: John Kerry, Sean Gallup, Sultan Al, Jaber, Kerry, That's, CNBC's Tania Bryer, COP28 wasn't, COP28 Organizations: U.S, Getty, Getty Images, UNITED, EMIRATES —, The Guardian, Climate, COP28, United, Al, Guardian, United Arab Emirates, Abu, Abu Dhabi National Oil Company Locations: China, UAE, Nigeria, Dubai, Getty Images Dubai, EMIRATES — U.S, United Arab Emirates, Al, Abu Dhabi

☆ UAE's Masdar to develop 150 MW solar project in Angola
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Dec 2 (Reuters) - Abu Dhabi Future Energy Company, known as Masdar, is planning to develop a 150 megawatt solar power project in Angola to provide renewable energy to 90,000 homes and support economic growth, including jobs, the UAE state news agency WAM said on Saturday. Angola’s Ministry of Energy and Water and Masdar, the Gulf state's clean energy developer, signed a concession agreement to build and operate the ground-mounted solar power project in the Quipungo region of southern Angola, the statement said. The project is part of a wider commitment made by Masdar this year to develop 5 gigawatts (GW) of renewable energy projects across Angola, Uganda and Zambia. "Africa has what it takes to become the world’s renewable energy powerhouse," Sultan Al Jaber, COP28 president, said in the statement. Angola wants to increase its national electrification to around 60% by 2025; less than half of the population has access to electricity at present, the statement said.

Persons: WAM, Sultan Al Jaber, Rachna Uppal, Kevin Liffey Organizations: Abu Dhabi Future Energy Company, United, United Arab Emirates, Angola’s Ministry of Energy, Thomson Locations: DUBAI, Abu Dhabi, Angola, UAE, United Arab, Quipungo, Uganda, Zambia, Africa

Signing on to the pledge were major national oil companies such as Saudi Aramco, Brazil's Petrobras and Sonangol, from Angola, and multi-nationals like Shell, TotalEnergies and BP. The pledge is a “smokescreen to hide the reality that we need to phase out oil, gas and coal,” said a letter signed by more than 300 civil society groups. Still, Mena said that self-reporting didn't go far enough to push oil and gas companies to make changes. Earlier this year, European Union negotiators reached a deal to reduce methane emissions from the energy industry across the 27-member bloc. In his speech, al-Jaber said oil and gas companies needed to do more to research solutions to Scope 3 emissions.

Persons: Sultan al, Jaber, ”, Jean Su, Fred Krupp, Bill Hare, Hare, Marcelo Mena, Mena, John Podesta, Abu Dhabi’s ADNOC Organizations: United Arab Emirates, Associated Press, Abu Dhabi National Oil Co, Saudi Aramco, Brazil's Petrobras, Sonangol, Shell, Center for Biological Diversity, Environmental, Environmental Defense Fund, U.S . Environmental Protection Agency, European Union, Gas, United Arab, Aramco, AP Locations: DUBAI, United Arab, United Nations, Abu Dhabi, Saudi, Angola, COP28, al, fracking, philanthropies, Chile, U.S, United States, United Arab Emirates, Saudi Arabia

☆ UK bars Abu Dhabi-backed group from acquiring Telegraph, pending review
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 1 (Reuters) - Britain's government on Friday blocked an Abu Dhabi-backed group from taking ownership of the media group that owns the Telegraph newspaper while its takeover bid is scrutinised by regulators over freedom of expression concerns. The government intervened in the planned deal on Thursday when it asked regulators to examine the deal. On Friday, culture and media minister Lucy Frazer set out an enforcement order preventing any transfer of ownership of the Telegraph Media Group without her permission and also stopping any changes of its structure or senior editorial staff. As well as the right-leaning Telegraph newspaper, the group owns the Spectator magazine. They are up for sale after Lloyds Banking Group in June seized control following a long-running dispute with owners, the Barclay family.

Persons: Lucy Frazer, Barclay, Jeff Zucker, Mansour bin Zayed Al Nahyan, Camilla Tominey, Tominey, William Schomberg, Nick Zieminski Organizations: Telegraph, Telegraph Media Group, Ofcom, Spectator, Lloyds Banking Group, IMI, CNN, United Arab Emirates, Thomson Locations: Abu Dhabi, UAE, Gulf

☆ UAE seeks to silence critics with $30-billion climate fund pledge with BlackRock, Brookfield
▼ + stars: | 2023-12-01 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Sultan Ahmed Al Jaber, President of the UNFCCC COP28 Climate Conference, attends a press conference following the opening session of the conference on November 30, 2023 in Dubai, United Arab Emirates. The United Arab Emirates on Friday said it would contribute $30 billion to a new climate-oriented fund, with finance juggernauts BlackRock, Brookfield and TPG stepping in as inaugural launch partners. Its activity will center on areas including the energy transition, industrial decarbonization and climate technology. The announcement was made on the second day of the COP28 climate summit in the UAE. COP28 President Sultan al-Jaber, who also serves as chief executive of the Abu Dhabi National Oil Company (ADNOC), will chair the board of Alterra.

Persons: Sultan Ahmed Al Jaber, Sultan al, Jaber Organizations: Conference, United Arab Emirates, United, juggernauts BlackRock, TPG, Global, Abu Dhabi National Oil Company Locations: Dubai, United Arab, Brookfield, Latin America, Asia, Africa, Oceania, UAE, Abu Dhabi

President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan attends the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 1, 2023. REUTERS/Amr Alfiky Acquire Licensing RightsDUBAI, Dec 1 (Reuters) - United Arab Emirates President Sheikh Mohammed Bin Zayed Al Nahyan, whose country is hosting the COP28 climate summit, announced on Friday the establishment of a $30 billion climate fund that aims to attract $250 billion of investment by the end of the decade. Dubbed ALTÉRRA, the fund will allocate $25 billion towards climate strategies and $5 billion specifically to incentivise investment flows into the Global South, according to a statement by the COP28 Presidency. ALTÉRRA has also committed to invest $2 billion into its second Brookfield Global Transition Fund. ALTÉRRA was established by Lunate, a newly set up Abu Dhabi-based alternative investment manager with over $50 billion in assets.

Persons: United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan, Amr Alfiky, Sheikh Mohammed Bin Zayed Al Nahyan, ALTÉRRA, BlackRock, Abu, Sheikh Tahnoon bin Zayed Al Nahyan, William James, Nadine Awadalla, Al Sayegh, Tommy Reggiori Wilkes, Susan Fenton, Sharon Singleton, Miral Organizations: United, United Nations, Change, United Arab Emirates, REUTERS, Rights, BlackRock, TPG, Brookfield Asset Management, Transition, Lunate, Chimera Investment, Reuters, Thomson Locations: United Arab Emirates, Dubai, United Arab, COP28, Brookfield, Abu Dhabi, UAE

MOSCOW, Dec 1 (Reuters) - President Vladimir Putin has signed a decree putting St Petersburg's Pulkovo Airport under the temporary management of a Russian company, wresting control from investors from Germany, Qatar and other Gulf states. The airport's management company has 14 co-owners. The rights of foreign shareholders will pass to two different Russian entities. Russian shareholders will retain their rights. The decree stated that airport's foreign shareholders would be able to restore their rights to stakes in the new company if they apply and conclude corporate agreements that comply with Russian laws on foreign investment.

Persons: Vladimir Putin, Fraport, VTB, Ramzan Kadyrov, Taimuraz, Carlsberg's, Gleb Stolyarov, Alexander Marrow, Ilona Wissenbach, Gareth Jones, Kirsten Donovan Organizations: Petersburg's Pulkovo, Qatar Investment Authority, Russian Direct Investment Fund, Baring, Baltika Breweries, Reuters, Thomson Locations: MOSCOW, Russian, Germany, Qatar, St Petersburg, Abu Dhabi, Russia, Ukraine, Moscow

☆ The Israel-Hamas truce is over. Here’s what could happen next
▼ + stars: | 2023-12-01 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +10 min

Abu Dhabi, UAE CNN —The seven-day Israel-Hamas truce ended on Friday after negotiations reached an impasse and Israel accused the Palestinian militant group of violating the agreement by firing at Israel. Analysts say the war is bound to continue until Hamas is crushed, and it may be much fiercer this time. The Israeli military’s announcement about the resumption in fighting came moments after the truce between Israel and Hamas expired. The deal saw the warring parties exchange hostages held in Gaza for Palestinians held in Israeli prisons. During its October 7 attack, Hamas killed more than 1,200 in Israel and kidnapped about 240 others, Israeli authorities said.

Persons: Benjamin Netanyahu, Israel, Benny Gantz, Abir, Yaakov Amidror, Netanyahu, “, ”, Antony Blinken, Blinken, Frank Lowenstein, Barack Obama, Israel heeds, Mahmud Hams, Biden, ” Biden, Khan Younis, ” Khan Younis, Gershon Baskin, Riad Kahwaji, Kahwaji, Baskin, Lowenstein, Ashraf Amra, ” Kahwaji, ” Amidror Organizations: UAE CNN, Palestinian Ministry of Health, West Bank, Reuters, CNN, Jerusalem Institute, Strategic Studies, National Security, Palestinian, Getty, Israel, Israel Defense Forces, United Nations Relief, Works Agency for Palestine Refugees, Institute for Near, doesn’t Locations: Abu Dhabi, UAE, Israel, Gaza, United States, Tel Aviv, Abir Sultan, Rafah, AFP, “, Institute for Near East, Gulf, Dubai, Deir Al Balah, Anadolu

According to three regional sources, Israel related its plans to its neighbours Egypt and Jordan, along with the United Arab Emirates, which normalised ties with Israel in 2020. He declined to offer details when asked whether those plans had been raised with international partners, including Arab states. A U.S. official, who declined to be identified, said Israel had "floated" the buffer zone idea without saying to whom. The regional sources compared the Gaza buffer zone plan to the "security zone" Israel once had in south Lebanon. "The buffer zone could make (Prime Minister Benjamin) Netanyahu's forces a target also in the zone," he said.

Persons: Ronen, Israel, Abu Dhabi, Ophir Falk, Benjamin Netanyahu, Lebanon's, it's, Mohammad Dahlan, Benjamin, Netanyahu's, Samia Nakhoul, Ahmed Mohamed Hassan, Jonathan Saul, Dan Williams, Aidan Lewis, Humeyra Pamuk, Steve Holland, Edmund Blair, Daniel Flynn Organizations: REUTERS, Israel, United Arab Emirates, Saudi, Reuters, U.S, Lebanon's Hezbollah, Hamas, Palestine Liberation Organization, PLO, Palestinian Fatah, Thomson Locations: Gaza, Gaza Israel, Egypt, Jordan, UAE, Saudi Arabia, U.S, DUBAI, CAIRO, LONDON, Israel, Riyadh, Arab Turkey, Qatar, Qatari, Turkish, Palestinian, Cairo, Lebanon, PLO, Dubai, London, Jerusalem, Washington

☆ Is This the Richest Tournament in Golf?
▼ + stars: | 2023-11-30 | by ( Andrew Beaton | Louise Radnofsky | ) www.wsj.com time to read: 1 min

It’s no secret that the Masters is golf’s most prestigious tournament and that the British Open is the most historic. But the title of the world’s most lucrative golf tournament may soon belong to a three-day event at the Abu Dhabi Golf Club next week, featuring a cast of mostly unknowns that even ardent fans of the sport have never heard of.

Organizations: Abu, Golf Club Locations: British

☆ Israel's president visits UAE, asks for help to free hostages
▼ + stars: | 2023-11-30 | by ( Alexander Cornwell | ) www.reuters.com time to read: +3 min

Herzog made the request during a meeting with Sheikh Mohamed in Dubai, according to a statement issued by the Israeli president's media office. "The President appealed to his friend Sheikh Mohamed bin Zayed Al Nahyan to employ his full political weight to promote and speed up the return home of the hostages," it said. Israel has released 210 Palestinian prisoners in exchange for Israeli hostages. A UAE state news agency report said the two presidents discussed relations between their countries and issues of mutual interest. Herzog was invited to attend the summit by Sheikh Mohamed earlier this year.

Persons: Isaac Herzog, SAUL LOEB, Sheikh Mohamed bin Zayed Al Nahyan, Herzog, Sheikh Mohamed, Israel, Benjamin Netanyahu, Abraham, Abu Dhabi, Alexander Cornwell, Grant McCool Organizations: U.S, State, Rights, Thursday, United Arab Emirates, Hamas, UAE, UAE ., Abraham Accords, Thomson Locations: Tel Aviv, Israel, Rights DUBAI, Palestinian, Gaza, Dubai, Gulf, The UAE, Qatar, Egypt, Gaza's Rafah, UAE, United States

☆ Emirati Fund to Invest Billions in U.S. Firms for Climate Projects
▼ + stars: | 2023-11-30 | by ( David Gelles | More About David Gelles | ) www.nytimes.com time to read: 1 min

An Emirati financial firm is planning to invest at least $30 billion in a new climate fund in partnership with some of the biggest names in North American finance, according to three people familiar with the plans. The move comes as the United Arab Emirates, this year’s host of the annual United Nations climate talks that opened in Dubai on Thursday, is under pressure to prove it is committed to tackling global warming despite the fact that its economy is based on oil production. Lunate Capital, a new financial firm overseen by the Abu Dhabi royal family, launched just months ago with at least $50 billion in assets. On Friday, Lunate is expected to announce it will set up the new climate fund with a handful of prominent asset managers including TPG, BlackRock and Brookfield Asset Management, the three people said.

Persons: Abu, Lunate Organizations: United Arab, United Nations, Lunate, TPG, Brookfield Asset Management Locations: American, United Arab Emirates, United, Dubai, Abu Dhabi, BlackRock

WHAT'S HAPPENED SINCE THE LAST ONEThe world has gotten hotter since last year’s conference in Egypt. Burning fossil fuels that sends carbon into the atmosphere remains the main cause of global warming, and production continues to grow. Climate campaigners say efforts to develop wind, solar and other alternative energies are not going fast enough. Global warming has vast implications: It can upend local economies, worsen weather patterns, drive people to migrate, and cause havoc for Indigenous peoples who want to retain their traditional cultures, among many other impacts. Many want to know if oil-rich Gulf states will pony up more money to help developing countries adapt to climate change and switch to greener technologies.

Persons: ”, Petteri Taalas, Daniel, Hurricane Otis pummeled, King Charles, Narendra Modi, John Kerry, Olaf Scholz, Pope Francis, Sultan al, Jaber, Antonio Guterres Organizations: United Arab Emirates, Hamas, United, 28th “ Conference, Hurricane Otis, Indian, Cargill, AP Locations: DUBAI, United Arab, Israel, Dubai, United Arab Emirates, COP28, WHAT'S, Egypt, Brazil, India, Libya, Hurricane Otis pummeled Mexico, Europe, Paris, Abu Dhabi, Tokyo, Tegucigalpa, Timbuktu, Ukraine, Gaza, Antarctica, Argentina, Uruguay, ___

OMFIF outlined a dark mood among the funds, with more than half expecting a global economic recession in the next 12 months. None reported a positive outlook for China's economy, citing the regulatory environment and geopolitics among primary factors dissuading them from investing. "(Investors) are now focused on how to deal with a macroeconomic environment that is stuck in a higher-for-longer interest rate cycle," the report said. Overall, sovereign funds fared better than their public pension peers, OMFIF added. The UAE's Abu Dhabi Investment Authority and Saudi Public Investment Corporation grew by 13.8% and 12.9% respectively, gaining over $200 billion between them.

Persons: David Morley, OMFIF, Libby George, Sharon Singleton Organizations: Investors, Official Monetary, Financial, OMFIF, Caisse, outsized, Abu Dhabi Investment Authority, Saudi Public Investment Corporation, Thomson Locations: China, India, Middle East, Abu Dhabi

☆ Graphene: The world’s strongest material could be used to make clean drinking water
▼ + stars: | 2023-11-29 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +6 min

CNN —Often referred to as a “miracle material,” graphene is one million times thinner than a single human hair and stronger than steel. The two-dimensional carbon material, made from single layers of graphite, a material mined from the ground, is extremely lightweight, conductive, and flexible, and has the potential to deliver transformational technologies across industries, from electronics to transportation. Now, researchers at Khalifa University in the United Arab Emirates (UAE) are exploring another use for graphene: producing drinking water. That’s where graphene comes in: Arafat is working on a graphene-enhanced membrane that could make the process more efficient and cheaper. “Even in small quantities, these graphene materials significantly improve the performance of the membranes in terms of their water production,” he adds.

Persons: ”, Hassan Arafat, Arafat, “, Arafat isn’t, Molymem, Christophe Viseux, RIC2D, James Baker, Baker, You’re, ” Baker Organizations: CNN, Khalifa University, United Arab Emirates, United Arab, Research, Innovation, UK’s University of Manchester, University of Manchester, Bloomberg, Getty, Graphene@Manchester, European Union Locations: UAE, United Arab Emirates, Abu Dhabi, Abu, Turkish, Emirates

DUBAI, Nov 29 (Reuters) - Sultan Al Jaber, the incoming president of the United Arab Emirates-hosted COP28 climate summit, on Wednesday rejected accusations the host country planned to discuss natural gas and other commercial deals in meetings linked to the U.N. talks. The BBC and the Centre for Climate Reporting (CCR) on Monday said leaked briefing documents prepared for Jaber showed plans to discuss fossil fuel deals with 15 countries. And it's an attempt to undermine the work of the COP28 presidency," Jaber told a news conference, his first public remarks following the BBC report. "I promise you, never ever did I see these talking points that they refer to or that I ever even used such talking points in my discussions." Jaber has presented himself as a mediator between both sides of the fossil fuel divide, with a healthy desire to include the oil and gas industry in the climate debate.

Persons: Sultan Al Jaber, Jaber, Yousef Saba, Barbara Lewis Organizations: United Arab, BBC, Climate Reporting, Abu Dhabi National Oil Company, Organization of, Petroleum, Thomson Locations: DUBAI, United Arab Emirates, Abu Dhabi, UAE

☆ Former Trump advisor says the U.S. economy is 'back to normal,' but markets may be jumping the gun on rate hikes
▼ + stars: | 2023-11-29 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The U.S. economy is "back to normal" for the first time in two decades, but the market is getting ahead of the likely pace of interest rate cuts, according to IBM Vice Chairman Gary Cohn. The central bank in September paused its historically aggressive monetary tightening cycle with the Fed funds rate target range at 5.25-5.5%, up from just 0.25-0.5% in March 2022. "You don't want to be early to leave when you're the last one to come to the party. "The economy will clearly turn down before the Fed had starts to cut interest rates, so I strongly believe that for the first half of '24, we will see no rate activity in the Fed. Maybe [in the third quarter], we'll start hearing rumblings of some forward guidance of lower rates."

Persons: Gary Cohn, Cohn —, Donald Trump, Cohn, CNBC's Dan Murphy Organizations: IBM, Federal Reserve, National Economic, Abu, Abu Dhabi Finance, Fed Locations: U.S, Abu Dhabi

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