In October, she accused Marcos of incompetence and said she had imagined cutting the president's head off
asia3 hours ago
The UAE will require Dh2.5 trillion to transition to net-zero, a target the nation is committed to achieving by 2050, making the Emirates the first Middle East and North Africa nation to do so, according to a projection made by Standard Chartered in its study.
The study, which looks at the transition financing gap for emerging markets and how to close it, found that if the finance, the UAE needs to transition to net zero, is provided by developed markets, the UAE household spending could increase by around Dh2 trillion compared to self-financing.
Coinciding with 50 years since the country’s founding, the UAE announced in October 2021 its ambitious plan for net-zero emissions by 2050 that would require Dh600 billion in investment in renewable energy. The initiative aligns with the Principles of the 50 — the UAE’s roadmap for accelerating national economic development to mark the country’s golden jubilee year, as the nation enters a new 50-year cycle of growth. The major economic opportunities offered by the path to net-zero directly support a vision to develop the Emirates into the most dynamic economy in the world.
“The UAE is well-positioned to capitalise on the major economic opportunities offered by the path to net-zero. Reaching this objective would require a strong focus on ensuring economic prosperity throughout the transition process in addition to a great deal of investment,” said Rola Abu Manneh, chief executive officer of Standard Chartered UAE.
“The public and financial sectors need to come together to help facilitate the flow of investment into net-zero. Failure to deliver transition finance could mean climate goals are missed, therefore triggering an environmental catastrophe,” said Manneh.
While the UAE requires an investment of around Dh2.5 trillion to transition to net zero, the study titled, “Just in Time: Financing a just transition to net-zero,” reveals that emerging markets as a whole need to invest an additional Dh350 trillion — a sum higher than annual global GDP — to transition to net zero in time to meet long-term global warming targets. This is on top of the capital already allocated by governments under their current climate policies.
Private investors can contribute over Dh300 trillion of the Dh350 trillion that is required — underscoring the urgent need for financial institutions to fulfill green and transition finance pledges.
“Exclusive emerging market self-financing would lead to higher taxes and an increase in government borrowing, meaning that families in emerging markets, including the UAE, will have less to spend on their everyday needs. However, developed market financing has the opposite effect,” said the bank.
However, developed market financing could see emerging market household spending increase by around Dh6.25 trillion on average each year (compared to self-financing) and would also stimulate global growth – GDP could be around Dh400 trillion higher cumulatively between now and 2060 if developed markets finance the transition. Emerging markets being able to reach net-zero without hampering their growth or prosperity would represent a just transition.
However, encouraging investment in emerging markets is a difficult task. The world’s top 300 investment firms with total assets under management of more than $50 trillion have just 2 per cent, 3.0 per cent and 5.0 per cent of their investments in the Middle East, Africa and South America, respectively.
Standard Chartered has committed to reaching net-zero in our financed emissions by 2050, with interim targets for the most carbon-intensive sectors by 2030.
“We plan to mobilise more than Dh1.1 trillion in green and transition finance by 2030 to support the transition to net zero in the markets we can home, supported by our own Transition Finance Framework,” said the bank.
— issacjohn@khaleejtimes.com
In October, she accused Marcos of incompetence and said she had imagined cutting the president's head off
asia3 hours ago
President Subianto's aircraft was met by a ceremonial escort of military jets upon entering UAE airspace
uae3 hours ago
The event encouraged participants to engage in physical fitness and social interaction
uae3 hours ago
These diverse exhibitions promise to provide meaningful insights into the country's rich cultural heritage, offering something for visitors to enjoy
uae3 hours ago
The Dubai-born golfer will next compete for a coveted PGA Tour card at next month's Final Stage in Florida
sports3 hours ago
'These modern features are designed to improve traffic and security operations, elevate fieldwork quality, ensure high responsiveness', a top official said
transport4 hours ago
The night market is located near major hotels in Deira, and visitors can also enjoy free entertainment from different Filipino singers and comedians
uae4 hours ago
It will be humid by night and Sunday morning with a probability of fog or mist formation over some internal areas
weather5 hours ago