Good morning, ladies and gentlemen. In case you’ve been living under a rock for the past several months or otherwise needed reminding, COP28 is finally getting underway today at Expo City. We will be hosting the summit in Dubai from today through to Tuesday, 12 December.

We have a quick primer below on what to expect in the coming days, and will be bringing you comprehensive coverage of the event — whether that’s on policy movements, financing agreements, or climate-related project agreements — starting from our next issue on Monday.

ALSO- COP28 President-designate and Adnoc CEO Sultan al Jaber has denied allegations regarding using the climate conference to leverage financial and commercial interests. “These allegations are false, not true, incorrect and not accurate,” Al Jaber told journalists. The story got widespread attention: Bloomberg | AP | Reuters | France 24 | BBC

MEANWHILE- The big non-COP story of the day: Retail appetite for Dubai Taxi’s IPO is booming, pushing global coordinators to bump up the size of the retail tranche of the offering. We have chapter and verse in Privatization Watch, below.

AND- Happy 52nd National Day. The country will be celebrating our national day this Saturday, 2 December, which will be a holiday for federal government employees.

Prisoners freed ahead of celebrations: UAE President Sheikh Mohammed bin Zayed Al Nahyan pardoned 1,018 prisoners, with the Ruler of Ajman pardoning 143 prisoners. Sharjah’s ruler pardoned 475 prisoners, with 113 prisoners pardoned by the Ruler of Fujairah. The UAE’s leaders pardon thousands of prisoners every year ahead of public holidays and events such as Ramadan and Eid Al Fitr, reports The National.

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IT’S KICKOFF TIME- Here’s a handy guide (pdf) for the main thematic days and what to expect. Head to the official events schedule for a full rundown of all the panels, workshops, discussions, debates, and keynote speeches.

DAYS TO LOOK OUT FOR-

4 December: Finance and Trade

5 December: Energy and Industry + Just Transition

6 December: Transport

10 December: Food, Agriculture, and Water

10-11 December: Final Negotiations

HAPPENING TOMORROW-The World Climate Action Summit is kicking off tomorrow and carrying on into Saturday. The event will gather heads of state and government along with leaders from various sectors of civil society and business to discuss concrete actions and plans aimed at scaling climate action. The summit will serve a vehicle for major announcements, providing momentum and guidance to the remainder of the COP.

HERE’S FIVE TOPICS WE EXPECT TO HEAR A LOT ABOUT-

#1- The Loss and Damage fund: After months of contention and debate, the recommendations due to be presented to governments at COP28 on how the loss and damage fund will be operationalized was finally approved earlier this month despite reservations by developing nations and the US. The transitional committee — which represents a geographically diverse group of countries — agreed to recommend the World Bank serve as trustee and host of the fund for a four-year period, a point that has caused divisions between the global north and south. COP28 President-designate Sultan Al Jaber emphasized the importance of ensuring the loss and damage fund is operationalized at COP as no country yet announced a specific financial pledge to the fund, though some have signaled their intent or interest.

#2- Reform, reform, reform: While not on the official agenda, Al Jaber called on multilateraldevelopment banks (MDBs) to work through country platforms, revise climate finance targets for coming years, and lower the risk for the private sector. The International Monetary Fund (IMF) will also play a role in deploying climate finance. The IMF’s board of directors is currently reviewing using SDRs on-lent to them as hybrid capital that could then be leveraged to expand their lending capacity. Al Jaber also invited the IMF to a high-level event on Finance Day at COP28 on international financial institution reform. More world leaders are also expected to endorse the debt pause clauses and debt-for-nature swaps. The World Bank is also expected to engage in talks under its updated mission to include climate change.

#3- More funds pledged for the Green Climate Fund (GCF): Countries are expected to replenish the fund at the conference, with Gulf states being pressured to contribute. Some companies like the UK and US already made pledges, yet many more are expected to put an amount to their contribution.

#4- The Global Stocktake: Assessing article 2.1(c) of the Paris Agreement, The GlobalStocktake will measure progress towards the goals of the agreement for the first time. Al Jaber called on South Africa's Minister of Environment, Forestry and Fisheries Barbara Creecy, and Danish Minister for Development Cooperation and Global Climate Policy Dan Jørgensen to conduct consultations with Parties, Groups, and constituencies, on critical elements regarding the outcome of the first global stocktake at COP28. Look out for discussions on the 1, 2, 12, and 14 December according to the COP28 schedule.

#5- Carbon markets: We expect to see more details to establish international trading for carbon offset credits at COP28. Several countries are expected to announce financial pledges that were agreed on at COP26 to regulate the trading of carbon credits. The COP28 presidency will host carbon market discussions at the Compliance Carbon Market meeting on Monday, 4 December. The Dubai Financial Market (DFM) plans to launch its maiden voluntary carbon market (VCM) during COP28 as well.

THE GUEST LIST-

Harris to attend COP28: US Vice President Kamala Harris will attend COP28 along with Secretary of State Antony Blinken and other high-ranking American officials, Bloomberg reports. As we noted earlier this week, US President Joe Biden will not be attending COP28.

But the Pope won't be there: Pope Francis will follow doctors’ orders and cancel his trip to COP28, according to a press release. The pontiff is still willing to partake in discussions over the next few days, but the means of his participation is yet to be announced.

THE BIG STORIES ABROAD-

#1- TRUCE EXTENDED- With just minutes to spare, Israel and Hamas agreed this morning to extend for one more day their temporary truce. Egypt and Qatar mediated the discussions. See more in the New York Times and the Saudi Gazette.

AND- Are we using economic muscle to keep Iran on the sidelines? That’s the claim in Bloomberg, which cites unnamed Arab and Western officials “close to the matter” as saying that we’re proposing a deepening of ties and possibly investment if Iran keeps its regional proxies, including armed groups in Lebanon, Palestine, Iraq, Syria, and Yemen, from turning Israel’s war in Gaza into a regional conflict.

#2- Kissinger dead at 100: Henry Kissinger, one of the most influential diplomats of the 20th century, has passed away at the age of 100, his consultancy said early this morning. A polarizing figure, the former US secretary of state is praised by his supporters for negotiating an end to the Vietnam War, ushering in warmer relations with the Soviet Union and China, and holding the Middle East together in the wake of the 1973 war. Among his critics, the Harvard University professor will be remembered for the brutal bombing of Cambodia and Laos, alleged complicity in Indonesia’s genocidal campaign in East Timor, and backing of General Augusto Pinochet’s seizure of power in Chile. (Associated Press | Reuters | Bloomberg | Washington Post | Wall Street Journal)

#3- Kuwait’s emir hospitalized: Kuwait’s ruling emir Sheikh Nawaf Al Ahmad Al Sabah was hospitalized yesterday due to an unspecified “emergency health problem.” The emir is now in stable condition. Sheikh Nawaf is 86 years old. (Associated Press | Reuters)

[wwtt6] DATA POINT #1- Fujairah oil stocks slump to two-week low: Stockpiles of oil products at the Port of Fujairah inched down 7.7% to a two-week low over the week ending 27 November, according to S&P Global data. The total oil inventory has fallen 16% since the beginning of the year, with stockpiles now down to 17.406 mn barrels a day.

DATA POINT #2- UAE retail investors could pour up to USD 40 bn in climate investments across Asia, Africa, and the Middle East by 2030, according to Standard Chartered’s Sustainable Banking Report 2023. This figure includes USD 23 mn for mitigation and another USD 17 for adaptation efforts, the report suggests. The forecasted Emirati investments are part of USD 8.2 tn-worth of retail investor capital Standard Chartered expects to see deployed in sustainable investments in these markets by the end of the decade. The report is based on a survey of 1.k retail investors in 10 markets across Asia, Africa and the Middle East.

PSA- Sharjah police department launches tourist security initiative: The Sharjah Police Department launched the “Safety and Security Tourism” program ahead of winter to ensure the safety and security of residents and tourists, Gulf news reported yesterday. The tourist areas covered include: Khor Fakkan Beach, Khor Fakkan Amphitheater, Sharq Market, Al Rafisa Dam Rest House, Kalba Beach, and Dibba Al Hisn Corniche.

CIRCLE YOUR CALENDAR-

Sole DXB is coming back to Dubai from 8-10 December. The culture festival will bring rap artists from all over the world to the Dubai Design District stage.

The Iran-UAE Joint Economic Cooperation Commission meeting will be held in the coming weeks in a bid to develop bilateral cooperation, deepen commercial ties, and boost trade. The location has yet to be announced.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

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