UAE Looking Forward to Effective Partnership on Climate Issues at COP28

UAE President Sheikh Mohamed bin Zayed Al Nahyan and a number of heads of state attend the opening ceremony of Abu Dhabi Sustainability Week. (WAM)
UAE President Sheikh Mohamed bin Zayed Al Nahyan and a number of heads of state attend the opening ceremony of Abu Dhabi Sustainability Week. (WAM)
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UAE Looking Forward to Effective Partnership on Climate Issues at COP28

UAE President Sheikh Mohamed bin Zayed Al Nahyan and a number of heads of state attend the opening ceremony of Abu Dhabi Sustainability Week. (WAM)
UAE President Sheikh Mohamed bin Zayed Al Nahyan and a number of heads of state attend the opening ceremony of Abu Dhabi Sustainability Week. (WAM)

The United Arab Emirates underscored its efforts for the upcoming United Nations Climate Change Conference (COP28) to serve as an opportunity to forge effective partnerships, in order to achieve tangible and real progress on climate issues.

The UAE is holding the Abu Dhabi Sustainability Week (ADSW), bringing together heads of state, policy-makers, industry leaders, investors, entrepreneurs and youth to discuss and engage on bold climate action and innovation to build a more sustainable future for future generations.

The UAE will host COP28 in November.

UAE President Sheikh Mohamed bin Zayed Al Nahyan said his country was exerting intensive efforts to find feasible and pragmatic solutions to climate change issues.

He stressed that ADSW was a global platform that reflects the UAE’s commitment to convening the international community and ensuring collaboration in driving sustainable economic and social development.

Sheikh Mohamed added that the UAE strategic initiative to achieve net zero emissions by 2050 was a natural progression of the comprehensive approach, which aims to build a prosperous and sustainable future through commitment to protecting nature and preserving the environment.

He emphasized that the ADSW this year was an essential step towards the UAE hosting COP28.

He noted that his country’s selection to host the conference reflected the UAE’s continued efforts to promote practical climate action, sustainable economic development, and progress towards desired global goals.

Addressing ADSW, President of Azerbaijan Ilham Aliyev stressed the depth of the bilateral relations between the UAE and his country.

He highlighted Azerbaijan’s ambition to strengthen its reliance on clean energy sources as an essential part of national development efforts, and to contribute to the global drive for a more environmentally friendly economy.



Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
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Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)

President-elect Donald Trump on Friday said he will nominate prominent investor Scott Bessent as US Treasury secretary, a key cabinet position with vast influence over economic, regulatory and international affairs.

"I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States," Trump said in a statement released on Truth Social. "Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists."

Wall Street has been closely watching who Trump will pick, especially given his plans to remake global trade through tariffs and extend and potentially expand the raft of tax cuts enacted during his first term, Reuters reported
The choice came after days of deliberations by Trump as he sorted through a shifting list of candidates. Bessent spent day after day at Trump's Mar-a-Lago home in Florida providing economic advice, sources said, a proximity to the president-elect that may have helped him prevail.
Other names that had been floated included Apollo Global Management Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson had also been a leading candidate, but dropped out, while Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department.
Bessent, who did not immediately respond to a request for comment, has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal.
The market's surge after Trump's election victory, he wrote, signaled investor expectations of "higher growth, lower volatility and inflation, and a revitalized economy for all Americans."
"Bessent has been on the side of less aggressive tariffs," said Oxford Economics' Ryan Sweet, adding that picking him makes the steep tariffs Trump proposed on the campaign trail less likely.
Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump's first Treasury chief. Janet Yellen, the current secretary and first woman in the job, previously chaired the Federal Reserve and White House Council of Economic Advisers.
Republican US Senator Lindsey Graham from South Carolina, Bessent's home state, said in a statement: "President Trump's economic agenda is in good hands with Scott Bessent. I look forward to working closely with Scott and President Trump to lower inflation and create the golden age of prosperity for the American people."