UAE Calls on All Countries to Join Global Cooling Pledge

Al Jaber delivers his speech during a panel discussion on sustainable cooling systems. (WAM)

11:14-23 July 2023 AD ـ 05 Muharram 1445 AH

UAE Calls on All Countries to Join Global Cooling Pledge

Al Jaber delivers his speech during a panel discussion on sustainable cooling systems. (WAM)

Dr. Sultan bin Ahmed Al Jaber, the United Arab Emirates’ Minister of Industry and Advanced Technology, and COP28 President-Designate, urged countries to join the global cooling pledge, a partnership between the United Nations Environment Program (UNEP) and the COP28 Presidency, announced earlier in the year.

In close collaboration with the International Renewable Energy Agency (IRENA) and the Sustainable Energy for All (SEforAll), the Global Cooling Pledge aims to expand cooling to protect the most vulnerable communities, especially in the global south, Small Island States and Least Developed Countries, from extreme heat, keep food fresh and vaccines safe.

Al Jaber made his remarks during a panel discussion on sustainable cooling systems, on the sidelines of the G20 Energy Transitions Ministerial Meeting.

In his remarks, he reiterated his commitment to the Pledge, saying: “We cannot expand cooling on a business-as-usual basis. Without strong policy action, emissions from the sector will rise between 7 to 10 percent from today. To solve this dilemma, we need a rapid transition to energy-efficient and climate-friendly cooling.”

He stressed that the cooling dilemma can provide cooling access to those who need it without undermining the energy transition.

Al Jaber highlighted the plight of the most vulnerable states and cooling as a matter of climate justice, saying: “Food and medicine all depend on cooling. It is a topic of critical importance across climate mitigation and adaptation.”

He added: “Cooling is also a matter of climate justice ─ with heat disproportionately impacting lower-income communities and families.”

“In a warming world, sustainable cooling is critical for reducing GHG emissions, protecting against heat stress, enabling productivity, reducing food loss, and enhancing access to healthcare.”

He thanked Dan Jergensen, Minister of Development Cooperation and Global Climate Policy of Denmark, and Dr. Jitendra Singh, Minister of Science and Technology of India, for their commitment to being Cool Champions and urged countries to unite and join the pledge.

Earlier in July, Al Jaber announced his approach and plan for COP28 based on an ambitious response to the Global Stocktake and based on four pillars: Fast Tracking the energy transition, fixing climate finance, focusing on people, lives, and livelihoods, and underpinning everything with full inclusivity.

The initiative provides incentives to governments and all stakeholders to act on sustainable cooling in five areas: nature-based solutions, super-efficient appliances, food and vaccine cold chains, district cooling, and National Cooling Action Plans.

“We have a unique opportunity to deliver a significant, collective response to the cooling challenge via the Global Cooling Pledge. This pledge aims to improve energy efficiency and increase access to sustainable cooling. It is gaining momentum with more than 20 early supporters ─ including India and Denmark. But there is more to be done. I call on all countries to join the Global Cooling Pledge in the lead-up to COP28,” said Al Jaber.

UK Offers Cheaper Chocolate, Tickets to the Zoo to Ease Cost of Living Squeeze

Britain’s Prime Minister Keir Starmer visits a children’s activity center in Essex, Britain, Thursday, May 21, 2026. Kin Cheung/Pool via REUTERS

London: Asharq Al Awsat

06:59-22 May 2026 AD ـ 05 Thul-Hijjah 1447 AH

London: Asharq Al Awsat

06:59-22 May 2026 AD ـ 05 Thul-Hijjah 1447 AH

UK Offers Cheaper Chocolate, Tickets to the Zoo to Ease Cost of Living Squeeze

Britain’s Prime Minister Keir Starmer visits a children’s activity center in Essex, Britain, Thursday, May 21, 2026. Kin Cheung/Pool via REUTERS

The British government is offering cheaper chocolate and discounted entry to theme parks as it seeks to ease a cost-of-living squeeze and win back voters.

Treasury chief Rachel Reeves on Thursday announced modest handouts to help alleviate rising costs sparked by the Iran war, including a reduction in import tax on cookies, chocolate and about 100 other supermarket products.

UK inflation fell to 2.8% in April, down from 3.3% in March, but is expected to spike again on the back of higher prices for fuel, heating gas and electricity.

To ease the impact, the government has postponed a planned increase in fuel duty and given truckers a yearlong reprieve from road tax to help offset soaring gasoline prices due to the effective closure of the Strait of Hormuz, a key oil transit route.

But Reeves did not commit to broader support for household heating bills, The Associated Press reported.

She announced measures designed to boost the summertime economy, including free bus travel for children in August. During the summer, tax on tickets for attractions including zoos, theme parks and museums will be slashed from 20% to 5%.

Reeves said she would pay for the cost-of-living support by closing tax loopholes for oil and gas companies with overseas operations.

“This summer I want every family to be able to enjoy themselves,” Reeves said. “As the war in Iran pushes prices up at home, my economic plan is the right one. I will continue to make the right choices, to protect households and businesses, and build a stronger and more secure Britain.”

The announcements came as Prime Minister Keir Starmer tries to keep calm and carry on while rivals in the governing Labour Party seek to oust him after a set of disastrous local election results.

The last two weeks have been devastating for Starmer, who led the party to a landslide victory less than two years ago. Scores of Labour lawmakers have called for him to resign, and he is widely expected to face a leadership challenge. Greater Manchester mayor Andy Burnham is aiming to win a seat in Parliament in a June 18 special election, and then challenge Starmer for the prime minister’s job.

Starmer insists he will not resign and will fight for his job. Under UK political rules, whoever took over from Starmer as party leader would also become prime minister, without the need for a national election.

Business

Oil Gains, Stocks Slip on Uncertain Mideast Peace Prospects

A fuel storage facility at Russia's main oil export hub in the Black Sea port of Novorossiysk (Reuters)

Asharq Al Awsat

15:44-21 May 2026 AD ـ 04 Thul-Hijjah 1447 AH

Asharq Al Awsat

15:44-21 May 2026 AD ـ 04 Thul-Hijjah 1447 AH

Oil Gains, Stocks Slip on Uncertain Mideast Peace Prospects

A fuel storage facility at Russia's main oil export hub in the Black Sea port of Novorossiysk (Reuters)

Oil prices jumped while stock markets mostly retreated and the dollar firmed Thursday as hopes of a Middle East peace accord faded on conflicting headlines on the state of talks.

US President Donald Trump has described the latest discussions as being on the "borderline" between a deal and renewed strikes.

Pakistan's army chief was due in Iran on Thursday, Iranian media reported, with Islamabad mediating as Tehran examines a new US proposal to end the war, AFP reported.

"Markets pulled back across Europe as the waiting game to end the Iran war rumbled on," said Dan Coatsworth, head of markets at AJ Bell.

Wall Street's main indices also dipped at the open.

There were earlier big gains for technology stocks in Asia after chip giant Nvidia posted record quarterly revenue of $81.6 billion, blowing past analyst forecasts on the voracious demand for artificial intelligence hardware.

Sentiment was also boosted by Elon Musk's filing for a public sale of SpaceX shares, which could be the largest initial public offering in history as the rocket and satellite company seeks to raise up to $75 billion.

"This could be a blockbuster summer for IPOs with OpenAI also expected to list in the coming weeks," said Kathleen Brooks, research director at XTB.

"How the market absorbs these new listings will be crucial for the future of the AI trade, as both companies are at the heart of the AI revolution," she said.

South Korea's benchmark Kospi index surged 8.4 percent, helped by Samsung Electronics shares after unions paused a 18-day strike.

Japan's Nikkei index ended with a gain of 3.1 percent.

But despite the group's profit growth, Nvidia shares failed to get a boost as they have in previous quarters, gaining 0.2 percent after trading got underway in New York.

With tech shares, whose staggering rises helped drive markets to record highs in recent months, now considered by many investors to be overvalued, investment analyst Bret Kenwell at eToro said there were worries that a pullback was in store.

"While geopolitical risks could still flare up, the more pressing issue appears to be macro-related," he said, pointing to the recent rise in sovereign bond yields and the prospect of central banks raising interest rates.

The yields demanded by investors to lend to governments by buying their bonds have peaked in recent days, indicating weakening confidence in their economies and inflation fears.

After tech gains in Asia, attention turned to US-Iran war developments and the potential fallout for economies on the continent, sending European stocks lower.

The EU warned Thursday that eurozone growth would be less than expected this year and inflation significantly higher than forecast, as the Mideast war and subsequent energy shock take their toll.

It came as a key survey revealed that business activity in the eurozone contracted further in May, weighed down by weak demand caused by a conflict.

British private-sector activity also unexpectedly contracted this month, marking the first decline in output in over a year, S&P Global added.

"The UK economy is facing a perfect storm, as rising political uncertainty adds to the growing impact from the war in the Middle East," said Chris Williamson, chief business economist at S&P Global Market Intelligence.

In other corporate news, French video game giant Ubisoft saw its shares plunge around 11 percent after it reported disappointing annual results and forecast further pain in the coming year.

The "Assassin's Creed" and "Rayman" developer had warned in January of the likely impact, with seven games cancelled and six delayed.