A man is taken to hospital amid hot weather in Saudi Arabia. Temperatures are rising around the world. AFP
A man is taken to hospital amid hot weather in Saudi Arabia. Temperatures are rising around the world. AFP
A man is taken to hospital amid hot weather in Saudi Arabia. Temperatures are rising around the world. AFP
A man is taken to hospital amid hot weather in Saudi Arabia. Temperatures are rising around the world. AFP


We need an ugly but effective solution to our climate problem


  • English
  • Arabic

June 02, 2025

British author Roald Dahl told the story of Pravdinsk in northern Russia, where the ground was frozen so hard it was impossible to bury a corpse in winter. “So, do you know what they do? They simply sharpen his legs and knock him into the ground with a sledgehammer.” But with record heat striking Siberia, this macabre technique will not be needed.

Places in the far north-east hit 21.5°C overnight – shattering records by more than 10°C. The current extreme weather is not just confined to Russia. The UAE had its hottest day yet recorded in May, as Sweihan near Al Ain sweltered at 51.6°C. The country’s summers are now 10 days longer than they used to be.

Parts of Britain have declared a drought after the driest and sunniest spring since records began in 1836. Yet this follows the wettest 18 months in national history. Switzerland had a different problem, after the collapse of a melting glacier destroyed the village of Blatten on Wednesday.

So, what is going on?

In 2015, countries signing the Paris Agreement on climate change agreed to limit global warning to “well below” 2°C by the end of the century, and to target not exceeding 1.5°C. In 2018, the Intergovernmental Panel on Climate Change thought 1.5°C would not be reached until 2040. Now, it is set to be broken in two years.

The battleground is now the 2°C target. Now, that is likely to be overtaken around 2045, on the basis of the average over several years. Indeed, we could experience a year above 2°C as soon as 2029. Likely overall warming by end-century will be 2.5°C, a level that would have been thought disastrous a decade ago. Blatten is not the first place to be wiped out by unchecked climate change, and it will not be the last.

The risk is growing of dramatic and irreversible climatic shifts: an Arctic free of ice in the summer before 2030, the dieback of the Amazon rainforest, a loss of 90 per cent of coral reefs by 2050. Atlantic oceanic circulation could collapse, bringing severe flooding to the US east coast and, paradoxically, freezing temperatures to Europe.

It is no surprise that global warming continues to increase while emissions of carbon dioxide and other greenhouse gases are at record levels.

There is some positive news from China, which might reach a peak in carbon dioxide emissions this year. It is adopting renewable and nuclear power, and switching from oil-fuelled to electric vehicles on a massive scale. As the world’s biggest polluter, it leads the overall trend. But backsliding in the US could undo some of this progress. Right-wing parties in Europe have seized on climate policies as a populist line of attack.

In any case, just reducing emissions is not enough – they need to fall to net-zero, where any remaining carbon dioxide releases are counterbalanced by soaking up the gas from the atmosphere – before warming will stop.

Some other factors are playing a part in recent rapid heating. Sulphur dioxide released into the atmosphere was unintentionally helping limit global warming by reflecting some of the sun’s rays. Over the past decade, China has tackled air pollution and switched its district heating systems from sulphurous coal to natural gas. The international shipping industry has also banned the use of high-sulphur fuel oil without scrubbers.

These moves are good for human health and for reducing acid rain, but they have an unfortunate side effect. If India now cleans up its terrible coal pollution, that could push warming even faster.

Sulphur dioxide apart, we are on a far better climate path than a decade or two ago. But this is a choice between the catastrophic and the terrible.

Environmentalists remain stuck on policies that have achieved great success – cheap, mass-scale solar and wind power, batteries and electric vehicles – but not fast enough, and that cannot be the whole answer in the limited time remaining to us.

Many appear secretly delighted when policies and technologies that don’t fit the narrow renewables-only ideology run into technical or commercial problems. These include pricing and trading carbon dioxide emissions, capturing carbon dioxide emissions from fossil fuels, removing carbon dioxide directly from the atmosphere, using hydrogen, or expanding nuclear power.

They call for more “political will” or “ambition”. This ignores that overbold targets have not been met, and that making them even bolder will not overcome the problem that a big new green factory or critical mineral mine or intercontinental power line takes a decade to build.

Bad-faith mongers, now joined by AI chatbot Grok, are trying to chip away at support for climate policies. But there are genuine concerns about the cost and reliability of energy, in a world where political and trade fences are being built ever-higher.

The “pragmatists”, meanwhile, seem to have resigned themselves to living with 2.5°C or more warming, and that many seaside cities, mountain villages, coral reefs, rainforests and ice-caps will disappear. The costs of this dystopian future, and the risks of something truly cataclysmic, greatly exceed the expense of working harder to stop it.

But at least they have thought about the problem, and made a conscious decision, unlike many politicians, business leaders, media commentators and voters, who simply ignore it.

There is a way forward, though not a comfortable one. First, accelerate the current progress on low-carbon energy, but be much more ruthless about hard choices, prioritisation, and keeping costs down. Second, advance the necessary but unpopular technologies – recognise that smashing capitalism or destroying the fossil fuel industry, however appealing to activists, has to come after saving a liveable climate.

Third, learn from the experience of cleaning up sulphur pollution. We have unintentionally made warming go faster. But, intelligent “geoengineering” with smaller amounts of sulphur or other particles can also cool the Earth, buying valuable years to cut carbon dioxide. Like the people of Pravdinsk, we need an ugly but effective solution to our climate problem.

Wonka
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%C2%A0Paul%20King%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3ETimothee%20Chalamet%2C%20Olivia%20Colman%2C%20Hugh%20Grant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Three trading apps to try

Sharad Nair recommends three investment apps for UAE residents:

  • For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
  • If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
  • Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

NBA Finals results

Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)

Company%20profile
%3Cp%3EName%3A%20Cashew%0D%3Cbr%3EStarted%3A%202020%0D%3Cbr%3EFounders%3A%20Ibtissam%20Ouassif%20and%20Ammar%20Afif%0D%3Cbr%3EBased%3A%20Dubai%2C%20UAE%0D%3Cbr%3EIndustry%3A%20FinTech%0D%3Cbr%3EFunding%20size%3A%20%2410m%0D%3Cbr%3EInvestors%3A%20Mashreq%2C%20others%0D%3C%2Fp%3E%0A
Titanium Escrow profile

Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue  
Stage: Early stage
Investors: Founder's friends and Family

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

CRICKET%20WORLD%20CUP%20LEAGUE%202
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INFO

Schools can register for the Abu Dhabi Schools Championships at www.champions.adsc.ae

MATCH INFO

Watford 1 (Deulofeu 80' p)

Chelsea 2 (Abraham 5', Pulisic 55')

BRAZIL SQUAD

Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).

Company%20Profile
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Day 2, Dubai Test: At a glance

Moment of the day Pakistan’s effort in the field had hints of shambles about it. The wheels were officially off when Wahab Riaz lost his run up and aborted the delivery four times in a row. He re-measured his run, jogged in for two practice goes. Then, when he was finally ready to go, he bailed out again. It was a total cringefest.

Stat of the day – 139.5 Yasir Shah has bowled 139.5 overs in three innings so far in this Test series. Judged by his returns, the workload has not withered him. He has 14 wickets so far, and became history’s first spinner to take five-wickets in an innings in five consecutive Tests. Not bad for someone whose fitness was in question before the series.

The verdict Stranger things have happened, but it is going to take something extraordinary for Pakistan to keep their undefeated record in Test series in the UAE in tact from this position. At least Shan Masood and Sami Aslam have made a positive start to the salvage effort.

FINAL SCORES

Fujairah 130 for 8 in 20 overs

(Sandy Sandeep 29, Hamdan Tahir 26 no, Umair Ali 2-15)

Sharjah 131 for 8 in 19.3 overs

(Kashif Daud 51, Umair Ali 20, Rohan Mustafa 2-17, Sabir Rao 2-26)

UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Manchester United v Club America

When: Thursday, 9pm Arizona time (Friday UAE, 8am)

SPEC%20SHEET%3A%20APPLE%20IPHONE%2014%20PRO%20MAX
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Company Profile

Company name: NutriCal

Started: 2019

Founder: Soniya Ashar

Based: Dubai

Industry: Food Technology

Initial investment: Self-funded undisclosed amount

Future plan: Looking to raise fresh capital and expand in Saudi Arabia

Total Clients: Over 50

Who has lived at The Bishops Avenue?
  • George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
  • Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
  • Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
  • Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills. 
Hunting park to luxury living
  • Land was originally the Bishop of London's hunting park, hence the name
  • The road was laid out in the mid 19th Century, meandering through woodland and farmland
  • Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds

 

Yahya Al Ghassani's bio

Date of birth: April 18, 1998

Playing position: Winger

Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda

Updated: June 02, 2025, 11:15 AM