Frustrated, anxious but hopeful, young activists staged a co-ordinated “global climate strike” on Friday to highlight the effects of global warming and demand more aid for poor countries hit by extreme weather.
In New York, as leaders of developing disaster-struck nations pleaded their cases at the UN, more than a thousand protesters, many of them skipping school, marched through the streets to tell their leaders they were sick of inaction on climate.
“The oceans are rising and so are we,” they chanted. Protesters also took to the streets in Jakarta, Tokyo, Rome, Berlin and Montreal carrying banners and posters with slogans such as, “It’s not too late.”
“It’s one thing to worry about the future, and it’s another to get out there and do something about it,” said 16-year-old Lucia Dec-Prat at the protest in New York. “I honestly feel that the adults aren’t listening.”
Dinah Landsman, 17, said every day she asks herself about what kind of future she will have as she grows up because of climate change. Her generation has to act, she said.
“No one else is going to do it,” said Dinah, also in New York. “It's us who have the most at stake.”
The protests follow warnings from scientists that countries are not doing enough to meet the 2015 Paris climate accord’s top-line target of limiting global warming to 1.5° Celsius this century compared to pre-industrial times.
Michael Taft, 27, a graduate student in New York, said “a lot of kids here are scared about what the next 20 years are going to look like for them”.
But Mr Taft said he still has hope. He looks around at those listening to the speakers and said they are not like past generations. They are not looking to become finance majors and make lots of money.
“They’re all here because they’re motivated to make change,” Mr Taft said. “And probably one of the people here or in another climate rally in a different country is going to be the person that has a massive role in change and fixing this.”
The demonstrations were organised by the Fridays for Future movement that took its cue from activist Greta Thunberg, who began protesting alone outside the Swedish Parliament in 2018.
“We're striking all over the world because the governments in charge are still doing too little for climate justice,” said Darya Sotoodeh, a representative for the group's chapter in Germany.
“People all over the world are suffering from this crisis, and it's going to get worse if we don't act on time,” she said.
Police said some 20,000 people attended the rally in Berlin, which featured calls for the German government to establish a €100-billion fund for tackling climate change.
In Rome, about 5,000 young people turned out for a march that ended near the Colosseum.
One placard read: “The climate is changing. Why aren’t we?” Students highlighted among their priorities the need to rethink Italy’s transport policies. The country's ratio of cars to inhabitant is one of the highest in Europe.
In Italy's election campaign, which wraps up on Friday evening before the September 25 vote for Parliament, climate change policies did not figure heavily at candidates' rallies.
UN Secretary General Antonio Guterres told world leaders this week that the fossil fuel industry, which is responsible for a large share of planet-warming gases, is “feasting on hundreds of billions of dollars in subsidies and windfall profits while household budgets shrink and our planet burns”.
Mr Guterres urged rich countries to tax the profits of energy companies and redirect the funds to both “countries suffering loss and damage caused by the climate crisis” and those struggling with the rising cost of living.
Demands for poor nations to receive greater financial help to cope with global warming, including the destruction already wrought by deadly weather events such as the floods in Pakistan, have grown louder in the run-up to this year's UN climate summit in Egypt.
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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.”
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