The South Pacific nation of Tuvalu blames rising sea levels caused by global warming for threatening to wipe it off the map. But before it sinks beneath the waves, it wants to be among the first countries to be powered entirely by renewable energy - and it would like rich nations to pay for its switch from diesel generators.
"We look forward to the day when our nation offers an example to all - powered entirely by natural resources such as the sun and the wind," Kausea Natano, the Tuvaluan minister for public utilities and industries, said last week. "We are hoping to secure assistance from our traditional donor partners and any other funding assistance to achieve the ultimate goal," he added, setting 2020 as the target date, and estimating that US$20 million (Dh73.3m) should do the trick.
Tuvalu, whose roughly 12,000 residents live on low-lying coral atolls around the rims of extinct submarine volcanoes, joins nine other small nations that have pledged to achieve carbon neutrality in the next decade. But its status as a country allegedly facing an existential threat from global warming makes it special.
To many environmentalists, Tuvalu is the sinking flagship of a flotilla of damning evidence on the dangerous consequences of pumping too much carbon dioxide into the atmosphere. Warnings about its imminent inundation due to rising sea levels have been regularly aired over the past two decades, first by globe-trotting Tuvaluan officials, and later by a growing chorus of environmentalists.
Fifteen years ago, addressing a UN conference, Otinielu Tausi, the deputy prime minister of the day, said his country was facing "a seemingly increasing number of natural disasters resulting from global climate change".
"I wish to urge both developed and developing countries alike to modify their unsustainable patterns of production and consumption. These patterns, if allowed to continue, will inevitably lead to sea level rise and the disappearance of my country," he said.
But the prospect of Tuvaluans becoming "environmental refugees" did not curb population growth. Recently, Tuvalu's population has been growing at about 1.4 per cent a year, having mushroomed from about 5,000 people in the 1970s and a sustainable level of about 3,000 for most of the past three millennia.
"We have many problems in regard to overcrowding and unsustainable population growth. These trends are beginning to impact severely on our environment and our economic development," Mr Tausi told the UN back in 1994.
Since then, Tuvalu's plight has kept a small army of climate scientists and oceanographers busy searching for evidence of the supposedly rising waters. Instead, several peer-reviewed studies have concluded that the local sea level has not changed much during the industrial age, and fell in the period from 1950 to 2000.
That is not to say that global warming is a myth or that Tuvalu is not sinking. There are several reasons, to do with ocean currents and water temperature fluctuations, why trends in local sea levels might not track the global average.
As to whether Tuvalu is drowning, rising salinity levels in its soil and salt water bubbling to the surface of its fields, suggest that it is. But the subsidence could be due to the weight of buildings on land from which underground freshwater has been drained, or to a number of natural causes unrelated to climate change. Likewise, increasing numbers of islanders carting off sand to build homes and tourist resorts may be behind the loss of many beachheads.
However, Takao Shirasishi, the general manager of Kansai Electric Power, seemed unaware last year of the conflicting evidence. "The plight of Tuvalu versus the rising tide vividly represents the worst early consequence of climate change," he said, after Kansai and Tokyo Electric Power installed a $410,000 solar system on the roof of the nation's main football stadium. "There may be other, larger solar power installations in the world, but none could be more meaningful to customers than this one."
The two Japanese companies are members of the e8, an international non-profit organisation of 10 utilities from the Group of Eight (G8) industrialised countries.
Earlier this month at a summit in Italy, G8 leaders promised to help poor nations cope with climate change. The Italian government has pledged funding for an $800,000 solar power system for a Tuvalu school.
Even if climate change is not causing its troubles, solar electricity would be good for Tuvalu until its inhabitants are forced to abandon ship. At least it would relieve the struggling nation of the financial burden of importing about 5,000 litres of diesel a day. But investment and aid decisions should not be based on myth.
According to the UN, a number of poor Arab countries with low carbon dioxide emissions are facing climate change threats including increased desertification and water shortages. "The Arab region is one of those least responsible for the direct creation of the greenhouse effect. However, the region is also the nearest to becoming a direct victim of climate change," it said in its recent Arab Human Development Report.
Some Arab countries hope to improve their lot with solar projects to power water desalination plants.
But myth has it that the Middle East, in collaboration with Big Oil, encouraged global warming by getting the world hooked on oil. That does not bode well for poor Arab states' chances of winning a share of the G8 climate-change pot.
@Email:tcarlisle@thenational.ae
Editorial, page a19
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
The%20specs
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
COMPANY%20PROFILE
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
DRIVERS' CHAMPIONSHIP STANDINGS
1. Sebastian Vettel (Ferrari) 171 points
2. Lewis Hamilton (Mercedes-GP) 151
3. Valtteri Bottas (Mercedes-GP) 136
4. Daniel Ricciardo (Red Bull Racing) 107
5. Kimi Raikkonen (Ferrari) 83
6. Sergio Perez (Force India) 50
7. Max Verstappen (Red Bull Racing) 45
8. Esteban Ocon (Force India) 39
9. Carlos Sainz (Torro Rosso) 29
10. Felipe Massa (Williams) 22
First Person
Richard Flanagan
Chatto & Windus
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
Killing of Qassem Suleimani
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.”
Results
- Brock Lesnar retained the WWE Universal title against Roman Reigns
- Braun Strowman and Nicolas won the Raw Tag Team titles against Sheamus and Cesaro
- AJ Styles retained the WWE World Heavyweight title against Shinsuke Nakamura
- Nia Jax won the Raw Women’s title against Alexa Bliss
- Daniel Bryan and Shane McMahon beat Kevin Owens and Sami Zayn
- The Undertaker beat John Cena
- The Bludgeon Brothers won the SmackDown Tag Team titles against the Usos and New Day
- Ronda Rousey and Kurt Angle beat Triple H and Stephanie McMahon
- Jinder Mahal won the United States title against Randy Orton, Rusev and Bobby Roode
- Charlotte retained the SmackDown Women’s title against Asuka
- Seth Rollins won the Intercontinental title against The Miz and Finn Balor
- Naomi won the first WrestleMania Women’s Battle Royal
- Cedric Alexander won the vacant Cruiserweight title against Mustafa Ali
- Matt Hardy won the Andre the Giant Battle Royal
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
UAE currency: the story behind the money in your pockets
Hamilton profile
Age 32
Country United Kingdom
Grands Prix entered 198
Pole positions 67
Wins 57
Podiums 110
Points 2,423
World Championships 3
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900