A red alert to the world over the state of the climate in 2023 was sounded by the World Meteorological Organisation in a report published today.
Records were again broken, and in some cases smashed, for greenhouse gas levels, surface temperatures, ocean heat and acidification, sea-level rise, Antarctic sea ice cover and glacier retreat, the WMO says.
The WMO State of the Global Climate 2023 report shows that heatwaves, floods, droughts, wildfires and rapidly intensifying tropical cyclones caused misery, upending everyday life for millions and inflicting many billions of dollars in economic losses.
Last year was confirmed as the warmest year on record, with the global average near-surface temperature at 1.45°C above preindustrial levels. It was also the warmest 10-year period on record.
“Sirens are blaring across all major indicators,” said UN Secretary General Antonio Guterres.
"Some records aren’t just chart-topping, they’re chart-busting. And changes are speeding-up.
WMO Secretary General Andrea Celeste Saulo said: “Never have we been so close – albeit on a temporary basis at the moment – to the 1.5°C lower limit of the Paris Agreement on climate change.
“The WMO community is sounding the Red Alert to the world.
“Climate change is about much more than temperatures.
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"What we witnessed in 2023, especially with the unprecedented ocean warmth, glacier retreat and Antarctic sea ice loss, is cause for particular concern."
On an average day in 2023, nearly one third of the global ocean was gripped by a marine heatwave, harming vital ecosystems and food systems.
Towards the end of 2023, more than 90 per cent of the ocean had experienced heatwave conditions at some point during the year.
The global set of reference glaciers suffered the largest loss of ice on record (since 1950), driven by extreme melt in western North America and Europe, according to preliminary data.
Levels of Antarctic sea ice were by far the lowest on record, with the maximum extent at the end of winter at 1 million square kilometres below the previous record year – equal to the size of France and Germany combined.
“The climate crisis is the defining challenge that humanity faces and is closely intertwined with the inequality crisis – as witnessed by growing food insecurity and population displacement, and biodiversity loss,” said Ms Saulo.
The report also says that the number of people who are acutely food insecure worldwide has more than doubled, from 149 million people before the coronavirus pandemic to 333 million people in 2023 (in 78 monitored countries by the World Food Programme).
Weather and climate extremes may not be the root cause, but they are aggravating factors, the report says.
Weather hazards continued to cause displacement in 2023, showing how climate shocks undermine resilience and create new risks among the most vulnerable populations.
But the report did find a glimmer of hope.
Renewable energy generation, primarily driven by solar radiation, wind and the water cycle, has surged to the forefront of climate action for its potential to achieve decarbonisation targets.
In 2023, renewable capacity increased by almost 50 per cent from 2022, for a total of 510 gigawatts – the highest rate observed in the past two decades.
The report is published as the Copenhagen Climate Ministerial takes place this week.
2023 confirmed as hottest year on record - in pictures
Climate leaders and ministers from around the world will gather for the first time since Cop28 in Dubai to push for accelerated climate action.
High on the agenda will be enhancing countries' Nationally Determined Contributions before the February 2025 deadline, and agreeing on finance at Cop29 to turn plans into action.
'Nope'
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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.”
Top 10 most polluted cities
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- Delhi, India
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- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Ovo's tips to find extra heat
- Open your curtains when it’s sunny
- Keep your oven open after cooking
- Have a cuddle with pets and loved ones to help stay cosy
- Eat ginger but avoid chilli as it makes you sweat
- Put on extra layers
- Do a few star jumps
- Avoid alcohol
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