Glaciers are melting at record rates due to global warming. AFP
Glaciers are melting at record rates due to global warming. AFP
Glaciers are melting at record rates due to global warming. AFP
Glaciers are melting at record rates due to global warming. AFP

Climate change: Record melting of global glaciers sounds alarm for Middle East


Nicky Harley
  • English
  • Arabic

Record melting of the world’s glaciers has led to sea level rises globally, putting the Middle East under threat from storm surges, climate experts have told The National.

In 2023, glaciers suffered “alarming” record ice losses due to global warming, with the Alps losing 10 per cent of their volume over the past two years, Europe’s latest climate report reveals.

Last year's European State of the Climate report, published today by the Copernicus Climate Change Service and the World Meteorological Organisation, reveals Europe had its second hottest year on record and suffered fewer days of snow.

Samantha Burgess, deputy director of Copernicus, told The National glaciers lost up to 20 per cent more water than any other year and warns that it will have consequences globally.

She said the ice loss has led to record sea level rises, resulting in much larger storm surges, which endanger areas at or below sea level.

Glaciers around the world saw a record annual loss of ice, at around 600 gigatonnes of water – 100 gigatonnes more than any other year on record, and equivalent to almost five times the amount of ice contained in all the glaciers in central Europe.

Estimates indicate that this ice loss has contributed 1.7mm to sea level rise - the largest annual contribution on record.

“Glaciers across all Europe saw a net loss of ice in 2023 and the Alps in particular saw exceptional ice loss linked to below average winter snow and strong summer melt due to heatwaves and high temperatures,” she said.

“Around the world, we saw a record of annual mass loss of 1.1 metre of ice thickness with regional ice losses between half a metre to three metres depending on where they are and the heatwaves.

“Glaciers losing ice directly impacts sea level rise and in 2023 we saw the largest contribution of sea level rise from glaciers losing their mass than we have ever seen since we have had satellites. It’s not good.

“When we look globally most of our cities are by the sea. Sea level rises lead to storm surges and Spring tides being metres higher than they have ever been historically. If you are in a Pacific Island nation or the Middle East it is really hard to appreciate that something that happens in mountains with glaciers around the world impacts you directly but it does.

“The world should be worried.”

Record-breaking rainfall

The report reveals that Europe saw its highest number of wet days on average with 7 per cent more rain and catastrophic flooding last year, with Turkey experiencing record-breaking rainfall and flooding killing eight people.

Ms Burgess says extreme weather events like last week’s severe floods in the UAE will undoubtedly happen again until the world reaches net zero.

“We will still see extreme events this year, we have just seen Dubai having record precipitation and we know that it is because the atmosphere is warmer, it holds more moisture which leads to more intense rainfall events,” she said.

“Undoubtedly it could happen again. We cannot predict when and where, it was a really unusual meteorological event."

She said landscapes and infrastructure will need to be adapted to mitigate the impact of floods.

Weather and climate-related economic losses in 2023 are estimated at more than €13.4 billion globally.

According to preliminary estimates for 2023 from the International Disaster Database, last year in Europe, 63 lives were lost due to storms, 44 to floods and 44 to wildfires.

Last year, river flows across Europe were also the highest on record for December, with ‘exceptionally high’ flow in almost a quarter of the network.

Temperatures in Europe were above average for 11 months of the year, including the warmest September on record.

'Insane and crazy' extreme weather

“The key message for me is that Europe is the fastest-warming continent, with temperatures rising at twice the global average rate,” Ms Burgess said.

“The three warmest years on record have all occurred since 2020. Europe in 2023 saw a huge number of records, a record portion of people affected by heat stress, sea level rises, melting of glaciers and all of these impacts do not just stay in Europe but they have a global footprint.

“We also saw a huge number of extreme events which we know are likely to become more frequent and more intense due to climate change so until we reduce our greenhouse gas emissions to net zero we will continue to see climate reports like the one we have just published with records being broken all the time and crazy, insane, events impacting people both in Europe and around the world.”

Her warnings have been echoed by Celeste Saulo, Secretary-General of the World Meteorological Organisation.

“The climate crisis is the biggest challenge of our generation,” she said.

“The cost of climate action may seem high, but the cost of inaction is much higher. As this report shows, we need to leverage science to provide solutions for the good of society.”

With extreme events increasing, one positive outcome has been a record proportion of electricity generation through renewables in Europe.

Last year 43 per cent of electricity was generated through renewables, compared to 36 per cent in 2022.

For the second year in a row, energy generation from renewables overtook the generation from polluting fossil fuels.

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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Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

Dirham Stretcher tips for having a baby in the UAE

Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:

• Buy second hand stuff

 They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.

• Get a health card and vaccinate your child for free at government health centres

 Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.

• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.

Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.

• Once baby is ready for solids, cook at home

Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.

START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
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Forced%20Deportations
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Violence%20
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Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

Revival
Eminem
Interscope

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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JOKE'S%20ON%20YOU
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UAE currency: the story behind the money in your pockets
What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

COMPANY PROFILE
Name: Mamo 

 Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua

 Based: Dubai, UAE

 Number of employees: 28

 Sector: Financial services

 Investment: $9.5m

 Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 

 
Updated: April 25, 2024, 11:45 AM