The world just experienced its hottest May on record, extending an exceptional 12-month streak in which every month the temperature reached a new high, according to European Union's climate change monitoring service.
Copernicus Climate Change Service said the global average temperature for the month was 0.65°C above the 1991–2020 average and 1.52°C higher than the 1850-1900 period before people started burning fossil fuels. That marks the 11th consecutive month the world has breached the so-called “stretch target” threshold set by the Paris Agreement to limit the deadliest effects of climate change.
The month saw several countries experience temperatures of over 40°C for a period, with heatwaves affecting countries including Israel, Palestine, Lebanon and Syria and large regions of Asia.
The global average temperature for the last 12 months, from last June to this May is the highest on record, at 0.75°C above the 1991–2020 average and 1.63°C higher than the 1850-1900 period before people started burning fossil fuels.
“It is shocking but not surprising that we have reached this 12-month streak,” said Carlo Buontempo, Copernicus Director.
While this sequence of record-breaking months will eventually be interrupted, the overall signature of climate change remains and there is no sign in sight of a change in such a trend.”
Over time the string of hottest months will be remembered as “comparatively cold” but if the world manages to stabilise the concentrations of greenhouse gases in the atmosphere in the very near future it might be able to return to these “cold” temperatures by the end of the century, he said.
UN Secretary-General António Guterres said every turn of the calendar for the past year has turned up the heat.
The planet is trying to tell us something, he said, “but we don't seem to be listening”.
“We’re shattering global temperature records and reaping the whirlwind. It’s climate crunch time. Now is the time to mobilise, act and deliver,” added Mr Guterres.
It comes after the UK’s Met Office confirmed that the country had its warmest May and spring on record, with an average temperature of 13.1°C for the UK, beating the previous record in 2008 by a full 1°C, making it the warmest May in records dating back to 1884.
The Met Office said the month's high average temperatures were influenced particularly by warm conditions in the northern half of the UK, and by high overnight temperatures.
Meteorological spring, which covers the months of March, April and May, was also the warmest – and one of the wettest, on record, the figures show.
It was the sixth wettest on record, and the wettest since 1986, with an average of 301.7mm of rain in March, April and May, almost a third, or 32 per cent, more than usual for the season.
Climate tipping points – in pictures
El Nino
El Nino, the natural weather phenomenon that contributed to 2023 being the hottest year on record, has recently subsided, paving the way for its opposing, cooling La Nina phase to begin.
But in the context of a warming planet due to human-caused climate change, scientists say that cooling effect may be miniscule.
El Nino can weaken consistent trade winds that blow east to west across the tropical Pacific, influencing weather by affecting the movement of warm water across this vast ocean. This weakening warms the usually cooler central and eastern sides of the ocean, altering rainfall over the equatorial Pacific and wind patterns that change temperature and rain around the world.
The extra heat at the surface of the Pacific releases energy into the atmosphere that can temporarily drive up global temperatures, which is why El Nino years are often among the warmest on record.
It occurs every two to seven years, and lasts nine to 12 months.
The latest El Nino, which began in June 2023, peaked among the five strongest such events on record, according to the World Meteorological Organization.
Although El Nino has been dissipating, the first four months of 2024 have continued to break heat records - unsurprisingly as the cycle typically drives up temperatures the year after it develops.
The El Nino-Southern Oscillation (ENSO) is "not an on-off switch", said said Michelle L'Heureux, lead ENSO forecaster for the US NOAA weather agency. "It takes a while for the global atmospheric circulation to adjust."
Scientists anticipate that the neutral period between the two cycles will begin between May and July.
Above-normal temperatures are forecast to persist through July across the northern and southern hemispheres, with just equatorial regions anticipated to see near-to-below normal temperatures, according to WMO.
La Nina sees the eastern Pacific Ocean cool for a period of about one to three years, generating the opposite effects to El Nino on global weather.
It leads to wetter conditions in parts of Australia, southeast Asia, India, southeast Africa and northern Brazil, while causing drier conditions in parts of South America.
It can also contribute to more severe Atlantic hurricanes, and NOAA has forecast an "extraordinary" storm season ahead this year.
La Nina tends to bring down global temperatures, although Ms L'Heureux warned against hopes of relief in areas like southeast Asia that have recently be battered by scorching heatwaves.
"The world is warming and ENSO is acting secondary to that," she said.
"Even this year with La Nina potentially developing, we're still expecting basically a top-five global mean temperature record," she said.
NOAA says there is a 69 percent chance of La Nina beginning sometime between July and September.
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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
Funds raised: $22 million
Griselda
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ARGENTINA SQUAD
Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez
SPECS
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PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
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
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
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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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Book%20Details
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COMPANY%20PROFILE
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Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc