Forest fires are becoming increasingly more common outside the tropics, raising concerns about the future ability of trees to absorb carbon dioxide under climate change, a study has warned.
Carbon emissions from forest fires have surged globally by 60 per cent between 2001 and 2023, and almost tripled in some of the most vulnerable northern boreal forests, which cover areas including Siberia, Scandinavia, Canada and Alaska.
The blazes, which are being fuelled by global warming, have resulted in the release of an additional half a billion tonnes of carbon a year.
Forests are major carbon sinks, which means they absorb more carbon dioxide than they release, offsetting the impact of global warming. When they burn, the carbon stored in them is released, turning them into a carbon dioxide source.
Carbon is drawn back out again when the vegetation regrows. But more widespread and severe forest fires are a sign that emissions are now out of balance with the carbon captured by post-fire recovery, say researchers.
Wildfires in Canada – in pictures
“Increases in both the extent and severity of forest fires have led to a dramatic rise in the amount of carbon emitted by forest fires globally,” said Lead author Dr Matthew Jones, of the Tyndall Centre for Climate Change Research at the University of East Anglia, which led the research.
“Startling shifts in the global geography of fires are also under way, and they are primarily explained by the growing impacts of climate change in the world’s boreal forests.
“To protect critical forest ecosystems from the accelerating threat of wildfires, we must keep global warming at bay and this underscores why it is so vital to make rapid progress towards net zero emissions.”
The study found the fires are also becoming more severe, with the carbon combustion rate, a measure of carbon dioxide per unit of area burnt, rising by almost 50 per cent across forests globally between 2001 and 2023. The long-term effect depends on how forests recover, say researchers.
The researchers warned further expansion of forest fires can only be averted if the primary causes of climate change, such as fossil fuel emissions, are tackled.
“The steep trend towards greater extratropical forest fire emissions is a warning of the growing vulnerability of forests and it poses a significant challenge for global targets to tackle climate change,” said Dr Jones.
“We know that forests rebound poorly after the most severe fires, so there is huge interest in how the observed increases in fire severity will influence carbon storage in forests over the coming decades. This demands our close attention.”
The rise in carbon dioxide emissions from forest fires contrasts with the reduced burning of the world’s tropical savannahs during the same period.
“Until now, reduced burning in the already fire-prone savannahs and grasslands has masked increases in forest fire extent and severity that are hugely consequential for society and the environment,” said Dr Jones.
“Our work shows that fires are increasingly happening where we don’t want them to – in forests, where they present the greatest threat to people and to vital carbon stores.”
Last month it was revealed that Brazil’s Amazon and Pantanal wetland regions have experienced their worst wildfires in almost two decades. About 2.4 million hectares of forests, fields and pastures in the Amazon burnt between June and August.
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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Price: From Dh117,059
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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.”
Defined benefit and defined contribution schemes explained
Defined Benefit Plan (DB)
A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.
Defined Contribution Plan (DC)
A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
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
Bombshell
Director: Jay Roach
Stars: Nicole Kidman, Charlize Theron, Margot Robbie
Four out of five stars
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Company%20Profile
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