A deadly storm approaches a low-lying coast – exposing vulnerable communities in its path to devastation. But a simple text message pinged on to their phones helps them escape to higher ground. It sounds simple, but early warning systems save lives, yet half the countries in the world are still not covered.
The issue took centre stage at Cop29 in Azerbaijan on Wednesday for an event titled “Delivering early warnings for all and addressing extreme heat”. UN Secretary General Antonio Guterres told the event the world was in the “home stretch of a brutal year” as he urged countries at the talks to deliver funds to help the most vulnerable tackle extreme weather events.
"In this era of climate catastrophe, early-warning systems and protection from extreme heat are not luxuries," said Mr Guterres. "They are necessities. And sound investments."
An early-warning system in particular can be an effective and cost-efficient tool. According to the UN, just 24 hours' notice of an impending hazardous event can reduce damage by 30 per cent, while investing just US$800 million in these types of systems in developing countries can prevent losses of $3 to $16 billion per year.
They can be developed using weather stations, radars, sensors and marine buoys to build a data-driven system to help people on the front lines. A system in the Marshall Islands in the central Pacific, for example, can now help tell when a “king tide” is coming and allow local authorities to build sand barriers before the waters encroach.
“The Marshall Islands relies on early-warning systems to respond to climate disasters which unfortunately are already upon us,” Yetta Aliven, information management officer at the Marshall Islands National Disaster Management Office, told The National. “We are building effective emergency communications systems that can get the word out to the most isolated parts of the country."
Ms Aliven said they also needed systems to protect vital coral reefs that are at risk, but that more assistance was needed. “We welcome the support we have received but we need more. That is why we support the UN Secretary General’s call for more funding to roll out these systems.”
The UN is leading the charge with its Early Warnings for All initiative, which aims to ensure every person on Earth is covered by such systems by 2027. But many remain without one. For example, small, developing island states are responsible for less than one per cent of warming emissions that are the primary driver of climate change, yet only a third have them.
“Too often, the basic data to create these systems is unavailable,” said Mr Guterres. “On average, least-developed countries and small island developing states have less than 10 per cent of the data they need for effective alert systems.”
Mr Guterres also told the summit that small island developing states had a right to be angry with rich nations. "You have every right to be angry. I am too," he said. "You are on the sharp end of a colossal injustice."
Warning systems, meanwhile, could also be used for long-term situations such as drought so authorities and relief agencies get supplies of food and financial support to communities, so they don’t lose their incomes and livelihoods.
“So after the community survives these storms, they have access to seeds or crops or to whatever's required to get them going again,” Andrew Harper, special adviser on climate action at the UNHCR, told The National. “Early warning allows communities to bounce back.”
He said that despite what is often said in the West about seeing huge numbers of people leave areas being affected by climate change, the “vast majority” want to stay. At Cop29, countries are trying to agree on new flows of finance to help those most in need deal with climate change. Three days into the summit, talks remain complex. Mr Harper highlighted a reluctance from people to "invest in the future" or in something "that is not profit-making".
“We have to understand that we're all going to have to live in a future, which is going to become increasingly unpredictable,” he said. “So these investments increase our ability to ... get through this unpredictability.”
Not only are vulnerable countries without these systems, some of the world’s most vulnerable communities are often the last to be thought of when these systems are deployed. Refugees often live in areas prone to extreme weather events, don’t have access to information, are scared and are resistant to leave because they often don’t trust people.
Huge refugee camps in Bangladesh, for example, lie in the path of storms coming in from the cyclone-prone Bay of Bengal with hundreds of thousands of people in shelters crowded together on muddy hills that are liable to collapse. Mr Harper said they had been working with Bangladesh to ensure its successful warning systems were being made available to refugees.
“Early-warning systems are non-negotiable now,” he said. “We now need to invest in what that data and science is telling us. If we don't, there will be consequences. If we do, there'll be lives saved.”
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
SPECS
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The%20specs%3A%202024%20Mercedes%20E200
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Sholto Byrnes on Myanmar politics
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
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The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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.”
A Dog's Journey
Directed by: Gail Mancuso
Starring: Dennis Quaid, Josh Gad, Marg Helgenberger, Betty Gilpin, Kathryn Prescott
3 out of 5 stars
The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
COMPANY%20PROFILE
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The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
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The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
The%20specs
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
COMPANY%20PROFILE
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