Activists at Cop27 are calling for a “Paris Agreement for nature” to prevent land degradation and biodiversity loss.
“We are losing biodiversity at the fastest rate in history,” said Lucy Almond, director and chair of Nature4Climate, at a panel for the summit’s Biodiversity Day on Wednesday.
“CBD [the Convention on Biological Diversity] must deliver that Paris moment for nature,” she said.
Marco Lambertini, director general of World Wildlife Fund International, echoed the same message.
“We want a Paris-style agreement for nature,” he said. “What we can learn is to move faster. It took too long to realise we are in a disaster.”
The Paris Agreement, adopted by 196 parties in 2015, aims to limit global warming this century to well below 2ºC above pre-industrial levels and pursue efforts to limit it to 1.5ºC.
Under the treaty, countries submit nationally determined contributions to report on their progress.
The CBD, adopted at the 1992 Earth Summit in Rio de Janeiro, has three main goals: the conservation of biological diversity, the sustainable use of its components, and the fair and equitable sharing of benefits arising from genetic resources.
In pictures - Cop27's Blue Zone
But environmentalists, campaigners and experts say that is not enough. They are asking for a global biodiversity framework that would include conservation targets and progress reports similar to the NDCs.
After Cop27 in Sharm El Sheikh concludes on Friday, another “Cop” will follow next month in Montreal, Canada.
At the UN Biodiversity Conference Cop15, governments are meant to come together to agree on a new set of goals to guide global action throughout this decade to stop and reverse nature loss.
The UN Decade on Ecosystem Restoration runs from 2021 through 2030, the deadline for the 17 Sustainable Development Goals and the timeline scientists have set as the last chance to prevent a climate change catastrophe.
Wildlife populations have fallen by nearly 70 per cent over the past five decades, according to the WWF’s Living Planet report released in October.
It described climate change and biodiversity loss as “two sides of the same coin”.
“Climate change and nature loss are not only part of the same challenge. They are interconnected and reinforcing each other,” Mr Lambertini said. “They are equal dangers to the future.”
Nature-based solutions
While the solutions to biodiversity loss and land degradation require financial and political commitments, countries have been warned that they cannot afford to ignore the problem.
The World Economic Forum estimates that $44 trillion of economic value generation — over half of global total GDP — is dependent on nature.
“The economic case for nature preservation has never been stronger,” Mr Lambertini told The National.
“Nature is effectively providing so many services to the economy, so it’s not just about the economy, but it’s also about the economy.”
Nature-based solutions have been shown to be cost-effective, have regenerative abilities and help fight climate change.
For example, farmer-managed natural regeneration involves the regrowth of trees and shrubs from felled tree stumps, root systems or seeds, rather than planting new ones.
Tony Rinaudo, an Australian agronomist, pioneered the method as he helped to transform millions of hectares of dry land in Niger.
“With nature-based solutions, it’s not an either-or,” Mr Rinaudo, principal natural resources adviser at World Vision Australia, said at a separate panel. “Despite the success, there is a lack of awareness globally on the potential of this method.”
Projects that regenerate land or biodiversity are not always seen as profitable or bankable by investors.
That is changing with initiatives such as 1,000 Landscapes for 1 Billion People, which seeks to bring different sectors — for example, forests and fisheries — together into infrastructure projects that can be presented to investors.
“The good news is that investors are getting really excited about restoration and wanting to pay for it,” said Paul Chatterton, founder and chief executive of the Landscape Finance Lab.
Nico Janssen, programme lead for agricultural livelihoods at the Ikea Foundation, said society had to change the narrative to appreciate what the planet is providing and how it is being exploited.
“We need a radical transformation of this system, so that people, nature and climate collaborate much better,” Mr Janssen said.
%3Cp%3EThe%20Department%20of%20Culture%20and%20Tourism%20-%20Abu%20Dhabi%E2%80%99s%20Arabic%20Language%20Centre%20will%20mark%20International%20Women%E2%80%99s%20Day%20at%20the%20Bologna%20Children's%20Book%20Fair%20with%20the%20Abu%20Dhabi%20Translation%20Conference.%20Prolific%20Emirati%20author%20Noora%20Al%20Shammari%2C%20who%20has%20written%20eight%20books%20that%20%20feature%20in%20the%20Ministry%20of%20Education's%20curriculum%2C%20will%20appear%20in%20a%20session%20on%20Wednesday%20to%20discuss%20the%20challenges%20women%20face%20in%20getting%20their%20works%20translated.%3C%2Fp%3E%0A
Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20JustClean%3Cbr%3E%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20with%20offices%20in%20other%20GCC%20countries%3Cbr%3E%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%3C%2Fstrong%3E%202016%3Cbr%3E%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20160%2B%20with%2021%20nationalities%20in%20eight%20cities%3Cbr%3E%3Cstrong%3E%3Cbr%3ESector%3A%3C%2Fstrong%3E%20online%20laundry%20and%20cleaning%20services%3Cbr%3E%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%2430m%20from%20Kuwait-based%20Faith%20Capital%20Holding%20and%20Gulf%20Investment%20Corporation%3C%2Fp%3E%0A
The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
Tenet
Director: Christopher Nolan
Stars: John David Washington, Robert Pattinson, Elizabeth Debicki, Dimple Kapadia, Michael Caine, Kenneth Branagh
Rating: 5/5
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.”
LIVERPOOL%20TOP%20SCORERS
%3Cp%3E(Premier%20League%20only)%3Cbr%3EMohamed%20Salah%20129%3Cbr%3ERobbie%20Fowler%20128%3Cbr%3ESteven%20Gerrard%20120%3Cbr%3EMichael%20Owen%20118%3Cbr%3ESadio%20Mane%2090%3Cbr%3E%3C%2Fp%3E%0A
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners