One of the Antarctic’s most important ice features faces inevitable melting that will contribute to climate change, researchers said on Monday.
They fear humans “may have lost control” of the West Antarctic Ice Sheet, meaning that even if efforts to control emissions are successful, its loss will continue to accelerate this century, a study published in Nature Climate Change found.
Study lead author Dr Kaitlin Naughten, from the British Antarctic Survey, said other research points to it contributing to a sea level increase of about one metre by 2100.
“Our study suggests that regardless of how much we reduce fossil fuels, melting of West Antarctic ice shelves – the floating parts of the ice sheet around the edges – can be expected to accelerate dramatically over the next century,” she told The National.
Warming oceans erode the ice sheet from underneath and this effect is most pronounced on the western side of the continent.
“The West Antarctic Ice Sheet is the most vulnerable part of Antarctica because most of it is below sea level,” Dr Naughten added.
“This means the ocean could melt its way beneath the glaciers and melt them from the bottom up. Even a tiny increase in ocean temperatures would lead to ice loss.”
If the entire West Antarctic Ice Sheet melted, it would contribute to a roughly five-metre rise in sea levels, though that scenario is considered unlikely, BAS said.
East Antarctica, which contains about 95 per cent of the continent’s ice, remains stable as far as scientists can see.
“It appears we may have lost control of the West Antarctic Ice Sheet melting over the 21st century,” she said.
“Our actions today likely will make a difference further down the line in the 22nd century and beyond, but that’s a timescale that probably none of us here will be around to see.”
A recent study found the amount of ice has been increasing there over the past 30 years, though it is rapidly melting in the west, with a net loss of about 7.5 trillion tonnes of ice.
“This is a sobering piece of research,” said Prof Alberto Naveira Garabato, an oceanographer at the University of Southampton.
“It illustrates how our past choices have likely committed us to substantial melting of the West Antarctic Ice Sheet and its consequent sea level rise – to which we will inevitably have to adapt as a society over coming decades and centuries.
“However, it should also serve as a wake-up call. We can still save the rest of the Antarctic Ice Sheet, containing about 10 times as many metres of sea level rise, if we learn from our past inaction and start reducing greenhouse gas emissions now.”
How much the melting will contribute to rising oceans is not as well understood as other polar regions such as the Greenland glaciers.
For the current study, Dr Naughten’s BAS team simulated four scenarios for the 21st century, imagining that emissions are either controlled to rein in the global temperature rise to 1.5°C or 2°C above pre-industrial levels or that emissions continue at a medium or high level.
Each scenario showed there would be widespread warming of the Amundsen Sea, which borders West Antarctica, resulting in faster melting of the ice sheets.
The various emissions pathways did not show much difference until around 2045 when the high-emissions simulation began to increase the rate of melting faster than the other scenarios.
The study suggests an inevitable rise of sea levels that will likely devastate many coastal communities if they do not adapt.
Millions of people around the world, who live by the coast, will either have to “build around” or abandon areas, Dr Naughten said,
Already in the UK the Welsh village of Fairbourne is scheduled for abandonment in the 2050s.
Other scientists cautioned against viewing the results of the study as being conclusive as they are based on a single model, but that it is in line with other similar studies.
UAE currency: the story behind the money in your pockets
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.”
The Laughing Apple
Yusuf/Cat Stevens
(Verve Decca Crossover)
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Killing of Qassem Suleimani
Avatar%3A%20The%20Way%20of%20Water
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJames%20Cameron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ESam%20Worthington%2C%20Zoe%20Saldana%2C%20Sigourney%20Weaver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The years Ramadan fell in May
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
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
WISH
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Chris%20Buck%2C%20Fawn%20Veerasunthorn%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Ariana%20DeBose%2C%20Chris%20Pine%2C%20Alan%20Tudyk%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A