Iraq will experience full-blown environmental degradation unless swift action is taken to tackle climate change, government officials and experts said on Monday.
The Ministry of Environment stated that Iraq ranks fifth on the list of countries that are most vulnerable to the effects of global warming, while the country's population of 40 million people is already facing environmental challenges including water scarcity, heatwaves and dust storms.
These challenges “limit the capabilities to fight poverty, to enhance livelihoods and to temper conflicts over natural resources”, Mohammed Al Allaf, dean of the Faculty of Agriculture at Mosul University, told a forum on climate change.
“By now, all have realised that protecting natural resources is essential to protect the environment,” Mr Al Allaf said. “Everyone will lose with any environmental collapse.”
Abandoning outdated agricultural methods and preserving the country’s vegetation cover are among the top priorities, he said.
Trees once covered more than 60 per cent of Iraq's land but Mr Al Allaf said this had dropped to less than 4 per cent.
“This a great catastrophe for us.”
One dunam — 1,000 square metres — of forest can absorb 140 kilograms of carbon dioxide and three to five tonnes of dust each year, he said.
Planting millions of dunams of forest, therefore, is urgently needed to reduce CO2 emissions, increase oxygen levels and cut pollution.
“Vegetation is not only a friend to the environment but also the cornerstone in the efforts to protect it,” Mr Al Allaf said.
Another pressing issue addressed during forum was water scarcity. About 90 per cent of the water feeding Iraq’s two main rivers, the Tigris and Euphrates, originates in Turkey or Iran.
The two countries — both facing their own recent water crises — have built dams and diverted water away from the rivers.
For decades, Iraq has failed to reach agreements with Iran and Turkey on how to ensure a fair division of the water supply, as both countries say that they, too, are suffering from scarcity of water and that Iraq follows outdated irrigation methods.
Other speakers at the forum called for more investment in renewable energy, modern waste-management technology, reducing the number of cars on Iraqi roads, raising awareness through new school curricula and for new laws aimed at stopping damage to the environment.
'We don't have time'
Abdullah Al Khafajy, a doctor and a climate activist, blamed the poor state of Iraq's environment on government inaction and the bad habits of Iraqis.
Dr Al Khafajy chastised the government for the absence of a proper green strategy in the oil sector and said that the country’s waste-management system was outdated, contributing to high air and water pollution.
“In a lot of cases, [government agencies] just burn the trash and this leads to very disastrous health outcomes — especially for the respiratory systems of human beings,” he said.
“Those fumes contain toxic materials — we in Baghdad smell those toxins almost weekly where they are burned.”
High levels of air pollution, he said, was one of the main reasons why rates of cancer and birth defects were rising in the country.
“All the time we try to advocate, we try to make change, [then] we get hit very hard by bureaucracy, corruption and political instability,” he said.
Dr Al Khafajy said the government had to act fast “because we don’t have time, Iraq is becoming a huge desert, we’re getting buried with sandstorms almost weekly and we can’t stand this and tolerate this any longer”.
He called on government and private sector to fund green initiatives, to allow youths to play their role in shifting the economy and to encourage more environment-focused start-ups.
However, he acknowledged that the road to environmental progress will be long.
“We need to educate, we need to advocate for the inclusion of climate action in our curricula not just the university curricula, but also middle school and primary school,” he said.
“We need children to grow up learning about the climate change and the catastrophe that could happen if we do not take action as soon as possible,” he added. “We should all take action to combat that.”
The one-day Climate Change International Forum took place in Mosul, a city that is still recovering from the three-year reign of ISIS and the war to drive the militants out.
Mosul and surrounding areas are facing a wide range of challenges, from postwar reconstruction to threats from climate change.
Despite its woes, Mosul has set an example for other Iraqi cities.
Last year, the non-governmental group Mosul Eye launched a drive to plant trees in and around the city, including a forest inside the city itself. More than 9,000 trees have been planted so far.
Provincial authorities in the province of Nineveh, where Mosul is located, planted more than 21,000 trees of different varieties last year, reviving part of its famous forests damaged during the war against ISIS. More than 3,000 trees have been planted this year alone.
“The current situation in Iraq is critical and we need to act swiftly,” said Anas Al Taie, executive director of Mosul Eye, which organised the forum.
“The problems we are facing in Iraq in general and Mosul in particular need years to be dealt with in order to change the reality.
“More provinces, especially those in southern Iraq, will lose a lot due to searing temperatures, lack of water and lost vegetation.”
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The Written World: How Literature Shaped History
Martin Puchner
Granta
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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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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
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”