Concrete production is among the largest contributors to climate change, accounting for about eight per cent of global carbon dioxide emissions.
That is why it is a priority to find less environmentally harmful building materials if the world is to achieve net zero.
A study in the Applied Clay Science journal shows brick manufacturing accounts for 2.7 per cent of global carbon emissions, with the kilns where bricks are fired having a significant footprint.
Producing concrete releases large amounts of carbon because of the process that generates clinker, a key ingredient of cement that, alongside water and the likes of sand and gravel, is a main component of concrete.
Carbon dioxide is given off during the production of clinker.
The International Energy Agency states that, along with other measures, using alternatives to clinker will play a significant role in helping the cement sector to achieve net zero by 2050.
Researchers at the American University of Ras Al Khaimah are analysing the properties of concrete when 5 per cent, 10 per cent or 15 per cent of the cement is replaced with rice ash husk.
Many other research groups around the world have investigated the use of this silica-rich material, which offers strength and stability.
Another approach has been taken in Germany by the Technical University of Dresden and an architectural company called Henn, who said last year that they constructed the world’s first building using "carbon concrete", in which the concrete was reinforced carbon fibre, instead of steel.
The carbon fibre is only a quarter of the weight of steel but is six times stronger, Henn said.
Other ways to strengthen concrete are being examined, with the Rensselaer Polytechnic Institute in the US working to develop reinforcing bars made from natural fibres such as hemp and flax, bound up with plastic.
The production of these bars is more environmentally friendly than that of steel reinforcing bars – and they act as a carbon store.
Biochar, a carbon-rich charcoal-like substance, is also involved in carbon storage and is used as a component of the external cladding of buildings, something that has been tested in Germany.
In the UK, Cambridge Carbon Capture has developed a method to produce lightweight bricks made by bubbling air through a slurry of magnesium oxide.
Carbon dioxide from the air combines with the magnesium oxide to create magnesium carbonate, which can be dried to produce the bricks. This method represents a way of actually taking carbon dioxide out of the atmosphere.
Another brick in the wall
Kenoteq, a company in Scotland that was spun out of Heriot-Watt University, which has a campus in Dubai, aims to cut carbon emissions by producing a brick using recycled materials including plasterboard, brick, mortar, rubble or stone.
Lucy Black, head of business development at the company, said the embodied carbon of its K-Briqs is less than five per cent that of standard bricks.
"The K-Briq is comparable in terms of technical performance to a traditional clay and concrete brick, but our unique selling point is the fact it’s made out of recycled material and has a very low carbon footprint," she said.
"Most building materials are made from raw materials and subject to extraction and mining. That’s a hugely energy and carbon-intensive process. Additionally, our raw materials are finite and the Earth is beginning to run out."
The process uses materials that would often have ended up in landfill, with Ms Black saying that construction waste accounts for about 40 per cent of all the world’s waste.
The bricks, made in a range of colours, are currently available for interior use. The company is in the final stages of securing certification for external applications in the UK, Europe and the US.
Local solutions
Local production processes could be set up under licence so that local waste could be used, rather than materials that have to be shipped long distances. This would also provide a solution to the local waste problem and provide jobs, the company said.
"We’ve been out at Cop28 and had discussions in the UAE and there’s a lot of interest there," Ms Black said.
Kenoteq supplied bricks that Dubai Holding used for its exhibition space at the climate change summit last year and Ms Black said the display had now been transferred to the UAE company’s headquarters.
In another recycling project, researchers at the University of Cambridge have developed a method in which used cement is employed in place of lime flux in electric arc furnaces, which recycle steel.
At the end of the process, the used cement – said to have similar characteristics to new cement – can be recycled into concrete.
"The proposed process may be economically competitive, and if powered by emissions-free electricity, can lead to zero-emissions cement while also reducing the emissions of steel recycling by reducing lime flux requirements," the researchers wrote this year in the Nature journal.
The final straw
As well as new high-tech methods for building construction, efforts are being made to revive older technology. At the University of Plymouth in the UK, Prof Steve Goodhew leads the CobBauge project, which has developed a new way to use cob, a traditional building material made from soil, straw, water and lime.
The aim, he said, is to "take the material into the 21st century" by giving it the insulation properties required by modern building regulations.
"There’s an awful lot of anecdotal evidence from people who live in these type of buildings that the material is warm in winter and cool in summer," Prof Goodhew said.
The approach, tested on two demonstration buildings in Normandy and at the university’s campus, involves having a layer of cob (with about 2.5 per cent straw) to provide structural support, and a light earth layer (a mix of earth and the inside part of the hemp stalk) to moderate heat loss or gain.
By reducing the amount of heat that passes through the wall, the thermal light earth layer helps the cob meet building regulations that, in turn, means contractors can use the material in construction projects.
The embodied carbon of buildings made from cob is far less than that of a standard concrete or brick building, researchers said.
There is a long tradition of using cob in the Middle East. In Yemen, some Unesco World Heritage List buildings that are up to seven storeys tall are made from the material, Prof Goodhew said. Yemeni cob buildings are made from relatively thin sun-dried blocks put together with earth mortar and are often finished with a lime rendering, he explained.
"The only issue is that the walls have to be thicker and in Yemen that’s the case," he said. "As the buildings get taller, the walls taper towards the upper storey so the structural bearing capacity can be maintained."
Cob tends to be unsuitable for very tall buildings, due to the thickness of the walls necessary to support the increased loads, but it is an appealing option for low-rise construction in areas with clay-rich soils.
If properly constructed and maintained, cob buildings can last as long as standard masonry construction, as shown by the continued presence in south-west England of 16th-century cob-based dwellings.
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Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
UAE currency: the story behind the money in your pockets
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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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.”
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.