The Paris climate accords are set to go into effect this week in Turkey, the last of the G20 states to embrace the world’s main climate pact and commit to net-zero carbon emissions by 2053. So why did Recep Tayyip Erdogan, Turkey's President, decide against attending the ongoing Cop26 climate conference in Glasgow?
The official reason was "security concerns", but even as Turkey steps into the international community of global warming warriors, it sees fit to keep one foot in humanity’s eco-unfriendly past. That’s the climate change cha-cha-cha Mr Erdogan has spent much of his career perfecting.
As Istanbul mayor in the mid-1990s, he warned that a third bridge over the Bosphorus would be the death of the city. But as the nation’s leader some years later, he approved its construction, and the destruction of some of Istanbul’s last forests, then spoke at the 2016 opening of Sultan Selim Bridge.
That megaproject was part of Mr Erdogan’s $200 billion construction-led infrastructure agenda, which, for about a decade, helped spur economic growth. To counter complaints about the resulting environmental damage – most notably during the nationwide Gezi protests in mid-2013 – the government embarked on a record-setting tree-planting campaign.
Since taking power in 2002, the government of the Justice and Development Party (AKP) says it has planted more than 4bn trees and hopes to reach 7bn by 2023. And last week, Mr Erdogan laid out plans to establish more than 400 national gardens, including at Istanbul’s former Ataturk Airport, and green 66 million square metres of land.
But Turkey's forestry union chief said last year that up to 90 per cent of government-planted saplings have died due to lack of rainfall or being planted at the wrong time of year. And earlier this year, Turkey’s Mediterranean coast saw its most devastating wildfires in decades and sea slime choked ports across Istanbul and the Marmara Sea, with a top Turkish ecologist citing rapid urbanisation, deforestation, runoff and soil erosion as key factors in both.
Many big cities have struggled with water shortages over the past year, as persistent drought has left Turkey water-stressed. Dozens of new mines and dams – such as the massive Ilisu Dam, which required the submersion of an ancient village and opened this past Saturday – have imperilled ecosystems across the country. Yet, minutes after the Turkish Parliament ratified the Paris Agreement last month, legislators approved a bill making the country eligible for nuclear waste transfer, potentially turning Turkey, as one columnist put it, "into a nuclear waste dump".
Of course, amid economic troubles and a lingering pandemic, determining energy and climate policies these days is complicated business. Consider that on the sidelines of the most important climate conference in years – at which US President Joe Biden called on the oil and gas industry to reduce harmful emissions – US Secretary of State Anthony Blinken urged US allies to increase oil and gas production.
Turkey’s leading forestry union says the vast majority of government-planted saplings are dead
With Morgan Stanley expecting gas prices to rise 40 per cent by 2030, Turkey’s recent natural gas discovery in the Black Sea is likely to take on greater import. Yet, a new report from several European NGOs urges Turkey to end coal subsidies and make its fossil fuel companies responsible for their emissions, embracing the “polluter pays” principle.
Offering a progressive counter to Mr Erdogan, Istanbul Mayor Ekrem Imamoglu, who is widely seen as a top presidential challenger, will attend the Glasgow summit to speak on two panels as an urban sustainability expert. His experience battling the environmental impact of government decisions – such as its $20bn canal meant to bisect the city’s European side – may have earned him the invites.
Skipping out on Cop26 may have already put Ankara in a hole. Turkey is among the more than 130 countries that signed onto the first big initiative to come out of Glasgow, a commitment to end deforestation by 2030. Yet, it is not among the nearly 100 countries joining the UK-India plan to link the world’s green power grids and spur faster roll-out of low-carbon technologies. Nor is Turkey among the 90 countries that signed onto the EU-US initiative to cut methane emissions 30 per cent by 2030.
Turkey’s agricultural production has fallen sharply in recent years, and its farmers are deep in debt, as I detailed in August. Just last week, a Greek climate scientist predicted further decreases in farm output across the eastern Mediterranean region. Ankara would thus have been wise to join the US and the UAE, two states with which it has sought better ties of late, in investing billions to boost agricultural innovation and climate adaptation.
The world has made some progress on climate in recent years, reducing the expected temperature increase by the end of this century from a cataclysmic 4°C to a merely devastating 3°C. Much still needs to be done, and Glasgow may be, as US climate envoy John Kerry put it, the "last best hope for the world to get its act together".
Citing what’s known as climate debt, Ankara believes developed states shoulder the greatest burden when it comes to saving the planet. “Whoever savagely exploited natural resources needs to make the largest contribution to the fight against climate change,” Mr Erdogan told the UN in September.
But China overtook the US as the world’s largest emitter of greenhouse gases back in 2006, and developing states such as Turkey have been exploiting resources for decades. At some point, Ankara will need to acknowledge its exploitative policies and fully join the global fight against climate change, rather than going halfway and passing the blame.
For the welfare of Turkish citizens let’s hope it’s sooner rather than later.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
UAE currency: the story behind the money in your pockets
The years Ramadan fell in May
The team
Photographer: Mateusz Stefanowski at Art Factory
Videographer: Jear Valasquez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Model: Randa at Art Factory Videographer’s assistant: Zanong Magat
Photographer’s assistant: Sophia Shlykova
With thanks to Jubail Mangrove Park, Jubail Island, Abu Dhabi
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
ESSENTIALS
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes.
Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
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.”
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Silkhaus%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Aahan%20Bhojani%20and%20Ashmin%20Varma%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Property%20technology%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%247.75%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Nuwa%20Capital%2C%20VentureSouq%2C%20Nordstar%2C%20Global%20Founders%20Capital%2C%20Yuj%20Ventures%20and%20Whiteboard%20Capital%3C%2Fp%3E%0A
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Emirates Cricket Board Women’s T10
ECB Hawks v ECB Falcons
Monday, April 6, 7.30pm, Sharjah Cricket Stadium
The match will be broadcast live on the My Sports Eye Facebook page
Hawks
Coach: Chaitrali Kalgutkar
Squad: Chaya Mughal (captain), Archara Supriya, Chamani Senevirathne, Chathurika Anand, Geethika Jyothis, Indhuja Nandakumar, Kashish Loungani, Khushi Sharma, Khushi Tanwar, Rinitha Rajith, Siddhi Pagarani, Siya Gokhale, Subha Srinivasan, Suraksha Kotte, Theertha Satish
Falcons
Coach: Najeeb Amar
Squad: Kavisha Kumari (captain), Almaseera Jahangir, Annika Shivpuri, Archisha Mukherjee, Judit Cleetus, Ishani Senavirathne, Lavanya Keny, Mahika Gaur, Malavika Unnithan, Rishitha Rajith, Rithika Rajith, Samaira Dharnidharka, Shashini Kaluarachchi, Udeni Kuruppuarachchi, Vaishnave Mahesh
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
COMPANY PROFILE
Company name: Blah
Started: 2018
Founder: Aliyah Al Abbar and Hend Al Marri
Based: Dubai
Industry: Technology and talent management
Initial investment: Dh20,000
Investors: Self-funded
Total customers: 40
Related
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Test squad: Azhar Ali (captain), Abid Ali, Asad Shafiq, Babar Azam, Haris Sohail, Imam-ul-Haq, Imran Khan, Iftikhar Ahmed, Kashif Bhatti, Mohammad Abbas, Mohammad Rizwan(wicketkeeper), Musa Khan, Naseem Shah, Shaheen Afridi, Shan Masood, Yasir Shah
Twenty20 squad: Babar Azam (captain), Asif Ali, Fakhar Zaman, Haris Sohail, Iftikhar Ahmed, Imad Wasim, Imam-ul-Haq, Khushdil Shah, Mohammad Amir, Mohammad Hasnain, Mohammad Irfan, Mohammad Rizwan (wicketkeeper), Musa Khan, Shadab Khan, Usman Qadir, Wahab Riaz
ALRAWABI%20SCHOOL%20FOR%20GIRLS
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Destroyer
Director: Karyn Kusama
Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan
Rating: 3/5
UAE release: January 31
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EDirect%20Debit%20System%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20Sept%202017%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20with%20a%20subsidiary%20in%20the%20UK%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20Undisclosed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Elaine%20Jones%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3C%2Fp%3E%0A