Turkish President Recep Tayyip Erdogan touched down in Dubai last Friday, along with countless other high-level Cop28 participants, and soon began listing his country’s climate accomplishments. Turkey sharply reduced its CO2 emissions this year and expects to achieve net-zero emissions by 2053.
Its share of electricity generated from renewables is 55 per cent, which ranks 5th in Europe and 12th globally, according to the President. Mr Erdogan also called for more equitable climate finance to further these efforts in Turkey and other emerging economies.
But would Turkey put those funds to good use? Its environmental record is rather spotty.
“We are undertaking significant measures despite the fact that our historical contribution to greenhouse gas emissions is less than one per cent,” Mr Erdogan said in his speech. This is true, but Turkey is climbing the scale and now ranks 14th globally in emissions. That is ahead of regional neighbours, such as Iran’s smaller economy, which is sixth, and Saudi Arabia’s similarly sized one, which is eighth. But it is not great.
Turkey was the last of the G20 economies to ratify the Paris Climate Accords, doing so in 2021. That decision was driven in part by wildfires that ravaged forests along the country’s coast that summer. Turkey’s dam construction on the Tigris and Euphrates rivers has played a key role in devastating droughts in Iraq and Syria, eroding livelihoods and food production. The Climate Action Tracker, an independent research group that recently evaluated the climate response plans of more than 40 major states, gave Turkey the lowest possible ranking (“critically insufficient”) in most categories. In addition, the group described Turkey’s net-zero 2053 target as “poor”. Only Iran, which has yet to set a net-zero deadline, performed worse.
Erdogan called for more equitable climate finance to further these efforts in Turkey and other emerging economies
Dr Ezgi Ediboglu Sakowsky, senior researcher at Germany’s Max Planck Institute, says Turkey’s poor rating reflected an emissions target that allows for significant increases because it’s based on data from 2012, when the Turkish economy was at its peak. In essence, Ankara has tilted the playing field in its favour. “Turkey has set an emission target that it can almost achieve without any serious action,” argues Dr Sakowsky.
This is just the tip of the shrinking iceberg. Since China banned plastic imports in 2018, Turkey has emerged as the world’s top plastics importer. Europe’s second-largest producer of plastic, behind Germany, Turkey welcomes a great deal more plastic from the EU, UK and beyond — nearly 700,000 tonnes of it in 2021 alone.
“The world is currently in the midst of a plastics emergency,” the UK-based Environmental Investigation Agency (EIA) wrote early this year. Plastic production is set to increase in the coming years, yet just 6 per cent of global plastics are recycled. Thankfully, Turkey does better than that — recycling more than 18 per cent of its plastic waste, according to EIA.
Turkey’s First Lady, Emine Erdogan, in fact, also spoke at Cop28 on Friday, highlighting her Zero Waste Project, launched in 2017. She said the initiative has increased recycling from 13 per cent of the country’s waste to 30 per cent, and hopes to reach 60 per cent by 2035.
But Turkey’s plastic recycling plants, particularly the more than 20,000 in Mersin and Adana along the Mediterranean, pose their own challenges. A 2021 report from Human Rights Watch detailed how these plastics may be causing serious health troubles among plant workers, including asthma, respiratory illnesses, cancer and reproductive problems.
With locals unwilling to take these jobs, many plastic collectors and recycling plant workers are refugees, including thousands of Syrians and Afghans. Even so, Turkey’s government responded to the public outcry following the report by banning plastics imports. But two months later, Ankara quietly reversed course. Today, most of Turkey’s plastics end up in landfills, while some are illegally dumped or burned, inevitably leaching into groundwater, fields and waterways.
Turkey is not the only one to blame. The EIA points the finger at the West, particularly the EU, UK and US, and dubs their plastic export practices “waste colonialism”. Western economies have always produced more plastic than emerging states like Turkey, and with the discovery in recent years that the vast majority of it cannot be recycled, most have started exporting – foisting their toxic creations onto others.
Reports have found that European exporters regularly make additional payments, off the books, in order to falsify documents and include unrecyclable plastics in their shipments. Due to their country’s long-running economic crisis, Turkish importers are often forced to accept such practices.
As Cop28 opened, Britain’s King Charles III urged the gathering to take “genuine transformational action” on greenhouse gas emissions. The world produces some 400 million tonnes of plastic waste each year, and if the plastics industry were a country, according to watchdog group Beyond Plastics, it would rank fifth in terms of greenhouse gas emissions.
Plastic would, therefore, be a great place to start the transformation. Top experts and officials aim to do just that at a Thursday event on plastic pollution and sustainable trade and waste management. Attendees will discuss open burning and problematic imports and seek ways to curb emissions while creating jobs. A panel discussion is unlikely to change the world, but it could spark committed talks that lead to hard work that ends up altering how we produce, handle and discard plastic.
Toward the end of his speech, Mr Erdogan offered to host Cop31 in Turkey in 2026. Three years can zip past in a flash, but here’s to hoping by then Turkey and the West are in a better place when it comes to plastic.
La Mer lowdown
La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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.”
Read more about the coronavirus
Dunki
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Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
Ferrari
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
RACE CARD
6.30pm: Madjani Stakes Group 2 (PA) Dh97,500 (Dirt) 1,900m
7.05pm: Maiden (TB) Dh82,500 (D) 1,400m
7.40pm: Maiden (TB) Dh82,500 (D) 1,600m
8.15pm: Handicap (TB) Dh87,500 (D) 2,200m
8.50pm: Dubai Creek Mile Listed (TB) Dh132,500 (D) 1,600m
9.25pm: Conditions (TB) Dh120,000 (D) 1,900m
10pm: Handicap (TB) Dh92,500 (D) 1,400m
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
if you go
The flights
Direct flights from the UAE to the Nepalese capital, Kathmandu, are available with Air Arabia, (www.airarabia.com) Fly Dubai (www.flydubai.com) or Etihad (www.etihad.com) from Dh1,200 return including taxes. The trek described here started from Jomson, but there are many other start and end point variations depending on how you tailor your trek. To get to Jomson from Kathmandu you must first fly to the lake-side resort town of Pokhara with either Buddha Air (www.buddhaair.com) or Yeti Airlines (www.yetiairlines.com). Both charge around US$240 (Dh880) return. From Pokhara there are early morning flights to Jomson with Yeti Airlines or Simrik Airlines (www.simrikairlines.com) for around US$220 (Dh800) return.
The trek
Restricted area permits (US$500 per person) are required for trekking in the Upper Mustang area. The challenging Meso Kanto pass between Tilcho Lake and Jomson should not be attempted by those without a lot of mountain experience and a good support team. An excellent trekking company with good knowledge of Upper Mustang, the Annaurpuna Circuit and Tilcho Lake area and who can help organise a version of the trek described here is the Nepal-UK run Snow Cat Travel (www.snowcattravel.com). Prices vary widely depending on accommodation types and the level of assistance required.
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5