Razan Khalifa Al Mubarak is president of the International Union for Conservation of Nature and UN Climate Change High-Level Champion for the leadership team of Cop28 UAE
May 22, 2024
Every breath we take, every sip of water we drink, and every meal we enjoy owes a debt to nature. Today in celebration of the International Day for Biological Diversity, we are reminded of how the natural world supports us daily. Our survival hinges on the intricate web of life consisting of biodiversity and ecosystems down to the plants, creatures and microorganisms that sustain us.
Yet this incredible natural system is under incredible strain. According to scientific estimates, up to one million species face extinction due to deforestation, pollution, climate change and overexploitation. This crisis places entire ecosystems in jeopardy, which in turn threatens food and water security, human health and livelihoods.
We cannot lose the invaluable contributions that nature provides. Bees and other pollinators are crucial for sustaining agriculture, wetlands naturally filter water and prevent storm surges, and forests store vast amounts of carbon.
But without committed and urgent action, we risk the collapse of our ecosystems.
Thankfully, it is not all doom and gloom. Around the world, people, governments and organisations are taking action. In the Kunming-Montreal Global Biodiversity Framework, all nations agreed to protect 30 per cent of their land and seas by 2030.
Al Jubail Mangrove Park in Abu Dhabi. AP
We cannot lose the invaluable contributions that nature provides
This is why the efforts, negotiations and decisions of the Convention on Biological Diversity and the UN Framework Convention on Climate Change are so significant.
In Dubai last December, the presidencies of the Cop28 climate conference (hosted by the UAE) and Cop15 biodiversity meeting (held in China) called for aligning biodiversity action plans with national climate strategies into one unified approach. Governments were urged to consider ecosystems, biodiversity and carbon stores when developing stronger climate action plans. This alignment aims to create comprehensive action plans that integrate both climate and biodiversity strategies.
The UAE Consensus – the set of negotiated outcomes agreed upon at Cop28 – emphasised halting deforestation by 2030, restoring degraded ecosystems and recognising the vital role of nature in climate solutions. It included a pledge to eliminate 14 per cent of global emissions by reducing deforestation, supported by a total of $2.7 billion in funding to protect and restore nature. Modelling by example, the UAE also committed $100 million specifically for forest preservation, reinforcing the need for immediate and effective global efforts.
Climate action and biodiversity protection are not just about signing diplomatic agreements. They must be addressed at all levels.
Consider the fact that indigenous peoples and local communities have long been custodians of our natural world and their intergenerational knowledge and contributions must be recognised. Their role in forest management, conservation and protecting vulnerable communities is invaluable.
Here in the UAE, the Ministry of Climate Change and Environment has implemented several initiatives to engage citizens in mangrove reforestation, while the Environment Agency – Abu Dhabi partners with Emirates Nature-WWF and local businesses for sustainable coastal management.
People from all around the world, including the small island nation of Tuvalu, descend on Cop28 in Dubai. Chris Whiteoak / The National
Performance artist Marius Diaconu leads a Unity Dance on the opening day at Expo City. Chris Whiteoak / The National
British Foreign Secretary David Cameron at the second day of the summit. Chris Whiteoak / The National
Visitors from Ecuador at the event. Chris Whiteoak / The National
The Saudi pavilion turned heads. Chris Whiteoak / The National
Protesters held flags reading: 'No climate justice without human rights.' Chris Whiteoak / The National
Global cultures on full display on day three. Chris Whiteoak / The National
Sadhguru, founder and head of India's Isha Foundation, on day three. Khushnum Bhandari / The National
Cop28 demonstrators call for a ceasefire in Gaza. Pawan Singh / The National
Brazil's popular pavilion. Chris Whiteoak / The National
Expo City's impressive dome at night. Chris Whiteoak / The National
Commissioned artwork titled The Choice by Tristan Eaton at Expo City. Chris Whiteoak / The National
Visitors young and old at the site. Chris Whiteoak / The National
The summit is a global affair. Chris Whiteoak / The National
Activists air their hopes at the site. Chris Whiteoak / The National
Local and international communities are working together to secure a greener future. Chris Whiteoak / The National
Visitors arrive for day six of the summit. Chris Whiteoak / The National
Young activists from Engajamundo protest about smog being created from deforestation in the Amazon. Chris Whiteoak / The National
Colours on display on day six. Chris Whiteoak / The National
Members of a Sikh human rights group in attendence. Chris Whiteoak / The National
Egyptian comic Bassem Youssef attends a talk on the sixth day. Chris Whiteoak / The National
The Wake up experience with Sadhguru. Chris Whiteoak / The National
The Wake up experience with Sadhguru. Chris Whiteoak / The National
The first week of talks finished on a high, with hard negotiations planned for the second one. Khushnum Bhandari / The National
Protestors call for a ban on fossil fuels. Khushnum Bhandari / The National
Day seven's Sustainable Fashion show. Pawan Singh / The National
Talks resumed on day nine, after a one-day break. Chris Whiteoak / The National
Friends for Future protest to phase out fossil fuels on day nine. Chris Whiteoak / The National
Global Campaign to Demand Climate Justice also demonstrate. Chris Whiteoak / The National
International visitors at the site on day 11. Chris Whiteoak / The National
People protest about 'no climate justice without human rights'. Chris Whiteoak / The National
Mariam Almheiri, minister of Climate Change and Environment, speaks at the launch ceremony of the environmental identity. Chris Whiteoak / The National
Visitors watch the protests. Chris Whiteoak / The National
Day 11 at Cop28. Chris Whiteoak / The National
Day 11 at Cop28. Chris Whiteoak / The National
Indonesian dancers perform on day 12. Chris Whiteoak / The National
Day 12 at Cop28. Chris Whiteoak / The National
Negotiations remain under way on day 12. Chris Whiteoak / The National
Messages left at the Indonesian pavilion. Chris Whiteoak / The National
Protestors call for climate action to extend to food systems. Chris Whiteoak / The National
Nuclear for Climate demonstrators. Chris Whiteoak / The National
Dr Sultan Al Jaber, Cop28 President, arriving for the plenary session on day 14. Pawan Singh / The National
Globally, organisations associated with regional conservation, such as the International Union for Conservation of Nature, play a pivotal role in bringing together countries and partners. The IUCN’s seven expert commissions, with 15,000 scientists, create tools and standards such as the Red List of Threatened Species and Key Biodiversity Areas that inform national strategies.
Across various sectors, the path forward demands shared knowledge and practical solutions.
Businesses need to adopt sustainable practices, whether through responsible waste management, ensuring sustainable supply chains, or investing in climate-critical technologies. Governments should ensure that environmental policies account for the interconnectedness of ecosystems and the global impacts of local actions. Civil society can amplify voices for change, educating the public on the importance of biodiversity and advocating for greener choices.
These actions and networks are so important as we approach crucial meetings such as the Bonn Climate Conference, the Cop29 climate conference in Azerbaijan and Cop16 biodiversity conference in Colombia.
Each represents a milestone where diverse stakeholders align their strategies and update commitments towards safeguarding biodiversity and mitigating climate impacts.
Political will, inclusive engagement, multilevel action, financial support and disciplined execution will be critical in the months and years ahead. The frameworks and plans are in place, but real change requires our collective commitment. On this International Day for Biological Diversity, we must all, as this year’s theme suggests, “Be Part of the Plan”.
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
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5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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Full name: Pasqual Handi Kamindu Dilanka Mendis
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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.”
