The problems caused by climate change are likely to have significant social effects such as mass migration which may result in unrest and conflicts. Khaled Al Hariri / Reuters
The problems caused by climate change are likely to have significant social effects such as mass migration which may result in unrest and conflicts. Khaled Al Hariri / Reuters

Paris conference must reach agreement on climate action



The long-awaited climate change conference, COP 21, in Paris will go ahead from tomorrow, as planned, despite security concerns after the recent terrorist attacks in the French capital. About 50,000 participants, including 127 heads of state, are expected to travel to the conference, which some environmentalists view as the last chance to strike a global agreement on combating climate change.

Following the failure of the 2009 Copenhagen climate change conference to reach a deal to replace the Kyoto Protocol, all parties have been negotiating for a new and acceptable agreement by 2015, to be implemented in 2020. However, the shadow of the Paris attacks is likely to affect the negotiations both negatively and positively.

The main objective of the talks is to achieve a legal and binding agreement on climate and to maintain the global warming rate to less than two degrees Celsius. The meeting will also consider other issues such as the reduction of greenhouse gas emissions, funding for mitigation and adaptation, and technology transfer.

Many of the side events have been cancelled due to the attacks, and a mass demonstration planned to coincide with the conference is likely to be cancelled or scaled down. Going ahead with the conference itself, however, will send out an important message that terror attacks are not going to act as a deterrent.

It is hoped that the Paris meeting can help realise the United Nations’ sustainable development goal (SDG) 7, to “take urgent action to combat climate change and its impacts". The SDGs recently adopted by all UN members also include commitments to fight poverty and inequality, as well as to spread peace and prosperity.

Climate change and terrorism are more closely linked than most would imagine. The problems caused by climate change are likely to have significant social effects such as mass migration which may result in unrest and conflicts.

The Syrian conflict provides a clear example. Climate change was an initial trigger for the conflict, as Syria witnessed its worst recorded drought in the period between 2006 and 2011. As a result of this, the soil deteriorated and many farmers were forced to abandon their farms and villages and move towards cities. This created political and economic pressures and social instability that helped lead to the outbreak of civil war.

It could be argued that climate change created the economic and social conditions in Syria that gave rise to ISIL and allowed it to grow.

With regard to the Gulf Cooperation Council, this region accounts for less than 2.4 per cent of global greenhouse gas emissions. However, global climate change will have a severe negative environmental impact on the region, which in turn will have implications for the economic and other development gains achieved here.

Rising sea levels in the Red Sea, the Arabian Gulf and the Indian Ocean, and the consequent risk of salinification of soil and coastal groundwater aquifers, pose a growing threat. Countries including Bahrain and Qatar may lose a large part of their coastal area to the sea if the water levels rise.

The Paris talks are of particular importance for the GCC countries because of the fossil fuels that currently form the backbone of the Gulf economies. The industrial, energy and agricultural sectors globally depend almost entirely on fossil fuels.

Any actions taken about climate change may affect the demand for fossil fuels especially in countries that adopt laws and policies to reduce emissions due to their implementation of the UN Framework Convention on Climate Change.

This, in turn, could eventually severely impact the economies of the oil-rich Gulf countries. The Convention on Climate Change is a major challenge for countries that rely on fossil fuels as a major source of revenue.

But it is important that the Gulf countries work together with the global community at the Paris talks to reach a globally binding treaty that will help to combat not only climate change but, indirectly, terrorism as well.

Dr Mohamed Abdel Raouf is a research fellow in the environment research programme at the Gulf Research Centre

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

The specs: 2017 GMC Sierra 1500 Denali

Price, base / as tested Dh207,846 / Dh220,000

Engine 6.2L V8

Transmission Eight-speed automatic

Power 420hp @ 5,600rpm

Torque 624Nm @ 4,100rpm

Fuel economy, combined 13.5L / 100km

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The biog

Favourite book: Animal Farm by George Orwell

Favourite music: Classical

Hobbies: Reading and writing

 

Credits

Produced by: Colour Yellow Productions and Eros Now
Director: Mudassar Aziz
Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana
Star rating: 2.5/5

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

Golden Shoe top five (as of March 1):

Harry Kane, Tottenham, Premier League, 24 goals, 48 points
Edinson Cavani, PSG, Ligue 1, 24 goals, 48 points
Ciro Immobile, Lazio, Serie A, 23 goals, 46 points
Mohamed Salah, Liverpool, Premier League, 23 goals, 46 points
Lionel Messi, Barcelona, La Liga, 22 goals, 44 points

In Praise of Zayed

A thousand grains of Sand whirl in the sky
To mark the journey of one passer-by
If then a Cavalcade disturbs the scene,
Shall such grains sing before they start to fly?

What man of Honour, and to Honour bred
Will fear to go wherever Truth has led?
For though a Thousand urge him to retreat
He'll laugh, until such counsellors have fled.

Stands always One, defiant and alone
Against the Many, when all Hope has flown.
Then comes the Test; and only then the time
Of reckoning what each can call his own.

History will not forget: that one small Seed
Sufficed to tip the Scales in time of need.
More than a debt, the Emirates owe to Zayed
Their very Souls, from outside influence freed.
No praise from Roderic can increase his Fame.
Steadfastness was the Essence of his name.
The changing years grow Gardens in the Sand
And build new Roads to Sand which stays the same.
But Hearts are not rebuilt, nor Seed resown.
What was, remains, essentially Alone.
Until the Golden Messenger, all-wise,
Calls out: "Come now, my Friend!" - and All is known

- Roderic Fenwick Owen

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Roll of honour

Who has won what so far in the West Asia Premiership season?

Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain

Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons

West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins

UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles

West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles

West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles

Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens

Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins

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.”