Climate change accelerating faster than expected


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"Sadly for the potential fate of human civilization, rumours of the demise of climate change have been much exaggerated," wrote David Biello in Scientific America. The rumours to which he referred came from climate-change sceptics who this week treated a trove of stolen emails as evidence that the public have been duped by deceitful fearmongering scientists. Since such sceptics are well represented inside the US Congress it was perhaps no surprise that calls for a probe swiftly followed. "After hackers obtained and disclosed the e-mail correspondence of numerous prominent climate scientists last week, Senator James Inhofe of Oklahoma, the most outspoken global warming sceptic in Congress, said Tuesday that he'd begun an investigation into what he alleges to be the manipulation of global warming research," The New York Times reported. "He also said he wanted to look into whether the conclusions of an international panel on global warming - and the policies based on it - were distorted. "Mr Inhofe, the senior Republican on the Senate Environment and Public Works Committee, sent letters to many of the scientists whose e-mail messages were made public, and to a number of United States government agencies, asking them to preserve all correspondence as the first step in his inquiry. "The thousands of messages, some dating back more than a decade, shed unflattering light on a number of scientists who harshly questioned the scholarship and motives of other scientists who expressed some doubts about the causes and extent of global climate change." The Guardian said: "The climatologist at the centre of the leaked emails row said today that he 'absolutely' stands by his research and that any suggestion that the emails provide evidence of a conspiracy to manipulate or hide data that do not support the theory of man-made climate change was 'complete rubbish'. "Professor Phil Jones, director of the University of East Anglia's Climate Research Unit, said that the past week had 'the worst few days of my professional life'. He added that since the emails were leaked he had received personal threats which have now been passed on to the police to investigate. "In his first full interview since last week's theft, which saw hundreds of emails and documents exchanged between some of the leading climatologists over the past 13 years stolen from the university's servers, Jones defended himself against accusations by climate sceptics that the emails provide evidence of collusion by climatologists to fix data." Meanwhile, a new report has been released in anticipation of the United Nations Climate Change Conference which begins in Copenhagen in early December. The Copenhagen Diagnosis, a synthesis of the most policy-relevant climate science published since the 2007 Intergovernmental Panel on Climate Change report was drafted, concludes that the rate of climate change, far from having been exaggerated in earlier assessments has consistently been underestimated. For instance, in the Arctic, the area of summer sea-ice melt during 2007-2009 was about 40 per cent greater than the average 2007 projection. The report concludes that global emissions must peak then decline rapidly within the next five to ten years for the world to have a reasonable chance of avoiding the very worst impacts of climate change. To stabilise climate, global emissions of carbon dioxide and other long-lived greenhouse gases need to reach near-zero well within this century, the report states. Andrew Revkin at The New York Times spoke to one of the authors of The Copenhagen Diagnosis. "In an interview, Richard Somerville, a climatologist at the University of California, San Diego, and a past contributor to the Intergovernmental Panel on Climate Change, said the case for climate change as a serious risk to human affairs was clear, despite recent firestorms over some data sets and scientists' actions. " 'If we expect to limit warming to something tolerable, such as the 2-degree C threshold widely accepted as a political judgment, the time is very close where you have to stop temporising and start achieving reductions that are both large and rapid,' Dr Somerville said. He said he and the other scientists who wrote the report 'are speaking for ourselves,' adding, 'Unlike the IPCC process, there were no governments involved, no filters.' "The scientists were driven by a shared sense that world leaders still think there is plenty of time to talk things over, year after year, he said. 'At these climate meetings, once the negotiations start, you get the sense that they might as well be debating steel tariffs,' he said. 'We're trying to say it really is urgent to get going.' A report by the Associated Press looked at some of the major changes that have occurred since the Kyoto protocol on climate change was initially adopted over a decade ago. "In 1997, global warming was an issue for climate scientists, environmentalists and policy wonks. Now biologists, lawyers, economists, engineers, insurance analysts, risk managers, disaster professionals, commodity traders, nutritionists, ethicists and even psychologists are working on global warming. "'We've come from a time in 1997 where this was some abstract problem working its way around scientific circles to now when the problem is in everyone's face,' said Andrew Weaver, a University of Victoria climate scientist. "The changes in the last 12 years that have the scientists most alarmed are happening in the Arctic with melting summer sea ice and around the world with the loss of key land-based ice masses. It's all happening far faster than predicted. "Back in 1997 'nobody in their wildest expectations,' would have forecast the dramatic sudden loss of summer sea ice in the Arctic that started about five years ago, Weaver said. From 1993 to 1997, sea ice would shrink on average in the summer to about 2.7 million square miles. The average for the last five years is less than 2 million square miles. What's been lost is the size of Alaska [about the same size as Iran]." Finally, The New York Times said: "A new report released over the weekend calls attention to the plight of indigenous communities affected by climate change mitigation measures. "The study by Survival International, a London-based organisation promoting the interests of tribal peoples, documents the impact of the biofuels industry, hydro-electric power, carbon-offsetting and forest conservation schemes on indigenous communities worldwide. "'There is an urgent need to address climate change, but this must not be at the expense of indigenous peoples' rights,' said David Hill, a spokesman for Survival International. "According to the report, some climate change mitigation measures have led to exploitation, violation and in some cases destruction of land recognised as belonging to indigenous communities."

pwoodward@thenational.ae

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PROFILE

Name: Enhance Fitness 

Year started: 2018 

Based: UAE 

Employees: 200 

Amount raised: $3m 

Investors: Global Ventures and angel investors 

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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.”

Company profile

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

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What is graphene?

Graphene is extracted from graphite and is made up of pure carbon.

It is 200 times more resistant than steel and five times lighter than aluminum.

It conducts electricity better than any other material at room temperature.

It is thought that graphene could boost the useful life of batteries by 10 per cent.

Graphene can also detect cancer cells in the early stages of the disease.

The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.

Greatest Royal Rumble results

John Cena pinned Triple H in a singles match

Cedric Alexander retained the WWE Cruiserweight title against Kalisto

Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus

Jeff Hardy retained the United States title against Jinder Mahal

Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos

Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe

AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out

The Undertaker beats Rusev in a casket match

Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match

Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last

'Nope'
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Specs
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What is Genes in Space?

Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.

It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration. 

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RESULTS
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My Country: A Syrian Memoir

Kassem Eid, Bloomsbury

Biography

Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine

Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid

Favourite drink: Water

Her hobbies: Reading and volunteer work

Favourite music: Classical music

Her motto: I don't wait, I initiate

 

 

 

 

 

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Call of Duty: Black Ops 6

Developer: Treyarch, Raven Software
Publisher:  Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5