WMO scientists say phenomena such as the Pakistan floods show climate change is going in the wrong direction. AFP
WMO scientists say phenomena such as the Pakistan floods show climate change is going in the wrong direction. AFP
WMO scientists say phenomena such as the Pakistan floods show climate change is going in the wrong direction. AFP
WMO scientists say phenomena such as the Pakistan floods show climate change is going in the wrong direction. AFP

UN says world 'going in wrong direction' on climate change


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Humanity is “going in the wrong direction” on climate change, the UN said on Tuesday in an assessment showing that planet-warming emissions are higher than before the coronavirus pandemic.

The UN's World Meteorological Organisation and its Environment Programme said that catastrophes will become commonplace should countries fail to decarbonise in line with what science says is needed to prevent the worst impacts of global warming.

The agencies pointed to Pakistan's monumental floods and China's crop-withering heatwave this year as examples of what to expect.

The UN said last month that the drought gripping the Horn of Africa and threatening millions with acute food shortages was now likely to extend into a fifth year.

“Floods, droughts, heatwaves, extreme storms and wildfires are going from bad to worse, breaking records with alarming frequency,” said UN Secretary General Antonio Guterres.

“There is nothing natural about the new scale of these disasters. They are the price of humanity's fossil fuel addiction.”

Millions of people in the Horn of Africa region are going hungry because of drought, and thousands have died, with Somalia hit especially hard. AP
Millions of people in the Horn of Africa region are going hungry because of drought, and thousands have died, with Somalia hit especially hard. AP

The UN's United in Science report underscores how, nearly three years since Covid-19 handed governments a unique opportunity to reassess how to power their economies, countries are continuing to pollute.

It found that after an unprecedented 5.4 per cent fall in emissions in 2020 due to lockdowns and travel restrictions, preliminary data from January-May this year shows global CO2 emissions are 1.2 per cent higher than before Covid-19.

This is mostly down to large year-on-year increases in the US, India and most European countries, the assessment found.

“The science is unequivocal: we are going in the wrong direction,” said WMO Secretary General Petteri Taalas.

“Greenhouse gas concentrations are continuing to rise, reaching new record highs. Fossil fuel emission rates are now above pre-pandemic levels. The past seven years were the warmest on record.”

Last week, the European Union's Copernicus climate monitor said that summer 2022 was the hottest in Europe and one of the hottest globally since records began in the 1970s.

Tuesday's report said there was a 93 per cent chance that the record for the hottest year globally — currently 2016 — will be broken within five years.

It said that the continued use of fossil fuels meant the chance of the annual mean global temperature temporarily exceeding 1.5°C above pre-industrial levels in one of the next five years was roughly even, at 48 per cent.

Polluters paying no heed to Paris Agreement

Keeping longer-term temperatures below 1.5°C is the most ambitious goal of the 2015 Paris Agreement.

Despite more than three decades of UN-led negotiations, rich polluters show little sign of being willing to make the kind of large-scale emissions cuts that would keep the goal in play.

The UN's Environment Programme, in an update to its annual “emissions gap” assessment following new pledges made at last November's Cop26 summit in Glasgow, said on Tuesday that even these promises were far from adequate.

In fact, it said the ambition even in countries' most recent pledges would need to be four times greater to limit warming to 2°C, and seven times higher to make 1.5°C.

All told, current worldwide climate policies put Earth on course to warm by 2.8°C by 2100, the agency said.

Mr Guterres said that Tuesday's assessment showed “climate impacts heading into uncharted territory of destruction”.

“Yet each year, we double down on this fossil fuel addiction, even as the symptoms get rapidly worse,” he said in a video message.

Tasneem Essop, executive director of Climate Action Network, said that the coming Cop27 climate conference in Egypt needed leaders to agree to new funding to help communities in at-risk nations rebuild after extreme events.

“The terrifying picture painted by the United in Science report is already a lived reality for millions of people facing recurring climate disasters,” she said.

Climate change tipping points — in pictures

  • Greenland ice sheet disintegration – Rising temperatures causing the retreat of the ice sheet, which would cause sea levels to rise.
    Greenland ice sheet disintegration – Rising temperatures causing the retreat of the ice sheet, which would cause sea levels to rise.
  • Amazon rainforest dieback – Large-scale dieback of the forest, via increased temperatures and drying, or direct deforestation, would amplify global warming.
    Amazon rainforest dieback – Large-scale dieback of the forest, via increased temperatures and drying, or direct deforestation, would amplify global warming.
  • Permafrost loss – Thawing of carbon-rich soils, which releases greenhouse gas into the atmosphere.
    Permafrost loss – Thawing of carbon-rich soils, which releases greenhouse gas into the atmosphere.
  • Atlantic meridional overturning circulation breakdown – An increased amount of freshwater in the Northern Atlantic disrupting the system of currents.
    Atlantic meridional overturning circulation breakdown – An increased amount of freshwater in the Northern Atlantic disrupting the system of currents.
  • Boreal forest shift – Warming causes dieback in the south of the forests, and expansion into the tundra in the north, which would cause regional warming.
    Boreal forest shift – Warming causes dieback in the south of the forests, and expansion into the tundra in the north, which would cause regional warming.
  • West Antarctic ice sheet disintegration – The melting of major ice sheets would lead to significant increases in sea level.
    West Antarctic ice sheet disintegration – The melting of major ice sheets would lead to significant increases in sea level.
  • West African monsoon shift – A change in the monsoon season would lead to agricultural disruption and effect the ecosystem.
    West African monsoon shift – A change in the monsoon season would lead to agricultural disruption and effect the ecosystem.
  • Indian monsoon shift – An increase in the planetary albedo (increases in the atmospheric brown cloud haze over India) has the capability of switching off the monsoon, which is crucial for the local economy, as well as being important for agriculture.
    Indian monsoon shift – An increase in the planetary albedo (increases in the atmospheric brown cloud haze over India) has the capability of switching off the monsoon, which is crucial for the local economy, as well as being important for agriculture.
  • Coral reef die-off – Exposure to increased sea temperatures can kill off reefs, which has a serious effect on ecosystems and local economies.
    Coral reef die-off – Exposure to increased sea temperatures can kill off reefs, which has a serious effect on ecosystems and local economies.
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Factfile on Garbine Muguruza:

Name: Garbine Muguruza (ESP)

World ranking: 15 (will rise to 5 on Monday)

Date of birth: October 8, 1993

Place of birth: Caracas, Venezuela

Place of residence: Geneva, Switzerland

Height: 6ft (1.82m)

Career singles titles: 4

Grand Slam titles: 2 (French Open 2016, Wimbledon 2017)

Career prize money: $13,928,719

Indoor Cricket World Cup Dubai 2017

Venue Insportz, Dubai; Admission Free

Day 1 fixtures (Saturday)

Men 1.45pm, Malaysia v Australia (Court 1); Singapore v India (Court 2); UAE v New Zealand (Court 3); South Africa v Sri Lanka (Court 4)

Women Noon, New Zealand v South Africa (Court 3); England v UAE (Court 4); 5.15pm, Australia v UAE (Court 3); England v New Zealand (Court 4)

UAE currency: the story behind the money in your pockets
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Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
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Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

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
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

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.”

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Updated: September 13, 2022, 5:44 PM