Prince William, Duke of Cambridge, speaking at Countdown Global Launch 2020 on October 10, 2020. AFP
Prince William, Duke of Cambridge, speaking at Countdown Global Launch 2020 on October 10, 2020. AFP
Prince William, Duke of Cambridge, speaking at Countdown Global Launch 2020 on October 10, 2020. AFP
Prince William, Duke of Cambridge, speaking at Countdown Global Launch 2020 on October 10, 2020. AFP

Prince William and the Pope join activists to appeal for action on climate change


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Britain’s Prince William and the Pope, along with other celebrities, politicians and activists, on Saturday appealed for action against climate change in a free live-streamed TED talk series.

“Together, we must protect and restore nature. Clean our air. Revive our oceans. Build a waste-free world and fix our climate. And we must strive to do all of this in a decade,” the Duke of Cambridge said in his talk, given as part of Countdown, TED’s climate initiative.

Pope Francis also joined the royal, activists and other celebrities on the streamed event.

"We are living during a historic moment marked by difficult challenges, as we all know," Pope Francis said while urging people of all faiths to unite to protect Mother Earth.

"The world is shaken by the crisis caused by the Covid-19 pandemic, which highlights yet an even bigger challenge - the socio-environmental crisis."

The Pope said the climate crisis is real and is backed by science, and needs to be urgently confronted in social just ways.

"The Earth must be worked and nursed, cultivated and protected," the Pope said.

"We cannot continue to squeeze it like an orange."

Countdown also focused on ways in which damage to the environment also fuels social and racial injustice.

"Black people breathe the most toxic air relative to the general population, and it is people of color who are most likely to suffer in the climate crisis," said British MP David Lammy.

"It gives all new meaning to the Black Lives Matter slogan 'I can't breathe.'"

Mr Lammy called for climate and social justice leaders to join forces, and for a new international "ecocide" law to criminalise "the most severe actions against nature itself."

Firms that make fortunes from fossil fuels or other greenhouse gas-emitting operations cause damage they don't pay for, while funneling money to politicians who help preserve the status quo, said another speaker, US economist Rebecca Henderson, who called on businesses to step up.

"We let capitalism turn into something monstrous," she said, adding: "It's going to be tough to keep free enterprise alive if most people believe the rich and the white are trashing the planet for their own benefit."

On Thursday, Prince William joined forces with renowned British broadcaster and naturalist David Attenborough to launch a new environmental award, the Earthshot Prize, which has grand ambitions to “incentivise change and help to repair our planet over the next 10 years.”

The prize takes its inspiration from the Moonshot challenge that President John F Kennedy set for the US in 1961 to put a man on the moon by the end of the decade.

Prince William, a long-time climate change campaigner, said the same resources used to tackle the coronavirus pandemic should be devoted to saving the natural world.

The plan envisions five prizes of 1 million pounds ($1.3 million) awarded each year for the next 10 years, providing at least 50 solutions to the world’s greatest environmental problems by 2030.

The prize fund will be provided by the project’s global alliance founding partners, a group which includes the philanthropic bodies of billionaires like Microsoft co-founder Paul Allen, Alibaba founder Jack Ma, and Michael Bloomberg.

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What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

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.”

FIRST TEST SCORES

England 458
South Africa 361 & 119 (36.4 overs)

England won by 211 runs and lead series 1-0

Player of the match: Moeen Ali (England)

 

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UAE currency: the story behind the money in your pockets
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 two: how climate change drove the race for an alternative 

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

MATCH INFO

Everton 2 Southampton 1
Everton: Walcott (15'), Richarlison (31' )
Southampton: Ings (54')

Man of the match: Theo Walcott (Everton)

FIXTURES

Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)

Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)

Friday, February 1
Final, Zayed Sports City Stadium (6pm)

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BIG SPENDERS

Premier League clubs spent £230 million (Dh1.15 billion) on January transfers, the second-highest total for the mid-season window, the Sports Business Group at Deloitte said in a report.

Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
​​​​​​​Penguin 

Profile of Bitex UAE

Date of launch: November 2018

Founder: Monark Modi

Based: Business Bay, Dubai

Sector: Financial services

Size: Eight employees

Investors: Self-funded to date with $1m of personal savings

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MATCH INFO

Champions League quarter-final, first leg

Ajax v Juventus, Wednesday, 11pm (UAE)

Match on BeIN Sports

Which products are to be taxed?

To be taxed:

Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category

Not taxed

Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.

Products excluded from the ‘sweetened drink’ category would contain at least 75 per cent milk in a ready-to-drink form or as a milk substitute, baby formula, follow-up formula or baby food, beverages consumed for medicinal use and special dietary needs determined as per GCC Standardisation Organisation rules

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.