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
August 11, 2023
Healthy marine ecosystems and climate stability have always been closely interlinked. One affects the other, and we are seeing this play out on a planetary scale. Climate change is partly the result of the extended mismanagement of oceans, but the inverse is true as well. If we have concrete measures in place to preserve, restore and sustainably manage ocean ecosystems, nature becomes a powerful ally that breathes life into climate mitigation, adaptation and resilience efforts.
Average ocean surface temperatures broke several records in July, with no signs of slowing down. We must seize the opportunity to embrace nature-based solutions, or NBS – especially Blue NBS, which are focused on oceans, marine and coastal habitats – and make them the centerpiece of national and global climate strategies. NBS offer effective opportunities to strengthen mitigation and adaptation action for countries as they enhance their Nationally Determined Contributions, or NDCs, in accordance with the Paris Agreement’s global stocktaking process, and as more and more countries commit to net zero emission targets.
While many nations have made significant progress towards their NDCs, the results of the first ever Global Stocktake at Cop28 are expected to confirm that the world is not on course to meet its targets. As negotiations continue under the Glasgow-Sharm El Sheikh Work Programme on the global goal on adaptation for 2022-2023, it is critical to keep in mind the role that ecosystems including blue carbon ecosystems and NBS play in the achievement of adaptation outcomes.
The Eastern Mangroves of Abu Dhabi. Most have been planted as part of previous and continuing conservation measures and play a crucial role in carbon capture. Khushnum Bhandari / The National
In fact, we insist on NBS to help us combat climate change. Nature is an essential tool that we should leverage more, and we must insist on the protection and restoration of nature to ensure its effectiveness and increase its capacity to function at scale.
NBS can cost-effectively provide more than a third of the climate mitigation needed between now and 2030 to stabilise warming to below 2°C, achieving nature’s mitigation potential of 10-12 gigatonnes of carbon dioxide per year. Thus, Cop28 is of particular significance in getting the world back on track to the Paris Agreement and integrating a nature-positive approach into the forefront of global campaigns, policies and updated NDCs.
The UAE is home to more than 150 square kilometres of mangroves that store 3.3 million tonnes of carbon. The vast majority of these mangroves have been intentionally planted as part of previous and ongoing conservation measures to strengthen natural ecosystems and implement NBS. Millions more will be planted as part of the nationwide plan to plant 100 million mangroves by 2030.
Along with saltmarshes, sea grasses and other associated habitats, these mangrove forests act as cost-effective natural coastal defences against rising sea levels and coastal inundation – providing essential ecosystem services beyond the vital climate mitigation benefits they offer. About 80 per cent of the global fish population depends on healthy mangrove ecosystems – the fish populations in the UAE are no different.
It’s worth noting that blue carbon ecosystems can sequester up to 10 times more carbon dioxide than boreal, temperate or tropical forests. Furthermore, the benefits of mangrove restoration to industries such as fisheries, forestry and recreation are up to 10 times the cost.
There will be no resilient, net-zero future without halting and restoring nature loss.
National-level case studies play a pivotal role in advancing global dialogues on climate change mitigation and biodiversity loss. Not only do they provide valuable insights into local challenges and solutions but also serve as practical examples of how global policy outcomes can be successfully implemented at a national and local level.
There will be no resilient, net-zero future without halting and restoring nature loss
The NBS project is an important example of a local initiative to address climate change and biodiversity loss. It brings together government, subnational entities, the private sector and non-state organisations to work collectively towards a common goal – it needs to be championed globally. Through the NBS project, we are contributing to the national net zero target, undertaking a science-based approach that aims to assess the UAE’s natural capital including blue carbon, with a focus on the coastal lagoons in the emirates of Abu Dhabi and Umm Al Quwain.
The project’s activities and outcomes are strongly related to the ongoing global dialogue on climate adaptation that covers targets, monitoring and evaluation, key indicators as well as means of implementation. It also supports the UAE’s recently updated Second NDC to cut emissions by 40 per cent by 2030 as well as the strategic initiative to reach net zero by 2050, and the global 30 x 30 goal – that is, to protect 30 per cent of critical ecosystems and species on land and seas by 2030.
Cop28 will be a momentous occasion to urgently mobilise greater investments, resources and expertise into the field of NBS. Nature-positive solutions – such as diversifying diets, fishing with sustainable ecosystem management and deploying precision agriculture technologies – present $10.1 trillion in business opportunities and could create 395 million jobs by 2030, according to the World Economic Forum.
For the food and agriculture sector alone, it is a $4.5 trillion opportunity, according to analysis commissioned by the UN Climate Change High-Level Champions. More than ever this represents an opportunity in the UAE where small and medium enterprises employ more than 80 per cent of the labour force in the private sector and make up more than 60 per cent of the gross domestic product. Investments in NBS are prudent for the long-term success of business in the UAE and the vital economic sectors that rely on a thriving marine environment.
Annual investments in nature need to triple by 2030 and rise four-fold by 2050 in order to tackle the climate, biodiversity and land-degradation crises, according to the UN Environment Programme. We need to fill this gap – and now we have the tools with which to do it and to reap the benefits of speedy, local and large-scale action. Non-state actors including cities, regions, businesses, investors and others can and must also partake in driving accelerated momentum for nature and climate, alongside nation states.
I invite non-state actors to do their part and to elevate their ambitions and actions by joining global UN campaigns such as the Race to Resilience, as well as the Race to Zero campaign and UN Global Compact. Non-state actors and local businesses in the UAE can also access resources on credible decarbonisation and sustainability through the UAE Alliance for Climate Action that supports entities in all stages of their decarbonisation journey.
As the host of Cop28, all eyes will be on the UAE to deliver realistic, impactful and ambitious goals to reduce emissions and keep global warming within limits. And Cop28 will be the first opportunity to respond to the UN’s Global Stocktake of progress on the Paris Agreement. We must use this opportunity to strengthen the continued legacy of the nation as an important voice for climate and nature action.
A version of this article is part of a wider series to raise awareness about the powerful benefits of Nature-based Solutions in the Year of Sustainability and Cop28. The series features prominent voices of leaders who are advancing the UAE’s flagship NBS project as a key pathway to restore natural ecosystems and enhance climate resiliency.
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.”
The British in India: Three Centuries of Ambition and Experience
5pm: Maiden (PA) Dh80,000 (Turf) 1,200m, Winner: ES Rubban, Antonio Fresu (jockey), Ibrahim Aseel (trainer)
5.30pm: Handicap (PA) Dh85,000 (T) 1,200m, Winner: Al Mobher, Sczcepan Mazur, Ibrahim Al Hadhrami
6pm: Handicap (PA) Dh80,000 (T) 2,200m, Winner: Jabalini, Tadhg O’Shea, Ibrahim Al Hadhrami
6.30pm: Wathba Stallions Cup (PA) Dh70,000 (T) 2,200m, Winner: AF Abahe, Tadgh O’Shea, Ernst Oertel
7pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: AF Makerah, Tadhg O’Shea, Ernst Oertel
7.30pm: Maiden (TB) Dh80,000 (T) 1,600m, Winner: Law Of Peace, Tadhg O’Shea, Satish Seemar
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
The Breadwinner
Director: Nora Twomey
Starring: Saara Chaudry, Soma Chhaya, Laara Sadiq
Three stars
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Sunday:
GP3 race: 12:10pm
Formula 2 race: 1:35pm
Formula 1 race: 5:10pm
Performance: Guns N' Roses
Where, when and at what time Wembley Stadium in London on Sunday at 5pm (UAE time)
Arsenal line up (3-4-2-1) Petr Cech; Rob Holding, Per Mertesacker, Nacho Monreal; Hector Bellerin, Mohamed Elneny, Granit Xhaka, Alex Oxlade-Chamberlain; Alex Iwobi, Danny Welbeck; Alexandre Lacazette
Arsenal manager Arsene Wenger
Chelsea line up (3-4-2-1) Thibaut Courtois; Cesar Azpilicueta, David Luiz, Gary Cahill; Victor Moses, Cesc Fabregas, N'Golo Kante, Marcos Alonso; Willian, Pedro; Michy Batshuayi
How Alia's experiment will help humans get to Mars
Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.
Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.
After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.
Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.
It also means that the first DNA experiments using human genomes can now be carried out on the ISS.
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Total cost: €440.4m (€620.4m if Mbappe makes permanent move)
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.