The sun rises behind a gas-fired power station in Minsk, Belarus. Reuters
The sun rises behind a gas-fired power station in Minsk, Belarus. Reuters
The sun rises behind a gas-fired power station in Minsk, Belarus. Reuters
The sun rises behind a gas-fired power station in Minsk, Belarus. Reuters

UN experts set to deliver stark warning on climate change


Tim Stickings
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UN climate experts are set to deliver stark warnings about how quickly the planet is warming when they publish a landmark report on Monday.

The verdict from the UN Intergovernmental Panel on Climate Change (IPCC) is its first comprehensive update on climate science since 2013.

Scientists will forecast how much more carbon can be pumped into the atmosphere before global climate targets are breached.

That will serve as a guide for countries who are under pressure to agree bold emissions cuts at November’s Cop26 summit in Britain.

Under the Paris Agreement, countries must strive to limit global warming to no more than 2°C or preferably 1.5°C above pre-industrial levels.

But climate change is already fuelling disastrous weather across the globe, with many linking it to last month’s deadly flooding in Western Europe.

Monday’s report will “underscore the urgency for governments to ramp up climate action,” said Kelly Levin, a climate expert at the Bezos Earth Fund.

It is going to be stronger than what we had in the past
Corinne Le Quere

“The report will cover not only the fact that we are smashing record after record in terms of climate change impacts, but show that the world today is in uncharted territory in terms of sea level rise and ice cover,” she told Reuters.

The so-called carbon budget — the amount of greenhouse gas that can be released before the Paris targets slip out of reach — is a key part of the report.

As host of Cop26, Britain is pushing countries and businesses to adopt plans to cut their net emissions to zero by 2050.

Scientists have been meeting virtually with policymakers since July 26 to finalise the report. Early drafts received more than 80,000 comments from reviewers and governments representatives.

Climate change has been linked to disasters such as last month's deadly flooding in Germany. AFP
Climate change has been linked to disasters such as last month's deadly flooding in Germany. AFP

The 2013 report said it was extremely likely that human industry was causing climate change. This year’s report is expected to use even stronger language.

“Obviously it is going to be stronger than what we had in the past because of the growing warming of the planet,” said Corinne Le Quere, a climate scientist at the University of East Anglia.

“That’s going to be one of the main points. It will be discussed very, very carefully, and scrutinised.”

The report will include five hypothetical scenarios for the next century that depend on how far the world succeeds in curbing emissions.

It is expected to discuss the question of attributing extreme weather events to climate change, a politically sensitive issue.

Disasters such as the 2017 hurricane flooding in Texas and the 2019-20 wildfires were directly linked to climate change by scientists.

Many developing countries are particularly vulnerable to climate-induced disasters and want the rich world to accelerate efforts to protect them.

Monday’s report is actually just one part of what will go into the final Sixth Assessment Report, which will be released in 2022.

This will include further chapters on the impacts of climate change on societies and ways of curbing emissions and reining in climate change.

A draft of one of the future reports seen by AFP says that achieving the Paris targets is the only way to protect coastal settlements, cultural heritage sites and ocean ecosystems in the Mediterranean.

The region faces "highly interconnected climate risks" including heatwaves, drought and fires supercharged by rising temperatures, according to the draft report.

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Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

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- Abdullah Ishnaneh, Partner, BSA Law 

'How To Build A Boat'
Jonathan Gornall, Simon & Schuster

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Updated: August 06, 2021, 1:26 PM