The world has a narrow and rapidly closing window to ward off catastrophe caused by climate change, a long-awaited UN report has said.
In the five scenarios put forward by experts, the target of limiting the global temperature rise to 1.5°C above pre-industrial levels would be breached in the 2030s. Already, temperatures have soared by about 1.1°C since the 1850-1900 period.
The study says it is already too late to head off some of the effects of global warming, such as melting ice sheets and rising sea levels.
Valerie Ms Masson-Delmotte, co-leader of the working group behind the report, said that “changes in ice sheets, deep ocean temperature and acidification will continue for centuries to thousands of years, meaning that they are irreversible in our lifetime and will continue for generations to come".
UN Secretary General Antonio Guterres described the report as a “code red for humanity”.
UN experts say that half a degree of extra warming — 2°C instead of 1.5°C — would have effects on the planet that are far more severe.
Under the 2015 Paris Agreement, countries aim to keep the increase in global temperatures to less than 2°C above pre-industrial levels, and strive to limit the increase to 1.5°C.
Even if 1.5°C is met, there would still be an increase in the intensity and seriousness of heatwaves, storms, droughts and floods.
The report, compiled by more than 200 experts, said tropical cyclones are getting stronger and wetter, while Arctic sea ice is dwindling in the summer and permafrost is thawing. All of these trends will get worse, it said.
Countries are under pressure to agree on ambitious action at this year’s Cop26 summit in Glasgow, Scotland.
Monday’s report by the Intergovernmental Panel on Climate Change gives them the first comprehensive update since 2013 on what the science shows.
After the 2013 report said it was extremely likely that humans were causing climate change, this year’s study says the evidence is “unequivocal".
It says that human activity has heated the world at a rate that is unprecedented in at least the last 2,000 years.
Signed off after long negotiations between IPCC delegates, it says that every fraction of a degree counts in preventing climate-related disasters.
Mr Guterres said he was counting on governments to make a success of Cop26 and to meet their promises of climate funding for the developing world.
“The alarm bells are deafening, and the evidence is irrefutable: greenhouse gas emissions from fossil fuel burning and deforestation are choking our planet and putting billions of people at immediate risk,” he said.
“Extreme weather and climate disasters are increasing in frequency and intensity. That is why this year’s [Cop26] in Glasgow is so important.
“If we combine forces now, we can avert climate catastrophe. But, as today’s report makes clear, there is no time for delay and no room for excuses.”
Ms Masson-Delmotte said scientists had a much clearer picture than before of the current and future state of the climate.
“It has been clear for decades that the Earth's climate is changing, and the role of human influence on the climate system is undisputed,” she said.
Extreme weather
If global warming reaches 2°C above pre-industrial levels, extreme heatwaves are expected to happen 14 times more often than before.
Droughts would be two to three times more likely, while extreme rainfall would be 70 per cent more common, the report said.
The only way to prevent this, scientists say, is to cut greenhouse gas emissions to zero — which leading economies hope to do by 2050.
As well as cutting carbon dioxide emissions, countries could also limit global warming by reducing methane pollution, the report said.
Methane concentration in the atmosphere is estimated to be higher than at any point in the past 800,000 years.
If these reductions do not take place, temperatures will rise by more than 2°C above pre-industrial levels by the end of this century, scientists believe.
Limiting the increase to 1.5°C could be reached as soon as the 2030s — but it could be prevented from rising further if pollution falls to zero, the report said.
In the five scenarios put forward by experts, the most optimistic is that the 1.5°C limit is temporarily breached but that temperatures then fall slightly.
However, they say that some effects of climate change are already locked in by the warming that has taken place so far.
Even if temperatures stabilise, ice sheets will continue to melt and sea levels are expected to keep rising beyond 2100.
Flooding events that used to take place once a century could become annual occurrences because of rising sea levels, it is feared.
Experts say the challenge of limiting warming to 1.5°C is political rather than physical, with countries facing difficult negotiations over how to cut emissions.
Dozens of countries missed a July 31 deadline to submit their updated climate plans to the UN, which said this was unsatisfactory.
As host of Cop26, the UK is pushing for net zero targets but faces criticism over its own efforts to battle climate change.
The EU faces years of political wrangling over a climate plan put forward last month that aims to halve emissions by 2030, compared with 1990 levels.
Climate change has been widely blamed for recent extreme weather events in Europe, with bushfires in Greece and Turkey, and severe flooding in parts of Germany.
Early drafts of the UN report received more than 80,000 comments from reviewers and government representatives.
Monday’s report is only 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 effects of climate change on societies and on ways of curbing emissions.
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India
The five pillars of Islam
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
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
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Power: 190hp
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Price: From Dh147,000
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Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
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Sheikh Zayed's poem
When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.
Your love is ruling over my heart
Your love is ruling over my heart, even a mountain can’t bear all of it
Woe for my heart of such a love, if it befell it and made it its home
You came on me like a gleaming sun, you are the cure for my soul of its sickness
Be lenient on me, oh tender one, and have mercy on who because of you is in ruins
You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge
You waddle even when you stand still, with feet white like the blooming of the dates of the palm
Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you
You are the cure for my sickness and my support, you dried my throat up let me go and damp it
Help me, oh children of mine, for in his love my life will pass me by.
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.”
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
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