UK Prime Minister Boris Johnson urged his social media followers to 'join him' and sign a wind turbine as an energy crisis continues to grip the country.
Mr Johnson issued the appeal to his 3.6 million Twitter followers on Wednesday, just hours after he delivered a key address to the Conservative Party conference in Manchester.
He said: “Join me in signing one of SSE's magnificent wind turbines to call for ambitious global climate action.”
SSE, one of the UK's largest providers of renewable energy, launched the petition to deliver a message to world leaders before the crucial Cop26 climate summit in Glasgow later this year.
Signatories will have their name emblazoned on the world's largest offshore wind farm, Dogger Bank, which is currently under construction in the North Sea.
The prime minster's message comes as households across Britain face soaring energy bills caused, in part, by a collapse in wind power.
Wind turbines typically provides around a quarter of Britain's energy needs. However, dwindling wind speeds have resulted in energy crunch, sending demand for some fossil fuels, such as gas, to record highs.
Officials sought to reassure consumers that Britain's infrastructure will be able to get enough gas into the country to see it through the winter.
National Grid Gas Transmission said that Great Britain will have a “positive supply margin” — that is to say it can access more gas than is being used during peak demand.
It said that the country has access to flexible supplies of gas from abroad, including liquid natural gas (LNG), which is brought in on ships, and gas pipes from Europe.
This will be enough to meet all the scenarios of peak demand that National Grid experts have predicted could happen from October to the end of March.
It comes despite a major rise in world gas prices, which was caused by high demand from reopening Asian economies, among other things.
But as in previous winters, gas sellers will “require a positive market price differential in order to flow to Great Britain from both European and global markets,” National Grid said.
It means that British buyers will have to compete with international buyers for their gas.
“We have a positive gas supply margin in all of our supply and demand scenarios, and there is a positive storage position as we enter the winter,” said Ian Radley, director of gas system operations.
“We have a range of tools available to manage any operational requirements that we might encounter.”
Meanwhile, the National Grid Electricity Electricity System Operator (ESO) said the electricity system's capacity should also cope with the winter.
“The Winter Outlook confirms that we expect to have sufficient capacity and the tools needed to meet demand this winter,” said ESO boss Fintan Slye.
“Margins are well within the reliability standard and therefore we are confident that there will be enough capacity available to keep Britain's lights on.”
The gas system operator also said that it expects demand to be just 49.4 billion cubic metres (bcm), down from 50.7 bcm to 53.3 bcm over the last five years.
This drop in demand is in large part down to a drop in demand for gas for electricity production, as more wind power is built.
National Grid Gas Transmission has the task of providing the gas grid across Great Britain and occasionally stepping in to ensure the system is balanced.
However it does not itself supply gas into the grid.
Around half of Britain's gas demand is used to heat homes, another quarter is used to generate electricity.
Responding to the prime minister, social media users said Britain's green energy plan is off-course, while other pointed out their energy costs have almost doubled in the space of a few weeks.
When completed, Dogger Bank will provide enough energy to power six million homes across the UK and is a crucial piece in helping Britain achieving carbon-neutrality by 2035.
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2. They can be created when massive stars collapse under their own weight
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4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
UAE currency: the story behind the money in your pockets
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Fuel consumption: 9.7L/100km
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How much do leading UAE’s UK curriculum schools charge for Year 6?
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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.”
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.