Adopting greener lifestyles will not only help to rescue the planet but will save millions of lives in the process, the World Health Organisation has said.
Healthier diets, cleaner air and cycling to work would have the double benefit of reducing disease and poor health as well as tackling climate change, it said in a report called The Health Argument For Climate Action.
Delegates at the Cop26 summit were told that measures to slow global warming would have the knock-on effect of combating conditions such as obesity and diabetes.
Medics are already dealing with the effects of climate change, delegates were told in an accompanying letter, with health systems strained by natural disasters such as storms and floods.
“The health arguments for rapid climate action have never been clearer,” said Tedros Adhanom Ghebreyesus, the WHO’s director general.
“Protecting health requires action well beyond the health sector, in energy, transport, nature, food systems, finance and more.”
The WHO said a shift to plant-based diets, which would reduce methane emissions, would have the additional effect of tackling health problems such as obesity.
Political leaders have sought to play down suggestions that curbing meat consumption is necessary to save the planet.
But the WHO’s report said governments should use subsidies to encourage plant-based diets and sustainable agriculture at the expense of intensive meat farming.
Maria Neira, the WHO’s environment director, said such an overhaul could prevent more than five million deaths linked to poor diets each year.
She said additional lives could be saved by limiting air pollution, which is estimated to cause 13 deaths per minute around the world.
Striving for cleaner air would “reduce the total number of global deaths from air pollution by 80 per cent, while dramatically reducing the greenhouse gas emissions that fuel climate change”, Ms Neira said.
Disaster risk
Rising global temperatures can increase the risk of diseases such as malaria, which flourishes in hot countries.
On top of that, scientists believe climate change will lead to more frequent natural disasters such as heatwaves, droughts and floods.
As well as killing people directly, such events can knock out health systems and leave people struggling to meet basic needs.
“Wherever we deliver care, in our hospitals, clinics and communities around the world, we are already responding to the health harms caused by climate change,” said the letter from doctors.
“We call on the leaders of every country and their representatives at Cop26 to avert the impending health catastrophe by limiting global warming to 1.5°C.”
The 1.5°C target was set out in the Paris Agreement six years ago. The Glasgow summit is aimed at implementing that goal.
A scientific report in August said the effects of climate change would be far more severe if the Paris target is missed.
This would lead to far more frequent heatwaves, droughts and episodes of extreme rainfall such as last summer’s floods in Europe.
The WHO’s 10 recommendations include a push to “reimagine urban environments” by opening up green spaces and improving transport links.
Encouraging walking and cycling would not only reduce emissions but also promote physical activity and the reduction of obesity and diabetes, it said.
Another demand is to help developing countries by ensuring access to coronavirus vaccines, thereby creating time and resources to tackle climate change.
Rich countries have been criticised for hoarding vaccines and failing to meet a target of $100 billion in annual climate funding for the developing world.
The letter to Cop26 delegates said developed countries should also deepen their cuts to greenhouse gas emissions to keep the Paris targets alive.
“The people whose health is being harmed first and worst by the climate crisis are the people who contribute least to the problem,” it said.
“Those people and nations who have benefited most from the activities that caused the climate crisis ... have a great responsibility to do everything possible to help those who are now most at risk.”
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Portugal v Chile, 7pm, today
Germany v Mexico, 7pm, tomorrow
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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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