The global race to turn back the effects of climate change is getting tougher with new data showing 2021 was among the seven hottest years on record.
The average temperature across the planet over the past 12 months was about 1.11°C above the pre-industrial levels recorded from 1850 to 1900. The period was also shown to be the seventh consecutive year where global temperatures had been more than 1°C above pre-industrial levels.
The data was compiled by six leading international data sets consolidated by the World Meteorological Organisation. The same figures are used in its annual State of the Climate reports which inform the international community on global climate indicators.
Global warming and other long-term climate change trends are on track to continue as a result of record levels of heat-trapping greenhouse gases in the atmosphere, the organisation said.
It also said that the trend that began in the 1980s, which shows each decade has been slightly warmer than the previous one, was unlikely to change anytime soon.
The warmest seven years have all been since 2015, with 2016, 2019 and 2020 being the top three. The record global average experienced in 2016 was put down to an exceptionally strong El Nino event. El Nino refers to the warming of the equatorial Pacific Ocean, which has impacts on weather patterns around the world.
The occurrence in 2016 turned out to be in the same class as the biggest such events recorded in the 20th century.
Prof Petteri Taalas, secretary general of the WMO, said 2021 would go down in history for its “record-shattering temperature” range in Canada.
Last summer’s heatwave in the country resulted in the deaths of hundreds of people, most of them elderly.
“The year 2021 will be remembered for a record-shattering temperature of nearly 50°C in Canada, comparable to the values reported in the hot Saharan Desert of Algeria, exceptional rainfall, and deadly flooding in Asia and Europe as well as drought in parts of Africa and South America,” Prof Taalas said.
“Climate change impacts and weather-related hazards had life-changing and devastating impacts on communities on every single continent.”
The Copernicus Climate Change Service estimated that 2021 was the fifth warmest year on record while data from the US National Oceanic and Atmospheric Administration said it was nominally the sixth hottest year.
Nasa, Gistemp and HadCrut all had 2021 effectively tied for sixth place while data from the Japanese Meteorological Agency ranked the year as seventh warmest.
The small differences among these data sets indicate the margin of error for calculating the average global temperature.
The main indicators used by scientists to measures changes to the climate are temperature, greenhouse gas concentrations, ocean heat content, ocean pH, global mean sea level, glacial mass and sea ice extent.
“Back-to-back La Nina events mean that 2021 warming was relatively less pronounced compared to recent years. Even so, 2021 was still warmer than previous years influenced by La Nina,” Prof Taalas said, referring to the oceanic and atmospheric phenomenon that is the colder counterpart of El Nino
“The overall long-term warming as a result of greenhouse gas increases is now far larger than the year-to-year variability in global average temperatures caused by naturally occurring climate drivers.”
Following the UN Cop26 summit in Glasgow, Scotland, last November, countries shifted gears and made bold commitments to cut their contribution to climate change.
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Italy
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Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
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.”
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.