Limiting global temperature rises to even 1.5°C above pre-industrial levels would be “catastrophic” for coral reefs, scientists say.
Countries have agreed to curb global warming to 2°C, and try to limit temperature rises to 1.5°C to avoid the worst impacts of climate change, including more extreme floods, storms, heatwaves and damage to crops.
But scientists led by the University of Leeds warn that the climate risk is even worse for coral reefs than set out in a UN assessment in 2018, which warned that 70 to 90 per cent would be lost at 1.5°C of warming.
That assessment, by the Intergovernmental Panel on Climate Change, also found almost all corals would vanish at 2°C of warming.
The new research has found that more than 90 per cent of tropical coral reefs would suffer frequent “intolerable” heat stress as a result of ocean warming even under the tougher 1.5°C limit.
Places that can maintain suitable temperatures for corals to survive, while the ocean temperatures in surrounding areas rise, are known as “refugia”, and were identified by the researchers as areas projected to suffer severe heat stress less than once in 10 years.
This is about the time it takes for reefs to grow back and be fully functioning.
In recent decades, 84 per cent of tropical reefs have had enough time between heatwaves that cause coral death or bleaching to recover and re-establish, with these refugia found in all 12 coral reef regions across the world.
But at 1.5°C of warming, that will fall to just 0.2 per cent of coral areas, in Polynesia and the “coral triangle” in the western Pacific Ocean, where lower rates of warming and colder water reduce the frequency of ocean heatwaves.
No “refugia” areas will exist with 2°C of warming, the study based on historical data and climate models shows.
“We confirm that warming of 1.5°C relative to pre-industrial levels will be catastrophic for coral reefs,” they wrote in a paper published in the journal PLoS Climate.
Identifying and protecting refugia and reducing other stresses such as fishing and pollution has been a popular recommendation for managing reefs, the researchers said, but might only be a short-term solution.
Alongside creating protected areas, action to help reefs adapt to higher temperatures and help migration of species might be needed to secure coral reef survival.
“Our finding reinforces the stark reality that there is no safe limit of global warming for coral reefs,” said lead author Adele Dixon, a PhD researcher in the University of Leeds’ School of Biology.
Ms Dixon said that after the Cop26 climate summit in Glasgow where countries made some progress towards keeping temperatures to the 1.5°C limit, “our finding shows that 1.5°C is still a substantial amount of warming for the ecosystems on the frontline of climate change”.
“Our work shows that corals worldwide are even more at risk from climate change than we thought at the time of the IPCC special report on 1.5°C," said Piers Foster, professor of climate physics at the university.
“This reinforces the stark reality that there is no safe limit of global warming, and we need to act urgently to save what we can.”
RESULTS
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Draw:
Group A: Egypt, DR Congo, Uganda, Zimbabwe
Group B: Nigeria, Guinea, Madagascar, Burundi
Group C: Senegal, Algeria, Kenya, Tanzania
Group D: Morocco, Ivory Coast, South Africa, Namibia
Group E: Tunisia, Mali, Mauritania, Angola
Group F: Cameroon, Ghana, Benin, Guinea-Bissau
SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
THE SPECS
Aston Martin Rapide AMR
Engine: 6.0-litre V12
Transmission: Touchtronic III eight-speed automatic
Power: 595bhp
Torque: 630Nm
Price: Dh999,563
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.”
Asia%20Cup%202022
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Racecard
6.35pm: American Business Council – Maiden (PA) Dh80,000 (Dirt) 1,600m
7.10pm: British Business Group – Maiden (TB) Dh82,500 (D) 1,200m
7.45pm: CCI France UAE – Handicap (TB) Dh87,500 (D) 1,400m
8.20pm: Czech Business Council – Rated Conditions (TB) Dh105,000 (D) 1,400m
8.55pm: Netherlands Business Council – Rated Conditions (TB) Dh95,000 (D) 1,600m
9.30pm: Indian Business and Professional Council – Handicap (TB) Dh95,000 (D) 1,200m
UAE%20Warriors%2045%20Results
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