Rising temperatures and scarce resources could open the door to mineral exploration in Antarctica. PA
Rising temperatures and scarce resources could open the door to mineral exploration in Antarctica. PA
Rising temperatures and scarce resources could open the door to mineral exploration in Antarctica. PA
Rising temperatures and scarce resources could open the door to mineral exploration in Antarctica. PA

Antarctic carve-up looms as climate change leads to race for resources


Tim Stickings
  • English
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The Earth’s polar regions could become conflict zones as climate change opens them up to mining and militarisation, experts fear.

A complete ban on mining in Antarctica is due to expire in 2048 — by which time resources on other continents may be becoming scarce. Global warming could also make the continent's water a valuable commodity.

Although there is uncertainty about what lies beneath the ice, there are estimates that the southern continent could hold billions of barrels’ worth of oil and gas reserves.

In addition, Antarctica’s ice sheet is believed to hold between 70 and 90 per cent of the planet’s fresh water. Rising temperatures have already caused one glacier alone to lose a trillion tonnes of ice.

Laura Birkman, a security analyst at the Hague Centre for Strategic Studies, said these mineral attractions could make Antarctica a “major political hotbed” in the future.

By the time the mining ban comes up for discussion in 2048, fresh water could be “even more highly sought after as a result of further climate-induced water scarcity,” she said.

Speaking on an International Institute for Strategic Studies panel, she said the date was also significant because China’s rulers would be seeking material prosperity when they celebrate 100 years in power the following year.

“It will be potentially a critical year for the Chinese Communist Party in its efforts to realise its ambition to be one of the world’s most developed and powerful nations by its centenary in 2049,” she said.

The warning comes with experts and diplomats concerned more broadly that climate change will fuel conflicts over resources made increasingly scarce by natural disasters and global warming.

The midnight sun shines on the Dotson Ice Shelf in Antarctica. AP
The midnight sun shines on the Dotson Ice Shelf in Antarctica. AP

Delegates at last year’s Cop26 climate summit were told by the Nato secretary general and other top officials that environmental and security issues were two sides of the same coin.

Germany, which holds the G7 presidency this year, hopes to tackle some of the issues facing Antarctica at a Berlin conference in May, the 44th regular meeting of parties to the 1959 Antarctic Treaty.

Seven countries have territorial claims in Antarctica — Argentina, Australia, Chile, France, New Zealand, Norway and the UK — but these claims are partially suspended under the 1959 agreement.

A protocol to that treaty, which entered into force in 1998, designates Antarctica as a “natural reserve, devoted to peace and science” and bans mining on the continent.

Although that ban does not automatically expire after 50 years, it can be modified after 2048 by vote of a majority of the treaty’s 29 signatories.

That could open the door to exploration for oil and gas, despite many rich countries targeting 2050 as the date when they will reach net zero greenhouse gas emissions.

The Arctic could provide similar opportunities for oil and gas extraction as ice melts and waterways are opened up.

“Who has the right to control these seaways and benefit from the vast and undiscovered natural resources? This is an evolving geopolitical concern,” said Ms Birkman.

Mark Nevitt, an environmental law expert on the IISS panel, said this posed different questions to the ones commonly raised about security and climate change.

“We always talk about natural resources in the context of developing nations or poor nations. The Arctic is surrounded by very, very wealthy nations,” he said, mentioning, the US, Canada and Nordic countries as examples.

With developed countries potentially at odds, the melting ice caps could “increase the potential for militarisation and weaponisation” in the Arctic, he said.

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Cricket World Cup League 2 Fixtures

Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)

Sunday March 6, Oman v Namibia, ICC Academy

Tuesday March 8, UAE v Namibia, ICC Academy

Wednesday March 9, UAE v Oman, ICC Academy

Friday March 11, Oman v Namibia, Sharjah Cricket Stadium

Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium

UAE squad

Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia

In the Restaurant: Society in Four Courses
Christoph Ribbat
Translated by Jamie Searle Romanelli
Pushkin Press 

Key features of new policy

Pupils to learn coding and other vocational skills from Grade 6

Exams to test critical thinking and application of knowledge

A new National Assessment Centre, PARAKH (Performance, Assessment, Review and Analysis for Holistic Development) will form the standard for schools

Schools to implement online system to encouraging transparency and accountability

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Match info

Manchester United 4
(Pogba 5', 33', Rashford 45', Lukaku 72')

Bournemouth 1
(Ake 45 2')

Red card: Eric Bailly (Manchester United)

The specs: 2018 BMW R nineT Scrambler

Price, base / as tested Dh57,000

Engine 1,170cc air/oil-cooled flat twin four-stroke engine

Transmission Six-speed gearbox

Power 110hp) @ 7,750rpm

Torque 116Nm @ 6,000rpm

Fuel economy, combined 5.3L / 100km

Empty Words

By Mario Levrero  

(Coffee House Press)
 

Mobile phone packages comparison

Origin
Dan Brown
Doubleday

Women & Power: A Manifesto

Mary Beard

Profile Books and London Review of Books 

Qosty Byogaani

Starring: Hani Razmzi, Maya Nasir and Hassan Hosny

Four stars

RESULT

Manchester United 2 Burnley 2
Man United:
 Lingard (53', 90' 1)
Burnley: Barnes (3'), Defour (36')

Man of the Match: Jesse Lingard (Manchester United)

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.”

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

LAST-16 EUROPA LEAGUE FIXTURES

Wednesday (Kick-offs UAE)

FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm

Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm

Inter Milan v Getafe (one leg only) 11pm

Manchester United (5) v LASK (0) 11pm 

Thursday

Bayer Leverkusen (3) v Rangers (1) 8.55pm

Sevilla v Roma  (one leg only)  8.55pm

FC Basel (3) v Eintracht Frankfurt (0) 11pm 

Wolves (1) Olympiakos (1) 11pm 

Related
Results:

6.30pm: Handicap (Turf) | US$175,000 2,410m | Winner: Bin Battuta, Christophe Soumillon (jockey), Saeed bin Suroor (trainer)

7.05pm: UAE 1000 Guineas Trial Conditions (Dirt) | $100,000 1,400m | Winner: Al Hayette, Fabrice Veron, Ismail Mohammed

7.40pm: Handicap (T) $145,000 1,000m | Winner: Faatinah, Jim Crowley, David Hayes

8.15pm: Dubawi Stakes Group 3 (D) $200,000 1,200m | Winner: Raven’s Corner, Richard Mullen, Satish Seemar

8.50pm: Singspiel Stakes Group 3 (T) $200,000 1,800m | Winner: Dream Castle, Christophe Soumillon, Saeed bin Suroor

9.25pm: Handicap (T) $175,000 1,400m​​​ | Winner: Another Batt, Connor Beasley, George Scott

The specs: 2018 Audi Q5/SQ5

Price, base: Dh183,900 / Dh249,000
Engine: 2.0L, turbocharged in-line four-cylinder /  3.0L, turbocharged V6
Gearbox: Seven-speed automatic / Eight-speed automatic
Power: 252hp @ 5,000rpm / 354hp @ 5,400rpm
Torque: 370Nm @ 1,600rpm / 500Nm @ 1,370rpm
Fuel economy: combined 7.2L / 100km / 8.3L / 100km

Five expert hiking tips
    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Fixtures

Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am

Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am

Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am

Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight

PETER%20PAN%20%26%20WENDY
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Updated: February 08, 2022, 2:54 PM