UN Secretary General Antonio Guterres gave an environmental warning at the ancient Hindu Sun Temple in Modhera, in Gujarat state, western India. Reuters
UN Secretary General Antonio Guterres gave an environmental warning at the ancient Hindu Sun Temple in Modhera, in Gujarat state, western India. Reuters
UN Secretary General Antonio Guterres gave an environmental warning at the ancient Hindu Sun Temple in Modhera, in Gujarat state, western India. Reuters
UN Secretary General Antonio Guterres gave an environmental warning at the ancient Hindu Sun Temple in Modhera, in Gujarat state, western India. Reuters

UN chief Antonio Guterres criticises India for fossil fuel company payments


Taniya Dutta
  • English
  • Arabic

UN Secretary General Antonio Guterres has criticised India for paying fossil fuel companies subsidies and grants and warned the country over critical pollution levels.

Mr Guterres was speaking at Modhera, the country’s first entirely solar-powered village, in the western state of Gujarat, on Thursday, during the last leg of his three-day visit to India.

“Instead of subsidising things, it is necessary to subsidise people,” the UN's top diplomat said.

“India today, in one of the most expanded programmes of social welfare in the world, provides hundreds of millions of families with financial support.

“This is the right thing to do to provide more and more support to the families in need and less and less support that benefits companies that are today making huge profits around the world.”

While fossil fuel subsidies by the Indian government have fallen considerably since 2014, grants to coal, oil and gas companies increased by nine times in 2021-22, according to a study by the International Institute of Sustainable Development and Council on Energy, Environment and Water think tank in May.

India has committed to meeting 50 per cent of its energy requirements from renewable energy and reducing total projected carbon emissions by one billion tonnes by 2030.

It is also planning to achieve net-zero emission status by 2070.

In a speech at the 1,000-year-old Hindu Sun Temple at Modhera, Mr Guterres said a green economy could be the solution to India's pollution problems.

India, which has a population of 1.3 billion, is the world’s second most polluted country, according to a report by the Air Quality Life Index initiative, produced by the University of Chicago's Energy Policy Institute.

And 63 Indian cities were among the 100 most polluted places globally in air pollution rankings by Swiss air quality technology company IQAir’s World Air Quality report in March.

Another study by the AQLI said that Indians are on average losing five years of their lives because of breathing air with particulate matter that exceeded the World Health Organisation levels.

The WHO considers five micrograms per cubic metre of PM2.5 particulate matter — tiny particles of pollutants that can enter deep into lungs and the bloodstream — as the safe level.

A report by London-based medical journal The Lancet in May said there were 2.3 million premature deaths due to pollution in India in 2019.

Nearly 1.6 million deaths were due to air pollution alone, while more than 500,000 were caused by water pollution, according to the Lancet Commission on pollution and health report.

United Nations Secretary General Antonio Guterres speaks during his visit at the Sun Temple in Modhera, in India's Gujarat state on October 20, 2022. (AFP)
United Nations Secretary General Antonio Guterres speaks during his visit at the Sun Temple in Modhera, in India's Gujarat state on October 20, 2022. (AFP)

Mr Guterres said a “green economy is not only good for the planet but it is good for the health and being good for the health saves lives”.

“Polluting cities are killing seven million people in the world every year. So, it is our duty to rescue them, it’s our duty to fight pollution to preserve biodiversity and fight climate change,” he said.

Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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West Asia Premiership

Thursday
Jebel Ali Dragons 13-34 Dubai Exiles

Friday
Dubai Knights Eagles 16-27 Dubai Tigers

The specs

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Transmission: 7-speed auto

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Power: 1500hp

Torque: 1600Nm

Price: Dh13,400,000

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Company%20profile
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Squad for first two ODIs

Kohli (c), Rohit, Dhawan, Rayudu, Pandey, Dhoni (wk), Pant, Jadeja, Chahal, Kuldeep, Khaleel, Shami, Thakur, Rahul.

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

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MEYDAN CARD

6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m

7.05pm Handicap (TB) $175,000 (Turf) 1,200m

7.40pm UAE 2000 Guineas Trial Conditions (TB) $100,000 (D) 1,600m

8.15pm Singspiel Stakes Group Two (TB) $250,000 (T) 1,800m

8.50pm Handicap (TB) $135,000 (T) 1,600m

9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m

10pm Dubai Trophy Conditions (TB) $100,000 (T) 1,200m

10.35pm Handicap (TB) $135,000 (T) 1,600m

The National selections:

6.30pm AF Alwajel

7.05pm Ekhtiyaar

7.40pm First View

8.15pm Benbatl

8.50pm Zakouski

9.25pm: Kimbear

10pm: Chasing Dreams

10.35pm: Good Fortune

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.”

COMPANY PROFILE

Company name: Blah

Started: 2018

Founder: Aliyah Al Abbar and Hend Al Marri

Based: Dubai

Industry: Technology and talent management

Initial investment: Dh20,000

Investors: Self-funded

Total customers: 40

The past winners

2009 - Sebastian Vettel (Red Bull)

2010 - Sebastian Vettel (Red Bull)

2011 - Lewis Hamilton (McLaren)

2012 - Kimi Raikkonen (Lotus)

2013 - Sebastian Vettel (Red Bull)

2014 - Lewis Hamilton (Mercedes)

2015 - Nico Rosberg (Mercedes)

2016 - Lewis Hamilton (Mercedes)

2017 - Valtteri Bottas (Mercedes)

Expert advice

“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”

Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles

“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”

Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre 

“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”

Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
 

Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

UAE SQUAD

Mohammed Naveed (captain), Mohamed Usman (vice captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

MATCH INFO

Chelsea 0

Liverpool 2 (Mane 50', 54')

Red card: Andreas Christensen (Chelsea)

Man of the match: Sadio Mane (Liverpool)

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Result

Arsenal 4
Monreal (51'), Ramsey (82'), Lacazette 85', 89')

West Ham United 1
Arnautovic (64')

The%20specs
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Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Updated: October 21, 2022, 1:59 PM