The UK is set to dig its first deep coal mine in more than 30 years in a move that campaigners say makes a mockery of the government’s commitments to climate change.
Cumbria county council, in north-west England, was poised to give the project the green light in a meeting today despite attempts by environmentalists to block the plan.
West Cumbria Mining, the company behind the project, said the new mine would bring up to 500 jobs to an area heavily reliant on tourism.
The proposal was first granted planning permission last year but was subject to a judicial review brought on by environmental groups who said a new coal mine was at odds with the UK’s commitment to be carbon neutral by 2050.
The plan was resubmitted after the review.
The council said it would support the £160m colliery on the basis that it would close by 2049 - one year before the UK is required to be carbon neutral.
The mine was originally set to operate for 70 years.
The developer said it would extract coking coal used in the production of steel, instead of fuel for power.
A report last year by the Green Alliance suggested the mine would produce 8.4 tons of carbon dioxide per year - more than double the net annual emissions for the whole of Cumbria.
Friends of the Earth’s north-west campaigner Estelle Worthington said: “We’re not going to solve the rapidly escalating climate crisis by giving the green light to new coal mines.
“Coal extraction in Cumbria will increase climate-wrecking emissions and undermine the UK’s commitment to building a carbon-free future.”
On June 10, during lockdown, the UK set a new record for the number of days without producing any coal-generated electricity.
The country was reliant entirely on alternative forms of power generation for two months - the longest run since the 1880s.
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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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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
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