Antonio Guterres: 'We are digging our own graves' with climate change


Jamie Prentis
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Humans are “digging our own graves” through climate change and by “brutalising biodiversity”, UN Secretary General Antonio Guterres has said at the opening of Cop26.

He criticised “a deficit of credibility and a surplus of confusion” over emissions reduction and net-zero targets, which held “different meanings and different metrics”.

Mr Guterres said that already the “sirens are sounding” and “our planet is telling us something”.

He urged the international community to give more aid — whether climate related or not — to the developing world.

But Mr Guterres praised the “unstoppable” and vocal, youth-led “climate action army” demanding action. “I assure you, they are not going away,” he said.

“Our addiction to fossil fuels is pushing humanity to the brink. We face a stark choice: either we stop it — or it stops us,” Mr Guterres said.

  • British Prime Minister Boris Johnson delivers a speech during the opening ceremony of the Cop26 summit in Glasgow. AP
    British Prime Minister Boris Johnson delivers a speech during the opening ceremony of the Cop26 summit in Glasgow. AP
  • Boris Johnson greets US President Joe Biden. AP
    Boris Johnson greets US President Joe Biden. AP
  • Journalists listen to a live transmission of the speech by Boris Johnson. AFP
    Journalists listen to a live transmission of the speech by Boris Johnson. AFP
  • Sir David Attenborough delivers a speech during the opening ceremony. Reuters
    Sir David Attenborough delivers a speech during the opening ceremony. Reuters
  • Prince Charles arrives for the summit. Getty Images
    Prince Charles arrives for the summit. Getty Images
  • A view of the opening ceremony in Glasgow. AP
    A view of the opening ceremony in Glasgow. AP
  • Boris Johnson speaks to UN Secretary General Antonio Guterres as leaders arrive at the Cop26 summit in Glasgow. AP
    Boris Johnson speaks to UN Secretary General Antonio Guterres as leaders arrive at the Cop26 summit in Glasgow. AP
  • Boris Johnson greets Indian Prime Minister Narendra Modi ahead of their bilateral meeting. Getty Images
    Boris Johnson greets Indian Prime Minister Narendra Modi ahead of their bilateral meeting. Getty Images
  • A member of staff adjusts flags before the arrival of leaders in Glasgow. Getty Images
    A member of staff adjusts flags before the arrival of leaders in Glasgow. Getty Images
  • Boris Johnson and Antonio Guterres in discussion with French President Emmanuel Macron. Reuters
    Boris Johnson and Antonio Guterres in discussion with French President Emmanuel Macron. Reuters
  • Environmental campaigners with 'big heads' of world leaders, including Joe Biden and Boris Johnson, dress in kilts and carry bagpipes as they gather in Royal Exchange Square, central Glasgow. PA
    Environmental campaigners with 'big heads' of world leaders, including Joe Biden and Boris Johnson, dress in kilts and carry bagpipes as they gather in Royal Exchange Square, central Glasgow. PA
  • Delegates queue as they arrive at the event. AP
    Delegates queue as they arrive at the event. AP
  • Boris Johnson waits to greet leaders as they arrive to attend. AFP
    Boris Johnson waits to greet leaders as they arrive to attend. AFP
  • A protester dressed as a dinosaur roars outside the Gallery of Modern Art in Glasgow. PA
    A protester dressed as a dinosaur roars outside the Gallery of Modern Art in Glasgow. PA
  • Boris Johnson and Antonio Guterres hold a conversation with Narendra Modi. AP
    Boris Johnson and Antonio Guterres hold a conversation with Narendra Modi. AP
  • Red Rebellion activists participate in a protest at Glasgow Central Station. Reuters
    Red Rebellion activists participate in a protest at Glasgow Central Station. Reuters
  • Joe Biden attends the opening session of Cop26. AP Photo
    Joe Biden attends the opening session of Cop26. AP Photo
  • Canada's Prime Minister Justin Trudeau arrives at the Cop26 summit. PA
    Canada's Prime Minister Justin Trudeau arrives at the Cop26 summit. PA
  • Boris Johnson greets Antonio Guterres and Palestinian Prime Minister Mohammed Shtayyeh. AP
    Boris Johnson greets Antonio Guterres and Palestinian Prime Minister Mohammed Shtayyeh. AP
  • Emmanuel Macron speaks to reporters. Reuters
    Emmanuel Macron speaks to reporters. Reuters
  • Scotland's First Minister Nicola Sturgeon (C) poses for a photograph as she meets climate activists Vanessa Nakate (R) and Greta Thunberg. AFP
    Scotland's First Minister Nicola Sturgeon (C) poses for a photograph as she meets climate activists Vanessa Nakate (R) and Greta Thunberg. AFP
  • A man tries out virtual reality goggles at the SECC in Glasgow, the venue for Cop26. Getty Images
    A man tries out virtual reality goggles at the SECC in Glasgow, the venue for Cop26. Getty Images
  • Boris Johnson welcomes German Chancellor Angela Merkel. Getty Images
    Boris Johnson welcomes German Chancellor Angela Merkel. Getty Images
  • Egyptian President Abdel Fattah El Sisi arrives at Cop26. PA
    Egyptian President Abdel Fattah El Sisi arrives at Cop26. PA
  • Indonesian traditional dancers perform. Reuters
    Indonesian traditional dancers perform. Reuters

“It’s time to say, 'enough. Enough of brutalising biodiversity. Enough of killing ourselves with carbon. Enough of treating nature like a toilet. Enough of burning and drilling and mining our way deeper'. We are digging our own graves."

Recent climate actions announcements “might give the impression that we are on track to turn things around,” he said. “This is an illusion.”

Mr Guterres referred to a recent UN report that current commitments to cut greenhouse gas emissions put the planet on track for an average 2.7°C temperature rise this century.

“Even in the best-case scenario, temperatures will rise well above 2°C. So, as we open this much-anticipated climate conference, we are still heading for climate disaster,” he said.

“Young people know it. Every country sees it. Small island developing states — and other vulnerable ones — live it. For them, failure is not an option. Failure is a death sentence.”

He said the target to limit global warming to 1.5°C above pre-industrial levels must be kept in reach and called for firm action to reduce global emissions by 45 per cent by 2030.

Mr Guterres reiterated that this must be led by the wealthy nations that comprise the G20 and account for around 80 per cent of the planet's emissions.

"But emerging economies, too, must go the extra mile as their contribution is essential for the effective reduction of emissions," he said.

"We need maximum ambition — from all countries on all fronts — to make Glasgow a success. I urge developed countries and emerging economies to build coalitions able to create the financial and technological conditions to accelerate the decarbonisation of the economy and the phase-out of coal."

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Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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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The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Updated: November 01, 2021, 11:15 PM