Unabated climate change will cause more extreme summer droughts in European hot spots by the end of the century, researchers have said.
A study published in Frontiers in Water highlighted France, the Alps, the Mediterranean and the Iberian Peninsula as areas of particular concern, where there could be a more than 50 per cent increase in the frequency of extreme summer droughts.
Experts at Ludwig Maximilian University of Munich and Ouranos Consortium in Canada based their study on the RCP8.5 scenario, which is regarded as the worst-case climate change scenario under which global temperatures would increase fastest.
“Summer droughts are a highly relevant topic in Europe. We find a clear trend towards more, longer and more intense summer droughts, in terms of a precipitation deficit, towards the end of the century under a high-emission carbon scenario (RCP8.5),” co-author Magdalena Mittermeier said.
The World Health Organisation says drought affects about 55 million people globally, increasing the risk of death and loss of livelihoods. As well as associated water scarcity, drought can destroy crops, increase the risk of disease and fuel fires.
The study found seasonal differences in precipitation in Europe would become greater. While rain will decrease in the summer, it will increase in the winter.
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Extinction Rebellion climate activists drape a banner from the Guildhall in London. The campaign group is gearing up for two weeks of demonstrations. Reuters -

Activists climbed the outside of the headquarters of the City of London's government on Sunday as they launched a series of protests focusing on the capital's financial district. Reuters -

A protester from Extinction Rebellion wears a facemask saying 'I know my rights' outside Guildhall. Getty Images -

About 200 demonstrators from Extinction Rebellion targeted the Guildhall. Getty Images -

Extinction Rebellion, which caused days of traffic chaos in London two years ago, said it was targeting the city's financial district, which it holds responsible for helping to fuel climate change. Getty Images -

Police officers clash with Extinction Rebellion climate activists. Reuters -

Actor Jerome Flynn (C) takes part in the protest at Guildhall. Reuters -

The group wants an emergency response from governments and a mass move away from polluting industries to avert the worst scenarios of devastation outlined by scientists. Reuters -

A protester and a police officer confront each other outside the Guildhall. AP Photo
“Our study shows that unabated climate change will worsen the risk of hot spot droughts drastically. But also, in some regions where droughts currently play a minor role, the future drought risk is expected to get serious. We show that the Alps should be considered an additional future hotspot,” Ms Mittermeier said.
Under the 2015 Paris Agreement, a legally binding international treaty on climate change, countries agreed on a goal to limit global temperature rises to “well below” 2°C, but preferably to 1.5°C compared to pre-industrial levels.
Ms Mittermeier said that without action, climate change would "drastically increase the frequency, duration and intensity of summer droughts in many European regions".
"Such extreme effects can be avoided by climate mitigation. This is why consistent mitigation of climate change as agreed on under the Paris Agreement is highly relevant in terms of droughts in Europe,” she said.
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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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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”.
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Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
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Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
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Experiencing sleep disturbances or changes in sleep patterns.
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Under 18 months: Avoid screen time altogether, except for video chatting with family.
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