Traffic crowds a road in Moscow as smoke billows from a power plant in background. Pavel Glolovkin / AP Photo
Traffic crowds a road in Moscow as smoke billows from a power plant in background. Pavel Glolovkin / AP Photo
Traffic crowds a road in Moscow as smoke billows from a power plant in background. Pavel Glolovkin / AP Photo
Traffic crowds a road in Moscow as smoke billows from a power plant in background. Pavel Glolovkin / AP Photo

Urgent action, not technology, is best bet to save the planet, scientists say


  • English
  • Arabic

Technology alone will not be able to save the planet from global warming, scientists at UN climate-change talks in Bonn have warned.

Despite an almost universal commitment to control carbon emissions, this year will see a rise of about 2 per cent after three years of levelling off, according to the Global Carbon Project.

This makes the goal of restricting global warming to less than two degrees by the end of the century, the benchmark set in the 2015 Paris Agreement, more difficult to achieve.

The increase is being attributed to China burning more coal, but some of the world's leading climate researchers say the real with problem lies with the reliance on negative emission technologies, or NETs, which are aimed at removing more carbon from the atmosphere than is released, and the failure of governments to enact real change.

“What we’ve had is 27 years of abject failure in reducing carbon emissions. Engineers like myself have a naive commitment to pet technologies,” said Kevin Anderson, the Zennström visiting professor in climate change leadership at Uppsala University. “What we haven’t tried in 27 years is mitigation.”

However, the reliance on future technological developments created a “generational passing” on of the problem and “romantic illusions” of ways to deal with climate change, he said.

If the NETs, which are largely unproven, fall flat on their promise, and governments and people continue with business as usual, then global temperatures could rise 3.5 degrees by 2050, Prof Anderson said.

Such an increase would mean more extreme natural disasters, millions displaced by rising sea levels, and food and water shortages.

Johan Rockstrom, director of the Stockholm Resilience Centre, said science can help, but the quickest and most important way to control global warming is behavioural change.

Activists groups, backed by scientific research, lobby for solutions such as reducing human consumption of meat or switching to renewable energy, but changes can be made on a much smaller scale as well.

Prof Rockstrom pointed to the climate conference itself, saying, “We have thousands of people, climate glitterati, flying to this conference … walk into a COP conference at 10pm at night and you’ll see all the screens turned on.”

He said even the two-degree warming limit was based on questionable assumptions and scientific analysis fine-tuned to align with the political and economic sensibilities.

Countries that have signed up to reduce their emissions will be asked to reassess their commitments by 2020, as current practices are putting the goal of containing climate change beyond reach, he said.

In fact, most experts agree that countries must go beyond their initial pledges to achieve the task of preventing mass species extinction, food shortages and natural disasters on a scale never seen before.

One step that can be taken overnight to fight global warming in earnest is for all 196 governments that have signed the Paris agreement to cut subsidies that give fossil fuels an unfair advantage against renewables, Prof Rockstrom said.

“We need to directly take away the $500 trillion subsidies for fossil fuels every year,” he said.

“It is what we do in the next 50 years that will determine what happen for the next 10,000 years, so this is the decisive moment, clearly,” he said.

The concept of a carbon budget — an estimate by experts of the total amount of carbon dioxide that can be emitted without jeopardising climate-change targets — is also blamed for government complacency in implementing emission-control policies.

"Don't be fooled by this, because no one can tell you the true carbon budget," said Prof Hans Joachim Schellnhuber, founding director of the Potsdam Institute for Climate Impact Research.

“By 2025 if we continue [at this rate], you will have an almost impossible task to do. Time is clearly of the essence," he said.

“Believe me every month counts, it might turn out we are too late to save the Greenland ice sheet; I am sure that we cannot save the tropical coral reefs. But we can still save 90 per cent on this earth.”

How to become a Boglehead

Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.

•   Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.

•   Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.

•   Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.

•   Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.

•   Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.

•   Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.

•   Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.

•   Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.

A timeline of the Historical Dictionary of the Arabic Language
  • 2018: Formal work begins
  • November 2021: First 17 volumes launched 
  • November 2022: Additional 19 volumes released
  • October 2023: Another 31 volumes released
  • November 2024: All 127 volumes completed
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”.

Evacuations to France hit by controversy
  • Over 500 Gazans have been evacuated to France since November 2023
  • Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
  • The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
  • Artists and researchers fall under a programme called Pause that began in 2017
  • It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
  • Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
  • Unlike students, they are allowed to bring their families to France

Russia's Muslim Heartlands

Dominic Rubin, Oxford

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.”

Results

6.30pm: The Madjani Stakes (PA) Group 3 Dh175,000 (Dirt) 1,900m

Winner: Aatebat Al Khalediah, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer).

7.05pm: Maiden (TB) Dh165,000 (D) 1,400m

Winner: Down On Da Bayou, Royston Ffrench, Salem bin Ghadayer.

7.40pm: Maiden (TB) Dh165,000 (D) 1,600m

Winner: Dubai Avenue, Fernando Jara, Ali Rashid Al Raihe.

8.15pm: Handicap (TB) Dh190,000 (D) 1,200m

Winner: My Catch, Pat Dobbs, Doug Watson.

8.50pm: Dubai Creek Mile (TB) Listed Dh265,000 (D) 1,600m

Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar.

9.25pm: Handicap (TB) Dh190,000 (D) 1,600m

Winner: Golden Goal, Pat Dobbs, Doug Watson.

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

Who has lived at The Bishops Avenue?
  • George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
  • Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
  • Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
  • Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills. 
Hunting park to luxury living
  • Land was originally the Bishop of London's hunting park, hence the name
  • The road was laid out in the mid 19th Century, meandering through woodland and farmland
  • Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds