Glasgow, the host city of the Cop26 climate change summit, has told leaders that efforts to stop global warming will fail unless the world's poorest see the benefits of such policies.
The plea comes as protesters are set to converge on Parliament Square in central London on Friday, urging Prime Minister Boris Johnson to take more urgent action ahead of the crucial talks to be held in November.
Giant alarm clocks will show time running out, while 100 protesters will chant that the prime minister and his chancellor, Rishi Sunak, are “missing in action”.
On Thursday, environment and energy ministers from the G20 nations made little progress on how to reach climate goals as a group of countries resisted firm commitments.
Near the sumptuous royal palace in Naples, where the meeting took place, thousands of flag-waving marchers protested against what they said was a lack of action on global warming.
Sue Atkin, leader of Glasgow City Council, ramped up the pressure ahead of Friday's protest in London by warning that the path to net zero emissions must not adversely affect the poor.
"The journey to net zero has to happen with and for our people, not to them," she told an online event marking 100 days to the key talks.
"It can't be about just telling our poorest residents what they have to give up ... (It) has to show how to take advantage of this changing world."
Ms Aitken said Glasgow was still battling social deprivation as a result of the city's painful industrial decline starting in the 1950s.
"Anything but a just transition we will come to regret," she said.
Nigel Topping, Britain's high-level climate action champion for Cop26, said failure to make sure the coming green shift was fair would derail the UN conference.
"If we don't do it inclusively, the politics will end up being against us," he said.
Cities have been at the forefront of government climate action over the past decade, with many declaring net zero emissions goals long before countries or businesses followed suit.
Today more than 750 global cities have pledged to reach net-zero emissions by the middle of the century.
London Mayor Sadiq Khan told the online event that "cities can show national governments the leadership that's required".
Providing jobs, more affordable energy, more comfortable homes and better access to carbon-absorbing green spaces for all residents - including the poor - is a key part of that push, mayors said.
Ada Colau, Barcelona's mayor, said efforts in her city to launch a new company to supply green electricity had led to both lower emissions and cheaper power for residents.
Mohammed Adjei Sowah, the mayor of Ghana's capital Accra, said his city's push to cut emissions involved recognising that informal workers make up at least 75 per cent of the city's workforce and trying to bring them into new jobs that are green and more stable.
"To ensure a truly just transition ... we cannot afford to ignore the informal sector in the things we are doing," he said.
Scores of officials from 196 countries are set to fly to Glasgow for two weeks of intense negotiations aimed at setting new targets to limit the catastrophic effects of climate change.
But climate experts accused the UK government of failing to take the talks seriously enough.
“We ask ourselves every day – where is the prime minister?” Chris Venables from the Green Alliance thinktank said.
“It’s clear that he has not grasped the scale of holding the biggest diplomatic event on UK soil since the second world war. This should be his No 1 priority.”
Bernice Lee, a research director at the Chatham House thinktank, said: “This is mission-critical - we need another round of leader-level diplomacy from Johnson.”
NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
Company%20Profile
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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.”
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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