London needs to charge motorists by the mile to hit climate change targets, Mayor Sadiq Khan has said.
He wants road pricing to be implemented to encourage people who drive petrol or diesel cars in the capital to switch to public transport, walking, cycling or electric vehicles “where necessary”.
The Labour mayor says he is “not willing to put off action”.
Research commissioned by the mayor found that a 27 per cent reduction in London’s car traffic is required by 2030 to meet net-zero ambitions, announced before Cop26.
The report says that to achieve anywhere near that reduction in car vehicle kilometres, London will need a new kind of road user charging system by the end of the decade at the latest.
Such a system could abolish all existing road user charges, such as the congestion charge and ultra low emission zone charge, and replace them with a programme in which drivers pay per mile, with different rates depending on the type of vehicle, the level of congestion in the area and access to public transport.
Electric vehicles to dominate London car mix by 2030
Using four different scenarios – high electrification, high hydrogen, accelerated green and no constraints – the researchers modelled London's car powertrain mix in both 2030 and 2050.
High electrification, high hydrogen and accelerated green all assume the UK government's ban on the sales of new petrol and diesel cars by 2030 is enacted.
The high-electrification scenario assumes widespread scrappage or significant limitations imposed on all petrol and diesel cars and vans over 10 years old travelling into London.
The high-hydrogen scenario is based on low-cost hydrogen becoming available by the mid 2020s, while the no-constraints scenario assumes London becomes a bellwether for the reduction of petrol and diesel cars around this time too.
Under all scenarios in the 2030 and 2050 models, the electric battery becomes the dominant powertrain in London.
There will still be a significant percentage of petrol and diesel cars on London's roads come 2030, however, according to all the modelled scenarios.
By 2050 they will have been eradicated under all scenarios, with only battery electric vehicles and hydrogen fuel-cell electric vehicles in circulation.
The report outlines action required to reduce air pollution, tackle the climate emergency and cut congestion in the capital to create a greener, healthier city fit for the future.
Between 2000 and 2018, London achieved a 57 per cent reduction in workplace greenhouse gas emissions and a 40 per cent reduction in emissions from homes, but only a 7 per cent reduction in emissions from transport.
To reduce transport emissions by anywhere close to the amount required to clean up London’s air, achieve net zero by 2030 and cut congestion, the capital will have to make a significant shift away from petrol and diesel vehicle use towards walking and cycling, greater public transport use and cleaner vehicles, the report said.
At the moment, only 2 per cent of vehicles on the roads in London are electric.
Road user charging would be a “simple and fair scheme” that could replace existing fees, according to the report.
But making people pay based on how far they drive has often been viewed as politically toxic.
Consideration of such a scheme has not been government policy since a Labour administration abandoned proposals in 2007 after an online petition attracted 1.8 million signatures.
The document noted that the technology to charge drivers per mile is “still years away from being ready”, so Mr Khan is considering several policies that “could be ready within the next few years”.
He has already introduced and expanded the Ultra-Low Emission Zone and tightened Low-Emission Zone standards – expected to lead to a 5 per cent fall in carbon dioxide emissions from cars and vans in the zone, and a 30 per cent cut in toxic nitrogen oxide emissions from road transport.
However, the new report says more action is required.
One approach is for the Ulez to be extended beyond the North and South Circular Roads to cover the whole of London.
Existing charge levels and emissions standards could be maintained, or a “small” fee could be charged for “all but the cleanest vehicles”.
Mr Khan is also considering charging drivers of vehicles registered outside London for entering the capital.
The chosen programme would be enacted by May 2024.
London feeling the heat
Last year, the capital was affected by the climate emergency first-hand, with soaring temperatures and flash floods.
City Hall analysis has shown that if extreme temperatures and floods worsen, a quarter of London’s rail stations, one in five schools, about half of London’s hospitals and hundreds of thousands of homes and workplaces will be at risk of future flooding.
The air pollution caused by London traffic leads to about 4,000 premature deaths a year and children growing up with stunted lung capacity.
Londoners on lower incomes are more likely to live in areas of the city that are more heavily affected by air pollution and are less likely to own a car.
This new report must act as a stark wake-up call for the government on the need to provide much greater support to reduce carbon emissions in London
Edmund King,
AA president
About half of Londoners do not own a car, but they are disproportionally feeling the damaging consequences caused by polluting vehicles.
AA president Edmund King said simply “charging vehicles off the road” is not the solution to cutting pollution.
“We need to encourage the uptake of cleaner, greener vehicles,” he said.
“This new report must act as a stark wake-up call for the government on the need to provide much greater support to reduce carbon emissions in London. It’s clear the scale of the challenge means we can’t do everything alone,” said Mr Khan.
“But I’m not willing to stand by and wait when there’s more we can do in London that could make a big difference. We simply don’t have time to waste.
“The climate emergency means we only have a small window of opportunity left to reduce carbon emissions to help save the planet, and, despite the world-leading progress we have made over the last few years, there is still far too much toxic air pollution permanently damaging the lungs of young Londoners.”
Watch: Cop26 climate change deal explained
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
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.”
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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UAE currency: the story behind the money in your pockets
Results
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Company%20Profile
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