The UK's ruling Conservative Party faces taking “the road to nowhere” if its next leader chooses to scrap net zero emissions targets, the president of the Cop26 summit has said.
Alok Sharma, a business secretary under Prime Minister Boris Johnson, said the Conservatives would face a reckoning from voters if the party dropped green policies under pressure from climate-sceptic MPs.
Britain has played a central role in tackling the climate crisis and is one of dozens of countries that have pledged to end reliance on fossil fuels and reduce carbon emissions to zero by 2050.
However, some candidates in the Tory leadership race have questioned the effects of a net zero commitment on economic growth.
Leadership candidate Kemi Badenoch MP described the 2050 net zero target as “unilateral economic disarmament”.
Questions were raised about the commitment of Penny Mordaunt to the UK’s net zero climate target.
Mr Sharma, speaking to the i newspaper, said that scrapping climate-friendly policies would be counterproductive and “economically illiterate”.
“Economically, environmentally and electorally it would be a retrograde step for us to resile from this policy,” he said. “It’s a road to nowhere.”
The Office for Budget Responsibility said the cost of unmitigated climate change could reach 300 per cent of the UK's gross domestic product, Mr Sharma said.
“I don’t want the legacy of our generation to be that we saddled future generations with huge amounts of debt," he said.
He said eco-conscious policies, such improving home insulation, were not only good for the climate but could act as a “bazooka” for economic growth.
“The fastest way of helping people reduce bills is making their homes more energy-efficient”, he said.
Mr Sharma said Australia's right-wing Liberal Party was voted out of power when its traditionally conservative base began to vote in favour of environmentally friendly policies.
These “teal voters” were right-wing, or blue, who adopted traditionally green polices.
“You had a conservative government which some people thought was tone deaf when it came to issues of climate that mattered very much for lots of voters,” Mr Sharma said.
Environmental groups have urged the Conservatives and their next leader to stick to their climate targets.
Shaun Spiers, executive director of environmental policy think tank Green Alliance, said tackling the climate and nature crisis should be central to this leadership race.
He said no candidate had put the environment at the forefront of their campaign and that it was “deeply depressing” that some seemed intent on “turning the clock back”.
“Rather than lazily dissing green initiatives, let’s hear how the candidates propose to meet the climate targets we’re lagging behind, reverse the catastrophic decline in nature and tackle the fossil-fuelled hikes in the cost of living," he 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.”
Race card
5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m
6.05pm: Handicap (TB) Dh87,500 (T) 1,400m
6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m
7.15pm: Handicap (TB) Dh105,000 (T) 1,200m
7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m
8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m
9pm: Handicap (TB) Dh105,000 (T) 2,410m
9.35pm: Handicap (TB) Dh92,500 (T) 2,000m
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
ACL Elite (West) - fixtures
Monday, Sept 30
Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)
Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
The five pillars of Islam
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