Europe will soon see the cost of climate change as drought conditions are expected to hit food production this year, according to the latest Copernicus report.
The report comes after the Alps lost a record amount of ice.
Alpine ski resorts were forced to close due to a lack of winter snow earlier this year as much of Europe experienced unusually warm weather.
The sixth annual European State of the Climate (ESOTC) report, published on Thursday by the Copernicus Climate Change Service (C3S), reveals that low rainfall and high temperatures have led to widespread droughts across the continent.
Samantha Burgess, deputy director at C3S, said crop production is likely to be affected this year.
“In terms of what we have seen over the last few months, winter and spring have been warmer in large parts and drier than average and this has implications for water going into the growing season,” she said.
“We have already seen reports of water stress in Mediterranean countries, Spain in particular, and unless we have significant precipitation, significant spring rainfall, the probability is there will be below average water availability in southern European countries over the spring and summer.
“If we have a wet May it will improve the situation significantly, but the soil moister maps are incredibly dry. If we get moisture back that will benefit reservoirs but unfortunately the impacts are probably already in place for the growing season and we are likely to see reduced crop production because of the dry winter and spring period.”
The report reveals that Europe experienced its hottest summer and second warmest year on record last year, and temperatures are rising at twice the global average rate — faster than any other continent.
The data shows that the temperature increases have been compounded by several extreme events including intense heatwaves, drought conditions and extensive wildfires.
“The report highlights alarming changes to our climate, including the hottest summer ever recorded in Europe, marked by unprecedented marine heatwaves in the Mediterranean Sea and record-breaking temperatures in Greenland," Carlo Buontempo, director of C3S, said.
"Understanding the climate dynamics in Europe is crucial for our efforts to adapt and mitigate the negative impacts climate change has on the continent.”
The average temperature in Europe for the latest five-year period was about 2.2°C above the pre-industrial era (1850-1900), the data shows.
Other findings included:
- Southern Europe experienced up to 100 days of heat stress, where temperatures felt like 32C
- Droughts caused by low rainfall affected more than a third of Europe
- Two thirds of Europe’s rivers were lower than average
- Record summer heat caused thousands of deaths
One of the most significant events affecting Europe last year was widespread drought. During the winter of 2021-2022, much of Europe experienced fewer snow days than average, with many areas recording up to 30 fewer days.
Last spring, precipitation was below average across much of the continent, with May seeing the lowest precipitation on record for the month.
The lack of winter snow and the high summer temperatures resulted in a record loss of ice from glaciers in the Alps.
The low precipitation, which continued throughout summer, together with the exceptional heatwaves, also caused a widespread and prolonged drought that affected several sectors, such as agriculture, river transport and energy, the report says.
The annual soil moisture anomaly was the second lowest in the past 50 years with only isolated areas recording wetter-than-average soil moisture conditions. Furthermore, river flow for Europe was the second lowest on record, the sixth year in a row with below-average flows.
In terms of the area affected, last year was the driest year on record, with 63 per cent of Europe’s rivers recording lower-than-average flows.
During 2022, Greenland also experienced extreme climate conditions, including exceptional heat and rainfall in September, a time of year when snow is more typical.
The report says average temperatures for the month were up to 8°C higher than average (the highest on record), and the island was affected by three different heatwaves.
This combination caused record ice sheet melt, with at least 23 per cent of the ice sheet affected at the peak of the first heatwave.
Dr Mauro Facchini, head of Earth Observation at the Directorate General for Defence Industry and Space at the European Commission, says the report is a wake-up call.
“Everyone can see what the effects are of climate change,” he said.
“We have seen the heatwaves over the summer but also extending beyond summer, droughts and glazier loss in the Alps. These impacts are longer and more frequent. We really need to look at how we can introduce mitigation measures.
“The climate crisis has become a major concern for the entire world. The reports highlights some concerning trends in 2022. It was another record breaking year for greenhouse gases, wildfires temperature extremes and precipitation. We are really going into unchartered territory. Our climate is changing and we must work together to reduce greenhouse gases. Let’s take this report as yet another wake-up call.”
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Men's football draw
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
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Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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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The biog
Prefers vegetables and fish to meat and would choose salad over pizza
Walks daily as part of regular exercise routine
France is her favourite country to visit
Has written books and manuals on women’s education, first aid and health for the family
Family: Husband, three sons and a daughter
Fathiya Nadhari's instructions to her children was to give back to the country
The children worked as young volunteers in social, education and health campaigns
Her motto is to never stop working for the country
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
UAE currency: the story behind the money in your pockets
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
Global state-owned investor ranking by size
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United States
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2.
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China
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3.
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UAE
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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8.
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Australia
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Saudi Arabia
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10.
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South Korea
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