High temperatures and dry weather have led to a rising number of wildfires in spring, leading to record emissions, new climate data has revealed.
The Copernicus Atmosphere Monitoring Service, which tracks the intensity of wildfires and their emissions in the atmosphere, has reported an “unusually” high number of fires for the time of year.
It comes as fires were raging in Canada and Germany on Friday.
More than 18,000 people have been evacuated from their homes in Canada as the military tackle more than 200 fires which have been caused by early summer weather.
Mark Parrington, CAMS Senior Scientist, said the data is an early warning for more fires to come.
“As the Northern Hemisphere is approaching summer, it is expected that the variables related to increasing wildfire risk will be exacerbated, such as high temperatures and especially drier conditions,” he said.
“Monitoring these variables, and the development of wildfires, is crucial to understanding the underlying causes and impacts on the atmosphere in order to take proper action.”
Last month, the European Commission announced that 28 planes and helicopters will be made available to help counter wild forest fires.
CAMS has tracked significant fire activity in different regions of Spain, affecting mainly Valencia with further fires in Asturias and Cantabria.
“As a result of these wildfires, Spain experienced the highest levels of emissions for this month on record, on par with those of wildfires in 2012,” it said.
“Having wildfires of these proportions so early in the year is an unusual occurrence. Copernicus's data has highlighted how the fire risk has been exacerbated by the high temperatures and dry conditions that affected the continent during the previous winter.”
The latest data also revealed that Central America experienced seasonal fires that were “slightly above average” between March and May.
“The large-scale wildfires across western Canada have been raging throughout May 2023,” it said.
“CAMS daily total Fire Radiative Power data has been showing significant wildfire activity in British Columbia, Alberta, Saskatchewan and the Northwest Territories since the beginning of May, with increasing activity further east in Ontario and Nova Scotia at the end of the month.
“CAMS have tracked significant emissions from these wildfires, with persistent long-range transport across North America and the Atlantic Ocean even reaching as far as Scandinavia and the Arctic Ocean.
“Canada has reached one of the highest emissions on record for the month of May, breaking the total records in British Columbia, Saskatchewan, Northwest Territories and Nova Scotia.”
CAMS, which implements the European Centre for Medium-Range Weather Forecasts on behalf of the European Commission with funding from the EU, has been monitoring wildfires and their emissions throughout the year.
Its system is based on satellite observations of active fires and Fire Radiative Power, a measure of fire intensity, to estimate emissions of carbon and a wide range of air pollutants that constitute smoke.
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.”
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
The details
Heard It in a Past Life
Maggie Rogers
(Capital Records)
3/5
2019 Asian Cup final
Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
WRESTLING HIGHLIGHTS
Racecard
6.30pm: Mazrat Al Ruwayah Group Two (PA) US$55,000 (Dirt) 1,600m
7.05pm: Meydan Trophy (TB) $100,000 (Turf) 1,900m
7.40pm: Handicap (TB) $135,000 (D) 1,200m
8.15pm: Balanchine Group Two (TB) $250,000 (T) 1,800m
8.50pm: Handicap (TB) $135,000 (T) 1,000m
9.25pm: Firebreak Stakes Group Three (TB) $200,000 (D) 1,600m
10pm: Handicap (TB) $175,000 (T) 2,410m
The National selections: 6.30pm: RM Lam Tara, 7.05pm: Al Mukhtar Star, 7.40pm: Bochart, 8.15pm: Magic Lily, 8.50pm: Roulston Scar, 9.25pm: Quip, 10pm: Jalmoud
More from Neighbourhood Watch:
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final