The hot, dry summer of 2022 that saw 40°C temperatures recorded in the UK for the first time with wildfires destroying houses and trees withering was a “sign of things to come” for the country's climate, scientists say.
Last year was the hottest year in the UK on both the Met Office records which began in 1884 and on the Central England Temperature record – the longest-running series in the world – that stretches back to 1659.
The Met Office says these temperature milestones show the trend over the coming decades and say as long as people continue to emit greenhouse gases unchecked, the Earth will continue to heat up.
Mike Kendon, climate scientist at the Met Office and lead author of its new report, called State Of The UK Climate 2022, described the 40°C mark as “a real moment of climate history”.
“This was a rare event in the context of the current climate but our extremes of temperature are changing faster than our mean temperature and we know that climate change increases the frequency, duration and spatial extent of heatwaves,” he said.
On the current emissions trajectory, 2022 would be considered a cool year by the standards of 2100, Mr Kendon added.
Prof Liz Bentley, chief executive of the Royal Meteorological Society, said the UK faces drier summers in the future.
“If you look at future climate projections, we are on a path to go for hotter, drier summers,” she said.
“So 2022 for me was very much a sign of things to come in future years with our changing climate.”
The Met Office report, which tracks the progress of the UK’s changing climate each year, noted that temperatures are rising above 36°C more frequently than in the past.
Between 1961 and 1990 the highest temperature recorded was 31.3°C; between 1991-2020 it was 33.5°C; between 2013-2022 it was 35.7°C and in 2022 it was 40.3°C.
Data from a citizen science project called Nature’s Calendar was also included to track how plants and animals are responding to the changing seasons.
Fritha West, a research scientist with the Woodland Trust and one of the report’s authors, said 2022 had a mild February and a warm October which meant an early spring and a late autumn.
Leaves were on the trees for 16 days longer than the 1999-2021 average and some flowers and insects emerged days earlier than usual.
Last year was also relatively dry, though not as extreme as 1976, and while summers are getting hotter and drier, the year-long climate trends show the UK is getting wetter generally.
Five of the 10 wettest years in the UK since 1836 have occurred in the 21st century and the country saw its wettest February, April, June, November and December on record in the years after 2009.
Sea levels are also continuing to rise due to the melting ice sheets in the polar regions with long-term trends showing the rate has doubled in recent years compared to the 20th century, said report author Dr Svetlana Jevrejeva of the National Oceanography Centre.
The UK’s top political parties have openly talked about watering down their environmental policies after the narrow victory of the Conservatives in the Uxbridge and South Ruislip by-election, which many put down to opposition to the Ultra Low Emission Zone expansion plans.
“It is important which path we choose and which scenario we follow, but sea level will rise for the next few hundred years in any case,” Dr Jevrejeva said.
“It just depends on what kind of rate of sea level rise we will see, because heat is already in the ocean and ice sheets have already started to lose ice mass and the glaciers are disappearing.
“To get to equilibrium point it will take a few hundred years. We try to communicate our science and to make clear our understanding of what could happen. That’s our role and that’s what we do.”
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Tony Booth, professor of education
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Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
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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.”
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Fuel economy, combined: 10.4L / 100km
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Global state-owned investor ranking by size
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UAE
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Japan
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Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
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Building boom turning to bust as Turkey's economy slows
Deep in a provincial region of northwestern Turkey, it looks like a mirage - hundreds of luxury houses built in neat rows, their pointed towers somewhere between French chateau and Disney castle.
Meant to provide luxurious accommodations for foreign buyers, the houses are however standing empty in what is anything but a fairytale for their investors.
The ambitious development has been hit by regional turmoil as well as the slump in the Turkish construction industry - a key sector - as the country's economy heads towards what could be a hard landing in an intensifying downturn.
After a long period of solid growth, Turkey's economy contracted 1.1 per cent in the third quarter, and many economists expect it will enter into recession this year.
The country has been hit by high inflation and a currency crisis in August. The lira lost 28 per cent of its value against the dollar in 2018 and markets are still unconvinced by the readiness of the government under President Recep Tayyip Erdogan to tackle underlying economic issues.
The villas close to the town centre of Mudurnu in the Bolu region are intended to resemble European architecture and are part of the Sarot Group's Burj Al Babas project.
But the development of 732 villas and a shopping centre - which began in 2014 - is now in limbo as Sarot Group has sought bankruptcy protection.
It is one of hundreds of Turkish companies that have done so as they seek cover from creditors and to restructure their debts.
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When: October 17 until November 10
Cost: Entry is free but some events require prior registration
Where: Various locations including National Theatre (Abu Dhabi), Abu Dhabi Cultural Center, Zayed University Promenade, Beach Rotana (Abu Dhabi), Vox Cinemas at Yas Mall, Sharjah Youth Center
What: The Korea Festival will feature art exhibitions, a B-boy dance show, a mini K-pop concert, traditional dance and music performances, food tastings, a beauty seminar, and more.
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Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
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The Baghdad Clock
Shahad Al Rawi, Oneworld