Children in a fountain during a heat wave in Concepcion, Chile, in January. Reuters
Children in a fountain during a heat wave in Concepcion, Chile, in January. Reuters
Children in a fountain during a heat wave in Concepcion, Chile, in January. Reuters
Children in a fountain during a heat wave in Concepcion, Chile, in January. Reuters

Warmest January on record as world logs first 12 months above 1.5°C level


Gillian Duncan
  • English
  • Arabic

The global average temperature was for 12 months more than 1.5°C above pre-industrial levels for the first time, according to data from Copernicus Climate Change Service.

The record, set between February 2023 and January 2024, brings the world closer to breaching the Paris Agreement, which aims to pursue efforts “to limit the temperature increase to 1.5°C above pre-industrial levels" and keep temperature increases to "well below 2°C".

It came as the EU Earth observation programme revealed that last month was the world's warmest January on record, with an average temperature of 13.14°C.

Samantha Burgess, deputy director of Copernicus, said: “2024 starts with another record-breaking month – not only is it the warmest January on record but we have also just experienced a 12-month period of more than 1.5°C above the pre-industrial reference period.

“Rapid reductions in greenhouse gas emissions are the only way to stop global temperatures increasing.”

The average temperature was also 0.7°C higher than the 1991-2020 average for January, it said.

It is the eighth month in a row to achieve a record.

Last year was the hottest on record by a “large margin”, with average temperatures approaching 1.5°C above pre-industrial levels. January eclipsed that marker, at 1.66°C hotter than the period before people started burning fossil fuels.

The month produced the highest provisional UK temperature, reaching 19.6°C in Kinlochewe in north-west Scotland due to a weather phenomenon known as the Foehn effect, which causes the warming and drying of air on the side of a mountain facing away from the wind.

Other areas of Europe also posted record temperatures, including Spain where the mercury climbed above 30°C in parts, including Calles in the south-east. The average maximum across the country was about 18°C to 19°C, almost double the normal 10.6°C average high.

The January temperature varied depending on the location, being much below the 1991-2020 average over the Nordic countries to much above average over the south of the European continent.

Outside Europe, temperatures were much warmer than average over eastern Canada, north-west Africa, the Middle East and Central Asia, and below average over western Canada, the central USA and most of eastern Siberia.

It was a wetter than average in January in large parts of Europe, with storms in north and south-west Europe, but drier than average in south-east and northern Spain and the Maghreb, southern UK, Ireland, eastern Iceland, most of Scandinavia, part of north-western Russia, and the eastern Balkans.

2023 confirmed as hottest year on record – in pictures

  • Wildfire in Ogan Ilir on the Indonesian island of Sumatra. Such fires were commonplace in 2023, which scientists have confirmed as the hottest year on record. All photos: Getty Images
    Wildfire in Ogan Ilir on the Indonesian island of Sumatra. Such fires were commonplace in 2023, which scientists have confirmed as the hottest year on record. All photos: Getty Images
  • Dwindling water levels at Woodhead Reservoir in Glossop, England, during the UK's hottest June on record
    Dwindling water levels at Woodhead Reservoir in Glossop, England, during the UK's hottest June on record
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    A crowded beach in Rio de Janeiro during a record heatwave in Brazil
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    A digital thermometer in Madrid
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    Burnt-out shops along the coast road in Kiotari, Rhodes, after the Greek island was ravaged by wildfires
  • A woman cools herself down with a fan in Beijing
    A woman cools herself down with a fan in Beijing
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    People brave the high temperatures on Blackpool beach in England
  • A man prepares to fight flames as they engulf a hillside in Apollana, Rhodes
    A man prepares to fight flames as they engulf a hillside in Apollana, Rhodes
  • A woman drinks from a public fountain during a sizzling heatwave in Madrid
    A woman drinks from a public fountain during a sizzling heatwave in Madrid
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    A raging wildfire outside in Newcastle, Australia
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    People struggle in the baking sun at the Acropolis in Athens

It was also drier than average in North America, Canada, the Horn of Africa, south central Asia and the Arabian Peninsula.

The average global sea surface temperature was at a record high at 20.97°C, which was 0.26°C warmer than the previous warmest January, in 2016.

Sea ice in the Arctic was close to average and the highest since 2009 but 18 per cent below average in the Antarctic, where it was the sixth lowest on record in January.

There were also below-average sea ice concentrations in the Ross and Amundsen seas, northern Weddell Sea, and along the coast of East Antarctica.

Analysis by the World Meteorological Organisation of six international data sets found that the annual average global temperature in 2023 was warmer by 1.45°C, with a variance of plus or minus 0.12°C, than the period before people started burning fossil fuels.

New temperature records were set every month between June and December, with July and August being the hottest.

The UN weather agency has said global temperatures could outstrip last year’s records.

Researchers have warned that the window to limit global warming to 1.5°C above pre-industrial levels and offset the worst effects of climate change, is closing.

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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Updated: February 08, 2024, 8:01 AM