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US Secretary of State Antony Blinken has urged the UN Security Council to get more serious about climate change, warning that droughts, storms and other weather disasters were increasingly pushing countries into conflict.
Mr Blinken on Thursday said climate shocks had rendered swathes of the planet “less peaceful, less secure” and stoked the wars and instability currently affecting Syria, Mali, Yemen, South Sudan, Ethiopia and other regions “beset by strife”.
The top US diplomat said the 15-nation body had “unique powers” to tackle climate change, even as such members Russia, China and India resisted efforts this week to adopt a resolution linking climate change and global security.
“The climate crisis isn't coming. It's already here,” Mr Blinken said.
“Look at almost every place where you see threats to international peace and security today and you'll find that climate change is making things less peaceful, less secure, and rendering our response even more challenging.”
The high-level council session was part of the UN’s annual assembly, which has this year focussed on tackling the coronavirus pandemic and raising targets for cutting pollution and keeping global temperature rise under control.
It came ahead of the critical COP26 climate conference in Glasgow, which kicks off on October 31 and which aims to spark much more ambitious global climate action - and the money to pay for it - as scientists warn that global warming is spiralling out of control.
UN secretary general Antonio Guterres told the council that wildfires, flooding, droughts and other extreme weather events were affecting every continent and frequently “overlap with fragility and past or current conflicts”.
“In Somalia, more frequent and intense droughts and floods are undermining food security, increasing competition over scarce resources and exacerbating existing community tensions from which Shabaab benefits,” Mr Guterres said.
“In the Middle East and North Africa, which are among the world’s most water-stressed and climate-vulnerable regions, a major decline in precipitation and a rise in extreme weather events is harming water and food security.”
Micheal Martin, the Taoiseach or prime minister of Ireland, which holds the council’s rotating presidency this month, had pushed for a council resolution linking climate change and security, but members were still debating the text and an agreement was not likely this week.
Under the 2015 Paris Agreement, most world governments have pledged to keep global warming to “well below” 2°C above pre-industrial times and to strive to limit temperature rises to 1.5°C.
The planet has so far warmed by about 1.2°C and is headed for 2.7°C this century — raising the risk of wildfires, droughts, floods, hurricanes and other extreme weather that can drive conflicts over scarce natural resources.
There have been gains in climate change efforts during the UN’s annual jamboree.
US President Joe Biden pledged to double funds by 2024 to $11.4 billion per year to help poor countries tackle climate change, China said it would stop building coal-fuelled power stations abroad and Turkey announced plans to ratify the 2015 Paris climate deal.
Mr Guterres said he was “encouraged” by the pledges, but warned “we still have a long way to go to make” the COP26 a “success and ensure that it marks a turning point in our collective efforts to address the climate crisis”.
The charity Oxfam said this week that rich nations were still likely to fall up to $75bn short of fulfilling their pledge to raise $100bn each year from 2020 to 2025 to help vulnerable nations adapt to climate shocks.
“Millions of people from Senegal to Guatemala have already lost their homes, livelihoods and loved ones because of turbo-charged storms and chronic droughts,” the group’s climate chief Nafkote Dabi said.
“Wealthy nations must live up to their promise made twelve years ago and put their money where their mouths are.”
The biog
Hobby: "It is not really a hobby but I am very curious person. I love reading and spend hours on research."
Favourite author: Malcom Gladwell
Favourite travel destination: "Antigua in the Caribbean because I have emotional attachment to it. It is where I got married."
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
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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.”
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Zayed Sustainability Prize
1,000 Books to Read Before You Die: A Life-Changing List
James Mustich, Workman
Who are the Soroptimists?
The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.
The organisation said its name is best interpreted as ‘the best for women’.
Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
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