Twenty airline members of the World Economic Forum’s Target True Zero initiative committed to use new technologies, such as electric, hydrogen and hybrid aircraft, to mitigate the aviation industry’s impact on climate change.
The development and delivery of novel propulsion technologies – powered by sustainable energy sources – are key towards helping the aviation industry minimise its environmental impact, according to a statement from the WEF on Wednesday.
The WEF launched the Target True Zero Initiative in July this year to develop an understanding about how novel propulsion technology can help address aviation’s climate impact and how the scaling of these technologies can be accelerated.
The Target True Zero initiative will address the role novel propulsion technologies like electric and hydrogen aviation can play in the transition to an aviation system with true zero climate impacts
Timothy Reuter,
head of aerospace and drones, WEF
“The adoption of these technologies into the global fleet – through either new aircraft design or the retrofitting of conventional aircraft – can help reduce the climate impact of our operations, while preserving the immense economic and social benefits that aviation brings to the world,” the WEF said.
Global airlines have adopted a resolution to reach net-zero carbon emissions by 2050, as they come under intense pressure from climate change activists over the impact of their operations.
The target will cost nearly $2 trillion by 2050, Willie Walsh, director general of the International Air Transport Association, said earlier this year.
Iata set out a strategy to achieve its target through the use of sustainable aviation fuels, new aircraft technology, more efficient operations and infrastructure and developing energy sources such as electric and hydrogen power. Other options include carbon capture and credible carbon off-setting schemes.
The airlines which committed to the WEF initiative include Air New Zealand, Alaska Airlines, easyJet, Icelandair, Surf Air Mobility and Viva Aerobus, among others.
The participating airlines operate more than 800 aircraft and carry in excess of 177 million passengers on 1.8 million flights a year, the WEF said.
“The Target True Zero initiative will address the role novel propulsion technologies like electric and hydrogen aviation can play in the transition to an aviation system with true zero climate impacts,” said Timothy Reuter, head of aerospace and drones at the WEF.
“By accelerating the adoption of solutions with fewer climate impacts, we can ensure equitable growth around the globe while ensuring a healthy planet for future generations.”
The airlines said short-haul flights were most likely to use novel propulsion first. The signatories said they would aim for 30 per cent of aircraft serving shorter range routes to be powered by new technologies such as hydrogen and electric power. These will be applicable on aircraft added to their fleets from 2030 onwards.
The airlines also committed to decarbonising longer-range aircraft. The signatories called on aerospace manufacturers to prioritise innovation that will allow them to meet these goals.
The airlines also urged governments to support the net-zero transition by establishing policies to provide incentives for operators to adopt these technologies and by addressing the infrastructure issues needed to support their use in airports, the WEF said.
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
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
Super Rugby play-offs
Quarter-finals
- Hurricanes 35, ACT 16
- Crusaders 17, Highlanders 0
- Lions 23, Sharks 21
- Chiefs 17, Stormers 11
Semi-finals
Saturday, July 29
- Crusaders v Chiefs, 12.35pm (UAE)
- Lions v Hurricanes, 4.30pm
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
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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.”
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
