India's efforts to reduce greenhouse emissions to meet the Paris Climate Agreement are already showing results, a government minister said as global warming threatens the future of tens of millions of citizens.
India is the planet's fourth-largest producer of greenhouse gas after China, the United States and the European Union. Together they contributed 55 per cent of the global greenhouse gas emissions over the past decade, according to an Emissions Gap Report from the United Nations Environment Programme.
But India’s environment minister said the country cannot be held accountable for historical damage to the climate, which he blamed on western countries.
“Climate change has not resulted in one day, but is the result of historical actions,” Prakash Javadekar said this month.
Mr Javadekar said India was the only G20 country to meet its commitments, and that its emissions grew by 1.4 per cent in 2019, much lower than the average of 3.3 per cent per year over the past decade.
The South Asian nation is one of the 197 that signed the UN-sponsored Paris Agreement. The 2015 pact requires all parties to make legally binding commitments to reduce greenhouse gases with effect from January 2021 in an attempt to limit global warming to below 2°C, or ideally below 1.5°C.
The world’s second most populous country is under pressure to check its carbon emissions and invest in clean energy as it strives to upgrade and expand infrastructure to meet the needs of 1.3 billion people.
Mr Javadekar said India was acting responsibly and doing everything it could to mitigate the problem. He said its “present emission levels are just 6.8 per cent” of the global output.
India suffers erratic weather patterns triggered by climate change, including extreme heatwaves, widespread drought, scant rainfall, flooding and cyclones. Several Himalayan glaciers, which feed rivers that hundreds of millions of people depend on, are melting at an alarming rate as a result of rising temperatures.
A report by ActionAid International this month said about 63 million people in South Asia will be forced to migrate by 2050 because of the catastrophic effects of climate change, including rising sea levels, poor crops, floods, droughts and cyclones.
About 45 million will be affected in India alone, the development NGO said. Out of 20 million people forced to move by climate change in 2020, 14 million people were in India, it said.
This was a huge commitment and we have already achieved 21 per cent
India, which suffers from an energy deficit, struggles to balance its energy and developmental needs with observing its environmental commitments. It has promised to take measures to reduce its dependence on fossil fuels and cut greenhouse gas emissions by 33 per cent to 35 per cent from 2005 levels by 2030.
“This was a huge commitment and we have already achieved 21 per cent ... the remaining 12 per cent to 13 per cent will be achieved in the next 10 years,” Mr Javadekar said.
India also set a target of generating about 40 per cent of its electricity from non-fossil-fuel-based energy resources and creating an additional carbon sink of 2.5 to 3 billion tonnes through forest cover over the next 10 years.
Prime Minister Narendra Modi’s government launched several initiatives to fight climate change, including a national clean air programme, projects aimed at conserving rivers and water bodies, increasing forest cover and strengthening renewable energy sources.
Mr Modi launched schemes to provide cooking gas to seven million households that previously used firewood and coal.
The government also plans to shut down old and polluting thermal power plants and invest in cleaner technology for coal-powered plants.
Experts said the results of these efforts were visible.
"India's forest cover has considerably increased – per satellite imagery – and because of the enhancement of so much greenery and biomass, we have already achieved greenhouse gas reduction through carbon sequestration and through [carbon sinking]," Srikanta Panigrahi, a leading policymaker and director general of the Indian Institute of Sustainable Development think tank, told The National.
Carbon sequestration is a method of capturing atmospheric carbon dioxide through forestation and other techniques to slow or reduce climate change.
Mr Modi was instrumental in bringing together 75 “sunshine” countries for the International Solar Alliance, an intergovernmental treaty to harness the Sun as a source of clean energy.
India set a target of installing 175 gigawatts of renewable energy capacity by 2022, comprised of 100GW from solar, 60GW from wind, 10GW from biopower and 5GW from hydropower.
The government is creating infrastructure and providing tax breaks to encourage a switch to electric vehicles. Electric two-wheelers and three-wheelers will be mandatory by 2025 and 2023 respectively, with a target of making 30 per cent of the country's estimated 250 million vehicles electric by 2030.
“India is working on an aggressive national climate policy framework with a great thrust on solar and offshore energy, small hydro programme of 25GW, biomass, biogas and other popular renewable energy initiatives,” Dr Panigrahi said.
Roxy Mathew Koll, a climate scientist, said millions of Indians will bear the consequences if countries continue to bicker over responsibility for global climate change.
"It is way past time that we all take responsibility for the situation and move together in terms of reducing our emissions," Mr Koll told The National.
"India has a huge opportunity in investing and becoming a lead player for renewable energy in the face of climate change," he said.
Squad
Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas)
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.”
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
The low down
Producers: Uniglobe Entertainment & Vision Films
Director: Namrata Singh Gujral
Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark
Rating: 2/5
How to turn your property into a holiday home
- Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
- Research equivalent Airbnb homes in your location to ensure competitiveness.
- Post on all relevant platforms to reach the widest audience; whether you let personally or via an agency know your potential guest profile – aiming for the wrong demographic may leave your property empty.
- Factor in costs when working out if holiday letting is beneficial. The annual DCTM fee runs from Dh370 for a one-bedroom flat to Dh1,200. Tourism tax is Dh10-15 per bedroom, per night.
- Check your management company has a physical office, a valid DTCM licence and is licencing your property and paying tourism taxes. For transparency, regularly view your booking calendar.
Company%20Profile
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The specs
Engine: 3.8-litre V6
Power: 295hp at 6,000rpm
Torque: 355Nm at 5,200rpm
Transmission: 8-speed auto
Fuel consumption: 10.7L/100km
Price: Dh179,999-plus
On sale: now
Changing visa rules
For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.
Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.
The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.
The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.
If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
BABYLON
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Sri Lanka v England
First Test, at Galle
England won by 211
Second Test, at Kandy
England won by 57 runs
Third Test, at Colombo
From Nov 23-27
Brief scores:
Toss: India, opted to field
Australia 158-4 (17 ov)
Maxwell 46, Lynn 37; Kuldeep 2-24
India 169-7 (17 ov)
Dhawan 76, Karthik 30; Zampa 2-22
Result: Australia won by 4 runs by D/L method
