Denmark raises money to fight climate change in TV first as protesters and politicians continue European environment fight

Danish television viewers donated around €2.4 million (Dh 9.8 million) for the planting of trees in a television event billed as the world’s first to focus on climate issues.

Almost a million trees will be planted in the Scandinavian country, with 20 per cent of the funds raised going to forest conservation efforts in Denmark and abroad.

"It's a positive way to inspire people, showing how to make a difference, with a small act to tackle the climate crisis," said Kim Nielsen, founder of the Growing Trees Network Foundation, which is part of the project.

"It's the first time a charity show has focused on climate issues on TV, it's very exciting," he told AFP.

According to a recent survey published by the European Commission, 83 per cent of Danes consider climate change to be a "very serious" problem.

The event underlined the increasing popularity and importance of climate change activism across Europe, with protests and policies planned to keep the climate debate at the top of the political agenda.

In Germany on Sunday, activists blockaded the main entrance of the Frankfurt Motor Show in a protest against what they call the “climate and environment destroyers” produced by the country’s auto industry.

Between 15,000 and 25,000 turned out for the protest at one of the car industry’s largest shows, attracting more than 800,000 viewers each year.

Angela Merkel’s coalition government is due to announce a major climate package that could cost as much as €5 billion per year.

Parties in government are expected to present their plans, which include measures like extending grants for electric car buyers, expanding Germany’s network of charging stations and raising road taxes for polluting vehicles, on September 20.

The coalition partners are divided on how to finance Germany's march towards a green future, with Merkel's conservatives cast as more eager to ensure that the burden of financing the measures does not hurt German industry.

According to a source familiar with the talks, the climate protection measures the government wants to unveil on Friday could cost at least €40 billion until 2023.

In the UK, arrests continue after climate activists planned to shut down the country’s busiest airport using drones.

Extinction Rebellion co-founder Robert Hallam is among the 19 people have now been arrested.

London Fashion Week was hit by protests last week organised by Extinction Rebellion, with demonstrators gluing themselves to the doors of the organisers’ headquarters on Friday.

Protests against the fashion industry are due to continue this week, and on Friday school students are due to strike as part of a global action against climate change capping off a summer of widespread European climate activism.

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While you're here

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FIXTURES

All times UAE ( 4 GMT)

Saturday
Fiorentina v Torino (8pm)
Hellas Verona v Roma (10.45pm)

Sunday
Parma v Napoli (2.30pm)
Genoa v Crotone (5pm)
Sassuolo v Cagliari (8pm)
Juventus v Sampdoria (10.45pm)

Monday
AC Milan v Bologna (10.45om)

Playing September 30

Benevento v Inter Milan (8pm)
Udinese v Spezia (8pm)
Lazio v Atalanta (10.45pm)

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German intelligence warnings

2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250

Source: Federal Office for the Protection of the Constitution

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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.”