Climate change could cost the global economy $178 trillion over the next 50 years, or a 7.6 per cent cut to global gross domestic product in 2070, if left unchecked, according to a report by Deloitte.
If global warming reaches about 3°C above pre-industrial levels towards the end of the century, the toll on human lives could be "significant", disproportionately affecting the most vulnerable, the consultancy said.
It will also lead to loss of productivity and employment, food and water scarcity, worsening health and well-being and bringing about a lower standard of living globally, Deloitte’s Global Turning Point Report, which analysed 15 regions in the Asia-Pacific, Europe and the Americas, warned.
However, if global leaders unite in a systemic net zero transition by 2050 and meet the Paris Agreement goal to limit warming as close to 1.5°C above pre-industrial levels by as much as possible, the global economy could gain $43tn in the next 50 years, giving global GDP a 3.8 per cent boost in 2070, the report found.
“The numbers speak for themselves and businesses should be reimagining their practices to help build a more sustainable future for all," said Mutasem Dajani, chief executive of Deloitte Middle East.
"Taking small steps in the right direction will pay dividends in the future. It has become clear that if businesses do not prioritise sustainability and understand the impact they are having on the environment, valuable talent, revenue and market share may be lost."
Business leaders are recognising the importance of the issue — 89 per cent of executive-level managers surveyed by Deloitte agree there is a "global climate emergency" while 79 per cent currently seeing the world at a tipping point for responding to climate change.
However, transforming the economy for a low-carbon future will require "extensive co-ordination and global collaboration throughout industries and geographies", the report said.
Governments will need to work with the financial services and technology sectors through global policymaking, greater investment in clean energy systems and a new mix of green technology across industries.
The transition to net zero emissions would create "fundamental changes to the structure of economic growth" as the economy switches the energy mix from reliance on fossil fuels to renewable electricity augmented by fuel sources such as hydrogen, the report said.
During the initial stage, the combined cost of upfront investments in decarbonisation, coupled with the already locked-in damages of climate change, would "temporarily lower economic activity", compared with the current emissions-intensive path.
However, once the transition is complete, the "economic benefits of having avoided climate damage and the emergence of new sources of growth and job creation would start to outweigh the costs", the report said.
It also stressed that each region will move forward at its own pace, based on factors such as the way governing bodies and societies are structured, exposure to climate change and overall risk profile, and marketplace strengths and capabilities.
For example, the Asia-Pacific is expected to see the benefits of a low-carbon transition in the 2020s, while Europe will not register a return on investment until the 2050s, and the Americas until the 2060s.
However, if rapid action is taken, all regions are expected to achieve their turning point by 2070, the report said.
“Our analysis shows that a low-carbon future is not only a societal imperative but an economic one," said Dr Pradeep Philip, partner at Deloitte Economics Institute.
"We already have the technologies, business models and policy approaches to simultaneously combat the climate crisis and unlock significant economic growth, but we need governments, businesses and communities globally to align on a pathway toward a net zero future.”
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
Dubai Women's Tour teams
Agolico BMC
Andy Schleck Cycles-Immo Losch
Aromitalia Basso Bikes Vaiano
Cogeas Mettler Look
Doltcini-Van Eyck Sport
Hitec Products – Birk Sport
Kazakhstan National Team
Kuwait Cycling Team
Macogep Tornatech Girondins de Bordeaux
Minsk Cycling Club
Pannonia Regional Team (Fehérvár)
Team Auvergne-Rhône-Alpes
Team Ciclotel
UAE Women’s Team
Under 23 Kazakhstan Team
Wheel Divas Cycling Team
UAE currency: the story behind the money in your pockets
PSL FINAL
Multan Sultans v Peshawar Zalmi
8pm, Thursday
Zayed Cricket Stadium, Abu Dhabi
List of alleged parties
- May 15 2020: Boris Johnson is said to have attended a Downing Street pizza party
- 27 Nov 2020: PM gives speech at leaving do for his staff
- Dec 10 2020: Staff party held by then-education secretary Gavin Williamson
- Dec 13 2020: Mr Johnson and his then-fiancee Carrie Symonds throw a flat party
- Dec 14 2020: Shaun Bailey holds staff party at Conservative Party headquarters
- Dec 15 2020: PM takes part in a staff quiz
- Dec 18 2020: Downing Street Christmas party
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
Mohammed bin Zayed Majlis
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Retail gloom
Online grocer Ocado revealed retail sales fell 5.7 per cen in its first quarter as customers switched back to pre-pandemic shopping patterns.
It was a tough comparison from a year earlier, when the UK was in lockdown, but on a two-year basis its retail division, a joint venture with Marks&Spencer, rose 31.7 per cent over the quarter.
The group added that a 15 per cent drop in customer basket size offset an 11.6. per cent rise in the number of customer transactions.
The specs: Volvo XC40
Price: base / as tested: Dh185,000
Engine: 2.0-litre, turbocharged in-line four-cylinder
Gearbox: Eight-speed automatic
Power: 250hp @ 5,500rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 10.4L / 100km
