UK, Swiss and Dutch governments have joined forces with Water Witness to tackle water pollution. AFP
UK, Swiss and Dutch governments have joined forces with Water Witness to tackle water pollution. AFP
UK, Swiss and Dutch governments have joined forces with Water Witness to tackle water pollution. AFP
UK, Swiss and Dutch governments have joined forces with Water Witness to tackle water pollution. AFP

Zero-pollution water in focus as activists set Cop26 goal


Simon Rushton
  • English
  • Arabic

Fair water footprints is emerging as a focal point for conservation campaigners in the run-up to the Cop26 climate change summit in Glasgow next month.

The UK, Swiss and Dutch governments have joined forces with Water Witness to draw up a draft resolution they hope will be signed at Cop26 that promotes a commitment to clean and environmentally sustainable water supplies.

“Fair water footprints mean zero pollution, extracting water sustainably and allocating it equitably, making sure workers have safe water, sanitation and hygiene, planning for droughts floods and water conflict and harnessing the power of nature,” said Zac Goldsmith, UK's Minister of State for Pacific and the Environment.

“Despite attracting a minuscule percentage of global investment, many of the best and most cost-effective solutions to the biggest challenges we face, including the water and climate crises, are found in protecting and restoring natural systems.”

The draft declaration for fair water footprints demands “access to safe water and sanitation are basic human rights for all”.

The draft declaration would commit signatories to taking all necessary steps to reach zero water pollution, to focus on sustainable withdrawal of water and protect ecosystems.

"We commit to establishing a fair water footprint as the business norm by scaling up and accelerating credible water stewardship at farms, factories and production sites, across supply chains, cities, catchments, company operations and investment portfolios," it says.

It said climate change was projected to further pressures on global water, including monsoon rains and dry seasons.

Human activity has also caused natural freshwater and marine ecosystems to decline, with inland waters, wetlands and freshwater ecosystems showing the greatest and most rapidly accelerating rates of decline, Water Witness said.

It added the current rate of progress towards water-related climate change goals and targets needed to speed up.

“We have put nature at the heart of Cop26," Lord Goldsmith said.

"With just a few weeks before the conference in Glasgow we are asking you to help us and I hope we can finalise the draft declaration, and we can commit to setting targets throughout the decade and the policy and finances we will need to achieve them.”

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.”

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

So what is Spicy Chickenjoy?

Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
 

Mountain Classification Tour de France after Stage 8 on Saturday: 

  • 1. Lilian Calmejane (France / Direct Energie) 11
  • 2. Fabio Aru (Italy / Astana) 10
  • 3. Daniel Martin (Ireland / Quick-Step) 8
  • 4. Robert Gesink (Netherlands / LottoNL) 8
  • 5. Warren Barguil (France / Sunweb) 7
  • 6. Chris Froome (Britain / Team Sky) 6
  • 7. Guillaume Martin (France / Wanty) 6
  • 8. Jan Bakelants (Belgium / AG2R) 5
  • 9. Serge Pauwels (Belgium / Dimension Data) 5
  • 10. Richie Porte (Australia / BMC Racing) 4
The fake news generation

288,000 – the number of posts reported as hate speech that were deleted by Facebook globally each month in May and June this year

11% – the number of Americans who said they trusted the news they read on Snapchat as of June 2017, according to Statista. Over a quarter stated that they ‘rarely trusted’ the news they read on social media in general

31% - the number of young people in the US aged between 10 and 18 who said they had shared a news story online in the last six months that they later found out was wrong or inaccurate

63% - percentage of Arab nationals who said they get their news from social media every single day.

MATCH INFO

Uefa Champions League semi-final, first leg

Barcelona v Liverpool, Wednesday, 11pm (UAE).

Second leg

Liverpool v Barcelona, Tuesday, May 7, 11pm

Games on BeIN Sports

List of alleged parties

 

May 12, 2020: PM and his wife Carrie attend 'work meeting' with at least 17 staff 

May 20, 2020: They attend 'bring your own booze party'

Nov 27, 2020: PM gives speech at leaving party for his staff 

Dec 10, 2020: Staff party held by then-education secretary Gavin Williamson 

Dec 13, 2020: PM and his wife throw a party

Dec 14, 2020: London mayoral candidate Shaun Bailey holds staff event at Conservative Party headquarters 

Dec 15, 2020: PM takes part in a staff quiz 

Dec 18, 2020: Downing Street Christmas party 

Crops that could be introduced to the UAE

1: Quinoa 

2. Bathua 

3. Amaranth 

4. Pearl and finger millet 

5. Sorghum

Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin

Five personal finance podcasts from The National

 

To help you get started, tune into these Pocketful of Dirham episodes 

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Balance is essential to happiness, health and wealth 

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What is a portfolio stress test? 

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What are NFTs and why are auction houses interested? 

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How gamers are getting rich by earning cryptocurrencies 

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Should you buy or rent a home in the UAE?  

Company%20profile
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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

UAE currency: the story behind the money in your pockets
Updated: October 05, 2021, 7:49 PM