The Mayor of London has issued an alert covering three days, urging people to avoid unnecessary car journeys to reduce air pollution. AFP
The Mayor of London has issued an alert covering three days, urging people to avoid unnecessary car journeys to reduce air pollution. AFP
The Mayor of London has issued an alert covering three days, urging people to avoid unnecessary car journeys to reduce air pollution. AFP
The Mayor of London has issued an alert covering three days, urging people to avoid unnecessary car journeys to reduce air pollution. AFP

London pollution alert issued over 'toxic air'


Laura O'Callaghan
  • English
  • Arabic

London’s nine million inhabitants have been urged to avoid unnecessary car journeys to combat the “toxic air” circulating in the city as part of the first major warning over pollution in two years.

Sadiq Khan, the mayor of the UK capital, issued the alert, asking Londoners to walk, cycle or use public transport rather than use private vehicles. Drivers should also refrain from idling with their engines on and people should not burn wood or garden waste, he said.

“Toxic air is dangerous, particularly for those with heart and lung problems,” Mr Khan tweeted.

“A high pollution episode is forecast from now to Thursday. Please look after each other by walking, cycling, avoiding unnecessary car trips, stopping engine idling and not burning wood or garden waste.”

The alert issued on Tuesday is set to expire on Thursday. It was triggered by an Imperial College London forecast that imported pollution will add to a build-up of domestic emissions, Mr Khan’s office said in a statement.

Pollution remains a grave problem in the city and poor air quality is associated with 4,000 premature deaths a year, according to city officials.

According to the World Air Quality Index Project, central London on Thursday afternoon recorded a reading of 149, which is "unhealthy for sensitive groups".

London's Ultra-Low Emission Zone, which covers areas within the North and South Circular Roads, was introduced to lower the capital’s pollution rates. It requires the drivers of vehicles which do not meet ULEZ emissions standards to pay a £12.50 daily charge to drive inside the zone.

The zone will next year be expanded to cover an area of more than 600 square miles.

London's 'toxic air' has prompted the mayor to issue a three-day alert. PA
London's 'toxic air' has prompted the mayor to issue a three-day alert. PA

London’s measured levels of PM2.5, an air pollutant that is a concern for people’s health when levels are high, stands at more than eight times above guidelines issued by the World Health Organisation, according to IQAir, a Swiss company that makes air quality monitors and air purification technologies.

Hundreds of millions of people globally are being affected by dirty air that far exceeds health standards, the firm said in a report published on Tuesday.

A report by Inrix, a US-based analytics company, last year named London as the world’s most congested city.

Mr Khan has previously said people living in London face a crisis of “filthy air and gridlocked roads” unless the use of cars is reduced.

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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.”

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Updated: March 24, 2022, 3:23 PM