Fish don’t buy umbrellas to survive in the sea

Fish don’t buy umbrellas to survive in the sea

Fish don’t buy umbrellas to survive in the sea
Rivers and lakes are drying up in some parts of the planet as the global warming crisis continues. (Shutterstock photo)
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Umbrellas are of even less use to fish, seeing as the fish are already dying due to our human excess and irresponsibility. For the best part of 50 years, we humans have been well-aware of the damage we are inflicting on our environment and its likely consequences on our planet and the survivability of future generations. While we have been attending one conference after another, the degradation of our environment has only accelerated, global temperatures have risen even further. Although 194 countries signed the supposedly groundbreaking Paris Agreement of 2015, we have still not seen any changes in our behavior indicating any hope that we are slowing the effects of climate change. 

I remember a movie called “Mississippi Burning,” where the FBI is called in to investigate the disappearance of three civil rights workers — two whites and one black man — in a Mississippi town run by the Ku Klux Klan. The imagery of fire and hatred is one that unfortunately marks our present day in my mind, with devastating conflicts raging, uninhibited hatred and racism, far-right election gains across the West, and a US election year that was a farce before it even began, now descending into a media feeding frenzy where the losers, as always, are ordinary citizens. It is not just Mississippi that is burning today; we stare on indifferently as the world is burning.

Shame on us for allowing ourselves to be diverted by all this as we blindly do absolutely nothing about the greatest existential challenge humanity has ever faced, namely climate change. In a recent issue of Financial Times, Martin Wolf published an article entitled “Market forces are not enough to halt climate change,” in which he illustrates how all our good intentions and supposed efforts are making no difference to the devastating climate change already underway, to the “folly of running irreversible long-term experiments on the only habitable planet we have.”

The bottom line is that we are simply not prepared to pay the price of decarbonizing the economy or of halting growth in order to halt ever-growing demand for electricity. Although electricity generation from non-fossil fuel sources has risen 44 percent over the last eight years, that from fossil fuel sources also rose 12 percent, meaning carbon emissions are still significantly on the rise, ultimately fueling ever more rapid and irreversible climate change. “Alas, the atmosphere responds to emissions, not good intentions: we have been running forward, but going backwards,” Wolf says.

Wolf cited a recent study from researchers at the Potsdam Institute for Climate Impact, who assert that “the costs of mitigating (climate change) by limiting the temperature increase to 2C, are just a sixth of the costs of the likely climate change.” 

We should be educating everyone from kindergartners to retirees on the realities and the limits of our planet in its collision course with our rapacious economic system.

Hassan bin Youssef Yassin 

Wolf adds that although “even a free-market fanatic cannot deny that environmental externalities are a form of market failure … the market will not fix this global market failure,” a “tragic failure” if there ever was one. Our global economy is simply not made to deal with such tremendous negative externalities, such long-term damage, and such a huge amount of waste being built into our economic reality. 

Indeed, “among the most important problems in this area is the failure of capital markets to price the future appropriately,” as Lord Nicholas Stern and Joseph Stiglitz argue in “Climate Change and Growth.” Shame on us for watching our planet and the future of humanity decline so rapidly in front of our eyes. Mother Nature will adapt; we, seemingly, will not. 

We should be educating everyone from kindergartners to retirees on the realities and the limits of our planet in its collision course with our rapacious economic system. We must open new avenues of dialogue and encourage our best minds to find new paths for a solution to this existential threat.

Our empty conferences, our meaningless signatures, our false bravado are all worthless. We must stop rewriting the stories of old and find new ways to bring about the meaningful participation of every human being on the planet, rather than rely on governments and businesses, whose interests lie elsewhere. Most of all, we must learn to value and respect what God and Nature have given us in birth, ensuring that in death we bequeath something better, not worse, to future generations.


Hassan bin Youssef Yassin worked closely with Saudi Arabia’s petroleum ministers, Abdullah Tariki and Ahmed Zaki Yamani, from 1959-1967. He led the Saudi Information Office in Washington from 1972-1981 and served with the Arab League’s observer delegation to the UN from 1981-1983.
 

Disclaimer: Views expressed by writers in this section are their own and do not necessarily reflect Arab News' point of view

Kremlin says Russia and US have not yet begun to discuss a possible Putin-Trump meeting

Kremlin says Russia and US have not yet begun to discuss a possible Putin-Trump meeting
Updated 6 min 59 sec ago
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Kremlin says Russia and US have not yet begun to discuss a possible Putin-Trump meeting

Kremlin says Russia and US have not yet begun to discuss a possible Putin-Trump meeting
  • Trump and Putin have both said they are keen to meet in person with an agenda

MOSCOW: Russia and the US have not yet begun to discuss a possible meeting between Russian President Vladimir Putin and US President Donald Trump, Russia’s Interfax news agency reported on Friday, citing Kremlin spokesman Dmitry Peskov.
It cited Peskov as saying there had been no initial contacts about whether such a meeting was needed or where and how it might take place if it did happen.
Trump and Putin have both said they are keen to meet in person with the agenda, if such a meeting does take place, expected to focus on Trump’s stated aim to bring a swift end to the Ukraine war.


FIFA suspends Pakistan Football Federation

FIFA suspends Pakistan Football Federation
Updated 56 min ago
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FIFA suspends Pakistan Football Federation

FIFA suspends Pakistan Football Federation
  • Recently elected PFF Congress has rejected constitutional amendments proposed by FIFA
  • This is third time since 2017 Pakistan has been suspended by word soccer’s governing body

ISLAMABAD: FIFA on Thursday suspended the Pakistan Football Federation (PFF) “with immediate effect” after the recently elected PFF Congress rejected constitutional amendments proposed by world soccer’s governing body.

PFF has been mired in crisis and controversy since 2015 and this is the third time since 2017 that Pakistan has been suspended.

“The PFF has been suspended with immediate effect due to its failure to adopt a revision of the PFF Constitution that would ensure truly fair and democratic elections and thereby fulfil its obligations as mandated by FIFA as part of the ongoing normalization process of PFF,” FIFA said in a statement.

“The suspension will only be lifted subject to the PFF Congress approving the version of the PFF Constitution presented by FIFA and the AFC [Asian Football Confederation].”

In June 2022, FIFA lifted the suspension of PFF, which had been imposed due to undue third-party interference a year earlier. A group of officials led by Ashfaq Hussain Shah, which was elected by the Supreme Court in 2018 to run the PFF but was not recognized by FIFA, took over the headquarters in March 20121. They had seized control from FIFA’s normalization committee headed by Haroon Malik. The committee had not conducted elections for the body in the 18 months since it took charge.

FIFA suspended the PFF due to the “hostile takeover” but lifted the ban after confirmation the committee had regained full control of the PFF’s premises and was in a position to manage its finances.

Pakistan was also suspended by FIFA for third party interference in 2017.


Alaska authorities search for missing passenger plane with 10 on board

Alaska authorities search for missing passenger plane with 10 on board
Updated 56 min 12 sec ago
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Alaska authorities search for missing passenger plane with 10 on board

Alaska authorities search for missing passenger plane with 10 on board
  • The small turboprop Cessna Caravan plane had nine passengers and one pilot on board

Authorities are searching for a Bering Air passenger plane with 10 people on board that was reported missing while en route from Unalakleet to Nome, Alaska’s Department of Public Safety said on Thursday.
The small turboprop Cessna Caravan plane had nine passengers and one pilot on board, the agency said on its website, adding that crews were working to get its last-known coordinates.
A disproportionate number of air taxi and commuter plane accidents occur in Alaska compared to other US states, the US government’s National Institute of Occupational Safety and Health says.
Alaska has mountainous terrain and challenging weather. Many villages are not connected by roads and small planes are used to transport people and goods.
Bering Air is an Alaska-based regional airline that operates around 39 planes and helicopters, according to data from flight tracking website FlightRadar24.
Its last position, flying over water, was received by FlightRadar24 trackers 38 minutes after departing Unalakleet at 1438 local time Thursday (2338 GMT) for a flight that usually takes under an hour.
Bering Air did not immediately respond to a request for comment.


Pakistan’s progress on structural reform remains key to credit profile — Fitch

Pakistan’s progress on structural reform remains key to credit profile — Fitch
Updated 07 February 2025
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Pakistan’s progress on structural reform remains key to credit profile — Fitch

Pakistan’s progress on structural reform remains key to credit profile — Fitch
  • Rating agency says expects new bilateral capital flows to be increasingly commercial, conditional on reforms
  • Discussions on partial sale of government stake in copper mine to Saudi investor exemplify such commercial flows

ISLAMABAD: Pakistan has continued to make headway restoring economic stability and rebuilding external buffers, global credit rating agency Fitch said this week, but progress on difficult structural reforms would be key to upcoming IMF program reviews and continued financing from other multilateral and bilateral lenders.

In a note released on Thursday, Fitch said the State Bank of Pakistan’s decision to cut policy rates to 12% on Jan. 27 underscored recent progress in taming consumer price inflation, which fell to just over 2% year-on-year in January 2025, down from an average of nearly 24% in the fiscal year ended June 2024 (FY24). Rapid disinflation reflected fading base effects from earlier subsidy reforms and exchange rate stability, underpinned by a tight monetary policy stance, which in turn had subdued domestic demand and external financing needs.

“Economic activity, having absorbed tighter policy settings, is now benefiting from stability and falling interest rates,” Fitch said. “We expect real value added to expand by 3.0% in FY25. Growth in credit to the private sector turned positive in real terms in October 2024 for the first time since June 2022.”

However, the rating agency said it expected new bilateral capital flows to be increasingly commercial, and conditional on reforms. 

“Discussions on the partial sale of the government’s stake in a copper mine to a Saudi investor exemplify such commercial flows. Pakistan and Saudi Arabia also recently agreed on a deferred oil payment facility,” it added. 

Securing sufficient external financing remains a challenge for Pakistan, considering large maturities and lenders’ existing exposures. 

The authorities budgeted for about $6 billion of funding from multilaterals, including the IMF, in FY25, but about $4 billion of this will effectively refinance existing debt. A recently announced $20 billion 10-year framework with the World Bank Group appears broadly in line with this. The group’s current project portfolio is about $17 billion, and its net new yearly lending to Pakistan averaged around $1 billion over the past five years.

Strong remittance inflows, robust agricultural exports and tight policy settings have allowed Pakistan’s current account to move into a surplus of about $1.2 billion (over 0.5% of GDP) in the six months to December 2024, from a similarly sized deficit in FY24, Fitch noted. Foreign exchange market reforms in 2023 also facilitated the shift. 

“When upgrading Pakistan’s rating to ‘CCC+’ in July 2024, we expected a slight widening of the current-account deficit in FY25,” the agency added. 

Foreign reserves are set to outperform targets under Pakistan’s $7 billion IMF Extended Fund Facility (EFF) and Fitch’s earlier forecasts. Gross official reserves reached over $18.3 billion by end-2024, about three months of current external payments, up from around $15.5 billion in June.

Reserves remain low relative to funding needs, however. 

“Over $22 billion of public external debt matures in the whole of FY25. This includes nearly $13 billion in bilateral deposits, which we believe bilateral partners will roll over, as per their promises to the IMF. Saudi Arabia rolled over $3 billion in December, and the UAE $2 billion in January,” Fitch added. 

There has also been progress on fiscal reform, despite some setbacks. The primary fiscal surplus has outperformed IMF targets, although federal tax revenue grew less than required under the IMF’s indicative performance criterion in the first six months of FY25. All provinces have recently legislated higher agricultural income taxes, a key structural condition of the EFF, although delays mean that the program’s January 2025 implementation deadline for the reform was missed.

In July, Fitch noted that positive rating action could be driven by a sustained recovery in reserves and further significant easing of external financing risks, and/or implementation of fiscal consolidation in line with IMF commitments.

Meanwhile, deteriorating external liquidity, for example linked to delays in IMF reviews, could lead to negative action, the rating agency said.


Rubio renews US hard line with Venezuela plane seizure

Rubio renews US hard line with Venezuela plane seizure
Updated 07 February 2025
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Rubio renews US hard line with Venezuela plane seizure

Rubio renews US hard line with Venezuela plane seizure
  • A Dominican Republic prosecutor and US law enforcement representative together taped a sign that said “seized” on a Dassault Falcon 200 jet bearing a Venezuelan fla

Santo Domingo: US Secretary of State Marco Rubio on Thursday supervised the seizure of a second aircraft belonging to Venezuela’s leftist government in less than a year, showing a hard line despite nascent diplomacy.
Rubio, a passionate opponent of Latin America’s leftist authoritarians like Venezuelan President Nicolas Maduro, witnessed the confiscation of the aircraft at the end of his first trip in the job, which took him to five countries of Latin America.
Rubio traveled to a military airstrip in the capital Santo Domingo where, in front of cameras, a Dominican Republic prosecutor and US law enforcement representative together taped a sign that said “seized” on a Dassault Falcon 200 jet bearing a Venezuelan flag.
“We are very grateful to the Dominican Republic for participating and cooperating with the US justice system,” Rubio said in an interview with SIN News.
“The message is that when there are sanctions because they are violating human rights, they are violating a whole series of things, traveling to Iran, helping countries that really wish harm to the United States,” he said, “these sanctions are going to be applied and reinforced.”
Dominican Republic authorities detained the aircraft last year after US authorities said it had violated unilateral US sanctions against Venezuela.
Venezuelan officials used the plane to fly to Greece, Turkiye, Russia, Nicaragua and Cuba, and had taken it to the Dominican Republic for maintenance, according to the US State Department.
Maduro’s oil minister also used the plane to attend a meeting of the OPEC oil cartel in the United Arab Emirates in 2019, according to the Treasury Department.
In September, the United States, under then-president Joe Biden, announced the seizure of a first Venezuelan government airplane in the Dominican Republic that had been used to transport Maduro on international trips.
President Donald Trump has long vowed to clamp down on Maduro and in his first term unsuccessfully sought to remove him, after wide international questioning on the legitimacy of Maduro’s re-election.
But an envoy from Trump, Richard Grenell, last week traveled to Caracas to meet with Maduro, securing the release of six US prisoners.
Venezuela said the talks were held with “mutual respect,” but Rubio and other US officials have insisted that there was no backtracking on the US refusal to accept Maduro as Venezuela’s legitimate president.
Rubio said that Venezuela remained a concern for US national security, pointing to the mass migration from it as the economy implodes.
“Venezuela is an issue of national security, not just of lack of democracy,” Rubio told reporters Wednesday in Guatemala.
“It is about a government — a regime — that has harmed more than seven million Venezuelans, and all the neighboring countries that have had to face the reality of this massive migration,” he said, referring to Venezuelans who have left.
Grenell also pressed Maduro to accept the return of Venezuelans deported from the United States.
Trump quickly after taking office stripped roughly 600,000 Venezuelans in the United States of protection from deportation.
Biden had refused to deport them due to the security and economic crises in Venezuela.