Since the early-2000s, the International Energy Agency has regularly monitored the environmental impact of industrial activity. The energy body has noted a 70 per cent rise in industrial emissions until now.
But while emission levels declined temporarily in recent years due to the Covid-19 pandemic, they have since rebounded and even exceeded pre-pandemic levels with a 3 per cent growth recorded in 2021.
To align with the strategic objectives of net zero emissions by 2050, the total direct emissions from industry must decline by nearly 25 per cent by 2030, or roughly 3 per cent annually on average, according to the IEA.
So, what can be done to accelerate decarbonisation?
As a national champion for low-carbon power and water from Abu Dhabi, Taqa is fully committed to advancing the low-carbon agenda. The commitment is reflected in our recently announced environmental, social and governance (ESG) strategy and emissions reduction targets.
Under the strategy, we have committed to a 25 per cent reduction of scope 1 and 2 emissions by 2030 across the group, including a 33 per cent reduction of UAE portfolio emissions compared to the 2019 baseline.
We are also committed to expanding renewable energy to comprise more than 30 per cent of our power generation portfolio by 2030.
We aim to also reduce energy consumption needed for desalination by expanding efficient reverse osmosis (RO) technologies to make up two-thirds of desalination by 2030.
The Taweelah RO facility, which started early production in December 2021, will ultimately be the largest RO water desalination plant in the world, sufficient to meet the water demand for more than 350,000 households.
Through our transmissions subsidiary, Abu Dhabi Transmission and Despatch Company (Transco), we have successfully integrated both solar and nuclear power into Abu Dhabi’s existing grid, including Noor Abu Dhabi, one of the world’s largest single-site photovoltaic (PV) projects, and the Barakah nuclear energy plant.
Cross-sector partnerships are also vital to achieving decarbonisation of the industry.
Through our recent partnership with Emirates Global Aluminium (EGA), Transco will connect EGA’s power assets to the grid, giving them access to our diverse energy mix.
Last year, Taqa announced the financial close of a $3.8 billion project, aimed at supporting Adnoc’s efforts to decarbonise its offshore operations. Comprising the deployment of a first-of-its-kind high-voltage direct current (HVDC) sub-sea transmission network in the Middle East and North Africa region, the project will connect directly with Abu Dhabi’s onshore power grid to deliver clean and emission-free energy to Adnoc’s offshore production operations.
The hydrogen economy also presents opportunities across sectors that have traditionally been difficult to decarbonise, such as heavy industry and transport.
Taqa’s global position in low-cost solar power and energy efficient water desalination puts us in a unique position to play a central role in the development of Abu Dhabi’s green hydrogen industry.
We are laying the ground for green hydrogen research and development and enhancing partnerships with multiple key Abu Dhabi entities. This includes a project with Emirates Steel, which is in its final stages, to enable the first green steel produced in the region.
Furthermore, through our investment in Masdar, we have embarked on a partnership with Adnoc and Mubadala that sets out to develop Masdar into a global clean energy powerhouse that will consolidate our collective renewable energy and green hydrogen efforts.
Eventually, decarbonisation and achieving net zero targets will require everyone to play their part — from individuals and industry to institutions.
It’s for this reason Taqa created Abu Dhabi Energy Services (ADES) in 2020, in line with Abu Dhabi’s Demand Side Management and Energy Rationalisation Strategy 2030.
ADES is the energy services market maker for Abu Dhabi, which means it helps the ESCO (energy services company) community identify and execute retrofitting opportunities and large-scale projects across strategic sectors in the UAE capital.
The reduction in power and water consumption contributes to lowering carbon dioxide emissions. ADES handles everything from start to finish, including to identify savings opportunities, financing options and commissioning of the projects to the most suitable contractors in the market.
The cost of these improvements is more than covered by the reduction in the customers’ bills and paid back through the savings in the utility bills. This ensures ADES’s projects are economically viable and creates value for its customers, who are mostly government and commercial entities.
Another benefit of such partnerships is that they drive growth opportunities and can spur job creation and economic expansion.
Taqa plays a critical role in safeguarding global energy security and advancing climate action targets.
By engaging in more cross-sector collaboration, we will ensure our expertise is leveraged to accelerate decarbonisation efforts, achieve emission reductions and upscale investments, while inching closer to the goal of reaching global net zero.
Farid Al Awlaqi is executive director of Generation and Omar Al Hashmi is executive director of Transmission and Distribution at Taqa Group
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
OPINIONS ON PALESTINE & ISRAEL
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Ten10 Cricket League
Venue and schedule Sharjah Cricket Stadium, December 14 to 17
Teams
Maratha Arabians Leading player: Virender Sehwag; Top picks: Mohammed Amir, Imad Wasim; UAE players: Shaiman Anwar, Zahoor Khan
Bengal Lions Leading player: Sarfraz Ahmed; Top picks: Sunil Narine, Mustafizur Rahman; UAE players: Mohammed Naveed, Rameez Shahzad
Kerala Kings Leading player: Eoin Morgan; Top picks: Kieron Pollard, Sohail Tanvir; UAE players: Rohan Mustafa, Imran Haider
Pakhtoons Leading player: Shahid Afridi; Top picks: Fakhar Zaman, Tamim Iqbal; UAE players: Amjad Javed, Saqlain Haider
Punjabi Legends Leading player: Shoaib Malik; Top picks: Hasan Ali, Chris Jordan; UAE players: Ghulam Shabber, Shareef Asadullah
Team Sri Lanka Cricket Will be made up of Colombo players who won island’s domestic limited-overs competition
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Factfile on Garbine Muguruza:
Name: Garbine Muguruza (ESP)
World ranking: 15 (will rise to 5 on Monday)
Date of birth: October 8, 1993
Place of birth: Caracas, Venezuela
Place of residence: Geneva, Switzerland
Height: 6ft (1.82m)
Career singles titles: 4
Grand Slam titles: 2 (French Open 2016, Wimbledon 2017)
Career prize money: $13,928,719
A German university was a good fit for the family budget
Annual fees for the Technical University of Munich - £600
Shared rental accommodation per month depending on the location ranges between £200-600
The family had budgeted for food, books, travel, living expenses - £20,000 annually
Overall costs in Germany are lower than the family estimated
As proof that the student has the ability to take care of expenses, international students must open a blocked account with about £8,640
Students are permitted to withdraw £720 per month
The%20specs
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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.”
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014%20PRO%20MAX
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If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
COMPANY%20PROFILE
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What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Mobile phone packages comparison
Everton 1 Stoke City 0
Everton (Rooney 45 1')
Man of the Match Phil Jagielka (Everton)
Starring: Jamie Foxx, Angela Bassett, Tina Fey
Directed by: Pete Doctor
Rating: 4 stars
Gully Boy
Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
Rating: 4/5 stars
THE TWIN BIO
Their favourite city: Dubai
Their favourite food: Khaleeji
Their favourite past-time : walking on the beach
Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll
Russia's Muslim Heartlands
Dominic Rubin, Oxford
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
UAE currency: the story behind the money in your pockets
Quick%20facts
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COMPANY%20PROFILE
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Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now