Last month, Standard Chartered said it would no longer finance the $5 billion East Africa Oil Pipeline from Uganda to the coast of Tanzania, after pressure from environmental campaigners.
Last year, the Netherlands, a small and not very sunny country, installed seven times more solar and wind power than the whole of Africa.
These two apparently unconnected facts show that the climate and energy development model for developing countries needs to be fixed quickly.
Pete Betts, a veteran British climate negotiator, who is terminally ill with cancer, recently told the Financial Times: “It’s even more important to press richer countries to provide the financing to help poorer nations shift to renewable energy. This funding is dramatically insufficient at the moment.”
Western activists and analysts like to say that Africa can “leapfrog” from energy poverty to renewables without passing through a stage of intensive fossil-fuel use. That may be true, but they are providing almost none of the finance required.
At the Cop15 climate talks in Copenhagen in 2009, developed countries committed to providing $100 billion annually for climate action in developing countries, a goal reiterated and extended to 2025 by the 2015 Paris Agreement.
The actual amount provided has increased over time, but reached just $83.3 billion in 2020, according to the Organisation for Economic Co-operation and Development.
The UN Framework Convention on Climate Change says the total might finally hit $100 billion this year — but this is overstated by double counting, considering loans as grants and ignoring inflation.
Adjusted from 2009, the amount should be more like $137 billion.
Dr Sultan Al Jaber, President-designate for Cop28, to be held in the UAE in November, said last week that developing countries are still waiting for the $100 billion promised by developed nations 14 years ago.
“At Cop28, I expect ambitious, transparent and accountable commitments from countries and businesses that will shape policies in parliaments and budgets in boardrooms.”
Even the original figure was far insufficient — developing countries need between $160 billion and $340 billion annually by 2030 just to adapt to climate change, according to the UN Environment Programme.
The International Energy Agency estimates another $30 billion per year is needed to achieve universal electricity access and $1 trillion annually for a full clean energy transition in developing and emerging economies.
Of course, developed country governments will only provide a small part of this directly. The bulk will have to come from private-sector finance, including about half from resources mobilised within developing countries themselves. The Paris Agreement financing is supposed to leverage and unlock bigger sources of capital.
The problem is that private-sector finance is far too scarce and expensive. Climate Policy Initiative, a non-profit research group, found that investors in solar power expect a 7 per cent annual return in Germany, a 10 per cent return in the UAE — but 24 per cent in Tanzania or Bolivia and 38 per cent in Zambia. Solar power costs barely 1 US cent per kilowatt hour in the UAE but more than 10 cents in Zambia — hardly better than oil and much more expensive than coal.
Developing countries struggle to finance such projects themselves, when they have many calls on limited budgets. But many of them have a large, untapped pool of funds.
Uganda’s oil would bring in about $2 billion of government revenue per year, or about 12 per cent of the country’s gross domestic product. Mozambique expects to earn $96 billion from its liquefied natural gas exports to mid-century — about a quarter of its current GDP each year.
These projects do not require home government finance — they are largely funded by international oil companies, which take the risk of “stranded assets” if future climate policy makes them unviable.
Paradoxically, blocking fossil-fuel projects in developing countries strikes at their ability to finance the clean energy transition. Climate activists will point to the International Energy Agency’s 2021 report saying that no new oil and gasfield developments would be required in a world on track for net-zero carbon.
This ignores three critical facts. First, Russia, which in 2021 was the biggest exporter of both oil and gas globally, has been virtually eliminated as a supplier to Europe, and its oil output is likely to decline much more sharply than appeared then. Europe seeks gas from African countries such as the Republic of Congo to replace Russia, while refusing to finance their own aspirations.
Second, coal-dependent countries can make quick, large savings in emissions by switching to gas.
That, in turn, is far easier and lowers carbon emissions by using local gas rather than trying to import it.
For instance, South Africa gets 70 per cent of its primary energy from coal, one of the highest shares anywhere in the world. It has recently made large gas finds off its southern coast. It would be absurd to leave these local resources in the ground in service to a global aspiration that works in a spreadsheet.
Third, there is climate logic and justice in eliminating some high-cost, high-carbon producers globally to make room for lower-carbon barrels from developing countries. Telling Kampala or Maputo not to use their own resources, while developed states are far from net-zero carbon, is climate colonialism.
The developing world needs much more green spending. A bit more from wealthy governments, within the range of political feasibility, is not enough. The pool of capital must grow while mechanisms are developed radically to lower the cost of that capital to emerging economies.
One such approach could be to tie funding of major fossil-fuel projects to recycling the resulting host-government revenue into full domestic energy access and decarbonisation, including carbon capture to eliminate emissions from these ventures.
Otherwise, commitments by commercial banks and international financial institutions not to finance fossil fuels are worse than useless, if they are not accompanied by major boosts in funding to low-carbon energy. We should not be demanding pledges of divestment but of investment.
Robin M. Mills is chief executive of Qamar Energy and author of The Myth of the Oil Crisis
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
The specs: 2017 Maserati Quattroporte
Price, base / as tested Dh389,000 / Dh559,000
Engine 3.0L twin-turbo V8
Transmission Eight-speed automatic
Power 530hp @ 6,800rpm
Torque 650Nm @ 2,000 rpm
Fuel economy, combined 10.7L / 100km
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Switch%20Foods%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Edward%20Hamod%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Plant-based%20meat%20production%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2034%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%246.5%20million%3Cbr%3E%3Cstrong%3EFunding%20round%3A%3C%2Fstrong%3E%20Seed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Based%20in%20US%20and%20across%20Middle%20East%3C%2Fp%3E%0A
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Quick%20facts
%3Cul%3E%0A%3Cli%3EStorstockholms%20Lokaltrafik%20(SL)%20offers%20free%20guided%20tours%20of%20art%20in%20the%20metro%20and%20at%20the%20stations%3C%2Fli%3E%0A%3Cli%3EThe%20tours%20are%20free%20of%20charge%3B%20all%20you%20need%20is%20a%20valid%20SL%20ticket%2C%20for%20which%20a%20single%20journey%20(valid%20for%2075%20minutes)%20costs%2039%20Swedish%20krone%20(%243.75)%3C%2Fli%3E%0A%3Cli%3ETravel%20cards%20for%20unlimited%20journeys%20are%20priced%20at%20165%20Swedish%20krone%20for%2024%20hours%3C%2Fli%3E%0A%3Cli%3EAvoid%20rush%20hour%20%E2%80%93%20between%209.30%20am%20and%204.30%20pm%20%E2%80%93%20to%20explore%20the%20artwork%20at%20leisure%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
More from Rashmee Roshan Lall
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
ZIMBABWE V UAE, ODI SERIES
All matches at the Harare Sports Club:
1st ODI, Wednesday - Zimbabwe won by 7 wickets
2nd ODI, Friday, April 12
3rd ODI, Sunday, April 14
4th ODI, Tuesday, April 16
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
End of free parking
- paid-for parking will be rolled across Abu Dhabi island on August 18
- drivers will have three working weeks leeway before fines are issued
- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket
- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200.
- The penalty for failing to pay for a ticket after 10 minutes will be Dh200
- Parking on a patch of sand will incur a fine of Dh300
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Why the Tourist Club?
Originally, The Club (which many people chose to call the “British Club”) was the only place where one could use the beach with changing rooms and a shower, and get refreshments.
In the early 1970s, the Government of Abu Dhabi wanted to give more people a place to get together on the beach, with some facilities for children. The place chosen was where the annual boat race was held, which Sheikh Zayed always attended and which brought crowds of locals and expatriates to the stretch of beach to the left of Le Méridien and the Marina.
It started with a round two-storey building, erected in about two weeks by Orient Contracting for Sheikh Zayed to use at one these races. Soon many facilities were planned and built, and members were invited to join.
Why it was called “Nadi Al Siyahi” is beyond me. But it is likely that one wanted to convey the idea that this was open to all comers. Because there was no danger of encountering alcohol on the premises, unlike at The Club, it was a place in particular for the many Arab expatriate civil servants to join. Initially the fees were very low and membership was offered free to many people, too.
Eventually there was a skating rink, bowling and many other amusements.
Frauke Heard-Bey is a historian and has lived in Abu Dhabi since 1968.
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Killing of Qassem Suleimani
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
