The speed of transition to a new global energy mix has accelerated in the past decade.
A changing global economic geography with a shift towards fast-growing, energy-hungry emerging economies (China specifically) as the main growth engines meant a corresponding increase in energy demand that propelled energy prices upwards.
Oil prices hit an all-time high above $147 in July 2008, and in August 2013 were around $115. High oil prices provided an incentive for nations (especially emerging ones that ran high oil trade deficits), households and businesses to find substitutes for fossil fuels and to lower energy intensity.
Concurrently, the OECD countries implemented energy efficiency policies aimed at energy saving, leading to a trend decline in energy-used-to-GDP ratios by some 1 per cent to 2 per cent per annum, and breaking the historical link between economic growth and energy demand. Two additional factors supported the acceleration in energy transition: technological innovation and growing awareness of climate-change risks. Innovation in hydraulic fracturing, or fracking, techniques to extract tight oil resulted in the shale revolution and a rapid growth of on-shore oil production in the US.
Fracking technology has diffused internationally and its cost has declined: the breakeven oil price for new shale oil wells ranges between $46-$55, while an oil price between $24 and $38 would cover operating expenses in the US.
Technological innovation and investment have also dramatically cut the cost of renewable energy. Since 2009, the global benchmark levelised costs of electricity for solar PV has tumbled by 77 per cent, and for onshore wind by 38 per cent, while the lithium-ion battery price index shows a decline from $1,000 per kWh in 2010 to $209 per kWh in 2017. Declining battery costs means falling energy storage costs, which addresses renewable energy’s intermittency problem.
The decline in battery storage costs also means a potential revolution in international trade in renewables-based chemicals and fuels.
Government policies to curb climate change alongside technological advances and rapidly falling costs for solar and wind power has meant that renewables are becoming increasingly competitive, resulting in unsubsidised clean-energy world records last year.
There is no longer a need to subsidise renewable energy system solutions: global renewable energy prices will be competitive with fossil fuels by 2019 or 2020. There has also been a massive shift in public opinion and awareness of the implications of global warming.
Addressing the risks of climate change has become a key policy priority embodied in the COP21 commitments. All nations (except the US under the Trump government) have committed to reduce emissions by at least 20 per cent compared to business as usual by 2030. The subsequent COP22 and COP23 commitments have all seen unwavering support from countries across the globe (again excepting the US).
The implication of the above trends will be a permanent and persistent secular downward shift in the demand for fossil fuels, putting downward pressure on oil prices.
This is the New Oil Normal. For fossil fuel producers and exporters like the GCC, the risk is that their vast hydrocarbon reserves will become “stranded assets”: they will no longer be able to earn an economic return.
New investment in clean energy reached $333.5 billion in 2017, up 3 per cent from 2016. A record 157 gigawatts of renewable power were commissioned in 2017, up from 143 gigawatts in 2016, and far outstripping the 70 gigawatts of net fossil fuel generating capacity added last year. Solar alone accounted for 98 gigawatts, or 38 per cent of the net new power capacity coming on stream during 2017.
A regional comparison shows that the balance of investment has shifted from Europe as the largest-investing region to Asia, where China set a new record for clean energy investment in 2017.
The world is also increasing investments in clean technologies. A transport and mobility revolution will lead to cleaner, healthier cities for increasingly urbanised populations – not just "smart cities", but also "clean cities".
We are witnessing the birth of twin revolutions, which will conflate: artificial intelligence and blockchain technologies are fusing with new energy. AI is supporting what's come to be known as the Fourth Industrial Revolution: think energy and water digitisation, smart grids, smart meters, "deep learning", demand management and digital asset management (where machine learning algorithms collate, compare, analyse and highlight risks and opportunities across a utility's infrastructure), among others.
Blockchain technology has the potential to offer a reliable, low-cost way for financial and/or operational transactions to be securely recorded and validated across a distributed network with no central point of authority, leading to a greater decentralisation of energy systems. Peer-to-peer energy trading, the ability of neighbouring homes – “prosumers” – to sell solar energy to one another as well as to a shared grid is already being tested.
The challenge to the widespread adoption of blockchain technologies will be the development of an enabling legal and regulatory framework. Country policy frameworks are needed to focus on clean technology investments, innovation and commercial conversion, in addition to “soft” and “hard” investments to facilitate and integrate the twin revolutions of clean energy and AI and blockchain technologies.
The UAE was the first mover on renewable energy in the GCC region.
With its aim to generate 75 per cent of its electricity from renewables by 2050, it is no surprise that it is among the top 20 nations investing more than $1bn in clean energy. Saudi Arabia’s recent announcement of a massive 200 gigawatts solar power development in the Saudi desert with SoftBank would be the world’s biggest solar project and would also be about 100 times larger than the next-biggest proposed development.
In a bid to lower dependence on fossil fuels, and as tariffs drop for solar photovoltaic and concentrated solar power projects, the GCC countries are enabling faster growth of their renewables sector. While Saudi Arabia and the UAE are investing in clean energy, government policies should support innovation in clean technology. The Global Cleantech Innovation Index explores where, relative to GDP, entrepreneurial clean technology companies are most likely to emerge from over the next 10 years – and why. Saudi Arabia, the only ranked nation from the region, scores low. One of the areas where countries in the region lag is their ability to convert inputs to innovation (such as pro-innovation policies by the government, infrastructure for renewables etc) to output (for example, listed clean technology companies, environmental patents, early-stage private investments etc). It is time to seize the day and develop tech alliances as well as R&D partnerships with the EU, China and clean-technology innovators.
Despite COP commitments, it is increasingly unlikely that we will be able to keep global warming below 2°C: the world is headed for irreversible climate change. Our best hope is to increase energy efficiency, and accelerate the global adoption of intelligent renewable energy systems and clean technology for our cities, businesses and transport systems in order to rapidly change the global energy mix and mitigate the risks of catastrophic climate change.
Dr. Nasser Saidi is the former chief economist of the Dubai International Financial Center, served as Lebanon's Minister of Economy & Trade and Minister of Industry and is a former First Vice Governor of the Central Bank of Lebanon.
The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EOlive%20Gaea%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Vivek%20Tripathi%2C%20Jessica%20Scopacasa%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ELicensed%20by%3A%20%3C%2Fstrong%3EDubai%20World%20Trade%20Centre%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Climate-Tech%2C%20Sustainability%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%241.1%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3ECornerstone%20Venture%20Partners%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3C%2Fp%3E%0A
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
What is 'Soft Power'?
Soft power was first mentioned in 1990 by former US Defence Secretary Joseph Nye.
He believed that there were alternative ways of cultivating support from other countries, instead of achieving goals using military strength.
Soft power is, at its root, the ability to convince other states to do what you want without force.
This is traditionally achieved by proving that you share morals and values.
Six tips to secure your smart home
Most smart home devices are controlled via the owner's smartphone. Therefore, if you are using public wi-fi on your phone, always use a VPN (virtual private network) that offers strong security features and anonymises your internet connection.
Keep your smart home devices’ software up-to-date. Device makers often send regular updates - follow them without fail as they could provide protection from a new security risk.
Use two-factor authentication so that in addition to a password, your identity is authenticated by a second sign-in step like a code sent to your mobile number.
Set up a separate guest network for acquaintances and visitors to ensure the privacy of your IoT devices’ network.
Change the default privacy and security settings of your IoT devices to take extra steps to secure yourself and your home.
Always give your router a unique name, replacing the one generated by the manufacturer, to ensure a hacker cannot ascertain its make or model number.
Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
BRAZIL%20SQUAD
%3Cp%3EGoalkeepers%3A%20Alisson%2C%20Ederson%2C%20Weverton%3Cbr%3E%3Cbr%3EDefenders%3A%20Dani%20Alves%2C%20Marquinhos%2C%20Thiago%20Silva%2C%20Eder%20Militao%20%2C%20Danilo%2C%20Alex%20Sandro%2C%20Alex%20Telles%2C%20Bremer.%3Cbr%3E%3Cbr%3EMidfielders%3A%20Casemiro%2C%20Fred%2C%20Fabinho%2C%20Bruno%20Guimaraes%2C%20Lucas%20Paqueta%2C%20Everton%20Ribeiro.%3Cbr%3E%3Cbr%3EForwards%3A%20Neymar%2C%20Vinicius%20Junior%2C%20Richarlison%2C%20Raphinha%2C%20Antony%2C%20Gabriel%20Jesus%2C%20Gabriel%20Martinelli%2C%20Pedro%2C%20Rodrygo%3C%2Fp%3E%0A
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The%20new%20Turing%20Test
%3Cp%3EThe%20Coffee%20Test%3C%2Fp%3E%0A%3Cp%3E%3Cem%3EA%20machine%20is%20required%20to%20enter%20an%20average%20American%20home%20and%20figure%20out%20how%20to%20make%20coffee%3A%20find%20the%20coffee%20machine%2C%20find%20the%20coffee%2C%20add%20water%2C%20find%20a%20mug%20and%20brew%20the%20coffee%20by%20pushing%20the%20proper%20buttons.%3C%2Fem%3E%3C%2Fp%3E%0A%3Cp%3EProposed%20by%20Steve%20Wozniak%2C%20Apple%20co-founder%3C%2Fp%3E%0A
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The specs: 2018 Ford Mustang GT
Price, base / as tested: Dh204,750 / Dh241,500
Engine: 5.0-litre V8
Gearbox: 10-speed automatic
Power: 460hp @ 7,000rpm
Torque: 569Nm @ 4,600rpm
Fuel economy, combined: 10.3L / 100km
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
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.
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
All%20We%20Imagine%20as%20Light
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EPayal%20Kapadia%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Kani%20Kusruti%2C%20Divya%20Prabha%2C%20Chhaya%20Kadam%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
More from Neighbourhood Watch:
Western Region Asia Cup Qualifier
Results
UAE beat Saudi Arabia by 12 runs
Kuwait beat Iran by eight wickets
Oman beat Maldives by 10 wickets
Bahrain beat Qatar by six wickets
Semi-finals
UAE v Qatar
Bahrain v Kuwait
Spider-Man: No Way Home
Director: Jon Watts
Stars: Tom Holland, Zendaya, Jacob Batalon
Rating:*****
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
JERSEY INFO
Red Jersey
General Classification: worn daily, starting from Stage 2, by the leader of the General Classification by time.
Green Jersey
Points Classification: worn daily, starting from Stage 2, by the fastest sprinter, who has obtained the best positions in each stage and intermediate sprints.
White Jersey
Young Rider Classification: worn daily, starting from Stage 2, by the best young rider born after January 1, 1995 in the overall classification by time (U25).
Black Jersey
Intermediate Sprint Classification: worn daily, starting from Stage 2, by the rider who has gained the most Intermediate Sprint Points.
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
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
