Energy transition requires a “practical”, realistic and collaborative approach to ensure that it is just and addresses the triple challenges of climate progress, energy security and economic prosperity, Dr Sultan Al Jaber, the UAE's Climate Change Special Envoy, said on Thursday.
“We need more realism about the scale of the challenge and more optimism about our capacity to solve it,” Dr Al Jaber, who is also Minister of Industry and Advanced Technology and group chief executive and managing director of Adnoc, said at the Bloomberg Emerging + Frontiers Forum 2022.
He stressed that increasing investment into the energy transition was crucial across the board, with contribution required from all industries and public stakeholders.
“If people’s basic energy needs are not met, economic development slows down and so does climate action. If we under invest in the energy system of today, before the energy system of tomorrow is ready, we will only make matters worse,” he said.
“Globally, there are less than one and a half million barrels of spare oil capacity. That is simply less than 2 per cent of global consumption.
“In a world where markets may face further disruption, that doesn't give us a lot of room to manoeuvre. In fact, it is a recipe for disaster. What we need is more of a recipe for progress.”
Spending in the oil and gas industry took a hit during the Covid-19 pandemic along with the push by governments to transition to cleaner forms of energy.
Total investment in the upstream part of the oil and gas sector fell 23 per cent below pre-coronavirus levels to $341 billion in 2021, the International Energy Forum and IHS Markit reported.
The oil and gas sector needs $600bn worth of investments until 2030 to keep pace with rising demand, Dr Jaber said earlier.
With renewables such as wind and solar constituting only 4 per cent of the global energy mix, oil and gas remain essential to meeting global energy needs.
The expansion of renewables and the decarbonisation of existing hydrocarbons have to take place in parallel, the official said on Thursday.
Global investment in the renewable energy sector climbed 11 per cent to $226bn in the first half of 2022 amid higher energy prices, a report by research company BloombergNEF (Bnef) said.
Investment in new large- and small-scale solar projects rose 33 per cent to a record-breaking $120bn, while wind project financing grew 16 per cent to $84bn, the report added.
Renewables are expected to drive an 8 per cent rise in global energy investment in 2022 to $2.4 trillion, the International Energy Agency said in a June report.
The energy body expects more investors to lean towards clean energy amid the universal drive to seek alternatives to fossil fuels.
But while global investment in renewable energy exceeded $365bn last year, less than 5 per cent of that amount was invested in energy storage, carbon capture and the hydrogen value chain, Dr Al Jaber said.
If we under invest in the energy system of today, before the energy system of tomorrow is ready, we will only make matters worse
Dr Sultan Al Jaber,
the UAE's Climate Change Special Envoy
“This is simply not enough. In fact, according to some industry estimates, the energy transition will require more than $200tn over the next 30 years — that’s more than $6tn every year. Clearly no single country or corporation can foot this bill,” he said.
“Much more investment is needed in mitigation technologies and zero-carbon energies that can effectively transition heavy industry, manufacturing, construction, transportation and agriculture. The funding gap here is wide, and it’s important to understand the numbers.”
The UAE, as a global energy player, is “committed to the energy transition” and has so far invested $50bn in renewable energy projects across 70 countries, with plans to invest a further $50bn in the years to come, the official said.
The country already has three of the world’s largest single-site solar plants and is also investing in decarbonising the hydrocarbon industry, in carbon capture and storage, as well as exploring other technologies.
“As Cop27 approaches and as the UAE prepares to host Cop28 in 2023, we see our role in the UAE as a consensus builder,” Dr Al Jaber said.
“We want to bring together all parts of the world and all segments of society to deliver a practical, workable set of solutions for accessible, affordable and sustainable energy solutions that produce real results for the economy and for the climate at the same time.”
The Cop28 summit will also include the conclusion of the first ever “Global Stocktake” on the Paris Agreement.
With the energy transition process facing many challenges, it needs “measured, practical and sober planning”, the official said.
“In short, we need a realistic strategy to keep the increase in global temperatures within 1.5°C, while expanding access to affordable energy.”
The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
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)
Ain Issa camp:
- Established in 2016
- Houses 13,309 people, 2,092 families, 62 per cent children
- Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
- Most from Deir Ezzor and Raqqa
- 950 foreigners linked to ISIS and their families
- NGO Blumont runs camp management for the UN
- One of the nine official (UN recognised) camps in the region
Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Heather, the Totality
Matthew Weiner,
Canongate
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The specs: 2018 Mazda CX-5
Price, base / as tested: Dh89,000 / Dh130,000
Engine: 2.5-litre four-cylinder
Power: 188hp @ 6,000rpm
Torque: 251Nm @ 4,000rpm
Transmission: Six-speed automatic
Fuel consumption, combined: 7.1L / 100km
SNAPSHOT
While Huawei did launch the first smartphone with a 50MP image sensor in its P40 series in 2020, Oppo in 2014 introduced the Find 7, which was capable of taking 50MP images: this was done using a combination of a 13MP sensor and software that resulted in shots seemingly taken from a 50MP camera.
MATCH INFO
Norwich 0
Watford 2 (Deulofeu 2', Gray 52')
Red card: Christian Kabasele (WatforD)
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
RESULTS
Tottenham 1
Jan Vertonghen 13'
Norwich 1
Josip Drmic 78'
2-3 on penalties
'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
KILLING OF QASSEM SULEIMANI
