The world will require "transformational" progress to meet net-zero targets, according to Dr Sultan Al Jaber, president-designate of Cop28.
"Over the last 15 years, the UAE has invested a total of $50 billion in renewable energy and clean tech globally, and plans to invest another $50 billion in the years ahead."
"Let’s create a paradigm shift for tangible progress. And let’s remember that reaching net-zero emissions will deliver the biggest market transformation with the greatest economic and human promise since the first Industrial Revolution,” said Dr Al Jaber.
Dr Al Jaber, who is also Minister of Industry and Advanced Technology and managing director and group chief executive of Adnoc, was speaking at the Atlantic Council Global Energy Forum on Saturday, where he urged countries and energy stakeholders to "hold back emissions, not progress".
The world is "on its way to being home to 9.7 billion people, and we'll have to produce 30 per cent more energy than what is available today", Dr Al Jaber said.
"As long as the world still uses hydrocarbons, we must ensure they are the least intensive possible. We're working with the energy industry on accelerating decarbonisation, reducing methane and expanding hydrogen," he added.
His remarks come days after he was named as president-designate of the UN Cop28 climate change summit, which will be held in the UAE this year.
Dr Al Jaber, who is the UAE special envoy for climate change, will take on the leading role for the crucial 13-day talks in November.
"We will use our experience, our ambition and [our] deep and rich network of partnerships to inform our approach to Cop28," Dr Al Jaber said.
“We don’t need to wait for the Global Stocktake to know what it will say. We are way off track. The world is playing catch up when it comes to the key Paris goal of holding global temperatures down to 1.5 degrees. And the hard reality is that in order to achieve this goal, global emissions must fall 43 per cent by 2030."
The energy forum is a part of the Abu Dhabi Sustainability Week, which will run from January 14 to January 19, and bring together heads of state, policy makers and industry leaders for a series of dialogues on the transition to a net-zero future.
This year's ADSW comes against the backdrop of a global energy crisis that has left countries in Europe and elsewhere scrambling for alternative energy sources.
Brent crude soared to a near 14-year high of $140 a barrel after Russia’s invasion of Ukraine in February. The international benchmark is currently trading at about $84 a barrel.
"With China reopening, hopefully, we will see a pick-up in the [crude] demand and when we meet, we will analyse that as usual," Suhail Al Mazrouei, the UAE's Minister of Energy and Infrastructure, told reporters on the sidelines of the event.
"We will always take the decision that serves balancing the market."
At its last meeting in October, the Opec+ group of oil producing countries decided to slash its collective output by 2 million barrels per day until the end of 2023, citing concerns about a global economic slowdown. The group's next meeting is on June 4.
"The UAE is committed to the decision that we took... [for] any decision, there is a process of taking that decision, so we have to wait," Mr Al Mazrouei said.
Analysts expects crude prices to rebound to between $100 and $110 a barrel this year, driven by a recovery in China, the world’s second-largest economy and top crude importer.
China’s crude imports are set to increase by 1.1 million bpd in 2023, compared with last year, with the country reopening and issuing new product export and crude import quotas, Energy Aspects said in a report earlier this week.
Gulf energy ministers urged countries to invest in more natural gas infrastructure as Russia’s invasion of Ukraine threatens energy security in many parts of the world.
“I don't agree that gas is a transition fuel… I think it's the destination fuel until we have a realistic solution,” Saad Al Kaabi, Qatar’s energy minister, said.
Europe, faced with dwindling Russian gas exports, is scrambling for alternative gas sources. After soaring to record levels in August last year, European gas benchmark prices dropped to a one-year low recently as demand eased due to warm weather.
“The issue is what’s going to happen if they want to replenish their [natural gas] storage this year and the next year,” said Mr Al Kaabi.
“There isn’t much gas coming into the market until 2025 to 2027, so I think it’s going to be a volatile situation for some time.”
Mr Al Mazrouei said that while oil and gas will continue to play an important role, the fossil fuels will not be enough to meet an expected increase in global demand.
“Oil and gas are finite resources and they are not going to stay there forever,” said the UAE energy minister.
“Within the 23 countries in the Opec+, the reduction in the ability to produce is more than 3.7 million barrels since 2000 … that tells that many countries are in a decline mode.”
The UAE, the Opec’s third-largest producer, is investing Dh600 billion ($163.5 billion) in clean and renewable energy projects over the next three decades as it aims to achieve net-zero emissions by 2050.
For the first time, the week-long ADSW event will feature a Green Hydrogen Summit, which will highlight the fuel’s potential to decarbonise key industries while helping countries to achieve their net-zero objectives.
Hydrogen, which can be produced using both renewable energy and natural gas, is expected to play a key role in the coming years as economies and industries transition to a low-carbon world to mitigate climate change.
Globally, the size of the hydrogen industry is expected to hit $183 billion by 2023, up from $129 billion in 2017, according to Fitch Solutions.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Floward%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%2C%20Saudi%20Arabia%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EAbdulaziz%20Al%20Loughani%20and%20Mohamed%20Al%20Arifi%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EE-commerce%0D%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3EAbout%20%24200%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EAljazira%20Capital%2C%20Rainwater%20Partners%2C%20STV%20and%20Impact46%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E1%2C200%3C%2Fp%3E%0A
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Tell-tale signs of burnout
- loss of confidence and appetite
- irritability and emotional outbursts
- sadness
- persistent physical ailments such as headaches, frequent infections and fatigue
- substance abuse, such as smoking or drinking more
- impaired judgement
- excessive and continuous worrying
- irregular sleep patterns
Tips to help overcome burnout
Acknowledge how you are feeling by listening to your warning signs. Set boundaries and learn to say ‘no’
Do activities that you want to do as well as things you have to do
Undertake at least 30 minutes of exercise per day. It releases an abundance of feel-good hormones
Find your form of relaxation and make time for it each day e.g. soothing music, reading or mindful meditation
Sleep and wake at the same time every day, even if your sleep pattern was disrupted. Without enough sleep condition such as stress, anxiety and depression can thrive.
Napoleon
%3Cp%3E%3Cstrong%3EDirector%3C%2Fstrong%3E%3A%20Ridley%20Scott%3Cbr%3E%3Cstrong%3EStars%3C%2Fstrong%3E%3A%20Joaquin%20Phoenix%2C%20Vanessa%20Kirby%2C%20Tahar%20Rahim%3Cbr%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%202%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
TWISTERS
Director: Lee Isaac Chung
Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos
Rating: 2.5/5
LAST-16 FIXTURES
Sunday, January 20
3pm: Jordan v Vietnam at Al Maktoum Stadium, Dubai
6pm: Thailand v China at Hazza bin Zayed Stadium, Al Ain
9pm: Iran v Oman at Mohamed bin Zayed Stadium, Abu Dhabi
Monday, January 21
3pm: Japan v Saudi Arabia at Sharjah Stadium
6pm: Australia v Uzbekistan at Khalifa bin Zayed Stadium, Al Ain
9pm: UAE v Kyrgyzstan at Zayed Sports City Stadium, Abu Dhabi
Tuesday, January 22
5pm: South Korea v Bahrain at Rashid Stadium, Dubai
8pm: Qatar v Iraq at Al Nahyan Stadium, Abu Dhabi
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
UAE - India ties
The UAE is India’s third-largest trade partner after the US and China
Annual bilateral trade between India and the UAE has crossed US$ 60 billion
The UAE is the fourth-largest exporter of crude oil for India
Indians comprise the largest community with 3.3 million residents in the UAE
Indian Prime Minister Narendra Modi first visited the UAE in August 2015
His visit on August 23-24 will be the third in four years
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, visited India in February 2016
Sheikh Mohamed was the chief guest at India’s Republic Day celebrations in January 2017
Modi will visit Bahrain on August 24-25
Company profile
Name: Tharb
Started: December 2016
Founder: Eisa Alsubousi
Based: Abu Dhabi
Sector: Luxury leather goods
Initial investment: Dh150,000 from personal savings
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
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.”
Step by step
2070km to run
38 days
273,600 calories consumed
28kg of fruit
40kg of vegetables
45 pairs of running shoes
1 yoga matt
1 oxygen chamber
MATCH INFO
Uefa Champions League quarter-final second leg:
Juventus 1 Ajax 2
Ajax advance 3-2 on aggregate
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
PLAY-OFF%20DRAW
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More coverage from the Future Forum
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The biog
Name: Timothy Husband
Nationality: New Zealand
Education: Degree in zoology at The University of Sydney
Favourite book: Lemurs of Madagascar by Russell A Mittermeier
Favourite music: Billy Joel
Weekends and holidays: Talking about animals or visiting his farm in Australia
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
More from Rashmee Roshan Lall
Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
