Around $3.5 trillion is required between now and 2050 to meet targets for a “sustainable path,” the International Energy Agency says. AP
Around $3.5 trillion is required between now and 2050 to meet targets for a “sustainable path,” the International Energy Agency says. AP
Around $3.5 trillion is required between now and 2050 to meet targets for a “sustainable path,” the International Energy Agency says. AP
Around $3.5 trillion is required between now and 2050 to meet targets for a “sustainable path,” the International Energy Agency says. AP

UK carbon emissions decline by a third during lockdown


Jennifer Gnana
  • English
  • Arabic

The UK’s carbon emissions declined by a third during lockdown with a significant volume of clean energy added to grid in the second quarter.

The share of renewables increased 32 per cent year-on-year in the second quarter as power generation from biomass, wind and solar energy grew during the lockdown.

"Lower electricity demand combined with exceptional weather propelled renewables to their greatest ever share of electricity, forcing prices and carbon emissions down to record levels, as well as reducing the need for nuclear and fossil fuel power,” according to a survey by Imperial College London, commissioned by UK power generator, Drax.

Renewable electricity sources contributed to three-quarters of the UK’s power generation at one point, the study found.

In a report in February, the International Energy Agency, said global emissions flatlined for the first time in 2019, as economies continue to make the switch from polluting fuels to cleaner power generation. Emissions for 2019 remained unchanged at 33 gigatonnes, as the world economy expanded by 2.9 per cent, according to the Paris-based agency.

Earlier this year, Britain said it generated more power from renewable sources in 2019 than fossil fuels for the first time since the industrial revolution, following the lead of other European countries such as Germany in outgrowing the need for hydrocarbons.

The UK generated 48.5 per cent of its energy from a mix of wind, solar, nuclear and hydropower in 2019, with fossil fuels accounting for 43 per cent, according to the country's National Grid. Biomass and energy from waste accounted for the remaining 8.5 per cent, data showed.

A combination of reduced demand as well as increased renewable generation meant a record amount of money was spent between April and June to keep the system stable, the Drax report said.

“The past few months have given the country a glimpse into the future for our power system, with higher levels of renewable energy and lower demand make for a difficult balancing act,” said Iain Staffell, a scientist with the faculty of natural sciences at the Imperial College of London and one of the lead authors of the report.

Further decarbonisation can happen when flexible technologies providing power and system stability play a more prominent role in the grid, he added.

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Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

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The specS: 2018 Toyota Camry

Price: base / as tested: Dh91,000 / Dh114,000

Engine: 3.5-litre V6

Gearbox: Eight-speed automatic

Power: 298hp @ 6,600rpm

Torque: 356Nm @ 4,700rpm

Fuel economy, combined: 7.0L / 100km

The specs: 2018 Alfa Romeo Stelvio

Price, base: Dh198,300
Engine: 2.0L in-line four-cylinder
Transmission: Eight-speed automatic
Power: 280hp @ 5,250rpm
Torque: 400Nm @ 2,250rpm
Fuel economy, combined: 7L / 100km

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.”

MATCH INFO

Day 2 at the Gabba

Australia 312-1 

Warner 151 not out, Burns 97,  Labuschagne 55 not out

Pakistan 240 

Shafiq 76, Starc 4-52

'The Ice Road'

Director: Jonathan Hensleigh
Stars: Liam Neeson, Amber Midthunder, Laurence Fishburne

2/5

Scoreline

Bournemouth 2

Wilson 70', Ibe 74'

Arsenal 1

Bellerin 52'