Energy-intensive heavy industry, including the growing metals and chemicals manufacturing business in the Gulf, will need to cut carbon emissions significantly if the world is to achieve greenhouse gas reduction targets, the International Energy Agency (IEA) warned yesterday.
Greater energy efficiency in industry must be paired with a "decarbonised" power generation sector that is now the source of the bulk of emissions, said Nobuo Tanaka, the executive director of the IEA, a Paris-based group of energy-consuming nations.
Cutting emissions from industry and power generation is crucial if the world is to halve carbon emissions by 2050, a level of cuts experts say could have a significant impact on slowing global warming.
"The task is huge and requires nothing short of a low-carbon industrial revolution," Mr Tanaka said.
The IEA estimates that if industry uniformly installed the most energy-efficient technology available, energy consumption would fall by between 20 and 30 per cent.
But industry will need to take additional measures, including installing technology to capture and sequester emissions, the IEA said.
Carbon capture and storage technology is under development at several locations across the world, including at Masdar, the Abu Dhabi Future Energy Company, but is still viewed as too costly for widespread commercial implementation.
The Abu Dhabi Government has made major investments in developing aluminium, steel and chemicals manufacturing, which are all energy-intensive heavy industries powered by natural gas and oil.
The Government firms behind these projects say they are installing the most advanced technology on the market, and are in talks with Masdar to capture their carbon emissions and sell them to the Abu Dhabi National Oil Company for permanent sequestration in ageing oil wells.
Mr Tanaka said developing a cleaner electricity industry should remain the key concern of climate negotiators, and warned that emissions from power generation in developing countries are currently on pace to double by 2030.
"We need a two-tiered sectoral approach to this problem in the medium term: a strong signal to investors in power generation to promote less carbon-intensive technology, and ambitious new policies to push for a more efficient use of electricity," he said.
Mr Tanaka said developing countries should be given more access to the carbon market, which presents incentives to cut emissions growth, and the market should offer greater financial incentives for developing countries to build carbon capture projects and nuclear power plants, which do not emit carbon.
cstanton@thenational.ae
Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
Company%20profile
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Company%20Profile
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RACE CARD
6.30pm: Baniyas Group 2 (PA) Dh 97,500 (Dirt) 1,400m.
7.05pm Maiden (TB) Dh 82,500 (D) 1,200m
7.40pm Maiden (TB) Dh 82,500 (D) 1,400m
8.15pm Handicap (TB) Dh 82,500 (D) 1,400m
8.50pm Rated Conditions (TB) Dh 120,000 (D) 1,600m
9.25pm Handicap (TB) Dh 95,000 (D) 1,200m
10pm Handicap (TB) Dh 85,000 (D) 2,000m
Company%C2%A0profile
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Results:
CSIL 2-star 145cm One Round with Jump-Off
1. Alice Debany Clero (USA) on Amareusa S 38.83 seconds
2. Anikka Sande (NOR) For Cash 2 39.09
3. Georgia Tame (GBR) Cash Up 39.42
4. Nadia Taryam (UAE) Askaria 3 39.63
5. Miriam Schneider (GER) Fidelius G 47.74
COMPANY%20PROFILE
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Opening Rugby Championship fixtures:Games can be watched on OSN Sports
Saturday: Australia v New Zealand, Sydney, 1pm (UAE)
Sunday: South Africa v Argentina, Port Elizabeth, 11pm (UAE)
Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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
COMPANY%20PROFILE
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.