The Shell Norco refinery in Louisiana. Experts say 'there's still a lot of work to do' for companies to set attainable net-zero targets. AP
The Shell Norco refinery in Louisiana. Experts say 'there's still a lot of work to do' for companies to set attainable net-zero targets. AP
The Shell Norco refinery in Louisiana. Experts say 'there's still a lot of work to do' for companies to set attainable net-zero targets. AP
The Shell Norco refinery in Louisiana. Experts say 'there's still a lot of work to do' for companies to set attainable net-zero targets. AP

Climate

Road to Net Zero

Surge in world's biggest companies committing to net zero, report finds

But researchers say ‘credible targets’ are elusive despite sharp rise in fossil fuel companies setting net-zero goals

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The number of the world's largest companies to have set net-zero targets has almost doubled in the past two and a half years but many lack transparency, making the commitments largely meaningless, a report has found.

Net Zero Tracker, which monitors the decarbonisation progress of companies, cities and countries internationally, shows 909 of the world’s 2,000 largest companies have set targets, up by 46 per cent from 417 in December 2020.

But only 4 per cent of those commitments meet the UN Race to Zero campaign's "starting line criteria", which includes conditions such as covering all greenhouse gases and a published plan.

And only 37 per cent of the targets fully cover emissions from the products a company sells, while 13 per cent specify quality conditions under which any offsets would be used.

Of the world's biggest 112 fossil fuel companies, 75 have committed to reaching net zero, up from only 51 a year ago, according to the assessment of publicly available data.

But most of those targets do not fully cover or lack transparency on Scope 3 emissions – which include the use of a company's products, the biggest source of emissions for fossil fuel companies – or don't include short-term reduction plans, researchers who run the tracker said.

That made the goals "largely meaningless", they said. The report also found none of the fossil fuel companies were making the necessary commitments to move away from fossil fuel extraction or production.

Net Zero Tracker is run by researchers from bodies such as the Energy and Climate Intelligence Unit and the University of Oxford.

Researchers presenting their findings at climate talks in Bonn, Germany told The National a cleaner future for fossil fuel companies depended on a wider societal switch to green energy.

“They will need to think about this bigger transition and the system as a whole will need to think about how we support that transition,” said Thomas Hale, a co-author of the report and researcher at the University of Oxford.

He said a “really positive story” was on the cards if fossil fuel companies could invest windfall profits caused by recent surging prices back into clean energy transition.

“That could lead to a really bright future for these companies and also for the countries, workers and communities and all of us who use their products," he said. "That’s where we need to get to."

Dr Steve Smith, executive director of Oxford Net Zero and CO2RE, a research group that analyses the reduction of greenhouse gases, said expecting fossil fuel companies to aim for net zero “might seem like asking turkeys to vote for Christmas”.

"But even in a fossil-free world we will need clean energy for all and companies sequestering residual carbon," Dr Smith added. "People in fossil fuel companies have the skills to build the future.

"By falling prey to the status quo, companies are either delaying the net-zero transition, or maybe worse from their perspective, are lagging behind on the industries of tomorrow and increasingly today."

Climate change tipping points - in pictures

Greenland ice sheet disintegration – Rising temperatures causing the retreat of the ice sheet, which would cause sea levels to rise.
Greenland ice sheet disintegration – Rising temperatures causing the retreat of the ice sheet, which would cause sea levels to rise.
Amazon rainforest dieback – Large-scale dieback of the forest, via increased temperatures and drying, or direct deforestation, would amplify global warming.
Amazon rainforest dieback – Large-scale dieback of the forest, via increased temperatures and drying, or direct deforestation, would amplify global warming.
Permafrost loss – Thawing of carbon-rich soils, which releases greenhouse gas into the atmosphere.
Permafrost loss – Thawing of carbon-rich soils, which releases greenhouse gas into the atmosphere.
Atlantic meridional overturning circulation breakdown – An increased amount of freshwater in the Northern Atlantic disrupting the system of currents.
Atlantic meridional overturning circulation breakdown – An increased amount of freshwater in the Northern Atlantic disrupting the system of currents.
Boreal forest shift – Warming causes dieback in the south of the forests, and expansion into the tundra in the north, which would cause regional warming.
Boreal forest shift – Warming causes dieback in the south of the forests, and expansion into the tundra in the north, which would cause regional warming.
West Antarctic ice sheet disintegration – The melting of major ice sheets would lead to significant increases in sea level.
West Antarctic ice sheet disintegration – The melting of major ice sheets would lead to significant increases in sea level.
West African monsoon shift – A change in the monsoon season would lead to agricultural disruption and effect the ecosystem.
West African monsoon shift – A change in the monsoon season would lead to agricultural disruption and effect the ecosystem.
Indian monsoon shift – An increase in the planetary albedo (increases in the atmospheric brown cloud haze over India) has the capability of switching off the monsoon, which is crucial for the local economy, as well as being important for agriculture.
Indian monsoon shift – An increase in the planetary albedo (increases in the atmospheric brown cloud haze over India) has the capability of switching off the monsoon, which is crucial for the local economy, as well as being important for agriculture.
Coral reef die-off – Exposure to increased sea temperatures can kill off reefs, which has a serious effect on ecosystems and local economies.
Coral reef die-off – Exposure to increased sea temperatures can kill off reefs, which has a serious effect on ecosystems and local economies.

About 4,000 countries, states, regions, cities and companies have now committed to net zero around the world.

In November, the UN issued guidance on what a "good" net-zero strategy should look like to avoid greenwashing.

Alexis McGivern, standards manager at Oxford Net Zero, said: "Clear consensus has emerged on what is required for robust net-zero targets, which serves as a guiding star for both commitments and implementation.

"No company, city or region can any longer claim not to know what a credible target looks like.

"Using the good practice and areas of consensus within the accountability ecosystem, policymakers now have the tools to shape regulation to create a level playing field enabling companies to accelerate down the pathways to net zero."

For UK-based Forbes 2000 companies, such as Royal Mail, Lloyds Banking Group, Sainsbury's and Taylor Wimpey, the number of net-zero targets set has jumped by 60 per cent with 61 firms having committed, up from 37 in December 2020.

A study published last week in the journal Science said about 90 per cent of countries' net-zero targets were unlikely to be achieved.

Profile of VoucherSkout

Date of launch: November 2016

Founder: David Tobias

Based: Jumeirah Lake Towers

Sector: Technology

Size: 18 employees

Stage: Embarking on a Series A round to raise $5 million in the first quarter of 2019 with a 20 per cent stake

Investors: Seed round was self-funded with “millions of dollars” 

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Stars: Hrithik Roshan, NTR, Kiara Advana, Ashutosh Rana

Rating: 2/5

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Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

Results

2.15pm: Maiden (PA) Dh40,000 1,700m; Winner: AF Arrab, Antonio Fresu (jockey), Ernst Oertel (trainer).

2.45pm: Maiden (PA) Dh40,000 1,700m; Winner: AF Mahaleel, Antonio Fresu, Ernst Oertel.

3.15pm: Sheikh Ahmed bin Rashid Al Maktoum handicap (TB) Dh200,000 2,000m; Winner: Dolmen, Richard Mullen, Satish Seemar.

3.45pm: Handicap (PA) Dh40,000 1,200m; Winner: Amang Alawda, Sandro Paiva, Bakhit Al Ketbi.

4.15pm: The Crown Prince of Sharjah Cup Prestige (PA) Dh200,000 1,200m; Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel.

4.45pm: Handicap (PA) Dh40,000 2,000m; Winner: Al Jazi, Jesus Rosales, Eric Lemartinel.

ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.

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

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Director: Siddharth Anand

Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor

Rating: Two out of five stars 

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Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
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Set-jetting on the Emerald Isle

Other shows filmed in Ireland include: Vikings (County Wicklow), The Fall (Belfast), Line of Duty (Belfast), Penny Dreadful (Dublin), Ripper Street (Dublin), Krypton (Belfast)

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.

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Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

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Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

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On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

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Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes

While you're here
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13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas

550 tonnes of moulded steel were raised last year to cap the dome

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Stands taller than the leaning tower of Pisa

Steel trellis dome is one of the largest single structures on site

The size of 16 tennis courts and weighs as much as 500 elephants

Al Wasl means connection in Arabic

World’s largest 360-degree projection surface

TOURNAMENT INFO

Women’s World Twenty20 Qualifier

Jul 3- 14, in the Netherlands
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UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi

COMPANY PROFILE
Name: Akeed

Based: Muscat

Launch year: 2018

Number of employees: 40

Sector: Online food delivery

Funding: Raised $3.2m since inception 

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%3Cp%3EBy%202030%2C%20Abu%20Dhabi%20aims%20to%20achieve%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2039.3%20million%20visitors%2C%3C%2Fstrong%3E%20nearly%2064%25%20up%20from%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20Dh90%20billion%20contribution%20to%20GDP%2C%3C%2Fstrong%3E%20about%2084%25%20more%20than%20Dh49%20billion%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20178%2C000%20new%20jobs%2C%3C%2Fstrong%3E%20bringing%20the%20total%20to%20about%20366%2C000%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2052%2C000%20hotel%20rooms%2C%3C%2Fstrong%3E%20up%2053%25%20from%2034%2C000%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%207.2%20million%20international%20visitors%2C%3C%2Fstrong%3E%20almost%2090%25%20higher%20compared%20to%202023's%203.8%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%203.9%20international%20overnight%20hotel%20stays%2C%3C%2Fstrong%3E%2022%25%20more%20from%203.2%20nights%20in%202023%3C%2Fp%3E%0A
What went into the film

25 visual effects (VFX) studios

2,150 VFX shots in a film with 2,500 shots

1,000 VFX artists

3,000 technicians

10 Concept artists, 25 3D designers

New sound technology, named 4D SRL

 

The specs: 2018 Nissan Patrol Nismo

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Fuel economy, combined: 12.7L / 100km

KEY%20DATES%20IN%20AMAZON'S%20HISTORY
%3Cp%3E%3Cstrong%3EJuly%205%2C%201994%3A%3C%2Fstrong%3E%20Jeff%20Bezos%20founds%20Cadabra%20Inc%2C%20which%20would%20later%20be%20renamed%20to%20Amazon.com%2C%20because%20his%20lawyer%20misheard%20the%20name%20as%20'cadaver'.%20In%20its%20earliest%20days%2C%20the%20bookstore%20operated%20out%20of%20a%20rented%20garage%20in%20Bellevue%2C%20Washington%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EJuly%2016%2C%201995%3A%3C%2Fstrong%3E%20Amazon%20formally%20opens%20as%20an%20online%20bookseller.%20%3Cem%3EFluid%20Concepts%20and%20Creative%20Analogies%3A%20Computer%20Models%20of%20the%20Fundamental%20Mechanisms%20of%20Thought%3C%2Fem%3E%20becomes%20the%20first%20item%20sold%20on%20Amazon%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E1997%3A%3C%2Fstrong%3E%20Amazon%20goes%20public%20at%20%2418%20a%20share%2C%20which%20has%20grown%20about%201%2C000%20per%20cent%20at%20present.%20Its%20highest%20closing%20price%20was%20%24197.85%20on%20June%2027%2C%202024%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E1998%3A%3C%2Fstrong%3E%20Amazon%20acquires%20IMDb%2C%20its%20first%20major%20acquisition.%20It%20also%20starts%20selling%20CDs%20and%20DVDs%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2000%3A%3C%2Fstrong%3E%20Amazon%20Marketplace%20opens%2C%20allowing%20people%20to%20sell%20items%20on%20the%20website%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2002%3A%3C%2Fstrong%3E%20Amazon%20forms%20what%20would%20become%20Amazon%20Web%20Services%2C%20opening%20the%20Amazon.com%20platform%20to%20all%20developers.%20The%20cloud%20unit%20would%20follow%20in%202006%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2003%3A%3C%2Fstrong%3E%20Amazon%20turns%20in%20an%20annual%20profit%20of%20%2475%20million%2C%20the%20first%20time%20it%20ended%20a%20year%20in%20the%20black%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2005%3A%3C%2Fstrong%3E%20Amazon%20Prime%20is%20introduced%2C%20its%20first-ever%20subscription%20service%20that%20offered%20US%20customers%20free%20two-day%20shipping%20for%20%2479%20a%20year%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2006%3A%3C%2Fstrong%3E%20Amazon%20Unbox%20is%20unveiled%2C%20the%20company's%20video%20service%20that%20would%20later%20morph%20into%20Amazon%20Instant%20Video%20and%2C%20ultimately%2C%20Amazon%20Video%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2007%3A%3C%2Fstrong%3E%20Amazon's%20first%20hardware%20product%2C%20the%20Kindle%20e-reader%2C%20is%20introduced%3B%20the%20Fire%20TV%20and%20Fire%20Phone%20would%20come%20in%202014.%20Grocery%20service%20Amazon%20Fresh%20is%20also%20started%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2009%3A%3C%2Fstrong%3E%20Amazon%20introduces%20Amazon%20Basics%2C%20its%20in-house%20label%20for%20a%20variety%20of%20products%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2010%3A%3C%2Fstrong%3E%20The%20foundations%20for%20Amazon%20Studios%20were%20laid.%20Its%20first%20original%20streaming%20content%20debuted%20in%202013%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2011%3A%3C%2Fstrong%3E%20The%20Amazon%20Appstore%20for%20Google's%20Android%20is%20launched.%20It%20is%20still%20unavailable%20on%20Apple's%20iOS%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2014%3A%3C%2Fstrong%3E%20The%20Amazon%20Echo%20is%20launched%2C%20a%20speaker%20that%20acts%20as%20a%20personal%20digital%20assistant%20powered%20by%20Alexa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2017%3A%3C%2Fstrong%3E%20Amazon%20acquires%20Whole%20Foods%20for%20%2413.7%20billion%2C%20its%20biggest%20acquisition%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2018%3A%3C%2Fstrong%3E%20Amazon's%20market%20cap%20briefly%20crosses%20the%20%241%20trillion%20mark%2C%20making%20it%2C%20at%20the%20time%2C%20only%20the%20third%20company%20to%20achieve%20that%20milestone%3C%2Fp%3E%0A
Updated: June 12, 2023, 8:38 AM`
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