When it comes to climate change, here is some really good news: although 2023 was the hottest year on record, according to the International Energy Agency it may well be the year that global energy-related carbon dioxide emissions peaked.
The agency estimates that carbon dioxide emissions reached a record 37.4 billion tonnes but increased by 410 million tonnes (or 1.1 per cent). This increase is lower when compared to the 490 million tonnes recorded in 2022. It has taken place despite the accelerated growth in total energy demand and the exceptional shortfall in hydropower due to extreme droughts, particularly in China and the US – the world’s largest carbon emitters, which together account for nearly half of global carbon dioxide emissions.
The 2023 peak is earlier than what many institutions foresaw, including the IEA itself. In December last year, it expected global energy-related carbon dioxide emissions to peak by 2025, subject to governments delivering on their “national energy and climate pledges on time and in full”. The peak has also aligned with the desirable pathway the UN’s Intergovernmental Panel on Climate Change projected, whereby global greenhouse-gas emissions peak before 2025 at the latest.
The expansion of renewable energy in power generation, particularly solar and wind, have contributed to this positive outcome by largely displacing coal – the “dirtiest” fossil fuel, given its notorious greenhouse-gas emissions footprint. In addition, the rapidly growing popularity of electric vehicles is increasingly crowding out the oil-burning internal combustion engine in major economies. Without these clean energy technologies, the global increase in carbon dioxide emissions in the past five years would have been three times larger, the IEA stated.
Last year, the world experienced an increase of renewable energy capacity by 50 per cent, while one in five new car sales globally was of electric vehicles. These trends are expected to continue, especially as one of the main pledges of the consensus reached at Cop28 in the UAE last year called for a tripling of renewable energy capacity by 2030. Meanwhile, Goldman Sachs expects electric vehicles to account for half of global car sales by 2035. However, inter-fossil fuels substitution, primarily from coal to natural gas, which emits almost 50 per cent less carbon dioxide than coal, also played a role in curbing emissions, as did improvements in energy efficiency and softer industrial production as a result of a slower economic growth as major economies battle inflation, among other issues.
In advanced economies, carbon emissions peaked in 2007, but last year they experienced a record decline (outside a recessionary period) of 4.5 per cent. Any increase in global emissions is coming primarily from developing countries, particularly China and India, where coal remains king in terms of power generation, accounting for 61 per cent and 74 per cent respectively. However, some are hopeful that even there a peak is in sight. One study from the Helsinki-based Centre for Research on Energy and Clean Air found that China's greenhouse-gas emissions could start going into "structural decline" as soon as this year, due to record growth in the installation of new low-carbon energy sources. Last year alone, China added more solar panels than the US did in its entire history.
The path after this moment remains highly uncertain and largely depends on governments strengthening their climate pledges and delivering on them
The above trends confirm that the energy transition is progressing and the world can remain hopeful that ambitious climate change targets can be reached.
However, a peak in emissions is far from being enough to limit global warming to an increase of 1.5°C above pre-industrial levels as per the 2015 Paris Agreement. To keep within the 1.5°C limit, the IPCC calls for emissions to be reduced by at least 43 per cent by 2030 – which is less than six years away – compared to 2019 levels, and at least 60 per cent by 2035. The UN warns that even if emissions are no longer increasing after 2030, they are still not demonstrating the rapid downward trend science says is necessary this decade.
Since fossil fuels – that is coal, oil and natural gas – are the main culprits behind climate change, the IPCC calls for a substantial reduction in their use as well as the minimal use of unabated fossil fuels, that is those without carbon capture and storage. Some, such as UN Secretary General Antonio Guterres have gone further and called for a halt to all investment, licensing or funding of new oil and gas.
However, whatever the world has been doing, it must do it much faster. Despite its rapid expansion, green energy still has a long way to go to displace fossil fuels, which account for more than 80 per cent of the world’s primary energy mix. Besides, given the variability in power generation from renewable energy, back-up plants – primarily fossil-fuel powered – will be needed.
Meanwhile, global energy demand continues to grow. The IEA, which in May 2021, argued that if the world is to achieve net zero by 2050, there would be no need for investment in new fossil fuel supply, beyond projects committed in 2021, stated in October last year that investment in oil and gas supply will still be needed to meet continuing demand, even if the market for fossil fuels starts to shrink.
Although China has expanded its green energy capacity, its fossil-fuel use has increased in tandem. A report from CREA and the Global Energy Monitor claims that in 2023 the Asian powerhouse increased coal use and investment, building on the “frantic pace” of approving two new coal power plants and starting construction on a new one each week in 2022. To meet growing demand in the light of growing concerns about energy security, India – the world’s third-largest emitter of carbon dioxide – plans to increase coal-fired capacity in 2024 by the most in at least six years and more than four times the annual average in the past five years. Meanwhile, the IPCC found that public and private finance flows for fossil fuels are still greater than those for climate adaptation and mitigation, despite the strong government support green energy is getting particularly in the developed world.
Last year may well be the major and eagerly awaited milestone for global carbon emissions. However, hitting the peak does not mean the battle against climate change is finally won. The path after this moment remains highly uncertain and largely depends on governments strengthening their climate pledges and delivering on them.
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THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
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Fixtures:
Wed Aug 29 – Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30 - UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1 - UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2 – Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6 – Final
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
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Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Race card
5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m
6.05pm: Handicap (TB) Dh87,500 (T) 1,400m
6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m
7.15pm: Handicap (TB) Dh105,000 (T) 1,200m
7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m
8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m
9pm: Handicap (TB) Dh105,000 (T) 2,410m
9.35pm: Handicap (TB) Dh92,500 (T) 2,000m
Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Mohammed bin Zayed Majlis
Sleep Well Beast
The National
4AD
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Killing of Qassem Suleimani
