Mubadala Investment Company, Abu Dhabi’s strategic investment arm, said investments in green and blue hydrogen production will address some of the "inherited issues" of renewables, as Opec's third-largest producer forges ahead with its clean energy programme.
The company identified green and blue hydrogen as among the most promising areas for investment in renewable energy that the UAE is well-positioned to capitalise on, Musabbeh Al Kaabi, chief executive of UAE investments at Mubadala, said at the Global Energy Forum in Dubai on Monday.
Hydrogen comes in various forms, including blue, green and grey. Blue and grey hydrogen are produced from natural gas, while green is derived from renewable sources.
"I think we are very strongly positioned to capitalise on blue hydrogen. When it comes to the green, we can produce the lowest-cost solar energy and that means a lot when it comes to hydrogen production," he said.
"These are very, very exciting trends coming up and I think hydrogen will address some of the inherited issues of renewables. We just need a few more years, hopefully."
Last year, Adnoc and Taqa said they would join Mubadala to become shareholders in Masdar, in a move that will help to increase the clean energy company's renewable power capacity to more than 50 gigawatts by 2030. The deal will support the UAE’s role in the energy transition, help to create a "global champion in renewables and green hydrogen" and accelerate progress towards the country’s strategic goal of achieving carbon neutrality.
The trend towards hydrogen in renewable investment is "the real thing", Mr Al Kaabi said when asked if there was too much hype around it.
"There is an infrastructure already we can capitalise on within natural gas infrastructure globally, so there's a benefit from capitalising on existing infrastructure and pivoting towards lower carbon," he said.
Reflecting on the Russia-Ukraine conflict's effect on energy markets and the world economy, Mr Al Kaabi said: "We share concerns about what's happening and the escalation in Eastern Europe that's creating new dynamics globally.
"It's creating interesting dynamics related to the potential for excessive inflation that could lead to a European recession that could drive the world economy downwards," he said.
In the medium-to-long term it could also affect the energy transition agenda, he said, referring to industrial gases produced in Europe.
"We need to carefully look at our supply chain when it comes to the technology, when it comes to the energy transition and identify these bottlenecks," he said. "Any future disruption in the system might have even worse consequences on the ability for the world economy to pivot towards a smoother energy transition."
Asked about the effect of the conflict on energy prices, he said that on one hand the crisis "exposed the [gaps in the] energy transition" and shows that traditional energy sources will have a "significant role" to play as the world shifts towards renewables going forward. On the other hand, future geopolitical tension would also disrupt the energy transition supply chains and that will be a "very interesting dynamic" to see developing.
Reflecting on the region, he said it would maintain its role as a reliable supplier of traditional and renewable energy.
Mubadala Petroleum's deal last year with Israel’s Delek Drilling to buy a 22 per cent stake in the Eastern Mediterranean's offshore Tamar field reflects "new dynamics" after the UAE signed the Abraham Accords with Israel, he said.
While this was "unthinkable" a decade ago, he said it hopefully indicates more collaboration in the region.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Company%C2%A0profile
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Dengue%20fever%20symptoms
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UAE currency: the story behind the money in your pockets
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Manchester City transfers:
OUTS
Pablo Zabaleta, Bacary Sagna, Gael Clichy, Willy Caballero and Jesus Navas (all released)
INS
Ederson (Benfica) £34.7m, Bernardo Silva (Monaco) £43m
ON THEIR WAY OUT?
Joe Hart, Eliaquim Mangala, Samir Nasri, Wilfried Bony, Fabian Delph, Nolito and Kelechi Iheanacho
ON THEIR WAY IN?
Dani Alves (Juventus), Alexis Sanchez (Arsenal)
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
MADAME%20WEB
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The%20Killer
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FROM%20THE%20ASHES
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COMPANY%20PROFILE
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Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Avatar%20(2009)
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New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
SHOW COURTS ORDER OF PLAY
Centre Court (4pm UAE/12pm GMT)
Victoria Azarenka (BLR) v Heather Watson (GBR)
Rafael Nadal (ESP x4) v Karen Khachanov (RUS x30)
Andy Murray (GBR x1) v Fabio Fognini (ITA x28)
Court 1 (4pm UAE)
Steve Johnson (USA x26) v Marin Cilic (CRO x7)
Johanna Konta (GBR x6) v Maria Sakkari (GRE)
Naomi Osaka (JPN) v Venus Williams (USA x10)
Court 2 (2.30pm UAE)
Aljaz Bedene (GBR) v Gilles Muller (LUX x16)
Peng Shuai (CHN) v Simona Halep (ROM x2)
Jelena Ostapenko (LAT x13) v Camila Giorgi (ITA)
Jo-Wilfried Tsonga (FRA x12) v Sam Querrey (USA x24)
Court 3 (2.30pm UAE)
Kei Nishikori (JPN x9) v Roberto Bautista Agut (ESP x18)
Carina Witthoeft (GER) v Elina Svitolina (UKR x4)
Court 12 (2.30pm UAE)
Dominika Cibulkova (SVK x8) v Ana Konjuh (CRO x27)
Kevin Anderson (RSA) v Ruben Bemelmans (BEL)
Court 18 (2.30pm UAE)
Caroline Garcia (FRA x21) v Madison Brengle (USA)
Benoit Paire (FRA) v Jerzy Janowicz (POL)
Specs – Taycan 4S
Engine: Electric
Transmission: 2-speed auto
Power: 571bhp
Torque: 650Nm
Price: Dh431,800
Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor
Transmission: 2-speed auto
Power: 455bhp
Torque: 700Nm
Price: from Dh431,800
U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
- Saturday 15 January: UAE beat Canada by 49 runs
- Thursday 20 January: v England
- Saturday 22 January: v Bangladesh
UAE squad:
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya
Shetty, Kai Smith
Results
5pm: Wadi Nagab – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Al Falaq, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)
5.30pm: Wadi Sidr – Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Fakhama, Fernando Jara, Mohamed Daggash
6.30pm: Wadi Shees – Handicap (PA) Dh80,000 (T) 2,200m; Winner: Mutaqadim, Antonio Fresu, Ibrahim Al Hadhrami
7pm: Arabian Triple Crown Round-1 – Listed (PA) Dh230,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Wadi Tayyibah – Maiden (TB) Dh80,000 (T) 1,600m; Winner: Poster Paint, Patrick Cosgrave, Bhupat Seemar
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
