Clean energy investments need to double to $2 trillion per year over the next three years to achieve sustainable goals in line with the Paris agreement, according to the head of the International Renewable Energy Agency (Irena).
“Recovery (Covid) investment packages focused on energy transition can boost our economies, create much-needed jobs and accelerate the transformative shift towards a clean energy system,” Irena director-general Francesco La Camera said on Monday.
The Abu Dhabi-based agency estimates that increasing annual investment to $2 trillion per annum between 2021 and 2023 will encourage more private sector investment, providing an effective stimulus for the global economy.
“This investment will boost GDP by 1 per cent per year and create an additional 5.5 million jobs.”
Clean energy projects are gaining traction across the globe as costs come down due to rapid advancement in technology. The cost of solar photovoltaic projects declined by 82 per cent over the past 10 years and the cost of concentrated solar power declined by 47 per cent in concentrating solar power, according to Irena. Onshore wind project costs have fallen 39 per cent and offshore wind projects by 29 per cent over the same period.
Officials from 97 countries and the European Union will participate in the two-day Irena council meeting that will take place online from Tuesday.
The renewable energy sector has shown remarkable resilience in the face of the pandemic and projects in the UAE are proceeding without any major delay, Dr Abdullah Belhaif Al Nuaimi, UAE minister of climate change and environment, said.
“We stayed on track. We completed the financing of the fifth phase of 5 Gigawatt Mohammed bin Rashid Al Maktoum Solar Park. In addition, we awarded the contract for a 2GW solar plant, that will be the world’s largest once completed. The winning bid for the project broke world record for the lowest solar power generation cost and that was 1.35 US cents per kilo watt hour.”
A consortium led by Abu Dhabi National Energy Company (Taqa) and Masdar, in partnership with France’s EDF and JinkoPower won the bid to develop the world’s largest solar power plant, which is being built in Al Dhafra 35km south of Abu Dhabi City, in July.
Once operational, the plant will increase Abu Dhabi’s solar power capacity to approximately 3.2GW.
The UAE is diversifying its energy mix and turning to solar and nuclear energy as it looks to free up hydrocarbons for export markets and generate up to 44 per cent of its energy from clean sources by 2050.
In August, the UAE successfully connected the Barakah nuclear energy plant to the power grid for the first time.
Dubai World Cup factbox
Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)
Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
Biography
Favourite Meal: Chicken Caesar salad
Hobbies: Travelling, going to the gym
Inspiration: Father, who was a captain in the UAE army
Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
Favourite film: The Founder, about the establishment of McDonald's
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
