The world currently faces four interconnected crises: public health, economic, energy and climate.
The number of unemployed Americans has increased to 30 million in the past month because of the coronavirus pandemic, wiping out all the jobs created in the past decade. The European Central Bank’s interest rate is at zero per cent and the US Federal Reserve is nearly the same. American oil prices recently went into negative territory.
These crazy numbers tell us it is time to focus less on anti-fossil fuel campaigns, and more on massive investment in a clean, new energy economy.
First, of course, we have to control the spread of the coronavirus and, hopefully, develop effective treatments and vaccines. Nothing constructive can happen until then. Once that happens, some countries will face the equivalent of recovering after an economic heart-attack, with mass unemployment, debt and corporate bankruptcies.
The International Monetary Fund said last month that the global economy was set to slide into the deepest recession since the Great Depression of the 1930s. Oil and gas exporters are enduring record low prices. The East Asian manufacturing giants will suffer while important markets in Europe and North America remain partially locked down.
Even before the Great Recession of 2008 to 2009, some economists argued the developed countries had entered a phase of “secular stagnation”, with slow growth because technological innovation was running out.
After the financial crisis, recovery was slow and patchy, and stored up problems of government debt despite or because of painful austerity, and social and regional inequality. In turn, these have yielded toxic politics, international hostility, trade barriers and populist leaders floundering in face of the virus. That experience cannot be repeated.
During the Great Depression, US President Franklin Roosevelt’s New Deal put a priority on infrastructure and energy. The Tennessee Valley Authority, set up in 1933, built dams and hydroelectric power stations through the south-east. The Hoover Dam on the Colorado River, then the world’s largest hydroelectric dam, was finished in 1936. The Rural Electrification Administration, established in 1935, took the share of farms with electricity from 10 per cent to 90 per cent by Mr Roosevelt’s death in 1945.
Before the coronavirus crisis, two New Deal-inspired environmental investment programmes had been proposed - the Green New Deal by some Democratic politicians in the US, and the European Green Deal to make the European Union carbon-neutral by 2050.
The Democrats’ agenda includes energy efficiency, smart grids, a move towards all renewable power, public transport, high-speed rail and clean manufacturing.
The European plan covers not just energy but also forest management and support to ensure farmers store carbon in soil, revitalise rural areas and revive natural habitats. It also includes carbon tariffs on imports from countries not managing their greenhouse gas emissions.
Similar initiatives are crucial, not just in the US and EU, but worldwide. The International Energy Agency estimates greenhouse gas emissions this year will fall by 8 per cent. Probably, 2019 will prove to have been the year in which carbon emissions hit an all-time high.
But emissions will first rebound from this year’s low level, before falling only slowly – too slowly to arrest the build-up of atmospheric carbon dioxide and hold global warming below 1.5 degrees Celsius.
Solar, wind and efficient gas power are now cheaper than coal in most locations. Nevertheless, coal power will continue to operate unless the funds are there to replace it. Coal mines provide local jobs and fund governments.
Climate rhetoric needs to shift. Environmental groups have pushed for laws to ban investment into fossil fuel projects. With Japan expected to join this movement, China is almost the last source of state financing for international coal, while the European Investment Bank’s policy, announced in November, effectively prevents funding even gas-fired power plants.
Commercial banks, insurers and equipment suppliers face pressure to withdraw from carbon fuels, with German industrial company Siemens confronting hostility in January over a relatively small contract to supply rail equipment to an Australian coal mine.
Yet, divestment campaigners have it exactly the wrong way around. Instead of trying to block fossil fuel investment, they should be removing the barriers to low-carbon energy. If a pension fund or a university divests from fossil fuels, it should commit twice as much to low-carbon technologies.
About $330 billion (Dh1.2 trillion) was invested in renewables in 2019. But the International Renewable Energy Agency in Abu Dhabi estimates this has to rise to $737bn annually by 2030 to meet climate targets. Governments do not have to invest all this themselves; they need to create the conditions to encourage private capital. Low interest rates and high unemployment create both the reward and the urgency to act.
In April, Shell and Equinor cut their dividends. In Shell’s case, this was the first time since the Second World War. This recognises the unique severity of the Covid-19 crisis. But it also frees up cash for investment in new growth areas such as offshore wind farms, electricity networks, batteries and hydrogen.
The role of governments is still essential. Prices for emitting carbon dioxide need to be imposed where they don’t exist and be raised where they do. The state should underwrite fundamental research and selectively pre-invest in areas such as surveys for offshore wind sites. Breakthrough technology needs finance, especially for the first large-scale demonstration projects such as advanced nuclear reactors, hydrogen production and low-carbon steel and cement plants, and new carbon capture systems.
Crucial infrastructure such as electric vehicle charging, hydrogen distribution, carbon capture hubs and high-voltage continental super grids needs government to lead. These massive, intricate projects require international co-operation to share the risk, to maximise value and avoid wasteful duplication. Our quadruple crisis outweighs the Great Depression in suddenness and complexity, but we can still learn from its solutions to build our own green future.
Robin M. Mills is chief executive of Qamar Energy and author of The Myth of the Oil Crisis
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Intercontinental Cup
Namibia v UAE Saturday Sep 16-Tuesday Sep 19
Table 1 Ireland, 89 points; 2 Afghanistan, 81; 3 Netherlands, 52; 4 Papua New Guinea, 40; 5 Hong Kong, 39; 6 Scotland, 37; 7 UAE, 27; 8 Namibia, 27
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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.
Global state-owned investor ranking by size
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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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Sholto Byrnes on Myanmar politics
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 435hp at 5,900rpm
Torque: 520Nm at 1,800-5,500rpm
Transmission: 9-speed auto
Price: from Dh498,542
On sale: now
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How it works
A $10 hand-powered LED light and battery bank
Device is operated by hand cranking it at any time during the day or night
The charge is stored inside a battery
The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode
A full hand wound charge is of 16.5minutes
This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode
When more light is needed, it can be recharged by winding again
The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge
No limit on how many times you can charge
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
THREE
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A Bad Moms Christmas
Dir: John Lucas and Scott Moore
Starring: Mila Kunis, Kathryn Hahn, Kristen Bell, Susan Sarandon, Christine Baranski, Cheryl Hines
Two stars
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Company%20profile%20
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EElggo%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20August%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Luma%20Makari%20and%20Mirna%20Mneimneh%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Education%20technology%20%2F%20health%20technology%3Cbr%3E%3Cstrong%3ESize%3A%3C%2Fstrong%3E%20Four%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-seed%3C%2Fp%3E%0A
The specs
Price, base / as tested Dh135,000
Engine 1.6L turbo
Gearbox Six speed automatic with manual and sports mode
Power 165hp @ 6,000rpm
Torque 240Nm @ 1,400rpm 0-100kph: 9.2 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis
