The UAE plans to expand its energy relationship with India, by helping the South Asian economy increase its renewable energy capacity to 450 gigawatts by 2030, a government minister has said.
"Our partnership in energy has a great foundation that I want to build on," Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, told India Cera Week forum organised by IHS Markit..
"There are so many opportunities from the full range of our refined and petrochemical products to new energies like zero-carbon, hydrogen.
"And as India expands its renewable energy portfolio, the UAE is keen to build on the investments we have already made to help you reach your 450-gigawatt goal by 2030."
India, the world's third-largest importer of crude, is looking to transition away from its dependence on hydrocarbons and more polluting fuels like coal by investing in renewable energy. The South Asian economy is still dependent on coal to meet the bulk of its energy requirements.
India's energy security is fragile, with the country currently experiencing an electricity crisis amid a shortage of coal. The issue has once again highlighted the need for a rapid transition to cleaner and more sustainable fuels in the world's second-most populous country.
India, which has not revealed any plans to reach net-zero emissions, said it will have 175 gigawatts of renewable energy capacity by 2022.
Ties between India and the UAE in the energy sector have deepened in the recent years, with the South Asian country now the UAE’s top liquefied natural gas customer. Indian companies have also been exploration rights in Abu Dhabi.
In 2018, an Indian consortium of three companies were awarded a 10 per cent participating interest in Abu Dhabi’s offshore Lower Zakum Concession. Another consortium of two Indian oil companies were also awarded the exploration rights for an onshore block in the emirate in 2019.
Abu Dhabi National Oil Company, which is also headed by Dr Al Jaber, has previously expressed interest in India's nascent hydrogen sector.
In April, the UAE company said it was interested in exploring opportunities in hydrogen with India's public and private sector entities.
Adnoc can help India "navigate the global energy transition", Dr Al Jaber said at the time.
"We believe hydrogen offers promise and potential as a genuinely zero-carbon fuel."
The alternative fuel, which has risen in prominence in several markets around the world, is being prioritised for development in the UAE, Opec's third-largest oil producer.
In August, Indian Prime Minister Narendra Modi launched a national hydrogen mission saying: “The thing that is going to help India with a quantum leap in terms of climate is the field of green hydrogen."
Under the Paris climate change agreement, India, which is the world's third-largest carbon emitter, has pledged to reduce its emissions intensity to between 33 per cent and 35 per cent by 2030, from 2005 levels.
Separately, at the forum, India's Minister of Petroleum and Natural Gas Hardeep Singh Puri said the country needed to increase investments in oil and gas, as well as renewables to meet its growing demand for energy.
"There is a need to continue investing in oil and gas. But in addition to that is also the fact that the transition to green energy is also imposing a cost," he said.
Rising prices of crude, gas and petroleum products will impair economic recovery from a Covid-induced crunch harder for countries like India, he added.
Global prices for oil are at a three-year high, with the price of gas nearly 90 per cent higher on an annual basis.
Indian consumers have been particularly hit hard, with prices for petrol and diesel reaching record highs on Wednesday.
"We're about 15 per cent higher on petrol. If prices do not remain predictable, stable and affordable, economic recovery could prove to be fragile and all the efforts that we are making in the area of reviving economic activity could be undermined, which will affect everyone," Mr Singh said.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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More on animal trafficking
COMPANY%20PROFILE
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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
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The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
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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What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
THE SPECS
BMW X7 xDrive 50i
Engine: 4.4-litre V8
Transmission: Eight-speed Steptronic transmission
Power: 462hp
Torque: 650Nm
Price: Dh600,000
Company profile
Name: GiftBag.ae
Based: Dubai
Founded: 2011
Number of employees: 4
Sector: E-commerce
Funding: Self-funded to date
The Transfiguration
Director: Michael O’Shea
Starring: Eric Ruffin, Chloe Levine
Three stars
MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
Scoreline
UAE 2-1 Saudi Arabia
UAE Mabkhout 21’, Khalil 59’
Saudi Al Abed (pen) 20’
Man of the match Ahmed Khalil (UAE)
Gully Boy
Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
Rating: 4/5 stars
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
