UAE Energy and Infrastructure Minister Suhail Al Mazrouei said the country plans to derive half of its energy mix from renewables by 2050. Chris Whiteoak / The National
UAE Energy and Infrastructure Minister Suhail Al Mazrouei said the country plans to derive half of its energy mix from renewables by 2050. Chris Whiteoak / The National
UAE Energy and Infrastructure Minister Suhail Al Mazrouei said the country plans to derive half of its energy mix from renewables by 2050. Chris Whiteoak / The National
UAE Energy and Infrastructure Minister Suhail Al Mazrouei said the country plans to derive half of its energy mix from renewables by 2050. Chris Whiteoak / The National

Low investment in fossil fuels detrimental to energy transition, UAE minister says


Jennifer Gnana
  • English
  • Arabic

A lack of investment in securing future energy supplies could extend the cycle of higher oil prices that have hit multiyear highs, UAE Minister of Energy and Infrastructure Suhail Al Mazrouei has said.

"If we are not investing enough, I am afraid we could see highs like we have seen in coal and in gas due to lack of investments," said Mr Al Mazrouei.

He credited the Opec+ bloc of oil exporters, of which the UAE is a part, with helping to stabilise oil prices.

"[The] Opec+ alliance has worked together as countries to ensure that we are not getting the huge increase in prices that could slow down economic growth as we are moving to the recovery after the pandemic," he said at the Africa Oil Week event, which kicked off in Dubai on Monday.

Oil prices are currently trading at multiyear highs as economies open up and industrial activities resume as part of an ongoing post-pandemic recovery. The prices of natural gas, which are linked to crude, have also doubled over the past year, amid a shortage of supply.

Brent, the international crude benchmark, was up 0.82 per cent to trade at $82.05 a barrel at 4.54pm UAE time. West Texas Intermediate, which tracks US crude grades, was up 0.96 per cent at $82.05 a barrel.

The Henry Hub price for natural gas was up 0.51 per cent at $5.544 per million British thermal units.

On Thursday, Opec+, which is led by Saudi Arabia and Russia, approved the addition of 400,000 barrels per day of oil supply to the market in November.

The group, which enacted historic production cuts amid the Covid-induced demand crunch last year, plans to bring back 2 million bpd of supply to the market by the end of the year.

Opec+ is playing a crucial role in ensuring security of supply as the world transitions to net zero, said Mr Al Mazrouei.

"This group of committed countries has worked together to ensure that investments are coming to the sector and that supply is there when the world needs it," he said.

"This goes hand in hand with our commitment to the transition and our commitment to do more projects in renewable energy. We need to not stop these investments or slow them down."

Mr Al Mazrouei also issued a warning that the race to net zero could result in steep increases in the prices of essential fuel commodities if a balanced investment approach is not taken.

"If we are serious about the transition – and this is very important – if we don't do that, we will have hikes in the prices and those hikes will prevent the world and the countries from subsidising renewable projects."

The UAE, Opec's third-largest producer, was the first Arab country to commit to reaching carbon neutrality by 2050. The country plans to derive 50 per cent of its energy mix from renewables by the middle of the century.

"We are planning to reduce the carbon intensity in oil operations to make it one of the cleanest barrels in the world," Mr Al Mazrouei said.

Favourite book: ‘The Art of Learning’ by Josh Waitzkin

Favourite film: Marvel movies

Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

City's slump

L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
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L - Tottenham, 2-1

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While you're here
About Karol Nawrocki

• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.

• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.

• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.

• Met Donald Trump at the White House and received his backing.

England World Cup squad

Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood

Bombshell

Director: Jay Roach

Stars: Nicole Kidman, Charlize Theron, Margot Robbie 

Four out of five stars 

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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Brolliology: A History of the Umbrella in Life and Literature
By Marion Rankine
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Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

LAST-16 EUROPA LEAGUE FIXTURES

Wednesday (Kick-offs UAE)

FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm

Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm

Inter Milan v Getafe (one leg only) 11pm

Manchester United (5) v LASK (0) 11pm 

Thursday

Bayer Leverkusen (3) v Rangers (1) 8.55pm

Sevilla v Roma  (one leg only)  8.55pm

FC Basel (3) v Eintracht Frankfurt (0) 11pm 

Wolves (1) Olympiakos (1) 11pm 

The specs
  • Engine: 3.9-litre twin-turbo V8
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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

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Updated: November 08, 2021, 1:32 PM`