Global investment in the renewable energy sector climbed 11 per cent to $226 billion in the first half of 2022 amid higher energy prices, according to a report by research company BloombergNEF (Bnef).
Investment in new large- and small-scale solar projects rose 33 per cent to a record-breaking $120bn, while wind project financing grew 16 per cent to $84bn, the report said.
“Policymakers are increasingly recognising that renewable energy is the key to unlocking energy security goals and reducing dependence on volatile energy commodities,” said Albert Cheung, head of analysis at Bnef.
“Despite the headwinds presented by ongoing cost inflation and supply chain challenges, demand for clean energy sources has never been higher, and we expect that the global energy crisis will continue to act as an accelerant for the clean energy transition.”
Oil prices, which rose 68 per cent last year during a faster-than-expected economic rebound, have been extremely volatile this year, rocked by the Russia-Ukraine conflict.
Brent is up more than 28 per cent since the start of the year after falling from a 14-year high in April when the benchmark touched nearly $140 per barrel after sanctions by the US and the UK on the import of Russian crude.
Brent, the global benchmark for two thirds of the world's oil, was trading at $100.10 per barrel at 7.54pm UAE time on Tuesday, while West Texas Intermediate, the gauge that tracks US crude, was at $93.86 a barrel.
Renewables are expected to drive 8 per cent rise in global energy investment in 2022, to this year to $2.4 trillion, a report has shown, the International Energy Agency said in a June report. The energy body expect more investors to lean towards clean energy amid the universal drive to seek alternatives to fossil fuels.
The fastest growth in energy investment is coming from the power sector — mainly in renewables and grids — and from energy efficiency, the IEA's World Energy Investment 2022 report showed.
Venture capital and private equity investments into renewables and energy storage climbed 63 per cent to reach a record $9.6bn in the first half of 2022, according to the BNEF report, while public market issuances for renewable energy companies dropped 65 per cent to $10.5bn.
China, the world’s second-largest economy, posted higher investment growth in wind and solar project finance. The country’s large-scale solar investments totalled $41bn in the first half of 2022, up 173 per cent from the year before. It also invested $58bn in new wind projects, up 107 per cent year on year, according to the report.
“Green infrastructure is the most important investment area that China is relying on to boost its weak economy in the second half of 2022,” said Nannan Kou, Bnef’s head of China analysis.
“The investment growth trend follows China’s strategy to build new renewable generation capacity so that it can replace its existing coal fleet. China is well on track to hit its 1,200 gigawatt wind and solar capacity target by 2030.”
Offshore wind was another sector that recorded a steep increase, with investment up 52 per cent from the previous year, to $32bn, the report said.
“Investments in 2022 will flow into projects coming online in the next few years as the offshore wind installed base is set to grow tenfold from 53 gigawatts in 2021 to 504 gigawatts in 2035," said Chelsea Jean-Michel, offshore wind analyst at BNEF.
"Offshore wind projects enable companies and governments to make progress towards their decarbonisation goals at scale. The UK, France and Germany are just a few of the countries that have increased their offshore wind targets in the first half of 2022, signalling further support for investment in the technology.”
Meanwhile, renewables remain extremely cost-competitive with prices in the industry dropping last year, even as the energy market tackles a global fossil fuel crisis, a recent report by the International Renewable Energy Agency showed.
Given the current high prices of fossil fuel generation, the renewable power added in 2021 saved about $55bn from global energy generation costs in 2022, according to Irena's estimates.
“Renewables are by far the cheapest form of power today,” Irena's director general Francesco La Camera, said last month.
What is an ETF?
An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.
There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.
The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.
There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.
While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash.
UAE Rugby finals day
Games being played at The Sevens, Dubai
2pm, UAE Conference final
Dubai Tigers v Al Ain Amblers
4pm, UAE Premiership final
Abu Dhabi Harlequins v Jebel Ali Dragons
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
Asia Cup 2018 Qualifier
Sunday's results:
- UAE beat Malaysia by eight wickets
- Nepal beat Singapore by four wickets
- Oman v Hong Kong, no result
Tuesday fixtures:
- Malaysia v Singapore
- UAE v Oman
- Nepal v Hong Kong
Things Heard & Seen
Directed by: Shari Springer Berman, Robert Pulcini
Starring: Amanda Seyfried, James Norton
2/5
What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
More from Neighbourhood Watch:
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Tickets
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
UAE currency: the story behind the money in your pockets
Result
Qualifier: Islamabad United beat Karachi Kings by eight wickets
Fixtures
Tuesday, Lahore: Eliminator 1 - Peshawar Zalmi v Quetta Gladiators
Wednesday, Lahore: Eliminator 2 – Karachi Kings v Winner of Eliminator 1
Sunday, Karachi: Final – Islamabad United v Winner of Eliminator 2
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
THE DETAILS
Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5
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
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Tell-tale signs of burnout
- loss of confidence and appetite
- irritability and emotional outbursts
- sadness
- persistent physical ailments such as headaches, frequent infections and fatigue
- substance abuse, such as smoking or drinking more
- impaired judgement
- excessive and continuous worrying
- irregular sleep patterns
Tips to help overcome burnout
Acknowledge how you are feeling by listening to your warning signs. Set boundaries and learn to say ‘no’
Do activities that you want to do as well as things you have to do
Undertake at least 30 minutes of exercise per day. It releases an abundance of feel-good hormones
Find your form of relaxation and make time for it each day e.g. soothing music, reading or mindful meditation
Sleep and wake at the same time every day, even if your sleep pattern was disrupted. Without enough sleep condition such as stress, anxiety and depression can thrive.
