Emirates Water and Electricity Company is targeting a 606 per cent rise in its solar power generation capacity by 2030 as the UAE pursues its target of achieving net zero by 2050.
The Abu Dhabi-based utility plans to increase its solar power capacity to 7.3 gigawatts by the end of the decade, the company said in its Statement of Future Capacity Requirements report on Wednesday.
The report forecasts the requirement for an additional three gigawatts of solar power capacity by 2029 on top of the 1.5 gigawatts procured from the Al Ajban Solar PV Project once it becomes operational in 2026.
The recommendations, approved by the Abu Dhabi Department of Energy, call for continued investment in low-carbon intensive reverse osmosis water desalination technology.
This investment will enable more than 90 per cent of the total water demand to be fulfilled using reverse osmosis by 2030.
Reverse osmosis is a membrane-based method of desalination that uses less energy compared with the thermal process used to produce fresh water.
“This report provides a powerful key reference that outlines Abu Dhabi and the UAE’s future needs,” said Othman Al Ali, chief executive of Ewec.
“Our growing portfolio of renewable and clean energy projects is accelerating the decarbonisation of the country’s energy sector,” said Mr Al Ali.
The UAE is pursuing goals to reduce its carbon footprint and last year became the first country in the Middle East to set a net-zero target, which it aims to achieve by 2050.
The Emirates plans to invest $160 billion in clean and renewable energy sources over the next three decades.
The Arab world’s second-largest economy and Opec's third-largest oil producer is prioritising the construction of clean energy plants to cut emissions.
It is building the Mohammed bin Rashid Solar Park in Dubai with a five-gigawatt capacity and the two-gigawatt plant in Al Dhafra in Abu Dhabi.
The report has also recommended acquiring at least 300 megawatts of battery capacity before 2026 to ensure the availability of operational reserves and other essential services that can enhance the system's operability and network stability, Ewec said.
These initiatives will reduce the company’s carbon dioxide intensity per kilowatt hour by 42 per cent by 2029, the report said.
Clean energy accounts for more than 60 per cent of the total power Ewec generates, the company said in December.
“Ewec is making tangible progress towards further diversifying the energy mix and increasing the share of renewable energy and low-carbon intensive RO to ensure a secure, sustainable, and least-cost supply of water and electricity across Abu Dhabi and beyond,” said Bruce Smith, strategy and planning executive director at Ewec.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
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
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Copa del Rey final
Sevilla v Barcelona, Saturday, 11.30pm (UAE), match on Bein Sports
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Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
The five pillars of Islam
