The world has a “small window” of opportunity to make a major course correction in the race to limit temperature rises to 1.5°C above pre-industrial levels, as set out in the 2015 Paris Agreement, Cop28 President-designate Dr Sultan Al Jaber has said.
The international community must collectively act immediately to ensure the energy transition is swift and leaves no countries behind, he said on Wednesday during a speech at the Berlin Energy Transition Dialogue conference.
“The world is losing the race to keep temperatures from rising 1.5°C above pre-industrial levels,” Dr Al Jaber said, referring to the latest Intergovernmental Panel on Climate Change report issued last week.
“We have a small window of opportunity to make a massive course correction. There is still time but we must act now and we must act together, and we must anchor our response with a rapid, well managed and just energy transition.”
The UAE will host the next UN Cop28 climate summit from November 30 to December 12.
The meeting of heads of state, finance and business leaders, and members of civil society, will take stock of what has been achieved since the Paris Agreement of 2015.
Global investments in energy transition technology must quadruple to $35 trillion by 2030 to stay in line with commitments made under the Paris climate agreement, according to a report by the International Renewable Energy Agency (Irena).
Investments in renewable energy technology reached a record of $1.3 trillion last year but that figure must rise to about $5 trillion annually to meet the key Paris accord target of limiting temperature increases to 1.5ºC above pre-industrial levels, the Abu Dhabi-based agency said in its World Energy Transitions Outlook 2023 preview.
Dr Al Jaber, who is also UAE Minister of Industry and Advanced Technology, emphasised that in delivering the energy transition, developing countries must have adequate access to renewable energy and cheaper funding.
“We need to ensure that no one is left behind. Last year, developing economies received only 20 per cent of clean tech investments. These are economies that represent 70 per cent of the world's population, that is over five billion people, and 800 million of them have no access to energy at all,” Dr Al Jaber said.
“They must have access to the least carbon-intensive options available today as we all stay focused on building the energy system of tomorrow. And, of course, a critical success factor here is finance.”
He called for holistic reforms across the global financial architecture and the transformation of multilateral development banks to ensure developing economies are not left behind as the world pursues clean energy solutions.
“These institutions were established almost 80 years ago to solve postwar inequity and drive reconstruction. We need to modernise their mandate and update their operating models to cater for and adapt to the 21st-century requirements,” Dr Al Jaber said.
Concessional funding needs to be much more available, accessible and affordable to “lower risk and attract private finance at a multiple”, he added.
“If we make the right moves today, we can create a low carbon pathway to a high-growth destination.”
Countries around the world are at different stages in their energy transition progress, so “we cannot adopt a one-size-fits-all” approach and all available options must be explored, he said.
The solution is not just “renewables or hydrogen or nuclear or carbon capture or only using the least carbon-intensive oil and gas — in fact, it is all of the above, plus new technologies yet to be invented. And once invented, commercialised, advanced and then deployed”.
Dr Al Jaber called for global renewable energy capacity to be tripled by 2030 and by six times by 2040 to 50,000 terawatt hours, as the world seeks to reduce emissions by 43 per cent in the next seven years.
“Renewable energy is transforming the power sector ─ providing almost 90 per cent of all new generating capacity last year. We need to build on that growth,” he said.
Dr Al Jaber also underscored the importance of hydrogen as an option to support hard-to-abate sectors such as steel, cement, aluminium and heavy transport.
While the hydrogen value chain is “still very much in its infancy”, the international community needs to turn to proven commercialised technology such as carbon capture to curb emissions, he said.
There are only 44 million tonnes per annum of operational carbon capture globally but that needs to multiply by 30 times to more than 1.28 billion tonnes, he said.
“The main barrier is cost. We need smart, progressive government regulation and subsidies to lower cost and attract private sector investment. We need to explore emerging carbon capture technologies like direct air, mineralisation and osmosis,” Dr Al Jaber said.
“Carbon capture can become a true bridge in the energy transition.”
The energy sector must work closely with other sectors and players — such as heavy emitters, technology companies, the finance community and civil society — on finding “breakthrough solutions” to decarbonising economies at scale.
“Carbon emissions are an industrial-size problem that require an industrial-scale solution,” he said.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
UAE currency: the story behind the money in your pockets
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Scoreline
Germany 2
Werner 9', Sane 19'
Netherlands 2
Promes 85', Van Dijk 90'
The distance learning plan
Spring break will be from March 8 - 19
Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm
Staff will be trained in distance learning programmes from March 15 - 19
Teaching hours will be 8am to 2pm during distance learning
Pupils will return to school for normal lessons from April 5
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
The specs: 2017 Ford F-150 Raptor
Price, base / as tested Dh220,000 / Dh320,000
Engine 3.5L V6
Transmission 10-speed automatic
Power 421hp @ 6,000rpm
Torque 678Nm @ 3,750rpm
Fuel economy, combined 14.1L / 100km
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
UAE currency: the story behind the money in your pockets
Heather, the Totality
Matthew Weiner,
Canongate
The Bio
Amal likes watching Japanese animation movies and Manga - her favourite is The Ancient Magus Bride
She is the eldest of 11 children, and has four brothers and six sisters.
Her dream is to meet with all of her friends online from around the world who supported her work throughout the years
Her favourite meal is pizza and stuffed vine leaves
She ams to improve her English and learn Japanese, which many animated programmes originate in
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
RESULTS
5pm: Sweihan – Handicap (PA) Dh80,000 (Turf) 2,200m
Winner: Shamakh, Fernando Jara (jockey), Jean-Claude Picout (trainer)
5.30pm: Al Shamkha – Maiden (PA) Dh80,000 (T) 1,200m
Winner: Daad, Dane O’Neill, Jaber Bittar
6pm: Shakbout City – Maiden (PA) Dh80,000 (T) 1,200m
Winner: AF Ghayyar, Tadhg O’Shea, Ernst Oertel
6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,200m
Winner: Gold Silver, Sandro Paiva, Ibrahim Aseel
7pm: Masdar City – Handicap (PA) Dh80,000 (T) 1,400m
Winner: AF Musannef, Tadhg O’Shea, Ernst Oertel
7.30pm: Khalifa City – Maiden (TB) Dh80,000 (T) 1,400m
Winner: Ranchero, Patrick Cosgrave, Bhupat Seemar
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
VERSTAPPEN'S FIRSTS
Youngest F1 driver (17 years 3 days Japan 2014)
Youngest driver to start an F1 race (17 years 166 days – Australia 2015)
Youngest F1 driver to score points (17 years 180 days - Malaysia 2015)
Youngest driver to lead an F1 race (18 years 228 days – Spain 2016)
Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016)
Youngest on F1 podium finish (18 years 228 days – Spain 2016)
Youngest F1 winner (18 years 228 days – Spain 2016)
Youngest multiple F1 race winner (Mexico 2017/18)
Youngest F1 driver to win the same race (Mexico 2017/18)
Sholto Byrnes on Myanmar politics
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
Results
5.30pm: Maiden (TB) Dh82,500 (Dirt) 1,600m, Winner: Panadol, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)
6.05pm: Maiden (TB) Dh82,500 (Turf) 1,400m, Winner: Mayehaab, Adrie de Vries, Fawzi Nass
6.40pm: Handicap (TB) Dh85,000 (D) 1,600m, Winner: Monoski, Mickael Barzalona, Salem bin Ghadayer
7.15pm: Handicap (TB) Dh102,500 (T) 1,800m, Winner: Eastern World, Royston Ffrench, Charlie Appleby
7.50pm: Handicap (TB) Dh92,500 (D) 1,200m, Winner: Madkal, Adrie de Vries, Fawzi Nass
8.25pm: Handicap (TB) Dh92,500 (T) 1,200m, Winner: Taneen, Dane O’Neill, Musabah Al Muhairi
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
COMPANY%20PROFILE
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ETelr%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%2C%20UAE%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%3C%2Fstrong%3E%202014%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E65%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20and%20payments%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3Enearly%20%2430%20million%20so%20far%3C%2Fp%3E%0A
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Mobile phone packages comparison
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
