The Inter-American Development Bank has signed an agreement to provide financial support of up to $100 million to the International Renewable Energy Agency’s Energy Transition Accelerator Financing platform.
The IDB plans to co-finance renewable energy projects and energy transition technologies in Latin America and the Caribbean, Irena said in a statement on Wednesday.
“As the climate tipping point nears, the urgency for action on the energy transition has never been more pressing,” said Francesco La Camera, the Abu Dhabi-based agency's director general (pictured below).
“With their invaluable expertise and substantial resources, the IDB's collaboration will have a profound impact in Latin America and the Caribbean, catalysing the energy transition and driving significant progress on energy access and security.”
The Etaf platform, also supported by the UAE, has surpassed its initial target of $1 billion by the end of the decade.
With investments from the IDB and other partners, the total commitments now amount to $1.25 billion.
“As the IDB increases its climate ambition, we must mobilise more capital for low-carbon technologies,” said Ilan Goldfajn, IDB's president.
In May, Abu Dhabi clean energy company Masdar signed an initial agreement with Irena to co-operate on a research project that will lead to the tripling of global renewable energy capacity by 2030.
The agreement is expected to provide a global baseline for renewable energy with a focus on solar, wind, hydropower, geothermal and other technology including battery storage.
Investments in renewable energy technology reached a record $1.3 trillion last year but that figure must rise to about $5 trillion annually to meet the Paris Accord target of limiting temperature increases to 1.5°C above pre-industrial levels, Irena said in its World Energy Transitions Outlook 2023 preview.
Renewable capacity must grow from about 3,000 gigawatts now to more than 10,000 gigawatts in 2030, at an average rate of 1,000 gigawatts annually, it said.
Global additions of renewable power capacity are expected to increase by a third this year as growing policy momentum, higher fossil fuel prices and energy security concerns drive the adoption of solar and wind power, the International Energy Agency said in a report last month.
The growth will continue next year, with the world’s total renewable electricity capacity rising to 4,500 gigawatts, equivalent to the total power output of China and the US combined, the Paris-based agency said.
Investment in renewable energy needs to double to more than $4 trillion by the end of the decade to meet net-zero emissions targets by 2050, the agency said in its World Energy Outlook last year.
The agency's Stated Policies Scenario, which is based on the latest policy settings worldwide, expects clean energy investment to rise to slightly more than $2 trillion by 2030.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
The specs
Price, base / as tested Dh960,000
Engine 3.9L twin-turbo V8
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
Torque 760Nm @ 3,000rpm
Fuel economy, combined 11.4L / 100k
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
More coverage from the Future Forum
UAE currency: the story behind the money in your pockets
How to help
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
Engine: 4.0-litre, six-cylinder
Transmission: six-speed manual
Power: 395bhp
Torque: 420Nm
Price: from Dh321,200
On sale: now
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%3Cp%3EDirector%3A%20Jay%20Chandrasekhar%3Cbr%3EStars%3A%20Jo%20Koy%2C%20Tia%20Carrere%2C%20Brandon%20Wardell%2C%20Lydia%20Gaston%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
UAE%20SQUAD
%3Cp%3EMuhammad%20Waseem%20(captain)%2C%20Aayan%20Khan%2C%20Aryan%20Lakra%2C%20Ashwanth%20Valthapa%2C%20Asif%20Khan%2C%20Aryansh%20Sharma%2C%20CP%20Rizwaan%2C%20Hazrat%20Billal%2C%20Junaid%20Siddique%2C%20Karthik%20Meiyappan%2C%20Rohan%20Mustafa%2C%20Vriitya%20Aravind%2C%20Zahoor%20Khan%20and%20Zawar%20Farid.%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
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%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
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
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
The specs: 2018 Jeep Grand Cherokee Trackhawk
Price, base: Dh399,999
Engine: Supercharged 6.2-litre V8
Gearbox: Eight-speed automatic
Power: 707hp @ 6,000rpm
Torque: 875Nm @ 4,800rpm
Fuel economy, combined: 16.8L / 100km (estimate)
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
