Oil and gas should not be “demonised” in the short and medium term, Elon Musk, the founder and chief executive of electric vehicle maker Tesla said on Saturday, as climate activists continue to call for an urgent phase-out of fossil fuels.
“The climate change alarm is so much overblown in the short-term. It's still a concern in the long term, but I think it's exaggerated in the short term,” he told attendees at a political gathering in Italy.
The oil and gas industry directly and indirectly accounts for 42 per cent of global emissions.
Mr Musk said that the shift to a sustainable energy future would take “several decades”, but added that it would gradually happen.
His remarks came days after about 200 countries agreed to transition away from fossil fuels by 2050 at the Cop28 climate summit in the UAE.
The global stocktake calls for the speeding up of efforts towards the “phase-down of unabated coal power” and “phasing out inefficient fossil fuel subsidies”.
The International Energy Agency expects global demand for oil and gas to peak by 2030 with an increasing adoption of renewable energy technology and electric vehicles.
The current annual investment in the oil and gas sector of $800 billion is double what is required by 2030 in the 1.5°C scenario, the agency has said.
“What really matters is that over the long term, over the course of the next several decades, that we gradually reduce how many millions or billions of tonnes of carbon that we move from underground to the atmosphere,” Mr Musk said.
“Because we're running sort of a climate experiment that is dangerous.”
The Global Carbon Budget has forecast a record increase in carbon dioxide emissions from the combustion of fossil fuels this year, mainly due to higher emissions from India and China.
Fifty oil and gas companies, representing more than 40 per cent of global oil production, made pledges on methane and carbon dioxide at Cop28.
The companies, of which 60 per cent are national oil companies, signed the Oil and Gas Decarbonisation Charter, which calls for net-zero emissions by 2050 or before.
They will also aim for “near-zero” upstream methane emissions and zero routine flaring by 2030.
The oil and gas charter is a part of the global decarbonisation accelerator, a series of initiatives aimed at speeding up the energy transition and drastically reducing global emissions.
It focuses on scaling the energy system of the future; decarbonising the existing energy system; and targeting methane and other non-CO2 greenhouse gases.
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
KILLING OF QASSEM SULEIMANI
ENGLAND%20SQUAD
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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
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
Zayed Sustainability Prize
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Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
Read more about the coronavirus
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.
UAE currency: the story behind the money in your pockets
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
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
