Developing innovative renewable energy carriers and building zero-carbon supply chains is a $500 billion (Dh1.8 trillion) opportunity as economies continue to decarbonise, according to a new report.
Due to the fundamental limitations of solar and wind resources, countries around the world looking to incorporate cleaner sources into their grids find it difficult to do so cost-effectively.
"Places like Singapore, Japan, and the Netherlands are great examples of countries that cannot meet their energy demands solely through domestic renewable sources like wind and solar energy," said Tim Grejtak, an analyst at Lux Research and the lead author of the report.
“In fact, countries representing $9tn of global GDP [gross domestic product] cannot meet their energy demands solely through domestic renewable energy production and will require the import of renewable energy from more resource-rich countries,” Mr Grejtak added.
In order to import low-cost solar energy from far-flung regions, an “expanded buildout” of AC and DC [alternating current and direct current] powerlines is the most effective way to import solar and wind energy across distances spanning 1,000 kilometres.
China, has already embarked on a plan to build one of the world’s largest high-voltage ‘supergrids’ as part of its Belt and Road initiative. Beijing plans to take the grid global, allowing countries and remote regions that have poor access to energy or specifically, clean sources of energy to tap into an international, interconnected grid.
While singling out high-voltage transmission lines as a cost-effective way to deliver clean energy, Lux noted in its report that “no current energy carrier can offer costs low enough to completely replace liquid natural gas (LNG) or oil”.
The tipping point for deploying renewable energy import infrastructure will be in 2030 when imported energy through high-voltage direct current becomes cheaper than low-carbon natural gas turbines, according to the survey. Another tipping point for the grid system could occur in 2040, when imported liquid hydrogen becomes cheaper than low-carbon steam methane reformation.
“Major companies like Kawasaki Heavy Industries, Mitsui & Company, Equinor, and Shell are already developing their own decarbonised energy trade routes in Europe, Japan, and Southeast Asia, meaning the fight for $500bn worth of energy imports in those regions is just beginning,” Lux said.
The International Renewable Energy Agency said last month that the decarbonisation of the global energy system away from fossil fuels to renewables could generate $98tn in cumulative growth between now and 2050, adding an extra 2.4 per cent to GDP.
A deep overhaul of fossil fuel-wired economies to function on cleaner energy sources could require as much as $130tn in spending, Abu Dhabi-headquartered Irena said in its first global renewables outlook.
JUDAS AND THE BLACK MESSIAH
Directed by: Shaka King
Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons
Four stars
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
Background: Chemical Weapons
T20 World Cup Qualifier, Muscat
UAE FIXTURES
Friday February 18: v Ireland
Saturday February 19: v Germany
Monday February 21: v Philippines
Tuesday February 22: semi-finals
Thursday February 24: final
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23-man shortlist for next six Hall of Fame inductees
Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
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Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
