A green energy economy will finally receive the financial boost to bloom in the US, and the impact could be felt as far away as the UAE, experts say.
The US President, Barack Obama, has pledged billions in new grants and tax incentives, and said he wanted to impose a cap on carbon emissions that would offer an incentive for firms to reduce pollution.
For companies outside the US, the new measures could create a huge new market for renewable energy technology and expand the fledgling market for carbon credits.
"It's good for green energy, not just in the United States," says Daniel Litvin, an energy expert at Chatham House, the British think tank. "It will spur investment, it will create a blueprint for other governments to follow."
For example, Masdar, the renewable energy investment firm backed by Mubadala Development, stands to gain in a number of ways from the US government's new commitments. US grants would directly aid American green firms in which Masdar has invested, while the increase in the size of the sector could expand the market for green technology imported from around the world, including from firms in the UAE.
Perhaps most importantly for Masdar, and Gulf countries in general, implementation of a so-called "cap and trade" system for emissions in the US would more than treble the size of the carbon market and boost prices for carbon credits, a key source of financing for green projects.
In a speech to Congress two weeks ago, Mr Obama singled out energy as one of three priorities for his administration.
"Thanks to our recovery plan, we will double this nation's supply of renewable energy in the next three years," he said. "We've also made the largest investment in basic research funding in American history - an investment that will spur not only new discoveries in energy, but breakthroughs in medicine and science and technology."
Mr Obama said his federal government would commit billions of dollars to research, construction of a new electricity grid, tax incentives and energy efficiency programmes. The size of the commitments is staggering: the government has already pledged up to US$55 billion (Dh202bn) to renewable energy programmes in the stimulus bill passed last month, with more to come from the 2010 budget to be passed later this year.
On top of all that, Mr Obama said $15bn would be spent every year on renewable energy for 10 years, raised from the new cap and trade system for emissions imposed in 2012.
As a point of comparison, Masdar has funded its ambitious investments in the past two years with a total of $15bn from the Abu Dhabi Government.
The green energy investments in the US will be underpinned by a new system to limit and trade greenhouse gas emissions.
"We need to ultimately make clean, renewable energy the profitable kind of energy," Mr Obama said. "So I ask this Congress to send me legislation that places a market-based cap on carbon pollution and drives the production of more renewable energy in America."
The cap and trade system would set limits on greenhouse gas emissions for individual firms. Companies unable to reduce their emissions below the limit would need to purchase emissions allowances from cleaner firms, or face fines from the government.
The system is designed to satisfy three goals: reducing total emissions from the US to combat global warming; creating a financial incentive for individual companies to invest in improving technology and energy efficiency; and raising hundreds of billions of dollars for the federal government.
A version of cap and trade is currently operated in Europe, and also by the UN through its Clean Development Mechanism (CDM), which awards credits to firms in developing countries for each tonne of carbon dioxide they keep out of the atmosphere. The firms can sell the credits to European companies on an open market.
If the US joins the global carbon market, it would immediately treble the size of the market and focus global attention on emissions trading, says Emmanuel Fages, a carbon market analyst at SG Orbeo, a French emissions trading firm.
A US market would increase demand - and prices - for Certified Emissions Reductions (CERs), the carbon credits awarded to firms in developing countries through the UN, he says.
That is good news for firms in the UAE, which counted on CERs to defray project costs but watched prices fall by two thirds since March last year. Prices recovered slightly last week and were trading at about ?10 (Dh46).
Chief among the UAE firms registering for credits is Masdar, which has said it would seek credits for a range of projects, including emissions reductions at Masdar City, the $22bn zero-carbon city being built at the edge of the capital, and a separate effort to capture 6.5 million tonnes of carbon dioxide from industrial sites and pump it underground for permanent storage.
Masdar officials have said the sale of carbon credits would represent an important revenue source for the company.
Mr Fages says it is likely that Masdar is already benefiting from carbon credits by forward-selling CERs for projects that have not yet been completed. "They can start locking in some of their profits now," he says. "We are thinking there will be large CER reductions from this region, but it will mostly be after 2012."
Outside the carbon market, the legislation will increase US demand for green technology, says Ethan Zindler, the head of North American research for New Energy Finance, a renewable energy analysis firm that serves as a clearing house for data on the industry.
"It creates enormous opportunities for companies whose businesses are very local by nature," such as solar panel technicians, Mr Zindler says. "I think the impact in terms of equipment providers will be more global."
But he says it remains unclear to what extent the new market created by the legislation will be able to soak up a current oversupply of green energy products in the system and overcome the credit crunch, which has hit the industry hard.
The new flood of money into the sector will not, by itself, allow the US to dominate the industry, says Jonathan Johns, the head of renewable energy at Ernst and Young. Every quarter, the global accounting firm releases an index of each country's relative position as a destination for renewable energy investment. Last quarter, the US slipped from a commanding lead to share the leading position with Germany.
Mr Obama's policies are distinguished by their size and will certainly help enlarge the market in the US, Mr Johns says, but the cap and trade system has to be matched with a feed-in tariff or other structure to directly support new renewable energy projects and make them competitive with conventional energy sources.
"The Germans have got it right already," he says. "[Cap and trade policies] aren't a substitute for a capacity building support system."
The new cash supplied by the US government does, however, raise the possibility that American firms could gain an advantage over their counterparts across the world. Mr Obama hoped as much when he told Congress that US companies had to overtake renewable energy firms in China, Germany, Japan and Korea that had already gained a sizeable lead.
But Masdar officials, at least, have shunned talk of competition and say the market is large enough for all entrants.
Sultan al Jaber, the chief executive of Masdar, has expressed optimism about the Obama administration's commitment to renewable energy, and emphasised that Masdar would benefit from technological developments elsewhere by partnering with rival firms.
Besides, he says, the company enjoys "a first-mover advantage" on some of its key projects, including the proposed system to capture carbon dioxide from four sites across Abu Dhabi and pump it into ageing oil wells to enhance production of oil.
Masdar is developing a number of proprietary technologies, Mr al Jaber says, which should be ready in time to serve the new green economy promised by Mr Obama.
cstanton@thenational.ae
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The biog
Favourite Emirati dish: Fish machboos
Favourite spice: Cumin
Family: mother, three sisters, three brothers and a two-year-old daughter
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
COMPANY%20PROFILE
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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The Breadwinner
Director: Nora Twomey
Starring: Saara Chaudry, Soma Chhaya, Laara Sadiq
Three stars
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
Key recommendations
- Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
- Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
- Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
- More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
UAE currency: the story behind the money in your pockets
Virtuzone GCC Sixes
Date and venue Friday and Saturday, ICC Academy, Dubai Sports City
Time Matches start at 9am
Groups
A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; C Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs
School counsellors on mental well-being
Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.
Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.
Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.
“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.
“Some have got used to being at home don’t want to go back, while others are desperate to get back.
“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.
“It is worrying and has taught us how important it is that we prioritise mental well-being.”
Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.
The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.
At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.
“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.
“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.
"Special secondary tutorial classes have also focused on preparing students for their return; going over new guidelines, expectations and daily schedules.”
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20myZoi%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Syed%20Ali%2C%20Christian%20Buchholz%2C%20Shanawaz%20Rouf%2C%20Arsalan%20Siddiqui%2C%20Nabid%20Hassan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2037%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20Initial%20undisclosed%20funding%20from%20SC%20Ventures%3B%20second%20round%20of%20funding%20totalling%20%2414%20million%20from%20a%20consortium%20of%20SBI%2C%20a%20Japanese%20VC%20firm%2C%20and%20SC%20Venture%3C%2Fp%3E%0A
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
DSC Eagles 23 Dubai Hurricanes 36
Eagles
Tries: Bright, O’Driscoll
Cons: Carey 2
Pens: Carey 3
Hurricanes
Tries: Knight 2, Lewis, Finck, Powell, Perry
Cons: Powell 3
More on Quran memorisation:
AS%20WE%20EXIST
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DUNE%3A%20PART%20TWO
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Killing of Qassem Suleimani
Key findings
- Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
- Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase.
- People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”.
- Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better.
- But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
Profile of Whizkey
Date founded: 04 November 2017
Founders: Abdulaziz AlBlooshi and Harsh Hirani
Based: Dubai, UAE
Number of employees: 10
Sector: AI, software
Cashflow: Dh2.5 Million
Funding stage: Series A
More from Rashmee Roshan Lall
Stage result
1. Jasper Philipsen (Bel) Alpecin-Fenix 4:42:34
2. Sam Bennett (Irl) Bora-Hansgrohe
3. Elia Viviani (Ita) Ineos Grenadiers
4. Dylan Groenewegen (Ned) BikeExchange-Jayco
5. Emils Liepins (Lat) Trek-Segafredo
6. Arnaud Demare (Fra) Groupama-FDJ
7. Max Kanter (Ger) Movistar Team
8. Olav Kooij (Ned) Jumbo-Visma
9. Tom Devriendt (Bel) Intermarché-Wanty-Gobert Matériaux
10. Pascal Ackermann (Ger) UAE Team Emirate
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
SHAITTAN
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EVikas%20Bahl%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EAjay%20Devgn%2C%20R.%20Madhavan%2C%20Jyothika%2C%20Janaki%20Bodiwala%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
* JP Morgan Private Bank
MATCH INFO
Uefa Champions League, last 16, first leg
Tottenham Hotspur v Borussia Dortmund, midnight (Thursday), BeIN Sports
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
T20 WORLD CUP QUALIFIERS
Qualifier A, Muscat
(All matches to be streamed live on icc.tv)
Fixtures
Friday, February 18: 10am Oman v Nepal, Canada v Philippines; 2pm Ireland v UAE, Germany v Bahrain
Saturday, February 19: 10am Oman v Canada, Nepal v Philippines; 2pm UAE v Germany, Ireland v Bahrain
Monday, February 21: 10am Ireland v Germany, UAE v Bahrain; 2pm Nepal v Canada, Oman v Philippines
Tuesday, February 22: 2pm Semi-finals
Thursday, February 24: 2pm Final
UAE squad:Ahmed Raza(captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia
