Dubai is to double its efforts to make money from cutting greenhouse gas emissions after a landmark deal in the global fight against climate change.
At contentious United Nations negotiations, which ended yesterday in South Africa, 38 industrialised nations renewed the Kyoto Protocol, the treaty to curb emissions that was to expire next year, while the world's biggest economies - including for the first time China and the US - pledged to create a successor by 2015.
The accord lends security to investments that rely on credits awarded by the UN for emissions cuts which developing nations can trade. Dubai had applications in the pipeline for 1.8 million tonnes of carbon emissions credits, and now on the back of the agreement the emirate plans to double that number.
"The industry woke up with a big fat smile this morning," said Ivano Iannelli, the chief executive officer of the Dubai Carbon Centre of Excellence (DCCE). "Starting from today, I would invest again."
The Middle East is the world's top emitter of carbon dioxide per GDP, according to the International Energy Agency. Dubai hopes to become a hub for carbon credit trading and clean technology financing. As in Abu Dhabi and Saudi Arabia, the underlying goal is to diversify the economy and free up limited gas resources, earning environmental credentials in the process.
Part of Dubai's plan is the work of the DCCE, an agency created this year with the backing of aluminium maker Dubal, petrol retailer Emirates National Oil Company and other government-owned companies, and has invested in the time - and cash-intensive process of applying for credits for the averted emissions from a proposed solar plant, energy efficient lightbulbs and other projects. Developing countries can sell those credits to industrialised nations under the Kyoto Protocol.
But in the past six months the price of the UN credits has fallen from EU13.64 a tonne to EU4.91 on the ICE Exchange in Europe, reflecting pessimism about the future of Kyoto and eroding the rationale for continuing to develop such projects.
"The whole market is looking for guidance and certainty," said Aaron Bielenberg, a founder of the Clean Energy Business Council, a trade group based in the UAE. "There still remain a lot of low-hanging fruit."
A 500km pipeline network to direct captured carbon from smelters and power plants to Abu Dhabi oilfields and plans to retrofit the emirate's oil and gas infrastructure also stand to benefit from yesterday's climate agreement. Masdar, the Abu Dhabi Government-owned company behind the carbon capture network and the majority of the emirate's UN carbon credit applications, did not respond to requests for comment.
Among the areas in which negotiators in Durban made progress was a fund to channel US$100 billion (Dh367.3) a year by 2020 to developing countries for clean technology.
Nations in the region are likely to finance climate target themselves rather than appear to be taking chances for funding away from poorer nations, said a Gulf climate official who requested to remain unnamed.
At least $12bn for renewables, efficient electricity grids and carbon capture projects is needed in the Middle East within the next decade, estimates Maher Chebbo, the regional vice president for utilities at SAP, a German software provider.
"Now it looks like things are moving in the right direction," he said.
ayee@thenational.ae
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Tomb%20Raider%20I%E2%80%93III%20Remastered
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Company%20Profile
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MATCH INFO
Manchester United 1 (Rashford 36')
Liverpool 1 (Lallana 84')
Man of the match: Marcus Rashford (Manchester United)
COMPANY%20PROFILE
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Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com
RESULTS
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million