Bloomberg and Goldman Sachs Asset Management are rolling out a new index that tracks the performance of more than 175 global equities with significant business exposure to the clean energy sector as the world focuses on energy transition.
“Bloomberg and Goldman Sachs Asset Management are offering the market a new standard for clean energy indices,” said Dave Gedeon, global head of equity and strategy indices at Bloomberg.
“With increased recognition of the significant global investments necessary for decarbonisation coupled with declining renewable energy costs and ever increasing technologies for renewable energy, our launch of a Clean Energy Index is particularly timely, and we look forward to offering this solution to the climate-focused investing community.”
Investments in the clean energy sector are expected to increase as the world seeks to reduce emissions to protect the environment.
Saudi Arabia, the Arab world's largest economy, has pledged to become carbon neutral by 2060, while the UAE aims to reach the target by 2050 with new investments worth Dh600 billion ($163.5bn) planned in the clean and renewable energy sources in the next three decades.
Multilateral banks such as the International Monetary Fund have urged stakeholders to increase investments to finance the transition to a greener economy.
About $20 trillion in investment is needed over the next two decades for companies and countries to become carbon neutral by the middle of the century, the Washington-based lender said in a report this month.
US climate change envoy John Kerry also urged private capital to help accelerate the transition away from fossil fuels.
“Mainstream investors have an important role to play in financing the clean energy transition, especially as the battle against climate change intensifies,” Kyri Loupis, head of energy infrastructure and renewables at Goldman Sachs Asset Management, said.
However, with new technologies and government policies emerging, “the energy transition is rapidly evolving and requires a dynamic investment approach”, he said.
“As such, we are excited about leveraging BloombergNEF’s real-time energy insights and proprietary data sets to help investors reallocate capital to align with their long-term climate goals.”
BlackRock, the world’s largest asset manager, expects the next 1,000 unicorns or start-ups with valuations of $1bn to come from the green industry as investments grow in the clean energy sector.
“It is my belief that the next 1,000 unicorns … won't be a search engine, won't be a media company. They will be businesses developing green hydrogen in green agriculture, green steel and green cement,” Larry Fink, the chief executive of the company, told the Middle East Green Initiative forum, which took place in Riyadh on Monday.
UAE - India ties
The UAE is India’s third-largest trade partner after the US and China
Annual bilateral trade between India and the UAE has crossed US$ 60 billion
The UAE is the fourth-largest exporter of crude oil for India
Indians comprise the largest community with 3.3 million residents in the UAE
Indian Prime Minister Narendra Modi first visited the UAE in August 2015
His visit on August 23-24 will be the third in four years
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, visited India in February 2016
Sheikh Mohamed was the chief guest at India’s Republic Day celebrations in January 2017
Modi will visit Bahrain on August 24-25
UAE currency: the story behind the money in your pockets
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
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SANCTIONED
- Kirill Shamalov, Russia's youngest billionaire and previously married to Putin's daughter Katarina
- Petr Fradkov, head of recently sanctioned Promsvyazbank and son of former head of Russian Foreign Intelligence, the FSB.
- Denis Bortnikov, Deputy President of Russia's largest bank VTB. He is the son of Alexander Bortnikov, head of the FSB which was responsible for the poisoning of political activist Alexey Navalny in August 2020 with banned chemical agent novichok.
- Yury Slyusar, director of United Aircraft Corporation, a major aircraft manufacturer for the Russian military.
- Elena Aleksandrovna Georgieva, chair of the board of Novikombank, a state-owned defence conglomerate.
Punchy appearance
Roars of support buoyed Mr Johnson in an extremely confident and combative appearance
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if you go
The flights
Air France offer flights from Dubai and Abu Dhabi to Cayenne, connecting in Paris from Dh7,300.
The tour
Cox & Kings (coxandkings.com) has a 14-night Hidden Guianas tour of Guyana, Suriname and French Guiana. It includes accommodation, domestic flights, transfers, a local tour manager and guided sightseeing. Contact for price.
The five pillars of Islam
Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28
Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
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$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
