Global leaders and corporations should not view the environment and economy as two separate issues and should continue to push for decarbonisation, which has both economic and social consequences.
What the world has experienced this summer is a call for action and a “taste of what's to come”, with floods in Pakistan displacing millions and fires breaking out on the outskirts of London amid a rise in global temperatures, Sheikha Shamma bint Sultan, founder and chief executive of Alliances for Global Sustainability, said on Wednesday.
“We should never look at the environment and the economy as mutually exclusive, and this is also the reason why we must adapt and focus on decarbonisation and hone in on the economic and social impacts,” she told a panel discussion on climate adaptation at a Harvard Business School conference in Dubai.
Decarbonisation, building back better and developing a greener and more sustainable global economy have become a focal point for policymakers as the world emerges from the Covid-19 pandemic.
Governments around the globe have committed to cut their carbon footprint and have set ambitious targets to meet global climate action goals.
The UAE's Net Zero 2050 Strategic Initiative calls for Dh600 billion ($163.37bn) to be invested in clean and renewable energy sources in the next three decades.
The Arab world’s second-largest economy is also hosting the Cop28 climate conference in 2023 at Expo City Dubai. The summit will focus on finding solutions to the threats posed by climate change.
“When we think of the planet, we need to think of our impact — not within our borders because the planet has no borders, and so what we do in the UAE or in the region affects other nations as one,” Sheikha Shamma said.
“I do believe that a global effort is needed to address climate action, especially when it comes to low-income populations, developing nations and small island states.
“It is everyone's responsibility to take climate action seriously and to do our part, as individuals, as companies [and] as communities.”
Paddy Padmanathan, chief executive of Saudi Arabia's Acwa Power, said climate change and rising temperatures in Gulf waters were already affecting its water and power generations assets.
The company plans to invest in “adaptive machinery” to tackle future challenges, he said.
Climate-related problems are not limited to this part of the world and the “double whammy” is evident in Europe where the Rhine is flowing at a lower level and power plants that need its water to cool down cannot do so as their intakes were built for a much higher water level, Mr Padmanathan said.
“Adjusting the level would require shutting down these plants for months, which is a huge problem given Europe’s energy crisis,” he said.
“Everybody is going to be impacted by these things. It is not just us … I think we're all in the same boat, and we all have to find the solutions.
“So, we are very consciously now looking at implementing adaptive machines … I will be actually investing in that division.”
With the advances in technology, artificial intelligence, machine learning and the enhanced ability to absorb data, the industry is able to find solutions at a “much more cost competitive rate” and much faster than in the past, he said.
In Search of Mary Shelley: The Girl Who Wrote Frankenstein
By Fiona Sampson
Profile
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
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%20new%20Turing%20Test
%3Cp%3EThe%20Coffee%20Test%3C%2Fp%3E%0A%3Cp%3E%3Cem%3EA%20machine%20is%20required%20to%20enter%20an%20average%20American%20home%20and%20figure%20out%20how%20to%20make%20coffee%3A%20find%20the%20coffee%20machine%2C%20find%20the%20coffee%2C%20add%20water%2C%20find%20a%20mug%20and%20brew%20the%20coffee%20by%20pushing%20the%20proper%20buttons.%3C%2Fem%3E%3C%2Fp%3E%0A%3Cp%3EProposed%20by%20Steve%20Wozniak%2C%20Apple%20co-founder%3C%2Fp%3E%0A
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
In numbers
Number of Chinese tourists coming to UAE in 2017 was... 1.3m
Alibaba’s new ‘Tech Town’ in Dubai is worth... $600m
China’s investment in the MIddle East in 2016 was... $29.5bn
The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn
Boost to the UAE economy of 5G connectivity will be... $269bn
Scorline
Iraq 1-0 UAE
Iraq Hussein 28’
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
UAE currency: the story behind the money in your pockets
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Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
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INDIA'S%20TOP%20INFLUENCERS
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Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
