Live updates: Follow the latest news on Cop28
A series of hydrogen initiatives were announced at the Cop28 climate conference on Tuesday, aimed at boosting the production and trade of the low-carbon fuel.
More than 30 countries, representing about 80 per cent of the future global market in hydrogen, signed a declaration of intent, under which states have agreed to endorse a global certification standard for hydrogen and to recognise existing certification schemes.
The countries also signed a public-private action statement on hydrogen, which will focus on accelerating permissions for hydrogen projects and creating more demand for the commodity.
“The biggest challenge in decarbonisation is providing [an] alternative fuel that is clean and available at scale at the right price,” Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, told delegates during a hydrogen roundtable at the summit.
“The consumer is going to be the judge of how good a work we are doing in helping to ensure that it's affordable. If it's not affordable, no matter what we do, it's not going to have the success that we aspire for.”
Hydrogen, which can be produced using both renewable energy and natural gas, is expected to be a critical fuel of the future, particularly in hard-to-abate sectors such as steel manufacturing and shipping.
Its ability to efficiently store energy makes it appealing for renewable energy sources such as wind and solar, both of which are naturally intermittent.
After being produced, a certification system enables end users and governments to determine the source and quality of the hydrogen.
However, current hydrogen certification systems are not suitable for cross-border trade due to gaps in design, standards and labelling, leading to insufficient information about the product as far as potential buyers are concerned.
Hydrogen, and particularly, green hydrogen, is currently more expensive than natural gas due to lack of production and supply constraints.
Most of it is due to a shortage of electrolysers – devices that use electricity to split water into hydrogen and oxygen.
However, there is more than 400 gigawatts of electrolysis capacity that could be operational by 2030, compared with only 1 gigawatt currently, according to an International Energy Agency official.
“There is a reality check here, which is, at the moment, only 3 per cent of those have reached the stage of taking a final investment decision,” said Dan Dorner, head of Strategic Initiatives Office at the agency.
“International co-operations are therefore absolutely of paramount importance to overcome barriers that are preventing a faster adoption of low emissions hydrogen.”
French investment bank Natixis estimates investment in hydrogen will exceed $300 billion by 2030.
International Standards Organisation methodology for the greenhouse gas emissions assessment of hydrogen was also launched on Tuesday.
These guidelines could serve as the initial framework for a series of additional regulations at both national and state levels, shaping the direction of hydrogen production.
“This is a truly international methodology for assessing the GHG footprint of hydrogen from well to consumption gate including every delivery gate on a life-cycle analysis basis,” said Ulrika Francke, president of the ISO.
“It helps us to create a common international language around hydrogen and allows the least carbon-intensive solutions to shine.”
Almost one quarter of global hydrogen demand – about 150 megatonnes per year – will be met through international trade by 2050, while the remaining 75 per cent will be domestically produced and consumed, the International Renewable Energy Agency said in a report last year.
The hydrogen trade scenario will be a significant change from today’s oil market, where the bulk – nearly three quarters – is internationally traded, the Abu Dhabi-based agency said at the time.
Hydrogen deals
Energy companies have announced several hydrogen agreements during the Cop28 summit.
Abu Dhabi’s clean energy company Masdar and Spain’s Iberdrola have signed a €15 billion ($16.25 billion) partnership to evaluate the development of offshore wind and green hydrogen projects in key markets including Germany, the UK and the US.
Masdar also signed a joint development agreement with Jordan to develop a 1-gigawatt wind project with battery storage, and an agreement to explore the feasibility of establishing a green hydrogen plant.
The UAE’s state-owned energy company Adnoc and Azerbaijan signed an agreement to explore opportunities in blue hydrogen, carbon management and geothermal technologies.
The Emirates, the Arab world’s second-largest economy, aims to achieve hydrogen production of 1.4 million tonnes annually by 2031, increasing to 15 million tonnes a year by 2050.
The country is planning to develop at least two hydrogen production hubs, or oases, by 2031.
More than 70 per cent of the country’s hydrogen production will be green, Mr Al Mazrouei said.
“Hydrogen for us in the UAE is definitely one of the solutions … we will help other nations as well in exporting hydrogen, primarily green hydrogen,” he said.
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UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP
Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan
Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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
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.
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Company/date started: 2015
Founder/CEO: Mohammed Toraif
Based: Manama, Bahrain
Sector: Sales, Technology, Conservation
Size: (employees/revenue) 4/ 5,000 downloads
Stage: 1 ($100,000)
Investors: Two first-round investors including, 500 Startups, Fawaz Al Gosaibi Holding (Saudi Arabia)
UAE currency: the story behind the money in your pockets
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
Under 19 World Cup
Group A: India, Japan, New Zealand, Sri Lanka
Group B: Australia, England, Nigeria, West Indies
Group C: Bangladesh, Pakistan, Scotland, Zimbabwe
Group D: Afghanistan, Canada, South Africa, UAE
UAE fixtures
Saturday, January 18, v Canada
Wednesday, January 22, v Afghanistan
Saturday, January 25, v South Africa
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
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Arsenal 0 Manchester City 3
- Agüero 18'
- Kompany 58'
- Silva 65'
The specs
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Most sought after workplace benefits in the UAE
- Flexible work arrangements
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- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
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UAE currency: the story behind the money in your pockets
The UAE squad for the Asian Indoor and Martial Arts Games
The jiu-jitsu men’s team: Faisal Al Ketbi, Zayed Al Kaabi, Yahia Al Hammadi, Taleb Al Kirbi, Obaid Al Nuaimi, Omar Al Fadhli, Zayed Al Mansoori, Saeed Al Mazroui, Ibrahim Al Hosani, Mohammed Al Qubaisi, Salem Al Suwaidi, Khalfan Belhol, Saood Al Hammadi.
Women’s team: Mouza Al Shamsi, Wadeema Al Yafei, Reem Al Hashmi, Mahra Al Hanaei, Bashayer Al Matrooshi, Hessa Thani, Salwa Al Ali.
