Some energy companies have backed the Cop28 deal that calls for a transition away from fossil fuels by 2050.
The global stocktake was unanimously approved by 198 countries at the UN climate summit in Dubai on Wednesday, marking a historic moment in the fight against climate change.
France’s TotalEnergies said it welcomed the agreement, adding that it supported the goals of tripling renewable energy and doubling energy efficiency by the end of the decade.
“These objectives are at the heart of TotalEnergies' roadmap for 2030,” the company said in a statement to The National.
Developed and developing countries have agreed on the complexity of the energy transition challenges ... that’s a great result
Eni,
Italian energy company
The company also said that natural gas, considered a transitional fuel due to its lower emissions compared with other fossil fuels, could be useful in the move to net zero by 2050.
Carbon dioxide emissions from burning fossil fuels are expected to hit a record high this year amid higher emissions driven by India and China, according to the Global Carbon Budget report.
Earlier this year, TotalEnergies' board reaffirmed its support for the company’s multi-energy strategy, focusing on oil and gas assets with low emissions and diversification into renewables.
In October, QatarEnergy and TotalEnergies signed two sale and purchase agreements for the supply of up to 3.5 million tonnes of liquefied natural gas a year to France.
The company said it supported a “just, orderly and equitable” transition away from fossil fuels, adding that it is crucial for emerging countries aiming for economic and social development.
But TotalEnergies was not the only company welcoming Wednesday's news, with Italy's Eni in agreement.
"For the first time, the final agreement expresses the need to balance emission targets, energy security, access to energy and competitive development," a spokesperson told The National. "Both developed and developing countries have agreed on the complexity of the energy transition challenges ... that’s a great result."
Sharjah-based Crescent Petroleum said the agreement recognised the importance of the energy trilemma, which includes “achieving affordability and availability as well as sustainability".
It also acknowledged that the transition must be “just and orderly and equitable”, keeping the growing energy needs of the developing world in mind, the company’s chief executive, Majid Jafar, told The National.
The International Energy Agency expects global demand for oil and gas to peak by 2030 with an increasing adoption of renewable energy technology and electric vehicles.
The current annual investment in the oil and gas sector of $800 billion is double what is required by 2030 in the 1.5°C scenario, the agency has said.
Javier Cavada, the chief executive and president of Mitsubishi Power Emea, drew a comparison between the transition from fossil fuels to alternative energy sources and the shift from horses to the automotive industry in the 20th century.
“We have a fossil fuel society … I wouldn't say we have an industry,” Mr Cavada told The National.
Mitsubishi Power, a subsidiary of Japan's Mitsubishi Heavy Industries, provides energy solutions.
Despite the rapid adoption of electric cars and renewable energy, fossil fuels still meet more than 80 per cent of the world's energy requirements.
The Cop28 agreement was struck against the backdrop of two geopolitical conflicts and an economic slowdown, that have raised concerns over energy supply.
Russia’s invasion of Ukraine last year pushed natural gas prices to record highs, forcing traders in developing economies such as India and China to boost their imports of coal.
Despite that, global coal-fired power generation is on track to peak in 2023 as new sources of renewable and low-carbon energy expand rapidly, according to Rystad Energy.
The Norway-based consultancy expects coal consumption to start declining next year as solar and wind grow in popularity.
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
Mohammed bin Zayed Majlis
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
UAE currency: the story behind the money in your pockets
KILLING OF QASSEM SULEIMANI
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
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The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
Three-day coronation
Royal purification
The entire coronation ceremony extends over three days from May 4-6, but Saturday is the one to watch. At the time of 10:09am the royal purification ceremony begins. Wearing a white robe, the king will enter a pavilion at the Grand Palace, where he will be doused in sacred water from five rivers and four ponds in Thailand. In the distant past water was collected from specific rivers in India, reflecting the influential blend of Hindu and Buddhist cosmology on the coronation. Hindu Brahmins and the country's most senior Buddhist monks will be present. Coronation practices can be traced back thousands of years to ancient India.
The crown
Not long after royal purification rites, the king proceeds to the Baisal Daksin Throne Hall where he receives sacred water from eight directions. Symbolically that means he has received legitimacy from all directions of the kingdom. He ascends the Bhadrapitha Throne, where in regal robes he sits under a Nine-Tiered Umbrella of State. Brahmins will hand the monarch the royal regalia, including a wooden sceptre inlaid with gold, a precious stone-encrusted sword believed to have been found in a lake in northern Cambodia, slippers, and a whisk made from yak's hair.
The Great Crown of Victory is the centrepiece. Tiered, gold and weighing 7.3 kilograms, it has a diamond from India at the top. Vajiralongkorn will personally place the crown on his own head and then issues his first royal command.
The audience
On Saturday afternoon, the newly-crowned king is set to grant a "grand audience" to members of the royal family, the privy council, the cabinet and senior officials. Two hours later the king will visit the Temple of the Emerald Buddha, the most sacred space in Thailand, which on normal days is thronged with tourists. He then symbolically moves into the Royal Residence.
The procession
The main element of Sunday's ceremonies, streets across Bangkok's historic heart have been blocked off in preparation for this moment. The king will sit on a royal palanquin carried by soldiers dressed in colourful traditional garb. A 21-gun salute will start the procession. Some 200,000 people are expected to line the seven-kilometre route around the city.
Meet the people
On the last day of the ceremony Rama X will appear on the balcony of Suddhaisavarya Prasad Hall in the Grand Palace at 4:30pm "to receive the good wishes of the people". An hour later, diplomats will be given an audience at the Grand Palace. This is the only time during the ceremony that representatives of foreign governments will greet the king.
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UAE currency: the story behind the money in your pockets
