Dr Nawal Al-Hosany is permanent representative of the UAE to the International Renewable Energy Agency
October 09, 2021
For the UAE to launch a strategy aimed at achieving net-zero emissions by 2050 is a bold and necessary statement. It will have a ripple effect across geographies. As one of the largest economies in the Middle East, our example of pivoting to a future powered by clean energy will show that nothing is impossible – in the true spirit of the Emirates.
By becoming the first country in the region to adopt a net-zero by 2050 strategy, and investing heavily to get there, the UAE will play a pivotal role in building a greener, cleaner and more inclusive world for all.
And we will do so shoulder-by-shoulder with the international community. So far, the US, the EU, China, Japan, South Korea and the UK have committed to net-zero targets by 2050-2060. Collectively they comprise more than 50 per cent of global emissions.
By joining the international community, we add further momentum to global efforts to combat the impending, but avoidable, consequences of climate change. It will also define the future energy landscape, with the UAE’s established and pipeline of renewable energy solutions set to become critical enablers of the global energy transition.
The mid-century initiative announced by the UAE government on Thursday at Expo 2020 Dubai capped off the first week of the event which, under the theme of “Climate and Biodiversity”, has felt like a precursor to this UN Climate Change Conference, popularly known as Cop26.
From the range of sessions that I have attended as a speaker, moderator and audience member, we’ve heard from youth about their outrage and their optimism for the planet, we’ve heard from women leaders in government, the private sector and in conservation efforts around the world about the actions needed to forge more inclusive societies. And now we’ve heard from our leadership that decarbonisation is a top priority.
The net-zero announcement comes at a critical time for our nation, the region and the wider world. With the UAE’s population set to exceed 10.5 million by 2030, overcoming the perils of climate change is an urgent need, especially if we are to continue to provide an exceptional quality of life for the people that call the Emirates their home.
And beyond our borders, providing access to clean energy and electricity for the 750 million people who still do not have it is of utmost importance. To help us get there, as Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, announced that the UAE will invest more than $160 billion in clean and renewable energy projects by 2050.
It is this continued pursuit of progress and developing solutions to global challenges that makes the UAE a regional and global leader for economic and human development both at home and abroad.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, inaugurated Dubai Electricity and Water Authority’s Research and Development Centre at the Mohammed bin Rashid Al Maktoum Solar Park in March. Wam
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has inaugurated Dubai Electricity and Water Authority’s (DEWA’s) Research and Development (R&D) Centre at the Mohammed bin Rashid Al Maktoum Solar Park. Wam
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, inaugurated Dubai Electricity and Water Authority’s Research and Development Centre at the Mohammed bin Rashid Al Maktoum Solar Park in March. Wam
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, inaugurates Dubai Electricity and Water Authority’s Research and Development Centre at the Mohammed bin Rashid Al Maktoum Solar Park in March. Wam
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, inaugurates Dubai Electricity and Water Authority’s Research and Development Centre at the Mohammed bin Rashid Al Maktoum Solar Park in March. Wam
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, inaugurates Dubai Electricity and Water Authority’s Research and Development Centre at the Mohammed bin Rashid Al Maktoum Solar Park in March. Wam
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, inaugurates Dubai Electricity and Water Authority’s Research and Development Centre at the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. Wam
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, inaugurates Dubai Electricity and Water Authority’s Research and Development Centre at the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. Wam
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, inaugurates Dubai Electricity and Water Authority’s Research and Development Centre at the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. Wam
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, inaugurates Dubai Electricity and Water Authority’s Research and Development Centre at the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. Wam
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, inaugurates Dubai Electricity and Water Authority’s Research and Development Centre at the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. Wam
This latest in a long line of ambitious initiatives set by the UAE is nothing if not an act of encouragement: of ushering in a brighter, cleaner future, starting today.
It will encourage carbon-intense industries to innovate and adapt to cleaner methods of production, while benefitting from green growth opportunities. It will encourage the acceleration of research and development into carbon capture and clean energy technologies. It will encourage people to recycle and reconsider their water and energy consumption habits.
In short, it will encourage us to start planning for tomorrow, today. 2050 will not arrive unexpected. We will be ready for our date with our 21st century destiny. Indeed, we have been ready for some time.
The net-zero initiative builds on long-established, solid foundations, especially in our renewable energy sector. To date, the UAE has invested more than $40bn in domestic clean energy projects, and has been a major contributor to renewable energy projects in 70 countries worth a combined total of almost $20bn.
Our committed pursuit of renewable energy solutions has today seen us become home to the world’s largest solar energy parks, incuding the 77-square kilometre Mohammed bin Rashid Al Maktoum Solar Park, and Al Dhafra Solar photovoltaic park that is due to start operations in 2022, when it will become the world's largest single-site solar power plant, using four million solar panels to generate enough electricity for about 160,000 homes in the UAE.
On the global stage, the pathway for the country laid out by the UAE's leadership at Expo 2020 Dubai will resonate with world leaders. Expo 2020 Dubai
In short, the initiative will encourage us to start planning for tomorrow, today
The net-zero initiative will play a critical role in the broader national strategic framework being drawn-up by the UAE. For instance, in 2021 alone the UAE has set out plans to promote a cleaner and more globally competitive industrial sector, through Operation 300bn, which seeks to make industry cleaner, more efficient and productive through the increased adoption of Fourth Industrial Revolution solutions and advanced technologies.
Doing so will dramatically reduce the carbon footprint of national manufacturers and industrialists. Moreover, industries where the full force of these plans will be felt include so-called industries of the future, such as green hydrogen.
Further, the Circular Economy Policy was introduced to achieve sustainable governance, promote environmental health and support the private sector to adopt cleaner production methods. And plans have been introduced to increase nature reserves and natural spaces by 60 per cent in Dubai, through the Dubai 2040 Urban Master Plan.
On the global stage, the pathway for the country laid out by the leadership at Expo 2020 Dubai will resonate with world leaders, particularly amid times that are challenging all of us to rethink how we shape society in the years ahead. And it is this constant ability to shift with the times, adapt to new normal and thrive whatever the climate, that makes the UAE the perfect platform to host Cop28 in two years.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
Dust and sand storms compared
Sand storm
Particle size: Larger, heavier sand grains
Visibility: Often dramatic with thick "walls" of sand
Duration: Short-lived, typically localised
Travel distance: Limited
Source: Open desert areas with strong winds
Dust storm
Particle size: Much finer, lightweight particles
Visibility: Hazy skies but less intense
Duration: Can linger for days
Travel distance: Long-range, up to thousands of kilometres
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany - At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people - Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed - Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest - He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
White hydrogen: Naturally occurring hydrogen Chromite: Hard, metallic mineral containing iron oxide and chromium oxide Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Hamilton profile
Age 32
Country United Kingdom
Grands Prix entered 198
Pole positions 67
Wins 57
Podiums 110
Points 2,423
World Championships 3
TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium Format 10 overs per side, matches last for 90 minutes When December 14-17
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
