Abu Dhabi Sustainability Week (ADSW), the climate platform hosted by Masdar, opens next week for its 14th edition. ADSW will be the first in a series of global events placing the Arab world at the centre of the climate conversation over the next few years.
The dialogue at ADSW, which includes the Irena General Assembly, the World Future Energy Summit and the Zayed Sustainability Prize, among other programme elements, will be a continuation of the discussion from Cop26 in November, and will lay the groundwork for Cop27 in Egypt later this year and Cop28 in the UAE in 2023.
This year, therefore, ADSW reaffirms the UAE’s leadership role at a defining time for the planet’s future. After all, as a nation at high risk from increased temperatures, rising sea levels and reduced rainfall, the UAE has for many years been acutely aware that climate change is a reality. It is a challenge that we must tackle alongside the global community. The ADSW platforms built by Masdar over the years such as the aforementioned Zayed Sustainability Prize, WiSER and Youth 4 Sustainability, are raising awareness of the need for a more sustainable world and for concerted response by all nations that is inclusive of all demographics.
As a global community, limiting the increase in global temperatures to just 1.5°C is our number one priority, and the pathway to Net Zero – identified as the most important measure needed to achieve this – will be a dominant conversation at ADSW. “Net Zero” is the state in which greenhouse gases reaching the atmosphere each year are near zero levels, slowing down climate change and potentially reversing its course over time.
Reaching that target at a national level, never mind globally, is no easy feat. The UAE has long been a pioneer and regional model for climate action, taking steps to lead the way. We were the first Gulf country to sign and ratify the Paris Agreement, setting out targets for nations to begin the process, and the first Arab country to set voluntary clean energy targets – and overachieve them. Last November, the UAE became the first Arab nation to launch a “Net Zero by 2050” strategic initiative, putting the country resolutely on the path to a low carbon future.
At Masdar, we are proud of our role since our founding in 2006 as a major contributor to the UAE’s climate change mitigation and Net Zero efforts. We have been addressing the challenge from multiple fronts – allocating capital to impactful projects, leveraging new technologies at scale, building awareness for behavioural change, and supporting policy-makers around the world.
Our projects in the UAE are directly helping achieve the UAE Energy Strategy targets which aim to increase the contribution of clean energy in the total energy mix from 25 per cent to 50 per cent by 2050. Overseas, too, we are helping some 40 nations achieve their own clean energy goals, with our projects and investments reaching a gross value of more than $20 billion.
Now, in 2022, and with the spotlight on the Arab world, Masdar is primed to further leverage its position as a global leader in clean energy. Under an investment deal announced in December, Abu Dhabi’s energy heavyweights, Adnoc and Taqa, will join the emirate’s sovereign investment company, Mubadala, as partners in our Clean Energy business. By summer, when we expect our new shareholders to be formally on board, Masdar will be Abu Dhabi’s clean energy powerhouse, with a portfolio of 23 GW of clean energy capacity and ambitions to reach at least 50GW by 2030.
Further, with the support of Adnoc and Taqa, Masdar will consolidate Abu Dhabi’s efforts in exploring green hydrogen as a fuel of the future – another major topic of this year’s ADSW. The promise of hydrogen is huge: according to study by Dii Desert Energy, Roland Berger and Masdar, GCC countries alone could generate as much as $200 billion in revenue from hydrogen by 2050, with the creation of between 400,000 and 900,000 direct and indirect jobs in the region.
The UAE has significant natural advantages in the development of green hydrogen, with excellent solar resources allowing for competitive solar power. The nation’s clean hydrogen initiatives are also facilitated by its strong existing infrastructure, export facilities and central location between key export markets. Masdar, with its know-how, is well positioned to deliver on this promise.
Last year, this led to the signing of agreements with the UK’s bp and France’s Engie to develop up to 4GW of green hydrogen projects, while we also partnered with Siemens Energy and other stakeholders to build a green hydrogen demonstrator in Masdar City that will establish the commercial viability of sustainable fuel.
Masdar’s successes in clean energy and sustainable urban development in Masdar City are an important element in the UAE’s overall climate mission and will be fully on display at ADSW. Broad adoption of renewables is a vital component of climate mitigation efforts, and it is critical that this comes with equitable and sustainable economic development.
In emerging markets, notably, Masdar acts as a catalyst, working hand-in-hand with developing nations looking to advance their clean energy roadmaps. ADSW is also putting the financing of Net Zero goals in the developing world at the top of the global agenda.
While the journey has just begun, we already have much to be proud of in showcasing the Arab world’s commitment to overcoming the challenges posed by climate change at Abu Dhabi Sustainability Week 2022.
Match info
Wolves 0
Arsenal 2 (Saka 43', Lacazette 85')
Man of the match: Shkodran Mustafi (Arsenal)
Company%20profile
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
The British in India: Three Centuries of Ambition and Experience
by David Gilmour
Allen Lane
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Virtual banks explained
What is a virtual bank?
The Hong Kong Monetary Authority defines it as a bank that delivers services through the internet or other electronic channels instead of physical branches. That means not only facilitating payments but accepting deposits and making loans, just like traditional ones. Other terms used interchangeably include digital or digital-only banks or neobanks. By contrast, so-called digital wallets or e-wallets such as Apple Pay, PayPal or Google Pay usually serve as intermediaries between a consumer’s traditional account or credit card and a merchant, usually via a smartphone or computer.
What’s the draw in Asia?
Hundreds of millions of people under-served by traditional institutions, for one thing. In China, India and elsewhere, digital wallets such as Alipay, WeChat Pay and Paytm have already become ubiquitous, offering millions of people an easy way to store and spend their money via mobile phone. Indonesia, Vietnam and the Philippines are also among the world’s biggest under-banked countries; together they have almost half a billion people.
Is Hong Kong short of banks?
No, but the city is among the most cash-reliant major economies, leaving room for newcomers to disrupt the entrenched industry. Ant Financial, an Alibaba Group Holding affiliate that runs Alipay and MYBank, and Tencent Holdings, the company behind WeBank and WeChat Pay, are among the owners of the eight ventures licensed to create virtual banks in Hong Kong, with operations expected to start as early as the end of the year.
more from Janine di Giovanni
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What is an ETF?
An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.
There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.
The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.
There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.
While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash.
COMPANY%20PROFILE
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UAE's role in anti-extremism recognised
General John Allen, President of the Brookings Institution research group, commended the role the UAE has played in the fight against terrorism and violent extremism.
He told a Globsec debate of the UAE’s "hugely outsized" role in the fight against Isis.
"It’s trite these days to say that any country punches above its weight, but in every possible way the Emirates did, both militarily, and very importantly, the UAE was extraordinarily helpful on getting to the issue of violent extremism," he said.
He also noted the impact that Hedayah, among others in the UAE, has played in addressing violent extremism.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
