The world this year has witnessed an unprecedented upheaval, the effect of which will continue to be felt for years. In addition to creating the biggest health crisis in modern times, it has brought about chaos in society, environment and individual lives. As the global economy continues to decelerate, millions have lost jobs and millions more face the prospect of their livelihoods being snatched.
The headwinds created by the coronavirus pandemic also seem to have disrupted the Sustainable Development Goals, launched with great hope at the United Nations General Assembly in September 2015 to achieve a better future for all.
As we become collectively more aware of the consequences of our actions that have magnified the effects of the pandemic, such gloomy pictures of tomorrow tend to eclipse the emerging signs of transformation.
The pandemic has made us realise that sustainability is the key to guaranteeing our future well-being. There is little doubt that Covid-19 has also altered the views of those who previously dismissed the notion that human action, nature and economies are all interconnected.
There is a wider acknowledgment today that crises fuelled by climate change are no less grave than those caused by Covid-19. Such a shift in perspective could push not just governments to take urgent action, but it could also prompt industries to switch from manufacturing practices that are polluting and wasteful to more sustainable ones, where there is a symbiosis between cycles of consumption and production.
This is an idea that corresponds to responsible consumption and production patterns under the Sustainable Development Goals, number 12 ('Ensure sustainable consumption and production patterns'), in particular which Abu Dhabi Fund for Development (ADFD) helps partner countries to achieve through funding of sustainable projects.
For nearly five decades, the Fund has been promoting sustainable development around the world, while catering to the UAE’s economic diversification efforts through financing environmentally and economically sustainable projects across key sectors.
It is crucial for organisations and entities funding development initiatives to help developing countries
Consider some of the recent ones that could serve as models, such as an innovative sustainable project in the Maldives that addresses simultaneously the country’s waste-management and energy challenges in an eco-friendly manner; the Al Dahra Holding project, which supports food-security initiatives; and the waste-to-energy facility in Sharjah (a joint venture between Masdar and Bee’ah that bolstered the UAE’s leading position in the development of sustainable projects). All these initiatives are aligned with the Development Goals.
In 2013 we committed $350 million over seven funding cycles to finance renewable energy projects in developing countries that are members of The International Renewable Energy Agency, to increase clean energy access for their people, improve livelihoods and advance sustainable development.
So far we have financed 78 renewable energy projects, whose total value stands at $1.2 billion (Dh4.4 bn). Spanning across 62 countries, these initiatives have not just transformed millions of lives, but they have also reduced environmental degeneration.
Let us not forget that many countries do not have the means to implement their sustainable development agenda despite having the will to do so. This is where collaborative partnership comes into play. Take Cuba, which has set a goal to produce 24 per cent of electricity from renewable sources by 2030.
Sometimes objectives like these can only be fulfilled through partnerships such as the one it has with ADFD, which has financed one of its major solar projects. The result is remarkable: the 15megawatt project has helped the country save 5.9 million litres of fossil fuels annually and reduce total annual carbon dioxide emissions by 19,000 tonnes.
Thanks to rapid advancement of technology, unlocking the untapped natural energy in a sustainable manner has never been easier. These initiatives only have upsides – they hasten socioeconomic development, help nations achieve energy security more easily, keep the environment clean, support industry and create jobs. Yet another similar project that we have decided to implement in Cuba will hasten its transition to renewable energy.
It is crucial for organisations and entities funding development initiatives to help developing countries, as well as businesses and companies all over the world focus on responsible manufacturing practices.
It is equally critical for development financers to maintain their focus on sustainable and innovative projects, as these funding entities play a vital role in the process of transition to sustainable practices through international co-operation and partnerships that are catalysts for spurring creativity and ingenuity across sectors. These actions can help us achieve the 17 Sustainable Development Goals, thus ensuring that everyone in the world enjoys the fruits of prosperity and peace.
We already hear that the world will be different after Covid-19. It is a realisation that can take us to the next world, of which we have only dreamt of until now.
Mohammed Saif Al Suwaidi is the director general of Abu Dhabi Fund for Development
SPECS
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Killing of Qassem Suleimani
Global state-owned investor ranking by size
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United States
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2.
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China
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UAE
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4.
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Persuasion
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Killing of Qassem Suleimani
Naga
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The 12
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
Ipaf in numbers
Established: 2008
Prize money: $50,000 (Dh183,650) for winners and $10,000 for those on the shortlist.
Winning novels: 13
Shortlisted novels: 66
Longlisted novels: 111
Total number of novels submitted: 1,780
Novels translated internationally: 66
MATCH INFO:
Second Test
Pakistan v Australia, Tuesday-Saturday, 10am daily at Zayed Cricket Stadium, Abu Dhabi
Entrance is free
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.
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Abu Dhabi GP Saturday schedule
12.30pm GP3 race (18 laps)
2pm Formula One final practice
5pm Formula One qualifying
6.40pm Formula 2 race (31 laps)
