Over the past few years, the world appears to have sleepwalked into a number of crises, be it the sudden shock of Covid-19, or a longer, ongoing inability to do enough to deal with climate change.
In a speech at this year's Abu Dhabi International Petroleum Exhibition and Conference (Adipec), a global energy conference, Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, spoke of another crisis into which the world has "sleepwalked": the one in our energy markets.
A faster-than-expected economic recovery from the pandemic has caught an under-invested energy sector off guard. Now, some countries are paying the price of sky-high rates, as demand outstrips supply. The situation contains important lessons about global energy strategy going forward.
This year's Adipec has broken a mould. Traditional conversations about the sector’s profitability are happening, but with a new subtext: energy transition. A move away from carbon-intensive means of generating power, however far off it may be, is inevitable. Should this worry economies built on petroleum? The emerging consensus at Adipec says it should not.
The industry, particularly off the back of Cop26, is urgently aware of the need for it to prepare for a transition to more renewable, efficient and clean energy sources in order to help save the planet. Where stakeholders differ is whether they see this as a moment of vulnerability or opportunity.
In the UAE, the latter approach is building momentum. Adnoc, Abu Dhabi’s oil producer, has said it plans to increase its production capacity. But this is being matched with heavy investment in carbon-capturing technology, a strategy the company hopes will actually decrease its emissions as production ramps up, and put it at the centre of a new, profitable branch of environmental technology. So far, it is on track to expand its carbon capture programme five-fold by 2030.
The strategy of other firms, such as BP, to meet net-zero goals has been to do the opposite and cut production. This might reduce emissions, but it does not help the world's broader energy crisis, which pushes many people, particularly in developing countries, into hardship of a kind that could well end up creating more environmental damage. We know that poverty does not just hurt people, but the planet, too.
A sense of pragmatism about the ongoing importance of hydrocarbons in the short and medium term is the right way forward. By investing in both the traditional and more innovative branches of the sector, firms and governments can create the most sustainable response to the need for sustainability.
And longer-term technological ambitions are still getting their moment at Adipec. For example, Adnoc and Taqa, a state-backed UAE energy firm, have announced they will launch a global renewable energy and green hydrogen venture that will have a generating capacity of 30 gigawatts by 2030. Hydrogen presents a totally non-polluting energy revolution waiting to happen, though it will take time to be fully realised. On the somewhat uncertain road to energy transition, short-term certainty must fill the gap.
It is demonstrably too simplistic and detrimental to say that breaking suddenly with hydrocarbons will save the planet. Striking a balance between energy security, economic growth and climate action is vital. Understanding this gives the sector an opportunity to move on from the older, fear-based approach to hydrocarbon energy's relationship with the environment. It might have sleepwalked into today's problems, but after discussions at Adipec, it can wake up to new solutions.
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
pakistan Test squad
Azhar Ali (capt), Shan Masood, Abid Ali, Imam-ul-Haq, Asad Shafiq, Babar Azam, Fawad Alam, Haris Sohail, Imran Khan, Kashif Bhatti, Mohammad Rizwan (wk), Naseem Shah, Shaheen Shah Afridi, Mohammad Abbas, Yasir Shah, Usman Shinwari
THE SPECS
Jaguar F-Pace SVR
Engine: 5-litre supercharged V8
Transmission: 8-speed automatic
Power: 542bhp
Torque: 680Nm
Price: Dh465,071
UAE currency: the story behind the money in your pockets
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Fight Night
FIGHT NIGHT
Four title fights:
Amir Khan v Billy Dib - WBC International title
Hughie Fury v Samuel Peter - Heavyweight co-main event
Dave Penalosa v Lerato Dlamini - WBC Silver title
Prince Patel v Michell Banquiz - IBO World title
Six undercard bouts:
Michael Hennessy Jr v Abdul Julaidan Fatah
Amandeep Singh v Shakhobidin Zoirov
Zuhayr Al Qahtani v Farhad Hazratzada
Lolito Sonsona v Isack Junior
Rodrigo Caraballo v Sajid Abid
Ali Kiydin v Hemi Ahio
RESULTS
5pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Purebred Arabian Cup Conditions (PA) Dh 200,000 (Turf) 1,600m
Winner: Hameem, Adrie de Vries (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Sheikha Fatima bint Mubarak Cup Conditions (PA) Dh 200,000 (T) 1,600m
Winner: Winked, Connor Beasley, Abdallah Al Hammadi
6pm: Sheikh Sultan bin Zayed Al Nahyan National Day Cup Listed (TB) Dh 380,000 (T) 1,600m
Winner: Boerhan, Ryan Curatolo, Nicholas Bachalard
6.30pm: Sheikh Sultan bin Zayed Al Nahyan National Day Group 3 (PA) Dh 500,000 (T) 1,600m
Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel
7pm: Sheikh Sultan bin Zayed Al Nahyan National Day Jewel Crown Group 1 (PA) Dh 5,000,000 (T) 2,200m
Winner: Messi, Pat Dobbs, Timo Keersmaekers
7.30pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Handicap (PA) Dh 150,000 (T) 1,400m
Winner: Harrab, Ryan Curatolo, Jean de Roualle
8pm: Wathba Stallions Cup Handicap (PA) Dh 100,000 (T) 1,400m
Winner: AF Alareeq, Connor Beasley, Ahmed Al Mehairbi
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
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AGUERO'S PREMIER LEAGUE RECORD
Apps: 186
Goals: 127
Assists: 31
Wins: 117
Losses: 33
THE%20SPECS
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UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
World Cup warm-up fixtures
Friday, May 24:
- Pakistan v Afghanistan (Bristol)
- Sri Lanka v South Africa (Cardiff)
Saturday, May 25
- England v Australia (Southampton)
- India v New Zealand (The Oval, London)
Sunday, May 26
- South Africa v West Indies (Bristol)
- Pakistan v Bangladesh (Cardiff)
Monday, May 27
- Australia v Sri Lanka (Southampton)
- England v Afghanistan (The Oval, London)
Tuesday, May 28
- West Indies v New Zealand (Bristol)
- Bangladesh v India (Cardiff)
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures: Monday, first 50-over match; Wednesday, second 50-over match; Thursday, third 50-over match
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
SPECS
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How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
