Cancun captures comfort for UAE


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Carbon capture and storage (CCS) has long tantalised the world with a promise that, to many, seems an impossible dream: guilt-free energy from oil and coal.

In theory, huge amounts of carbon dioxide - a gas linked with global warming - from power stations, industrial plants, and even eventually fossil-fuel-powered vehicles and the atmosphere itself could be captured.

It could then be piped to permanent storage locations.

Initially, those would be porous, underground rock formations filled with salt water, in which the gas is soluble.

In the long-term, caches of highly saline water in ocean troughs might also be used for storing carbon dioxide.

Opponents of CCS claim it offers a "techno-fix" that would merely postpone the need to supersede fossil fuels with clean, renewable energy.

Its proponents argue just as passionately that without CCS, limiting climate change will be impossible.

"CCS isn't the answer but there is no answer to climate change without CCS," Dr Graeme Sweeney, the chairman of the European Technology Platform for Zero Emission Fossil Fuel Power Plants, said at last week's CCS workshop at the UN climate change summit in Cancun.

"Without CCS, the cost of meeting the climate change threat will be very high and the climate goals impossible to meet," said John Novak, the executive director of the Electric Power Research Institute, based in the US.

Joan MacNaughton, the senior vice president of power and environmental policies at Alstom Power, a unit of the French power and transport group Alstom, said: "The key thing is to create a market for CCS."

CCS was the main issue on which the UAE had hoped for progress at Cancun as Abu Dhabi is seeking to become the world's first government to develop a nation-wide CCS network. The Government plans to build pipelines to transport carbon dioxide from large industrial plants to ageing oilfields, where the gas would be used to flush out more crude before being permanently sealed underground.

An international fiscal, regulatory and policy framework to support the first industrial-scale CCS developments, however, is needed for the UAE and other Gulf oil exporters to contribute meaningfully to international targets for cutting carbon emissions.

Already, OPEC is deeply concerned about deteriorating security of demand for its crude. Its members' involvement in large-scale CCS projects is one of the few options available for assuaging such uncertainty.

How to get exposure to gold

Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.

A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.

Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.

Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.

London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long

However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.

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Bharat

Director: Ali Abbas Zafar

Starring: Salman Khan, Katrina Kaif, Sunil Grover

Rating: 2.5 out of 5 stars

MATCH INFO

Norwich City 1 (Cantwell 75') Manchester United 2 (Aghalo 51' 118') After extra time.

Man of the match Harry Maguire (Manchester United)

RESULTS

Dubai Kahayla Classic – Group 1 (PA) $750,000 (Dirt) 2,000m
Winner: Deryan, Ioritz Mendizabal (jockey), Didier Guillemin (trainer).
Godolphin Mile – Group 2 (TB) $750,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar
Dubai Gold Cup – Group 2 (TB) $750,000 (Turf) 3,200m
Winner: Subjectivist, Joe Fanning, Mark Johnston
Al Quoz Sprint – Group 1 (TB) $1million (T) 1,200m
Winner: Extravagant Kid, Ryan Moore, Brendan Walsh
UAE Derby – Group 2 (TB) $750,000 (D) 1,900m
Winner: Rebel’s Romance, William Buick, Charlie Appleby
Dubai Golden Shaheen – Group 1 (TB) $1.5million (D) 1,200m
Winner: Zenden, Antonio Fresu, Carlos David
Dubai Turf – Group 1 (TB) $4million (T) 1,800m
Winner: Lord North, Frankie Dettori, John Gosden
Dubai Sheema Classic – Group 1 (TB) $5million (T) 2,410m
Winner: Mishriff, John Egan, John Gosden

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

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