From the threshold of a new decade, it is surprising that the tumultuous "Noughties" did not lead to more energy innovations. Prices were high, energy security and the environment were worldwide concerns, yet we drive our cars and cool our homes in much the same way as we did in 2000.
Still, the past 10 years have laid the groundwork for a slow but complete transformation. Five of my personal favourites we may see soon; five will be more important to our children and grandchildren.
The first is the sudden realisation that we are not short of gas, due to breakthroughs in extracting natural gas from shale, and ever more flexible international trade. Gas can be converted to liquid fuels, as in Royal Dutch Shell's giant Pearl plant in Qatar. Cleaner and less carbon-emitting than coal, cheaper than oil or renewable energy, ours can be a gas century.
But we cannot burn vast amounts of gas, plus even larger quantities of coal, without triggering disastrous climate change. The second innovation is carbon capture and storage (CCS): locking away carbon dioxide released by power plants and industry securely underground, rather than letting it escape uncontrolled into the atmosphere.
Over the next few years, the first demonstration plants, in the US, Canada, Europe, Australia and Abu Dhabi, will show whether CCS, the only hope for fossil fuels in the 21st century, is cost-effective and safe.
The UAE is also one of the leaders of the third transformation: nuclear renaissance. The Gulf, India, China and even several African countries are looking to this low-carbon, relatively cheap, large-scale way of powering fast-growing economies. Currently, these plans rest on mature "Generation 3" designs, such as South Korea's proposal for Abu Dhabi.
But, by 2030, fourth-generation plants will be safer, much more efficient and producing far less long-lived radioactive waste. Mini-nuclear facilities such as that from the US's Hyperion Power Generation are sized to supply a single city block and are cheap and tamper-proof.
The fourth innovation is power from the sun. Though sunlight is clean and widely available, solar electricity has suffered from high production costs. But by 2015 to 2020, continuing improvements may take solar cells to "grid parity" in some regions - sunny areas with high electricity costs, such as California.
At grid parity, electricity from a householder's roof panels will cost the same as buying it from the mains supplier. At this point, solar deployment should accelerate sharply and costs will fall further through economies of scale. This is the ultimate goal for solar advocates.
Abundant, cheap, low-carbon electricity from these sources is needed for the fifth transformation: the electric car. Although still hampered by high up-front cost, limited range and recharging issues, these cars are the first radical change in consumer motoring since Henry Ford's 1908 Model T. Not since horses went out of fashion has personal transport not been reliant on oil.
The next five innovations are more speculative - not all will make it; perhaps none will. But they cast a fascinating light on possible energy worlds of 2050.
Nuclear fusion joins together light atoms of hydrogen to release energy, the same reaction that powers the sun. Intrinsically safe, producing only small amounts of short-lived radioactivity, and with an essentially limitless fuel, it seems one of the best hopes for our long-term energy future.
By 2030, international collaboration on the €15 billion (Dh70.97bn) ITER project may show the feasibility of fusion - but the path has been long and frustratingly slow, and further delays would be no surprise.
The US biologist Craig Venter, famous for his self-proclaimed invention of "artificial life", sees a future for his organisms in making fuel directly from light, water and carbon dioxide. The single-celled plants known as algae can do the same - and can grow in salty, polluted water. ExxonMobil is one oil company showing interest.
Alternatively, new catalysts can use sunlight to convert carbon dioxide from the air into the building blocks of liquid fuels. Given the convenience and familiarity of conventional fuels such as petrol and diesel, either of these methods may win out over electric cars - and they solve the conundrum of how to power aeroplanes without using conventional aviation fuel.
Burning fossil fuels has caused a dramatic build-up in atmospheric carbon dioxide, which many scientists say will severely alter future climates even if we succeed in slashing emissions. The prototype "artificial trees" created by Professor Klaus Lackner from Columbia University promise to remove carbon dioxide from the air, thus reversing decades of past pollution.
Finally, an energy surprise: agriculture, and the emerging nexus between food, water, fuels and climate. Future farming will have to cope with climate change and limited fresh water, feed a world population of 8 billion or more, supply biofuels and lock up carbon dioxide. The story of the next decade is precision agriculture - targeting fertilisers and water exactly where they are needed.
Beyond that, solar desalination for irrigation, salt-tolerant crops, and potentially crucial - but controversial - genetically modified organisms may help to satisfy the world's appetites.
The next half-century is critical: on energy; climate; water; and food. World population may peak as early as 2025. In a post-2050 future of relatively cheap, clean energy, global consumption will continue to rise despite dramatically improved efficiency, driven by a wealthier world and new, as yet unimagined, demands for energy.
But before reaching that utopia, it is likely we will be engaged in a huge effort to satisfy our needs while dealing with the worsening climate consequences of our previous emissions.
Robin M Mills is an energy economist based in Dubai and author of The Myth of the Oil Crisis and Capturing Carbon
UAE currency: the story behind the money in your pockets
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%3Cp%3E%E2%80%A2%20The%20digitisation%20of%20financial%20services%20will%20continue%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Managing%20and%20using%20data%20effectively%20will%20become%20a%20competitive%20advantage%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Digitisation%20will%20require%20continued%20adjustment%20of%20operating%20models%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Banks%20will%20expand%20their%20role%20in%20the%20customer%20life%20through%20ecosystems%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20The%20structure%20of%20the%20sector%20will%20change%3C%2Fp%3E%0A
Results:
5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly
6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel
6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani
7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel
7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel
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First Person
Richard Flanagan
Chatto & Windus
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
SPECS
%3Cp%3EEngine%3A%20Twin-turbocharged%204-litre%20V8%3Cbr%3EPower%3A%20625%20bhp%3Cbr%3ETorque%3A%20630Nm%3Cbr%3EOn%20sale%3A%20Now%3Cbr%3EPrice%3A%20From%20Dh974%2C011%3C%2Fp%3E%0A
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
Company profile: buybackbazaar.com
Name: buybackbazaar.com
Started: January 2018
Founder(s): Pishu Ganglani and Ricky Husaini
Based: Dubai
Sector: FinTech, micro finance
Initial investment: $1 million
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.”
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
- Source: Can be carried from distant regions
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
More on Quran memorisation:
Closing the loophole on sugary drinks
As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.
The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed:
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India
Charlotte Gainsbourg
Rest
(Because Music)