As the climate heats up, so does action to move to a cleaner energy future.
The UAE faces intense scrutiny and a towering diplomatic task to run the Cop28 conference in November. The Climate Tech event in Abu Dhabi earlier this month was a step forward in assembling the next suite of environment-friendly technologies.
The gathering saw the launch of the Decarbonisation Technology Challenge, offering a prize of up to $1 million for winners selected from 10 finalists in December.
Many exciting and innovative companies appeared — from known companies to start-ups. Without prejudice to any that aren’t mentioned or others that may enter the competition later, some hitherto lesser-known companies span solutions to four of the critical climate challenges.
First, reducing emissions from the oil and gas sector itself — with the Abu Dhabi National Oil Company (Adnoc) one of the event’s organisers, highlighting efforts to address the challenge. Fossil fuels still yield 83 per cent of global primary energy and will remain important even to 2050 and beyond, in a world on track for net-zero carbon. The surviving producers will be those that can keep their costs and carbon footprints low.
Companies such as the military and technology group Edge, G42 and AIQ, all based in Abu Dhabi, offer advanced digitalisation and artificial intelligence. Saildrone provides autonomous, solar-powered floating vehicles that collect maritime data, with obvious applications in keeping offshore oil and gas platforms safe and secure.
Second, to find solutions for what are called “hard-to-abate” sectors. The path to decarbonising electricity and ground transport is well understood — solar, wind, nuclear power and battery cars. Of course, these solutions have plenty of room for improvement. But heavy industry, long-distance shipping and air travel, and long-term energy storage need work. They are probably not so much “hard-to-abate”, as “feasible to abate with the right technologies”.
UK-based Carbon Clean raised $150 million last May, a record round for a point-source carbon capture company. Its modular system is intended to be more efficient and lower-cost, and able to be retrofitted to existing industrial or power plants, trapping their carbon dioxide for reuse or safe disposal.
Dubai-headquartered Enerwhere provides modular, mobile solar power and energy use optimisation for temporary or remote sites such as drilling rigs, tourist resort islands and construction. Commonwealth Fusion Systems secured a remarkable $1.8 billion in funding in November 2021 to advance the limitless energy source that fuels the Sun and the other stars.
Hydrogen is attracting avid attention across the Mena region. Its many advantages come with practical challenges on making and transporting it cost-effectively. Baker Hughes is well-known as an oil services major, but at the event it agreed with Adnoc to work on innovations in this light, clean energy carrier.
US-headquartered Ohmium makes proton exchange membrane electrolysers, which use electricity to split water into hydrogen and oxygen. Efficient, low-cost and long-life electrolysers are essential to bringing versatile hydrogen into the mainstream — as a way of storing electricity over long periods, providing heat and feedstock for heavy industries and a base for synthetic fuels.
Hydrogen is key to decarbonising four sectors — air travel, shipping, steel and fertilisers — which together account for more than 14 per cent of global greenhouse gas emissions.
Third, to build the future clean-energy economy. Here’s where the event’s other backer, the Ministry of Industry and Advanced Technology, comes in. The US, EU, China and India are pouring hundreds of billions – if not trillions — of dollars into manufacturing future energy materials and equipment. Other countries have to find where they can contribute and compete.
The humble building material cement produces as much as 8 per cent of global emissions and is an important industry in the UAE. Khalifa University showcased cement enhanced with the 2D material graphene, as well as one made from sulphur, a by-product from the petroleum industry.
Several other graphene innovators, such as Levidian and the University of Manchester’s Graphene Innovation Engineering Centre, represented the circular carbon economy, which aims to reuse carbon indefinitely rather than releasing it into the air.
On a different track, LanzaTech uses bacteria to make synthetic fuels, chemicals and plastics from captured carbon dioxide.
And fourth, to reverse decades of past pollution. All credible pathways to keeping warming below 1.5°C or even 2°C by 2100 involve sucking huge amounts of carbon dioxide back out of the atmosphere.
1PointFive might one day rival its parent, the US-based Occidental, a leading oil and gas operator in the GCC and elsewhere. The subsidiary is working on a series of direct air capture facilities that remove carbon dioxide from the atmosphere and store it underground, starting with a $1 billion, 1 million tonne per year plant in Texas.
Vesta adds sand made from the mineral olivine to coastlines. This both protects against marine erosion and captures carbon dioxide as the ground-up mineral reacts. This mimics the natural weathering that forms Earth’s long-term thermostat, but much faster.
44.01, led by Omani entrepreneur Talal Hasan, has a different twist on the same idea. It injects carbon dioxide and water into olivine-rich rocks, such as those found in the mountains of the UAE and Oman, and some other locations around the world. In January, the company agreed with Adnoc to start a pilot in Fujairah.
Many more technologies and companies were represented at Climate Tech and there is no doubt that others will compete for the prize.
It is essential to be bold and take some chances to get the best ideas operating in the real world on a massive scale.
The far bigger prize is global decarbonisation, which will make winners of the nations and corporations that lead it.
Robin M. Mills is chief executive of Qamar Energy and author of The Myth of the Oil Crisis
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MATCH INFO
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Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Zayed Sustainability Prize
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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.”
Five films to watch
Castle in the Sky (1986)
Grave of the Fireflies (1988)
Only Yesterday (1991)
Pom Poki (1994)
The Tale of Princess Kaguya (2013)
Mohammed bin Zayed Majlis
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Zayed Sustainability Prize
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon