The internet is often viewed through the lens of making the world a smaller, more accessible place which has lessened the need to get in a car or take a plane, but make no mistake, even the internet has a carbon footprint.
With a seemingly endless need for data centres, servers, and even cryptocurrency mining facilities, various estimates indicate that internet use accounts for between 2 per cent and 4 per cent of overall carbon dioxide emissions, on par with those from the aviation industry.
Those internet emissions inspired Greenie Web, a Singapore-based start-up seeking to make existing websites and website code more environmentally friendly.
“Coding was never sustainable,” said Greenie Web’s 26-year-old founder Ian Chew. “The way it has been taught for past generations has never focused on sustainability … so how can we right the wrong of the past?”
Mr Chew, who started Greenie Web as a side-project when he was in high school, said the start-up mainly focuses on digital decarbonisation, which includes image compression, video frame rates and back end coding, as well as long-term digital sustainability planning.
“There are so many countries going digital and going online for the first time in the next decade, so how can we make sure that experience is sustainable.”
Although Mr Chew declined to name specific clients, he said Greenie Web has attracted interest from the finance and maritime sectors for their websites and other technology infrastructure.
“These companies, the maritime companies, they know things like sustainable fuel are 10 years down the road, but this [reducing digital footprints] is something that can be done right now,” he said.
Greenie Web is not alone in this endeavour. There are multiple companies that estimate the carbon footprint of sites and offer solutions, but Mr Chew said Greenie Web is bolstered by a major difference.
“Nobody has actually gone to the extent that we do in terms of taking people's code and changing it, and that's because it's a very difficult task,” he said, describing Greenie Web's code as low-carbon code.
“Think of it like a storybook, there are many ways of telling the story, but we find the most low-carbon way of telling the story,” he said. “We've created this system over several years to think critically about this issue.”
Some solutions on the road to digital decarbonisation, Mr Chew said, are more obvious, pointing to websites that push the user to watch 4k videos when their devices might not be able to process them.
“There's a lot of wastage in data transmission,” he said.
According to Wholegrain Digital, a firm which also specialises in digital sustainability, the internet consumes 416.2 billion terawatt hours of electricity per year overall. That’s slightly more than the annual electricity consumption of the UK, but less than France, according to data from the US Energy Information Administration.
Some websites, including the UAE’s Cop28 website, have the option to switch to low carbon which eliminates photos and other superfluous features, thus limiting the energy consumed by the website and speeding up the load times. However, there isn’t yet a global standard in web design or coding that would simplify the process for entities hoping to lower their carbon footprint online.
It remains to be seen if such a standard will ever be established, but Mr Chew still sees a market regardless, and said Greenie Web plans to be around for the long haul.
“The angel [investors] really believe in us and for the foreseeable future we're in a very lean situation,” he said, referring to the company's staff levels.
“We're not looking to raise [capital] anytime soon but we're open to strategic opportunities when they come.”
Mr Chew said, unlike technologies such as carbon capture, the idea behind digital sustainability is relatively young and therefore has potential for growth.
There's also what he refers to as the legacy technology infrastructure, which he said is ripe for a sustainable overhaul.
“It wraps around half the world if not more,” he said, referring to existing technology infrastructure that can't be replaced overnight, but can potentially be tweaked.
“How can we improve it in a way that minimises disruption but still allows for better efficiencies and lower carbon emissions?”
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Bournemouth 0
Manchester United 2
Smalling (28'), Lukaku (70')
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
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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.”
The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
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UAE currency: the story behind the money in your pockets
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
Manchester United v Liverpool
Premier League, kick off 7.30pm (UAE)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
GROUPS
Group Gustavo Kuerten
Novak Djokovic (x1)
Alexander Zverev (x3)
Marin Cilic (x5)
John Isner (x8)
Group Lleyton Hewitt
Roger Federer (x2)
Kevin Anderson (x4)
Dominic Thiem (x6)
Kei Nishikori (x7)
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