Energy ministers of the world's largest economies reaffirmed their commitment to help the global economy recover from the pandemic during a two-day meeting earlier this week.
"We reaffirm our commitment, made at the G20 Extraordinary Energy Ministers Meeting on April 10, 2020, to ensure that the energy sector continues to make a full, effective contribution to overcoming Covid-19 and powering the subsequent global recovery,” the group said in a communique on Tuesday.
"We stress that the immediate challenges brought about by the pandemic have not dampened our resolve to advance our efforts by exploring a variety of options and utilising the widest variety of technologies and fuels according to national context to ensure a stable and uninterrupted supply of energy to achieve economic growth."
The G20 energy ministers also endorsed the circular carbon economy and committed to reduce emissions for a sustained economic recovery.
Like other sectors, the energy industry has been hit by a slowdown in investments amid the pandemic. Spending on new projects in the oil and gas sector in 2020 is set to decline by 75 per cent, Norway-based Rystad Energy said in a report in July.
The ministers said they would help rebuild the energy sector by creating "the conditions for sustained capital investments, including bolstering investments in innovation, and a skilled work force, to support our common long-term energy security and sustainability goals".
Investments have suffered due to the fluctuating oil price, with Brent crude falling below $20 per barrel in April as concerns about a glut of supply rose at the same time as a demand slump due to movement restrictions to limit the spread of the pandemic. However, action by the Opec+ group to withhold a record 9.7 million barrels per day from the market between May and July, tapered to 7.7 million bpd since, has underscored a gradual recovery. Brent crude was trading 0.33 per cent lower at $42.29 at 4.52pm UAE time on Tuesday, while US benchmark West Texas Intermediate was 0.42 per cent lower at $40.43 per barrel.
Industry bodies and other stakeholders have been urging countries to fast track their clean energy goals following the coronavirus pandemic.
Earlier this month, the International Energy Agency and the Business 20, which represents the business community in the G20, called on countries to accelerate the deployment of existing low-emissions and emissions-neutral technologies.
The IEA estimates global carbon dioxide emissions are expected to be 8 per cent lower this year than in 2019, largely due to the impact of Covid-19. However, the health crisis has also affected funding for energy transition, which is expected to slump 20 per cent this year.
Around $3.5 trillion is required between now and 2050 to meet targets for a “sustainable path”, the IEA said.
Earlier this year, the Paris-based agency said $1tn, or the equivalent of 0.7 per cent of global economic output, is needed over the next three years to sustainably rebuild economies in the wake of the Covid-19 pandemic.
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
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 SQUAD
Khalid Essa, Ali Khaseif, Fahad Al Dhanhani, Adel Al Hosani, Bandar Al Ahbabi, Mohammad Barghash, Salem Rashid, Khalifa Al Hammadi, Shaheen Abdulrahman, Hassan Al Mahrami, Walid Abbas, Mahmoud Khamis, Yousef Jaber, Majed Sorour, Majed Hassan, Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Khalil Al Hammadi, Fabio De Lima, Khalfan Mubarak, Tahnoon Al Zaabi, Ali Saleh, Caio Canedo, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
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Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
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