Murwan Abu Mharib, 50, lights a stove using gas produced using manure on a farm in eastern Gaza. An estimated 620 million would still lack access to electricity by 2030. Rosie Scammell for The National
Murwan Abu Mharib, 50, lights a stove using gas produced using manure on a farm in eastern Gaza. An estimated 620 million would still lack access to electricity by 2030. Rosie Scammell for The National
Murwan Abu Mharib, 50, lights a stove using gas produced using manure on a farm in eastern Gaza. An estimated 620 million would still lack access to electricity by 2030. Rosie Scammell for The National
Murwan Abu Mharib, 50, lights a stove using gas produced using manure on a farm in eastern Gaza. An estimated 620 million would still lack access to electricity by 2030. Rosie Scammell for The Nationa

Universal access to energy unlikely by 2030 say energy agencies


Jennifer Gnana
  • English
  • Arabic

Universal access to affordable, reliable, sustainable and modern sources of energy is unlikely to be achieved by 2030 unless efforts are scaled up significantly, according to a joint report by the world’s top energy agencies.

Significant progress was made on the UN’s Sustainable Development Goals (SDGs) prior to the Covid-19 pandemic in terms of access to electricity, renewable energy generation and energy efficiency. However, global advances remain “insufficient” to reach key targets by the 2030 deadline, according to a tracking report released by the International Energy Agency (IEA), the International Renewable Energy Agency (Irena), the United Nations Statistics Division, the World Bank and the World Health Organisation.

The UN has 17 SDGs, with the tracking report focused on the seventh goal of achieving affordable, reliable, sustainable and modern energy for all.

Populations living off-grid declined to 789 million in 2018, down from 1.2 billion in 2010. However, an estimated 620 million could still lack access to electricity by 2030. Around 85 per cent of people with no access to electricity live in sub-Saharan Africa, the report said.

“The Covid-19 pandemic has highlighted the deep inequalities around the world in terms of access to modern, affordable and sustainable energy. Electricity has been a vital underpinning of the response to the public health emergency in many countries – but hundreds of millions of people worldwide still lack basic access to it, with the majority of them in sub-Saharan Africa,” said IEA executive director Fatih Birol.

“Even before today’s unprecedented crisis, the world was not on track to meet key sustainable energy goals."

Achieving these now is likely to be even harder. The world must redouble efforts to bring affordable, reliable and cleaner energy to all – especially in sub-Saharan Africa, where the need is greatest, he said.

An acceleration of renewable energy capacity deployment is needed to reach SDGs within the targeted timeline, the report said.

Energy efficiency targets, which made strong progress between 2015 and 2016 have also “slackened”. The rate of improvement needs to be sped up to 3 per cent from 1.7 per cent at present to reach 2030 targets.

Financial flows to developing countries to fund access to clean energy doubled since 2010 reaching $21.4 billion (Dh78.54bn) in 2017. However, only 12 per cent of the available money reached the least-developed economies, which are furthest from realising their SDG goals, the tracking report said

Abu Dhabi-headquartered Irena said last month that decarbonisation of the entire global energy system away from fossil fuels could require up to $98 trillion in investment between now and 2050.

Citing “exceptional measures” undertaken by countries to bring the health emergency and human toll under control during the pandemic, the organisations also urged states to adopt policies to ensure long-term sustainability.

"Under such circumstances, countries have an opportunity to consider options for economic stimulus that not only respond to the immediate crisis, but also ensure longer-term social, economic, and environmental sustainability,” the report said.

COMPANY%20PROFILE
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Top Hundred overseas picks

London Spirit: Kieron Pollard, Riley Meredith 

Welsh Fire: Adam Zampa, David Miller, Naseem Shah 

Manchester Originals: Andre Russell, Wanindu Hasaranga, Sean Abbott

Northern Superchargers: Dwayne Bravo, Wahab Riaz

Oval Invincibles: Sunil Narine, Rilee Rossouw

Trent Rockets: Colin Munro

Birmingham Phoenix: Matthew Wade, Kane Richardson

Southern Brave: Quinton de Kock

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

Company profile

Date started: December 24, 2018

Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer

Based: Dubai Media City

Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)

Sector: ConsumerTech and FinTech

Cashflow: Almost $1 million a year

Funding: Series A funding of $2.5m with Series B plans for May 2020

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Our legal advisor

Rasmi Ragy is a senior counsel at Charles Russell Speechlys, a law firm headquartered in London with offices in Europe, the Middle East and Hong Kong.

Experience: Prosecutor in Egypt with more than 40 years experience across the GCC.

Education: Ain Shams University, Egypt, in 1978.

Company profile

Company: Rent Your Wardrobe 

Date started: May 2021 

Founder: Mamta Arora 

Based: Dubai 

Sector: Clothes rental subscription 

Stage: Bootstrapped, self-funded 

The specs

Engine: 1.6-litre 4-cyl turbo

Power: 217hp at 5,750rpm

Torque: 300Nm at 1,900rpm

Transmission: eight-speed auto

Price: from Dh130,000

On sale: now

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%20Killer
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ICC Intercontinental Cup

UAE squad Rohan Mustafa (captain), Chirag Suri, Shaiman Anwar, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Saqlain Haider, Ahmed Raza, Mohammed Naveed, Imran Haider, Qadeer Ahmed, Mohammed Boota, Amir Hayat, Ashfaq Ahmed

Fixtures Nov 29-Dec 2

UAE v Afghanistan, Zayed Cricket Stadium, Abu Dhabi

Hong Kong v Papua New Guinea, Sharjah Cricket Stadium

Ireland v Scotland, Dubai International Stadium

Namibia v Netherlands, ICC Academy, Dubai

The specs: 2017 Maserati Quattroporte

Price, base / as tested Dh389,000 / Dh559,000

Engine 3.0L twin-turbo V8

Transmission Eight-speed automatic

Power 530hp @ 6,800rpm

Torque 650Nm @ 2,000 rpm

Fuel economy, combined 10.7L / 100km

The specs: 2018 Audi RS5

Price, base: Dh359,200

Engine: 2.9L twin-turbo V6

Transmission: Eight-speed automatic

Power: 450hp at 5,700rpm

Torque: 600Nm at 1,900rpm

Fuel economy, combined: 8.7L / 100km