• Coal power plants are a major source of methane emissions. AP
    Coal power plants are a major source of methane emissions. AP
  • Livestock accounts for about one third of methane emissions, the International Methane Emissions Observatory reported. AFP
    Livestock accounts for about one third of methane emissions, the International Methane Emissions Observatory reported. AFP
  • A Qatari tanker ship is being loaded up with LNG, made up mainly of methane. The state-owned oil and gas company Qatar Energy said it is joining a new industry-led initiative to reduce nearly all methane emissions from operations by 2030. AP
    A Qatari tanker ship is being loaded up with LNG, made up mainly of methane. The state-owned oil and gas company Qatar Energy said it is joining a new industry-led initiative to reduce nearly all methane emissions from operations by 2030. AP
  • An oilfield near McKittrick, California. The state has 35,000 oil and gas wells sitting idle, many of which are unplugged and could leak methane gas. AFP
    An oilfield near McKittrick, California. The state has 35,000 oil and gas wells sitting idle, many of which are unplugged and could leak methane gas. AFP
  • Wind turbines turn on top of a dump next to the BP Refinery Scholven in Gelsenkirchen, Germany. Spiralling energy costs caused by various economic factors and the Ukraine war could be a turning point towards cleaner energy, the International Energy Agency says. AP
    Wind turbines turn on top of a dump next to the BP Refinery Scholven in Gelsenkirchen, Germany. Spiralling energy costs caused by various economic factors and the Ukraine war could be a turning point towards cleaner energy, the International Energy Agency says. AP
  • Waste and landfill sites account for more than 20 per cent of methane emissions. AFP
    Waste and landfill sites account for more than 20 per cent of methane emissions. AFP
  • Globally, agriculture is the largest source of human-caused methane emissions. Bloomberg
    Globally, agriculture is the largest source of human-caused methane emissions. Bloomberg

UN urges fossil fuel industry to redouble efforts to cut methane emissions


Daniel Bardsley
  • English
  • Arabic

Calls have been made by the UN for a redoubling of efforts to cut methane emissions to help limit global temperature rises to 1.5°C.

The UN Environment Programme (UNEP) report on methane emissions, launched in Abu Dhabi, said that methane concentrations in the atmosphere were continuing to rise.

Efforts by the fossil fuel sector offer “by far the greatest potential to achieve rapid methane emissions reductions”, the report from UNEP’s International Methane Emissions Observatory said.

Currently, only a fraction of companies are providing methane emissions estimates that are based on actual measurements.

Companies are making progress, but they must move faster and harder
Inger Andersen,
UNEP executive director

Methane is a much more potent greenhouse gas than carbon dioxide, although it does not remain in the atmosphere for as long.

The “An Eye on Methane” report, the second such study from the observatory, was released at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec).

Inger Andersen, UNEP’s executive director, said in a statement that because methane remains in the atmosphere for fewer years than carbon dioxide, cutting emissions of the gas was “the fastest way to tackle climate change in the short term”.

“Companies are making progress, but they must move faster and harder,” she said. “We need more companies to act and they must be bolder.”

While it calls on fossil fuel companies to reduce methane emissions, the report says that doing so “does not reduce the urgency of transitioning away from fossil fuels”.

Niklas Hoehne, of the New Climate Institute in Germany, said reducing methane emissions from the fossil fuel industry should be “relatively easy”.

Sources of methane emissions

Historically, methane has been released by coal mines, a reflection of the fact that different types of fossil fuels are often found together. This methane could, Dr Hoehne said, be collected and sold, which is “a low-cost option”.

Another source of emissions has been leaking pipelines. Dealing with these can make financial as well as environmental sense, Dr Hoehne said.

“In oil production, there’s also sometimes methane coming out of the oilfield. In the early days, it was vented; much better is to burn it,” he said, explaining that this produces CO2, a less potent greenhouse gas.

“The best thing is to collect and use it. In all these cases, it’s in the interests of the fossil fuel industry to reduce these emissions.”

The report states that more than 80 oil and gas companies with operations in about 60 countries have joined the initiative’s reporting programme, the Oil and Gas Methane Partnership 2.0. These firms represent more than 30 per cent of global oil and gas production.

“Still, the industry needs to ramp up efforts to cut methane emissions across the entire sector and to reliably quantify and report emissions,” the report said.

Methane emissions from coal mines worldwide exceed those from the global oil or gas sectors. AP
Methane emissions from coal mines worldwide exceed those from the global oil or gas sectors. AP

Scientists have estimated that global methane emissions from industry to be between 80 and 140 million tonnes, with the International Energy Agency's estimates “at the lower end of this range”, the report said.

Estimated methane emissions reported through Oil and Gas Methane Partnership 2.0 are only 1.3 million tonnes, so there is a “large discrepancy between the estimates of global industry emissions and the proportional share reported by OGMP 2.0 member companies”. Improvements in reporting could reduce this discrepancy.

“We need improved methane emissions data to close the emissions gap and reduce global warming in the short term,” the report said.

A lack of data has made it harder for governments to carry out the targeted measures needed to cut methane emissions, European Commissioner for Energy Kadri Simson said in a statement.

“To reduce methane emissions, we need to know more,” she said. “Who is emitting, where and how much … What you do not measure, does not get addressed.”

At the Cop26 climate change gathering in Glasgow, UK, last year, 122 countries signed the Global Methane Pledge, which involves cutting global methane emissions 30 per cent by 2030.

At Cop27, to be held in Sharm El Sheikh, Egypt, from November 6 to 18, the observatory will launch its Methane Alert and Response System data platform, which will provide data to companies, policymakers and others to help them identify ways to reduce emissions.

Dr Hoehne said there had been a rise in the concentration of methane in the atmosphere in the past year and researchers, as yet, “don’t fully understand why”.

“This is worrying,” he said. “Something is happening. So it’s even more important to do something about it.”

He cautioned, however, that efforts to reduce methane emissions should not distract from work to control emissions of CO2.

The observatory is looking to expand its scope so that it includes emissions from waste and landfill sites (which account for more than 20 per cent of methane emissions), rice cultivation (nearly 10 per cent of methane emissions) and livestock (about one third of methane emissions).

Cutting methane emissions from animals and rice cultivation was possible, Dr Hoehne said, but was “much more difficult” than reducing the release of the gas by the fossil fuel sector.

Adipec 2022: day one — in pictures

  • Visitors at the Abu Dhabi International Petroleum Exhibition and Conference, which is being held in the UAE capital. Chris Whiteoak / The National
    Visitors at the Abu Dhabi International Petroleum Exhibition and Conference, which is being held in the UAE capital. Chris Whiteoak / The National
  • Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and managing director and group chief executive of Adnoc, said the world will lose 5 million barrels per day of oil each year from current supplies if spending comes to a halt. Photo: Adipec
    Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and managing director and group chief executive of Adnoc, said the world will lose 5 million barrels per day of oil each year from current supplies if spending comes to a halt. Photo: Adipec
  • Dr Al Jaber called for 'maximum' energy with 'minimium' emissions to ensure global energy security. Photo: Adipec
    Dr Al Jaber called for 'maximum' energy with 'minimium' emissions to ensure global energy security. Photo: Adipec
  • Sheikh Khaled bin Mohamed, member of the Abu Dhabi Executive Council and chairman of the Abu Dhabi Executive Office, is given a briefing at one of the exhibition stands at Adipec, during a tour with Dr Al Jaber. Photo: Abu Dhabi Media Office
    Sheikh Khaled bin Mohamed, member of the Abu Dhabi Executive Council and chairman of the Abu Dhabi Executive Office, is given a briefing at one of the exhibition stands at Adipec, during a tour with Dr Al Jaber. Photo: Abu Dhabi Media Office
  • Sheikh Khaled is greeted by an executive at one of the stands at Adipec. Photo: Abu Dhabi Media Office
    Sheikh Khaled is greeted by an executive at one of the stands at Adipec. Photo: Abu Dhabi Media Office
  • Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of the Presidential Court, inaugurated the energy conference. Photo: Abu Dhabi Media Office
    Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of the Presidential Court, inaugurated the energy conference. Photo: Abu Dhabi Media Office
  • Sheikh Mansour with other sheikhs and officials at Adipec. Photo: Abu Dhabi Media Office
    Sheikh Mansour with other sheikhs and officials at Adipec. Photo: Abu Dhabi Media Office
  • US presidential co-ordinator Amos Hochstein speaks during the opening ceremony at Adipec 2022. Chris Whiteoak / The National
    US presidential co-ordinator Amos Hochstein speaks during the opening ceremony at Adipec 2022. Chris Whiteoak / The National
  • Saudi Energy Minister Prince Abdulaziz bin Salman said the kingdom and the UAE will be 'exemplary' hydrocarbon producers while also achieving all their sustainability goals. Chris Whiteoak / The National
    Saudi Energy Minister Prince Abdulaziz bin Salman said the kingdom and the UAE will be 'exemplary' hydrocarbon producers while also achieving all their sustainability goals. Chris Whiteoak / The National
  • UAE Minister of Energy and Infrastructure Suhail Al Mazrouei said the Emirates and the Opec+ are 'keen on' meeting global energy requirements. Chris Whiteoak / The National
    UAE Minister of Energy and Infrastructure Suhail Al Mazrouei said the Emirates and the Opec+ are 'keen on' meeting global energy requirements. Chris Whiteoak / The National
  • Tarek El Molla, Egypt's Minister for Petroleum and Mineral Resources, speaks during a panel discussion. Chris Whiteoak / The National
    Tarek El Molla, Egypt's Minister for Petroleum and Mineral Resources, speaks during a panel discussion. Chris Whiteoak / The National
  • Indian Energy Minister Hardeep Singh Puri makes a point during the panel discussion. Chris Whiteoak / The National
    Indian Energy Minister Hardeep Singh Puri makes a point during the panel discussion. Chris Whiteoak / The National
  • Upstream energy investment in 2021 was depressed for a second consecutive year at $341 billion — about 25 per cent below 2019 levels. Chris Whiteoak / The National
    Upstream energy investment in 2021 was depressed for a second consecutive year at $341 billion — about 25 per cent below 2019 levels. Chris Whiteoak / The National
  • Musadik Masood Malik, Pakistan's Minister of State for Petroleum, with Belinda Balluku, Albania's Deputy Prime Minister and Minister of Infrastructure and Energy, speak on the topic 'Geopolitics of Today: How the Energy Industry is Navigating Through Change' at the Adipec 2022 conference in Adnec, Abu Dhabi. Chris Whiteoak / The National
    Musadik Masood Malik, Pakistan's Minister of State for Petroleum, with Belinda Balluku, Albania's Deputy Prime Minister and Minister of Infrastructure and Energy, speak on the topic 'Geopolitics of Today: How the Energy Industry is Navigating Through Change' at the Adipec 2022 conference in Adnec, Abu Dhabi. Chris Whiteoak / The National
  • Nicolas Terraz, member of the executive committee, president of exploration and production at Total Energies, addresses a panel discussion on 'Transitioning to New Energy Supply and Demand Needs: a Look into the Future' at Adipec 2022. Chris Whiteoak / The National
    Nicolas Terraz, member of the executive committee, president of exploration and production at Total Energies, addresses a panel discussion on 'Transitioning to New Energy Supply and Demand Needs: a Look into the Future' at Adipec 2022. Chris Whiteoak / The National
  • Tengku Muhammad Taufik, president and chief executive of Petronas, during a panel discussion on 'The New Business and Energy Portfolio Model: Managing Geopolitical Uncertainty and the Energy Transition' at Adipec 2022. Chris Whiteoak / The National
    Tengku Muhammad Taufik, president and chief executive of Petronas, during a panel discussion on 'The New Business and Energy Portfolio Model: Managing Geopolitical Uncertainty and the Energy Transition' at Adipec 2022. Chris Whiteoak / The National
  • Professor Dr Klaus-Dieter Maubach, chief executive of Uniper, at a panel discussion on the topic 'Transitioning to New Energy Supply and Demand Needs: A Look into the Future' at Adipec 2022. Chris Whiteoak / The National
    Professor Dr Klaus-Dieter Maubach, chief executive of Uniper, at a panel discussion on the topic 'Transitioning to New Energy Supply and Demand Needs: A Look into the Future' at Adipec 2022. Chris Whiteoak / The National
  • Haytham Al Ghais, Secretary General of Opec, during OPRC's World Outlook 2022 at Adipec 2022. Chris Whiteoak / The National
    Haytham Al Ghais, Secretary General of Opec, during OPRC's World Outlook 2022 at Adipec 2022. Chris Whiteoak / The National
  • Delegates at Adipec 2022. Chris Whiteoak / The National
    Delegates at Adipec 2022. Chris Whiteoak / The National
  • Adipec 2022 draws industry representation from across the world to Adnec in Abu Dhabi. Chris Whiteoak / The National
    Adipec 2022 draws industry representation from across the world to Adnec in Abu Dhabi. Chris Whiteoak / The National

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.”

MO
%3Cp%3E%3Cstrong%3ECreators%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Ramy%20Youssef%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Teresa%20Ruiz%2C%20Omar%20Elba%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nag%20Ashwin%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EPrabhas%2C%20Saswata%20Chatterjee%2C%20Deepika%20Padukone%2C%20Amitabh%20Bachchan%2C%20Shobhana%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E%E2%98%85%E2%98%85%E2%98%85%E2%98%85%3C%2Fp%3E%0A
Boulder shooting victims

• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
• Suzanne Fountain, 59
• Teri Leiker, 51
• Eric Talley, 51
• Kevin Mahoney, 61
• Lynn Murray, 62
• Jody Waters, 65

TEACHERS' PAY - WHAT YOU NEED TO KNOW

Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:

- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools

- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills

- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month

- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues

Disturbing%20facts%20and%20figures
%3Cp%3E%3Cstrong%3E51%25%3C%2Fstrong%3E%20of%20parents%20in%20the%20UAE%20feel%20like%20they%20are%20failing%20within%20the%20first%20year%20of%20parenthood%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E57%25%20vs%2043%25%3C%2Fstrong%3E%20is%20the%20number%20of%20mothers%20versus%20the%20number%20of%20fathers%20who%20feel%20they%E2%80%99re%20failing%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E28%25%3C%2Fstrong%3E%20of%20parents%20believe%20social%20media%20adds%20to%20the%20pressure%20they%20feel%20to%20be%20perfect%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E55%25%3C%2Fstrong%3E%20of%20parents%20cannot%20relate%20to%20parenting%20images%20on%20social%20media%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E67%25%3C%2Fstrong%3E%20of%20parents%20wish%20there%20were%20more%20honest%20representations%20of%20parenting%20on%20social%20media%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E53%25%3C%2Fstrong%3E%20of%20parents%20admit%20they%20put%20on%20a%20brave%20face%20rather%20than%20being%20honest%20due%20to%20fear%20of%20judgment%3C%2Fp%3E%0A%3Cp%3E%3Cspan%20style%3D%22font-size%3A%2014px%3B%22%3ESource%3A%20YouGov%3C%2Fspan%3E%3C%2Fp%3E%0A
SCORES

Yorkshire Vikings 144-1 in 12.5 overs
(Tom Kohler 72 not out, Harry Broook 42 not out)
bt Hobart Hurricanes 140-7 in 20 overs
(Caleb Jewell 38, Sean Willis 35, Karl Carver 2-29, Josh Shaw 2-39)

MEFCC information

Tickets range from Dh110 for an advance single-day pass to Dh300 for a weekend pass at the door. VIP tickets have sold out. Visit www.mefcc.com to purchase tickets in advance.

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20HyperPay%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202014%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Muhannad%20Ebwini%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Riyadh%2C%20Saudi%20Arabia%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%2455m%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20AB%20Ventures%2C%20Amwal%20Capital%2C%20INet%2C%20Mada%20VC%2C%20Mastercard%2C%20SVC%3C%2Fp%3E%0A
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2-litre%204-cylinder%20petrol%20(V%20Class)%3B%20electric%20motor%20with%2060kW%20or%2090kW%20powerpack%20(EQV)%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20233hp%20(V%20Class%2C%20best%20option)%3B%20204hp%20(EQV%2C%20best%20option)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20350Nm%20(V%20Class%2C%20best%20option)%3B%20TBA%20(EQV)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EMid-2024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3ETBA%0D%3C%2Fp%3E%0A
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

UAE squad to face Ireland

Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind

Updated: November 01, 2022, 8:17 AM