Advances in artificial intelligence, the switch to cleaner energy sources and economic growth in developing countries must be used to accelerate “climate positive” sustainable development, Cop28 President Dr Sultan Al Jaber has said.
Dr Al Jaber, Minister of Industry and Advanced Technology, was speaking on Tuesday at the Baku Energy Week in Azerbaijan, which will host the Cop29 climate summit in November.
“While AI is driving a surge in energy demand, it is also driving efficiencies that curb emissions. In fact, the growth of AI is one of three mega-trends that will shape our future, alongside the accelerating energy transition and the rise of emerging markets and the Global South,” said Dr Al Jaber.
“The closer AI and energy collaborate, the more solutions we can unlock to drive decarbonised growth everywhere.”
The UAE Cop28 presidency has launched a major partnership with the next two hosts of the climate conference, Azerbaijan and Brazil, to help keep the crucial climate goal of 1.5ºC above pre-industrial levels within reach.
The “Cop presidencies troika” aims to boost co-operation and ensure continuity between the hosts of the annual climate talks in what is being called “mission 1.5ºC”.
The Cop28 deal was formally referred to as the Global Stocktake, under which countries were urged to “transition away” from fossil fuels in what was arguably the most significant step forward for global climate action since the 2015 Paris Agreement.
It seeks to keep the global temperature limit of 1.5°C above pre-industrial levels, which was agreed on in Paris, within reach and avoid the worst effects of climate change.
If global temperatures rise by more than that, the lives and health of billions of people could be endangered, scientists believe.
Dr Al Jaber on Tuesday said the Cop28 presidency and the UAE would work very closely with Azerbaijan’s Cop presidency, and called on all countries to ensure that “Cop29 is a resounding success that builds on the outcomes of Dubai”.
The UAE and Azerbaijan have forged a close relationship, particularly in the renewable energy sector.
Abu Dhabi clean energy company Masdar and Azerbaijan's state oil company Socar held a ground-breaking ceremony for three major solar and wind projects in the Central Asian country with a total capacity of 1 gigawatt on Tuesday, Abu Dhabi Media Office reported.
These are the 445 megawatt Bilasuvar solar PV, the 315MW Neftchala solar PV and the 240MW Absheron-Garadagh onshore wind projects.
Investment agreements for the projects were reached in October last year, followed by the signing of power purchase pacts, transmission connection deals and land lease agreements.
The plants will offer annual electricity generation of 2.3 billion kilowatt hours, saving more than 500 million cubic metres of natural gas, as well as preventing more than one million tonnes of carbon emissions in the future, officials said.
Masdar, which aims to develop 10 gigawatts of renewable energy projects in Azerbaijan, also opened the 230-megawatt Garadagh Solar Park in the central Asian country last year, the region’s “largest” operational solar plant.
Last year, Masdar opened an office in Baku and pledged to strengthen its support for the country's renewable energy programme. Azerbaijan aims to generate 30 per cent of its total power capacity from clean energy sources by 2030.
Dr Al Jaber also urged the oil and gas industry to lower carbon dioxide and methane emissions.
Last year, 50 oil and gas companies, representing more than 40 per cent of the world's oil production, signed the Oil and Gas Decarbonisation Charter, which calls for net-zero emissions by 2050.
The producers are also aiming for “near-zero” upstream methane emissions and zero-routine flaring by 2030.
“To those who have not signed up yet, I urge to you to do so,” Dr Al Jaber said.
The Cop28 President highlighted that the growth of AI, driven by the expansion of data centres, will necessitate the use of renewable energy along with natural gas.
A surge in power usage from AI data centres could significantly boost natural gas demand in the second half of the decade, according to Tudor Pickering Holt.
An additional 8.5 billion cubic feet per day of natural gas might be needed to keep pace with the increasing demand, the investment bank said in a report in April.
Climate finance
Cop29 will “focus, like no other Cop”, on the issue of climate finance, a key enabler of the UAE consensus, Dr Al Jaber said.
A recent report from the Organisation for Economic Co-operation and Development showed that developed countries provided and mobilised more than $100 billion in climate finance to developing countries in 2022, after failing to do so in previous years.
Dr Al Jaber said he was “encouraged” by the news but added that more finance would be required to ensure availability and accessibility.
Alterra, a private investment vehicle launched during Cop28, aims to raise $250 billion globally in the next six years to create a fairer climate finance system. It was initiated with a $30 billion commitment from the UAE.
“We face unprecedented challenges. Yet within these challenges lies an unparalleled opportunity to redefine our future – to pivot towards a path of sustainability and resilience,” said Dr Al Jaber.
In a report on Tuesday, the International Energy Agency said that countries' climate plans are yet to be aligned with the goal to triple renewable energy capacity worldwide by the end of the decade, as agreed at Cop28.
Of the 194 nationally determined contributions (NDCs) previously submitted, only 14 include explicit targets for total renewable power capacity for 2030, the Paris-based agency said.
Renewable capacity ambitions by 2030 across NDCs stand at slightly more than 1,300 gigawatts, about 12 per cent of the global pledge to have an installed renewable capacity of at least 11,000 gigawatts, the IEA said.
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
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Engine: 2.0-litre 4cyl turbo
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Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
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White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
Under 19 World Cup
Group A: India, Japan, New Zealand, Sri Lanka
Group B: Australia, England, Nigeria, West Indies
Group C: Bangladesh, Pakistan, Scotland, Zimbabwe
Group D: Afghanistan, Canada, South Africa, UAE
UAE fixtures
Saturday, January 18, v Canada
Wednesday, January 22, v Afghanistan
Saturday, January 25, v South Africa
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
More from Neighbourhood Watch
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.”
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
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Power: 450hp
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UAE currency: the story behind the money in your pockets
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
UAE currency: the story behind the money in your pockets
WITHIN%20SAND
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Profile Box
Company/date started: 2015
Founder/CEO: Mohammed Toraif
Based: Manama, Bahrain
Sector: Sales, Technology, Conservation
Size: (employees/revenue) 4/ 5,000 downloads
Stage: 1 ($100,000)
Investors: Two first-round investors including, 500 Startups, Fawaz Al Gosaibi Holding (Saudi Arabia)