Sunjay Sudhir, India's ambassador to the UAE, has backed the Emirates to ensure Cop28 is a summit of action and called on the global community to remain united in the fight against climate change.
He said an inclusive approach to crunch talks fostered by Dr Sultan Al Jaber, Cop28 President-designate, would be key to bringing about change at the conference and beyond.
The envoy said it was clear the world remained “off-track” in its goal to limit global temperature rises to no more than 1.5°C above pre-industrial levels, as set out by the Paris Agreement at Cop21.
World leaders, senior officials and climate advocates will convene at Cop28, which will be held at Expo City Dubai from November 30 to December 12.
We see the UAE being fully committed to making Cop28 a Cop of action
Sunjay Sudhir
Mr Sudhir dismissed concerns raised in some quarters over the UAE's hosting of the event and Dr Al Jaber's role leading the summit, due to his position as head of the Abu Dhabi National Oil Company.
“I do not see any irony in UAE hosting Cop. At times, Cop will be hosted by countries who are net exporters of fossil fuels and at other times by those who are not net importers [of fossil fuels],” Mr Sudhir told The National on Monday.
“We see the UAE being fully committed to making Cop28 a Cop of action and not mere assertions. Fossil fuels cannot be wished away. Let us be realistic and make fossil fuels a part of the solution.”
A letter signed by a number of members of the US Congress and the European Parliament called for the influence of oil and gas lobbyists to be curbed at this year's climate talks.
It called on Dr Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology, to withdraw as the summit’s President-designate because he heads the Abu Dhabi National Oil Company.
The letter puts the signatories at odds with the US and EU’s top leadership.
“Dr Sultan Al Jaber is an experienced diplomat and business leader, including as chairman of renewable energy company Masdar,” a US government official told The National last week.
Nicholas Lyons, Lord Mayor of London, echoed those sentiments, saying the UAE had been “extraordinarily methodical” in its approach to its hosting duties.
“It's really timely this is being hosted by a hydrocarbon economy and it's being chaired by someone who chairs a hydrocarbon company with a background as the chief executive of a renewable technology company,” he said.
Mr Sudhir said Dr Jaber’s solid track record in renewables as the chief executive and chairman of Masdar and his participation in a number of previous Cop events demonstrated his credentials for the task in hand.
“It is a qualification which I do not think any single individual can ever bring to the table,” said the envoy.
“Dr Sultan’s idea of creating an inclusive discourse is actually what the world needs today for action. All reports point to one single fact – the world is off track on the 1.5°C targets and the only way we can do anything about it is if everyone works together,” he added.
Call to support developing nations
Mr Sudhir underlined the importance of addressing the disproportionate impact of climate change on developing nations, which threatens to exacerbate poverty, inequality, food security, water availability, and health challenges.
He spoke of the need for the Global North – a term used to describe more developed nations such as those in North America and Europe – to deliver support to those in the Global South, spanning Latin America, Africa, Asia and Oceania.
The diplomat welcomed the UAE's call to Global North nations to fulfil their commitment of $100 billion for the Green Climate Fund.
The lopsided nature of the current climate action agenda, he said, predominantly benefits a small percentage of the world's population and overlooks the needs of the Global South.
“For the Global South, there are challenges of energy availability, accessibility and affordability.
“It is in need of technologies and focus on adaptation which can enable them to transition and meet their energy needs simultaneously. Unfortunately, Global North has hardly paid any attention to this fact,” he said.
The ambassador stressed the critical juncture at which the world finds itself, where choices need to be balanced between the imperative to adhere to the 1.5°C pathway and the need for the Global South to grow and develop.
“The Global South, including Sids [Small Island Developing States] and other developing countries, have contributed least to climate change but they suffer some of the worst consequences and are most vulnerable,” he said.
'Carbon capture technology is effective'
When asked about the UAE's emphasis on the strategy of carbon capture and storage (CCUS) technology, Mr Sudhir said it its effective for countries still dependent on fossil fuels.
CCUS is a process in which carbon dioxide is stored permanently underground, or turned into solid minerals or other useful products.
“Expectations that energy transition in the Global South will happen directly to renewable energy are neither realistic nor within the reach of countries of the Global South,” he said.
“The role of clean fossil fuels will be an integral part of a just, fair, and equitable energy transition. Only an energy transition which considers the developmental needs of the Global South will be most effective.”
CCUS is part of India’s Long-Term Low Emissions and Development Strategies announced at Cop 27 in Sharm El Sheikh. This includes technology that can capture carbon from polluting industries, so it never reaches the atmosphere, as well as advancing similar technologies.
As India aspires to become a $10 trillion economy by 2030, Mr Sudhir said his country is committed to balancing net-zero targets with concrete climate action.
“India is a global energy transition leader. Just, fair and equitable energy transition is a critical pillar of India’s growth and development agenda.”
He said India had made significant strides in renewable energy, with doubled hydropower capacity, a 22-fold increase in solar installed capacity, and significant reductions in solar tariffs.
“India stands fourth globally in Renewable Energy installed capacity including large hydro power. Nearly 43 per cent of total installed capacity comes from non-fossil fuel sources,” he said.
“India has set a target to reduce the carbon intensity of the nation’s economy by at least 45 per cent by the end of the decade, achieve 50 per cent cumulative electric power installed by 2030 from renewables, and achieve net-zero carbon emissions by 2070.”
The National Green Hydrogen Mission launched by India with the aim to produce 5 million tonnes of green hydrogen annually will result in 50 million tonnes of cumulative CO2 emissions abatement, he said.
Sheikh Mohammed reviews Cop28 preparations – in pictures
A German university was a good fit for the family budget
Annual fees for the Technical University of Munich - £600
Shared rental accommodation per month depending on the location ranges between £200-600
The family had budgeted for food, books, travel, living expenses - £20,000 annually
Overall costs in Germany are lower than the family estimated
As proof that the student has the ability to take care of expenses, international students must open a blocked account with about £8,640
Students are permitted to withdraw £720 per month
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
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Basquiat in Abu Dhabi
One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi.
The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier.
It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.
“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi.
Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October
8 UAE companies helping families reduce their carbon footprint
Greenheart Organic Farms
This Dubai company was one of the country’s first organic farms, set up in 2012, and it now delivers a wide array of fruits and vegetables grown regionally or in the UAE, as well as other grocery items, to both Dubai and Abu Dhabi doorsteps.
www.greenheartuae.com
Modibodi
Founded in Australia, Modibodi is now in the UAE with waste-free, reusable underwear that eliminates the litter created by a woman’s monthly cycle, which adds up to approximately 136kgs of sanitary waste over a lifetime.
www.modibodi.ae
The Good Karma Co
From brushes made of plant fibres to eco-friendly storage solutions, this company has planet-friendly alternatives to almost everything we need, including tin foil and toothbrushes.
www.instagram.com/thegoodkarmaco
Re:told
One Dubai boutique, Re:told, is taking second-hand garments and selling them on at a fraction of the price, helping to cut back on the hundreds of thousands of tonnes of clothes thrown into landfills each year.
www.shopretold.com
Lush
Lush provides products such as shampoo and conditioner as package-free bars with reusable tins to store.
www.mena.lush.com
Bubble Bro
Offering filtered, still and sparkling water on tap, Bubble Bro is attempting to ensure we don’t produce plastic or glass waste. Founded in 2017 by Adel Abu-Aysha, the company is on track to exceeding its target of saving one million bottles by the end of the year.
www.bubble-bro.com
Coethical
This company offers refillable, eco-friendly home cleaning and hygiene products that are all biodegradable, free of chemicals and certifiably not tested on animals.
www.instagram.com/coethical
Eggs & Soldiers
This bricks-and-mortar shop and e-store, founded by a Dubai mum-of-four, is the place to go for all manner of family products – from reusable cloth diapers to organic skincare and sustainable toys.
www.eggsnsoldiers.com