British Prime Minister Keir Starmer and Norwegian Prime Minister Jonas Gahr Stor meet in Bergen. AP
British Prime Minister Keir Starmer and Norwegian Prime Minister Jonas Gahr Stor meet in Bergen. AP
British Prime Minister Keir Starmer and Norwegian Prime Minister Jonas Gahr Stor meet in Bergen. AP
British Prime Minister Keir Starmer and Norwegian Prime Minister Jonas Gahr Stor meet in Bergen. AP

UK and Norway launch cross-border carbon capture project


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UK Prime Minister Keir Starmer hailed Britain and Norway's “strong history, shared thinking and values” as the two countries unveiled a new green energy partnership in renewable energy and carbon capture on Monday.

Mr Starmer visited a carbon transport and storage centre in Norway to witness first-hand how such projects can regenerate industrial heartlands in the UK, leading to job creation and a boost to the economy. The UK and Norway have a long-standing relationship in the energy sector, with Norway being one of the largest supplies of natural gas to Britain. It is hoped the Green Industrial Partnership will be signed in the spring of 2025.

Speaking in Norway on Monday at a press conference, Mr Starmer said the recent carbon capture announcements in the UK will provide "good, well paid jobs for many years to come".

"Carbon capture has a potential for decades and decades of work, and we're probably two of the best placed countries in the world in relation to this cutting edge technology, this approach," he added.

Norway's Prime Minister Jonas Gahr Store said the technology was considered science fiction a few years ago. "Carbon capture and storage has to be part of a solution to reach our climate ambitions, while dealing with industry, with development and securing jobs," he said.

"So I'm very pleased to be able to show my friend what has happened here and so moving ahead with CCS (carbon capture and storage) and that Norwegian expertise and industrial skills are part of that endeavour."

The countries have also committed to “identify gaps and challenges” to develop the North Sea as a hub for carbon storage and strike a bilateral agreement or arrangement for the cross-border transport of carbon dioxide.

Speaking ahead of the trip, Mr Starmer said the energy partnership with Norway, which has a border with Russia, would help to boost growth and protect against increases in international energy prices, such as that which followed President Vladimir Putin's invasion of Ukraine.

UK Prime Minister Keir Starmer with Norwegian leader Jonas Gahr Store and British and Norwegian military personnel in Norway. AFP
UK Prime Minister Keir Starmer with Norwegian leader Jonas Gahr Store and British and Norwegian military personnel in Norway. AFP

“It will harness the UK's unique potential to become a world leader in carbon capture – from the North Sea to the coastal south – reigniting industrial heartlands and delivering on our plan for change,” he said.

In addition to the launch of the Green Industrial Partnership, the UK and Norway will also expand their work on developing the North Sea as a hub for carbon storage and the development of a bilateral arrangement for transporting carbon dioxide across each other's borders under the London Protocol, an environmental treaty that deals with the sea transport of carbon dioxide and other substances.

The UK is aiming to become a world leader in carbon capture, utilisation and storage (CCUS), and has set aside £21.7 billion of funding over the next 25 years. This will be allocated to carbon capture and storage projects, as well as the development of hydrogen as an alternative energy source.

“We work closely with the UK in a wide range of areas,” Mr Store said. “We have co-operated in the field of carbon capture and storage for more than 20 years, and further strengthening our co-operation with the UK will help us to cut emissions and create green jobs. It is important to show our partners what Norway can bring to the table in our joint efforts to achieve our common goals.”

The launch comes just days after the government signed the first CCUS contracts in the UK. The Northern Endurance Partnership and the Net Zero Teesside projects involve BP and the Norwegian energy company Equinor, and it's predicted the initiatives will create thousands of skilled jobs in the north of England and deliver clean energy to one million UK homes within the next three years.

Burbo Bank wind farm in Liverpool Bay, in the Irish Sea. Getty Images
Burbo Bank wind farm in Liverpool Bay, in the Irish Sea. Getty Images

In addition, collaboration between Norwegian company Vargronn and UK company Flotation Energy continues apace with the announcement of front-end engineering and design contracts at the pairs' joint venture floating offshore wind farm Green Volt. Located off the north-east of Scotland, Green Volt is the first major commercial floating wind development in Europe.

Last week, the Norwegian clean energy company Statkraft broke ground on the Swansea Greener Grid Park in Wales, a £70 million project that will use low carbon technology to improve grid stability and reduce the need to use fossil fuel power plants. Statkraft has already completed two similar projects in the UK and invested £1.4 billion in Britain's broader renewable energy infrastructure.

Three ways to get a gratitude glow

By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.

  • During your morning skincare routine, name five things you are thankful for about yourself.
  • As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
  • In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

SPECS
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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%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A
The five pillars of Islam
Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

INDIA SQUAD

Virat Kohli (capt), Rohit Sharma, Shikhar Dhawan, KL Rahul, Vijay Shankar, MS Dhoni (wk), Kedar Jadhav, Dinesh Karthik, Yuzvendra Chahal, Kuldeep Yadav, Bhuvneshwar Kumar, Jasprit Bumrah, Hardik Pandya, Ravindra Jadeja, Mohammed Shami

JUDAS AND THE BLACK MESSIAH

Directed by: Shaka King

Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons

Four stars

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Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

Six tips to secure your smart home

Most smart home devices are controlled via the owner's smartphone. Therefore, if you are using public wi-fi on your phone, always use a VPN (virtual private network) that offers strong security features and anonymises your internet connection.

Keep your smart home devices’ software up-to-date. Device makers often send regular updates - follow them without fail as they could provide protection from a new security risk.

Use two-factor authentication so that in addition to a password, your identity is authenticated by a second sign-in step like a code sent to your mobile number.

Set up a separate guest network for acquaintances and visitors to ensure the privacy of your IoT devices’ network.

Change the default privacy and security settings of your IoT devices to take extra steps to secure yourself and your home.

Always give your router a unique name, replacing the one generated by the manufacturer, to ensure a hacker cannot ascertain its make or model number.

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FIXTURES

All times UAE ( 4 GMT)

Saturday
Fiorentina v Torino (8pm)
Hellas Verona v Roma (10.45pm)

Sunday
Parma v Napoli (2.30pm)
Genoa v Crotone (5pm)
Sassuolo v Cagliari (8pm)
Juventus v Sampdoria (10.45pm)

Monday
AC Milan v Bologna (10.45om)

Playing September 30

Benevento v Inter Milan (8pm)
Udinese v Spezia (8pm)
Lazio v Atalanta (10.45pm)

Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

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.”

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The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
MATCH INFO

Uefa Champions League semi-finals, first leg
Liverpool v Roma

When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome

De De Pyaar De

Produced: Luv Films, YRF Films
Directed: Akiv Ali
Cast: Ajay Devgn, Tabu, Rakul Preet Singh, Jimmy Sheirgill, Jaaved Jaffrey
Rating: 3.5/5 stars

UAE currency: the story behind the money in your pockets
Lewis Hamilton in 2018

Australia 2nd; Bahrain 3rd; China 4th; Azerbaijan 1st; Spain 1st; Monaco 3rd; Canada 5th; France 1st; Austria DNF; Britain 2nd; Germany 1st; Hungary 1st; Belgium 2nd; Italy 1st; Singapore 1st; Russia 1st; Japan 1st; United States 3rd; Mexico 4th

What is graphene?

Graphene is extracted from graphite and is made up of pure carbon.

It is 200 times more resistant than steel and five times lighter than aluminum.

It conducts electricity better than any other material at room temperature.

It is thought that graphene could boost the useful life of batteries by 10 per cent.

Graphene can also detect cancer cells in the early stages of the disease.

The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

Company%20profile
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Updated: December 19, 2024, 11:23 AM