Dr Nawal Al-Hosany is permanent representative of the UAE to the International Renewable Energy Agency
May 22, 2023
For more than a decade, the Petersberg Climate Dialogue (PCD) has provided a stage to strengthen trust between states in multilateral climate negotiations. That trust runs in three directions.
Trust that the Cop presidency and its parties are plugged into, and prioritising, the most critical issues on the climate agenda. Trust that the international community can reach a consensus on implementing commitments and pledges. And trust that climate leaders will match the rhetoric of the negotiations text to their actions in the real world, and deliver a viable pathway to net zero and a sustainable future.
On this, the UAE is in a strong position to deliver on the crucial metrics of the climate trust barometer.
In his address to the parties gathered in Berlin for this year’s PCD, Dr Sultan Al Jaber, President-designate of the Cop28 summit, acknowledged that “Expectations are high. Trust is low,” while delivering a clear, pertinent message that collaboration and determination are needed across the international community to ensure that Cop28 delivers “transformational results”.
Green spaces and architecture displays at Expo 2020 Dubai. Antonie Robertson / The National
This is precisely the opportunity that we have at hand with Cop28 – the year of the first global stocktake since the Paris Agreement. The UAE can demonstrate its commitment to transformative global climate action by demonstrating the possibilities of a post-hydrocarbon-reliant economy, and outlining the bold steps that can take us there.
Finding common ground across the factions in the climate space it essential. By coming together, we can deliver impactful climate action and sustainable economic development – they are not mutually exclusive.
Addressing the most urgent climate challenges and opportunities – such as the energy transition – goes hand in hand with sustainable economic growth, especially for those in the most vulnerable communities.
A man walks through his flooded compound to a road, in Northern Bahr el Ghazal State, South Sudan, on October 20, 2021. His field of sorghum, which fed his family, is under water. AP
Today, the world’s least developed economies comprise more than half the world’s population. They contribute just 12 per cent of global emissions. And yet, they find themselves on the frontlines of the changing climate, most vulnerable to erratic weather patterns, and the most likely to be displaced by extreme weather events. At the same time, more than 770 million people have no access to electricity.
The UAE is a recognised bridge builder – a trusted partner to countries between East and West, Global South and Global North
The link between human health, economic opportunity and energy access is critical in energy transition and broader climate action. It is a link that Cop28 is setting out to address head on. Indeed, Cop28 UAE will be the first Cop with a day dedicated to health – with the first health and climate ministerial, scheduled for the first day of the conference’s programming and after the World Climate Action Summit.
Delivering outcomes and results across each of the thematic days at Cop28, as well as the negotiated text that will form the content of the Cop28 Agreement, hinges on our ability to build consensus and bring all stakeholders around the table to design an inclusive, comprehensive roadmap for a sustainable future.
In this regard, the UAE’s credentials and its convening power speak for themselves. As home of the International Renewable Energy Agency (Irena), the UAE is a recognised bridge builder – a responsible and trusted partner to countries between East and West, Global South and Global North. This places the country in an ideal position to foster consensus on climate diplomacy and progress.
As the Cop28 presidency has emphasised, partnerships will be key to climate progress. We saw the UAE’s ability to forge impactful partnerships in action at the first-ever Climate Tech Forum last week in Abu Dhabi, where Irena and Masdar signed an agreement to set a roadmap to triple global renewable energy capacity by 2030.
The two entities will collaborate to establish a global baseline for renewable energy, with a focus on solar, wind, hydropower, geothermal and other technologies, including battery storage. These will be complemented by region-specific data to ensure continued and swift progress in renewable capacity.
In the 17 years since the UAE leadership established Masdar, the cost of a kilowatt hour of solar energy in 2006 has fallen to under 2 cents. We need to double down on the tenets of innovation and collaboration that have brought us to this point, so we can bring costs down further, lower barriers to entry and improve energy access.
This approach of innovative collaboration and pioneering partnerships aligns with the approach we are seeing in the lead up to Cop28, which underscores the power of partnerships, invests in inclusivity and demands delivery. It is an approach that recognises immense opportunity in the face of adversity. And it is one that is predicated on unity and ending polarity.
With these principles in place, Cop28 can seize the moment, and turn an inflection point for trust in the climate process into a turning point for unified climate action.
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
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.
Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa
Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia
How much do leading UAE’s UK curriculum schools charge for Year 6?
Nord Anglia International School (Dubai) – Dh85,032
Kings School Al Barsha (Dubai) – Dh71,905
Brighton College Abu Dhabi - Dh68,560
Jumeirah English Speaking School (Dubai) – Dh59,728
Gems Wellington International School – Dubai Branch – Dh58,488
The British School Al Khubairat (Abu Dhabi) - Dh54,170
Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
BOSH!'s pantry essentials
Nutritional yeast
This is Firth's pick and an ingredient he says, "gives you an instant cheesy flavour". He advises making your own cream cheese with it or simply using it to whip up a mac and cheese or wholesome lasagne. It's available in organic and specialist grocery stores across the UAE.
Seeds
"We've got a big jar of mixed seeds in our kitchen," Theasby explains. "That's what you use to make a bolognese or pie or salad: just grab a handful of seeds and sprinkle them over the top. It's a really good way to make sure you're getting your omegas."
Umami flavours
"I could say soya sauce, but I'll say all umami-makers and have them in the same batch," says Firth. He suggests having items such as Marmite, balsamic vinegar and other general, dark, umami-tasting products in your cupboard "to make your bolognese a little bit more 'umptious'".
Onions and garlic
"If you've got them, you can cook basically anything from that base," says Theasby. "These ingredients are so prevalent in every world cuisine and if you've got them in your cupboard, then you know you've got the foundation of a really nice meal."
Your grain of choice
Whether rice, quinoa, pasta or buckwheat, Firth advises always having a stock of your favourite grains in the cupboard. "That you, you have an instant meal and all you have to do is just chuck a bit of veg in."
Virtual banks explained
What is a virtual bank?
The Hong Kong Monetary Authority defines it as a bank that delivers services through the internet or other electronic channels instead of physical branches. That means not only facilitating payments but accepting deposits and making loans, just like traditional ones. Other terms used interchangeably include digital or digital-only banks or neobanks. By contrast, so-called digital wallets or e-wallets such as Apple Pay, PayPal or Google Pay usually serve as intermediaries between a consumer’s traditional account or credit card and a merchant, usually via a smartphone or computer.
What’s the draw in Asia?
Hundreds of millions of people under-served by traditional institutions, for one thing. In China, India and elsewhere, digital wallets such as Alipay, WeChat Pay and Paytm have already become ubiquitous, offering millions of people an easy way to store and spend their money via mobile phone. Indonesia, Vietnam and the Philippines are also among the world’s biggest under-banked countries; together they have almost half a billion people.
Is Hong Kong short of banks?
No, but the city is among the most cash-reliant major economies, leaving room for newcomers to disrupt the entrenched industry. Ant Financial, an Alibaba Group Holding affiliate that runs Alipay and MYBank, and Tencent Holdings, the company behind WeBank and WeChat Pay, are among the owners of the eight ventures licensed to create virtual banks in Hong Kong, with operations expected to start as early as the end of the year.
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
