The Mohammed bin Rashid Al Maktoum Solar Park. Dewa
The Mohammed bin Rashid Al Maktoum Solar Park. Dewa
The Mohammed bin Rashid Al Maktoum Solar Park. Dewa
The Mohammed bin Rashid Al Maktoum Solar Park. Dewa


Clean Energy Day should be a clarion call to accelerate the energy transition


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January 26, 2024

The future of energy is clean. This is not simply a dream, a wish, or a hope. It is an absolute necessity. With global co-ordination, collaboration and commitments backed by investments, clean energy can be the unstoppable force that turns the tide on climate change.

With the clear commitments made by the global climate community to a transition away from fossil fuels, and the Renewables and Energy Efficiency Pledge – both announced and fortified in binding language at Cop28 – we are on a pathway to a clean energy, net-zero future, with 1.5°C still within our sights.

Today, the imperative of our clean energy future is in the spotlight, as we observe the inaugural International Day of Clean Energy. This now-official UN observance day arrives on a note of both satisfaction and determination for the UAE.

Satisfaction because for more than two decades, the UAE has driven the clean and renewable energy agenda in the Middle East and beyond. As steadfast advocates and believers in the potential of the Earth’s natural resources as global energy solutions, we have invested, and continue to invest heavily, in the institutions, talent and technologies that have accelerated the capabilities and capacities of our local, regional and international renewable energy systems.

And that is why the UAE, alongside Panama and the International Renewable Energy Agency (Irena), threw its full weight behind bringing the International Day of Clean Energy Day to fruition.

The celebration of this day by the entire international community is symbolic of the galvanising and unifying role the UAE continues to play in driving collective commitments to realising a sustainable, net-zero future.

Irena director-general Francesco La Camera at the 26th meeting of the Irena Council in Abu Dhabi. Leslie Pableo / The National
Irena director-general Francesco La Camera at the 26th meeting of the Irena Council in Abu Dhabi. Leslie Pableo / The National
Clean energy is the cornerstone of a sustainable future, bridging developmental gaps and opening up a wealth of social, economic and human development opportunities

And determination because we have ambitious targets and deadlines we cannot afford to miss. Thanks to the research and advocacy work done by Irena, the Cop28 Renewables and Energy Efficiency Pledge places the global community’s crosshairs on a target of triple global renewable energy capacity to more than 11,000 gigawatts by 2030. That is what is needed to ensure that we correct the course from our current trajectory of 2.6°C warming to the critical 1.5°C threshold.

At the same time, as we fast-track the energy transition and build clean and renewable energy capacities, we must also recognise a fundamental truth in the process. Access to clean energy is no longer a luxury; it is a fundamental human right, as the UN’s seventh Sustainable Development Goal makes clear. The necessity of clean energy for all cannot be overstated. Clean energy is the cornerstone of a sustainable future, bridging developmental gaps and opening up a wealth of social, economic and human development opportunities.

There are three further reasons why the world is increasingly focusing on clean energy.

First, clean energy represents the most environmentally friendly and economically viable alternatives to the energy system of today.

It plays a crucial role in reducing greenhouse gas emissions, which are the primary drivers of global warming.

Renewable energy and electrification can deliver up to 75 per cent of the energy-related CO2 emissions reductions needed to steer towards a 1.5°C pathway. At the same time, expanding renewable capacity threefold from today’s levels by the end of the decade, as the Renewables Pledge calls for, would avoid about 7 billion tonnes of CO2 emissions between 2023 and 2030, according to the latest research.

Adopting clean energy means not only cleaner air but also a healthier environment and more sustainable resource utilisation. In the GCC states, solar photovoltaic energy has emerged as the most cost-effective option, underscoring the region’s commitment to sustainable practices. And, amid climbing fossil fuel prices, renewables are today the cheapest form of power.

Second, clean energy is imperative for sustainable development. It meets the growing energy demands of diverse economies and is especially vital for vulnerable areas such as refugee camps, informal settlements, and rural and remote communities. The UAE’s commitment to providing 80 per cent renewable energy in peacekeeping operations by 2030 is a testament to our dedication to sustainable development.

The shift to clean energy opens up a range of job opportunities. According to Irena’s “Renewable Energy and Jobs” report, global employment in the energy sector could rise to 139 million jobs by 2030, including nearly 75 million clean energy jobs. This transition is not just about changing how we power our world, it’s about economic transformation.

However, realising this vision requires international co-operation and strategic partnerships between the public and private sector. Increased financing for clean and renewable energy projects is vital. The UAE’s creation of the $30 billion Alterra fund for global climate solutions, announced at Cop28, is a prime example of our commitment to this cause.

The conditions, the solutions and the determination to realise our clean energy future are in place: it can purify our air, meet growing global energy demand, provide energy access to billions and deliver a secure resource future.

Now, we must meet this moment with a collective and binding will, across countries and continents. Let today, as the first International Day of Clean Energy, sound a clarion call to accelerate the energy transition as we chart a course towards a sustainable future paved and powered by clean energy infrastructure.

The most expensive investment mistake you will ever make

When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.

“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.

This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).

Age

$250 a month

$500 a month

$1,000 a month

25

$640,829

$1,281,657

$2,563,315

35

$303,219

$606,439

$1,212,877

45

$131,596

$263,191

$526,382

55

$44,351

$88,702

$177,403

 

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Groom and Two Brides

Director: Elie Samaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
Updated: January 26, 2024, 5:51 AM