Dr Nawal Al-Hosany is permanent representative of the UAE to the International Renewable Energy Agency
March 26, 2024
The science is irrefutable: the security of our climate is in the balance.
New data has confirmed that 2023 was the hottest year on record, and by a considerable margin. The early data we are seeing is a chastening reminder that we must seriously and urgently implement the outcomes from Cop28, because it’s not just the soaring surface temperatures of our planet that are a great and growing cause for concern.
A new report from the World Meteorological Organisation shows that we are breaking – and even smashing, in some instances – climate records across the board. Greenhouse gas levels, surface temperatures, ocean heat and acidification, sea level rises, Antarctic Sea ice cover and glacier retreat all reached worrying new levels.
Last year, the global average near-surface temperature soared to 1.45°C above the 1850-1900 pre-industrial average level, making it the warmest year in the 174-year observational period. This shatters the record of the previous warmest years, which include 2016 at 1.29°C and 2020 at 1.27°C above the pre-industrial baseline.
At the same time, at the end of last winter, the Antarctic Sea ice extent fell by 1 million square kilometres below the previous record low – which is an area about the size as France and Germany combined.
Meanwhile, due to the rapidly warming currents that circle the Atlantic and move water from the Gulf of Mexico up to Greenland and back again, climate scientists have warned that the Atlantic Ocean is reaching a dangerous tipping point. Once breached, this would be followed by extreme and potentially irreversible climate change within decades.
There is a major socioeconomic cost to our climate insecurity. The increased frequency and intensity of the heatwaves, floods, cyclones, droughts and wildfires that ripped through our planet last year uprooted millions of lives and livelihoods, and cost billions of dollars in economic losses. The US alone incurs $150 billion in losses every year due to at least one extreme weather event every three weeks, according to a National Climate Assessment report released towards the end of last year.
From Ink to Action - Using Comic Art to Save the Planet runs until December 22 at Warehouse 58 in Alserkal Avenue. All photos: British Council – Mena
The exhibition is a collaborative project between the Lakes International Comic Art Festival (LICAF) and the British Council – Mena
The exhibition commissioned 12 artists from across the Arab region to explore environmental issues affecting their communities
The artists come from Lebanon, Egypt, Morocco, Algeria and Tunisia
The comics explore stories about environmental issues, water scarcity and misuse, chemical pollution, warfare and displacement
The modules on which the comics are presented are made from recycled plastic obtained from the cosmetic industry
The comics themselves are printed on recycled flex sheets
To decarbonise at the pace we need to, innovation must accelerate at an unprecedented rate
Trying to ignite sustainable growth and development in these conditions is like trying to start a fire in a monsoon. It is time to stop working against the elements, and start working with them. The renewable energy transition, which looks to capture, harness and work with the natural world around us, shows us how we can not only limit – and even reduce – future temperature rises, but also forge a path of economic opportunity by enabling faster and more sustainable growth, creating more jobs, and improving social welfare.
In fact, according to the International Renewable Energy Agency’s research, by 2050, the energy transition could provide a 2.5 per cent improvement in global gross domestic product, at the same time as a 0.2 per cent increase in global employment, compared to business as usual.
To address this unfolding climate catastrophe, there are three things we must focus our energies on. First, we must accelerate the energy transition towards a system that runs on clean and renewable energy solutions.
As Irena’s World Energy Transitions Outlook brief explains, with more than 130 countries committed to radically transforming the energy landscape by adopting Irena’s 1.5°C Scenario recommendation to triple installed renewable power capacity to at least 11 terawatts by 2030, there is a newfound urgency for policymakers, who must now implement the strategies and measures required to facilitate a rapid escalation in renewable energy deployment.
The world added 50 per cent more renewable energy capacity in 2023 compared to the previous year. There is clear momentum here. But we must continue to invest, upwards of $5 trillion a year, into energy transition technologies if we are to meet the demands of a net-zero future.
Second, we must urgently implement the mitigation and adaptation strategies that will help achieve net-zero ambitions. The 1.45°C (with a margin of uncertainty of +/- 0.12°C) temperature we reached last year should sound the red alarm on the possibility of keeping 1.5°C within reach. Right now, we are headed for a catastrophic breach of not only this target, but the “well below 2°C” limit in temperature rises called for in the Paris Agreement. We must see a greater urgency and a serious levelling-up of countries’ nationally determined contributions.
Wind turbines at an onshore windfarm near Brandenburg an der Havel in Germany. Bloomberg
Sticking to Irena’s 1.5°C pathway requires annual emissions reductions of at least 7 per cent between now and the end of the decade. For context, this target is higher the emissions reduction we saw during the pandemic when factories shuttered. And that’s against the current grain of a 1.5 per cent annual increase in emissions – the result of a world playing catch-up on lost productivity time.
On this current trajectory, the required pathway for decarbonisation is only getting steeper. And right now, just 35 per cent of global emissions are covered by national net-zero commitments by 2050. Moreover, fewer than 20 per cent of the world’s top 1,000 private sector companies have set 1.5°C science-based targets.
And third, in direct correlation with net-zero ambitions, we must rapidly decarbonise hard-to-abate industrial sectors and scale up the deployment of proven, mature technologies including solar photovoltaic, wind and electric vehicles.
But, to decarbonise at the pace we need to, innovation must accelerate at an unprecedented rate. The now-mature and scaled-up clean energy technologies such as solar panels took more than three decades from inception to the advanced stage they’re at today. For new technologies such as carbon capture, utilisation and storage, we need to slash the time to mass market.
To ensure that we meet the requirements of these three criteria that underpin the energy transition, we must upgrade, expand and modernise our infrastructure. We need to establish regulatory frameworks and markets suited to the era of renewables. We must mobilise the finance to make it all possible. And our efforts must be driven by an inclusive, solutions-oriented approach to multilateralism and international co-operation that not only promises to leave no one behind, but also guarantees it.
Only this will ensure that the energy we need to make the world tick does not come at the expense of our long-term future on this planet.
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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.
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.
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45 3')
Southampton 0
Dust and sand storms compared
Sand storm
Particle size: Larger, heavier sand grains
Visibility: Often dramatic with thick "walls" of sand
Duration: Short-lived, typically localised
Travel distance: Limited
Source: Open desert areas with strong winds
Dust storm
Particle size: Much finer, lightweight particles
Visibility: Hazy skies but less intense
Duration: Can linger for days
Travel distance: Long-range, up to thousands of kilometres
Source: Can be carried from distant regions
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.”
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills
Tips to stay safe during hot weather
Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
T10 Cricket League
Sharjah Cricket Stadium
December 14- 17
6pm, Opening ceremony, followed by:
Bengal Tigers v Kerala Kings
Maratha Arabians v Pakhtoons
Tickets available online at q-tickets.com/t10
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
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.