A year ago I believed that 2020 would be remembered for being the year when the world finally got its act together on climate action. The signs were all positive: public pressure was being matched by political will, targets were being put in place and footage of wildfires and storm damage were figuring high on the media agenda.
The pandemic put those hopes on hold. News of climate change was eclipsed by Covid-19. I do sincerely hope, however, that 2020 was just a bump in the road, a matter of opportunities delayed rather than thwarted. In fact, with the world pinning its hopes on a post-Covid ‘green recovery’ fuelled by infrastructure spending, I believe that this year we are looking at opportunities to enact real, long-term change and limit global warming to 1.5°C by the end of the century. Unchecked climate change, after all, will be far more devastating for the world than Covid-19.
The pandemic may well have focused our collective will. The global response to it – and particularly the speed at which vaccines were developed, tested and rolled out – shows that governments, businesses, investors and researchers can work together to ensure that resources can be allocated where they can be most effective.
It is my hope that this year’s Abu Dhabi Sustainability Week (ADSW) will be remembered as a platform through which we helped forge this collective will – with regard to the green recovery and to climate action. The sustainability week has for more than a decade now been one of the world's most recognised gatherings of its kind. This year, with ADSW being held virtually, the event aims to bring together more of the world’s most influential experts and leaders in sustainability and climate action than ever before.
We aim to reduce our carbon emissions by 23.5 per cent by 2030
We’re building on solid momentum. Between 2015 and 2020, solar and wind capacity around the world more than doubled – from less than 700GW to more than 1,400GW. By early 2020 renewable sources were accounting for 28 per cent of global energy generation. At the same time US President-elect Joe Biden, through his initiative Build Back Better, is putting sustainable infrastructure investment and clean energy transition at the top of his agenda. We had the honour of hosting Mr Biden at Masdar City, when he visited the UAE in 2016 and he expressed a keenness to enhance co-operation between the US and the UAE in clean energy.
For over a decade now, the UAE and Masdar have played a leading role in supporting climate action, both here and abroad.
At Masdar City, for example, we have created a sustainability ecosystem, which is home to more than 900 innovative enterprises from around the world and that allows new ideas to thrive. With partners including Taqa and EDF Renewables, we are proud to be part of the 2 gigawatts Al Dhafra solar project – a testament to the UAE’s commitment to clean energy.
This commitment was further reinforced recently, at the end of 2020, with the UAE’s leadership announcing we would reduce our carbon emissions by 23.5 per cent by 2030, in line with our commitment to the Paris Agreement. This translates into absolute emission reduction of about 70 million tonnes and will be achieved through: more clean energy capacity, as well as boosting energy efficiency, increasing carbon capture, promoting sustainable agriculture and implementing environment-friendly waste management.
In the UAE, our clean power capacity – including solar and nuclear – is set to meet the target of 14GW by 2030, increasing from just over 100 megawatts in 2015 and 2.4GW in 2020. Masdar pledged in 2019 to double the capacity of our generation portfolio, then at 4GW, within five years. In fact, we exceeded that target in 2020. Our portfolio, including operational projects and those under delivery, has a capacity of more than 10GW, displacing some 16 million tonnes of carbon emissions each year.
Any green recovery that is committed to mitigating climate change will require the highest levels of collaboration and partnership between countries, businesses, and societies – and here, too, we see opportunities in 2021. When it comes to technology, we must invest more into the potential energy sources of the future, such as green hydrogen, as well as find more efficient battery and storage solutions, develop smart grids and introduce mobility infrastructure such as charging stations.
The historic Abraham Accords between Israel and the UAE will bring about a new era of co-operation and co-investment in clean energy, among other opportunities. And at the end of this year, we at Masdar will be part of the UAE’s delegation to the UN climate talks, COP26, where progress must be made on drawing a roadmap to achieving the UN Sustainability Goals.
In 2021, the stakes may never have been higher, but the opportunities have never been greater.
Mohamed Jameel Al Ramahi is the chief executive of Masdar
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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.”
SCHEDULE
Thursday, December 6
08.00-15.00 Technical scrutineering
15.00-17.00 Extra free practice
Friday, December 7
09.10-09.30 F4 free practice
09.40-10.00 F4 time trials
10.15-11.15 F1 free practice
14.00 F4 race 1
15.30 BRM F1 qualifying
Saturday, December 8
09.10-09.30 F4 free practice
09.40-10.00 F4 time trials
10.15-11.15 F1 free practice
14.00 F4 race 2
15.30 Grand Prix of Abu Dhabi
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The biog
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It provided services to around 200 ports across 50 countries.
They also provide port chaplains to help them deliver professional welfare services.
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Super Rugby play-offs
Quarter-finals
- Hurricanes 35, ACT 16
- Crusaders 17, Highlanders 0
- Lions 23, Sharks 21
- Chiefs 17, Stormers 11
Semi-finals
Saturday, July 29
- Crusaders v Chiefs, 12.35pm (UAE)
- Lions v Hurricanes, 4.30pm
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Uefa Nations League: How it works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
RESULT
Wolves 1 (Traore 67')
Tottenham 2 (Moura 8', Vertonghen 90 1')
Man of the Match: Adama Traore (Wolves)
The%20specs%3A%202024%20Mercedes%20E200
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SPECS
Mini John Cooper Works Clubman and Mini John Cooper Works Countryman
Engine: two-litre 4-cylinder turbo
Transmission: nine-speed automatic
Power: 306hp
Torque: 450Nm
Price: JCW Clubman, Dh220,500; JCW Countryman, Dh225,500
The studios taking part (so far)
- Punch
- Vogue Fitness
- Sweat
- Bodytree Studio
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- Inspire Sports (Ladies Only)
- Cryo
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
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15 years, 235 days old
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Killing of Qassem Suleimani