For the five billion years that our sun has existed, so has solar power. Naturally, our Earth has, ever since its inception some 4.7bn years ago, relied on the sun’s energy. While humans have not been around that long, we too have always relied on the sun. Today, however, we seem to have forgotten the power and significance of this elementary cosmological principle. It is time to remember it.
Relatively speaking, we have only recently found a viable and affordable way to convert solar power into electricity. In this sense, solar has been playing catch-up to the more expedient forms of energy that we have used to heat our homes, fuel our transport systems and power industry and manufacturing in the wake of the industrial revolution. But it has caught up. And it’s time to embrace the modernisation of our innately heliocentric ways.
We need only look at the history of our natural world and its current trajectory to see why. As anyone who has seen David Attenborough's most recent Netflix documentary, A Life on Our Planet, will know that our plants capture 3 trillion kilowatt hours of solar energy each day – that's almost 20 times the energy we need to live, from sunlight alone.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, inaugurated Dewa's Innovation Centre. Wam
So why are we looking elsewhere for our energy, when everything we need is already beaming down on us every day?
The answer lies in aligning the financial demands of a globalised world predicated on capitalist models with the needs of the planet. Only when it makes financial sense for investors and venture capitalists will renewable energies, such as solar, become desirable as well as essential.
In this sense, we must find a way to make solar power a currency in its own right. A commodity that is cherished and valued in the same way that fossil fuels and money have been. We have already seen this new kind of currency emerging in the form of Renewable Energy Credits (REC), a system enabled by blockchain technologies that has begun to clearly show the intrinsic value of renewables. To do this, we need to turn the attention of our banks, private equity and venture capital firms to solar.
If we do not take a proactive approach to pitching the benefits of solar to investors, we will lose more of our biodiversity, our climate will grow ever more volatile and our public health, particularly for those who live in cities, will be taken to the precipice. Generating wealth is useful for economic development and social mobility. But what use will that money be if its source is jeopardising the very future it is being saved for?
This point is particularly pertinent in light of a recent Irena report, published in early November that claimed that institutional investors – sitting on an estimated $87tn of global assets – supplied just 2 per cent of investment for renewables in 2017 and 2018.
But the momentum is there. Indeed, European Investment Bank president, Werner Hoyer, said recently at the Finance in Common Summit that diversifying investments into renewable energy sources to curtail planet-warming greenhouse gas emissions is “not only a question of political wishful thinking, but also good economics”. At the same summit, the world’s public development banks pledged to align their investments with the Paris Agreement on climate change. They did not, however, offer any stance on phasing out fossil fuel subsidies.
Knowing solar to be integral to the future we need to build and invest in, the UAE was an early adopter of the power and potential of solar. Guided by the nation’s 2050 Energy Strategy, we have made great strides in our journey to put the sun back at the centre of our world; a point exemplified with two recent examples.
In May 2020, the Dubai Electricity and Water Authority awarded the 900MW photovoltaic fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park to a consortium led by ACWA Power. The consortium’s winning tariff of $1.7/kWh setting was at the time a new global benchmark for solar energy. Then, two months later, the 2GW Al Dhafra solar project in Abu Dhabi was awarded to a French-Chinese bidder consortium of EDF Renewables and Jinko Power Technology Co, Ltd at a bid of $1.35 per kilowatt-hour, setting a new global benchmark.
This means that solar energy is no longer just a competitive option. It is now the most affordable and goes a long way to fulfilling the promise that renewable energy sources will eventually become the most cost-effective means of energy production. And in the days ahead, as we build back better from the coronavirus pandemic fallout, we have a chance to restructure our economies with solar at the centre.
Economic analysts surveyed in a Reuters poll suggested that the GCC states will begin to rebound and rebuild in 2021, having been hit particularly hard by Covid-19’s impact on oil demand and prices.
A customer sits on a display chair to use his laptop while shopping in an Ikea store in Riyadh, Saudi Arabia, on Tuesday, May 19. 2020. Bloomberg
A customer wears a protective face mask while shopping in an Ikea store in Riyadh, Saudi Arabia, on Tuesday, May 19. 2020. Bloomberg
Muslims pray during the Muslim holy night of Laylat Al Qadr while practicing social distancing, following the outbreak of the coronavirus, at the Grand Mosque in Mecca, Saudi Arabia May 19, 2020. Saudi Press Agency/Handout via Reuters
Empty seats and tables are seen in a restaurant after its reopening at 30 per cent capacity in Dubai, United Arab Emirates on May 13, 2020. Reuters
Triathlete Brett Hallam trains at the Al Qudra Cycling Track on May 14, 2020 in Abu Dhabi, United Arab Emirates. Getty Images
Local Bahraini Mixed Martial Arts (MMA) fighter, Dawood Javed, trains for MMA Championship at his building's basement car park, following the outbreak of the coronavirus, in Manama, Bahrain, May 17, 2020. Reuters
Youths ride a scooter past a home with a stuffed gorilla outside wearing a face mask with a sign reading in Arabic "I, the gorilla, wore a mask, why don't you wear (one)?", in Hamad Town, south of Bahrain's capital Manama on May 19, 2020. AFP
Mask-clad residents walk in a neighbourhood of Kuwait City on May 12, 2020, as authorities allowed people to exercise for two hours under a nationwide lockdown due to the coronavirus pandemic. AFP
Shops are closed at the Mubarakiya market in Kuwait city during the 20-day nationwide lockdown due to the coronavirus pandemic, on May 11, 2020. AFP
A man wearing latex gloves and a mask, due to the coronavirus pandemic, checks airline tickets and travel documents while behind him Indian nationals residing in Oman queue with their luggage in Muscat International Airport ahead of their repatriation flight from the Omani capital, on May 12, 2020. AFP
Indian nationals residing in Oman, wearing face masks due to the coronavirus pandemic, have their body temperatures measured at a terminal in Muscat International Airport ahead of their repatriation flight from the Omani capital, on May 12, 2020. AFP
If we do not take a proactive approach to pitching the benefits of solar to investors, we will lose more of our biodiversity
As further context, a 2019 S&P report warned that the Middle East’s solar ambitions could burn out early due to “slowing energy demand growth” and an uncertain economic outlook that has seen investors to holding back. Indeed, according to S&P’s Global Platts Analytics, annual Middle East power demand will grow by an average 2.3 per cent over the next five years, down from 3.4 per cent for 2013 to 2018.
Yet, this is no reason to think that solar cannot cover this decrease in demand. On the contrary, as we witnessed from many nations including the UK, Germany and France, during the peak of the pandemic, when overall energy consumption levels plummeted, solar and other renewable sources stepped in to offer a more cost-effective option for maintaining the grid at a time when demand reached its nadir.
In the next 20 years, renewables are expected to become the world’s main source of power. And if, like the earliest human civilisations that positioned their buildings to face south to gather heat and light, we embrace solar architecture, we can begin to return our planet to its natural balance. And unlike other forms of energy, this kind will never run out.
Dr Nawal Al-Hosany is a permanent representative of the UAE to the International Renewable Energy Agency
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
Engine: Dual synchronous electric motors Power: 639hp Torque: 1,130Nm Transmission: Single-speed automatic Touring range: 591km Price: From Dh412,500 On sale: Deliveries start in October
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
Winner Rusumaat, Dane O’Neill, Musabah Al Muhairi.
8.50pm Al Maktoum Challenge Round-2 Group Two $450,000 (D) 1,900m
Winner Benbatl, Christophe Soumillon, Saeed bin Suroor.
9.25pm Handicap $135,000 (T) 1,800m
Winner Art Du Val, William Buick, Charlie Appleby.
10pm Handicap $135,000 (T) 1,400m
Winner Beyond Reason, William Buick, Charlie Appleby.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples. Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts. Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Tips to keep your car cool
Place a sun reflector in your windshield when not driving
Park in shaded or covered areas
Add tint to windows
Wrap your car to change the exterior colour
Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
Avoid leather interiors as these absorb more heat
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
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
Who has lived at The Bishops Avenue?
George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
Land was originally the Bishop of London's hunting park, hence the name
The road was laid out in the mid 19th Century, meandering through woodland and farmland
Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
