The reduction of methane emissions would require industry-wide transformations. AP
The reduction of methane emissions would require industry-wide transformations. AP
The reduction of methane emissions would require industry-wide transformations. AP
The reduction of methane emissions would require industry-wide transformations. AP


AI and tech can help mitigate the climate crisis


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November 04, 2024

Every time a natural disaster destroys lives, homes and critical infrastructure – as the floods in Valencia, Spain have done most recently, with more than 200 people dying and thousands displaced – the need to take action, raise funds and collectively address climate change comes into even sharper focus.

Over the past decades, certain themes have remained constant. These include the need for public-private partnerships between stakeholders to raise capital so that climate solutions can be adopted and scaled up, which could then slow the warming and degradation of the planet. The need to raise vast sums of money required to implement climate solutions has been well-documented but to keep them going consistently for decades, until the crucial goals of net zero are achieved, are as pressing.

The energy sector is instrumental to help mitigate some of the worst effects of climate calamities

In recent years, given the undeniable march of technology, artificial intelligence has gained currency as one solution to the climate crisis. On Sunday, it was prominent on the agenda at the Enact Majlis in Abu Dhabi, which brought together global leaders across the fields of energy, technology, sustainability and investment to discuss the solutions needed to realise AI’s full potential. Building partnerships to develop solutions at the nexus of sustainability, technology and energy is vital.

It is therefore telling that, as decarbonisation remains among the most important missions for the energy industry, this year's Adipec, the annual four-day energy conference and exhibition in Abu Dhabi that begins today, will focus on AI's role. This week, energy ministers, policymakers, academics and domain experts, chief executives and other influential figures in the oil and gas industry will meet at a time when a number of challenges in the area of climate mitigation remain.

One among these challenges is the need to reduce methane emissions, which would require industry-wide transformations, as Ibrahim Al Zubi, Adnoc's group chief sustainability and ESG officer, wrote in these pages. Even as technology progresses faster than many people can keep pace with, it is perhaps unsurprising that solutions to a variety of climate challenges – including tackling carbon emissions – may lie at the cross-section of innovation, research and development.

AI, for instance, has been criticised for being energy-intensive. But if harnessed correctly, it could turn things around. That is indicated in a joint report from Adnoc, Masdar and Microsoft titled Powering Possible: AI and Energy for a Sustainable Future. It reveals many interesting possibilities, including the fact that new AI tools can detect methane leaks much more accurately than older methods, and will be crucial in meeting the global goal of cutting methane emissions by 30 per cent by 2030.

In any part of the world struck by unusual weather patterns, be it hurricanes or floods, and with each passing year, the case for climate mitigation solutions and their implementation grows only more urgent.

The energy sector is instrumental to help mitigate some of the worst effects of these calamities. Big industry events such as Adipec serve as a platform to take forward the dialogue on finding and financing solutions for the coming climate emergency. With time to act being finite, the lives of future generations are intricately tied to the health of the planet, a driving motivation for all parties to focus on workable, sustainable solutions.

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.”

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

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%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Wes%20Ball%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Owen%20Teague%2C%20Freya%20Allen%2C%20Kevin%20Durand%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The years Ramadan fell in May

1987

1954

1921

1888

Watch live

The National will broadcast live from the IMF on Friday October 13 at 7pm UAE time (3pm GMT) as our Editor-in-Chief Mina Al-Oraibi moderates a panel on how technology can help growth in MENA.

You can find out more here

Key findings
  • Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
  • Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase. 
  • People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”. 
  • Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better. 
  • But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
RESULTS

6.30pm Handicap (TB) US$65,000 (Dirt) 1,400m

Winner Golden Goal, Pat Dobbs (jockey), Doug Watson (trainer)

7.05pm Dubai Racing Club Classic Listed Handicap (TB) $88,000 (Turf) 2,410m

Winner: Walton Street, William Buick, Charlie Appleby.

7.40pm Dubai Stakes Group 3 (TB) $130,000 (D) 1,200m

Winner Switzerland, Tadhg O’Shea, Satish Seemar

8.15pm Singspiel Stakes Group 3 (TB) $163,000 (T) 1,800m

Winner Lord Giltters, Adrie de Vries, David O’Meara

8.50pm Al Maktoum Challenge Round-1 (TB) $228,000 (D) 1,600m

Winner Military Law, Antonio Fresu, Musabah Al Muhairi.

9.25pm Al Fahidi Fort Group 2 (TB) $163,000 (T) 1,400m

Winner Land Of Legends, Frankie Dettori, Saeed bin Suroor

10pm Dubai Dash Listed Handicap (TB) $88,000 (T) 1,000m

Winner Equilateral, Frankie Dettori, Charles Hills.

THE BIO

Born: Mukalla, Yemen, 1979

Education: UAE University, Al Ain

Family: Married with two daughters: Asayel, 7, and Sara, 6

Favourite piece of music: Horse Dance by Naseer Shamma

Favourite book: Science and geology

Favourite place to travel to: Washington DC

Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.

'The Last Days of Ptolemy Grey'

Rating: 3/5

Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro

Writers: Walter Mosley

Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins

COMPANY PROFILE

Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar

Based: Dubai, UAE

Founded: 2014

Number of employees: 36

Sector: Logistics

Raised: $2.5 million

Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Company profile

Company name: Suraasa

Started: 2018

Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker

Based: India, UAE and the UK

Industry: EdTech

Initial investment: More than $200,000 in seed funding

Other acts on the Jazz Garden bill

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.

UAE currency: the story behind the money in your pockets
Updated: November 04, 2024, 10:11 AM