Abu Dhabi's new climate strategy will focus on a shift towards cleaner energy sources, especially solar power, a senior executive at the emirate's environment agency has told The National.
Abu Dhabi announced its ambitious Climate Change Strategy for 2023-2027 in July. It aims to reduce emissions by 30 million tonnes by 2027, from 135 million tonnes in 2016.
The new plan to tackle climate change is designed to move the emirate towards a sustainable future, said Sheikha Al Mazrouei, executive director of Integrated Environment Policy and Planning at the Environment Agency Abu Dhabi.
“The strategy set an emission reduction target of 22 per cent from 2016 recorded emission levels by 2027,” Ms Al Mazrouei said.
“Greenhouse gases are measured by weight. This means that through the strategy, Abu Dhabi will reduce its emissions by 30 million tonnes by 2027 from the 135 million tonnes recorded in 2016.
Focus on low-carbon and renewables
“Different emitting sectors are going to contribute differently to achieve this target, but the main contribution will be coming from power production through low carbon clean energy sources and solar power introduction.”
The UAE’s energy portfolio includes solar, natural gas and nuclear. Nuclear energy is now the largest source of clean electricity in the UAE with the Barakah nuclear power plant generating up to 48 per cent of Abu Dhabi’s carbon-free electricity.
Emirates Water and Electricity Company announced in March that 80 per cent of the total power demand in Abu Dhabi is using renewable and clean energy from its solar and nuclear energy plants.
The climate strategy will be delivered through 81 initiatives, which include 12 key projects, covering all vulnerable or emitting sectors.
“The contributing emitting sectors projects cover oil and gas, energy, transport, industry, waste and agriculture. The main reduction of emissions will be in the power generation while diversifying the energy mix by introducing low-carbon power generation as well as renewables,” Ms Al Mazrouei said.
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The strategy is based on two main pillars: adaptation to decrease the impact of global warming on people, and mitigation which reduces the flow of heat-trapping greenhouse gases into the atmosphere.
Ms Al Mazrouei said Abu Dhabi will adapt to the expected risks of climate change by improving the resilience of the four key vulnerable sectors – energy, health, infrastructure and environment.
“The strategy makes adaptation to climate change part and parcel of government entities' plans,” she said.
“Additionally, it outlines Abu Dhabi's plan to reduce greenhouse gases significantly in line with the country's announced aim of achieving climate neutrality by 2050.
“Likewise, the strategy drives innovation in carbon capture and storage, and identifies actions aimed at economic diversification towards low-carbon sectors.”
The emirate plans to mitigate climate change impact by reducing emissions in key sectors and carbon capture, sequestration and storage.
“This is enabled by economic diversification through innovative, low-carbon solutions and identified opportunities,” she said.
Ms Al Mazrouei said one of the main projects in the strategy is to develop green or sustainable procurement to support investment in lower emission production locally.
“EAD is working very closely with the Department of Economic Development and its affiliated Industrial Development Bureau to promote investment and develop local production capabilities in more sustainable products,” she said.
She said the ambitious climate strategy has been carefully crafted to address challenges beyond just temperature rise, including rising sea levels, humidity, water salinity and extreme weather events.
“Abu Dhabi’s infrastructure, environment and ecosystem need to be protected from those impacts,” Ms Al Mazrouei said.
“Our existing and future infrastructure and key facilities must adapt to climate risks. Public health is another important area where projects are being designed to protect the public, especially workers, from exposure to heat stress resulting from the increased temperatures.”
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The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
MATCH INFO
Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai
UAE currency: the story behind the money in your pockets
UAE%20v%20West%20Indies
%3Cp%3EFirst%20ODI%20-%20Sunday%2C%20June%204%20%0D%3Cbr%3ESecond%20ODI%20-%20Tuesday%2C%20June%206%20%0D%3Cbr%3EThird%20ODI%20-%20Friday%2C%20June%209%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EMatches%20at%20Sharjah%20Cricket%20Stadium.%20All%20games%20start%20at%204.30pm%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%0D%3Cbr%3EMuhammad%20Waseem%20(captain)%2C%20Aayan%20Khan%2C%20Adithya%20Shetty%2C%20Ali%20Naseer%2C%20Ansh%20Tandon%2C%20Aryansh%20Sharma%2C%20Asif%20Khan%2C%20Basil%20Hameed%2C%20Ethan%20D%E2%80%99Souza%2C%20Fahad%20Nawaz%2C%20Jonathan%20Figy%2C%20Junaid%20Siddique%2C%20Karthik%20Meiyappan%2C%20Lovepreet%20Singh%2C%20Matiullah%2C%20Mohammed%20Faraazuddin%2C%20Muhammad%20Jawadullah%2C%20Rameez%20Shahzad%2C%20Rohan%20Mustafa%2C%20Sanchit%20Sharma%2C%20Vriitya%20Aravind%2C%20Zahoor%20Khan%0D%3C%2Fp%3E%0A
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.”
UAE currency: the story behind the money in your pockets
THE%20SPECS
%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
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Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
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ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts
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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
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