This article was produced in partnership with Irena
The International Renewable Energy Agency envisages a very different world.
It is one where a dramatic rise in electric vehicles and renewable technologies will affect our everyday lives. Many of us will require different roles and skills for jobs in the next few years – and how we live our lives will have to change.
The Abu Dhabi-based, intergovernmental organisation today sets out its “1.5˚C scenario”, in line with the goals of the 2015 Paris Agreement. Its scenario gives a glimpse into not only the environmental benefits of tackling planet-warming emissions, but the economic ones as well.
Only a few years ago, the renewables-centred approach espoused by Irena was considered too progressive, idealistic or even unrealistic. Today, our vision has become mainstream
Francesco La Camera,
International Renewable Energy Agency
It is an optimistic vision, but comes with a warning too: We have no time for talk, promises and rhetoric.
In its latest annual report it envisages coal being “phased out”, and investments in oil and gas “limited to facilitating a swift decline and a managed transition”.
Economies already heavily dependent on oil should move into carbon capture and storage, the agency says.
“Carbon capture and storage technologies should facilitate an energy transition in economies heavily dependent on oil and gas and provide a transitional solution where no other options exist,” said the report.
Innovation should target emerging technologies most likely to become competitive in the short-term and most effective in achieving emissions reductions in the long term.
Investments should support the path most likely to drive down energy emissions, said the agency.
And policies should promote “resilience, inclusion, and equity,” ensuring workers and communities adversely affected by the transition to more renewable sources of energy are protected.
Each region and country will progress at its own pace, it said.
Running out of time
A rapid decline in emissions “must begin now” to prevent the temperature from rising more than 1.5°C over pre-industrial levels by 2050.
But current policies will do no more than stabilise global emissions, with a “slight drop” as 2050 approaches, the agency said in a new report.
“We have no time,” said Francesco La Camera, director-general of Irena in a foreword to the report.
“The window is closing and the pathway to a net zero future is narrowing.
“A consensus has formed that an energy transition grounded in renewable sources of energy and efficient technologies is the only way to give us a fighting chance of limiting global warming by 2050 to 1.5°C.
“Only a few years ago, the renewables-centred approach espoused by Irena was considered too progressive, idealistic or even unrealistic.
“Today, our vision has become mainstream.”
He said that the demands were great and full of uncertainty.
“We are entering a new era of change, one in which energy transformation will drive economic transformation,” said Mr La Camera.
“This change is bringing unprecedented new possibilities to revitalise economies and lift people out of poverty. But the task ahead is daunting.”
The world needs to embrace technology, policy and market solutions that will take it forward, he said.
“Economic and human development goals, environmental concerns, and financial avenues must all be reconciled,” he said.
But the changes will have a marked impact on society, affecting everything from the jobs people will do in the future to the way they live their lives.
Here are three of the biggest:
Jobs
The energy sector will employ tens of millions of people, providing around 122 million jobs in 2050.
Jobs in renewable energy will rise from more than 11.5 million today to 43 million in 2050.
Most of them, 38 million, will be created in the next decade, meaning there were will be lots of opportunities for those entering the workforce or looking for jobs.
“We estimate that there will be at least three times more jobs in renewables,” said Elizabeth Press, director for planning and programme support at Irena.
Some of the skills required will be transferable.
But there will also be many jobs in the renewable energy industry that do not yet exist.
“There are additional skills that are required,” said Ms Press.
But many of the top 10 professions in the world did not exist a decade ago, she said.
The report predicts solar technologies will account for the largest share of jobs, followed by bioenergy, wind and hydropower.
“Construction, installation and manufacturing boost renewable jobs during the following decade, with operation and maintenance gaining relative weight as the transition advances,” it says.
Jobs are currently concentrated in areas like the installation and manufacture of renewables technology.
But they are being created in other areas, including construction, in operations and maintenance across a number of countries.
“Construction, installation and manufacturing [will] boost renewable jobs during the following decade, with operations and maintenance gaining relative weight as the transition advances,” it says.
Other jobs may be created in manufacturing and services, says the report.
Fossil fuels will not be switched off overnight, and will still exist to an extent even after renewables come to dominate, said Ms Press.
“We're not just going to switch off fossil fuels tomorrow and say, 'well OK now we're going to be renewable'," she said.
“It's a transition, so this is why we have a plan for 20 years.
“Some of this can be managed by attrition, some of it can be managed by retraining. Obviously, that is something that governments have to plan well in advance.”
The sector would also benefit from attracting new talent.
Women make up 32 per cent of the workforce, which is higher than the 22 per cent of the energy sector overall, but not high enough, according to Irena.
“It is evident women represent a pool of talent yet to be fully utilised,” says the report.
Transport
Electricity will make up the biggest single share of energy generation in the future.
And in no sector will the impact be more apparent than in transport.
Electric vehicle sales currently account for only 4 per cent of all sales, but will rise to 100 per cent by 2050, up from 7 million in 2020 to 1.8 billion in 2050, when electric vehicles will account for 80 per cent of all road transport.
But major improvements in technology are required first.
The report predicts stationary battery storage will more than triple between 2018 to 2050.
“Technology is improving very, very rapidly and all the large car makers have made commitments and deadlines on electromobility. That means there's going to be a lot more innovation around this, because they know they don't make these commitments unless they have a very clear strategy in place to shift,” said Ms Press.
Car makers with commitments to go green include Volvo, which aims to become a fully electric marque by 2030.
Other companies like BMW aim for half of sales to be in electric cars.
But countries will have to upgrade their infrastructure to cope with the growth.
That will lead to some in the Third World leapfrogging advanced economies, said Ms Press.
“In Rwanda, there is a company that is refurbishing normal motorbikes with batteries that are replaceable, and it just got some funding from Silicon Valley because the market is enormous in the global south,” said Ms Press.
“So when you think about it, why would they ever develop an infrastructure when they can have that sort of infrastructure developing right now?
“So, some leapfrogging will definitely happen.
“It is the great equaliser.”
Policies to promote electric vehicles will also continue to increase, further driving the growth in the market.
“All of the top markets for electric vehicles to date, for example China, Norway and the United States, have introduced such policies.”
Norway has a high percentage of electric vehicles as a direct result of policy, said Ms Press.
“They have a lot of inexpensive electricity, and they have put several incentives in place, so everybody in Oslo drives a Tesla,” she said.
“Because you don't have to pay for the parking, you can end up charging for free, because the electricity is so inexpensive.”
Innovation
Technology will become even more integrated into everyday life.
Significant progress has already been made in areas like battery storage, solar power and the Internet of Things.
But that will accelerate, contributing to the rise in the use of renewable technologies, said Irena.
And the growth will partly be driven by people, who will install technologies like solar panels, or even mini wind turbines on their properties.
“What I find super exciting about renewables is it is everybody's business,” said Ms Press.
“Suddenly you will have a lot more control over what you want to have in your life and you can participate. You can actually be part of the system.”
Technologies like blockchain – a tamper-proof ledger of every transaction made in a system – will increasingly be used to share the proceeds of investments into solar energy and other technologies.
Ms Press already takes part, and says these transactions will become more common.
She bought solar panels at a school in South Africa, which uses the power for itself and sells whatever is left over back to the grid.
“Somehow I get paid from the electricity because part of it goes into the school but part of it goes into the market,” said Ms Press. “I don't know the nitty-gritty, but what I found super interesting is I'm sitting in Europe, and I am participating in something that matters to me as a person and I actually don't mind if I earn money or not.
“But it's a lot more fun to look on my app to see what it's like in South Africa right now. How school is going, how it’s feeding into the grid. Seeing all that makes you feel a part of something bigger.”
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
The five pillars of Islam
HAJJAN
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Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
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.”
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
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Wonka
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Paatal Lok season two
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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Family: I am happily married to my wife Liz and we have two children together.
Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.
Favourite book: I constantly find myself reading The Bible.
Favourite film: The Greatest Showman.
Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.
Favourite food: I went to boarding school so I like any cuisine really.
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Engine: 2-litre
Transmission: Eight-speed automatic
Power: 255hp
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
HUNGARIAN GRAND PRIX RESULT
1. Sebastian Vettel, Ferrari 1:39:46.713
2. Kimi Raikkonen, Ferrari 00:00.908
3. Valtteri Bottas, Mercedes-GP 00:12.462
4. Lewis Hamilton, Mercedes-GP 00:12.885
5. Max Verstappen, Red Bull Racing 00:13.276
6. Fernando Alonso, McLaren 01:11.223
7. Carlos Sainz Jr, Toro Rosso 1 lap
8. Sergio Perez, Force India 1 lap
9. Esteban Ocon, Force India 1 lap
10. Stoffel Vandoorne, McLaren 1 lap
11. Daniil Kvyat, Toro Rosso 1 lap
12. Jolyon Palmer, Renault 1 lap
13. Kevin Magnussen, Haas 1 lap
14. Lance Stroll, Williams 1 lap
15. Pascal Wehrlein, Sauber 2 laps
16. Marcus Ericsson, Sauber 2 laps
17r. Nico Huelkenberg, Renault 3 laps
r. Paul Di Resta, Williams 10 laps
r. Romain Grosjean, Haas 50 laps
r. Daniel Ricciardo, Red Bull Racing 70 laps
Results
1. Lewis Hamilton (Mercedes) 1hr 32mins 03.897sec
2. Max Verstappen (Red Bull-Honda) at 0.745s
3. Valtteri Bottas (Mercedes) 37.383s
4. Lando Norris (McLaren) 46.466s
5.Sergio Perez (Red Bull-Honda) 52.047s
6. Charles Leclerc (Ferrari) 59.090s
7. Daniel Ricciardo (McLaren) 1:06.004
8. Carlos Sainz Jr (Ferrari) 1:07.100
9. Yuki Tsunoda (AlphaTauri-Honda) 1:25.692
10. Lance Stroll (Aston Martin-Mercedes) 1:26.713,