Solar panels, electric cars and jobs that don't exist yet: Irena's vision for the future


Gillian Duncan

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.

Francesco La Camera, director general of Irena, urged decision-makers to carefully weigh up implications of failing to act on climate change. Victor Besa / The National
Francesco La Camera, director general of Irena, urged decision-makers to carefully weigh up implications of failing to act on climate change. Victor Besa / The National

“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:

A solar cell power plant in Germany. Investment in renewables, electric vehicles and sustainable sectors would bring about a green jobs boom. Getty Images
A solar cell power plant in Germany. Investment in renewables, electric vehicles and sustainable sectors would bring about a green jobs boom. Getty Images

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.

An electric car charging station at Dubai Electricity and Water Authority's HQ in Garhoud, Dubai. The government is one of the biggest buyers of electric cars - and there are plans to drive up private ownership too. Pawan Singh / The National
An electric car charging station at Dubai Electricity and Water Authority's HQ in Garhoud, Dubai. The government is one of the biggest buyers of electric cars - and there are plans to drive up private ownership too. Pawan Singh / The National

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.”

It is not just wealthy countries that can be transformed by investment in renewables and sustainability. High spending and investment will bring the price of technology down, benefitting developing countries and communities
It is not just wealthy countries that can be transformed by investment in renewables and sustainability. High spending and investment will bring the price of technology down, benefitting developing countries and communities

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.”

UAE tour of Zimbabwe

All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I

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Terror attacks in Paris, November 13, 2015

- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France

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.”

Washmen Profile

Date Started: May 2015

Founders: Rami Shaar and Jad Halaoui

Based: Dubai, UAE

Sector: Laundry

Employees: 170

Funding: about $8m

Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures

The specs: 2018 Alfa Romeo Stelvio

Price, base: Dh198,300
Engine: 2.0L in-line four-cylinder
Transmission: Eight-speed automatic
Power: 280hp @ 5,250rpm
Torque: 400Nm @ 2,250rpm
Fuel economy, combined: 7L / 100km

UAE currency: the story behind the money in your pockets
MATCH INFO

Barcelona 4 (Messi 23' pen, 45 1', 48', Busquets 85')

Celta Vigo 1 (Olaza 42')

Results:

5pm: Maiden (PA) | Dh80,000 | 1,200 metres

Winner: Jabalini, Szczepan Mazur (jockey), Younis Kalbani (trainer)

5.30pm: UAE Arabian Derby (PA) | Prestige | Dh150,000 | 2,200m

Winner: Octave, Gerald Avranche, Abdallah Al Hammadi

6pm: Arabian Triple Crown Round 3 (PA) | Group 3 Dh300,000 | 2,200m

Winner: Harrab, Richard Mullen, Mohamed Ali

6.30pm: Emirates Championship (PA) | Group 1 | Dh1million | 2,200m

Winner: BF Mughader, Szczepan Mazur, Younis Al Kalbani

7pm: Abu Dhabi Championship (TB) | Group 3 | Dh380,000 | 2,200m

Winner: GM Hopkins, Patrick Cosgrave, Jaber Ramadhan

7.30pm: Wathba Stallions Cup (PA) | Conditions | Dh70,000 | 1,600m

Winner: AF La’Asae, Tadhg O’Shea, Ernst Oertel

The specs

Engine: 4.0-litre, twin-turbocharged V8

Transmission: nine-speed automatic

Power: 630bhp

Torque: 900Nm

Price: Dh810,000

Company%20profile
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The President's Cake

Director: Hasan Hadi

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

Rating: 4/5

Countries recognising Palestine

France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra

 

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

ADCC AFC Women’s Champions League Group A fixtures

October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA

The five new places of worship

Church of South Indian Parish

St Andrew's Church Mussaffah branch

St Andrew's Church Al Ain branch

St John's Baptist Church, Ruwais

Church of the Virgin Mary and St Paul the Apostle, Ruwais

 

Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

The Meg
Director: Jon Turteltaub
Starring:   
Two stars

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

 

Normcore explained

Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.

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Updated: October 07, 2021, 11:24 AM