China to sign up for green energy, Abu Dhabi summit hears


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ABU DHABI // China, the world's largest net producer of carbon emissions, is to join the International Renewable Energy Agency.

The announcement was made in the capital at the third annual assembly of the world's green-energy body, attended by delegates from 133 countries, mostly Irena members and applicants.

Lin Qi, vice minister of the National Energy Administration of China, told the 579 delegates his country was preparing an application for membership.

"China looks forward to becoming a full member of Irena soon," Mr Lin said.

Irena has 104 member countries, plus the European Union. Another 55 countries have applied. Dr Adnan Amin, Irena's secretary general, said China's move was a "powerful signal" for the agency's future.

"It is impressive what China is doing in terms of development of both wind and solar technologies. They have some state-of-the-art knowledge, which is very relevant for different parts of the world.

"They are a major player globally now in investment and this is a very powerful signal for the future of Irena towards becoming a universal framework which brings together all countries, especially those that have a big role to play."

The agency has its headquarters in Abu Dhabi and holds its annual assembly sessions in the capital.

At yesterday's opening, delegates, who include 75 ministers, were welcomed to the UAE by Dr Sultan Al Jaber, the UAE special envoy for energy and climate change and chief executive of the clean-energy company Masdar.

"Renewable energy is the most obvious choice for a lot of countries," said Dr Al Jaber, who also used his welcome address to announce that the UAE has formally ratified the agreement to host Irena in Abu Dhabi.

The agreement was signed in June last year but it required ratification by the President, Sheikh Khalifa, to come into force.

"This means the traditional protections and immunities and privileges that international organisations - which require neutrality and protection of their intellectual and staff assets - need, all of those protections will be kicking in once the headquarters agreement enters into force, so Irena will become a full-fledged international institution," Dr Amin said.

The world's first open-access global atlas of renewable energy resources was also launched at yesterday's session.

It is the largest initiative of its kind and seeks to bring together data and maps from leading technical institutes and private companies worldwide. It is designed to show the world's renewable energy potential and help countries and companies with renewable energy investment decisions.

The atlas currently focuses on solar and wind potential. Dr Amin said Irena will work this year and next to expand it to cover biomass energy, hydro power and the potential for geothermal energy.

Yesterday, 24 countries including Belgium, Egypt, Kuwait and Saudi Arabia signed on to the initiative. They join 13 countries including the UAE, Qatar, France and Germany who are already part of the effort.

The Irena assembly coincides with the start of Abu Dhabi Sustainability Week, for which prominent clean-energy advocates and enterpreneurs and high-ranking government officials will gather in the capital.

It is expected to attract 30,000 people for the sixth World Future Energy Summit and the International Renewable Energy Conference. For the first time, water management will be a key part of the discussions in the form of the International Water Summit.

Hosted by the clean-energy company Masdar, the event opens tomorrow, when notable personalities such as Queen Rania Al Abdullah of Jordan, Francois Hollande, the president of France, and Cristina Fernández de Kirchner, the president of Argentina, are expected in Abu Dhabi.

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The flights

Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes. 

The hotels

Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes. 

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March-May and September-November

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Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.

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China

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UAE

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Japan

5

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Canada

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Saudi Arabia

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The White Lotus: Season three

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Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

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Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

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

The specs: 2018 Infiniti QX80

Price: base / as tested: Dh335,000

Engine: 5.6-litre V8

Gearbox: Seven-speed automatic

Power: 400hp @ 5,800rpm

Torque: 560Nm @ 4,000rpm

Fuel economy, combined: 12.1L / 100km