DUBAI // A new law aims to set a higher standard of energy efficiency for electrical appliances as early as next year.
Dr Rashid bin Fahad, the Minister of Environment and Water, said the Emirates Authority for Standardisation and Metrology was drafting the law.
"Hopefully we can see it next year," said Dr bin Fahad, adding that the initiative is one quick way to address the soaring energy consumption.
The Minister yesterday attended Greenomics, an environmental conference in Dubai, organised by the Korean manufacturer LG Electronics.
Dr bin Fahad did not elaborate on how the law would be implemented or enforced but said inefficient models "will be taken out of the market".
He added that the law would apply to appliances using water.
"Improving our energy efficiency is a must and I do not think consumers will disagree with us," he said.
Ki Wan Kim, chief executive and president of LG for the Middle East and Africa, said such initiatives can bring profound changes to the market.
"Vendors who get their market share based only on price will suffer," he added.
The Ministry of Environment and Water is also drafting a strategy on managing the country's water and reviewing law 24 of 1999, which concerns the protection of the environment.
vtodorova@thenational.ae
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
COMPANY%20PROFILE
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
MATCH INFO
Uefa Champions League last-16, second leg:
Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')
Ajax win 5-3 on aggregate
Company%20Profile
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MATCH INFO
Day 2 at Mount Maunganui
England 353
Stokes 91, Denly 74, Southee 4-88
New Zealand 144-4
Williamson 51, S Curran 2-28
RESULT
Bayern Munich 0 AC Milan 4
Milan: Kessie (14'), Cutrone (25', 43'), Calhanoglu (85')
21 Lessons for the 21st Century
Yuval Noah Harari, Jonathan Cape
Virtual banks explained
What is a virtual bank?
The Hong Kong Monetary Authority defines it as a bank that delivers services through the internet or other electronic channels instead of physical branches. That means not only facilitating payments but accepting deposits and making loans, just like traditional ones. Other terms used interchangeably include digital or digital-only banks or neobanks. By contrast, so-called digital wallets or e-wallets such as Apple Pay, PayPal or Google Pay usually serve as intermediaries between a consumer’s traditional account or credit card and a merchant, usually via a smartphone or computer.
What’s the draw in Asia?
Hundreds of millions of people under-served by traditional institutions, for one thing. In China, India and elsewhere, digital wallets such as Alipay, WeChat Pay and Paytm have already become ubiquitous, offering millions of people an easy way to store and spend their money via mobile phone. Indonesia, Vietnam and the Philippines are also among the world’s biggest under-banked countries; together they have almost half a billion people.
Is Hong Kong short of banks?
No, but the city is among the most cash-reliant major economies, leaving room for newcomers to disrupt the entrenched industry. Ant Financial, an Alibaba Group Holding affiliate that runs Alipay and MYBank, and Tencent Holdings, the company behind WeBank and WeChat Pay, are among the owners of the eight ventures licensed to create virtual banks in Hong Kong, with operations expected to start as early as the end of the year.