ABU DHABI // Non-government organisations from Germany, Britain and the United States are competing for top spot in the Zayed Future Energy Prize this year.
The winner in this category, one of five, will be awarded US$1.5 million (Dh5.5m) at a ceremony in Abu Dhabi this month.
Among the three finalists is a British organisation that seeks to provide sustainable household energy for cooking and lighting to poor people in rural areas.
Founded by an economist and philosopher, Fritz Schumacher, who is most famous for his 1973 book Small is Beautiful, the organisation aims to achieve technology justice.
“In our world, economic growth and technological advancements offer little for the two billion people living in abject poverty,” said Simon Trace, chief executive of Practical Action.
“There are still 1.4 billion people in the world with no access to electricity while almost half the world’s population still cooks over open fires.
“Technological innovation is focused on meeting the wants of rich consumers rather than the most basic needs of poor people in the developing world.”
Most of Practical Action’s funds come from government grants, as well as European Union and United Nations agencies, with an estimated £3.6m (Dh21.7m) spent on its energy-access programme last year.
Should the organisation win, the funds would equate to about a quarter of the programme, said Mr Trace.
“These funds would allow Practical Action to significantly expand the influence and impact of our work, and directly improve energy access for over 60,000 people living in some of the world’s poorest countries,” he said.
Accelerating the adoption of renewable energy is also a priority for the World Resources Institute (WRI), a US organisation that develops evaluation tools for the industry in collaboration with governments, businesses and civil society.
The organisation has a staff of 350 in offices across the US, China, India, Brazil and Europe.
“In practical terms, the prize would provide a valuable source of flexible funding, which would allow us to more quickly implement and expand our clean energy work, and build our capacity to support WRI’s global presence,” said Dr Andrew Steer, president and chief executive.
The organisation is linking up with businesses and power suppliers in its Green Power Market Development Group, which aims to increase adoption of renewable energy.
“We have had success with this approach in the United States and we are now active in India,” said Dr Steer.
“This is a model that is working well. If we were to win the prize we would immediately expand the programme to some countries where we have already been requested to work by governments and the private sector.”
South Africa is one country where the initiative could continue, Dr Steer said.
Also among the finalists is Europe’s largest solar-energy research body, the Fraunhofer Institute for Solar Energy Systems.
Prof Eicke Weber, director of the German institute, said the organisation “strives to develop a holistic model for the electricity and heat sector in a future energy system with a dominant contribution of renewable energies”.
Should it win, the funding would go towards its research budget, Prof Weber said.
“The prize fund would be invested in this project in order to create an exemplary tool for the smooth and cost-efficient transition of our current energy system into a sustainable one,” he said.
“Furthermore, the fostering of young academic talent and junior staff members is an important priority where allocations are always needed.”
The award ceremony is taking place on January 20 as part of Abu Dhabi Sustainability Week.
vtodorova@thenational.ae
Stuck in a job without a pay rise? Here's what to do
Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.
“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”
Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.
Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.
“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”
For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.
“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
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
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Mohammed bin Zayed Majlis
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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.”
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
