Philip Hammond, UK secretary of state for foreign and commonwealth affairs, told an audience at Masdar City that more had to be done to invest in renewable energy. Mona Al Marzooqi / The National
Philip Hammond, UK secretary of state for foreign and commonwealth affairs, told an audience at Masdar City that more had to be done to invest in renewable energy. Mona Al Marzooqi / The National
Philip Hammond, UK secretary of state for foreign and commonwealth affairs, told an audience at Masdar City that more had to be done to invest in renewable energy. Mona Al Marzooqi / The National
Philip Hammond, UK secretary of state for foreign and commonwealth affairs, told an audience at Masdar City that more had to be done to invest in renewable energy. Mona Al Marzooqi / The National

UAE is the example to follow on energy


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ABU DHABI // The oil-rich countries of the region should follow the UAE’s example in recycling their wealth into renewable energy, the UK’s secretary of state for foreign and commonwealth affairs said.

“The countries of this region have a choice,” said Philip Hammond at Masdar City on Thursday. “They can choose to do very little and hope climate change will not affect them, or take a lead from the UAE, investing in renewable energy and clean technology.”

Also speaking at the event was Dr Sultan Al Jaber, UAE Minister of State and chairman of Masdar, who said the UAE was committed to significantly increasing its use of renewable energy through the Intended Nationally-Determined Contribution plan it has submitted to the United Nations.

“Within the plan is the UAE’s national target to generate 24 per cent of its electricity from clean energy resources by 2021,” he said.

Mr Hammond praised the UAE’s investment in renewable energy domestically and globally as well as its ambitious plan of increasing its use of it. “Your target to achieve a quarter of your energy from clean sources within six years is bold and impressive,” said Mr Hammond.

While the UAE has the world’s seventh-largest reserves of oil and gas, Mr Hammond said it was to the nation’s credit that it was “already planning for a future beyond oil”.

The talk took place ahead of the global climate summit set to take place in Paris in December.

Mr Hammond said the time to invest in renewable energy was now, as climate change had the potential to significantly impact every country.

“Climate change knows no borders and will respect no sovereignty,” he said. “While the UK would suffer from more extreme rainfall, storms and flooding, this region would be at risk from evermore extreme heat, water scarcity and drought.”

Adnan Amin, director general at the Masdar-based International Renewable Energy Agency, said that although significant strides had been made in the sector over the past decade, much more had to be done to prevent the global surface temperature increasing by 2ºC, which some experts said could be the tipping point to major climate change.

At the current rate of growth he said, by 2030 only 20 per cent of the world’s energy will come from renewable sources, up 2 per cent from 2010. “This rate needs to increase seven-fold,” he said.

Helping to drive the expansion were significant falls in the cost of producing renewable energy.

Mr Amin said the price of solar panels had declined by 75 per cent in the past decade, which had helped the UAE achieve the lowest cost for solar power anywhere in the world, with a 200-megawatt solar energy plant that produced a kilowatt hour of energy at a cost of 6 US cents.

“That is the real sign post to the future,” he said.

Another major challenge was effectively storing the energy produced, said Sir David King, the British foreign secretary’s special envoy for climate change.

“The sun doesn’t shine at night and wind doesn’t always blow,” he said.

Innovative ways to save energy on a large scale is needed to provide continuous supplies of energy. One way is to cut a cylinder of land and raise it by pumping water underneath it, and producing energy when the water underneath the land cylinder is squeezed back out through a turbine.

“That is what you need to make renewable [energy] cheaper than fossil fuels today,” said Mr King.

newsdesk@thenational.ae

MATCH INFO

Europa League final

Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

SERIE A FIXTURES

Saturday (UAE kick-off times)

Atalanta v Juventus (6pm)

AC Milan v Napoli (9pm)

Torino v Inter Milan (11.45pm)

Sunday

Bologna v Parma (3.30pm)

Sassuolo v Lazio (6pm)

Roma v Brescia (6pm)

Verona v Fiorentina (6pm)

Sampdoria v Udinese (9pm)

Lecce v Cagliari (11.45pm)

Monday

SPAL v Genoa (11.45pm)

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

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.”

WandaVision

Starring: Elizabeth Olsen, Paul Bettany

Directed by: Matt Shakman

Rating: Four stars

AUSTRALIA SQUADS

ODI squad: Aaron Finch (captain), Ashton Agar, Alex Carey, Pat Cummins, Josh Hazlewood, Marnus Labuschagne, Mitchell Marsh, Glenn Maxwell, Kane Richardson, Steve Smith, Mitchell Starc, Matthew Wade, David Warner, Adam Zampa

Twenty20 squad: Aaron Finch (captain), Sean Abbott, Ashton Agar, Alex Carey, Pat Cummins, Mitchell Marsh, Glenn Maxwell, Jhye Richardson, Kane Richardson, Steve Smith, Mitchell Starc, Matthew Wade, David Warner, Adam Zampa

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

Four motivational quotes from Alicia's Dubai talk

“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”

“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”

“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”

“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”

MATCH INFO

Norwich City 0 Southampton 3 (Ings 49', Armstrong 54', Redmond 79')

SCHEDULE

Saturday, April 20: 11am to 7pm - Abu Dhabi World Jiu-Jitsu Festival and Para jiu-jitsu.

Sunday, April 21: 11am to 6pm - Abu Dhabi World Youth (female) Jiu-Jitsu Championship.

Monday, April 22: 11am to 6pm - Abu Dhabi World Youth (male) Jiu-Jitsu Championship.

Tuesday, April 23: 11am-6pm Abu Dhabi World Masters Jiu-Jitsu Championship.

Wednesday, April 24: 11am-6pm Abu Dhabi World Professional Jiu-Jitsu Championship.

Thursday, April 25: 11am-5pm Abu Dhabi World Professional Jiu-Jitsu Championship.

Friday, April 26: 3pm to 6pm Finals of the Abu Dhabi World Professional Jiu-Jitsu Championship.

Saturday, April 27: 4pm and 8pm awards ceremony.

The Lowdown

Us

Director: Jordan Peele

Starring: Lupita Nyong'o, Winston Duke, Shahadi Wright Joseqph, Evan Alex and Elisabeth Moss

Rating: 4/5

Gothia Cup 2025

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1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

The specs

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Power: 380hp at 5,800rpm

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Transmission: Eight-speed auto

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'The worst thing you can eat'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines: 

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.

RESULT

Fifth ODI, at Headingley

England 351/9
Pakistan 297
England win by 54 runs (win series 4-0)

The stats

Ship name: MSC Bellissima

Ship class: Meraviglia Class

Delivery date: February 27, 2019

Gross tonnage: 171,598 GT

Passenger capacity: 5,686

Crew members: 1,536

Number of cabins: 2,217

Length: 315.3 metres

Maximum speed: 22.7 knots (42kph)

'Project Power'

Stars: Jamie Foxx, Joseph Gordon-Levitt, Dominique Fishback

Director: ​Henry Joost and Ariel Schulman

Rating: 3.5/5