UAE may get UN funds for clean air



CANCUN, MEXICO // The UAE stands to benefit financially from a proposal to bury carbon pollution underground, but only if it is earmarked for funding next weekend by a United Nations clean technology scheme.

The move, which other oil-producing nations put forward as a way to prevent dangerous changes to the world's climate, was one of several draft decisions at the UN climate change conference in Cancun, Mexico, this weekend.

Attended by leaders from nearly 200 countries, the talks aim to find consensus on how the burden of reducing greenhouse gas emissions can be shared.

The draft decisions, discussed by expert teams on Saturday evening, will be put forward for adoption on Friday, when top-level government officials conclude the climate negotiations.

Should the move go forward, the UAE - as well as other countries, including Qatar, Saudi Arabia, Kuwait, Algeria, Egypt, Iraq, Jordan, Norway and China - will benefit, said Armen Vartanian, the director of Dubai-based EcoVentures.

A positive vote on Friday will mean the technology, known to experts as carbon capture and storage (CCS), will be awarded credits by the Clean Development Mechanism (CDM). This funding scheme is financed by industrialised countries, which are thought to bear the historic responsibility for climate change.

"The inclusion of CCS means that large amounts of carbon credits can be generated from oil and gas projects," said Mr Vartanian.

"And fossil fuel resources that might have been uneconomical previously could become feasible financially."

The carbon credits, bought by rich countries to offset their pollution, in effect act as sources of funding for clean energy projects in developing countries that would otherwise be unable to afford them. Reducing gas flaring, collecting methane emissions from landfills and energy efficiency projects are among current beneficiaries of the scheme.

If the move gets the go-ahead, said Mr Vartanian, "a new category of project will affect the fundamental supply and demand that comprises emissions trading.

"In other words, this new category of project will affect quantity of supply and price of demand and, in principle, allow the GCC to generate revenues from credits," he said.

However, it is too early for the UAE and companies such as Abu Dhabi's Masdar, which is already moving to build a carbon capture network in the emirate, to celebrate.

A press release issued by the UN described the decision on CCS as "a near agreement [...] provided [the technology] complies with stringent risk and safety assessments".

Although implemented in pilot schemes, Masdar will be one of the first projects representing a large-scale version of the technology. In addition, the move has traditionally been opposed by some countries at previous rounds of UN climate talks.

The proposal was put on hold at last year's climate change summit in Copenhagen, Denmark. It was also attacked by Brazil at a preliminary round of talks in Bonn, Germany, this summer. At the Cancun summit, Brazil is hoping to negotiate funding to help protect its vast forest resources in the Amazon, which act as important sinks for carbon emissions.

The Amazon and other forests, mainly in the tropics, continue to be cut away at alarming rates. Brazil fears that if CCS receives UN credits, the international funding that it might potentially receive under a protection scheme would decrease.

CCS uses a chemical process to capture the carbon dioxide emissions released as fossil fuels are burned. Scientists say these emissions are already causing some degree of warming, and might lead to catastrophic climate changes if the world fails to tackle them in the next two decades.

Once emissions are captured, they are buried in geological formations, or ageing oil fields. Regardless of whether or not it is eligible for UN funding, Masdar, Abu Dhabi's clean energy company, is already proceeding with plans to build a 500-kilometre pipe network to move carbon dioxide captured at the Musaffah rolling mill of Emirate Steel Industries and other plants.

Pros and cons of BNPL

Pros

  • Easy to use and require less rigorous credit checks than traditional credit options
  • Offers the ability to spread the cost of purchases over time, often interest-free
  • Convenient and can be integrated directly into the checkout process, useful for online shopping
  • Helps facilitate cash flow planning when used wisely

Cons

  • The ease of making purchases can lead to overspending and accumulation of debt
  • Missing payments can result in hefty fees and, in some cases, high interest rates after an initial interest-free period
  • Failure to make payments can impact credit score negatively
  • Refunds can be complicated and delayed

Courtesy: Carol Glynn

UAE v Zimbabwe A

Results
Match 1 – UAE won by 4 wickets
Match 2 – UAE won by 5 wickets
Match 3 – UAE won by 25 runs
Match 4 – UAE won by 77 runs

Fixture
Match 5, Saturday, 9.30am start, ICC Academy, Dubai

SPECS

Engine: Twin-turbocharged 4-litre V8
Power: 625 bhp
Torque: 630Nm
On sale: Now
Price: From Dh974,011

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

New process leads to panic among jobseekers

As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.  

“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.

Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE. 

“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.

“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”

if you go

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.

When to visit

March-May and September-November

Visas

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.


Latest
Most Read
Top Videos