Russia’s invasion of Ukraine has forced countries to speed up their plans to adopt renewable energy sources.
Roger Martella, chief sustainability officer of General Electric, made the observation during the opening day of the Atlantic Council Global Energy Forum in Abu Dhabi.
Delegates at the summit heard how nations were having to think creatively for answers to the energy crisis, which began early last year.
Russia-Ukraine conflict latest - in pictures
“We need to be growing access to affordable, reliable and sustainable energy,” said Mr Martella.
“The invasion of Ukraine by Russia has really brought that to the forefront. We just can't take for granted being able to turn the lights on.”
The conference, the curtain raiser for Abu Dhabi Sustainability Week, also heard how nations were having to respond quickly.
Hopeful forecast for year ahead
One upside was that 2023 was unlikely to be as severe as the previous year when it came to energy security, panelists said.
“You won’t see the bottlenecks you saw last year with vessels queuing up because they can’t get slots (at ports),” said Steven Kobos, president and chief executive of US firm Excelerate Energy.
“The speed of how people responded to the crisis was unprecedented and it will have a positive impact on our path forward.
“We are going to see a lot more energy being delivered in 2023, as there will be more security, particularly in Europe.”
Vessels queuing up to enter ports was not an uncommon sight in 2022 following Russia’s invasion of Ukraine in the early part of the year, which sent energy costs soaring.
European nations were particularly hard hit by the crisis after Russia, the largest gas supplier in the region, reduced exports in response to the EU’s sanctions following the invasion.
Another panellist believed 2023 could be when countries get to grips with the crisis, providing there was alignment between nations in implementing policies to tackle energy demand.
“It’s important we are all on the same page and there is synergy between governments and the private sector,” said Belinda Balluku, Albania's deputy prime minister and minister of infrastructure and energy.
“We need to build sustainable strategies that last. It costs a lot to keep shifting strategies.”
One by-product of the crisis is that it has encouraged nations to set aside their differences and work together, she added.
“The crisis has brought European countries together to find a solution in what is a challenging and difficult moment for all of us,” said Ms Balluku.
“It has created solidarity among governments working to protect their countries and create the possibility of energy security.”
She said that the diversification of supply was going to be more critical than ever for countries when it came to energy.
Ms Balluku pointed to the fact that 100 per cent of the energy her own country produces is renewable as an example for others to follow.
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Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
More from Rashmee Roshan Lall
Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
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ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
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.”