OPEC Fund provides US$50m loan to support agriculture in quake-hit Türkiye
VIENNA, AUSTRIA – The OPEC Fund for International Development (OPEC Fund) is extending a US$50 million loan to Türkiye to...
Geostrategy
ENEC and General Atomics to collaborate on use of technology for nuclear energy
Abu Dhabi, UAE--The Emirates Nuclear Energy Corporation (ENEC) today announced that it has signed a Memorandum of Understanding (MoU) with...
Science
COP28 UAE
134 nations to put food, agriculture in national climate plans
"This declaration is the moment when food truly comes of age in the climate process, sending a powerful signal to...
- A total of 134 countries who produce 70 percent of the food eaten worldwide signed the declaration, summit hosts the United Arab Emirates said
- The 134 nations are home to 5.7 billion people and represent more than three quarters of all greenhouse gas emissions from the global food system
Geostrategy
UAE President announces $30bn Global Climate Fund at COP28 meet
In a groundbreaking announcement at the World Climate Action Summit during the UN Climate Change Conference (COP28), UAE President Sheikh...
- The fund, designed to address the critical gap in climate financing, aims to enable affordable access to climate finance.
- The UAE President highlighted the global urgency of addressing climate change and its pervasive impacts on life.
COP28 puts spotlight on state oil giants
Western energy firms are the usual suspects when it comes to criticism about the sector's role in climate change, but...
- National oil companies, or NOCs, "account for more than half of global production and close to 60 percent of the world's oil and gas reserves," the IEA said
- NOCs and the oil majors - which include BP, Chevron, ExxonMobil, Shell and TotalEnergies - will all be "critical to efforts to achieve net zero" emissions by 2050
Business
Brazil to become OPEC+ member in 2024, says group
Vienna, Austria - Major producer Brazil will join OPEC+ from next year, the oil cartel announced on Thursday. Brazil is among...
- Brazil's crude production hit a record 3.7 million barrels per day in September, a near 17 percent increase from the same month last year
- OPEC+ was born in late 2016 when Russia and nine others joined forces with the Saudi-led OPEC to prop up falling prices
Science
Europe’s largest nuclear reactor malfunctions again
Helsinki, Finland - Finland's Olkiluoto 3, the largest nuclear reactor in Europe, stopped production on Wednesday after a test caused the plant unit...
- Before production was interrupted at 1:35 pm (1135 GMT), Olkiluoto 3 was undergoing a fault ride-through test where a short circuit is created near the power plant
- The reactor only resumed production last Wednesday following a shutdown due to a malfunctioning temperature measurement in the generator's cooling system
Business
UAE to pump CO2 into rock as carbon capture debate rages
Fujairah, UAE - High in remote mountains in the oil-rich Emirates, a new plant will soon take atmospheric CO2 and pump...
- The first CO2 injection is expected during COP28, and where the debate over hydrocarbons will be a key battle between campaigners and the oil lobby.
- Oil producers are throwing their weight behind carbon capture and storage (CCS) technology as a global warming solution despite criticism from climate experts.
Economy
Oil prices inch up on mixed day for US stocks
World stock markets have made robust gains in recent weeks on hopes that the US central bank had finished with...
- Fed Governor Christopher Waller said he was "encouraged" by recent progress on the economy
- Market analysts say the gain came "as expectations build on the prospect of another output cut"
Business
Abu Dhabi’s EWEC opens Q4 2023 Clean Energy Certificates auction
ABU DHABI, UAE - Emirates Water and Electricity Company (EWEC) on Monday announced that it will conduct its Q4 2023...
- CECs are the only accredited instruments in the Emirate that prove the environmental and economic benefits of consuming clean energy.
- Issued in units of 1MWh, each CEC certifies that the electricity consumed by the entity originates from a clean energy source.
Geostrategy
COP28 host UAE braces for rising heat risk, targets carbon neutrality
As global temperatures tick higher, with this year on course to be the hottest on record, the UAE is changing...
- The UAE's scorching summers, when many flee for cooler climes and the streets empty, look set to worsen due to climate change, various studies show
- The region's extreme heat and high humidity are a dangerous mix as in such conditions the human body struggles to cool itself by evaporating sweat on the skin
Geostrategy
Every industry should be held accountable on climate, says COP28 president
Paris, France - The president of a pivotal UN climate summit defended on Saturday the large presence of industry representatives at...
- "Everyone needs to be part of this process and everyone needs to be held responsible and everyone needs to be held accountable," COP28 president Sultan Al Jaber said
- "That includes all industries and in particular heavy emitting industries like aviation, transportation, aluminum, cement, steel, as well as the oil and gas industry," he added
OPEC Fund provides US$50m loan to support agriculture in quake-hit Türkiye
VIENNA, AUSTRIA – The OPEC Fund for International Development (OPEC Fund) is extending a US$50 million loan to Türkiye to...
Geostrategy
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QatarEnergy, Mitsui ink pact
Business
Iran fires first ship-based long-range ballistic missiles
TEHRAN, IRAN - Iran's Islamic Revolutionary Guard Corps (IRGC) said on Tuesday it has launched long-range ballistic missiles from a warship...
Geostrategy
IMF, World Bank say Gaza and Red Sea attacks risk to world economy
World Bank President Ajay Banga said that "what's going on Gaza, but also the challenges of Ukraine... and the Red...
Economy
Several nations eager to join Charter of Cooperation, says OPEC Secretary-General
ABU DHABI, UAE - Secretary-General of the Organization of Petroleum Exporting Countries Haitham Al Ghais said that OPEC is in...
Business
Most Read
Pakistan must move from ‘anarchy and polarization’ after election: army chief
"The nation needs stable hands and a healing touch to move on from the politics of anarchy and polarization, which...
- The military looms large over Pakistan's political landscape, with generals having run the country for nearly half its history since partition from India in 1947
- Politicians and political parties rise and fall with the backing of the military, which this year was believed to be backing the party of former prime minister Nawaz Sharif
Science
Scientists in UK create new fusion record
LONDON, UK - Scientists in Britain announced on Thursday they had smashed a record for generating fusion energy in the final...
- Over 300 scientists and engineers from EUROfusion contributed to JET's landmark experiments over 40 years.
- Proponents believe it could one day help tackle climate change by providing an abundant, safe and clean source of energy.
‘Innovation is crucial for UAE’s energy efficiency’
"Through effective and constructive collaboration with various local and international partners, we have succeeded in establishing an integrated energy transition...
- The UAE's Department of Energy's integrated system focuses on clean and renewable energy to achieve climate neutrality.
- Investment in youth and their innovative ideas is essential for building a sustainable future, says DoE's Awaidha Murshed Al Marar .