We respect climate science, says COP28 head
DUBAI, UAE - The Emirati president of the UN's COP28 talks said on Monday he respects climate science, after a leaked...
COP28 UAE
Innovations spur Qatar’s petrochemical sector growth
"A fair, safe, and sustainable transition to low-carbon energy is crucial for protecting the planet and fostering economic growth. Achieving...
Economy
Economy
Top oil producers stick with modest output boost
This is despite pressure from big consumer nations to open up the taps much more decisively amid soaring prices. The...
- The decision came from the 13 members of the Organization of Petroleum Exporting Countries and their 10 allies
- They reconfirmed, in a brief meeting via videoconference, a July decision to gradually step up production each month
Geostrategy
19 countries vow to end overseas fossil fuel finance
Major coal, oil and gas funders China, Japan and South Korea were absent from the pledge. The IEA says that...
- Unabated fossil fuel projects are those that do not deploy technology to absorb the carbon pollution they produce.
- G20 nations last month agreed to end financial support for new unabated coal plants abroad.
Geostrategy
Top oil producers to assess output amid pressure to open up the taps
The powerful producers led by Saudi Arabia and Russia in the so-called OPEC+ grouping are expected to re-affirm a decision...
- There is pressure from the US and other big consumers to open up the taps much more decisively.
- OPEC+ members seem to prefer to stick to their plan of easing cuts by 400,000 barrels per day per month.
Business
UAE and IRENA launch $1 billion clean energy finance platform
The UAE and the International Renewable Energy Agency (IRENA) on Wednesday announced the Energy Transition Accelerator Financing (ETAF), a new...
- The Energy Transition Accelerator Financing will aim to mobilize an additional $2 billion in energy transition investments.
- The platform targets 1.5 GW of clean renewable energy generation and storage by 2030.
Interview
‘Oil unlikely to hit US$100 in 2022’
The oil prices would average US$70 per barrel in 2021, Garbis Iradian, chief economist for MENA at IIF, tells TRENDS...
- Garbis Iradian, chief economist for MENA at Institute of International Finance (IIF), tells TRENDS in an exclusive interview that the prices would average US$70 per barrel in 2021
- There are expectations of the US oil production recovery in 2022, which would increase the supply easing pressure of price
Sunny but isolated, Cyprus toils to boost green energy
Cyprus hopes to boost its share of renewable energy to 23 percent by 2030 as part of its National Energy...
- Cyprus hopes to boost its share of renewable energy to 23 percent by 2030 as part of its National Energy and Climate Plan
- In October Cyprus also signed a deal with Greece and Egypt to transfer electricity through lines connecting the three countries
Geostrategy
What did the G20 summit agree?
Meeting in person for the first time in two years, G20 leaders had climate change, the Covid pandemic, a tax...
- Leaders pledged action against dirty coal plants but fell short on a target of zero emissions. Support WHO's vaccination goals.
- An agreement that will subject multinationals to a minimum 15 percent tax approved as part of an effort to build "a fairer international tax system".
Business
Sabic to invest $1.37bn in UK
The investment is expected to improve operations at a UK plant.
- The company said that the investment will strengthen its operations
- England’s Prime Minister Boris Johnson appreciated the decision of investment
Geostrategy
Oil giant Saudi Arabia sees opportunity in climate crisis
Not only is the kingdom ramping up oil production, it is also making a major play for the trillion-dollar emerging...
- Saudi Arabia has promised to go carbon-neutral by 2060 and pledged more than $1 billion for circular carbon economy initiatives.
- Experts say Saudi Arabia has a strong stake in blue and green hydrogen production, solar production and in solutions in carbon capture and storage.
Geostrategy
UN calls for more climate adaptation cash from COP26
Climate adaptation means adjusting to the current effects of climate change and preparing for its predicted impacts in the future.
- The approach is crucial in developing countries, which are more vulnerable to extreme weather caused by climate change.
- The cost of adapting to climate change in developing nations could reach $300 billion in 2030, said UNCTAD.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
We respect climate science, says COP28 head
DUBAI, UAE - The Emirati president of the UN's COP28 talks said on Monday he respects climate science, after a leaked...
COP28 UAE
Company News
Latest News
Markets rise on better-than-expected US growth
Market Report
Dubai Supreme Council reviews progress in clean energy projects
DUBAI, UAE - Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 76th...
Business
Global oil industry needs $12trn investments by 2045
Oil alone will make up almost 29 percent of the world’s energy needs by 2045, requiring an investment of over...
Economy
US to bolster presence in Gulf after Iran threat, says White House
The United States said it was sending reinforcements to the Gulf after what it called increasing harassment by Iran of...
Geostrategy
Most Read
Business
ADNOC inks pact with SeaOwl to design unmanned vessels
ABU DHABI, UAE - ADNOC Logistics & Services (ADNOC L&S) announced on Thursday it has signed an agreement with SeaOwl...
- The innovative design of the vessel is likely to reduce carbon emissions up to 30 percent as the vessel will be lighter and smaller.
- The design for the 55 meters long vessel will allow the vessels to be operated from an onshore control room through a satellite link.
Business
Aramco’s plans to produce blue hydrogen ‘remain unchanged’
Dhahran, Saudi Arabia -- The Saudi Arabian Oil Company (Saudi Aramco) denied reports that its plans for blue hydrogen were...
- The energy giant denied reports that it has temporarily suspended plans to produce blue hydrogen.
- It targets to produce up to 11 million tons of blue ammonia, a carrier of blue hydrogen, by 2030.
Business
ADNOC, Baker Hughes partner to boost green hydrogen development
Abu Dhabi, UAE - ADNOC and Baker Hughes announced Wednesday a deal to accelerate the development and commercialization of technology...
- ADNOC will leverage Baker Hughes’ extensive hydrogen expertize and broad portfolio to test and develop solutions to produce low-cost green hydrogen.
- Baker Hughes has been a longstanding strategic partner to ADNOC, deploying advanced technologies and solutions across the energy value chain.