COP28 draft agreement includes option to do nothing on fossil fuels
The fate of oil, gas and coal is the thorniest issue being thrashed out at the COP28 UN climate talks...
COP28 UAE
Geostrategy
Big gap between COP26 words and climate action
Finance is a crunch issue at the summit, with developing nations demanding rich emitters make good on decade-old promises to...
- That figure is a drop in the ocean compared to the estimated $4 trillion needed annually to decarbonize the economy by 2050.
- Experts say an accord by more than 100 nations to slash methane emissions by 30 percent by 2030 could have a real impact on short-term heating.
Science
Nuclear energy back in focus as climate crisis deepens
To resist climate changes, more sustainable sources of energy like nuclear could become a norm in the near future.
- Nuclear energy is part of the solution to global warming, there's no way around it, IAEA director general Rafael Mariano Grossi has said
- The UN's climate science advisory panel, the IPCC, has also given a place to nuclear in its models
Economy
UAE unveils hydrogen leadership roadmap
Green hydrogen is envisaged to play a significant role in UAE’s domestic strategy to meet the UAE 2050 Net-Zero goals.
- The roadmap is said to be a comprehensive national blueprint to support domestic, low-carbon industries in the UAE
- It is also expected to contribute to the UAE’s net-zero ambition, and establish it as a competitive exporter of hydrogen
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".
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COP28 draft agreement includes option to do nothing on fossil fuels
The fate of oil, gas and coal is the thorniest issue being thrashed out at the COP28 UN climate talks...
COP28 UAE
Company News
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Russian oil exports hit post-invasion high, says IEA
PARIS, FRANCE -  Russia's oil exports rose in April to the highest level since its invasion of Ukraine, boosting revenues by...
Business
FAB summit explores economic opportunities, net zero transition
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) is hosting a one-day summit that brings together aviation thought leaders...
Business
Iraqi Kurds await oil export renewal deal with Turkey
ARBIL, IRAQ- Officials in Iraqi Kurdistan say Baghdad is still waiting to reach a "final agreement" with Ankara to resume...
Geostrategy
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Economy
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...
- OPEC member countries are ready to play a key role in providing energy to the world and in reducing emissions, Al Ghais said
- The oil industry, he said, needs a long-term, investment-friendly climate that works for producers and consumers
Geostrategy
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...
- US National Security Council spokesman John Kirby said Iran has "harassed, attacked or interfered" with 15 internationally flagged merchant vessels over the past 15 years.
- "The United States will not allow foreign or regional powers to jeopardize freedom of navigation through the Middle East waterways including the Strait of Hormuz, he said.
Science
Masdar, IRENA ink pact on tripling global renewable energy capacity by 2030
ABU DHABI, UAE - Masdar has signed an agreement with the International Renewable Energy Agency (IRENA) to cooperate on a...
- The main objective of the project is to establish a global baseline for renewable energy.
- The project will also highlight the challenges faced by different regions in meeting their renewable energy ambitions.