ADQ and US equity firm ECP to invest $25bn in data center energy projects
Dubai, UAE -- Abu Dhabi sovereign wealth fund ADQ has partnered with the American private equity firm Energy Capital Partners...
Business
OPEC+ sticks to oil output plan after Trump’s price demand
In a bid to boost prices, the Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and Russian-led allies...
Business
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
Economy
ADB plans to invest US$100bn to maximize climate impact
MANILA, PHILIPPINES - Setting the scene for a low-carbon and climate-resilient Asia and the Pacific, the Asian Development Bank (ADB)...
- By 2030, more than 55 percent of the population of Asia and the Pacific will live in urban areas, driving up demand for urban-related services.
- If urban areas continue along the same growth trajectory, Asian cities could contribute over half of the rise in global GHG emissions in the next 20 years.
Business
ADNOC unveils inaugural green hydrogen refueling station
Abu Dhabi, UAE - ADNOC announced on Friday it opened “H2GO”, the region’s first high-speed green hydrogen pilot refueling station,...
- The station will be operated by ADNOC Distribution, and is likely to create green hydrogen from water using an electrolyser powered by clean grid electricity.
- The hydrogen supplied at the pilot station will be certified as “green” from solar sources by the International REC Standard.
Economy
Rising temperatures worry MENA region
The Middle East and North Africa (MENA) region faces severe climate change challenges, including water scarcity and extreme temperatures, with...
- With diverse strategies from GCC to non-GCC nations, the battle against climate change underscores a delicate balance between economic growth and environmental sustainability.
- In the MENA region, resource-rich GCC countries are better equipped to tackle climate change challenges that threaten food security, water resources, and biodiversity.
Business
Masdar City completes first net-zero energy commercial building in region
ABU DHABI, UAE - Masdar City, a sustainable urban community and a business and technology hub here, has just completed...
- NZ1 is designed to consume 53 percent less energy than an equivalent conventional building.
- Solar panels will generate 101 percent of the building’s annual energy needs, making it net-zero energy.
Economy
Oil slides further after OPEC delay as Asian stocks struggle
Both main crude contracts slipped more than one percent on news that the much-anticipated gathering of the major producers would...
- Riyadh and Russia unveiled massive cuts earlier this year in a bid to boost prices
- Many experts believe global supplies were healthier than expected
Business
Indonesia unveils plan to bring $20bn energy investment from West
Jakarta, Indonesia - Indonesia on Tuesday launched an investment plan to attract $20 billion pledged by Western nations in a renewable...
- The roadmap, which comes less than two weeks before the COP28 summit in Dubai, outlines Jakarta's vision to reach net-zero power sector emissions by 2050.
- Under the plan, Indonesia will seek to slash its carbon dioxide emissions to 250 million metric tons for its on-grid power sector by 2030.
Geostrategy
Earth to warm up to 2.9C even with current climate pledges, says UN
PARIS, FRANCE - Countries' greenhouse gas-cutting pledges put Earth on track for warming far beyond key limits, potentially up to a...
- The UN Environment Program's annual Emissions Gap report is released just ahead of crucial COP28 climate talks in Dubai .
- Taking into account countries' carbon-cutting plans, UNEP warned that the planet is on a path for disastrous heating of between 2.5C and 2.9C by 2100.
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ADQ and US equity firm ECP to invest $25bn in data center energy projects
Dubai, UAE -- Abu Dhabi sovereign wealth fund ADQ has partnered with the American private equity firm Energy Capital Partners...
Business
Company News
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QEWC 2023 net profit US$426m
Business
Unit 4 of UAE’s Barakah Nuclear Energy Plant commissioned
Abu Dhabi, UAE - The Emirates Nuclear Energy Corporation (ENEC) on Friday announced that its operating and maintenance subsidiary, Nawah...
Economy
Energy-related global CO2 emissions hit record levels in 2023, says IEA
PARIS, FRANCE – Energy-related carbon dioxide emissions rose to a record level in 2023, but the growth slowed from previous years...
Science
World resource extraction could surge 60 percent by 2060, UN warns
Paris, France - Extraction of Earth's natural resources could surge 60 percent by 2060, imperiling climate goals and economic prosperity, the...
Economy
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Economy
Qatar to ramp up gas output with new mega field expansion
At the start of this month, Qatar said it would supply 7.5 million tonnes of LNG per year for 20 years...
- The expansion, will add a further 16 million tons of LNG per year to existing expansion plans
- Qatar is one of the world's top LNG producers alongside the United States, Australia and Russia
Business
Price of natural gas in Europe falls to a 3-year low
LONDON, UK – The price of natural gas in Europe fell again on Friday, taking it to its lowest in almost...
- Gas reserves, which are usually drawn down during winter for heating, are at 64.7 percent of storage capacity on average in the European Union.
- Gas prices soared in 2022 and into 2023 as Russia's invasion of Ukraine made EU countries limit consumption and diversify their sources of supply.
Economy
GCC, OPEC boost ties to stabilize global oil markets
During his meeting with OPEC Secretary General Haitham Al Ghais, Albudaiwi praises the significant efforts of OPEC and its crucial...
- GCC commits to global oil market stability through OPEC cooperation, says GCC Secretary General Jasem Mohamed Albudaiwi.
- OPEC predicts strong oil demand growth in 2024, led by economic activity in China and air travel recovery.