UN COP29 host Azerbaijan sees a big boom in gas production
Despite the last COP in the United Arab Emirates ending with an unprecedented call to "transition" away from fossil fuels,...
Economy
Economy
Unity key for ‘transformational progress’ at COP28
“We have a short window of opportunity to deliver a system-wide transformation. But if we make the right investments, we...
- There is a need for accelerated pathways to net zero and critical finance across all pillars, says COP28 President-Designate Dr Sultan bin Ahmed Al Jaber
- He also reminds climate ministers of various countries about the approaching Global Stocktake at COP28 and calls for action to keep 1.5C within reach
Opinion
ESG investment, COP28 drive GCC sustainability bid
As the effects of climate change intensify each year, there is an urgent need to transform multiple industries to meet...
- UAE accelerates its sustainability objectives with laser-focused ESG plans and policies, writes Damian Hitchen, CEO of SAXO Bank MENA
- As the UAE is all set to host COP28, an investment pledge of AED600 billion by 2050 comes with its own set of challenges, he adds
Business
Gas price in Europe slips below US$43 for first time since 2021
LONDON, UK- Europe's natural gas price slid Monday below US$43 for the first time in more than a year and a...
- Monday's low is almost nine times less than the record high struck after key gas producer Russia invaded Ukraine more than one year ago.
- Energy bills remain high for many households and businesses, however, with wholesale costs taking time to filter down to the end consumer.
Business
Rosneft 2022 profit at $10.5bn
Firm said non-monetary factors played a role in earnings.
- Western powers have imposed sanctions against Russia due to the Ukraine war.
- Rosneft said that the profit level forms a solid basis for paying dividends.
Science
‘Rich nations must achieve net zero carbon by 2040’
UN Secretary General Antonio Guterres called on wealthy countries to move up their goals of achieving carbon neutrality as close...
- Most rich countries have set their goal at 2050 but some are more ambitious, like Finland (2035), or Germany and Sweden (2045).
- Leaders in emerging economies must commit to reaching net zero as close as possible to 2050, he said without naming any specific nation.
Economy
Kuwait Oil Company declares ‘state of emergency’ after oil spill on land
Teams have been dispatched to determine the source of the leak and contain the incident, Al-Amer said, declining to give...
- The emergency followed an "oil leak in the west of the country", the state-owned company said in a statement
- Kuwait is a major oil-producing country where nearly 90 percent of government revenues come from oil
Opinion
MENA region shines more on the global energy map
The Abraham peace Accords between Israel and some Middle Eastern countries has paved the way for new cooperation and energy...
- Diplomatic efforts, capacity building, and support for sustainability make Middle East and GCC region significant in global energy arena, says an expert
- Tension between Russia and western Europe prompts search for new energy sources, benefiting oil-producing companies in the region, adds Ritu Singh of Stone X
Science
EU unveils plans to scale up net-zero technology
BRUSSELS, BELGIUM- The European Commission proposed the Net-Zero Industry Act to scale up manufacturing of clean technologies in the EU...
- The Act aims to enhance the resilience and competitiveness of net-zero technologies manufacturing in the EU, while making energy system more sustainable.
- EU seeks to increase overall strategic net-zero technologies manufacturing capacity approaches or reaches at least 40 percent of the Union's deployment needs by 2030.
Business
Abu Dhabi-Japan Economic Council reviews growth in bilateral trade and investments
TOKYO, JAPAN - The ninth session of the Abu Dhabi-Japan Economic Council (ADJEC) here has reaffirmed its commitment to further...
- In 2022, the bilateral trade between the UAE and Japan rose 57.5 percent to exceed US$54 billion.
- UAE exports to Japan grew 69.7 percent to US$45.9 billion compared to US$27 billion in 2021.
Economy
OECD raises global growth forecast as inflation eases, recovery ‘fragile’
The OECD raised its global economic growth forecast as inflation eases and China emerges from Covid restrictions, but warned of...
- Organization for Economic Co-operation and Development says rate increases are still needed to fight inflation.
- OECD cited uncertainty over the course of the war in Ukraine, the risk of renewed pressure on energy markets.
Company News
Latest News
Indonesia unveils plan to bring $20bn energy investment from West
Jakarta, Indonesia - Indonesia on Tuesday launched an investment plan to attract $20 billion pledged by Western nations in a renewable...
Business
Earth to warm up to 2.9C even with current climate pledges, says UN
PARIS, FRANCE - Countries' greenhouse gas-cutting pledges put Earth on track for warming far beyond key limits, potentially up to a...
Geostrategy
ACWA Power starts commercial ops at phase 2 of Dubai’s Noor Energy
RIYADH, SAUDI ARABIA – ACWA Power Co said it received the initial commercial operation certificate from the Dubai Electricity & Water Authority...
Business
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Economy
Gaza conflict casts shadow on Israel’s gas industry
War with Palestinians disrupts Israel's gas exports, causing economic losses and altering energy strategies.
- The accounting and consulting firm BDO Israel estimated the economic losses of the closure of the Tamar field at about US$ 201 million a month
- The gas field supplied 8.7 billion cubic meters of gas to the Israeli market in 2022 while exporting another 1.57 billion cubic meters to Egypt and Jordan
Business
Adoption of electric vehicles in US face infrastructure hurdles
NEW YORK, US - The US transition to electric cars has hit a speed bump, with concerns about vehicle range and...
- Automakers in recent weeks have pushed back EV sales targets and delayed capital projects as they seek to reduce inventories of unsold EVs at dealerships.
- The network of EV charging stations in the US remains dodgy, with many areas either lacking infrastructure or equipped with unreliable machines
UAE’s FANR grants operating license for unit 4 of Barakah Nuclear Power Plant
Dubai, UAE - The Federal Authority for Nuclear Regulation (FANR), serving as the UAE's independent nuclear regulatory body, has officially...
- The UAE Nuclear Programme will play a key role in providing 25% of clean energy
- UAE adheres to international conventions and agreements on nuclear transparency