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
Business
Renewables investments record high in 2022, but need massive increase
A report by the International Renewable Energy Agency (IRENA) and Climate Policy Initiative (CPI), said although global investment in renewable...
- The report emphasizes how lending to developing countries looking to deploy renewables must be r highlights the need for public financing to play a much stronger role.
- Achieving an energy transition in line with the 1.5°C Scenario also requires the redirection of $0.7 trillion per year from fossil fuels to energy-transition related technologies.
Economy
IEA faults energy firms for not doing enough to cut methane
The International Energy Agency (IEA) found that emissions from the energy sector rose slightly last year to 135 million tons,...
- The IEA estimates that $100 billion would be enough to achieve a 75 percent reduction in in methane emissions
- It noted that the explosions last year which destroyed the Nord Stream pipelines released a huge amount of methane into the atmosphere
Geostrategy
Iran denies enriching uranium above 60 percent
Iran denied reports it has enriched uranium up to 84 percent, just below the 90 percent needed to produce an...
- The IAEA is "giving Iran the opportunity to explain because it's apparently possible that there can be so-called 'spikes' of higher levels of enrichment".
- Uranium enriched up to 90 percent purity is considered nuclear weapons-grade.
Geostrategy
Saudi meet stresses carbon capture vital for net-zero goals
Riyadh, Saudi Arabia – Net-zero goal cannot be achieved without carbon capture and there is a need to scale up...
- The King Abdullah Petroleum Studies and Research Center held a high-level roundtable on Carbon Management Technologies.
- In 2022, investment in the carbon capture utilization and storage hit $6.4 billion.
Business
DEWA CEO discusses bilateral cooperation with Emerson
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer received a high-level...
- DEWA, Emerson discussed advancing sustainability and consolidating foundations for environmental, social, and corporate governance.
- Clean energy makes about 14 percent of the total energy production capacity in Dubai.
Business
DEWA,  France’s satellite operator Eutelsat discuss cooperation
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer spoke of the...
- DEWA CEO highlighted organization’s key initiatives and projects to promote sustainability, renewable and clean energy, and energy efficiency.
- These include DEWA’s space program (Space D) which supports the National Space Strategy 2030.
Business
Centrica 2022 profit US$4bn Â
Firm's profit rose due to gas and crude oil prices spike.
- Britain's government of Prime Minister Rishi Sunak is temporarily subsidizing electricity and gas bills this winter.
- Centrica expanded its stock buyback scheme to hand another $360 million to shareholders.
Business
ADNOC delivers first Middle East LNG cargo to Germany
Abu Dhabi, UAE-- ADNOC and RWE Aktiengesellschaft (RWE) Wednesday announced the successful delivery of the first shipment of Liquefied Natural...
- The shipment of 137,000 cubic meters of LNG is the commissioning cargo for the new floating LNG terminal in Brunsbüttel in Germany.
- The cargo is sufficient to produce approximately 900 million kilowatt hours of electricity, enough to supply approximately a quarter million German homes for a year.
Geostrategy
COP28 host UAE vows ‘inclusive roadmap’ for climate talks
Rights group Amnesty International has said Sultan Al Jaber is "unfit" for the COP28 presidency, being the CEO of state-owned...
- Al Jaber told a summit event that as "president, I will lay out a roadmap for COP28 that is inclusive, results-oriented and... very far from business as usual".
- Al Jaber, 49, is also the UAE's minister of industry and advanced technology and head of a leading renewable energy firm. He is the first CEO to lead the summit.
Business
DEWA, ENOC sign MoU
Aim is to develop hydrogen-based mobility pilot project.
- The MoU between DEWA and ENOC was signed at the World Government Summit 2023 in Dubai.
- The project will utilize DEWA's existing green hydrogen production facility and ENOC's knowledge of the fuel market.
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
Company News
Latest News
China emissions to fall in 2024 on renewables jump
The country has been installing renewable energy capacity at breakneck speed, with new solar in 2023 alone amounting to twice...
Economy
Saudi pioneering solutions for water scarcity
The kingdom is forging partnerships with major corporations to revolutionize water technologies and achieve water self-sufficiency.
Analysis
Most Read
Geostrategy
ADNOC Drilling, Alpha Dhabi set up JV
The two companies will invest up to US$1.5 billion.
- ADNOC Drilling will own 51 percent of the JV with Alpha Dhabi holding 49 percent, bringing together a market-leading drilling and OFS expert.
- This will further develop and scale up ADNOC Drilling’s integrated drilling and oilfield services (OFS) offering and enhance operational efficiencies.
Business
DEWA Q3 2023 revenue $2.5bn
The revenue was driven by demand for electricity, water.
- For January-September 2023, DEWA’s consolidated revenue totalled US$6 billion with an operating profit of US$1.8 billion.
- By the end of Q3 2023, DEWA’s net cash from operating activities increased by a robust US$205 million to US$2.6 billion.
Geostrategy
Saudi urges leniency in climate change policies for low income nations
Riyadh, Saudi Arabia - Saudi Arabia said on Thursday that policies to address climate change should not "crush the bones" of...
- Climate change is "relevant and important" but "should not be attended to by crushing the bones and the future of the less (powerful) people," Prince Abdulaziz said.
- Prince Abdulaziz said on Thursday that attempts to provide financial support to countries affected by climate change had so far delivered poor results.