Search Site

AD Ports Group 2024 net profit $484m

The Group's revenue increased 48 percent year-on-year.

TAQA net income $1.93bn in 2024

The company's revenues increased 6.7 percent year-on-year.

ADNOC L&S 2024 net profit $756m

The company's revenue increased by 29 percent to $3.54 billion.

ADNOC Distribution 2024 net profit down 7%

Minus UAE corporate tax, it would have grown by 2.4% to $725m

Maaden raises $1.25bn in sukuk offering

The Sukuk were offered in a five-year and a 10-year tranche.

Cutting fossil fuel use key to environmental protection: IMF

  • Global fossil fuel subsidies amount to around $6 trillion in 2020, which is 6.8 percent of global GDP.
  • Emissions would fall by one-third if prices increase to fully reflect environmental and supply costs by 2025, IMF said.

DUBAI: Reducing fossil fuel use is key to environmental protection and the key to making these reductions is to get fossil fuel prices right, the IMF chief Kristalina Georgieva has said.

She told an energy summit at the UN General Assembly that without “dramatic” reductions in the use of fossil fuels, there will be “untold destruction to our environment and continuing damage to people’s health and livelihoods”.

“And the 1.5°C goal of the Paris Agreement will fall quickly out of reach,” she said.

Georgieva said the “right prices” must fully reflect both supply costs and environmental costs – especially carbon emissions and local air pollution.

According to new IMF staff estimates, global fossil fuel subsidies amount to around $6 trillion in 2020, which is 6.8 percent of global GDP. More than 70 percent reflects undercharging for environmental costs.

“Underpricing fossil fuel undermines domestic and global environmental objectives, hurting people and hurting the planet,” she said and added that underpricing is also a “badly targeted policy” that predominantly benefits higher-income households and “deprives governments of precious fiscal resources”.

“Raising fuel prices is, of course, very challenging. I don’t want to understate how difficult it is—but doing nothing will pose far greater challenges,” she said.

The good news, Georgieva said, is that global carbon emissions would fall by one-third—in line with keeping global warming to 1.5 degrees Celsius—if fossil fuel prices increase to fully reflect environmental and supply costs by 2025.

Almost one million deaths due to air pollution would be avoided every single year.

“Additional revenues would rise by nearly 4 percent of global GDP – which could be used to boost green investment and social spending, and thus ensure a just transition to the new climate economy for us all,” she said.