Dubai, UAE--Ten transformative technology solutions could change the way the world powers homes, grows food and secures freshwater, according to a new World Economic Forum report released today. Many of these critical technologies already exist but remain underused. Unlocking their potential as practical, scalable solutions to pressing climate challenges will...
Green activists cry foul as Shell decides to steady oil production
Campaign group Global Witness labelled Wednesday's announcement as a "climate-wrecking U-turn", urging it instead to invest far more in cleaner energy.
Peak in oil demand ‘in sight’ before end of decade: IEA
"The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade as electric vehicles, energy efficiency and other technologies advance," IEA Executive Director Fatih Birol said in a statement. "Oil producers need to pay careful...UAE aims to drive sustainable development with its new policy on energy market
Dubai, UAE-- The UAE has set its sights on regulating the energy providers market as a step toward developing the country's energy infrastructure and enhancing environmental sustainability. The initiative is a vital component of a new policy that aims to ramp up investments in the energy sector, encouraging innovation, and...Iranian nuke expert, EU officials review Tehran’s atomic program
A landmark deal in 2015, formally known as the Joint Comprehensive Plan of Action (JCPOA), gave Iran sanctions relief in exchange for curbs on its nuclear program to guarantee that Tehran could not develop a nuclear weapon -- something it has always denied wanting to do.
DEWA commissions 6 new transmission substations in Jan-April 2023
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has commissioned six new 132/11 kV transmission substations from January to the end of April 2023 with a conversion capacity of 900 megavolt-amperes (MVA), and a cost of US$151 million (AED555 million). The new transmission substations are in Al Jaddaf, Tilal...Greenpeace denounces UK energy firm over coal-fired power station
LONDON, UK - Greenpeace slammed Britain's power grid operator on Monday after it requested the reactivation of a coal-fired power station to meet electricity demand during a heatwave. National Grid ESO has asked energy firm Uniper to fire up a coal unit of its power station in Ratcliffe-on-Soar, central England, according...
Pakistan gets first Russian crude under discount deal: PM
Since Russia launched its invasion of Ukraine last year, economic sanctions have seen a significant cut in its oil and gas exports to the EU and US. However Pakistan, in the midst of an economic downturn worsening a long-running energy shortage, in May confirmed it had struck a deal with Moscow...
HFZA inks deal with Infinite Mining & Energy to build oil refinery
Sharjah, UAE--The Hamriyah Free Zone Authority (HFZA) has signed a deal with Infinite Mining and Energy to set up a multifunctional oil refinery with a daily production capacity of 10,000 barrels and an annual refining capability of up to 3.6 million barrels. In this connection, Saud Salim Al Mazrouei, director...
SEWA holds talks with US consulate to promote innovation for energy solutions
Sharjah, UAE-- The Sharjah Electricity Water and Gas Authority (SEWA) has held talks with a US consulate-general delegation to explore efforts in promoting innovation in energy and water and developing sustainable solution for energy production using advanced technologies. In this regard, Abdullah Abdul Rahman Al Shamsi, Director-General of SEWA, hosted...SEWA, US delegation explore collaboration in innovation, sustainability
Sharjah, UAE - Abdullah Abdul Rahman Al Shamsi, Director-General of SEWA Sunday discussed the authority's initiatives to reduce emissions and combat climate change with a delegation from the US Consulate General, led by Megan Gregonis, the Consul-General in Dubai. The discussion also focused on SEWA's efforts in promoting innovation in...
Saudi NIDLP publishes report highlighting ‘achievements’ in four key sectors
Riyadh, Saudi Arabia-- In order to ensure compliance with the goals of Saudi Arabia's Vision 2030, the National Industrial Development and Logistics Program (NIDLP) has come out with its annual report for the year 2022, reviewing achievements in the four core sectors of the economy: energy, industry, mining, and logistics...
45 governments endorse doubling energy efficiency by 2030
PARIS, FRANCE - Forty-five governments have endorsed doubling the average global rate of energy efficiency improvements by the end of the decade to foster sustainable economic growth. This will help put the world on a secure and affordable path towards net zero emissions. "It’s hard to overstate the importance of...UAE and Japan look to boost ‘strategic’ relations with focus on energy
Tokyo, Japan-- The UAE and Japan have discussed ways to strengthen the strategic partnership with a sharp focus on the energy ties between the two countries. The discussion was held in a meeting between the UAE Foreign Minister Sheikh Abdullah bin Zayed and Japan's Prime Minister Fumio Kishida in Tokyo,...UK to scrap energy windfall tax if oil, gas prices drop further
The UK government said it would scrap a windfall tax on the energy sector should oil and gas prices drop to historically-normal levels for a sustained period. The Energy Profits Levy, introduced after Russia's invasion of Ukraine sent oil and gas prices surging, increased tax on profits from North Sea...
The phase down of fossil fuels is inevitable: Emirati COP28 chief
Al-Jaber, who runs the Abu Dhabi National Oil Company (Adnoc), defended a COP28 roadmap that includes a "global goal to triple renewable energy, double energy efficiency, and double clean hydrogen, all by 2030." His comments came as numerous participants and observers in the UN climate negotiations have called on al-Jaber...
UAE, fintech lead as venture funding surges in MENA
At $445 million, startups in the region witnessed a robust 153 percent year-on-year growth in venture funding despite a 7 percent drop in deal volume, says a latest report.
Barakah Plant’s final unit begins operational readiness preparations, says ENEC
ABU DHABI, UAE - The Emirates Nuclear Energy Corporation (ENEC) has announced that Unit 4, the fourth and final unit at the Barakah Nuclear Energy Plant in Abu Dhabi, has begun its operational readiness preparations. The operations team at Barakah have now commenced the operational readiness testing required to demonstrate...
ADNOC L&S secures big contract
It won US$975mn artificial island construction contract.
UAE, Egypt sign US$10bn deal to build Africa’s biggest wind farm
A consortium of companies, Masdar, Infinity Power and Hassan Allam Utilities have signed an agreement with Egypt to build a 10-gigawatt (GW) capacity onshore wind farm in Egypt, costing more than US$10 billion. The 10 GW plant will save Egypt some $5bn in natural gas costs a year.Europe still under inflationary pressure, says ECB head
European Central Bank president Christine Lagarde said that a closely watched measure of eurozone inflation does not appear to have peaked yet, fueling expectations of further interest rate hikes. She told a hearing of the European parliament that the latest data suggests "indicators of underlying inflationary pressures remain high.
TAQA Arabia’s shares listed on EGX
More than 1.35 billion shares of the energy distribution firm were listed.
OPEC+ looks to slash production to rein in weak prices
The UAE energy minister Suhail Mohamed Al Mazrouei said he expected the outcome of meeting to "balance the market and ensure we are ready for any challenges in the future". Analysts expected OPEC+ producers to maintain their current policy, but signs emerged that staying the course might fall short of...Renewable power capacity to rapidly expand, IEA report reveals
PARIS, FRANCE - Renewable power capacity is expected to jump by a third this year globally as growing policy momentum, higher fossil fuel prices and energy security concerns drive expansion of solar and wind power, the International Energy Agency (IEA) said. The growth is set to continue next year with...
MoIAT inks MoU with MEXT to implement industrial transformation Index
ABU DHABI, UAE - The Ministry of Industry and Advanced Technology (MoIAT) and MEXT signed a memorandum of understanding (MoU) to implement the UAE’s Industrial Technology Transformation Index (ITTI) and deploy the index overseas for the first time. The move is part of the UAE's efforts to accelerate decarbonization and...
Eurozone May inflation dips to 6.1 percent post drop in energy prices
European Central Bank vice president Luis de Guindos on Wednesday previewed the slowing eurozone inflation rate, calling it "positive" but cautioning that "I would not say that the victory is there".
IEA says renewable energy capacity to increase at record level in 2023
PARIS, FRANCE - Renewable power capacity will grow by a record number this year as high fossil fuel prices and energy security concerns fueled the deployment of solar and wind systems, the International Energy Agency said on Thursday. Global additions of renewable energy capacity are expected to rise by 107 gigawatts...Carbon pricing needed to finance transition to clean energy: IMF official
Gita Gopinath said she believes there are grounds to provide subsidies to help stimulate innovation. Gopinath's intervention into the debate on subsidies follows frustration in Europe over US President Joe Biden's major climate plan, which grants generous subsidies to new electric vehicles manufactured in the United States.Equities sink as hardliners Republicans threaten US debt deal
"With some hardliners in the Republican party coming out against the agreement (in a vote due Wednesday), its passage through Congress could be bumpy," warned AJ Bell investment director Russ Mould. "Weak Chinese data also contributed to a subdued market mood with Asian stocks a little sickly."
Dubai launches strategy to achieve zero emissions in public transport
This aligns with UAE's preparations for COP28 and the UAE Net Zero by 2050 Strategic Initiative, and is a part of RTA's efforts to advance sustainability maturity levels in roads and transportation.
Iraq budget vote delayed as Kurds oppose amendments on oil
In a country where political agreements are concluded after endless negotiations between political parties, the objection of the Kurds is delaying a parliamentary vote on the budget. The changes in budget text says the Kurdish region must first deliver 400,000 barrels of oil daily to the federal authorities, along with...Iraq warned to end oil addiction in order to avoid ‘intensive care’
Iraq looks to have renewable energies cover a third of its electricity needs by 2030 and has signed several contracts for solar plants. Its huge oil reserves are enough to produce crude at current rates for another century, but as the world works to wean itself off hydrocarbons, the country...
Global investment in clean energy to rise to US$1.7trn: IEA
Paris, France--Investment in clean energy across the world is expected to rise to US$1.7 trillion in 2023, with solar set to eclipse oil production for the first time, according to a report by the International Energy Agency. The report noted that Investment in clean energy technologies is significantly outpacing spending...
Masdar city to review benefits, challenges of EVs in three day summit
ABU DHABI, UAE - Two of Masdar's spokespeople will address key issues, challenges, and opportunities in electric vehicle innovation during the Electric Vehicle Innovation Summit (EVIS) 2023. It is a part of Masdar City’s efforts to foster the adoption of sustainable urban transportation. The three-day summit is scheduled to take...Investment in solar power to overtake oil first time this year: IEA
The International Energy Agency (IEA) said that while the increasing investment in solar power is a welcome development. but investment in fossil fuels is rising when it should be falling fast to achieve net zero emissions by 2050. Investment in clean energy and fossil fuels was equal only five years...
French firm ENGIE’s investments in UAE projects nearly $12 billion
Development and operation of the Mirfa 2 Reverse Osmosis Independent Water Project, and the running of six power and water plants in the country are also a part of ENGIE's investments.
ADNOC, TAQA award $2.4bn project for sustainable water supply
Dubai, UAE -- ADNOC and Abu Dhabi National Energy Company (TAQA) Wednesday announced the award of a strategic investment project estimated at up to $2.4 billion (AED 8.8 billion) to provide sustainable water supply for ADNOC’s onshore operations. The project will develop a centralized seawater treatment facility and transportation network...Qatar interested in developing Iraqi energy projects: Iraqi oil minister
Doha, Qatar-- Qatar is keen to obtain rights for oil and gas exploration in Iraq, according to Iraq's oil minister who was speaking at the Qatar Economic Forum. Iraqi Oil Minister Hayan Abdel Ghani confirmed that Qatar is interested in participating in obtaining rights for oil and gas exploration in...
Gazprom 2022 profit at US$15bn
With Europe off limits, Gazprom has turned toward Asia.
Saudi energy minister warns oil short-sellers ahead of OPEC+ meet
Speaking on the sidelines of the Qatar Economic Forum, Saudi Arabia's Minister of Energy Prince Salman said OPEC+ pursued three goals of vigilance, initiative and proactiveness. He added that the inaccurate forecasts of the International Energy Agency led to price volatility in the energy market last year and in the...European energy crisis could worsen, warns Qatar minister
Doha, Qatar - Qatar's energy minister warned on Tuesday the "worst is yet to come" for Europe's oil and gas shortages, saying a warm winter had prevented greater difficulties in recent months. "The only thing that saved humanity and Europe this year was a warm winter, and the slowdown in the...Russia’s PM to sign trade, infrastructure deals in China visit
The two countries have in recent years ramped up economic cooperation and diplomatic contacts, with their strategic partnership having only grown closer since the invasion of Ukraine. Last year China became the top energy customer for Russia, whose gas exports had otherwise plummeted after a flurry of Western sanctions over...
Mubadala continues to advance UAE’s knowledge economy: Sheikh Mansour
Abu Dhabi, UAE-- Mubadala will continue to advance the UAE's knowledge-based economy in a way that contributes to solutions for critical global challenges in sectors such as health innovation, the climate emergency and future energy sources. This was stated by Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime...
UAE discusses clean energy partnerships with Germany, Netherlands
ABU DHABI, UAE - A senior UAE official of the Ministry of Energy and Infrastructure (MoEI) visited Germany and the Netherlands to reinforce existing partnerships and discuss common goals, energy transition, technology deployment and potential projects. Sharif Al Olama, Under-Secretary for Energy and Petroleum Affairs MoEI visited Germany and the...
Masdar on way to become one of world’s largest renewable energy firms
ABU DHABI, UAE - Abu Dhabi Future Energy Company (Masdar) has announced that it has nearly doubled its clean energy capacity and CO2 displacement in just two years. Masdar said that it is on track to fulfill its ambition of becoming one of the world’s largest renewable energy companies by...Turkey’s quake-hit economy to grow less this year: EBRD bank
The EBRD forecasts Turkish GDP will expand 2.5 percent this year, cutting prior guidance of 3.0 percent and citing the impact of "unorthodox" loose monetary policy alongside one of the world's highest inflation rates. The death toll of Turkey's worst disaster of modern times stands at more than 50,000 and...
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 oil exports to Turkey, where the results of tightly-contested presidential elections hang in the balance. After defying Baghdad and independently exporting crude through Turkey for nearly a decade, Iraq's autonomous...
Kuwait awards Mitsubishi Power contract to run its largest power station
Kuwait City, Kuwait – Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, announced on Monday that it had been awarded a long-term contract by the Kuwait Ministry of Electricity & Water & Renewable Energy to optimize the performance of the Sabiya power and water distillation station and boost...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 $500 billion each year to maintain a steady supply, Al Ghais said.
Saudi Arabia, Netherlands ink pack to collaborate on energy
Amsterdam, Netherlands – Saudi Arabia and Netherlands on Thursday signed a Memorandum of Understanding to collaborate on energy on the sidelines of the World Hydrogen 2023 Summit & Exhibition. The event was attended by the Saudi Minister of Energy Abdulaziz bin Salman Al Saud. The MoU aims to establish a...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 major international knowledge project setting out the means to triple global renewable energy capacity by 2030. During the UAE Climate Tech Forum in Abu Dhabi, Mohamed Jameel Al Ramahi, CEO...
