The Prague Post - 'Not a switch': UAE pushes for fair energy transition

EUR -
AED 4.273889
AFN 73.306066
ALL 96.171614
AMD 439.013911
ANG 2.082526
AOA 1067.01832
ARS 1647.19984
AUD 1.645564
AWG 2.097384
AZN 1.976855
BAM 1.968508
BBD 2.343731
BDT 142.318793
BGN 1.917196
BHD 0.439216
BIF 3275.525677
BMD 1.163597
BND 1.49012
BOB 8.069681
BRL 6.055587
BSD 1.163673
BTN 107.344
BWP 15.813273
BYN 3.401359
BYR 22806.502048
BZD 2.340208
CAD 1.580258
CDF 2513.369561
CHF 0.904934
CLF 0.026945
CLP 1063.957983
CNY 8.041732
CNH 8.01439
COP 4375.881221
CRC 553.957239
CUC 1.163597
CUP 30.835322
CVE 111.064986
CZK 24.373984
DJF 206.794079
DKK 7.472855
DOP 70.394186
DZD 152.999217
EGP 61.42954
ERN 17.453956
ETB 182.684384
FJD 2.564743
FKP 0.867551
GBP 0.866029
GEL 3.176634
GGP 0.867551
GHS 12.54937
GIP 0.867551
GMD 84.942452
GNF 10210.563927
GTQ 8.925314
GYD 243.453801
HKD 9.099503
HNL 30.928172
HRK 7.536149
HTG 152.448952
HUF 386.049498
IDR 19657.808449
ILS 3.609583
IMP 0.867551
INR 107.594096
IQD 1523.730328
IRR 1536995.334055
ISK 145.111903
JEP 0.867551
JMD 182.297675
JOD 0.825029
JPY 183.484169
KES 150.455617
KGS 101.756645
KHR 4671.842376
KMF 494.529182
KPW 1047.236992
KRW 1701.004652
KWD 0.357888
KYD 0.969769
KZT 579.470995
LAK 24825.342738
LBP 104200.115308
LKR 362.422873
LRD 212.938311
LSL 19.246217
LTL 3.4358
LVL 0.703848
LYD 7.429534
MAD 10.947993
MDL 20.166365
MGA 4863.835631
MKD 61.748406
MMK 2443.636559
MNT 4152.986519
MOP 9.368037
MRU 46.672245
MUR 55.7716
MVR 17.977844
MWK 2020.583363
MXN 20.502574
MYR 4.611363
MZN 74.365901
NAD 19.246231
NGN 1626.987959
NIO 42.715755
NOK 11.173335
NPR 171.750803
NZD 1.961458
OMR 0.4474
PAB 1.163713
PEN 4.059212
PGK 5.020909
PHP 68.426481
PKR 325.050623
PLN 4.249166
PYG 7488.408626
QAR 4.236643
RON 5.097837
RSD 117.399925
RUB 91.051314
RWF 1701.297997
SAR 4.368348
SBD 9.361351
SCR 16.491288
SDG 698.736459
SEK 10.632374
SGD 1.483118
SHP 0.872999
SLE 28.537196
SLL 24400.047443
SOS 664.993921
SRD 43.829222
STD 24084.109503
STN 25.075516
SVC 10.18182
SYP 128.670464
SZL 19.246056
THB 36.850841
TJS 11.153418
TMT 4.07259
TND 3.397511
TOP 2.801663
TRY 51.258891
TTD 7.895975
TWD 36.985516
TZS 3002.079898
UAH 51.140698
UGX 4381.285052
USD 1.163597
UYU 46.550927
UZS 14213.337644
VES 503.401927
VND 30576.421305
VUV 138.904014
WST 3.188825
XAF 660.219297
XAG 0.013372
XAU 0.000226
XCD 3.14468
XCG 2.09724
XDR 0.824703
XOF 658.595681
XPF 119.331742
YER 277.629268
ZAR 18.959072
ZMK 10473.776004
ZMW 22.489188
ZWL 374.677773
  • RBGPF

    0.1000

    82.5

    +0.12%

  • CMSD

    -0.0400

    23.16

    -0.17%

  • CMSC

    0.0350

    23.22

    +0.15%

  • BCE

    -0.1800

    25.88

    -0.7%

  • GSK

    1.0000

    55.51

    +1.8%

  • BCC

    -0.8600

    74.49

    -1.15%

  • AZN

    0.7300

    194.95

    +0.37%

  • RIO

    0.1400

    90.35

    +0.15%

  • NGG

    0.5500

    90.41

    +0.61%

  • RYCEF

    -0.3000

    16.7

    -1.8%

  • BTI

    0.4600

    58.33

    +0.79%

  • RELX

    0.0000

    35.68

    0%

  • JRI

    0.0100

    12.58

    +0.08%

  • VOD

    -0.0300

    14.48

    -0.21%

  • BP

    0.2100

    40.65

    +0.52%

'Not a switch': UAE pushes for fair energy transition
'Not a switch': UAE pushes for fair energy transition / Photo: Giuseppe CACACE - AFP

'Not a switch': UAE pushes for fair energy transition

The world's transition to clean energy sources must be "just" and financed by the hydrocarbon trade, the climate change minister of oil-rich United Arab Emirates told AFP.

Text size:

Mariam Almheiri was interviewed in France where a fierce heatwave set record temperatures as western Europe wilted under a scorching sun and wildfires that devoured forests.

Experts are blaming climate change and predict more frequent extreme weather to come.

"It's not a switch. We're not ready yet. And oil and gas will still be part of the energy mix for some time", she said in an interview Monday as UAE President Sheikh Mohamed bin Zayed Al-Nahyan visited Paris for energy talks.

"We need... a just transition because every country is not at the same level," the minister of climate change and the environment added, stressing the UAE was using its oil and gas wealth to ramp up renewable sources.

"You need to build your equipment from what energy you got to do that," she said. "Clean and renewable energy costs money."

The international community largely agrees that climate change poses an existential threat to the planet and future of mankind.

But action to cut carbon pollution and prepare for the accelerating impact is lagging, as is support for vulnerable countries confronting the ravages of a changing climate.

- 'We will provide' -

Adding to the pressure has been Russia's invasion of Ukraine that has sent food and energy prices spiralling.

Western sanctions aimed at crippling major energy producer Russia have resulted in sharply higher fuel costs in Europe and the United States, with inflation soaring as a result.

This has pushed the Unites States and Europe to try to persuade oil-rich countries like the UAE to increase energy supplies to bring prices back under control.

"Look at what we're going through right now. Months ago, people were pointing their fingers at us going: 'Why are you still producing?' Now they're coming to say: 'Please produce, please produce.'"

A top oil producer in OPEC, the UAE's rapid growth since the 1970s has been driven by its energy wealth.

But having diversified its economy over the decades, the desert country of one million locals and nine million foreigners relies less and less on petrol, with revenues now making up only 30 percent of GDP.

At the same time, it forecasts that the oil and gas industry would need to invest over $600 billion every year until 2030 just to keep up with expected demand.

"We are a country that has oil and gas as a natural resource. We don't have water... so as long as the world needs oil and gas we will provide," said Almheiri.

The country was built on oil, but is spending billions to develop enough renewable energy to cover half of its needs by 2050.

It is building two of the world’s largest solar power plants in the capital Abu Dhabi and Dubai.

It has also joined the nuclear club, with its Barakah nuclear power station, the first in the Arab world.

And last year, it launched a "strategic initiative" targeting carbon neutrality by 2050.

- Two-pronged approach -

Meteorologists are predicting more frequent and intense episodes of extreme weather in coming years.

"The increase in the frequency, duration, and intensity of these events over recent decades is clearly linked to the observed warming of the planet and can be attributed to human activity," the World Meteorological Organisation said.

Heatwaves of the future will depend largely on how rapidly the global economy can decarbonise.

While several towns and cities in France recorded their highest ever temperatures on Monday, the Gulf region is also at risk.

In the region, summer means suffering for anyone working outside, along with risks of dehydration, heat stroke and heart failure.

Countries of the energy-rich Gulf have banned working outdoors in the hottest hours of the day.

A study in the journal Nature Climate Change found that within this century, parts of the Gulf region could be hit by "unprecedented events of deadly heat as a result of climate change".

Almheiri said her country, which next year is hosting the United Nations Climate Change Conference COP28, has adopted a "two-pronged approach" while advocating further investments in oil and gas.

"We are ramping up our renewables because we have targets of where we want to reach, and we are decarbonising our oil and gas."

X.Vanek--TPP