Issue 84: Getting to Net Zero
Welcome to Backstory, a weekly newsletter turning global technology shifts into a three-minute read. This week, we’re thinking about clean energy – Mary Ames, Director of Strategy
THE BIG TAKE
Getting to Net Zero
With all eyes focused on Expo 2020 in Dubai, the UAE unveiled an ambitious initiative to reduce carbon emissions. Over the past several weeks, we have been tracking recent developments related to climate change and rising greenhouse gas emissions. Scientists have been particularly vocal this year in highlighting just how bad the challenges facing the climate are. With the upcoming Cop26 climate summit taking place in the United Kingdom next month, governments are focused on reducing gas emissions.
The UAE steps in: Ahead of the Cop26 summit, the UAE announced a landmark Dh600bn strategic initiative to invest in clean and renewable energy sources over the next three decades. This is one of the most significant initiatives in the history of the Gulf region. Furthermore, the UAE is now the first Gulf country to commit to net zero emissions by 2050. While this is a landmark announced, it reveals its long-term commitment to reducing gas emissions. HH Sheikh Mohamed Bin Zayed said that the initiative “is consistent with the longstanding vision of the UAE and its people to make a significant contribution to global sustainability efforts while supporting economic and human development both at home and around the world.”
The bottom line: The UAE’s actions to support the fight against climate change are bold, but they might also improve the economy. The technology supporting renewable energy is developing at an unprecedented pace. The cost of creating renewable energy is falling through the floor. This means that using renewables will soon make more fiscal sense than traditional fossil fuels. Renewable energy is the future, and as a budding knowledge economy, the UAE is investing in its future with these initiatives. The UAE’s leadership on this issue will be remembered as a critical global turning point.
QUOTE OF THE WEEK
“ Climate change is the greatest threat to our existence in our short history on this planet. Nobody’s going to buy their way out of its effects.”
– Mark Ruffalo, Actor
OUR VIEWS THIS WEEK
Diet and the planet: Our diets have a major role to play in climate change. Our appetite for meat is skyrocketing, driven by demand in Asia. At the same time, greenhouse gas emissions from cattle make up nearly 30 percent of total emissions. One solution to this problem is lowering meat consumption, and alternative meats can help with this. This week, we dive deep into the alternative meat industry and explain why it would be a perfect sector for local investment.
Local fintech: Have you heard about BNPL? If not, we have you covered as it is one of the fastest-growing sectors in global fintech. BNPL stands for “Buy Now Pay Later” and it is driving growth in the untapped market of people who can’t or won’t use credit cards — and the UAE is an emerging hub. If you want to peer into the future of the local technology sector, start with fintech.
SPOTTED ELSEWHERE
GITEX is here: The season for major events and conferences in Dubai is upon us. While all eyes have been on Expo 2020, for a good reason, the annual GITEX summit is next week. This is one of our favorite events of the calendar as it brings together the cutting-edge thinkers from Smart Dubai, Abu Dhabi Digital Authority, RTA, DEWA, and Dubai Police. Want to know about what is happening in the UAE's fast-developing technology and smart city space? Then look no further than GITEX.
Can companies change the climate?: Climate change is one of the most critical challenges facing us. While this has been a climate-heavy edition, there is one final story to share from the corporate world. Microsoft has been quietly paying for the removal of millions of tons of carbon from the atmosphere. The company is following the lead of Stripe, a payments processor, in paying to remove carbon. Companies, just like governments, have a significant role to play in this fight.
QUICK HITS
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