Welcome to Backstory, a weekly newsletter turning global technology shifts into a three-minute read. This week, we’re thinking about the state of the global climate. – Mary Ames, Director of Strategy

THE BIG TAKE

The Tipping Point

In an explosive new report that claims to be the world’s first comprehensive study of how to transition to a net-zero energy system by 2050, the International Energy Agency (IEA) argued that all investment into new fossil fuel supply projects should cease immediately. On its face, this sounds like an aggressive move but the IEA noted that a transformation into a renewable energy economy is well underway and doesn’t require any additional fossil fuel supply projects to reach its goal.

Job creation and a green planet: To reach net-zero emissions by 2050, annual clean energy investment worldwide will need to more than triple by 2030 to around $4 trillion. This will “create millions of new jobs, significantly lift global economic growth, and achieve universal access to electricity and clean cooking worldwide by the end of the decade”. Far from ignoring reports such as the IEA’s recent study, the UAE is leading the transformation of the hydrocarbon economy. In December 2020, Abu Dhabi announced new targets to limit greenhouse gas emissions over the next decade in line with the Paris Agreement on climate change. The announced targets were to cut emissions by nearly a quarter by 2030 by increasing clean power capacity through solar and nuclear energy. 

What’s next: The UAE wants to leverage its position as a leading oil producer to become a leading exporter of clean energy. This will be achieved through the creation of massive solar projects in the country and, perhaps more importantly, the export of knowledge about the technologies needed to push the renewable revolution forward in harsh climates. Last week, the UAE asked to host the prestigious COP 28 international conference on climate change in 2023. We can’t stop the shift to renewable energy and the planet will benefit from clean energy. The best path forward is to leverage the innovation taking place in the renewable energy sector and ensure that countries like the UAE maintain their position of leadership. It’s time to build on the work of the IEA and create a new energy future today.

QUOTE OF THE WEEK

“Robustness and resilience are in general inefficient; but they are robust, they are resilient. And we need that by design"

– Kim Stanley Robinson, author

OUR VIEWS THIS WEEK

Everyone is looking: Facial recognition technology is controversial, and it will likely stay that way for quite some time. That doesn’t change the fact that the industry is booming and expanding, particularly in North America. So it’s about time to address the concerns about facial recognition and make the necessary changes. This week, we took a deep dive into the debate about this powerful technology. 

The digital Dirham: Cryptocurrencies are booming, and so is talk of government-backed digital coins. This week, we turned our focus to government-backed digital currencies. Creating a state-backed digital currency is no easy task, but the potential return is hard to comprehend fully. With the right tools, human capital, and infrastructure, the UAE is poised to create a truly global digital currency that would entrench the country’s position as a hub of the emerging world. The time is right; it’s time to take the plunge.

A MESSAGE FROM DIGITAI

Artificial Intelligence can work for you. The pace of AI innovation is undeniable. With so many options to choose from, how can you be sure that you are making AI work for your needs? Discover what we’re doing at Digit Ai, a Xische company, to accelerate organizational capacity building that leverages AI and machine learning.

SPOTTED ELSEWHERE

Careful with the pasta: Creating new types of sustainable packaging and more efficient transportation of goods is critical for the future health of our planet. It’s not just goods like iPhones and cars. Pasta shapes are actually extremely hard to package and move. Scientists at Carnegie-Mello University in the United States have figured out a new way of creating flat pasta that takes on different shapes when exposed to water. We are going to have to get creative to solve the challenges of climate change. 

Crime and Bitcoin: We have been following the ups and downs of cryptocurrency for some time now but one issue that remains extremely thorny is the connection between Bitcoin and crime. Case in point: Police in the UK noticed that a farm was using a high amount of electricity and not paying for it. The authorities thought it was a cannabis farm but it was actually a Bitcoin mining operation run by cannabis farmers. Such events will continue to give cryptocurrency a bad name.

QUICK HITS

• Employees connect nuclear plant to the internet … to mine Bitcoin

• The high-tech makeover of Europe’s border with Africa. 

• Seven climate tipping points.

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