Day: March 29, 2023

WASHINGTON, 29th March, 2023 (WAM) — Progress in reducing gas flaring resumed in 2022, with gas flared worldwide falling by 5 billion cubic meters (bcm) to 139 bcm, its lowest level since 2010, according to new satellite data compiled by the World Bank’s andgtlobal Gas Flaring Reduction Partnership (GGFR). “After a decade of stalled progress, global gas flaring volumes fell in 2022 by around three percent, which is a welcome drop, especially during a time of concern about energy security for many countries. We continue to encourage all oil producers to seize opportunities to end this polluting and wasteful practice,” said Guangzhe Chen, World Bank Vice President for Infrastructure. Three countries, Nigeria, Mexico, and the United States, accounted for most of the decline in global gas flaring in 2022. Two other countries–Kazakhstan and Colombia– stand out for consistently reducing flaring volumes in the last seven years. In addition to the overall reduction in flare volume, global flaring intensity–the amount of flaring per barrel of oil produced– also fell to its lowest level since satellite data began, due to the 5 percent increase in oil production in 2022. This indicates a gradual and sustained decoupling of oil production from flaring. Despite this progress, the top nine flaring countries continue to be responsible for the vast majority of flaring, with Russia, Iraq, Iran, Algeria, Venezuela, the United States, Mexico, Libya, and Nigeria accounting for nearly three-quarters of flare volumes and under half of global oil production. The satellite data shows that decreased Russian gas exports to the European Union did not increase gas flaring in Russia. Throughout 2022, the European Union significantly increased its liquefied natural gas (LNG) imports from the United States, Angola, Norway, Qatar, and Egypt, and via pipeline from Azerbaijan and Norway. Of these countries, only the United States, Angola, and Egypt have made substantial progress in converting associated gas that would otherwise be flared into LNG exports. GFR estimates that in 2022 gas flaring released 357 million tonnes of carbon dioxide equivalents, 315 million tonnes in the form of carbon dioxide and 42 million tonnes in the form of methane. The report also considers the ‘state of the science’ and the uncertainty surrounding how much methane is released from flaring. It finds that methane emissions due to flaring could be significantly higher than previously estimated. For example, if the average flare is just five percentage points less efficient at combusting methane, then globally, the amount of methane released would be three times higher than currently estimated. “We’re concerned by the amount of methane emitted through flaring, particularly from flares that are not working properly. Methane is a far more potent greenhouse gas than carbon dioxide in the short term. So we need to understand this more and are ramping up our efforts to help developing countries tackle methane emissions,” said Zubin Bamji, the World Bank’s GGFR Program Manager. s flaring is the burning of natural gas associated with oil extraction. This wasted gas could displace dirtier energy sources, increase energy access in some of the world’s poorest countries, and provide many countries worldwide with much-needed energy security.

Source: Emirates News Agency

ABU DHABI, 29th March, 2023 (WAM) — National Experts Programme (NEP) participant Saood Al Noori emphasised the need for countries to start investing in climate action solutions immediately to help avoid long-term consequences during a joint G20-COP28 event on the sidelines of the second G20 Framework Working Group (FWG) meeting in Chennai, India. l Noori is the Energy and Renewables sector representative for NEP 3.0, which aims to foster the development of leaders working in sectors strategically important to the UAE’s future. His presentation in the “Macroeconomic Impacts of Climate Change and Transition Pathways” session focused on the importance of investing in climate action and the effects of inaction on the global economy. l Noori, Head of Diplomatic Engagement at the Office of the UAE Special Envoy for Climate Change, emphasised the need for countries to look ahead at the long-term impacts of inaction versus action to ensure a safe and liveable world for future generations. Speaking in front of delegates from G20 countries and international organisations, Al Noori said, “Thinking in the long-term, taking the lead now by investing in climate action, renewables and clean energy is not only the right choice but it’s also the smart thing to do.” He also said investment in climate action immediately is critical to achieving the goals of the Paris Agreement, in which countries agreed to pursue efforts to limit global temperature rise to 1.5 degrees Celsius. He added, “There will be very big ramifications on the global economy if we don’t align with the goals of the Paris Agreement. If no action is taken, this could lead to more than a 25% loss in global GDP due to climate-related incidents, equating to a yearly loss of more than US$135 trillion. “One of the consequences of global warming is that if the sea level rises by more than one meter, more than 200 million people could be affected. Overall, people’s livelihoods, economies and ecosystems are at stake, so it’s essential to collectively address the challenges ahead. Climate change affects us all, and we cannot work on it alone; if we want to bring the world back on track, we must work together and stand united in combating climate change.” The UAE’s participation in the FWG comes ahead of India hosting the G20 in September. With the 28thUnited Nations Climate Change Conference of the Parties (COP28) set to take place in Dubai in November and the country committed to strengthening economic cooperation around the world, the UAE has been invited to join the 2023 summit. The G20 is a high-level forum for officials representing the 20 largest economies in the world to discuss the most pressing issues facing the global economy, such as trade, climate and health. The learnings from the meeting in India will inform the work of the FWG and drive momentum for further talks at COP28. One of 15 UAE-based specialists taking part in the third cohort of NEP, Al Noori has over a decade of experience in international affairs, focusing on energy and diplomacy. In his role as Head of Diplomatic Engagement, he oversees and leads diplomatic efforts in the Asia and Pacific regions. “NEP has been really helpful for me because it has enabled me to look at all topics objectively and subjectively. I don’t look at climate action only through the lens of sustainability but also from the perspective of other relevant topics within the programme. “Decision-makers need to adapt their skills to be able to understand sectors outside their expertise, and NEP has been really informative in that regard. We learn to look at the wider picture to come up with tangible and solid solutions for the problems that we’re experiencing not only from an expert’s point of view but also from a policy-maker’s perspective, which helps in my day-to-day job,” he added.

Source: Emirates News Agency

DUBAI, 29th March, 2023 (WAM) — The General Assembly of Emirates Central Cooling Systems Corporation (Empower), in a meeting convened with a quorum of 86.82 percent of the Company’s paid-up share capital, approved the Board’s proposal on the distribution of cash dividends to shareholders in a total amount of AED 425 million (AED 0.0425 per share, representing an equivalent to 42.5 percent of the company’s paid-up capital). The dividends are approved for the second half of the year 2022, and are set to be paid to shareholders in the month of April of 2023. Saeed Mohammed Al Tayer, Chairman of Empower, chaired the General Assembly meeting that took place today, Wednesday, March 29th, at Habtoor Palace, Dubai. The meeting was attended by Ahmad bin Shafar, Chief Executive Officer and members of the Board of Directors of Empower. The assembly reviewed the company’s performance, its financial position, and the financial statements for the fiscal year ending December 31st, 2022, were ratified with the auditor’s report for 2022 also discussed and approved. The Company’s shareholders approved the General Assembly items. Empower is listed under the symbol (EMPOWER) and the International Securities Identification Number (ISIN:AEE01134E227). They also voted and approved the recommendation of the Board of Directors regarding the suspension of any additional allocation of profits to the legal reserve, as the Company’s statutory reserve has reached 50 percent of its paid up capital. Empower recorded revenues of AED 2,792,539,000, as well as net profits for the owners of the company amounting to AED 1,000,567,000 for the year ending on December 31st, 2022, representing the highest in the district cooling industry, with a growth of 7 percent over 2021. The above dividend distribution is in alignment with the Company’s dividend distribution policy shared with investors that the Company expects to pay a minimum dividend amount of AED 850 Million per annum in the first two fiscal years following its listing on the Dubai Financial Market. l Tayer said, “The impressive results achieved by Empower are the result of the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and the follow-up of H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance. Empower is moving forward with its expansion, extending the reach of its services and developing its unique business model that enabled it to become the world’s largest provider of eco-friendly district cooling services. Empower today plays very important role in securing eco-friendly district cooling services in Dubai as well as in the protection of resources, the environment and the climate at the local and global levels.” “Our ability to deliver such robust growth rests to a large extent on our expansive world-class infrastructure and our highly automated and efficient plants, with environmentally beneficial nature of Empower’s operations. Throughout our history, we have promoted and optimized the use of energy in the district cooling industry. We are proud to serve efficient and reliable cooling services while reducing greenhouse gas emissions,” he added. l Tayer thanked the shareholders for their trust and the Empower’s management and employees for their efforts in achieving distinguished results. On his part, Ahmad bin Shafar, CEO of Empower, stated, “The continuous support that Empower has received from our wise leadership, since the establishment of the Company until its listing in the Dubai Financial Market, was and continues to be the contributor for its success in achieving international leadership in one of the most vital and strategic industries in the world. It has also a vital role in the successful privatization program in Dubai, and its presence in one of the most prosperous financial markets at the world level.” hmad bin Shafar explained that Empower is grateful to its shareholders who have put their trust in it with certainty that it will continue its growth, prosperity and strong performance, now and in the future. He stressed that the Empower will continue to grow in 2023, especially as Empower is determined to increase its market share within the country, driven by an innovative strategy and a unique and sustainable business model.

Source: Emirates News Agency