Masdar unveiled a new product that could see aircraft powered by fuel containing a product derived from seeds.
Masdar unveiled a new product that could see aircraft powered by fuel containing a product derived from seeds.

Seven days that shook the energy world



ABU DHABI // It was seven days of innovation, revelation and dire warnings of what would befall the planet if world leaders failed to act quickly to curb climate change. The third World Future Energy Summit opened on Monday with harsh words for the "dramatic failure" of the climate change talks in Copenhagen in December.

One after the other, world leaders addressing the opening session of the Abu Dhabi summit criticised the international conference for the lack of ambition it had shown. A speech by Mohamed Nasheed, the president of the Maldives, summed up the mood. The Copenhagen accord, he said, would not prevent "catastrophic climate change. If we do not act now, our coral reefs and tropical forest will die. Deserts will become unbearable to live in and low-lying countries such as the Maldives will disappear under the sea".

But the summit has been far from all doom and gloom. In addition to a comprehensive programme of speeches, seminars and round-table discussions, much of the real work of the summit has been achieved out of the limelight, as representatives of the more than 600 exhibitors at the exhibition that has accompanied the summit, exchanged innovative ideas and business opportunities with each other, delegates and other visitors.

Sectors most represented at the exhibition included energy, solar, wind, environment, green building and water. "We have secured some solid business leads which we are confident will develop after the show," said Mauricio Rojas La Rotta, a marketing representative of Solar Power Group. "The event is becoming a reference point in the Middle East region." A sales spokesman for Tenesol, part of the Total and EDF group, said the event "continues to improve, and Abu Dhabi is really the place to do business".

Staging the summit is part of Abu Dhabi's determined drive not only to diversify its economy away from reliance on fossil fuels, but also to take the initiative in the renewable energy sector, by establishing itself as a centre of innovation. In this, according to Ed Miliband, the UK's secretary of state for energy and climate change, who addressed the summit on the first day, it had succeeded. "I think this is the centre of the clean energy revolution that is going on around the world," he said.

Abu Dhabi's initiative has been welcomed as timely. "Renewables are of course a big part of the current mix," said Richard Jones, the deputy executive director of the International Energy Agency, "but they are going to be an even bigger part in the future". One of the highlights of the week came on Monday was the first meeting of the International Renewable Energy Agency in its new home, Abu Dhabi, chosen last year in the teeth of competition from European capitals as a vote of confidence in the emirate's new green direction.

The 139 signatory nations were meeting to fix the organisation's budget and programme for the year ahead, but the big news that emerged was that Saudi Arabia, the world's leading oil producer and a long-standing sceptic of climate change, was to join Irena; what's more, it was also announced that China, the world's biggest emitter of greenhouse gases, was also considering joining. To that end, a large Chinese delegation spent much of the week in the city.

"Collectively we stand at a historical threshold in the lifespan of Irena," Dr Anwar Gargash, the Minister of State for Foreign Affairs, told the Irena delegates. "This journey to create an agency of substance and of meaningful impact is a truly special one that will culminate with issues of renewable energy and climate change taking their rightful place on the centre stage of global affairs." Other concrete news emerged during the week. On the eve of the summit, Masdar unveiled plans for an exciting new biofuels project that could end with aircraft being powered by fuel containing a product derived from the seeds of salicornia, a plant that thrives on the salt plains of Abu Dhabi.

The Abu Dhabi National Oil Company (Adnoc) announced plans for the first commercial-scale trial bringing together all the elements of a technology that could see vast quantities of the carbon dioxide that is currently released into the atmosphere from industrial processes injected into oil wells to create the pressure necessary to squeeze every bit of productivity out of hard-to-reach oil reserves.

An announcement on Wednesday showed that plans were also being laid to make sure that Abu Dhabi would be ready to exploit renewable energy sources when they came on stream; Masdar is to investigate the concept of "smart grids", a range of innovations in electricity transmission and management to make energy systems more efficient. vtodorova@thenational.ae jgornall@thenational.ae

The Beach Bum

Director: Harmony Korine

Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg

Two stars

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Two-litre%20four-cylinder%20turbo%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E235hp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E350Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Nine-speed%20automatic%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh167%2C500%20(%2445%2C000)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
The specs
Engine: 3.0-litre 6-cyl turbo

Power: 374hp at 5,500-6,500rpm

Torque: 500Nm from 1,900-5,000rpm

Transmission: 8-speed auto

Fuel consumption: 8.5L/100km

Price: from Dh285,000

On sale: from January 2022 

Disposing of non-recycleable masks
    Use your ‘black bag’ bin at home Do not put them in a recycling bin Take them home with you if there is no litter bin
  • No need to bag the mask
COMPANY%20PROFILE
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How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Company%20Profile
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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Company%20Profile
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COMPANY%20PROFILE
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The Buckingham Murders

Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5