Environmental, Social, and Governance (ESG) issues are increasingly important as organizations integrate sustainability into their operations.

Fossil fuels, which have powered industrial growth for centuries, are facing looming depletion.

The transition to a post-fossil fuel era is complex and challenging.

Fossil fuel use has worsened greenhouse gas emissions, global warming, and climate change.

The Middle East and North Africa (MENA) region is among the most dependent on fossil fuels globally.

The UAE leads the region in innovation and sustainability, aiming to become a green economy and clean energy hub.

Egypt has significant potential for solar and wind power, particularly in the Sinai Peninsula and Red Sea coast.

The urgency for alternative, sustainable energy sources is clear.

The recent United Nations climate conference in Dubai resulted in nearly 200 nations adopting a resolution to "transition away" from coal, oil and gas this decade.

Leadership at the conference emphasized action over words.

Some cities in the Middle East are now using renewable and solar energy to power large buildings.

The blue economy approach, focusing on sustainable use of ocean resources, is gaining traction in the region.

Joint nuclear power initiatives are being considered in the Gulf, with research showing benefits like reduced electricity costs, energy diversification, less pollution, and a smaller carbon footprint.

A study conducted in the GCC highlighted opportunities and challenges in establishing nuclear power plants.

Climate negotiations in Sharm-el-Sheikh, Egypt, underscored the difficulty nations face in agreeing on strong environmental commitments.

Oil and gas will remain a part of the regional energy mix for the foreseeable future.

Economic diversification is driving countries like Saudi Arabia, UAE, and Oman to invest in sectors beyond oil.

The move away from oil is also motivated by the finite nature of oil and the volatility of oil prices.

Environmental, Social, and Governance (ESG) issues are increasingly important as organizations integrate sustainability into their operations.

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Content: Environmental, Social, and Governance (ESG) issues have become increasingly prominent on the global stage as organisations recognise the need to integrate sustainability into their operations.

As the Middle East moves towards a low carbon future, sustainability has become a top priority for organisations and governments across the region.

Sheikh Mohammad bin Rashid, Prime Minister and Ruler of Dubai announced while launching the National Hydrogen Strategy that the UAE is to invest up to AED 200 billion ($54.5 billion) in renewable energy.

The launch of a AED 4 billion renewable energy plant in Dubai,  and the world’s largest waste-to-energy plant are proof of sustainability climbing the agenda.

With COP 28 being held in the UAE this year, there is a renewed sense of urgency on climate change action, and the net-zero carbon target is being prioritised through policies and actions.

After all, sustainability will boost the UAE’s economic competitiveness, drive innovative policy and improve investment opportunities.

The region has seen notable sustainability innovations, including Saudi Arabia’s rapid transition to a circular carbon economy, Bahrain’s state oil company refinancing a $2.2 billion sustainability-linked corporate finance facility, and Oman’s exploration of green hydrogen as a clean energy source.

However, the Middle East faces its own unique challenges in implementing ESG practices, especially around accurate sustainability reporting and implementing early regulations to fill in previous gaps.

Other challenges that hinder the progress of the region’s ESG agenda include the talent gap, how corporates in the region address the need to implement ESG practices, as well as data availability.

Regulatory frameworks

While standardised frameworks and reporting guidelines begin to form, the lack of clear regulations can hinder consistent measurement and disclosure of ESG performance.

Global frameworks have now become more widely adopted in the region such as the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), and the newly published International Sustainability Standards Board (ISSB).

The gap in standardisation previously posed challenges for investors and stakeholders who relied on transparent and comparable ESG data for decision-making, however, we are starting to see drastic changes in this area.

Data availability

Many companies in the Middle East still face challenges in collecting, managing, and reporting ESG data, which can hinder their ability to effectively assess and manage their sustainability performance.

Data is the first step to measure any status, but also measure progress. Improving data collection mechanisms and investing in robust reporting systems will be instrumental in addressing this challenge.

ESG talent gap

Organisations need individuals with specialised knowledge and expertise in ESG practices to drive sustainable strategies effectively. Alongside this specialised knowledge, the industry also needs innovators, risk takers, agitators for change, mentors, and communicators in the field. There is however, a shortage of skilled professionals in the region with a deep understanding of ESG principles to drive innovative solutions.

Bridging this gap requires investment in education and training programmes to build a skilled workforce capable of integrating ESG considerations into business practices. Universities and training institutions are therefore increasingly offering courses and programmes on sustainability and ESG and businesses are partnering with academic institutions to develop tailored training initiatives and internships, nurturing a pipeline of talent equipped with the required knowledge and skills.

These efforts will cultivate a sustainable workforce capable of implementing and driving ESG practices in the Middle East.

Implementation by region’s corporates

Despite the challenges, corporations in the Middle East are embracing ESG practices, recognising the importance of sustainability and responsible business conduct. We see this through accelerated electrification and the increase of decarbonizing energy supply.

The GCC’s oil-producing nations have made efforts to diversify energy sources, transitioning towards net-zero carbon fuels for transportation. Investments in renewable energy, such as solar and wind, aim to mitigate environmental impacts and promote a low-carbon economic future transforming the economic system and supply chain.

Additionally, social considerations are gaining prominence. Companies are addressing social issues through initiatives that promote diversity, inclusion, and employee welfare.

Governance practices are also being strengthened to ensure transparency, accountability, regulatory reforms and ethical conduct.

While obstacles in integrating ESG practices persist in the Middle East, corporates in the region are proactively embracing sustainability and responsible business practices.

That the Middle East is emerging as a leader in ESG adoption is apparent through their fullfillment of the UN SDG goals which has driven positive environmental, social, and governance outcomes for businesses and society as a whole.

Fossil fuels, which have powered industrial growth for centuries, are facing looming depletion.

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Content: Fossil fuels, which have powered the industrial growth and development of civilisations for centuries, are facing a looming deadline of depletion. Moreover, they have caused severe environmental and social problems, such as climate change, conflicts, and pollution. The need for alternative and sustainable energy sources is clear and urgent. However, the transition to a post-fossil fuel era is not easy or straightforward. It requires innovation, investment, cooperation, and vision.

This article explores the challenges and opportunities of global energy transformation, focusing on the dual nature of fossil fuels, the countdown to their exhaustion, and the promise of renewable energy sources. It also highlights the progress and potential of some countries in the Middle East and North Africa (MENA) region, which is one of the most dependent regions on fossil fuels in the world.

Fossil Fuels: A Double-Edged Sword

Fossil fuels, comprising oil, coal, and natural gas, are ancient energy sources that have been central to the development of various industries and sectors. They have enhanced transportation, manufacturing, agriculture, and electricity generation. They have catalysed global trade, commerce, and innovation, elevating the quality of life for millions.

However, this ascent has been coupled with profound challenges. Fossil fuels have been a source of geopolitical strife, epitomised by wars and conflicts over their control and distribution. They have also exacerbated environmental issues, such as greenhouse gas emissions, global warming, and climate change. Incidents like oil spills, gas leaks, and fracking have inflicted severe damage on ecosystems and public health.

The Countdown to Depletion

The finite and non-renewable nature of fossil fuels leaves humanity facing a daunting deadline. Predicting the exact exhaustion of these resources is a complex endeavour, influenced by reserves, consumption rates, technological advancements, and price fluctuations. Nonetheless, projections based on current data paint a concerning picture.

According to Octopus Energy, the year 2060 may mark the twilight of fossil fuels, based on current consumption and reserve estimates. In 2020, global oil production reached 91.7 million barrels per day (b/d), with key players like the United States, Saudi Arabia, and Russia at the forefront. Simultaneously, natural gas production stood at 3.94 trillion cubic meters (bcm). Although the Covid-19 pandemic temporarily curtailed production, a resurgence is anticipated. In contrast, natural gas consumption steadily rises by over 3% each year.

Should additional oil reserves remain elusive, known deposits could be depleted by 2052. The stark reality is that demand for oil has surged, nearly doubling the average annual rate observed over the preceding decade in 2018.

Toward a Sustainable Energy Paradigm

The global imperative for alternative energy sources is clear. Sustainable options, even if not entirely devoid of environmental impact, have become a linchpin of energy discussions. The quest for sustainability is no longer optional; it is fundamental to securing a prosperous future.

Embracing alternative and sustainable energy solutions is our paramount responsibility. The adverse consequences of persisting with fossil fuels are increasingly undeniable. Furthermore, incidents such as oil spills, gas leaks, and fracking have grievously scarred ecosystems and human health.

The geopolitical maelstrom surrounding fossil fuels is a testament to their strategic importance. By reducing our dependence on these finite resources, we can contribute to global stability and peace.

The Promise of Sustainable Energy

Investing in sustainable energy is not merely an ecological commitment; it is a strategic move to safeguard long-term energy security. Renewable sources like solar and wind power do not suffer the same spectre of depletion as fossil fuels, offering a reliable and sustainable energy future. Moreover, technology’s relentless march is enhancing the efficiency and cost-effectiveness of these alternatives, ensuring a seamless transition.

In this era of unprecedented global challenges, the unsustainable trajectory of fossil fuels is no longer tenable. Transitioning to renewable and sustainable energy sources is both a moral imperative and an economic necessity. As we confront the relentless march of climate change, endeavouring to secure long-term energy stability and foster global peace, embracing this transformation is our only viable path toward a sustainable and prosperous future. It is a journey we must embark upon with unwavering determination and foresight.

The MENA Region: The abundance of wisdom

The MENA region stands as an interesting case study for global energy transformation. The region is one of the most dependent regions on fossil fuels in the world. According to the World Bank, the region accounted for 36% of the global oil production and 20% of the global gas production in 2018. However, the region also faces many challenges and risks related to its reliance on fossil fuels, such as price volatility, environmental degradation, social unrest, and geopolitical conflicts.

Therefore, some countries in the region have started to prepare for the transition to a post-fossil fuel era by diversifying their economies, investing in renewable energy sources, and promoting innovation and sustainability. According to a report by the International Renewable Energy Agency (IRENA), the MENA region has a huge potential for renewable energy development, especially solar and wind power. The report estimates that the region could generate more than 60% of its total electricity from renewable sources by 2030.

Some of the countries that have made significant progress in this field are:

• UAE: The UAE has been a leader in innovation and sustainability in the region, with a vision of becoming a global hub for green economy and clean energy. The UAE has set a target of increasing its share of clean energy to 50% by 2050. The UAE has invested in various renewable energy projects, such as the Shams 1 solar thermal plant, which is one of the largest of its kind in the world, and the Mohammed bin Rashid Al Maktoum Solar Park, which is planned to be the largest single-site solar park in the world by 2030. The UAE is also home to Masdar City, which is a planned city that aims to be one of the most sustainable cities in the world. Also, UAE is one of the 10 largest oil producing countries with a proven reserves, according to BP statistical reviews, of 100 billion barrels.

• Morocco: Morocco has been a pioneer in renewable energy development in the region, with a target of achieving 52% of its electricity from renewable sources by 2030. Morocco has invested heavily in solar power projects, such as the Noor Ouarzazate complex, which is the largest concentrated solar power plant in the world. Morocco also has a strong wind power sector, with a capacity of over 1.2 gigawatts (GW) as of 2019.

• Egypt: Egypt has also been pursuing an ambitious renewable energy strategy, with a goal of reaching 42% of its electricity from renewable sources by 2035. Egypt has a large potential for solar and wind power, especially in the Sinai Peninsula and the Red Sea coast. Egypt has launched several large-scale projects, such as the Benban Solar Park, which is expected to be the largest solar photovoltaic (PV) plant in the world when completed, and the Zafarana Wind Farm, which is one of the largest wind farms in Africa.

These are some examples of countries in the MENA region that are prepared for after fossil fuels era. However, there are still many challenges and barriers that need to be overcome, such as policy and regulatory frameworks, financing and investment mechanisms, public awareness and participation, and regional cooperation and integration.

The world is at a crossroads in its energy choices. Fossil fuels have been instrumental in driving industrial growth and development, but they have also caused severe environmental problems. Their finite nature also poses a threat to long-term energy security. The need for alternative and sustainable energy sources is clear and urgent.

Renewable energy sources offer a promising solution to this challenge. They are abundant, reliable, and sustainable. They can reduce greenhouse gas emissions, mitigate climate change impacts, and foster global peace. They can also create new opportunities for economic growth, innovation, and social welfare.

— Dr Abdullah Belhaif Al Nuaimi is a former UAE minister of Infrastructure Development and for Climate Change and Environment

The transition to a post-fossil fuel era is complex and challenging.

Fossil fuel use has worsened greenhouse gas emissions, global warming, and climate change.

The Middle East and North Africa (MENA) region is among the most dependent on fossil fuels globally.

The UAE leads the region in innovation and sustainability, aiming to become a green economy and clean energy hub.

Egypt has significant potential for solar and wind power, particularly in the Sinai Peninsula and Red Sea coast.

The urgency for alternative, sustainable energy sources is clear.

The recent United Nations climate conference in Dubai resulted in nearly 200 nations adopting a resolution to "transition away" from coal, oil and gas this decade.

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Content: Analyzing The Impact On -And What's Next For- The Middle East After The UAE's Momentous Staging Of COP28 The United Nations climate conference in Dubai made history last month, uniting nearly 200 nations to adopt a resolution to "transition away" from coal, oil and gas in this decade.

By Megha Merani

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

The 28th edition of the Conference of the Parties of the United Nations Framework Convention on Climate Change (COP28) may have wrapped up- but the spotlight still remains fixed on the Middle East, with the UAE at the center, as it emerges as a potential key influencer in the global climate agenda. This focus comes amidst expectations from industry leaders that the summit's resolutions will spark a new wave of innovation and strategic rethinking across the region.

The United Nations (UN) climate conference in Dubai made history last month, uniting nearly 200 nations to adopt a resolution to "transition away" from coal, oil and gas in this decade. The landmark decision on fossil fuels -a first of its kind in the conference's three-decades- was won after intense debate and considerable resistance from leading energy producers.

Fossil fuels, which are responsible for the majority of global warming emissions, still account for more than 80% of the world's energy consumption, even amid a steady rise in renewable energy capacity. COP28 President Dr. Sultan Al Jaber said the deal "delivered a paradigm shift that has the potential to redefine our economies," but stressed the importance of action over rhetoric, signaling a turning point in international energy policies. "We are what we do, not what we say," he said. "We must take the steps necessary to turn this agreement into tangible action."

Salaal Hassan, founder and CEO of Ahya, an artificial intelligence (AI)-powered solution for businesses to measure and reduce emissions, said heightened awareness of climate challenges spurred by COP28 opens key opportunities for both policymakers and the private sector. "The private sector must move beyond an outlook of seeing climate change as corporate social responsibility (CSR), and instead adapt from purely capitalist models to green social capital-based enterprises," he said. To make the shift, he recommends the adoption of "double materiality", a concept that focuses on reinvesting profits into climate protection and accurately assessing climate risk.

Salaal Hassan, founder and CEO, Ahya. Source: Ahya

As for the road ahead, Hassan predicts the COP28 dialogue will be a major catalyst for climatetech innovation in the region, especially for software startups focused on database management, reporting, and reduction processes for climate initiatives. "Such solutions already exist in the US and European Union, but they are not transferable to the UAE due to cost, support, localization, and compliance aspects," he noted. As the region -which has been historically reliant on fossil fuels- pivots towards a sustainable future, Hassan also sees potential for Direct Air Capture (DAC) technology for greenhouse gas mitigation. However, he also pointed out that its capital-intensive nature poses limitations in emerging markets.

Meanwhile, Shukri Eid, General Manager for the Gulf, Levant, and Pakistan at American multinational IBM, said the urgency to measure carbon footprints, as well as the increasing demand for comprehensive data, including environmental, social, and governance (ESG) reporting, have exerted immense pressure on organizations. "To start, organizations need to establish baselines and develop data-driven strategies- deciding what data to collect, where to store it, and how to manage it for audits, performance assessment, and driving improvements," Eid said. Unfortunately, existing data is often "fragmented, incomplete, or outdated," Eid noted.

Shukri Eid, General Manager, IBM-Gulf, Levant, and Pakistan. Source: IBM

But he noted that technologies infused with AI "hold the most promise for climate action," citing IBM's collaboration with the US' National Aeronautics and Space Administration (NASA) on a foundation model for weather and climate. Trained on geospatial information, the model offers a novel approach to tackle climate change. "Unlike traditional AI models, geospatial foundation models can be fine-tuned for diverse applications, from flood detection to fire scars, driving impactful solutions across climate-related challenges," Eid explained.

Closer to home, IBM -which was an Associate Pathway Partner for the COP28 conference in Dubai – has also partnered with Mohamed Bin Zayed University of Artificial Intelligence to map the urban heat islands in the UAE. The research involves a fine-tuned version of IBM and NASA's geospatial foundation model to understand Abu Dhabi's urban environment and the formation of urban heat islands influenced by local landscapes. At the same time, IBM's Sustainability Accelerator is fostering innovation in water management at the University of Sharjah, which is developing a model and application to monitor and forecast water access in the Middle East and North Africa.

The financial sector is also adapting to take the lead in environmental initiatives. Dr. Saeeda Jaffar, Senior Vice President and Group Country Manager for the GCC at global digital payments leader Visa, said that finance and payment players "bear a significant responsibility" in driving adaptation, and that they are essential to bridging the gap between consumers and businesses in instilling sustainable practices. "The imperative for banks extends beyond merely reducing the reliance on cash payments and paper," she said. "It encompasses providing crucial capital to sustainable businesses, and creating an environment that fosters their growth. Any technology or innovation that inspires individuals and businesses to awareness and climate action holds great promise."

Dr. Saeeda Jaffar, Senior Vice President and Group Country Manager GCC, Visa. Source: Visa

Dr. Jaffar cited Visa's collaboration with sustainability-as-a-service startup Ecolytiq to launch an "Eco Benefits" bundle, in partnership with Mashreq Bank in the UAE and Qatar Islamic Bank in Qatar, as a prime example. The solution leverages payments data to allow consumers to track their carbon footprint per transaction, enabling them to understand the impact their spending behavior is having on the environment, and offers guidance on how to offset their carbon impact.

In the UAE, the carbon emissions insights are available to nearly one million Mashreq personal banking customers. "Rather than just offering products and services, we aim to craft experiences that truly benefit our customers," Faisal Al Shimmari, Head of ESG and Corporate Strategy at Mashreq Bank, said. "These products are designed to promote climate-positive behaviors, while delivering tangible impact for Mashreq customers."

Meanwhile, Mashreq is also actively ramping up its efforts to provide sustainable financing with a goal to reach US$30 billion by 2030, making it among the top facilitators of the UAE Banks Federation's (UBF) pledge at COP28 to mobilize $272 billion in sustainable finance by the end of the decade. The bank has already facilitated more than 30 deals in sustainable financing since 2021, including structuring and underwriting the recently closed Bapco Energies' $2.5 billion dual tranche Islamic and conventional term facility, the largest sustainability-linked loan in the region so far. Other projects that have received financing include adaptation-related projects such as water projects in Egypt, the UAE, Qatar, Saudi Arabia and Bahrain.

Related: A Silicon Valley for Climate Tech? It Could Well Be the UAE

Having noted important gaps in climate finance for decarbonization in the UAE, Al Shimmari called it "a matter of national priority". This is why Mashreq is set to launch a UAE ESG Ecosystem Government Accelerator, an initiative uniting public institutions and financial private sector organizations to expedite the UAE's green transition.

Meanwhile, as 2024 now gets underway, Al Shimmari noted that UAE climate startups will need to confront regulatory uncertainties and funding challenges, yet promising avenues for innovation and growth await. "Startups should focus on increasing their technology readiness level through university collaborations and market-funded programs, and work on addressing climate risk stress testing, including data availability and governance challenges," he advised, noting a bright outlook especially for agri- and water-tech sectors.

However, Ahya's Hassan highlighted that the scarcity of capital for climatetech is a major obstacle to progress. "The biggest challenge is that of investors not having the risk appetite or a specialized thesis, due to the need to dive deep into the macroeconomics and regulations, which are distinguishably different from other sectors, as well as the need to see climatetech returns on a mid to long term horizon," Hassan said. "Here, very few investors have a focus on climatetech. And enterprises, whilst having sustainability departments, do not have specialists running them and have a general view of sustainability as an operational expense or CSR function. This can only change through confidence building, and simplifying the macro regulatory context."

Echoing Hassan's view, Victor Sunyer, Partner at Dubai-based investment firm Nuwa Capital, said that venture capitalists, in line with market conditions, "will continue to exhibit increased selectivity and caution." This cautious approach comes just as UAE-based data platform Magnitt noted a significant global investment growth in climatetech. The sector saw $82 billion in investments in 2022, up 20% from the previous year.

Victor Sunyer, Partner, Nuwa Capital. Source: Nuwa Capital

In the more nascent Middle East, North Africa, and Turkey (MENAT) market, climatetech startups attracted $651 million across 148 ventures between 2018 and 2022. However, Nuwa Capital envisions climatetech as "a fundamental area for growth and investment in the region" over the next few years, Sunyer said, motivated by the urgency to mitigate climate change impact. "Consumer sensitivity towards responsible behavior adds momentum to this trend," he said. "We are pursuing investment opportunities in the climate action space, spanning both early and growth stages."

Sunyer also said that the region is seeing "the beginnings of a solid climatetech ecosystem", also pointing to accelerator programs sponsored by major energy companies directing their focus to energy efficiency and transition. ADNOC, for example, launched a $1 million decarbonization technology challenge last year. Sunyer also noted "heightened enthusiasm" for water management and efficiency post-COP28, as well as technologies focused around low-carbon foods and locally grown produce, and on reducing building energy consumption. "Given the relevance of the construction sector and the climatic conditions, implementing energy-conserving measures for buildings is crucial for enhancing overall energy efficiency," Sunyer said. "Anticipated strides by policymakers in this regard underscore the potential impact."

With buildings accounting for nearly 40% of global carbon emissions, Maged Marie, CEO at Egypt-based real estate firm Magnom Properties, emphasized the role of the built environment in global energy transition discussions at COP28. The summit focused on practical solutions to decarbonize the buildings sector, Marie said, describing it as a move to "course-correct."

Maged Marie, CEO, Magnom Properties. Source: Magnom Properties

At the summit, the governments of France and Morocco, alongside the UN Environment Program (UNEP), launched the Buildings Breakthrough, setting a goal for near-zero emissions and climateresilient buildings by 2030– an initiative Marie lauded as one of the "most important sector-specific outcomes" at the conference in Dubai. "While the speed and scale of urbanization globally has brought manifold challenges to the climate crisis, the buildings sector is also uniquely positioned to be part of the solutions as we move forward on the path of net zero," Marie said. "At Magnom Properties, for instance, we are tapping into the long-term potential of clean hydrogen to power 75% of the total energy demands of the Forbes International Tower in Cairo, Egypt, designed to be one of the most sustainable buildings globally."

The Forbes International Tower, a commercial project planned to be constructed in locations including the UAE, Saudi Arabia, and Egypt, will also use solar power, while also incorporating water recycling and smart technologies for efficient use. The tower is set to reduce its carbon footprint by 58%, equivalent to 60 million kilograms of carbon dioxide emissions, and it is also targeting Platinum LEED certification.

Commenting on the industry as a whole, Louise Collins, Head of Engineering and Energy for the MEA, and Head of Project and Development Services for the UAE, at real estate services firm JLL, said that sustainability is "high on the agenda" for both local and global businesses operating in the real estate sector. More time, resources, and money are being spent on sustainability, she said, which is expected to continue in the years ahead. According to JLL, 59% of the top 100 office occupiers in Dubai have carbon commitments.

Louise Collins, Head of Engineering and Energy for the MEA, and Head of Project and Development Services for the UAE, JLL. Source: JLL

Collins said that much of the demand for low-carbon space is coming from international occupiers. But the Emirate faces a unique set of challenges in meeting this demand, she said, including extreme climate conditions, rapid urban development, and high-energy demand buildings. That said, the market also presents unique opportunities. "As Dubai continues to develop rapidly, local government officials and developers benefit from implementing stringent buildings codes and construction practices to ensure buildings are sustainable at the onset– a much easier route than having to go through expensive and complex retrofits," Collins explained. "Building owners can also capitalize on abundant solar energy potential and leverage smart city technologies."

A spokesperson from NWTN, a UAE-based electric car manufacturer and green energy provider, forecasted transformative shifts in the regional energy landscape, including an uptick in investments in renewables like solar and wind power, that would potentially lead to the emergence of new renewable tech companies. "Given the UAE's abundant solar resources, innovations in solar energy, such as more efficient photovoltaic cells or concentrated solar power systems, are particularly promising," the spokesperson said. "Wind energy, especially offshore wind turbines, could also see significant advancements."

Other promising technologies include green hydrogen produced using renewable energy sources. "It can be used in various sectors, including transportation, industry, and power generation, making it a versatile option for decarbonization," the spokesperson said. These, along with advanced energy storage systems including batteries and other novel storage technologies, along with smart grid technology, are essential for managing the intermittent nature of renewable energy sources.

Peter May, Vice President of Operations at Dubai-based proptech startup Silkhaus, underscored the shared collective accountability for climate action. "Climate action is everyone's responsibility across sectors, and not just that of cleantech businesses," he said. But startups face challenges, he added, in "avoiding the lure of greenwashing," and resisting the misconception that purchasing carbon credits is a primary solution. Advocating for a more comprehensive approach, May said companies need to focus on education, optimization, and direct impact reduction.

Peter May, VP of Operations, Silkhaus. Source: Silkhaus

But despite hurdles in the shift to green, May is upbeat about COP28's long-term effect on Middle East economies. Ultimately, the unprecedented agreement is encouraging as it aligns with the region's ambitions to diversify away from oil-dependence, he said. After all, expanding into non-oil sectors -while fostering sustainable practices- is a win-win scenario.

Related: What Are The Climate Solutions That We're Leaving On The Table? Ask Women Entrepreneurs.

Megha Merani

Independent Journalist

Megha Merani is an independent journalist based in Dubai, United Arab Emirates. Her stories have made headlines across a number of publications including Reuters, Associated Press, Entrepreneur Middle EastBloomberg Middle East, Arabian Gulf Business Insight, Arabian Business, and former local daily 7DAYS.

Megha also produces editorial for government platforms including the World Government Summit and World Economic Forum's Annual Meeting of the Global Future Councils. She has been a grant winner of the Thomson Reuters Foundation and The Global Initiative Against Organized Crime funded by the government of Norway to report on the online trade in illegal wildlife.

Megha is also an Associate Fellow (AFHEA) at Murdoch University in Dubai and leads its Digital Newsroom course unit. In addition, Megha serves as a United Nations Women mentor to support equal opportunities for women entrepreneurs, and supports various other programs including TIE Women, 60 Day Startups, and the Watt Inc. Business Incubator.

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Leadership at the conference emphasized action over words.

Some cities in the Middle East are now using renewable and solar energy to power large buildings.

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Content: Monday, 27 June, 2022, 1:59 AM
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Home Op-Ed

Greener cities are critical to regional sustainability

Published : Monday, 27 June, 2022 at 12:00 AM  Count : 73
SARA AL-MULLA

From megacities to metropolises, cities of all kinds are experiencing an unprecedented spectrum of threats associated with climate change, necessitating a serious debate on the importance of transitioning toward greener cities in order to remain sustainable and resilient.

Currently, those living in urban areas make up just over half the global population. But this figure is projected to increase exponentially to a whopping 68 percent by mid-century, according to the UN. The modern urban landscape poses complex challenges for cities, as they are vulnerable to climate-induced hazards that threaten their economies and infrastructures and the well-being of their residents.

An influential 2018 report titled "The Future We Don't Want" - published by C40 Cities, the Global Covenant of Mayors, Acclimatise and the Urban Climate Change Research Network - revealed the manifold threats that cities are facing and will continue to face in greater intensity as a result of climate change. The report stated that 70 percent of cities are already feeling the wrath of climate change in the form of heat waves, rising sea levels, wildfires, storms and droughts. The fact that 90 percent of urban areas are coastal also poses a significant vulnerability to flooding due to rising sea levels and mass destruction from tsunamis.

By 2050, more than 45 percent of the global urban population is projected to live in cities with extreme summer temperatures of at least 35 degrees Celsius, leaving residents susceptible to dehydration, heatstroke, sleep loss, stress, cardiovascular disease and even death.

Many cities are currently counteracting these challenges, such as the case with Seoul, which implements a number of successful interventions when temperatures reach 33 C for two consecutive days. They include advisories to residents with practical advice and guidance to employers about allowing their outdoor workers to take breaks. The city has also installed shaded cooling centers in public locations, planted 16 million trees and expanded its green space by 3.5 million sq m.

The urgency of addressing climate change in the Middle East and North Africa has never been more critical, with UN experts projecting an urbanization rate of 59 percent by 2030. The region is already fraught with high temperatures, droughts, limited rainfall and scarce agricultural lands, and it is considered among the most water-stressed regions in the world. Climate-induced water scarcity alone is projected to cost MENA countries as much as 6 percent of their gross domestic product by 2050, according to the World Bank.

All of these challenges have important policy implications for city governments on how to balance economic growth while reducing environmental impacts and maximizing population well-being. The International Finance Corporation estimates the climate-centered investment opportunity for the MENA region to be $1.7 trillion.

Many cities have already implemented a vast range of interventions to bolster their resilience and successfully transition into greener cities. Chief among these actions is establishing a dedicated agency to plan, coordinate and manage climate-related strategies across the country. Regular extensive assessments of vulnerabilities and climate-related risks will inform decision-makers on the urgent and critical interventions needed.

Cities should also upgrade their infrastructure to ensure resilience in the face of extreme climate events, such as the flooding of drainage systems. Shifting to climate-smart infrastructure is an important step toward reducing greenhouse gas emissions and conserving resources. For example, a number of cities are currently relying on renewable energy and solar energy to power large buildings.

Meanwhile, the government of Dubai has issued regulations for "green buildings" that elaborate on a number of climate-friendly solutions, including creating vegetated rooftops, reducing hazardous waste, limiting pollution and improving energy and water efficiency. Many cities are also experimenting with vertical forests, whereby a variety of plant species are grown on buildings, such as the ones in Milan, Kuala Lumpur, Singapore and Utrecht.

Investing in climate-efficient public transportation and promoting the uptake of hybrid or electric vehicles will offer cleaner alternatives to fuel-reliant vehicles that amplify air pollution. To illustrate, the city of Santiago in Chile invested in electric-powered public buses, which do not generate emissions and cost a remarkable 70 percent less to operate than diesel-fueled buses. In tandem, guidance should be issued to enterprises on how to decarbonize their operations and shift toward electrification and digital solutions.

Launching mass greening and reforestation projects across cities can yield a number of benefits, such as cooling them during summer months and improving biodiversity. This can be done by planting trees to line streets and boulevards and creating gardens, grassy areas, public parks, flowery meadows, miniature urban forests and allotments. For instance, many cities offer allotments for urban farming and recreational gardening projects managed by residents, with an abundance of evidence pointing to improved physical and mental well-being, in addition to the growth of local, seasonal and organic produce.

Additionally, many countries, such as the UAE and Singapore, are capitalizing on vertical farming projects to maximize agricultural yield while relying on climate-friendly solutions to efficiently utilize water and energy.

City governments should also be creative with their public education campaigns to nudge the desired behavioral changes by residents, focusing on recycling, metered consumption and the reduction of wastage. Furthermore, MENA countries should invest in cutting-edge research and innovations related to climate change, which will empower cities to navigate an uncertain future and adjust their climate action plans accordingly.

When imagining the cities of tomorrow, a rather ambitious idea should be explored to include sustainability. By transforming its cities into greener cities, the MENA region can navigate the coming decades with enhanced resilience and competitiveness.
Source: ARAB NEWS

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The blue economy approach, focusing on sustainable use of ocean resources, is gaining traction in the region.

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Content:

‘Blue Economy’ focus on sustainable marine development comes to Middle East

An ocean-based economy could be the answer to climate change, food insecurity, energy issues, and cooperation among the countries of the region.

EU Environment, Oceans and Fisheries Commissioner Virginijus Sinkevicius gives a news conference on sustainable blue economy in Brussels, Belgium May 17, 2021
(photo credit: VIA REUTERS)

As the world rapidly changes and new needs and issues continue to appear on the global agenda, the “blue economy,” defined by the World Bank as the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem,” is seen by many as a great solution to many of the mankind’s current problems.

For more stories from The Media Line go to themedialine.org

The Commonwealth of Nations considers the blue economy as “an emerging concept which encourages better stewardship of our ocean or ‘blue’ resources.”

The blue economy approach is also penetrating the Middle East.

Israel last month inaugurated the National Center for Innovation and Blue Economy in Haifa, aiming to promote technological innovation and entrepreneurship related to the maritime space.

This includes projects in fields such as aquaculture, shipping, marine tourism, and marine nature conservation, the Environmental Protection Ministry and the Haifa Municipality said in a joint statement.

Port of Haifa. (credit: Prof. Noa Shenkar)

'Blue is the next green'

Mohammed Baharoon, director general at b’huth – The Dubai Public Policy Research Centre, told The Media Line that the United Arab Emirates and Oman are also working hard on exploring these areas. He said the investments are not very significant till now, but he added that it is an area of growth.

The blue economy is of great importance for the Gulf Cooperation Council countries, he explained, as they “are based in the Arabian Peninsula which is surrounded by four seas.

“Their economic ties with countries in the Indo-Pacific Region are huge,” he added.

Blue is the next green, continued Baharoon, and “the blue economy complements all their efforts toward carbon neutrality, energy transition, and economic diversity.”

Lior Hanuka is the CEO of HiCenter, which operates the National Center for Blue Economy in Haifa. He told The Media Line that investment in projects related to the blue economy in Israel is also low, “but we are going to change this number to hundreds of millions of dollars, maybe billions of dollars, because we do think that the blue economy is going to bring to the table a lot of opportunities to innovate.”

Israeli innovation can move from the land to the sea, he added, saying we are talking about artificial intelligence, machine learning, cybersecurity, and all the agricultural technologies, Hanuka added.

Gregor Paterson-Jones, managing partner at PJ & Company, a blue and green finance consultancy, said, “The blue economy conceptualization and financing mechanism, as well as sustainability standards, are now where green finance was 10 years ago.”

There are a number of highly relevant blue economy sectors that have a huge impact on sustainable development in the region, he noted in an interview with The Media Line.

There are several large tourism developments and existing assets that rely on the health of the ocean for their survival, Paterson-Jones said. Also, maritime trade and logistics are important assets for the region that could benefit from investment in blue economy-based projects.

He pointed out that blue economy developments could make the difference between recent fossil fuel discoveries’ exploitation being beneficial or deleterious to the energy mix in the region. He also cited renewable energy and waste treatment as areas that could benefit.

Greater fisheries and aquaculture opportunities

The new approach could be an asset in the provision of water in water-stressed areas of the world, and could create greater fisheries and aquaculture opportunities in the region, Paterson-Jones said.

Hanuka added, “The beautiful thing about the blue economy is that once you bring the innovation, or build the project, it contributes to all the countries around you, and maybe beyond.”

He added that the Israeli National Center for Innovation and Blue Economy has already been in touch with contacts in Jordan, Egypt, and Morocco, “and they’re looking for our innovation.”

Regional cooperation is a must for the success of the blue economy in addressing key issues such as global warming, he said. “Some of the challenges belong to the whole region, so some of the solutions have to be regional and not only in one country,” Hanuka said.

Baharoon stressed that in additionI to important issues that the blue economy can address such as climate change, food security, energy transition, and economic cooperation, an ocean-based economy means connectivity, which could greatly enhance the Middle Eastern countries’ ties with East Asian countries.

“Blue waters projects will help create new corridors for moving food, energy, and data, and marine urbanization will create people traffic between these two regions, which will require cooperation on new types of governance structures,” he said.

Joint nuclear power initiatives are being considered in the Gulf, with research showing benefits like reduced electricity costs, energy diversification, less pollution, and a smaller carbon footprint.

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Content: THE benefits of a joint nuclear power centre for the Gulf have been highlighted by a researcher, who said the region’s economic ambitions necessitated a robust energy infrastructure.Bahrain University alumna Noora Al Tamimi, who specialises in environment and sustainable development studies, recently completed her Master’s degree for which she conducted a survey with more than 400 respondents, and interviews with five industry experts, environmental specialists and social researchers, among others.Her thesis entitled ‘Challenges and opportunities of establishing nuclear power plants in the GCC’, sheds light on the benefits of nuclear power, which includes reduction in electricity costs, diversification of energy supplies, less pollution and smaller carbon footprint. “Nuclear power offers a compelling solution to diversify our energy sources beyond fossil fuels,” the 31-year-old told the GDN.

“Furthermore, the region’s economic ambitions necessitate a robust and secure energy infrastructure.”Disposal of nuclear waste, high set-up and implementation costs, specialised human resource and expertise and safety concerns were some of the constraints highlighted in the survey. The GDN earlier reported that Bahrain was on track in implementing its National Energy Transition Plan, which is based on the kingdom’s commitments presented at COP26, the 26th United Nations Climate Change conference. Some of the pledges made include plans to reach net zero by cutting carbon emissions to a minimum by 2060, and other interim goals including reducing emissions by 30 per cent by 2035 through decarbonisation and other efficiency initiatives.

Harnessing nuclear power is a timely solution to achieving these goals, she said. Her thesis features recommendations based on expert interviews on a wide range of topics, including potential environmental impact of nuclear power plants, the disposal of nuclear waste in the region, the economic impact of the cost of establishing such power stations, and the benefits of joint initiatives for the GCC.“The emergence of the UAE’s Barakah nuclear plant has paved the way but each nation possesses unique considerations and understanding these lingering challenges is crucial for the GCC’s collective energy future,” Ms Al Tamimi said.“The UAE has already made progress and Saudi Arabia has sent researchers abroad.

It may not be feasible for other GCC countries to have their own individual projects, but they can collaborate, perhaps by owning shares in existing nuclear reactors in the Gulf region,” she explained, indicating the expert opinions that surfaced in her study.The Barakah Nuclear Energy Plant delivers safe, clean and reliable electricity to the UAE grid, and will provide 25 per cent of the country’s electricity needs once fully operational.Bahrain Centre for Strategic, International and Energy Studies (Derasat) research analyst Sabeka Ismaeel said the prospects of nuclear power plants in the GCC were wide. “Lately, global interest is growing on the deployment of small modular reactors (SMRs), which align more closely with the GCC’s landscape,” Ms Ismaeel said. “SMRs present a key opportunity for energy diversification in the region, and are easier to construct in terms of infrastructure and financials, however, there is still some debate on their economic feasibility worldwide. “Personally, I think that it is crucial to fully study the viability of nuclear power plants in geographically restricted areas, and on consolidating effective management techniques for nuclear waste.”melissa@gdnmedia.bh

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

A study conducted in the GCC highlighted opportunities and challenges in establishing nuclear power plants.

Climate negotiations in Sharm-el-Sheikh, Egypt, underscored the difficulty nations face in agreeing on strong environmental commitments.

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Content: It was touch-and-go over the weekend in Sharm-el-Sheikh, Egypt, as negotiations over a final package of environmental commitments nearly failed to produce any significant agreement between the nations gathered to avoid an impending climate disaster. In the end, countries agreed to a “loss and damage” compensation framework to be funded by developed, high-emissions nations in favour of those countries suffering the most serious impact of climate change. The initiative was championed by the US, UK and Canada and is a major step forward in the recognition that those nations who used a carbon-based economic development model over the past century should quantify the indirect costs beyond their borders that impact other peoples and nations. The mechanism for the compensation has yet to be created, but the admission puts pressure on first-world nations to not only reduce emissions at an accelerated pace to meet the commitments signed at the Paris Accord of 2015, but to accelerate their progress to a carbon-neutral future. This is the vision that the promoters of COP27 were showing to the world, but there is an important loophole in the final package, know as the “low emissions” energy option alongside renewables as an energy source of the future.

What is low-emissions energy? Hydrogen, for one, is a major fuel in that mix, and energy producers in the Middle East are embracing a new energy reality. I was part of the Canadian pavilion at the ADIPEC petroleum industry show that just concluded in early November. 150,000 exhibitors and visitors gather for this major conference where the major oil producing nations, their state-owned oil companies, public and private conglomerates and suppliers gather to discuss the future of their industry and make deals for investment, equipment and new exploration. The industry in the MENA (Middle East-North Africa) region understand they must embrace change if they are going to remain relevant and indeed, accepted as a source of energy in the 21st century. Topics discussed at the conference included methane emissions reduction, technologies to achieve net zero through green hydrogen and renewables, low carbon fuels in combination with wind and solar for developing African nations, decarbonizing downstream production and sustainable industrial development through the circular economy. When I started exhibiting at this show in 2017, these were not the main topics of conversation. The Middle East recognizes that oil and gas is a finite resource that has at most, a 50-year future in the consumer energy mix, though military use and certain consumer products will certainly still be petroleum-based.

Danielle Smith, Alberta’s premier gave an interview recently where she reminded listeners that oil and gas is present in thousands of products beyond transportation fuels and halting extraction and exploration projects is premature. Renewables are never going to replace every single product, notably plastics, that are petroleum based. Oil and gas producers are ready and willing to be partners in the transition to a net-zero economy if we would just stop demonizing them. Canada was criticized for having representatives of our oil and gas sector as part of our delegation, which is completely short-sighted. Canadian producers are committed to reducing emissions per unit of energy produced and should be rewarded, not chastised for their efforts.

Part of not punishing our national petroleum industry means providing them with access to markets. Canada has failed in its energy negotiations with the United States to the extent that President Joe Biden asked the Saudis to produce more rather than facilitating trans-border access for Canadian oil and gas. From a North American energy perspective, Donald Trump was better for Canada than Joe Biden, we were on the way to a revived, integrated North American energy market before Biden cancelled the Keystone pipeline project on his first day in office. Michigan Governor Whitmer’s efforts to close Line 5, a critical link for distribution across the US Midwest, Ontario and points east demonstrates how far environmental zealotry has displaced economic rationality and energy security in the minds of many Democratic politicians.

Oil and gas are going to be with us for a long time to come. The enthusiasm I experienced at the ADIPEC Show recognizes that reality despite the urgent environmental concerns expressed at COP27. The environmental warriors who glue their hands to the wall in front of acclaimed artworks do not seem to know that the adhesive they are using is petroleum-based. Elmer’s doesn’t do the job, nor plant-based mixtures. We need a politician who’s going to call them out on that one.

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Oil and gas will remain a part of the regional energy mix for the foreseeable future.

Economic diversification is driving countries like Saudi Arabia, UAE, and Oman to invest in sectors beyond oil.

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Tesla Competitor Lucid Raises $1.5 Billion, Majority From Saudi Sovereign Wealth Fund

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Key Takeaways

  • Lucid Group has raised an additional $1.5 billion to support ongoing operations, with $915 million being contributed by the Saudi Arabia Public Investment Fund.
  • It keeps the Fund’s stake in Lucid at around 62%, continuing their status as a majority owner of the company.
  • Despite almost $1 billion in additional investment, it’s a drop in the bucket compared to the funds total value, which is estimated at over $620 billion.
  • It marks a continued diversification of the oil states diversification away from fossil fuels, into a wide range of investment from video games to sports teams to major infrastructure projects.

Electric vehicle (EV) manufacturing has come a long way over the past ten years. Back in 2008 when the first generation Tesla Roadster was launched, EV's were very much a curiosity.

It was the first road legal production EV, and while less than 2,500 Roadsters were sold across the world, it kicked off a trend that continues to pick up pace today.

Tesla wasn't the first company to make an electric vehicle. They’ve been made in one form or another as far back as 1828. But Tesla were the first to mass produce one that was legally able to be driven on the road, and they made it sexy to boot.

Since then, the EV market has exploded.

There have been a huge number of newcomers to the space, with companies such as Rivian, Nikola, Polestar, Fisker and Lucid all vying for their share of the electric gold rush. Not only that, but traditional automakers are pumping billions of dollars into the sector as well.

Companies such as General Motors, Mercedes-Benz, Volkswagen Group, Kia and Hyundai and others have all jumped on the bandwagon and now offer a range of electric vehicles alongside their internal combustion range.

The trend is only going to pick up speed. Many jurisdictions are now seeking to ban the sale of new gasoline and diesel powered cars, such as California and all states signed up to their Zero Emission Vehicle Program, plus the UK and Europe, Canada, New Zealand, Singapore, Japan, Iceland, Norway and even China.

So with all that going on in the background, it’s not a stretch to suggest that the oil states might be getting a little nervous. It’s why we’ve seen such a huge push from places like Sudi Arabia, the United Arab Emirates and Oman to diversify their economies away from just oil.

The Saudi Arabia Public Investment Fund is already a majority owner of Lucid Motors, and with an additional $915 million cash tipped in with this round, their stake remains at sound 62%.

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Lucid raises $1.5 billion

In addition to the $915 million added by Saudi Arabia, Lucid raised an additional $600 million through a traditional secondary stock offering. The funds will be used to help bolster the company’s balance sheet, after it posted underwhelming third quarter results.

The figures showed delivery numbers way down from expectations which had been as high as 20,000 vehicles in 2022. Now the number is expected to be below 7,000.

Lucid is now likely to have over $5 billion in cash reserves, with the newly raised $1.5 billion being added to the $3.85 billion on hand on September 30.

After going public in January 2021, Lucid’s stock price rose very quickly from an IPO price of $14 to hit an all-time high closing price of $58.05 in February of that year. It came back down soon after to settle in the low $20 range, before running up to the high $50’s again in late 2021.

Since then the price has crashed in 2022 and is down over 81% year to date. It currently trades at just under $8 per share.

What is the Saudi Arabia Public Investment Fund?

By far the largest investor in Lucid is the Saudi Arabia Public Investment Fund (PIF), which holds around 62% of the company. The PIF is a sovereign wealth fund that was established by the government of Saudi Arabia in 1971. Its mandate is to manage the country's financial assets and make strategic investments that will contribute to the economic development of Saudi Arabia.

The PIF is one of the largest sovereign wealth funds in the world, with assets estimated at over $620 billion. It is a key financial institution in Saudi Arabia, and it is responsible for managing a large portion of the country's financial resources.

The PIF has made a number of high-profile investments in recent years, including a $3.5 billion stake in Uber, $522 million in Meta, $495 million in Disney, $487 million in Bank of America, $713 million in Boeing and $522 million in Citigroup.

The fund has also made a number of bets on gaming, at various times taking minority ownership in Electronic Arts, Take-Two Interactive, Activision Blizzard, Capcom, Nexon and Nintendo.

It doesn’t end there.

There have been a range of high profile investments in sports as well. In 2021 the fund purchased English Premier League club Newcastle United for $370 million and also launched LIV Golf, a high profile, big money competitor to the PGA Tour.

These investments were made in order to help the PIF diversify its portfolio and generate returns for the benefit of the Saudi government and its citizens.

The PIF has also played a key role in the Saudi government's efforts to diversify the country's economy away from oil. For example, it has invested in a number of infrastructure projects, like the construction of a new international airport in Riyadh and the development of a new city called NEOM - the crazy, 100 mile long, mirror-finished, futuristic ‘line’ in the desert.

These projects are intended to create jobs and stimulate economic growth in non-oil sectors, and they are part of the Saudi government's Vision 2030 plan to transform the country into a more diversified and modern economy.

The PIF is hugely important for Saudi Arabia, and it is expected to play a key role in the country's economic development in the future. It’s responsible for managing a significant portion of the country's financial resources, and it is working to make strategic investments that will contribute to the economic growth and diversification of the country.

Why are oil states moving away from oil?

It’s not just the move to EV’s which is driving this diversification.

At the end of the day, oil is a finite resource, which means that it will eventually run out. The oil reserves in these countries are not infinite, and at some point in the future, they’ll be gone.

That might be a long way off, but nonetheless it will happen.

This is a concern for the governments of these countries because oil has traditionally been the main source of income and economic activity in the region. If they don’t diversify their economies and find other sources of income, they’ll be in big trouble when oil or its demand begins to run out.

Another reason for diversification is that the demand for oil can fluctuate significantly, and this can have a big impact on their economies. For example, if there is a recession or a drop in global oil prices, the economies of these countries may suffer. This is because the demand for oil decreases during these times, and as a result, the revenues that these countries generate from oil exports may decrease as well. By diversifying their economies, these countries can be less reliant on a single resource and be less vulnerable to these fluctuations.

The oil states also recognize that there are increasing concerns about the environmental impacts of fossil fuels and the need to transition to more sustainable sources of energy.

Diversifying their economies can help them achieve this goal by promoting more diverse and sustainable sources of economic activity, such as renewable energy, tourism, and technology.

Overall, diversifying their economies away from oil is seen as a way for the Middle Eastern oil states to ensure their long-term economic stability and sustainability. By having a more diverse and resilient economy, they can better weather economic downturns and other challenges, and continue to thrive in the future.

How can investors benefit?

There’s no denying that moving towards a more sustainable future makes sense. Not just from an environmental standpoint, but from an investment one as well. There is a huge push for new technologies and strategies to make our economy cleaner, and this creates a big opportunity for companies.

In our Clean Tech Kit, we use the power of AI to invest across a range of different green technologies. These include renewable sectors such as EV producers and infrastructure manufacturers, hydrogen fuel cell tech, alternative fuels, battery manufacture, waste reduction and smart water technologies.

Every week our AI predicts how each holding in the predetermined investment universe is likely to perform in the coming week on a risk-adjusted basis, and then automatically rebalances the Kit in line with these predictions.

This includes three ETFs, plus a weekly allocation to between 16-19 individual stocks out of a total universe of 58.

It’s like having a professional investment manager, right in your pocket.

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The move away from oil is also motivated by the finite nature of oil and the volatility of oil prices.