Technology Archives - Goumbook https://goumbook.com/category/technology/ Changing Mindsets Thu, 23 Nov 2023 14:07:01 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.1 https://goumbook.com/wp-content/uploads/2022/05/cropped-cropped-goumbook-favicon-32x32.png Technology Archives - Goumbook https://goumbook.com/category/technology/ 32 32 Florence Bulte on building a strong sustainability culture in luxury retail https://goumbook.com/florence-bulte-on-building-a-strong-sustainability-culture-in-luxury-retail/ Fri, 24 Nov 2023 05:00:00 +0000 https://goumbook.com/?p=34984 We’re joined today by Florence Bulte, Chief Sustainability Officer at Chalhoub Group. Chalhoub Group has been a creator of luxury experiences across the Middle East for over six decades, and Florence is responsible for promoting sustainability across the Group through advocacy and partnerships. We talk about how they engage with their supply chain to embed sustainability across the Group, how the luxury industry is working on recycling and circularity, and her expectations from COP28.

This episode is part of our special series, Climate Leaders – Rising up to COP28. We’re sharing inspiring stories of sustainability leaders and climate champions, driving impact from our region to the world.

This episode is brought to you in partnership with MasterCard. Join the #PricelessPlanetCoalition movement with Mastercard to help restore 100 million trees around the world by 2025.

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The Green Sheikh on fostering the youth as future climate champions https://goumbook.com/the-green-sheikh-on-fostering-the-youth-as-future-climate-champions/ Tue, 14 Nov 2023 07:00:00 +0000 https://goumbook.com/?p=34527 H.H Sheikh Abdul Aziz Al Nuaimi, popularly known as The Green Sheikh, joins us on the episode. Sheikh Abdul Aziz serves as environmental advisor to the Ajman Government and is also the founder of the Al Ihsan Charity, which he started in 1998 and The Green Sheikh Academy in 2018. We talk about his journey to becoming a climate leader, his mission to inspire over a billion individuals through his new program for the youth—The Climate Champions—and his expectations from COP28.

Harmony by H.H. Maryam A. Al Nuaimi aka BlueSheikha 

Harmony blooms when we’re one world,
All together, we create peace.
As one community, we create a masterpiece,
H2O signifies our unity, a beautiful release.
Hydrogen, the essence of a human’s core,
Oxygen, the circle of life in the air.
You may feel lost along the way,
But follow the light, it’ll be your guide.
Water flows through everything we see,
Like freedom, it’s wild, pure, and free.
The vast, endless ocean, so deep and so wide
A source of life’s beauty, in its rolling tide.
Beneath the sky, where raindrops fall,
Children’s laughter is a joyful call.
With the puddles as their playground, they leap and they play
In nature’s gift, on a rainy day.
Our duty it is to protect this grand sea,
For the creatures within it, for you and for me.
To protect our Earth, keep it alive
Climate change is a challenge we must survive. 
Us as climate champions, we must strive.
For guiding us toward a sustainable heart.
In a world where the temperatures rises high,
We take action, to reach towards the sky.
Let’s strive to be greater human beings
Keep the oceans clean, give marine life a chance.
So children will have a world worth promises to keep.

This episode is part of our special series, Climate Leaders – Rising up to COP28. We’re sharing inspiring stories of sustainability leaders and climate champions, driving impact from our region to the world.

This episode is brought to you in partnership with MasterCard. Join the #PricelessPlanetCoalition movement with Mastercard to help restore 100 million trees around the world by 2025.

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Andrea Prazakova on the intersection of fintech and climate action https://goumbook.com/andrea-prazakova-on-the-intersection-of-fintech-and-climate-action/ Fri, 20 Oct 2023 09:00:34 +0000 https://goumbook.com/?p=34240 We’re joined on the episode by Andrea Prazakova, Senior Vice President at Mastercard Foundry and ESG for EEMEA. She’s also the co-founder of Space Uncensored, a podcast that aims to amplify the voices of women in the space industry.

According to JPMogran, the worldwide digital payments industry is currently estimated at US$ 54 trillion. As this number continues to grow, it provides exciting opportunities to create a massive positive impact across sectors. We talk about the role of the fintech industry in helping us achieve the transition to net zero, and meeting the 2030 and 2050 targets.

This is part of our special series, Climate Leaders – Rising up to COP28. We’re sharing inspiring stories of sustainability leaders and climate champions, driving impact from our region to the world.

This episode is part of our special series, Climate Leaders – Rising up to COP28. We’re sharing inspiring stories of sustainability leaders and climate champions, driving impact from our region to the world.

This episode is brought to you in partnership with MasterCard. Join the #PricelessPlanetCoalition movement with Mastercard to help restore 100 million trees around the world by 2025.

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UAE Increases Greenhouse Gas Emission Reduction Targets https://goumbook.com/uae-increase-economy-wide-ghg-emission-reduction-targets/ Tue, 13 Sep 2022 12:07:52 +0000 https://goumbook.com/?p=28027

The UAE Cabinet, headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, approved a new version of the UAE’s second Nationally Determined Contribution (NDC) under the Paris Agreement. The updated NDC responds to the call of the Glasgow Climate Pact, a main outcome of the 26th UN Climate Change Conference (COP26), for countries to strengthen the ambition of their NDCs by end-2022.

In support of the objectives of the UAE Net Zero by 2050 Strategic Initiative, the new document outlines the country’s increased climate target of reducing greenhouse gas (GHG) emissions by 31 percent compared to the business-as-usual scenario for the year 2030, which is projected to amount to 301 million metric tonnes of carbon dioxide equivalent (CO2e), assuming a moderate annual economic growth rate based on historical trends. The reduction target translates into an absolute emission avoidance of 93.2 million metric tonnes of CO2e.

The UAE’s updated second NDC features a breakdown of the GHG emission reduction target by sector. The electricity sector is projected to be the highest contributor to the target at 66.4 percent, followed by the industrial sector at 16.6 percent, transport at 9.7 percent, carbon capture, utilisation, and storage (CCUS) at 5.3 percent, and waste at 2.1 percent.

Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, said, “The UAE has a remarkable track record of climate efforts locally and globally. Owing to the futuristic vision of its wise leadership, the country raised its climate ambition in its first and second NDCs, submitted in 2015 and 2020 respectively. Today, we mark a new milestone in our voluntary commitment to environmental protection and climate action as we respond to the call of the Glasgow Climate Pact in our enhanced GHG emission reduction target.”

She added, “As the host of COP28, the UAE will continue building on its climate ambition towards 2023 and beyond. With the submission of the updated second NDC, we are demonstrating our commitment to progressively raising our ambition further each year as new solutions and initiatives become available.”

As the UAE prepares to implement its Net Zero by 2050 Strategic Initiative, announced in 2021, a long-term strategy is being developed to inform a higher economy-wide emission reduction target and enhanced climate change adaptation and resilience efforts, which will be included in the next NDC.

The Minister noted that meeting the new target mandates a more active participation of all stakeholders, including the private sector, civil society, and youth, in driving climate action.

The updated second NDC emphasises the importance of engaging women, youth, and climate-vulnerable communities as part of an all-inclusive approach to developing policies and programmes that promote climate-smart living as a way of building a more sustainable future.

In its updated second NDC, the UAE has increased its greenhouse gas emission reduction target from 23.5 percent to 31 percent by 2030. To achieve this goal, the country aims to involve five priority sectors – electricity, transport, industry, waste management, and CCUS.

The updated second NDC outlines the UAE’s efforts to boost its adaptive capacity and climate resilience, including the conservation and restoration of coastal ecosystems, such as the Abu Dhabi Blue Carbon Demonstration Project and tree-planting drives. The country will plant 100 million mangrove seedlings by 2030.

To scale up the private sector’s contribution to reaching the enhanced GHG emission reduction target, the Ministry of Climate Change and Environment (MOCCAE) launched the National Dialogue for Climate Ambition (NDCA) as a platform to define and raise sectoral climate ambition and advance all-inclusive participation in the UAE Net Zero by 2050 Strategic Initiative. NDCA engages stakeholders in UAE priority sectors, including manufacturing, cement, waste, transport, and energy, through hosting a monthly stakeholder assembly dedicated to a different sector every month to explore sectoral requirements, priorities, and future direction related to climate neutrality.

Moreover, MOCCAE rolled out the UAE Climate-Responsible Companies Pledge to increase the involvement of the private sector in the country’s decarbonisation drive. Signatories commit to stepping up their collective efforts to combat climate change by measuring and reporting their GHG emissions in a transparent manner, developing ambitious science-based plans to reduce their carbon footprint, and sharing these plans with the UAE government to help achieve the national net-zero target by 2050.

Source: WAM/Esraa Ismail/Amjad Saleh

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One Moto is driving the wave of sustainability in Dubai https://goumbook.com/one-moto-is-driving-the-wave-of-sustainability-in-dubai/ Wed, 09 Mar 2022 05:28:49 +0000 https://goumbook.com/?p=27472

● Innovative electric vehicle startup becomes the first company in Dubai to pledge to measure and improve sustainability using FuturePlus.
● FuturePlus is the revolutionary new tool for sustainability measurement and management.
● ONE MOTO’s CEO will champion FuturePlus across Dubai and the UAE to support and encourage others

Launched in the UAE, UK and India, One Moto designs and develops electric motorcycles, bikes, vehicles and scooters for inner-city commuters and the delivery community. The company’s CEO and FuturePlus champion, Adam Ridgway, has pledged to showcase ONE MOTO’s journey towards creating a more equitable and sustainable world. Expanding into global markets, One Moto has been working closely with FuturePlus to clearly define its sustainability ambitions and turn them into positive actions that can be easily understood and shared with organisations across the UAE and beyond.

Mike Penrose, CoFounder of FuturePlus, said, “Helping One Moto in their mission to change the way people travel and goods are delivered is an amazing challenge for all of us at FuturePlus. Having spent years in cities where mopeds are the main form of transport, I have no doubt that the transport revolution One Moto is championing will have an enormous impact on reducing emissions and improving the health of millions. We are thrilled to be working with Adam, and his team at OneMoto as FuturePlus is the perfect tool for them to define, measure, manage and share their sustainability goals and achievements. ”

One Moto is fully supported by FuturePlus in mapping out its sustainability strategy and will measure and manage its ambitious goals across five sustainability themes: Environment, Climate, Social and Economic Impact and Diversity and Inclusion. Adam Ridgway wants to share ONE MOTO’s progress against each of these themes with his investors, customers and supporters, and showcase how FuturePlus can empower every organisation, no matter how big or small, with an accessible, achievable, and affordable entry to understanding and communicating their sustainability goals.

Ridgway believes that an honest and transparent demonstration of what just one business can achieve is key to encouraging other organisations to play their part in securing a more sustainable future. For ONE MOTO, sustainability is an ongoing process that brings adaptability and resilience and improves profitability. Actively committed to ensuring their business ventures create positive
social and environmental impact, the company is now inviting all organisations to join them on the FuturePlus platform.

Ridgway said, “Being invited to become a FuturePlus Champion in the Middle East is an incredible honour. I’ve been a sustainabilist for several years and trying to navigate ways of improving my impact on the environment, and people was a lonely journey. Over the years, I set a personal mandate “to bring change” in every aspect of my life, and I’ve been pioneering sustainable mobility with ONE MOTO, a brand built of five values and several audacious goals.

Before taking the leap away from my ‘past life’ in the media, I asked myself a question, “do I want to be doing this for the next decade?” And as I was becoming a father for the first time, I decided I wanted to commit to my mandate and make a difference. Ensuring our customers have accessibility to transport is a major factor in our growth map. We have several ESG and CSR initiatives scheduled to ensure we can commit to this in ‘income-weak’ territories. As part of our journey and one of our values of affordability, EVs are traditionally known for having a high-ticket price (justified by the tech investment required). Yet, we’ve foregone this to ensure our vehicles, brand, values, and the problems we address are affordable, aspirational, and achievable.

As of today, 90% of our business focus is driven to the commercial EV market with delivery motorcycles and vans, and the environmental impact petrol motorcycles have on the environment is staggering and overlooked by many.

We actively share wisdom and encourage customers to make a choice, and it’s theirs to define if it’s the right one.

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Net Zero Emissions By 2050: A Roadmap for the Global Energy Sector https://goumbook.com/net-zero-emissions-by-2050-a-roadmap-for-the-global-energy-sector/ Fri, 21 May 2021 11:34:02 +0000 https://goumbook.com/?p=26085

The number of countries announcing pledges to achieve net-zero emissions over the coming decades continues to grow. But the pledges by governments to date – even if fully achieved – fall well short of what is required to bring global energy-related carbon dioxide emissions to netzero by 2050 and give the world an even chance of limiting the global temperature rise to 1.5°C.

This special report is the world’s first comprehensive study of how to transition to a net zero energy system by 2050 while ensuring stable and affordable energy supplies, providing universal energy access, and enabling robust economic growth. It sets out a cost-effective and economically productive pathway, resulting in a clean, dynamic and resilient energy economy dominated by renewables like solar and wind instead of fossil fuels. The report also examines key uncertainties, such as the roles of bioenergy, carbon capture and behavioural changes in reaching net zero.

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Goumbook Drives EV Lab’s Electric Vehicle Fiat500 Around Dubai https://goumbook.com/goumbook-drives-ev-labs-electric-vehicle-fiat500-around-dubai/ Tue, 16 Feb 2021 05:19:53 +0000 https://goumbook.com/?p=24821

When electric vehicles become the new status symbol

It was a ‘green dream’ come true for Goumbook, and for Tatiana Antonelli Abella, to drive an electric vehicle in Dubai. Goumbook’s Founder and Managing Director recently drove an electric Fiat500 around the city for a few days, lent to her to test-drive by EV Lab, a newly launched mobility concept focused on supporting efforts towards adopting sustainable transport in the country. 

While cars have become a necessity for many, it remains a status symbol especially when it comes to driving luxury cars. However, with the high number of cars on the road contributing to air pollution and the rise of greenhouse gas emissions to the atmosphere, it is no longer cool to be driving around with one, especially those gas guzzling ones, as studies have shown that 24 per cent of the world’s carbon emissions come from road transportation.

EV Lab provides a platform for car owners to explore and eventually adopt EVs as their car of choice by enabling them to understand and experience what it takes to drive an electric vehicle. The experience of driving an electric vehicle gives future owners the feel of what it is like to drive around with the awareness that the car has less environmental impact than the conventional ones. The company  is a boutique for a range of EVs available in the market.

Tatiana Antonelli Abella shared her driving experience, noting that EVs offer key benefits such as faster acceleration, ease of charging, extended range, increased power, and several other advanced technology features. She further noted that the UAE has the second-highest ratio of public charging stations per EV in the world, making the country a conducive environment to own an electric car. 

Electric vehicles are considered to cut an average of 20 percent of carbon dioxide emissions for every kilometre driven compared to conventional cars. It can go up to 100 per cent, if the car charging station is fully powered by clean and renewable energy. 

“There is an urgent need to shift to electric transportation which can make a big difference towards achieving the global goal of reducing our impact on the environment and addressing climate change, one of the most pressing issues of our time. Driving around Dubai in an EV made me realize how ready the city is to enable the shift, especially considering the great number of public charging stations around town,” added Abella.

Global sales of electric cars have soared to more than 40 per cent in 2020 amidst the pandemic and Dubai and other cities in the UAE are rapidly catching up with the trend attracting car owners to explore the idea of owning an EV rather than buying a conventional one. With the support of the government and key organisations to early adopters of EVs, there is no stopping EVs from becoming the new status symbol – with sustainability in mind.

 

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ABOUT EV LAB

EV Lab was started by a group of founders who believed that EV’s needed to better represented as the future of automobiles in a region that is in love with petrol cars.

By channeling their knowledge of mobility in the region and expertise in retail, they created a concept which pushed education first and created an experience that supported the customer through their switch to EV’s.

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UAE Becomes The First Country To Make Aluminum From Solar Power https://goumbook.com/uae-becomes-the-first-country-to-make-aluminum-from-solar-power/ Tue, 19 Jan 2021 08:55:10 +0000 https://goumbook.com/?p=24597

Dubai Electricity and Water Authority (DEWA) and Emirates Global Aluminium (EGA) has announced a new global milestone placing the UAE as the first country in the world to produce aluminum using the power of the sun. The milestone supports the vision of Sheikh Mohammed bin Rashid Al-Maktoum, vice president and prime minister of the UAE and ruler of Dubai, to make Dubai the most sustainable city in the world and to take the lead in the development and application of scientific and technological advances in the energy sector.

DEWA will supply EGA’s smelter with 560,000 megawatt hours of solar power yearly from the Mohammed bin Rashid Al-Maktoum Solar Park, sufficient to make 40,000 tons of aluminum in the first year with the potential for significant expansion. EGA will supply solar aluminum to global customers under the new product name CelestiAL.

Saeed Mohammed Al-Tayer, managing director and CEO of DEWA and vice chairman of EGA, said: “This global achievement of both DEWA and EGA confirms our firm commitment to achieving the vision of Sheikh Mohammed bin Rashid Al-Maktoum, vice president and prime minister of the UAE and ruler of Dubai, in building a green economy in the UAE, and reaching the goals of the Dubai Clean Energy Strategy 2050 in diversifying energy sources and providing 75 percent of Dubai’s energy production capacity from clean energy sources by 2050. To achieve these goals, we have launched many initiatives and projects, most notably the Mohammed bin Rashid Al-Maktoum Solar Park, which is the largest single-site solar energy project in the world with a capacity of 5,000 megawatts by 2030. The solar park projects use photovoltaic panels and concentrated solar energy technologies.”

Al-Tayer added: “The new achievement contributes to supporting our efforts in reducing carbon emissions through the Dubai Carbon Abatement Strategy. Dubai reduced 22 percent in carbon emissions in 2019 compared to business as usual. Results achieved exceeded the targets set in the Dubai Carbon Abatement Strategy, which aims to reduce carbon emissions by 16 percent by 2021.”

Abdulnasser bin Kalban, chief executive officer of EGA, said: “Aluminum is lightweight, strong and an infinitely recyclable metal and these properties mean that as a material it plays a vital global role in the development of a sustainable future. However, it also matters how sustainably aluminum is made. CelestiAL, aluminum made in the UAE with solar power, will help make modern life possible for people around the world whilst protecting our planet for future generations. This is a great milestone for the UAE and our industry.”

Aluminum is used in products and infrastructure from smartphones to skyscrapers. Its uses include applications that contribute to a more sustainable environment from wind farms to electric vehicles, and mass transit to solar panels. The availability of solar power on the scale needed for aluminum smelting is thanks to the UAE’s significant investment in solar power, including in Dubai by DEWA and its independent power producer (IPP) partners.

The Mohammed bin Rashid Al-Maktoum Solar Park, located in Dubai, has a current installed capacity of some 1,013 megawatts using photovoltaic solar panels. DEWA is implementing an additional 1,850 megawatts of projects using solar panels and concentrated solar power (CSP). Eventually, this capacity will reach 5,000 megawatts by 2030.

This article originally appeared on arabnews.com

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Engie partners with Abu Dhabi on tech-driven sustainability project https://goumbook.com/engie-abu-dhabi-partner-on-sustainability-project-blue-carbon/ Thu, 14 Jan 2021 14:20:26 +0000 https://goumbook.com/?p=24523

Blue Carbon project seeks to rehabilitate Abu Dhabi’s mangrove habitats using drones

Technology and sustainability are coming together in a unique conservation project in Abu Dhabi.

“Blue Carbon” is an environmental and social responsibility project where energy company Engie is partnering with the Abu Dhabi energy department to help in rehabilitating the emirate’s mangrove habitats. This initiative uses specialised, custom UAE-built drones and rigging to plant thousands of mangrove seeds near the Mirfa power plant in Abu Dhabi, as well as monitor their growth over the year.

Mangroves are abundant along Abu Dhabi’s coastline and are vital in the storage of blue carbon – the term for carbon captured by the world’s oceans and coastal ecosystems, including seagrasses, mangroves, and salt marshes.

Florence Fontani, executive VP Strategy, Communications and ESR at Engie Middle East, South and Central Asia and Turkey, says the Blue Carbon project presents a novel application of drone technology. “This project is a blind test – such a project has not been successfully carried out anywhere in the world.”

Mangroves are essential for biodiversity as they act as nurseries for fish, maintaining a rich coastal ecosystem. They are also key in holding back rising sea waters, an increasingly major concern around the globe.

“Very often, we underestimate the impact of mangroves and wetlands,” Fontani remarks. “Mangroves are a carbon sink (a carbon sink is anything that absorbs more carbon than it releases as carbon dioxide). In this, they are much more effective than forests,” she adds.

The initial phase will cover around five hectares. First, drones are used to map the area before planting. Then the UAVs are deployed to drop mangrove seeds. The final phase is using drones to monitor growth over time.

“Using drones is far more effective than manual planting,” Fontani observes. “You can plant far more seeds using drones than humans in far less time. The same benefit is apparent in monitoring where humans can destroy the young plants.”

Sustainability is in Engie’s DNA, Fontani says. “Our strategy is to reconcile economic performance with a positive impact on people and the planet.”

Business risk

Pursuing a broad sustainability strategy is not without business risk. “In 2015, we decided to get out of the coal businesses. It was not an easy decision, because the coal business was very profitable. This decision had a significant impact on our business model, but we pursue it because it’s important,” Fontani says.

“At the beginning, taking care of the environment is expensive. But now people increasingly recognise that destroying the planet is more expensive,” she adds.

Engie can bring its engineering acumen to bear in its sustainability efforts. “We have an advantage because of the nature of our business, we have the know-how and expertise to support cities, industry, and even customers in their energy transition with the technology we have,” Fontani says.

Engie operates across a wide spectrum of energy sectors across the region. “Because we have a lot of gas power plants and desalination power plants in the Middle East, it’s quite important that we are thinking about our CO2 emission. Meaning that we not only need to use energy-efficient solutions in our power plants, but we need also to think about how to compensate for our CO2 emission. This is Engie’s strategy at the group level to be carbon-neutral by 2050,” Fontani says.

Other initiatives on the horizon include carbon capture and storage. Carbon capture and storage (CCS) is the process of capturing waste carbon dioxide (CO2), transporting it to a storage site, and depositing it where it will not enter the atmosphere.

A new study released by research firm Wood Mackenzie states that achieving goals set under the Paris Climate change agreement remains a herculean task. Wood Mackenzie says renewables, green hydrogen and carbon capture, use and storage are key technologies in fighting climate change.

The report shows that hydrogen is critical to the energy transition from hydrocarbons to zero carbon, Fontani observes. Countries all over the globe are considering hydrogen as an alternative or complementary to electric vehicles.

 

Hydrogen

Green hydrogen is made through electrolysis, a process that splits water into hydrogen and oxygen with virtually no carbon emissions. Electrolysis powered by renewable energy such as solar would drive green hydrogen production at scale. The Middle East, where solar energy is cheap could emerge as a hub for hydrogen, Fontani observes.

Engie already has a team working on hydrogen with an ongoing pilot in South Africa, Fontani says.

Another initiative is battery storage for renewable energy. In the Middle East, a lot of energy is consumed at night to run air conditioning during summer, a time when there’s no power generation using solar. This means it’s impossible to have 100 per cent renewable energy in the region. That is why storage is important, Fontani says.

Engie wants the Abu Dhabi Blue Carbon project to become a flagship project for the company. “Ultimately we want to duplicate it. We see the potential for the project, elsewhere in the Middle East such as Saudi Arabia where discussions are ongoing.

“We can learn from the Abu Dhabi project on the use of drones and duplicate it to other countries in the Middle East,” she adds.

This knowledge can also be transferred to Engie’s core business. “We could, for example, use drones for monitoring our power plants, lessening risks of injury to our employees,” Fontani says.

This article originally appeared on gulfbusiness.com

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Saudi Crown Prince Plans A Linear City With No Carbon Emissions https://goumbook.com/saudi-crown-prince-plans-a-linear-city-with-no-carbon-emissions/ Mon, 11 Jan 2021 08:20:04 +0000 https://goumbook.com/?p=24443

Crown Prince Mohammed bin Salman announced his latest plan for Saudi Arabia’s future beyond oil: a linear city with no cars, roads or carbon emissions.

The 170 kilometer-long (106 miles) development called “The Line” will be part of the $500 billion Neom project, the crown prince said in a televised speech on Sunday. Construction is planned to start in the first quarter.

A news release described The Line as a walkable “belt of hyper-connected future communities, without cars and roads and built around nature.” It said the city would have 1 million residents and create 380,000 jobs by 2030. The infrastructure will cost $100 billion to $200 billion, the crown prince said.

Neom is a major part of Prince Mohammed’s plan to diversify the economy of the world’s largest crude exporter. Announced in 2017, the project spans more than 10,000 square miles in a remote area of the country’s northwest. It’s described on its website as “a bold and audacious dream” that will become a hub for new technologies and businesses.

The project has been plagued by skepticism and controversy since its launch, though, including opposition from residents forced to relocate to make way for construction. Analysts question if the plan is realistic and can attract the investment needed in a region that already has well-established transport and business hubs in Dubai, Abu Dhabi and Qatar.

“The backbone of investment in The Line will come from the $500 billion support to Neom by the Saudi government, PIF and local and global investors over 10 years,” the prince told reporters in the city of Al-Ula, referring to Saudi Arabia’s Public Investment Fund.

The announcement shows the extent to which Prince Mohammed is thinking about life after oil for the kingdom, which earned over half of government revenue from crude in 2020. The project was the first major development to be announced within Neom.

“Why do we accept sacrificing nature for development?” the prince said, citing rising sea levels and carbon emissions in a manner rare for a Saudi official.

No journey within The Line will be longer than 20 minutes, he said. The city would be built around “ultra-high-speed transit,” according to the statement.

It will also contain one of the world’s largest airports, Neom chief executive Nadhmi Al-Nasr said in an interview with Al-Arabiya television channel. He didn’t provide a time frame for construction, saying only the airport would be the final element of The Line.

This article originally appeared on bloomberg.com

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