UAE state-owned renewables firm Masdar has launched a renewable energy facility that will produce 1 gigawatt of uninterrupted clean power, the company's chairman said on Tuesday.
Speaking at the opening of Abu Dhabi Sustainability Week, Sultan Al Jaber, who also serves as the chief executive of energy giant Abu Dhabi National Oil Co (ADNOC) and is the UAE minister of industry and advanced technology, called the project a significant step in transforming renewable energy into baseload power.
"This will, for the first time ever, transform renewable energy into baseload energy. It is a first step that could become a giant leap," Al Jaber said.
"How can we power a world that never sleeps with energy sources that do? How can we transform renewable resources into reliable power? Today…we have an answer," Al Jaber said before announcing the project.
Al Jaber said that the rapid growth of energy-hungry applications like ChatGPT could lead to a 250% increase in energy demand by 2050, reaching 35,000 GW. This highlights the need for diverse energy sources to meet the unprecedented demand, he added.
Jaguar Land Rover will pause shipments of its Britain-made cars to the United States for a month, it said on Saturday, as it considers how to mitigate the cost of President Donald Trump's 25% tariff.
U.S. customs agents began collecting President Donald Trump's unilateral 10% tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.
The tech-heavy Nasdaq Composite index was set to confirm it was in a bear market on Friday, down more than 20 per cent from a recent record high, as investors fled riskier assets on fears that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession.
UAE-based Dana Gas and Crescent Petroleum, alongside their partners in the Pearl Petroleum consortium, have said the cumulative production from their Khor Mor project, the largest non-associated gas field in Iraq, has exceeded 500 million barrels of oil equivalent (boe).