Abu Dhabi Calls for Speeding up Sustainable Development through Practical Initiatives

Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council. (WAM)
Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council. (WAM)
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Abu Dhabi Calls for Speeding up Sustainable Development through Practical Initiatives

Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council. (WAM)
Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council. (WAM)

The Abu Dhabi Sustainability Week Summit got underway on Tuesday as part of ADSW 2021, the global platform for accelerating the pace of sustainable development.

Hosted by Masdar, the event is being held virtually this year due to restriction in place to manage the COVID-19 pandemic.

Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council, welcomed the leaders, officials and experts participating in the sessions of this year’s summit to discuss how to enact a “green recovery” to help economies rebound from the pandemic and build a more sustainable future for all, reported the UAE news agency (WAM).

Sheikh Hazza emphasized that the UAE is continuing its efforts under the leadership of President Sheikh Khalifa bin Zayed Al Nahyan, and support of Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to stimulate sustainable development.

He said ADSW is particularly relevant this year as it represents a global platform for dialogue and setting the sustainable development agenda based on the principles of the green recovery.

Sheikh Hazza bin Zayed said: “In light of the exceptional circumstances that the world is experiencing, there is an urgent need to take practical steps and initiatives that contribute to accelerating the application of the principles and foundations of sustainable development, with the need to take proactive steps, plan for a more flexible future and strengthen capabilities in order to efficiently face the existing and emerging challenges.”

“The Emirati initiatives, present to the world a practical model on the economic feasibility of renewable energy, stressing the importance of cooperation and joint work to achieve tangible progress in the field of reducing the repercussions of climate change.”

Sheikh Hazza bin Zayed said that Abu Dhabi continues, year after year, to consolidate its position and pivotal role as a platform that brings together the international community to discuss key issues in sustainability. He said that he hoped that this year’s ADSW would be the starting point for constructive global dialogue on building a secure and stable future for current and future generations.

As well as the Summit, ADSW, which runs from January 18-21, hosts a series of high-level virtual activities, including the General Assembly of the International Renewable Energy Agency (IRENA), the Abu Dhabi Forum for Sustainable Finance, and the Global Energy Forum of the Atlantic Council. the virtual forum for the “Youth for Sustainability” platform, and the World Future Energy Summit forums.



Oil Steadies as Market Awaits Fresh US Tariffs

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Steadies as Market Awaits Fresh US Tariffs

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices were little changed on Wednesday as traders remained cautious ahead of US tariffs due to be announced at 2000 GMT, fearing they could exacerbate a global trade war and dampen demand for crude.

Brent futures were down 7 cents, or 0.09%, at $74.42 a barrel by 0858 GMT. US West Texas Intermediate crude futures fell 5 cents, or 0.07%, to $71.15.

The White House confirmed on Tuesday that President Donald Trump will impose new tariffs on Wednesday, though it provided no detail on the size and scope of the trade barriers, according to Reuters.

Trump's tariff policies could stoke inflation, slow economic growth and escalate trade disputes.

"Crude prices have paused last month's rally, with Brent finding some resistance above $75, with the focus for now turning from a sanctions-led reduction in supply to Trump's tariff announcement and its potential negative impact on growth and demand," said Ole Hansen, head of commodity strategy at Saxo Bank.

Traders will be watching for levies on crude imports, potentially driving up prices of refined products, he added.

For weeks Trump has touted April 2 as "Liberation Day", bringing new duties that could rattle the global trade system.

The White House announcement is scheduled for 4 p.m. ET (2000 GMT).

"The balance of risk lies to the downside, given that weaker than expected tariff measures are unlikely to drive a significant rally in Brent, while stronger than expected measures could trigger a substantial selloff," BMI analysts said in a note.

Trump has also threatened to impose secondary tariffs on Russian oil and on Monday he ramped up sanctions on Iran as part of his administration's "maximum pressure" campaign to cut its exports.

"Markets likely to be volatile ahead of the final announcements on tariffs and the scale of them. The threat of secondary tariffs on Russian crude continues to provide some support for prices, with more downside risk at present around tariff uncertainty," said Panmure Liberum analyst Ashley Kelty.

US oil and fuel inventories painted a mixed picture of supply and demand in the world's biggest producer and consumer.

US crude oil inventories rose by 6 million barrels in the week ended March 28, according to sources citing the American Petroleum Institute. Gasoline inventories, however, fell by 1.6 million barrels and distillate stocks were down by 11,000 barrels, the sources said.

Official US crude oil inventory data from the Energy Information Administration is due later on Wednesday.