UAE, France, India Establish Trilateral Cooperation Initiative in Energy, Climate Change

A solar power plant in Dubai, UAE. (WAM)
A solar power plant in Dubai, UAE. (WAM)
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UAE, France, India Establish Trilateral Cooperation Initiative in Energy, Climate Change

A solar power plant in Dubai, UAE. (WAM)
A solar power plant in Dubai, UAE. (WAM)

UAE, France and India announced on Saturday a formal trilateral cooperation initiative with the aim of expanding cooperation in several areas of mutual interest, including energy and climate change.

The plan was finalized during a phone conversation among UAE's FM Sheikh Abdullah bin Zayed Al Nahyan, India’s Minister for External Affairs Subrahmanyam Jaishankar, and French Minister for Europe and Foreign Affairs Catherine Colonna.

The initiative will serve as a platform to expand cooperation between the three countries’ development agencies on sustainable projects, as well as to organize a range of trilateral events in the framework of the Indian Presidency of the G20 and the UAE’s hosting of COP28 in 2023.

“The three sides agreed that the trilateral initiative will serve as a forum to promote the design and execution of cooperation projects in the fields of energy, with a focus on solar and nuclear energy, as well as in the fight against climate change and the protection of biodiversity, particularly in the Indian Ocean region.

“For this purpose, the three countries will explore the possibility of working with the Indian Ocean Rim Association (IORA) to pursue concrete, actionable projects on clean energy, the environment, and biodiversity,” according to the joint statement.

Furthermore, it was agreed that the three countries will seek to ensure greater alignment of their respective economic, technological, and social policies with the objectives of the Paris Agreement.

“In support of these endeavors, a range of trilateral events will be organized in the framework of the Indian Presidency of the G20 and the UAE’s hosting of COP-28 in 2023, respectively. The three countries also agreed to expand their cooperation through initiatives such as the Mangrove Alliance for Climate led by the UAE and the Indo-Pacific Parks Partnership led by India and France.”

It was agreed that the three countries should seek to focus on key issues such as single-use plastic pollution, desertification, and food security in the context of the International Year of Millets-2023.

The three sides also underlined their keen desire to cooperate in the field of circular economy under the aegis of India’s Mission LiFE.

It was acknowledged that defense is an area of close cooperation between the three countries. Therefore, efforts will be undertaken to further promote compatibility, joint development, and co-production, whilst seeking out avenues for further collaboration and training between the three countries' defense forces.

The statement continued that the three countries will also seek to strengthen exchanges of views on emerging threats from infectious diseases, as well as on measures to fight against future pandemics.

“In this regard, cooperation in multilateral organizations such as World Health Organization (WHO), Gavi-the Vaccine Alliance, the Global Fund, and Unitaid will be encouraged. Further, the three countries will attempt to identify tangible cooperation on implementing the “One Health” approach, and support the development of local capacities in biomedical innovation and production within developing countries.”

As countries at the very forefront of technological innovation, the development of trilateral cooperation between relevant academic and research institutions and efforts to promote co-innovation projects, technology transfer, and entrepreneurship will be encouraged.



Bitcoin is at Doorstep of $100,000

Bitcoin tokens and a price chart are seen in this illustration picture taken November 21, 2024. REUTERS/Remo Casilli/Illustration
Bitcoin tokens and a price chart are seen in this illustration picture taken November 21, 2024. REUTERS/Remo Casilli/Illustration
TT

Bitcoin is at Doorstep of $100,000

Bitcoin tokens and a price chart are seen in this illustration picture taken November 21, 2024. REUTERS/Remo Casilli/Illustration
Bitcoin tokens and a price chart are seen in this illustration picture taken November 21, 2024. REUTERS/Remo Casilli/Illustration

Bitcoin topped $98,000 for the first time Thursday, extending a streak of almost daily all-time highs since the US presidential election. The cryptocurrency has rocketed more than 40% in just two weeks.
Now, bitcoin is at the doorstep of $100,000 and investors do not appear to be phased by gravity or any cautionary tales of the cryptocurrencies history of volatility, The Associated Press reported.
Cryptocurrencies and related investments like crypto exchange traded funds have rallied because the incoming Trump administration is expected to be more “crypto-friendly” than the outgoing Biden administration.
As of 8:30 a.m. ET, bitcoin traded at $97,466 after rising as high as $98,349 according to CoinDesk.
Yet cryptocurrency markets remain a wild place and what comes next is impossible to know. And while some are bullish, other experts are warning of investment risks.
Here’s what you need to know.
Back up. What is cryptocurrency again? Cryptocurrency has been around for a while now but have come under the spotlight in recent years.
In basic terms, cryptocurrency is digital money. This kind of currency is designed to work through an online network without a central authority — meaning it’s typically not backed by any government or banking institution — and transactions get recorded with technology called a blockchain.
Bitcoin is the largest and oldest cryptocurrency, although other assets like Ethereum, Tether and Dogecoin have gained popularity over the years. Some investors see cryptocurrency as a “digital alternative” to traditional money — but it can be very volatile, with its price reliant on larger market conditions.
Why are bitcoin and other crypto assets soaring? A lot of the recent action has to do with the outcome of the US election.
Trump has evolved from a crypto skeptic to a crypto champion and has pledged to make the US “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.
Crypto industry players welcomed Trump’s victory, in hopes that he would be able to push through legislative and regulatory changes that they’ve long lobbied for. Trump also had promised that, if elected, he would remove the chair of the Securities and Exchange Commission, Gary Gensler, who has been leading the US government’s crackdown on the crypto industry and repeatedly called for more oversight.
Digital assets like bitcoin had posted notable gains in the months ahead of the election, mostly due to the early success of a new way to invest in the asset: spot bitcoin ETFs, which were approved by US regulators in January.
Inflows into spot ETFs, “have been the dominant driver of Bitcoin returns from some time, and we expect this relationship to continue in the near-term,” Citi analysts David Glass and Alex Saunders wrote in a research note two weeks ago. They added that spot crypto ETFs saw some of their largest inflows on record in the days following the election.
In April, bitcoin also saw its fourth “halving” — a preprogrammed event that impacts production by cutting the reward for mining, or the creation of new bitcoin, in half. When that reward falls, so does the number of new bitcoins entering the market. And, if demand remains strong, some analysts say this “supply shock” can also help propel the price long term.
What are the risks? History shows you can lose money in crypto as quickly as you’ve made it. Long-term price behavior relies on larger market conditions. Trading continues at all hours, every day.
At the start of the COVID-19 pandemic, bitcoin stood at just over $5,000. Its price climbed to nearly $69,000 by November 2021, in a time marked by high demand for technology assets. Bitcoin later crashed during an aggressive series of Federal Reserve rate hikes aimed at curbing inflation. The collapse of FTX in late 2022 significantly undermined confidence in crypto overall and bitcoin fell below $17,000.
Investors began returning in large numbers as inflation started to cool — and gains skyrocketed on the anticipation and then early success of spot ETFs. Experts still stress caution, especially for small-pocketed investors.
What about the climate impact? Assets like bitcoin are produced through a process called “mining,” which consumes a lot of energy. And operations relying on pollutive sources have drawn particular concern over the years.
Recent research published by the United Nations University and Earth’s Future journal found that the carbon footprint of 2020-2021 bitcoin mining across 76 nations was equivalent to the emissions from burning 84 billion pounds of coal or running 190 natural gas-fired power plants. Coal satisfied the bulk of bitcoin’s electricity demands (45%), followed by natural gas (21%) and hydropower (16%).