UAE’S YOUNG SCIENTISTS

The importance of Bloomberg ADNOC competition

The graduating students of the Higher Colleges of Technology viewed the competition as not only a great opportunity but a useful experience.

According to Bashaer Eissa Alameri, “As an accounting student, it was an honor to enter a competition being held by well-known entities ADNOC, Bloomberg, and the UAE Ministry of Education.”

Wasmeia Abdulla Almansoori explained, “While we study as finance students how to buy shares and stocks, it was really interesting to go into real markets and real training learning firsthand about trading and stock markets.”

Why the theme of Sustainability

While the competition is carried out on a yearly basis, this year, the theme was sustainability given that the UAE is implementing various sustainability programs and given that the UAE is hosting Cop28 in December 2023.

Dr. Kamran Lakhani, a Business Faculty member who supervised the Trojan team explained, “While the first phase of the competition focused on stock market rating, the second part focused on climate change and sustainability. We worked with the team to advise UAE what kind of alternative technologies were available and could be utilized by the UAE.”

The team using the Bloomberg report and their own research presented to jurists what different types of technologies were available globally, such as Blue Hydrogen, and Green Hydrogen, and made suggestions. According to Lakhani, most of these technologies are new, such as carbon capture and storage which are starting to be implemented in ADNOC.

The team presented cost analyses and challenges that could face the UAE.

Sustainable energy solutions that could be used by the UAE

There were several solutions presented by the Trojan team, some already being implemented in UAE and some that are just starting.

Wasmeia Abdulla Almansoori explained that the technologies discussed include carbon capture and storage, solar energy, electro-vehicles, wind turbines, and nuclear energy.

As per the team, the UAE has already signed several agreements and MOUs with Chinese, Korean Scottish, German, and Australian companies to develop these technologies.

The UAE has a strategy of developing 6 percent of its electricity from nuclear energy.

One of the most interesting technologies that is still new in the UAE is Carbon capture and storage, Blue Hydrogen, and Green Hydrogen. ANDOC has started to invest in these.

Even energy from waste was also put out as a solution.

One of the most prominent suggestions made by the team was solar. As per the team they suggested solar energy because the UAE has 365 days of sunlight even with challenges from the sandstorms. Also, wind turbines were considered by the team as a good investment both in coastal areas as well as offshore.

Future Considerations

The team confirms that while introducing new sustainable energy solutions is expensive at the onset and it is not easy for countries to transition to renewable energy overnight, there is a gradual move towards reducing dependency on fossil fuels.

Climate change is a reality, and it is important to integrate different disciplines when deciding on strategic sustainable solutions. Cost analyses and sustainable finance are important tools that can be utilized by businesses and governments.

Proactive action is needed. Bashaer Eissa Alameri said, “A key point is awareness. People and citizens need to be aware of global warming and this will create movement towards environmentally friendly solutions. We are responsible for our environments as it affects our daily lives, whether through climate change, energy, food security, and others.”

Wasmeia Abdulla Almansoori adds “Sustainability is very important for our future, for a healthier and cleaner environment. “

Dr. Kamran Lakhani states that the Higher Colleges of Technology is introducing a new course on sustainable finance as part of the finance degree and will be offered starting in January 2024. He explains, “Today, less than 3% of UAE youth are in the field of sustainable finance, this is an opportunity for their career as well as for their country.”

Fatima Ahmed Al Amodi agreed and noted that the UAE and countries in the region can “reduce their carbon footprint and emissions using green bonds and green loans.”

Maha Omar Almentheri concludes that through this competition they were able to “develop skills in the valuable fields of investment and renewable energy.”