Second quarter net operating income of Dh6 million compared to Dh24 million in Q1 2022 mainly due to lower trading revenues; Net loss attributable to shareholders of Dh170 million in Q2 2022 compared to net income of Dh6 million in Q1 2022
Unchecked climate change could cost the global economy $178 trillion over the next 50 years, according to a new report released during the World Economic Forum’s annual meeting on Monday.
Unless world leaders unite in a systemic net-zero transition, the global economy will face a 7.6 per cent cut to its gross domestic product (GDP) in the year 2070 alone, said the Deloitte Center for Sustainable Progress report.
“By contrast, the global economy could gain $43 trillion over the next five decades by rapidly accelerating the transition to net-zero,” said the “Global turning point report.”
“If global warming reaches around 3°C toward the century’s end, the toll on human lives could be significant—disproportionately impacting the most vulnerable and leading to loss of productivity and employment, food and water scarcity, worsening health and well-being, and ushering in an overall lower standard of living globally,” said the report.
The report analysed 15 geographies in the Asia Pacific, Europe, and the Americas, and found that if global leaders unite in a systemic net-zero transition, the global economy could see new five-decade gains of $43 trillion — a boost to global GDP of 3.8 per cent in 2070.
“The numbers speak for themselves and businesses should be reimagining their practices to help build a more sustainable future for all. Taking small steps in the right direction will pay dividends in the future. It has become clear that if businesses do not prioritize sustainability and understand the impact they are having on the environment, valuable talent, revenue, and market share may be lost,” said Mutasem Dajani, CEO, Deloitte Middle East.
He said transforming the economy for a low-carbon future will require extensive coordination and global collaboration throughout industries and geographies. “Governments will need to collaborate closely with the financial services and technology sectors—leading the charge on sustainable progress through global policymaking, greater investment in clean energy systems, and a new mix of green technologies across industries.”
“It’s important that the global economy evolves to meet the challenges of climate change,” said Dr. Pradeep Philip, Deloitte Economics Institute. “Our analysis shows that a low-carbon future is not only a societal imperative but an economic one. We already have the technologies, business models, and policy approaches to simultaneously combat the climate crisis and unlock significant economic growth, but we need governments, businesses, and communities globally to align on a pathway toward a net-zero future.”
“In order to find new and lasting solutions to these societal challenges, we must model new forms of cooperation and pursue a multi-party, holistic approach. The Turning Point analysis lays a powerful foundation of economic benefit and growth for decision-makers, influencers, and participants to work from for individual and shared prosperity,” said Prof. Dr. Bernhard Lorentz, founding chair of the DCSP and Deloitte Global Consulting Sustainability & Climate Strategy leader.
— issacjohn@khaleejtimes.com
Second quarter net operating income of Dh6 million compared to Dh24 million in Q1 2022 mainly due to lower trading revenues; Net loss attributable to shareholders of Dh170 million in Q2 2022 compared to net income of Dh6 million in Q1 2022
The UAE, the company’s largest market, saw high growth in merchant payments processed from domestic consumers at 20 per cent year on year, and payments from international visitors growing 92 per cent
The company's strong balance sheet will support the company’s growth strategy, including investments in digital and technological infrastructure as well as its active merger and acquisition pipeline
The company’s revenue increased 31 per cent to Dh1.041 billion as compared to Dh792 million in first half of 2021 while its operating costs dropped 16 per cent
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Approval would save time, money on Asian routes; Q2 net profit $100m versus loss of $81m a year ago; Revenue up sharply, but still below Q2 in 2019
The transaction includes solar power projects in Turkey’s Karapanar and Gaziantep regions and a wind power project in Ankara
The five-year contract was awarded by Adnoc Offshore to Adnoc Logistics and Services (Adnoc L&S) and underpins the world-class capabilities within Adnoc’s group companies