Global renewable energy capacity hits record expansion

Global renewable energy capacity increased 15.1% year-on-year in 2024, the largest expansion ever recorded but still short of the pace needed to achieve the COP28 goal of tripling capacity by 2030, the International Renewable Energy Agency warned in a report.
With six years to go, annual capacity additions of more than 1,120 GW will now be needed to keep the planet on a 1.5°C warming trajectory, IRENA's Director-General Francesco La Camera said, noting that 'significant disparities remain': China alone accounted for nearly 64% of the total growth, adding more than eight times as much capacity as the US and five times that of Europe.
Besides, raw wind and solar deployment numbers only tell one part of the story, said Seaver Wang, the director of the Breakthrough Institute's climate and energy program. China's rapid buildout, for example, is 'impressive' but just beginning to cover growing energy demand and not yet significantly altering its emissions profile, he told Semafor.

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Entrepreneur

3 days ago

• Entrepreneur

Cutting Through Cobwebs: How UAE-Based MS Consulting is Making Quiet Waves in Progressing the Nation's Sustainability Goals

Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media. Between November and December 2023, as the world watched the UAE's historic hosting of the COP28, it inspired within the nation's business community a renewed sense of belief in the possibility of a sustainable future. The launch of multiple government initiatives —particularly the Net Zero by 2050 strategy— buoyed that vision, with 2023's title of "The Year of Sustainability" being extended to 2024 as well. But while much of that initial vigor remains, a lot of companies –across the growth stages– have found that their attempts to create effective environment, sustainability and governance (ESG) policies haven't always led to optimal results. Few individuals in the UAE are able to view the challenges that cause this stagnation as closely as Faisal Sajwani and Ahmed Hassan, who are, respectively, the Managing Partner and Senior Partner at UAE-based sustainability consulting firm MS Consulting. "I'd say the biggest challenge now is execution," Sajwani says. "A lot of companies made bold announcements at COP28, which is a great start—but without the right governance structures, data systems, and accountability mechanisms, those goals risk remaining aspirational. Our role is to bridge that gap. We work with clients to move from high-level vision to actionable strategy—so that sustainability becomes a measurable part of how the business operates, not just how it communicates." Faisal Sajwani is an Emirati entrepreneur and strategic advisor, and the Managing Partner at MS Consulting. Image source: MS Consulting Mirroring Sajwani's sentiments, Hassan adds that a glaring lack of consistency in the already implemented ESG policies is another problem area. "After COP28, we saw a surge in interest and public commitments, but many organizations are still struggling with the internal capacity and technical know-how to move from ambition to implementation," Hassan continues. "ESG isn't something you activate once—it requires sustained investment, cross-functional ownership, and continuous measurement. That's the gap we're focused on helping clients close." Indeed, this is where MS Consulting comes in. In the absence of standardized ESG policies, Sajwani and Hassan have taken it upon themselves to deliver tailored sustainability frameworks to businesses in the UAE. Ahmed Hassan is the Senior Partner at MS Consulting. Image source: MS Consulting "Different regions, industries, and regulators follow different frameworks—whether it's GRI, SASB, or TCFD—so companies are often overwhelmed by what we call the "alphabet soup" of ESG," Sajwani points out. "This lack of standardization creates confusion, slows down implementation, and can lead to inconsistent reporting." "At MS Consulting, we approach this by simplifying the path for our clients," Hassan adds. "We help them cut through the noise and focus on what's material to their business—whether that's climate risk, supply chain transparency, or social impact. We align the right frameworks to their strategic goals, so ESG isn't just about compliance—it becomes a clear, value-generating roadmap that supports long-term performance and stakeholder trust." In 2024, MS Consulting received a certificate of recognition from the UAE's National CSR Fund "Majra", the federal arm setting up the framework and governance for Sustainable Impact, Sustainability and Corporate Social Responsibility (CSR) in the nation. Image source: MS Consulting As a starting point for any given client, MS Consulting conducts what it calls a materiality assessment– a diagnostic to identify which ESG issues matter most to a business and to its stakeholders. "Not every company needs to address everything at once," Sajwani warns. "In fact, trying to do so often leads to diluted impact. A focused, materiality-driven approach helps align your ESG efforts with what actually drives value, risk, and opportunity for your business. It's about being strategic, not reactive. From there, we co-create a tailored roadmap that's practical, measurable, and embedded into core operations. It's not just about long-term commitments; it's about making sustainability part of daily business decisions, from decarbonization to ESG reporting." But coming up with a customized sustainability plan is only winning half the battle– as Hassan repeatedly points out, such a framework is only effective when the gravitas of its necessity trickles into every internal branch of an organisation. "A key part of our process is employee engagement," Hassan continues. "You can't build a sustainable culture unless people understand the "why" behind it. We lead workshops, training sessions, and campaigns to build awareness and capability across the organization. As we often say to clients: 'Sustainability works best when it is second nature—not a separate effort.' When teams understand the 'why' and are empowered to act, the strategy becomes part of the culture. Without internal buy-in, even the best frameworks tend to stay on paper." Image source: MS Consutling Using this approach, MS Consulting promises to incorporate structured stakeholder engagements, peer benchmarking, as well as relevant industry analyses in building the right ESGs for its clients. In the process, Sajwani and Hassan have found that some industries are more challenging to navigate than others. "Sectors like real estate and logistics pose unique challenges, particularly when it comes to measuring indirect emissions and managing complex supply chains," reveals Sajwani. "These industries often have significant Scope 3 emissions, which aren't directly under a company's control but still have a major impact. That's why we take a sector-specific approach to ESG. Rather than applying generic frameworks, we tailor key performance indicators by mapping material impact areas to the risks and opportunities specific to each industry. The goal is to create metrics that are both relevant and actionable." MS Consulting's ability to tailor their services "makes all the difference," Sajwani notes. "Take logistics in the UAE, for example. We worked with a client to track greenhouse gas emissions across fleet operations, but also integrated labor welfare indicators, reflecting the region's social priorities. That dual lens—environmental and social—gave a more accurate picture of performance and areas for improvement. ESG isn't a one-size-fits-all exercise. When you design metrics that speak directly to an industry's context, you get insights that actually drive progress." But with fragmented policies come fractured perceptions of sustainability– which can prove to be a hurdle in and of itself. "There's this idea that ESG is only for the big players—multinationals and large corporations with the budget and bandwidth to implement it," Hassan says. "But that's outdated thinking. ESG principles are scalable, and in many ways, small and medium enterprises (SMEs) are better positioned to adopt them quickly and authentically. When sustainability is embedded into a business's DNA early on, it drives resilience, builds trust, and aligns the company with where the market is headed. In a fast-moving environment like the UAE, that kind of foresight gives you a real competitive edge." Image source: MS Consulting Also required for a more sustainably equitable business ecosystem is to do away with the notion that ESGs are a marketing strategy, Sajwani notes. "Some companies still see ESG as a box-ticking exercise—something they report on once a year as a PR move," he says. "But that mindset misses the point. ESG isn't just about optics; it should be a strategic lens through which you evaluate business decisions every single day. When embedded properly, it influences everything from operations and procurement to innovation and risk management. The companies that treat ESG as a business driver—not a branding exercise—are the ones attracting talent, earning investor confidence, and staying ahead of the curve." Of course, all these statements don't come without compelling hard facts to back them. Ernst & Young's 2024 Global Institutional Investor Survey showed that 88% of investors have increased their use of ESG information in decision-making. Meanwhile, KPMG's 2024 Global ESG Due Diligence Study revealed that 55% of investors are willing to pay a premium of 1-10% for assets with high ESG maturity. When it comes to hiring talent and employee turnover rates, a 2024 study published in US-based management research platform Academy of Management showed that higher levels of ESG performance and changes in ESG performance over time have a positive correlation with increased employee satisfaction in S&P 500 companies. On the flip side, the PwC Global Workforce Sustainability Study 2024 revealed that while choosing an employer, 68.6% of employees prioritize the firm's environmental policies. All of this inevitably validates perhaps what is the most significant statistic in this prose- that by 2030, ESG assets are projected to surpass a whopping US$40 trillion. "The link between ESG and financial performance is not just theoretical anymore," Hassan says. "While there may not be a one-size-fits-all formula, the data and real-world outcomes are increasingly clear. ESG reduces operational and reputational risk, improves employee retention and engagement, and makes a company far more attractive to investors, especially those focused on long-term value. I've seen clients unlock cost savings through efficiency improvements and even open up new revenue streams by aligning with sustainability trends. When ESG is embedded into core operations—not just marketing—it becomes a powerful lever for growth and resilience." The Ernst & Young study that was mentioned earlier offered yet another relevant statistic: while 93% of global investors are confident that companies will meet their sustainability targets, a significant 85% of them also believe that greenwashing is a growing problem. The UAE's businesses too have been privy to this phenomenon. "Avoiding greenwashing starts with one principle: transparency," Sajwani says. "At MS Consulting, we emphasize the importance of setting clear, measurable goals and backing sustainability claims with credible, third-party-verified data. It's not enough to say you're sustainable—you need to prove it. That means aligning disclosures with global frameworks, being honest about where you are on your ESG journey, and resisting the urge to overstate progress. If a claim can't be substantiated, it shouldn't be made. We help clients build trust by focusing on substance over spin." All of these tangential conversations, however, lead back to one point: the need to create more standardized ESG frameworks. And while MS Consulting is quietly doing its part in clearing the misconceptions and incoherence within this space, Sajwani and Hassan don't shy away from noting that a large-scale shift is required to create real impact. "One of the most impactful steps would be the introduction of clearer, standardized ESG disclosure requirements at the national level—not just for publicly listed companies, but across all sectors," Sajwani shares. "Right now, reporting practices vary widely, which makes it difficult to benchmark progress or hold companies accountable. A unified framework would not only create consistency but also send a strong signal that ESG performance is a core part of doing business in the UAE. It's about creating a level playing field and setting a baseline that everyone can build from." But regulation alone isn't enough, Hassan observes. "Incentives too play a crucial role in accelerating adoption," he says. "Whether it's green procurement preferences, preferential access to government tenders, tax incentives, or ESG-linked financing, we need mechanisms that reward companies for prioritizing sustainability. When the regulatory environment aligns with economic opportunity, we see much faster progress—and more innovation—from the private sector." On their part, Hassan and Sajwani already have plenty in the pipeline to achieve their shared vision. "We're continuing to grow our advisory presence across the GCC and investing heavily in digital sustainability tools," Hassan says. "At the same time, we're looking beyond the traditional ESG playbook. For example, we see food security as a critical sustainability frontier in this region. The UAE currently imports nearly 90% of its food, so strengthening local, sustainable production isn't just forward-thinking—it's essential. That's why we're exploring innovations like vertical farming, which supports year-round cultivation with drastically reduced water usage and aligns with the UAE's Food Security Strategy 2051. It's a perfect example of how sustainability, technology, and national priorities intersect." MS Consulting's foray into the world of real estate sustainability is also set to continue, notes Sajwani. "One of our most exciting initiatives is a series of next-generation luxury villas," Sajwani shares. "These homes aren't just energy-efficient—they're redefining what sustainable luxury means. Through smart design, renewable energy, and integrated clean technologies, we're demonstrating that sustainability can enhance quality of life rather than restrict it. But we're not stopping at individual homes. Our long-term vision is to scale this model into fully sustainable communities, and eventually into cities where energy, food, water, and waste are managed holistically." As the duo prepare for these multiple plans, they also agree that to optimally achieve sustainability ambitions as a nation, strategic collaborations are the way forward. "The scale and complexity of today's sustainability challenges require coordinated efforts across the entire ecosystem," Sajwani says. "That means deeper partnerships between government, private sector, academia, and investors. Each brings unique expertise and influence to the table, and only by aligning these strengths can we drive systemic change. At MS, we see ourselves as both a catalyst and connector in this space." "Exactly—and we're very intentional about that role!" Hassan adds. "At MS Consulting, we're not just advising from the sidelines. We're actively building bridges—whether that's through facilitating public-private dialogues, supporting cross-sector coalitions, or co-developing thought leadership with industry stakeholders. Our goal is to help shape a shared vision for sustainability in the UAE, one that's actionable, inclusive, and long-term. We believe real progress happens when the right people are in the room—and we're committed to being the ones who help bring them together." 'TREP TALK: Who struggles more to establish a strong ESG framework—startups and small businesses, or large corporations? MS Consulting's Faisal Sajwani and Ahmed Hassan answer! Ahmed Hassan: "Both face challenges, but they're very different in nature. Startups and small businesses often struggle with limited resources—they may not have dedicated sustainability teams or the capacity to invest heavily in reporting systems. But what they do have is agility. They can adapt quickly, make sustainability part of their DNA from the outset, and build with purpose. Large corporations, on the other hand, usually have the resources and infrastructure, but they often face internal complexity and bureaucracy. Aligning multiple departments, shifting legacy mindsets, and rolling out ESG across global operations can be a very challenging process." Faisal Sajwani: "That's why our approach is always tailored. For startups, we focus on embedding ESG into their growth journey—helping them see it as a value creator, not just a cost. We support them in setting the right foundations early, so they scale responsibly and with resilience. For larger companies, it's more about systems, metrics, and transformation. We work across functions to align ESG strategy with business objectives, integrate digital tools, and drive cultural change. Ultimately, effective ESG isn't one-size-fits-all. It has to be context-specific, practical, and tied to long-term value." Related: Timeless Craft: How Sustainability-Driven Goals Have Shaped 90 years of Khansaheb Group's Journey in the UAE

Yahoo

5 days ago

• Yahoo

Millennium Hotels expands M Social Brand in Manhattan

Global hospitality group Millennium Hotels and Resorts is expanding the M Social brand's footprint within Manhattan's Financial District with the rebranding of a Millennium hotel in downtown New York. The property will be rebranded into an M Social property, with a launch targeted for mid-2025. This move follows the opening of M Social Hotel New York Times Square. Millennium Hotels and Resorts interim chief operating officer and chief commercial officer Saurabh Prakash said: "The introduction of M Social Hotel New York Downtown solidifies our commitment to strategic growth in key global markets. 'New York City embodies innovation and vibrancy, making it a perfect match for our brand ethos, and we are proud to deliver an exceptional hospitality experience here." The rebranded M Social hotel will feature 569 renovated rooms, encompassing 98 suites. Besides contemporary accommodations, hotel guests will enjoy a revamped lobby and environmentally friendly features such as smart thermostats and Apotheke bath products. The rooms will offer workspaces catering to business travellers and views of downtown Manhattan, as well as 3,550ft² of flexible event space, comprising six meeting rooms suitable for up to 160 attendees. The launch of the signature Beast & Butterflies restaurant is anticipated for late 2025. M Social Hotel New York Downtown managing director Alex Spektor said: "We're incredibly excited to introduce M Social Hotel New York Downtown to the Financial District. Our property not only meets the evolving demands of business guests but also serves as an ideal gateway to the city's diverse cultural scene. 'We look forward to welcoming guests to experience our unique blend of sophistication, comfort, and connectivity." Millennium Hotels and Resorts operates more than 145 properties worldwide, with a presence in key cities such as New York, Los Angeles, London, and Singapore, featuring brands such as The Biltmore and Grand Millennium. Millennium Hotels and Resorts America operations, asset management and development senior vice president Shah Adil said: "M Social Hotel New York Downtown represents the future of urban hospitality—dynamic, connected, and culturally attuned. 'We have created a space that resonates deeply with travellers who seek authentic and engaging experiences in one of the world's most exciting cities." In December 2023, Millennium Hotels and Resorts introduced the Millennium's Green Path Brand Playbook, a sustainability initiative aligning with the objectives of COP28. "Millennium Hotels expands M Social Brand in Manhattan" was originally created and published by Hotel Management Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.

Axios

5 days ago

• Axios

Exclusive: Energy and tech titans to talk AI in closed-door meeting

A who's who of top execs from oil majors, tech and power giants, and financial heavyweights will gather in private today in D.C. to discuss meeting AI's energy needs. Why it matters: It shows how the topic is central to C-suites as hyperscalers seek energy — whether it's gas, nuclear or renewables — to supply data centers. Top officials with Exxon, OpenAI, BP, Constellation Energy, Carlyle and many more are slated to attend. Driving the news: Two UAE companies are convening the ENACT ("energy and action") summit alongside the Atlantic Council, a U.S. think tank. One is XRG, a large energy investor launched in late 2024 and wholly owned by UAE state oil and gas giant ADNOC. The other is UAE-based AI and tech investor MGX. ADNOC CEO Sultan Ahmed Al Jaber, who's also UAE minister of industry and advanced tech, will host, and DOE head Chris Wright is expected to attend. It's aimed at bringing together people across the AI value chain. State of play: Axios exclusively learned details about the meeting, which was first broadly announced early this month. According to organizers, expected attendees include... Exxon CEO Darren Woods, BP CEO Murray Auchincloss, and Occidental boss Vicki Hollub. Tech execs like OpenAI global affairs head Chris Lehane and Crusoe co-founder and CEO Chase Lochmiller. Power execs including Constellation Energy CEO Joseph Dominguez, Emirates Nuclear Energy Co. CEO Mohamed Al Hammadi, AES CEO Andres Gluski, and Mohamed Jameel Al Ramahi, head of UAE renewables heavyweight Masdar. Investors such as Cantor Fitzgerald chairman Brandon Lutnick, Engine No. 1 founder Chris James and Carlyle chairman of energy Marcel van Poecke. Alaska Gov. Mike Dunleavy, who's seeking investment in a major gas pipeline and LNG project in his state. The intrigue: The meeting will cover both the immediate energy needs to 2030 but also longer-term decision-making and opportunities, organizers say. The idea is not just talking shop, but producing practical takeaways, with a report expected to follow soon afterward. This session will focus heavily on the U.S., which XRG has identified as a priority market, the organizers say. Catch up quick: Al Jaber has been increasingly focusing on the AI-energy nexus. "The race for AI supremacy is essentially an energy play," he said in March. "We need every energy option available." Today's meeting follows an earlier ENACT event in Abu Dhabi in late 2024. It's consistent with Al Jaber's interest in "majlis," an Emirati tradition of communal meetings that he deployed late in the COP28 negotiations. Friction point: Environmentalists fear that fossil fuels will play an outsized role in meeting data-center demand growth, adding lots of new CO2 emissions. And the U.S. buildout comes as Capitol Hill Republicans and Trump 2.0 officials look to massively slash clean energy incentives in the 2022 climate law. The bottom line: Al Jaber called ENACT an effort to "connect the dots between sectors to help drive coordinated solutions" on AI energy needs in the event's June 4 announcement.