Global warming could lead to a 20 percent decline in the world economic growth rate over the coming few years, concurred a number of leading research centers concerned with the ecological impacts associated with increased energy consumption. The studies conducted by these centers have, however, noted that solving the problem would not cost more than 1 percent of the global gross national product (GNP). The revelations come amidst growing fears that continued calls for curbing energy consumption, resulting from increasingly high temperatures, would adversely impact the economic growth of several countries. Concerns are also mounting that the world's failure thus far to check harmful CO2 emissions would lead to disastrous water and seed shortages, as well as more desertification that could eventually trigger armed conflicts. “It goes without saying that oil refining and production activities and automotive waste are among the major causes for the current rise in earth temperatures,” said Dr. Abdullah Al-Amiri, the Emirates Energy Award chairman. “Higher temperatures cause sea water to expand with heat and glaciers to melt, raising the sea level year after year, which could result in a 48 cm sea level rise, a catastrophe that will have a particularly serious impact on all infrastructure facilities, including roads, power grids, etc, in costal cities,” Al-Amiri added. Gulf states are currently investing around $90 billion in hotel and tourism projects, with the UAE accounting for 85 percent of the tourism developments in the Gulf region that are scheduled to be completed by 2018, an investment valued at AED858 billion. The UAE also ranks first in terms of the spaces allocated to these projects, around 558 million square feet, or 75 percent of the total are in the Gulf that has been allocated to real estate projects. And statistics reveal that AED 40 billion worth of real estate projects have been announced over the past two months alone. This huge number of developments entails higher energy production and consumption rates, a fact that emphasises the need for evolving regulations that strike a balance between ecological integrity and economic necessity. The Emirates Energy Award has been launched by Dubai Quality Group to recognize the best implemented practices in energy conservation and management that showcase innovative, cost effective and replicable energy efficiency measures. Such acknowledged practices should manifest a sound impact on the Gulf region to stir energy awareness on a broad level and across the different facets of society. The Emirates Energy Award aims at increasing awareness among individuals and policy makers on the importance of optimizing the utilization of energy. Meanwhile, light, sweet crude for May delivery dropped 44 cents to $105.18 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. Earlier in the session, the Nymex contract had fallen as low as $104.34, while Brent bottomed out at $102.86 before recovering. On Friday, the contract fell $1.96 to settle at $105.62 a barrel. In London, Brent crude futures dropped 1 cent to $103.76 a barrel. __
