TODAY: Acwa Power breaks ground on its green hydrogen plant in Uzbekistan + Biden gives COP28 a miss

Good morning, friends. We’re a mere 48 hours away from COP28 kicking off in Dubai and it’s another busy morning in the regional climate industry neighborhood. We have a compact issue full of updates across the sector, and news about one big no-show at the summit.

THE BIG CLIMATE STORIES- KSA renewables giant Acwa Power began construction on its green hydrogen production facility in Tashkent, Uzbekistan yesterday and UAE’s Emirates Development Bank has signed an agreement with the International Renewable Energy Agency to extend AED 1.3 bn (c.USD 350 mn) in financing to support Irena’s Energy Transition Accelerator Financing platform.

^^ We have the details on these stories and more in the news well, below.

HAPPENING TODAY- The World Green Economy Summit kicking off today and concluding tomorrow in Dubai. The event will bring together green tech developers and policymakers to explore pathways to accelerate the transition to net-zero sources and meet the Paris-agreed 1.5 °C warming threshold.

ALSO- Virgin Atlantic's mostly SAF-powered flight is taking to the skies today on a transatlantic flight from London to New York, The Guardian reports. The flight is the latest demo flight by the UK government and the aviation industry to prove greener flying is possible and 2050 jet zero aspirations are reachable. The plane will have a full tank of alternative fuel, synthesized from captured carbon and recycled oil, with a carbon footprint about 70% less than usual conventional jet fuel.

THE BIG CLIMATE STORY OUTSIDE THE REGION- It’s a no-show for Joe: US President Joe Biden — leader of the world’s second biggest carbon emitting country — will not be attending the COP28 summit, Reuters reports, citing an unnamed US official. No reasons were given for Biden giving the summit a miss, confirming earlier whispers that he wasn’t going to attend. Biden attended past summits in Egypt and Scotland, although it is not customary for the sitting US president to attend each COP. US Climate Envoy John Kerry will be leading negotiations on behalf of his country at the conference. The UK’s King Charles and PM Rishi Sunak, Bill Gates, and Pope Francis are among those expected to make an appearance at the summit.

Biden seems to have other priorities:Earlier this month, Biden’s advisors were reportedly weighing the president’s priorities at a time when the US is heavily involved the war on Gaza, grappling with a Republican-controlled House of Representatives over federal spending, and working on an upcoming presidential campaign that is expected to heat up in January.

The story made headlines in the international press:Reuters | The New York Times | The Guardian | France 24 | Bloomberg | AP News | The Washington Post | CNBC

IN OTHER COP NEWS- Methane curbs will be a main focus at COP28: Although 150 nations have signed up for the EU-backed Global Methane Pledge aimed at slashing generation volumes of the greenhouse gas (GHG) by at least 30% by 2030, more action is needed to turn emission reduction commitments into action, Reuters reports, citing comments made by the COP28 Presidency.

Why it’s important: Methane emissions still totaled 135 mn metric tons last year and is the second most abundant anthropogenic GHG after CO2, the newswire writes. A legally binding agreement to phase it out needs to be hammered out during COP28 to meet global climate targets, the World Bank’s former Climate Envoy Rachel Kyte told Reuters. The US and China will partner with the UAE on holding a Methane and Non-CO2 Greenhouse Gases Summit at COP28 to help realize that target.

How to get there: Mechanisms for mobilizing capital to transition emerging markets from methane producing fossil fuels, as well as national schemes regulating methane output from the the oil and gas, waste, and agricultural sectors have to be formalized at the upcoming summit, the Presidency has urged. The World Bank is expected to launch a fund with support from fossil fuel companies at COP28 with the aim of setting up methane monitoring and clean up programs in developing countries, Reuters notes. Beyond methane curbs, the COP28 Presidency has urged heavily-polluting corporations and countries to stop routine gas flaring by 2030.

There’s been progress ahead of COP: The US Methane Finance Sprint — which aimed to mobilize at least USD 200 mn during COP28 to help developing countries curb greenhouse gas emissions — will reportedly exceed its targets. The US and China — the world’s largest carbon emitters — have agreed to count all non-carbon greenhouse gasses including methane in the update of their national climate strategies. And over in the EU, lawmakers reached a provisional agreement setting methane emission restrictions for future oil and gas imports into the bloc earlier this month.

WATCH THIS SPACE-Carbon offset purchases sink for the first time in a decade:Purchases of carbon offsets by banks, airlines, and other businesses saw a 17% drop y-o-y in 2022 as the market continues to face criticism regarding its efficacy in curbing emissions, Bloomberg reports. The drop has been attributed to “an erosion of confidence on the corporate side,” offsets trade facilitator Emergent founder Eron Bloomgarden told Bloomberg. Meanwhile, the same period saw increased purchases by corporate buyers of offsets derived from wind, hydro, and solar projects, a “particularly controversial” source because energy from these sources is already the cheapest option in much of the world.

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CIRCLE YOUR CALENDAR-

The UAE will host the Conference of the Parties (COP28) from Thursday, 30 November through to Tuesday, 12 December in Dubai. COP28 will be divided into Blue and Green zones with the former reserved for heads of states, government delegations, and UN bodies. The green zone — which will be open to the public — will serve as a central hub where developers, industry leaders, NGOs, and climate activists come together to explore pathways to accelerate the transition to clean energy. The zone will host over 300 talks tackling the climate crisis and showcase climate-focused interactive exhibits.

Oman will host its Green Hydrogen Summit from Tuesday 12, December through to Thursday, 14 December in Muscat. The two-day event will bring together green fuels developers, renewables companies, and policy makers in a bid to chart a course toward carbon-neutrality by 2050. Aside from the conference, the summit will also include masterclasses delving into the specifics of the green hydrogen value chain, from green electricity production to H2 production, distribution and storage. You can register for the event here.

Saudi Arabia will host theFuture Minerals Forum from Tuesday, 9 January through to Thursday, 11 January in Riyadh. The event will bring nations and private sectors together to enable the creation of resilient mineral value chains in the resource rich regions of Africa, Western Asia, and Central Asia. The forum will hold a ministerial roundtable with over 60 countries being represented., and delegates will discuss global critical mineral strategies as well as an international exhibition with over 150 exhibitors and industry sponsors.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.