Good morning, friends. We’re hitting a mid-week news slowdown as the regional climate industry front remains quiet, but we have some big news emerging from the shores of Abu Dhabi…

THE BIG CLIMATE STORY- Adnoc and the Abu Dhabi National Energy Company (Taqa) have kicked off operations on their c.USD 3.8 bn decarbonization project aiming to deliver energy to Adnoc’s offshore operations and slash emissions.

^^ We have the details on this story and more in the news well, below.

THE BIG CLIMATE STORY OUTSIDE THE REGION- No single story is dominating the headlines, but the Food System Economics Commission (FSEC) says in a new study a shift toward a more sustainable food system could net USD 10 tn in annual economic benefits, alleviate the climate crisis, and improve human health, The Guardian writes. The global food production industry accounts for about a third of global carbon emissions, and under a business-as-usual scenario FSEC estimates some 640 mn will suffer from malnutrition by 2050, while obesity would increase from current levels by 70%, and predicts a 2.7 °C temperature increase above pre-industrial levels by the end of the century.

Proposals: The authors of the study — which include academic partners from the University of Oxford and the London School of Economics — call on governments to slash tax breaks and subsidies for pesticides, carbon-intensive fertilizers, and deforestation projects which contribute to climate-driven droughts and harvest failures, proposing a shift instead toward incentivising small-scale farmers to turn their plots into carbon sinks while creating more space for wildlife. The study also proposes dietary shifts away from the carbon-intensive meat industry as well as investments in energy efficiency and decarbonization tech. If the outlined framework is met, global food insecurity could be eradicated by mid-century, 174 mn premature deaths would be averted, and the world would stay on course to meet the Paris Agreement’s 1.5 °C warming threshold.

WATCH THIS SPACE-

#1- New global ethics code targets greenwashing: The International Ethics StandardsBoard for Accountants (IESBA) has released a new international ethical benchmark for sustainability reporting and assurance to which firms must adhere when making ESG disclosures, Reuters reports. The new code of ethics targets greenwashing by requiring companies to be more transparent on climate and ESG-related activities in their annual reports beginning from this year with external auditors required to check disclosures in a bid to prevent greenwashing.

Companies no longer getting a free pass: Apple is among a number of companies that have faced backlash following accusations of greenwashing its latest “carbon-neutral” products. Last November, the CEO of South Pole — the world’s biggest carbon offsets seller — Renat Heuberger stepped down on the back of greenwashing allegations in its Kariba REDD+ carbon offset projects in Zimbabwe.

#2-Climate action does not undermine European business competitiveness, EU Climate Commissioner Wopke Hoekstra told the Financial Times ahead of a February 6 announcement of a new EU emissions slashing plan. The EU is expected to propose a 90% greenhouse gas emission reduction compared to 1990 levels, according to draft documents seen by FT. Despite “significant worries” from firms operating in Europe, Hoekstra told the FT the EU would continue to have a “world class, second to none, business environment.” Hoekstra said “we need to stand on two legs: one leg is climate action, the other leg is the just transition, competitiveness and a thriving business community, because both are needed,” warning the bloc against getting “lured into the false narrative” that they can only have one or the other.

REMEMBER- THE EU is underperforming on emissions reduction: Earlier this month, the European Scientific Advisory Board on Climate Change said the EU will have to double its emissions slashing efforts to meet its goal of cutting 55% of its emissions by 2030. Earlier this week, FT reported the EU will need to spend EUR 1.5 tn a year in order to meet its 2050 net zero targets, citing an EU Commission draft. EU countries including Germany, France, and Spain have voiced support for the bloc’s new bill, FT notes.

#3-Regenerative agriculture startups raked in USD 1.4 bn from venture capital funds between 2021-2023, a 46% increase compared to the previous three years, the Financial Times writes, citing data by Dealroom. Regenerative agriculture — which involves rotating crop types as well as minimal plowing to lessen soil disturbance — can be carbon negative, absorbing more carbon than it emits.

REMEMBER- The planet’s soils store some 2.5k gigatons of CO2, which is more carbon than the amount in all plant life and more than 3x the volume of CO2 in the atmosphere.

Regional investments are pouring into the sector: Last month, UAE-based agribusiness Al Dahra and Danish climate agritech company Agreena signed an agreement for a carbon offset initiative to turn 55k hectares of arable farmland in Romania — the EU’s largest consolidated farm — towards regenerative agriculture. The Qatar Investment Authority (QIA) also led a EUR 250 mn series D investment round for Paris-based biotech company Innovafeed. VCs are bullish on the sector’s outlook as initiatives like the EU Green Deal — which aims to boost biodiversity and enhance soil health — come into effect, Director of Impact for Astanor Ventures Leslie Kapin told FT.

DANGER ZONE-

Maritime emissions are estimated to surge 44% by 2050 if efforts to curb emissions are not put in place, according to management consulting firm Arthur D. Little’s insight report. Greenhouse gas (GHG) emissions attributed to the global maritime fleet saw a 23% increase between 2012 and 2022, and increased another 4.7% between 2020 and 2021, the report said citing global forecasts. Strict regulations and mandates for the use of renewable fuels are boosting sustainability in maritime operations in the EU and other areas. The report emphasizes the need for stakeholders in the industry to adhere to more stringent sustainability requirements and develop an “ecosystem” based approach that sees ports and operators contributing to emissions cutbacks.

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CIRCLE YOUR CALENDAR-

The UAE will host the Management and Sustainability of Water Resources Conference from Monday, 26 February to Wednesday 28 February in Dubai. Water availability in arid and semiarid regions, global water issues, and future water and environmental challenges are all on the agenda.

Saudi Arabia will host the International Conference on Sand and Dust Storms in theArabian Peninsula from Monday, 4 March to Wednesday, 6 March in Riyadh. The conference will address regional challenges caused by sand and dust storms and discuss monitoring systems, mitigation strategies, economic and infrastructural impacts, and more.

Egypt will host the Egypt Energy Show from Monday, 19 February to Wednesday, 21 February in Cairo. The event will gather 35k energy industry professionals and host over 80 conferences on energy transition and sustainable production.

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