Draft COP28 text falls short of calling for fossil fuel phaseout

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WHAT WE’RE TRACKING TODAY

TODAY: Historic draft COP28 text side steps fossil fuel phaseout

Good morning, nice people. It’s (supposedly) the final day of COP28, but we very much doubt that will be the case. We have a draft agreement, but there’s a whole lot of unhappy and unsatisfied people in Dubai this morning. What to expect? A heavy day of negotiations and heated debate today, possibly stretching into the next day.

A BRIEF LOOK AT COPLAND- We have a draft agreement — with no phase out: Only hours after UN head António Guterres called on world leaders to “end the fossil fuel age and deliver climate justice,” a draft plan — the first to propose a shift away from fossil fuels — has dodged any references to the phaseout of fossil fuels, the Financial Times reports. Instead it includes language pertaining to the reduction in “consumption and production of fossil fuels, in a just, orderly and equitable manner so as to achieve net zero [carbon emissions] by, before, or around 2050 in keeping with the science.” We have a full breakdown of the draft text in the news well below.

What comes next? The document will be picked apart, discussed, negotiated and then a revised draft will need to be agreed upon by almost 200 countries at the summit in Dubai.

AL JABER’S “TAKE IT AND GO”- “We have made progress, but we still have a lot to do. I want you to deliver the highest ambition on all agenda items, including on fossil fuels language,” COP28 president Sultan Al-Jaber said. “This text reflects those ambitions and is a huge step forward. Now it is in the hands of the parties, who we trust to do what is best for humanity and the planet,” he added.

THE EU IS NOT IMPRESSED- Some parts are “fully unacceptable” and “not consistent”: The EU’s climate commissioner Wopke Hoekstra and Spain’s environment minister Teresa Ribera said the draft agreement is the starting point for a negotiation process that could last days, the Guardian reports. “We think there are elements in the text that are fully unacceptable. We want to have 1.5C being the safe space. We are going to fight for 1.5C. The current text provides some reference to the science, some reference to 1.5C, but it is not consistent with dealing with energy. We need to get into deeper discussions with many other partners, and of course with the president,” Ribera said.

VERY STRONG WORDS FROM THE ISLANDS- “The Republic of the Marshall Islands did not come here to sign our death warrant. We came here to fight for 1.5C and for the only way to achieve that: a fossil fuel phase-out. What we have seen today is unacceptable. We will not go silently to our watery graves,” head of delegation for the Republic of the Marshall Islands John Silk said.

AND OF COURSE AL IS AT THE PULPIT… AND RHYMING- “COP28 is now on the verge of complete failure … this obsequious draft reads as if OPEC dictated it word for word … In order to prevent COP28 from being the most embarrassing and dismal failure in 28 years of international climate negotiations, the final text must include clear language on phasing out fossil fuels. Anything else is a massive step backwards from where the world needs to be to truly address the climate crisis and make sure the 1.5°C goal doesn’t die in Dubai,” former US Vice President and climate activist Al Gore said.

WATCH THIS SPACE #1- Banking giants want a piece of the carbon market action: With the voluntary carbon market (VCM) expected to be valued at USD 1 tn, banking giants including Goldman Sachs, Citigroup, JPMorgan, and Barclays are eyeing the emerging carbon offset market, Bloomberg reports. The banks are seeking to fund carbon sequestration projects, trade in voluntary carbon credits, and advise clients on buying them in efforts to bridge the funding gap for climate and carbon projects, particularly in emerging markets where “a lot of project developers don’t have huge balance sheets and have difficulty raising money,” Citi’s global head of carbon offsets trading Sonia Battikh told Bloomberg.

The market is fraught with controversy: Scientists have criticized the reliance on carbon offsets, saying that companies often buy offsets that “don’t represent any climate benefit” global carbon markets lead at Carbon Market Watch told Bloomberg. Apple was amongst the companies recently accused of greenwashing over its latest “carbon-neutral” products. Last month, 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.

But faith in carbon credits persists: The VCM has been hailed as “an important tool in bringing carbon dioxide solutions to scale,” carbon management firm Carbon Direct said in its annual report.Despite the controversies and demand for carbon credits falling 6% over the first six months of 2023 for the first time in seven years, some bankers are confident that the nascent market is yet to grow. “It would be a shame if the criticism, though well-meaning, undermines money flows to these projects,” Kiru Rajasingam, head of European power, gas and emissions trading at Citi, argued.

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CIRCLE YOUR CALENDAR-

Saudi Arabia will host the Future 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.

Draft COP28 draft text falls short of calling for fossil fuel phaseout

COP28 draft text skips out on a full fossil fuel phaseout: The highly anticipated draft of the COP28 Global Stocktake delivered a range of global targets to reduce greenhouse gas emissions worldwide, but it fell short of including the “phaseout” or “phase down” of fossil fuels, The Guardian reports. Rather than deliver the awaited goal to phase out of fossil fuels, the draft text stated that fossil fuel production and consumption is to be reduced by 2050 in line with “scientific advice,” avoiding any mention of the contentious “phaseout” language despite being called for by over 80 countries.

What’s on the table, then? The Global Stocktake draft, released by the UN climate body, called for a number of actions that countries “could” take to rapidly reduce global emissions, including:

Tripling renewable energy capacity and doubling the rate of achieving energy efficiency by 2030.
Accelerating the phasing down of unabated coal and limiting unabated coal production.
Accelerating zero and low emissions technologies and removal technologies such as carbon capture and utilization and storage.
Reducing consumption and production of fossil fuels, in a just, orderly and equitable manner so as to achieve net zero by, before, or around 2050.
Accelerating and substantially reducing global non-CO2 emissions, especially methane, by 2030.
Accelerating emissions reductions from road transport through a range of pathways, including development of infrastructure and deployment of zero and low emission vehicles.

The draft is a mixed bag of compromises: While the draft — if adopted without amendments — would go down in history as the first official text calling for a global reduction of fossil fuels, negotiators noted there is a lack of obligatory language given that commitments in the draft text are preceded by the phrase: “take actions that could include…”, Time reported. “This text doesn’t send the clear signals that are needed to avert the climate crisis. The suggested set of actions is merely a pick-your-own menu,” Director of World Resources Institute ’s International Climate Initiative David Waskow said.

Also weak on the finance front: In addition to being slammed for its “weak” language on oil and gas, the draft also did not include “any language that points to the obligation of developed countries to provide finance for adaptation or mitigation,” Director of policy and campaigns at ActionAid US Brandon Wu said. “We also don’t see clarity on finance for adaptation. They say doubling adaptations, but doubling what? Where is the finance going to come from, will it be additional?” a member of the Chad delegation questioned.

Climate experts blame fossil fuel lobbyists for the draft text’s shortfalls: The text has been criticized for pandering to the fossil fuel industry as it contains “a host of false solutions that will benefit the oil, gas and coal industries instead of providing a safe, fair and equitable future for all of us,” head of the Greenpeace delegation Kaisa Kosonen said. The accusation that the fossil fuel industry “has its fingerprints all over” the decision to leave out the phaseout article comes on account of the strong presence of fossil fuel lobbyists in the summit, according to Global Witness CEO Mike Davis, who argued that “when climate talks are flooded by thousands of fossil fuel lobbyists, it’s no surprise that those talks flop.”

Others point fingers at fossil fuel firms + petrostates: The draft was lambasted for being “riddled with the evidence of world leaders succumbing to the perverse influence of the fossil fuel industry and petrostates,” the Union of Concerned Scientists said in a statement, urging world leaders to act. Saudi Arabia had been leading the opposition against a phaseout of fossil fuels, right until the release of the final draft, warranting criticism that it is, along with its allies “holding the talks hostage,” former Irish president Mary Robinson had said prior to the release of the draft text.

However, some beg to differ: Despite all the vehement criticism, the text “recognises that the reality is that you can’t phase out fossil fuels before you have a massive investment in renewable energy which needs huge finance flows,” climate economist and adviser to Barbados prime minister Mia Mottley, Avinash Persaud told The Guardian. The draft is acceptable as long as it would deliver a promise to ramp up investments in renewable energy in developing countries, she reasoned, saying that it would be “the only pathway to a phase out of fossil fuels.”

It's unclear what’s next: Governments and negotiators are expected to continue intensive talks over the draft text until the relevant parties agree to sign the final pledge. It is unclear whether the presidency will be able to achieve this on the last day of the conference, raising the likelihood for talks to continue past the summit’s scheduled end date.

IN OTHER POLICY NEWS-

UAE unveils first groundwater mapping project: The Emirati Energy and Infrastructure Ministry (MoEI) and the Abu Dhabi Environment Agency (EAD) have unveiled the first hydrogeological map and geo-database of the UAE, which aims to document and manage the UAE’s aquifers and groundwater sources, Wam reports. The tool will map out comprehensive hydrogeological data on both the regional and local levels, including groundwater well locations, geologic structures, dams, springs, and groundwater quality. The map will cover the entire hydrogeological typologies and groundwater bodies UAE-wide based on a Geographic Information System (GIS).

Towards achieving sustainable water management: The initiative builds on and contributes to the UAE’s Water Security Strategy 2036, which targets securing water access and sustainability and enhancing water security. The UAE was named as one of the top countries prone to extreme water stress, ranking 7th most water stressed country out of 164 countries, making water insecurity one of the most pressing environmental issues facing the country. The UAE’s water level has dropped about one meter annually over the past 30 years and it is expected to run out of freshwater resources in about 50 years.

UAE’s ENEC signs a raft of nuclear agreements and more African expansions in renewables from Masdar and Amea Power

COP28 bows out with more nuclear and renewables: The agreements were coming in fast and heavy until the end, with a flurry of activity from UAE’s Emirates Nuclear Energy Corporation (ENEC) and more agreements from Masdar and Amea Power.

NUCLEAR-

ENECpartners with US’ Xenergy on nuclear tech: ENECsigned an MoU with US miniature nuclear reactor developer Xenergy to deploy the latest nuclear energy tech, Wam reports. The agreement aligns with Enec's recently launched Advance program aimed at accelerating decarbonization through nuclear technologies.

And there’s more: The company also signed an MoU with the UK Department for Energy Security and Net Zero (DESNZ) to collaborate on nuclear energy deployment, Wam reports. The agreement will see them partner on large-scale nuclear reactors, advanced nuclear technologies (including Small Modular Reactors), nuclear security, and supplying nuclear fuel.

ALSO- ENEC launches decarbonization roadmap: The company also partnered with the Idaho National Laboratory of the US Department of Energy to launch a roadmap aimed at reducing its carbon footprint across all activities including operations at the Barakah Nuclear Energy Plant site, Wam reports. ENEC also recently partnered with Egypt to advance the use of nuclear energy.

REMEMBER- It’s been a busy COP: ENEC partnered with Bill Gates’ TerraPower, GE Hitachi, and Kazakhstan's National Atomic Company Kazatomprom last week to boost the use of nuclear energy and explore its latest tech.

RENEWABLES-

Amea Power continues its Africa expansion: UAE renewables company Amea Power signed agreements with the governments of Uganda, Djibouti, Mozambique and Zimbabwe to develop renewables projects with a combined 200 MW generation capacity, the company’s chair Hussein Al Nuwais told Al Bayan. The new agreements bring Amea’s clean energy portfolio to a total of 5.5 GW.

The details:

Mozambique: Amea inked an agreement with the government of Mozambique to establish a 125 MW solar farm in the East African country.
Djibouti: The company inked a pact with the government of Djibouti to double the generation capacity of its Bara solar plant to 50 MW — up from 25 MW — and install an accompanying battery energy storage system.
Uganda: Amea signed an agreement with the London-based Emerging Africa Infrastructure Fund to finance the development of the 20 MW Ituka solar project in Uganda’s Western region.
Zimbabwe: The company also signed an MoU with the government of Zimbabwe to explore potential renewables projects across the country.

Amea plans to raise USD 300 mn to fuel further expansions: Amea is planning to raise USD 300 mn in a new equity funding round to support its expansion into new markets, Al Nowais said, adding that both regional and EU companies are looking to acquire stakes in the UAE firm. The company is moving forward with plans to IPO within the next three to four years, he added. Beyond Africa, Amea is currently eying investments in the clean energy sectors of Turkey, Uzbekistan and Azerbaijan, Al Nowais said.

Masdar is delivering on its green ambition in Africa: Masdar expanded its presence in African countries during COP28 in a bid to develop 10 GW of renewables projects in the continent by 2030, according to a statement released last week.

First up, renewables: Egypt-based renewable energy developer Infinity Power — a joint venture between our friends at Infinity and UAE renewables player Masdar — signed an MoU with Mozambique's Energy and Mineral Resources Ministry to set up to 1 GW of renewables projects, the statement notes. The project should offset 3.8 mn tons of CO2 during its 20-year operational period. The company is also exploring collaborating with Africa50 on a floating solar project in Mozambique. Masdar's subsidiary MW Energy also signed an MoU with Africa50 and Congo's Energy and Hydraulics Ministry to develop 500 MW of renewable energy in the Republic of Congo.

Next, geothermal:Masdar-backed Pertamina Geothermal Energy signed an MoU with the Geothermal Development Company of Kenya to collaborate on geothermal energy development in the country.

Masdar’s been heading the leaderboards at COP: The renewables giant signed MoUs with Uganda, Angola, Zambia, and Ethiopia last week to develop renewable energy projects in these countries.

FOOD AND WATER SECURITY-

The UAE backs the food sector with a new program: The COP28 Presidency has launched a two-year partnership program on water-resilient food systems under the umbrella of COP27’s Climate-Resilient Food Systems Allowance to help developing markets step up water and food systems management efforts, according to a statement.

And the UK pledges funds for water projects: The UK also committed GBP 39 mn for the newly launched Just Transitions for Water Security program, which will mobilize large-scale water investment projects across developing countries. The Global Commission on the Economics of Water estimates climate driven extreme weather will lead to a 40% shortfall in freshwater supply by 2030, with adverse effects for the agriculture sector.

Other COP progress on food and agriculture: 152 countries have endorsed the COP28 UAE Declaration on Agriculture, Food Systems and Climate Action. Governments, philanthropies, and private sector players have so far pledged USD 3 bn in climate financing toward the food and agriculture industries at COP28.

Acwa Power plans big with first int’l water desalination project: Private utility Acwa Power signed a partnership with Saudi Exim Bank for the development of its first water desalination project fully powered by renewables overseas, it said in a statement released earlier this week. The partnership was signed at the Saudi Pavilion on the sidelines of COP28 in Dubai. The statement did not disclose details related to the planned project, location and financials.

Egypt and Morocco signed an MoU to collaborate on advancing water sustainability, according to a statement. The two countries will cooperate on harvesting flood and rain water, advancing technologies for processing agricultural wastewater, adapting to the climate impact on water resources, desalination projects, and establishing water facilities.

IN CLIMATE FINANCE NEWS-

UAE, South Korea partner on climate finance: The UAE’s export agency Etihad Credit Insurance signed an MoU with the Export-Import Bank of Korea (Korea Eximbank) to boost financing for decarbonization projects in the Emirates and abroad, Al Bayan reports. Under the new program, Korean developers working on renewable, nuclear energy, and green infrastructure projects in the UAE, or with UAE partners in foreign markets, will be eligible for funding.

Dubai Future District Fund will invest AED 200 mn in green tech: Government-anchored Dubai Future District Fund will allocate 20% of its AED 1 bn (c.USD 272.3 mn) venture capital fund towards financing climate tech startups, according to a statement released last week. AED 200 mn (c. USD 54.4 mn) will be earmarked to tech startups working in the food and agri tech, building materials, and logistics sectors, the statement added. The AED 1 bn was added to the fund by UAE Prime Minister Mohammed bin Rashid Al Maktoum in 2020 when it was first launched.

The UAE government approves the launch of its national EV infrastructure company + SAF production guidelines

The UAE will establish a national EV infrastructure firm: The UAE is planning to launch an EV infrastructure firm tasked with manufacturing charging networks, managing daily operations of EV charging stations, and developing a pricing strategy for charging services, according to a statement. The launch date of the new government firm — named UAE Electric Vehicle Charging Stations Company — was not disclosed.

EV charging pricing mechanism to be announced soon: The UAE plans to set a pricing structure for EV charging nationally by year’s end or in early 2024 as part of a target to have EVs make up 50% of the Emirates’ auto sector by 2050, the country’s Energy and Infrastructure Minister Suhail Al Mazrouei said last month.

BACKGROUND- The cabinet approved the National Electric Vehicles Policy earlier in August, aiming to create a countrywide network of EV chargers to accelerate the transition to green mobility and push down the transport sector’s energy consumption by 20%.

IN OTHER UAE POLICY NEWS- SAF guidelines get a nod: The cabinet has approved the national SAF production guidelines targeting the production of 700 mn liters annually by 2030, according to the Dubai Media Office. The country plans to domestically produce 1% of UAE airlines’ SAF needs at Emirati airports by 2031.

Coffee with: Faisal Al Shimmari, Mashreq’s Head of ESG & Corporate Strategy

Coffee with: Faisal Al Shimmari, Mashreq’s head of ESG & Corporate Strategy: Al Shimmari (LinkedIn) is responsible for UAE banking group Mashreq’s environmental, social, and corporate governance (ESG) strategy, the delivery of the bank’s green targets including net-zero zero by 2050, and commitments to the UN-backed Science Based Targets initiatives (SBTi). The company facilitated some USD 20 bn in ESG finance and adaptation-related investments in the UAE, Egypt, India, Bahrain, and Qatar during 1H 2023. Mashreq has been the sponsor of both COP27 and COP28. Al Shimmari was appointed as head of ESG in August, and also serves as Mashreq’s Executive Vice President.

In its most recent announcement, Mashreq recommitted to channeling AED 110 bn (USD 30 bn) in sustainable finance by 2030, as part of the total AED 1 tn green financing pledge made by the UAE Banks Federation on Finance Day at COP28. Last year, Mashreq released a climate risk framework (pdf) outlining risk management strategies to manage climate-related-risks.

We had a brief chat with Al Shimmari halfway through COP28 to discuss Mashreq’s plans to expedite sustainable finance, reaching net zero, and the obstacles banking institutions face in implementing ESG strategy.

Edited and condensed excerpts of our conversation follow.

MASHREQ’S SUSTAINABLE FINANCE GOALS-

Mashreq places sustainable finance as a key pillar in laying the foundation of the energy transition and achieving net zero emissions. Our recent USD 30 bn sustainable finance commitment at COP28 and partnership with SBTi in September reflects Mashreq’s understanding of the need to transform the “business as usual” through embedding ESG into the bank's corporate DNA. The SBTi commitment will ensure sustainable financing is provided in the future to enable our clients to facilitate their transition journeys.

Mashreq’s ESG strategy falls under the wider Climb2Change bank initiative. Under the initiative — which was launched last month — Mashreq will continue to offer sustainability-linked financing and maintain its net-zero commitment. It will also launch clean-up expeditions on 14 of the world’s highest mountains in a bid to promote recycling, waste reduction, and environmental preservation. Since then, Mashreq partnered with renowned climbers Alain Roberts and Alexis Landot to scale the Burj Khalifa skyscraper in Dubai as a message to inspire action as well as raise awareness for climate issues.

WHAT IS NEEDED TO GET THERE-

The key enablers require redefining public private partnerships, which I call PPP 2.0. If we don't have the taxonomy for defining what “green” is, or what “social” is, then issuing subsidies, incentives, rewards, or even tax rebates for green projects would not materialize in the economical ecosystem.

Another key challenge identified globally is embedding climate-risk factors into decision making. Some regulators have started introducing financial stress testing exercises in banks to evaluate how it influences the interest rate, insurance, and investment decisions. This process also has to be part of the financial and regulatory taxonomy, and indeed we are seeing that an evolution in regulation is happening in different jurisdictions around the world.

DATA COLLECTION AS A KEY HURDLE-

When discussing how to reduce emissions — specifically scope 3 emissions — the availability and tools for data collection arises as a key challenge. The commitment around it requires a big learning curve and a joint approach for both banks and clients. They need to be aware of the importance of the data collection to allow for a monitoring system to be put in place as providing this information is not obligatory under today’s regulations. I call this priority the “ESG KYC — Know Your Customer.” This data will give us foresight to the future and can influence strategic investment decisions.

In a few years, it is expected that collecting data to calculate climate risk will become part of the regulations landscape. In fact, there are already some regulators who are asking the questions, adding it in the principles, and even in the regulations.

MASHREQ’S RECENT GREEN AGREEMENTS-

We were involved in the amendment of the USD 2.2 bn agreement signed in 2020 with Bapco Energies to increase it to USD 2.5 bn, the largest sustainability-linked loan (SLL) in the region to date.

ACTIVITIES AT COP-

Mashreq facilitated and organized more than 45 expert discussion panels and presentations for different topics across all areas of sustainability not limited to climate risk. Mashreq also participated in other discussion panels in both the blue and green zones.

Oman + Singapore exploring cooperation on renewable energy projects

Oman + Singapore talk renewable energy: Oman and Singapore are looking to collaborate on renewable energy projects focusing on low-carbon alternatives and energy efficiency solutions, Oman’s Charge d’affaires in Singapore Anwar Ahmed Muqaibal told Oman News Agency. The two nations are also exploring joint investments in green hydrogen, green ammonia, solar energy and wind energy projects.

REFRESHER- Singapore was amongst the countries that inked six binding term sheet agreements worth USD 20 bn with Oman’s state-owned Hydrom earlier this year.

Neom unveils its sustainable food company Topian and Royal Air Maroc flies first carbon neutral flight

KSA’s Neom has launched its own food company — dubbed Topian — in collaboration with the Ministry of Environment, Water, and Agriculture, according to a statement. Topian will focus on climate-resistant agriculture, regenerative aquaculture, and sustainable food supply. Topian will collaborate on research and development initiatives through several partnerships to expand on innovative and sustainable approaches to food production, the statement notes.

Neom invested in food sustainability earlier this year:Neom entered into a partnership in November with US-based food tech company BlueNalu on sustainable and secure food ecosystems by promoting cell-cultivated seafood.

AVIATION-

Royal Air Maroc flies its first carbon neutral flight in Africa: Morocco's flag carrier Royal Air Maroc (RAM) and its national fuel distributor Afriquia SMDC launched the first net zero emission intra-African flight using sustainable aviation fuels (SAF) on Saturday, MAP reports. The airline’s Boeing 787-9 Dreamliner was powered by 40% SAF and carried 302 passengers from Mohammed V Airport in Casablanca to Blaise Diagne Airport in Dakar. The flight used almost 9 tons of SAF and slashed around 23 tons of CO2 emissions.

REMEMBER- RAM joined an agreement to buy mns of gallons of SAF: Airline alliance Oneworld members, including RAM, signed an MoU with US renewable chemicals and advanced biofuels company Gevo in 2022 to buy up to 200 mn gallons of Gevo’s SAF over the next five years.

AGRICULTURE-

Egypt partners with the World Bank to enhance climate-smart agriculture: Egypt's Ministry of International Cooperation is collaborating with the World Bank to incentivize innovation in climate-smart agriculture, according to a statement. The partnership — which seeks to introduce tailored digital applications for Egypt's agricultural sector — is part of Egypt’s Climate Resilient Agri-Food Transformation (CRAFT) project under the Nexus of Water, Food, and Energy (NWFE) program.

The details: The initiative aims to expand on the prior success of EgCITE, a project funded by the Korea Green Growth Trust Fund (KGGTF) that focuses on localizing international technologies and identifying the best practices to boost climate-smart agriculture in Egypt. Sustainable infrastructure and the efficient use of resources are key for green growth and will be achieved through the partnership with the World Bank and KGGTF, Egypt’s International Cooperation Minister Rania Al Mashat said.

REMEMBER- The World Bank aims to increase its climate finance target to USD 40 bn by 2025: The World Bank has set a target to increase its climate financing capacity to USD 40 bn by 2025 — around USD 9 bn more than what was last recorded by the bank.The World Bank recently co-financed four Egyptian projects in the renewables, green hydrogen, environmental restoration, and livestock production sectors under the Global Environment Facility (GEF).

UAE’s Hydro Wind Energy is using two renewable energy sources to generate clean energy

UAE startup develops new method of harnessing clean energy: Dubai-based startup Hydro Wind Energy has developed a hybrid hydro-wind energy system to generate clean energy, The National reports. The system integrates two renewable energy sources — offshore altitude wind harnessed using kites or vertical axis wind rotors and subsea oceanic pressure — to generate low-cost clean electrical energy and grid scale energy storage, according to the company’s website.

No traditional limitations: The company’s tech can harness energy from hurricane-level winds with speeds of up to 40 meters per second, which conventional wind turbines cannot do, CEO Lee Kind told the National. The tech is also cost-effective, costing a fraction of conventional offshore wind farms which have high construction costs. It is also omnidirectional — capturing wind from all angles — unlike current offshore turbines.

Regional ambitions:The startup is currently focused on building and testing its wind power and desalination technologies off Fujairah's coast. It plans to replicate this project in windier areas like Oman and China.

CALENDAR

NOVEMBER 2023

30 November - 12 December (Thursday-Tuesday): Conference of the Parties (COP 28), Dubai, UAE.

DECEMBER 2023

1-10 December (Friday-Saturday): Abu Dhabi Sustainability Week COP28 Special Edition, Dubai, UAE.

7-8 December (Thursday-Friday): Future Investment Initiative (FII) Priority, Hong Kong.

8 December (Friday): Youth for Sustainability Forum (Y4S), Dubai, UAE.

12-14 December (Tuesday-Thursday): Green Hydrogen Summit Oman, Muscat, Oman.

18-20 December (Monday-Wednesday):Saudi Arabia Smart Grid Conference, Riyadh, Saudi Arabia.

JANUARY 2024

9-11 January (Tuesday-Thursday): Future Minerals Forum, Riyadh, Saudi Arabia.

FEBRUARY 2024

26-28 February (Monday-Wednesday): Management and Sustainability of Water Resources, Dubai, UAE.

MARCH 2024

4-6 March (Monday-Wednesday): International Conference on Sand and Dust Storms in the Arabian Peninsula, Riyadh, Saudi Arabia.

APRIL 2024

16-18 April (Tuesday-Thursday): World Future Energy Summit, Abu Dhabi, UAE.

23-25 April (Tuesday-Thursday): Connecting Green Hydrogen MENA, Dubai, UAE.

MAY 2024

19-21 May (Sunday-Tuesday): Saudi Energy Convention, Riyadh, KSA.

JUNE 2024

5 June (Wednesday): World Environment Day, Saudi Arabia.

OCTOBER 2024

10-12 October (Tuesday-Thursday): Autonomous E-Mobility Forum, Doha, Qatar.

DECEMBER 2024

2-13 December (Monday-Friday): Conference of the Parties (COP16) to the United Nation Convention to Combat Desertification, Riyadh, KSA.

EVENTS WITH NO SET DATE

2024

Early 2024: The 2023 US Algeria Energy Forum, Washington DC, USA.

12-14 February (Monday-Wednesday): Sustainable Aviation Futures MENA Congress, Dubai, UAE.

End-2024: Emirati Masdar’s 500 MW wind farm in Uzbekistan to begin commercial operations.

QatarEnergy’s industrial cities solar power project will start electricity production.

2025

International Union for Conservation of Nature World Conservation Congress, Abu Dhabi, UAE.

UAE to have over 1k EV charging stations installed.

2026

26-29 October (Monday-Thursday): World Energy Congress, Riyadh, Saudi Arabia.

UITP Global Public Transport Summit, Dubai, UAE.

Annual Meetings of the World Bank and the International Monetary Fund, Bangkok, Thailand.

1Q 2026: QatarEnergy’s USD 1 bn blue ammonia plant to be completed.

End-2026: HSBC Bahrain to eliminate single-use PVC plastic cards.

2027

MENA’s district cooling market is expected to reach USD 15 bn.

2030

UAE’s Abu Dhabi Commercial Bank (ADCB) wants to provide AED 35 bn in green financing.

UAE targets 14 GW in clean energy capacity.

Tunisia targets 30% of renewables in its energy mix.

Qatar wants to generate USD 17 bn from its circular economy, creating 9k-19k jobs.

Morocco’s Xlinks solar and wind energy project to generate 10.5 GW of energy.

2035

Qatar to capture up to 11 mn tons of CO2 annually.

2045

Qatar’s Public Works Authority’s (Ashghal) USD 1.5 bn sewage treatment facility to reach 600k cm/d capacity.

2050

Tunisia’s carbon neutrality target.

2060

Nigeria aims to achieve its net-zero emissions target.

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