Good morning, nice people. It’s a busy morning with significant moves made by Masdar in its acquisition spree and a new player signaling interest in Egypt’s green hydrogen sector.

THE BIG CLIMATE STORY OUTSIDE THE REGION- The World Meteorological Organization (WMO) has confirmed 2023 was the hottest year on record, with surface temperatures averaging 1.45°C above late 19th-century levels. A recently released WMO report (pdf) highlights a series of shattered records including greenhouse gas pollution, ocean heat and acidification, and sea level rise. It also underscores the devastating impact of climate change on ecosystems, food systems, and human lives, particularly in Africa and South Asia, where millions face acute food insecurity. Despite these findings, the report offers some hope with the significant growth in renewable energy capacity, marking the highest increase in two decades.

The story made headlines in the international press: The Guardian | CNBC | Euro News | Reuters | AP News | The Financial Times | Bloomberg

WATCH THIS SPACE-

#1- Kuwait seeks approval for solar project: Kuwait’s Ministry of Electricity, Water, and Renewable Energy has requested budget approval from the Ministry of Finance for a solar installation project totaling 34.6 MW, Arab Times reports, citing people it says have knowledge of the matter. The project — which will soon see a tender issued for its construction and implementation pending the budget’s approval — aims to supply renewable energy to ten locations. No further details on the project were provided.

Kuwait is ramping up its solar tenders: Kuwait issued a Request for Qualification (RFQ) for its planned USD 3.9 bn 4 GW Shagaya solar power project last year with plans for the final RFQ to be launched by mid-2024. The Kuwait Authority for Partnership Projects (KAPP) also invited global and local developers to bid on the 1.1 GW third phase of the Al Dibdibah Power and the Shagaya project in January. Kuwait’s government also recently wrapped two weeks of discussions with an undisclosed Chinese state-owned firm for the development of a planned solar energy farm at the Al Shagaya Renewable Energy Park.

#2- Morocco is looking to build an experimental nuclear reactor: Morocco is planning to build an experimental nuclear reactor with the help of Russian state-owned nuclear power company Rosatom to power its growing demand for desalination, Spanish news outlet La Razon reported last week, citing comments made by the Ambassador of Morocco to Austria Azzedine Farhan. As Morocco’s drought conditions worsen, the demand for water desalination — and therefore the demand for energy — are increasing significantly, leading the country to look for alternative sources of power including nuclear, experts say.

REMEMBER- Rosatom has been eyeing the region for a while: The Russian nuclear giant has conducted several talks with African countries and expects to see demand for nuclear energy rise from “newcomer countries.” In Egypt, they’re already working on the Dabaa nuclear power plant’s fourth and final reactor and recently inked a uranium supply agreement with the government.

#3- Big Oil coalition to extend methane detection to emerging countries: The Oil and Gas Climate Initiative (OGCI) — which includes Aramco — is extending a satellite-based methane detection campaign to over seven emerging economies, The Financial Times reports. The initiative follows the discovery of 26 significant methane leaks across Kazakhstan, Egypt, and Algeria. OGCI's efforts have already helped operators in Kazakhstan and Algeria block three major leaks, effectively cutting emissions equivalent to the carbon output of nearly 4k petrol cars per hour.

The challenges: Only 15 of the 26 identified methane sources were confirmed by ground operators, and many leaks require further action, the report adds. One OGCI report (pdf) emphasizes the need for collaborative engagement with national oil companies and joint venture partners to address venting, flaring, and leaks from fossil fuel infrastructure.

REMEMBER- Methane emissions from the energy sector remained near a record high in 2023: The production and use of fossil fuels resulted in around 120 mn tons (Mt) of methane emissions in 2023 while a further 10 Mt came from bioenergy. This is around the same level of methane emissions since it peaked in 2019 which is too high to meet the world's emission goals. The energy sector accounts for more than one third of total methane emissions.

#4- Experts “bewildered” by UN’s omission of meat alternatives: The UN’s Food and Agriculture Organization’s (FAO) is facing backlash from academic climate experts for omitting guidelines for the reduction of meat and dairy consumption in a COP28 roadmap (pdf) on climate change and food insecurity, The Guardian reports, citing commentary (pdf) published in Nature Food journal. The UN failed to highlight the importance of alternative proteins — such as plant-based meat — in reducing the impact of livestock on the environment which is “one of the clearest interventions,” commentary author Cleo Verkuijl told the Guardian. Instead, the FAO highlighted suggestions for efficiency in animal farming and switching from beef to chicken, which could lead to increased risks of disease, the experts added.

Experts are not backing down: Academics criticizing the FAO are calling for more transparency regarding the roadmap’s future updates and are demanding the inclusion of research-backed recommendations, the news outlet said, citing another of the commentary’s authors Matthew Hayek.

Not the first time FAO ignores science: Former FAO officials claimed that the FAO disregarded their comments on the contribution of methane coming from livestock to global warming back in October. FAO claimed, without providing evidence, that plant-based meats had “nutritional deficiencies”, according to the authors of the commentary.

#5- Mitsubishi + TotalEnergies form a coalition on electric natural gas: Eight major companies including Japan’s Mitsubishi Corporation and France's energy giant TotalEnergies have established an international coalition aimed at promoting the development and production of electric natural gas (e-NG), according to a press release. The other members are France’s Engie, Japan’s Osaka Gas, Tokyo Gas and Toho Gas US’ Sempra Infrastructure, and Belgium’s TES. The alliance will officially launch later this year.

What is e-NG? e-NG is a sustainable synthetic methane created by combining green hydrogen with recycled CO2 creating a scalable, green solution for its fossil fuel alternative. It can be transported and stored using existing infrastructures such as natural gas pipelines given that it is identical to natural gas on a molecular level and blends easily into the existing energy mix. The gas can also power ships and factories.

#6- Prices of solar panels are likely to remain low for the next two years, the MalaysianPhotovoltaic Industry Association President Davis Chong told Reuters. The recent decline in solar panel prices — which dropped by nearly 50% last year — is attributed to an oversupply in the market which has reached double the demand of solar panels. Manufacturers — particularly in Malaysia which stands as the third largest producer of solar photovoltaic modules — are slowing down expansion plans to adjust to this new market reality, Chong said, adding that. supportive policies could help ease this trend to support a more sustainable energy future.

Looks like China’s the only one that’s riding it out: The competitive advantage held by Chinese manufacturers — who produce 80% of the global consumption — has helped them gain an advantage over global competitors in Europe and the US, despite its panel prices also dropping by around 42%. US tax credits on American equipment manufacturing will not challenge China's dominance in the solar manufacturing sector, Chong believes. As a result of price pressures from Chinese imports, multiple European solar manufacturers have recently announced plans to shut down factories, the news outlet notes.

DANGER ZONE-

COP28’s goal to triple renewables might be out of reach: Despite 2023 breaking records in renewables development, the world is falling behind in achieving COP28’s energy transition goal to triple renewable power capacity by 2030, a report (pdf) published by the International Renewable Energy Agency (Irena) concluded. The world will continue to be behind on its climate goals unless major policy and investment changes are made, Irena warned.

What would these changes entail? A renewables capacity of 1.1k GW is required to be installed annually by 2030 — double the highest capacity reached in 2023 — while annual investments in renewables must increase to USD 1.55 tn, up from 2023’s USD 570 bn until 2030, an Irena press release says. Policy and regulations must advance to allow targeted investments, the necessary infrastructure must be built, and policy makers need to extend their focus to socio-economic implications, the presser added.

REMEMBER- The IEA saw this coming: The International Energy Agency (IEA) anticipated that the world would fall short of its goal to triple renewables by 2030 despite a predicted surge in global renewable energy capacity to 7.3 TW by 2028.

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CIRCLE YOUR CALENDAR-

The UAE will host the World Future Energy Summit from Tuesday, 16 April to Thursday, 18 April in Abu Dhabi. The summit will address solutions for development in the transformation of future energy systems. The summit will also feature discussions on recycling, waste-to-energy, and air-to-water trends and progressions.

The UAE will host the Connecting Green Hydrogen MENA event from Tuesday, 23 April to Thursday, 25 April in Dubai. The event will explore green hydrogen partnerships, policies, and practices in the region, in parallel to a showcasing of the latest in the clean fuel’s technology.

Oman will host the Oman Sustainability Week from Sunday, 28 April to Thursday, 2 May in Muscat. The event will focus on exploring investment opportunities and implementing best practices in sustainability within the energy, water, and environmental sectors.

The UAE will host The Electric Vehicle Innovation Summit from Monday, 20 May to Wednesday, 22 May in Abu Dhabi. The event will see industry leaders come together to discuss sustainable mobility and tapping into groundbreaking advancements in electric vehicles while engaging with key decision-makers.

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