{"id":74200,"date":"2022-10-04T01:58:03","date_gmt":"2022-10-04T01:58:03","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/10\/04\/today-bps-underreported-flaring-emissions-in-iraq-world-bank-under-fire-again-because-of-climate-the-elders-have-spoken\/"},"modified":"2022-10-04T01:58:03","modified_gmt":"2022-10-04T01:58:03","slug":"today-bps-underreported-flaring-emissions-in-iraq-world-bank-under-fire-again-because-of-climate-the-elders-have-spoken","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/10\/04\/today-bps-underreported-flaring-emissions-in-iraq-world-bank-under-fire-again-because-of-climate-the-elders-have-spoken\/","title":{"rendered":"TODAY: BP\u2019s underreported flaring emissions in Iraq + World Bank under fire again because of climate + The Elders have spoken"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>If it\u2019s Tuesday, it must be another GCC acquisition spree.<\/p>\n

THE BIG CLIMATE STORY in our corner of the world- UAE\u2019s Masdar is working on a <\/strong>massive global expansion of its portfolio through acquisition. <\/strong>The company is looking at solar, wind, waste-to-energy and geothermal projects.<\/p>\n

ALSO-<\/strong> Egypt\u2019s <\/strong>S<\/strong>enate will discuss a bill today establishing a new regulatory body whose purview includes setting policy for the assembly of EVs.<\/strong> This comes as the country\u2019s Interior Ministry issued separate rules that will allow car owners to convert their gas and diesel-powered vehicles to electric or hybrid vehicles.<\/p>\n

^^ BWe\u2019ve got chapter and verse on these stories and more in today\u2019s news well, below.<\/p>\n

\n

THE GREAT DEBATE- Qatar is not too upset about Europe loosening guidelines on a <\/strong>greener future: <\/strong>\u201cMany countries, particularly in Europe, that had been strong advocates of green energy [...] have made a sudden and sharp U-turn,\u201d Energy Minister and QatarEnergy CEO Saad Al Kaabi said on Thursday at a liquefied natural gas (LNG) conference in Japan, Reuters reports<\/a>. He emphasized that coal burning is again on the rise and at its highest level since 2014.<\/p>\n

Al Kaabi stressed the need for more investment in \u201ctransition fuels\u201d such as LNG:<\/strong> \u201cThe lack of such investment is putting a heavy burden on both producers and consumers. Producers must find supplies that may not exist due to the lack of investment,\u201d he added.<\/p>\n

The GCC is playing the long game by keeping renewables as the end goal: <\/strong>While LNG agreements<\/a> are being signed right and left, Al Kaabi said that more investment has to flow into renewables, pointing to projects in Qatar including the world\u2019s largest blue ammonia plant<\/a>, investments in solar, and carbon capture innovations, state-run QNA<\/a> reported.<\/p>\n

THE COUNTDOWN TO COP (34 days to go)- <\/strong><\/p>\n

<\/a> THE BIG CLIMATE STORY OUTSIDE THE REGION- Activist groups are <\/strong>stepping up pressure on business and governments ahead of COP27<\/strong> \u2014 and you can expect that trend to accelerate in the weeks to come.<\/p>\n

UP FIRST- Has the World Bank \u2018misplaced\u2019 up to USD 7 bn in climate funding? <\/strong>That\u2019s the contention of an Oxfam report (pdf)<\/a> that\u2019s getting ink from the Guardian<\/a> this morning. As much as USD 7 bn out of USD 17.2 bn in climate funding disbursed in 2020 could not be accounted for, Oxfam claims, following an independent audit. This is the second time in as many weeks<\/a> that the World Bank has come under fire over climate, after its president David Malpass refused to acknowledge that climate change is a human-driven phenomenon.<\/p>\n

<\/a> NEXT UP- Are BP\u2019s flaring emissions underreported in Iraq?<\/strong> That\u2019s the claim in Big oil\u2019s dirty secret in Iraq<\/a> by Unearthed<\/a>, a report by activist outfit Greenpeace that draws on a recent investigation by the BBC<\/a>. Iraq\u2019s Rumaila oilfield \u2014 one of Iraq\u2019s largest and operated by BP \u2014 flared 3.4 bn cubic meters of gas last year, emitting 9.5 mn tons of CO2 equivalent (or \u201cCO2e<\/a>\u201d), Greenpeace claims. Their report cross-references World Bank flaring figures with those of other organizations.<\/p>\n

BP doesn\u2019t count flare gas produced at Rumaila\u2019s oilfield among its emissions. Why not? <\/strong>As the lead contractor at Rumaila, BP does not have a production sharing agreement, which is standard practice in other oilfields. Instead, the report claims, the oil giant is contracted by the Iraqi government annually for extraction services.<\/p>\n

SOUND SMART- What\u2019s flare gas? <\/strong>Flare gas is excess gas \u2014 primarily consisting of methane \u2014 that is emitted and set alight during oil production. Flare gas is common in Iraq, which doesn\u2019t have the resources to process excess gas in flare gas-to-energy projects. Flaring gas is bad for the environment \u2014 and for the people who live nearby, the report notes.<\/p>\n

Go deeper: <\/strong>Tap or click here for our full explainer on flare-gas-to-energy<\/a>.<\/p>\n

<\/a> AND FINALLY: The Elders have spoken. <\/strong>Developed economies should go beyond promises of doubling climate adaptation by 2025, leaders of the Elders group said in a statement<\/a> yesterday. The group \u2014 which was founded by the late Nelson Mandela \u2014 published a call to action ahead of COP27, urging rich nations to \u201cagree on a roadmap for delivery, provide evidence of action, and be held accountable for their commitments.\u201d They\u2019re also calling, as Egypt recently did, for funding for climate-caused \u201closs and damage\u201d<\/a> in developing economies.<\/p>\n

Who are The Elders? <\/strong>They include former UN Secretary General Ban Ki-moon, the first female president of Ireland Mary Robinson, and former president of Liberia and Nobel Peace laureate Ellen Johnson Sirleaf, among others.<\/p>\n

\n
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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

YOU\u2019RE READING ENTERPRISE CLIMATE, the essential regional publication for senior execs who care about the world\u2019s most important industry. <\/strong>Enterprise Climate covers everything from finance and tech to regulation, products and policy across the Middle East and North Africa. In a nod to the growing geographical ambitions of companies in our corner of the world, we also include an overview of the big trends and data points in nearby countries, including Africa and southern Europe.<\/p>\n

Enterprise Climate is published at 4am CLT \/ 5am Riyadh \/ 6am UAE Monday through Thursday by Enterprise<\/strong>, the folks who bring you Enterprise Egypt, your essential 6am and 3pm read on business, finance, policy and economy in Egypt and emerging markets.<\/p>\n

Subscribe to Enterprise Climate here<\/a><\/strong> or reach out to us on climate@enterprisemea.com<\/a> with comments, suggestions and story tips.<\/p>\n

***<\/p>\n

HAPPENING TODAY- <\/strong><\/p>\n

The two-day <\/strong>Green Energy Africa<\/a><\/strong> conference will kick off today <\/strong>in Cape Town, South Africa. The event aims to bring together executives, investors, utility firms, and government leaders to drive investment in Africa\u2019s renewable and low carbon sector. You can register for the event here<\/a>.<\/p>\n

CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

UN\u2019s <\/strong>NZAOA<\/a><\/strong> to host virtual <\/strong>forum<\/a><\/strong> on blended finance for climate investments in <\/strong>EMs: <\/strong>The Net-Zero Asset Owner Alliance (NZAOA) will discuss blended finance for climate investment in emerging markets and developing economies on Wednesday, 5 October, ahead of the IMF-World Bank Annual Meetings<\/a> next week. (Blended finance = using development finance to leverage private capital for countries\u2019 sustainable development plans.) You can register for the event here<\/a>.<\/p>\n

The IMF and World Bank will hold their annual meetings<\/strong> in Washington, DC, on 10-16 October.<\/p>\n

Closer to home, the <\/strong>International Exhibition of Renewable Energies, Clean Energies and<\/a><\/strong>Sustainable Development<\/a><\/strong> take place from 24-26 October in Oran, Algeria.<\/strong> The event will include panels focusing on energy efficiency and energy saving, startups\u2019 role in the energy transition, and the bankability of renewable energy projects.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people. If it\u2019s Tuesday, it must be another GCC acquisition spree. THE BIG CLIMATE STORY in our corner of the world- UAE\u2019s Masdar is working on a massive global expansion of its portfolio through acquisition. The company is looking at solar, wind, waste-to-energy and geothermal projects. ALSO- Egypt\u2019s Senate will discuss a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[44],"tags":[445,11,978,164,977,163,497,88,43,161],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-74200","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-bp","tag-enterpriseclimate","tag-flare-gas","tag-green-finance","tag-oxfam","tag-qatar","tag-qatarenergy","tag-renewables","tag-what-were-tracking-today","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"7112d738-2d21-4db7-ab78-98f96d67fb75","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[74198],"teaser":"","voice_url":""},"yoast_head":"\nTODAY: BP\u2019s underreported flaring emissions in Iraq + World Bank under fire again because of climate + The Elders have spoken - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2022\/10\/04\/today-bps-underreported-flaring-emissions-in-iraq-world-bank-under-fire-again-because-of-climate-the-elders-have-spoken\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TODAY: BP\u2019s underreported flaring emissions in Iraq + World Bank under fire again because of climate + The Elders have spoken\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people. 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