{"id":75574,"date":"2023-01-16T01:47:17","date_gmt":"2023-01-16T01:47:17","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/01\/16\/today-south-korea-signs-13-mous-with-uae-holland-explores-green-hydrogen-exports-from-abu-dhabi\/"},"modified":"2023-01-16T01:47:17","modified_gmt":"2023-01-16T01:47:17","slug":"today-south-korea-signs-13-mous-with-uae-holland-explores-green-hydrogen-exports-from-abu-dhabi","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/01\/16\/today-south-korea-signs-13-mous-with-uae-holland-explores-green-hydrogen-exports-from-abu-dhabi\/","title":{"rendered":"TODAY: South Korea signs 13 MoUs with UAE + Holland explores green hydrogen exports from Abu Dhabi"},"content":{"rendered":"

Good morning, nice people. <\/strong>We\u2019re kicking off a new business week with a few key updates from UAE and Saudi Arabia, and an update on agreements from last week\u2019s mining forum in the Kingdom. Let\u2019s jump right in.<\/p>\n

THE BIG CLIMATE STORY- <\/strong>South Korea and the UAE signed 13 MoUs at Abu Dhabi<\/a>Sustainability Week<\/a> yesterday, including a comprehensive energy partnership covering renewables and a potential carbon market. UAE\u2019s Masdar also signed an agreement with the Netherlands to explore the possibility of green hydrogen exports to Europe.<\/p>\n

^^ We have chapter and verse on these stories and more in the news well, below. <\/strong><\/p>\n

HAPPENING <\/strong>TODAY<\/strong>- <\/strong>The World Economic Forum<\/a> is kicking off today in Davos, Switzerland and running until Friday, January 20. The annual meeting convenes world leaders, industry veterans, and business leaders to discuss priorities for the year ahead and ramp up public-private cooperation.<\/p>\n

THE BIG CLIMATE STORY OUTSIDE THE REGION- The gig is up, Exxon:<\/strong> Long-held<\/a>suspicions<\/a> that scientists working for oil giant Exxon identified the threat of global warming as early as the 1970s have been proven correct, according to new research<\/a> published in the journal Science on Friday. The research analyzed 100+ internal documents and publications produced in-house by Exxon or co-authored by Exxon scientists in independent publications from 1977-2014. It shows that Exxon \u201ccorrectly and skilfully\u201d predicted that fossil fuel emissions would cause global heating of around 0.2\u00b0C a decade \u2014 even as the company publicly cast doubt on the causal link. The story is seeing widespread coverage in the international press: <\/strong>Bloomberg<\/a> | CNBC<\/a> | LA Times<\/a> | CBC<\/a> | New York Times<\/a> | Guardian<\/a> | CNN<\/a> | Harvard Gazette<\/a> | BBC<\/a> | Washington Post<\/a><\/p>\n

ALSO- Climate activists took to the streets of Davos yesterday to protest the role of Big <\/strong>Oil at the <\/strong>World Economic Forum<\/strong>, Reuters<\/a> notes. Representatives of BP, Chevron and Saudi Aramco are among the 1.5k business leaders gathering for the summit, the outlet adds.<\/p>\n

\n

OVER IN COP LAND- This year\u2019s COP28 officially has a president: <\/strong>Adnoc and Masdar head Sultan Al Jaber \u2014 who serves as the UAE's special envoy on climate change \u2014 will preside over the upcoming UAE-hosted COP28, according to a statement<\/a> released on Saturday. Al Jaber stated that the \u201cworld is way off track,\u201d and the Global Stocktake (GST) \u2014 the process of measuring the implementation progress of the Paris Agreement targets \u2014 will be conducted at COP28 for the first time since 2015, the statement notes.<\/p>\n

What can we expect? <\/strong>\u201cGame-changing partnerships, solutions, and outcomes,\u201d Al Jaber said, bridging the North and South, as well as the private and public sectors. For more affordable climate finance, every USD 1 of concessional funding must be matched by USD 2 or 3 in private funding, Al Jaber added, and by 2025 adaptation financing for the Global South should quadruple to USD 40 bn yearly.<\/p>\n

The appointment is already sparking controversy: <\/strong>The conflict of interest has raised concerns voiced in several international news outlets like Bloomberg<\/a>, MSNBC<\/a>, and Euronews<\/a>. Others pointed out that Al Jaber also heads Masdar and will provide a \u201cunique combination [that] will help bring all of the necessary stakeholders to the table,\u201d Special Presidential Envoy John Kerry tweeted<\/a> last week.<\/p>\n

\n

PSA- Tesla customers in the UAE can get a helping (financing) hand: <\/strong>Dubai Islamic Bank is now offering Sharia-compliant automobile financing solutions on all Tesla models, according to a statement<\/a>.<\/p>\n

WATCH THIS SPACE #1- The UAE and India are on the brink of a \u201cmajor <\/strong>agreement\u201d on a renewable energy interconnection project<\/strong>, India\u2019s Power and New and Renewable Energy Minister Raj Kumar Singh reportedly told Reuters<\/a> yesterday at the International Renewable Energy Agency\u2019s assembly. The agreement is still awaiting final approvals, Singh added, without indicating when it could be finalized. He added that it would take place within the framework of the One Sun, One World, One Grid initiative<\/a> \u2014 a push to create a \u201cmore interconnected global grid,\u201d powered by renewable energy \u2014 of which India is a steering member.<\/p>\n

WATCH THIS SPACE #2- Egypt <\/strong>streamlines environmental<\/strong> approval process for industrial <\/strong>projects: <\/strong>The Egyptian Environment Ministry has reduced the approval time for industrial project permits down to seven business days in a bid to encourage investment, according to a cabinet statement<\/a> released last week. The approvals process previously took up to 30 working days. Prime Minister Moustafa Madbouly and Environment Minister Yasmine Fouad also discussed potential private sector investments in Egypt\u2019s<\/a>soon-to-be-launched voluntary carbon market<\/a> as well as waste-to-energy projects<\/a>.<\/p>\n

Why does this matter?<\/strong> Egypt\u2019s Suez Canal Economic Zone signed seven MoUs<\/a> worth at least USD 83 bn to set up green hydrogen and ammonia production facilities last November at COP27. The Environment Ministry\u2019s new process is an additional approach to paving the way for Egypt\u2019s incoming renewables production industry, building on the country\u2019s \u201cgolden licenses<\/a>\u201d\u2014 or single approval licenses \u2014 particularly as China and South Korea are reportedly eyeing Egypt<\/a> as a potential hub for green hydrogen projects.<\/p>\n

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<\/a> THE DANGER ZONE- The world\u2019s biggest dams are jammed with sediment, <\/strong>threatening global water storage losses:<\/strong> Global water reservoirs may lose storage capacity totalling 1.6 bn cubic meters of water \u2014 23-28% waste in water storage volume \u2014 by 2050 due to sedimentation, according to a new study<\/a> by the UN University\u2019s Institute for Water, Environment and Health. The UN researchers studied 50k dams globally and found a 13-19% loss in storage capacity already happened in 2022 as a result of sediment clogs. Sediments are naturally driven downstream by rivers to coastal areas and water reservoirs disrupt this flow resulting in a build up of jams that block water storage capacity.<\/p>\n

Climate-induced extreme weather events are expected to exacerbate the problem further: <\/strong>Floods will increase as a result of global warming, compounding the possibility of dams overflowing and leading to more sentiment buildup in water reservoirs, pushing down the generational capacity of global hydroelectric power dams, the study notes.<\/p>\n

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

Bahrain will host the <\/strong>Energy & Sustainability Forum<\/a><\/strong> from next Sunday, 22 January to Tuesday, 24 January in Manama. The forum will host panel discussions on how to decarbonize the downstream industry and how to pave the way for regional net zero objectives.<\/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, nice people. We\u2019re kicking off a new business week with a few key updates from UAE and Saudi Arabia, and an update on agreements from last week\u2019s mining forum in the Kingdom. Let\u2019s jump right in. THE BIG CLIMATE STORY- South Korea and the UAE signed 13 MoUs at Abu DhabiSustainability Week yesterday, […]<\/p>\n","protected":false},"author":1,"featured_media":75575,"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":[475,40,11,39,88,52,387,43,228],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-75574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-cop28","tag-egypt","tag-enterpriseclimate","tag-green-hydrogen","tag-renewables","tag-uae","tag-waste-to-energy","tag-what-were-tracking-today","tag-world-economic-forum","wpautop","entry"],"acf":{"mongo_id":"b0ae4abd-a265-4945-9e3a-106f8f93e215","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/1\/922.jpg","photo_position":"above","related_issue":[75572],"teaser":"","voice_url":""},"yoast_head":"\nTODAY: South Korea signs 13 MoUs with UAE + Holland explores green hydrogen exports from Abu Dhabi - 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\/2023\/01\/16\/today-south-korea-signs-13-mous-with-uae-holland-explores-green-hydrogen-exports-from-abu-dhabi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TODAY: South Korea signs 13 MoUs with UAE + Holland explores green hydrogen exports from Abu Dhabi\" \/>\n<meta property=\"og:description\" content=\"Good morning, nice people. 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