{"id":75723,"date":"2023-01-24T02:00:30","date_gmt":"2023-01-24T02:00:30","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/01\/24\/today-algeria-inks-agreements-with-italy-on-emissions-reduction-a-potential-renewables-pipeline\/"},"modified":"2023-01-24T02:00:30","modified_gmt":"2023-01-24T02:00:30","slug":"today-algeria-inks-agreements-with-italy-on-emissions-reduction-a-potential-renewables-pipeline","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/01\/24\/today-algeria-inks-agreements-with-italy-on-emissions-reduction-a-potential-renewables-pipeline\/","title":{"rendered":"TODAY: Algeria inks agreements with Italy on emissions reduction + a potential renewables pipeline"},"content":{"rendered":"

Good morning, lovely people. <\/strong>After a flood of news yesterday, the region has quieted down a bit \u2014 but there is a bit of good news from North Africa to dive into.<\/p>\n

THE BIG CLIMATE STORY- <\/strong>Algeria inked several agreements during a meeting between Italian Prime Minister Giorgia Meloni and Algerian President Abdelmadjid Tebboune in Algiers yesterday. The agreements cover emissions reductions, energy security, and the study of a potential hydrogen and ammonia pipeline between the countries. We have more on this story in the news well, below. <\/strong><\/p>\n

THE BIG CLIMATE STORY OUTSIDE THE REGION- Germany joins in on Mediterranean<\/strong> hydrogen pipeline:<\/strong> Germany will join Spain, Portugal, and France\u2019s planned H2Med green hydrogen corridor, which \u2014 once operational in 2030 \u2014 will supply an estimated 2 mn metric tons of the green fuel (c.10% of the EU\u2019s hydrogen demand), German Chancellor Olaf Scholz and French President Emmanuel Macron announced on Monday. The corridor, which was first announced last October<\/a>, is expected to cost some USD 2.6 bn, Reuters previously reported<\/a>.<\/p>\n

The story is getting ink from:<\/strong> The AP<\/a> | The Financial Times<\/a> | Deutsche Welle<\/a>.<\/p>\n

CORRECTION- <\/strong>We incorrectly stated in yesterday\u2019s issue that Adnoc holds a 42% stake in Fertiglobe, when Adnoc in fact holds a 36% stake in Fertiglobe. We have corrected the story<\/a> on our website.<\/p>\n

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IN COP LAND- COP28 host country the UAE is under the microscope for <\/strong>its high per capita emissions in the run-up to the summit<\/strong>, the Financial Times<\/a> reports. Like other MENA oil and gas giants \u2014 including Saudi Arabia, Kuwait, Bahrain, and Qatar \u2014 the UAE has some of the highest global carbon emissions per capita, \u201csurpassing other big emitters including the US, China and Russia,\u201d the salmon-colored paper notes, citing information from research group Our World In Data. Independent scientific research group Climate Action Tracker has termed the UAE\u2019s national emissions reduction target of 31% by 2030 compared to a business-as-usual scenario \u201chighly insufficient,\u201d the outlet adds, adding that emissions would more than triple compared to 1990 levels.<\/p>\n

But the UAE says it\u2019s prioritizing climate action: <\/strong>The UAE is reportedly set to announce a new emissions reduction target of 18% by 2030, compared to 2019 levels, in its submission to the UN this year, the FT notes. And the country has \u201cprioritized climate change in its national agenda,\u201d its Climate Change Ministry is said to have told the news outlet. COP28 will be a COP of action, COP28 President Sultan Al Jaber said last week<\/a>.<\/p>\n

\n

WATCH THIS SPACE- The voluntary carbon offset market is set to grow at least <\/strong>fivefold by 2030<\/strong>, according to a joint report<\/a> by oil giant Shell and Boston Consulting Group (BCG). 52% of companies expect their portfolios to be dominated by carbon removal credits by 2030 and the voluntary carbon offset market will grow to USD 10-40 bn by 2030 \u2014 up from USD 2 bn in 2021, according to the report.<\/p>\n

REMEMBER-<\/strong> Carbon credits are currently in hot water, with climate activists warning that carbon credits are being used to greenwash corporate emissions<\/a> and a joint investigation by The Guardian<\/a>, German weekly Die Zeit<\/a> and nonprofit investigative journalism organization SourceMaterial<\/a> release last found found<\/a> that over 90% of the offsets provided by the world\u2019s biggest carbon offset provider Verra<\/a> are phantom credits, with only a handful showing evidence of reducing deforestation.<\/p>\n

\n

<\/a> WORTH READING- Could \u201csuper-leverage points\u201d lower global emissions dramatically?<\/strong> Super leverage points \u2014 relatively low-cost and difficulty policy actions that would have an outsized impact on decarbonization \u2014 including requiring more green ammonia use in fertilizer production, encouraging plant protein consumption, and mandating EV adoption could eventually result in a 70% reduction in emissions across the world\u2019s most carbon-intensive sectors, according to research<\/a> by the University of Exeter and consultancy firm Systemiq.<\/p>\n

SOUND SMART-<\/strong> Leverage points refer to low or net-zero carbon alternatives becoming more competitive than carbon-intensive choices. If EVs replaced fuel combustion engine vehicles through the introduction of EV sale mandates, it would offset emissions and increase the affordability of battery supplies resulting in an acceleration of renewable energy projects. The tipping point for EVs is the most likely of the three aforementioned super leverage points to be realized in the near term, the report notes, with mandates ending the sale of fuel-based cars set by the UK for 2030 and China for 2035.<\/p>\n

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WORTH READING #2- CO2 removal tech accounts for only 0.1% of carbon capture: <\/strong>An independent report<\/a> led by the University of Oxford has found that 99.9% of all CO2 being removed from the atmosphere annually is through forests with only 0.1% being removed through carbon dioxide removal methods, Reuters<\/a> reports. The report \u2014 which measures carbon dioxide removal or the process of capturing CO2 from the atmosphere and storing it on land, the ocean and geological formations and in products \u2014 estimates that 99.9% of all CO2 is removed from afforestation and reforestation and only 0.1% is removed through carbon dioxide removal methods like bioenergy with carbon capture and storage (BECCS), biochar, and direct air capture with carbon capture and storage (DACCS). Investments in new technologies have amounted to c. USD 200 mn between 2020 and 2022, but there is still a need to expand CO2 removal technology use and boost land-based natural emissions reduction in order to achieve the Paris Agreement\u2019s goal of 1.5C.<\/p>\n

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YOU\u2019RE READING ENTERPRISE CLIMATE, the essential MENA publication for senior execs who care about the world\u2019s most important industry. <\/strong>We\u2019re out Monday through Thursday at 4am Cairo \/ 5am Riyadh \/ 6am UAE.<\/p>\n

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CLIMATE DIPLOMACY- <\/strong>Iraq\u2019s office at the UN will have a climate change and security<\/strong> advisor position for the first time<\/strong>, after UN Secretary General Ant\u00f3nio Guterres decided to create the role in the Iraq office, local media outlet Iraqi News<\/a> notes, citing reports from the Iraqi News Agency (INA). The announcement was made after a meeting on Sunday<\/a> between Iraqi President Abdul Latif Rashid and UN Undersecretary General for Political and Peacebuilding Affairs Rosemary DiCarlo in Baghdad. DiCarlo reiterated UN support for Iraq in the face of climate change-induced challenges \u2014 namely water scarcity and drought \u2014 Iraqi News adds. Need a refresher on Iraq\u2019s water woes?<\/strong> We\u2019ve got you covered here<\/a> and here<\/a>.<\/p>\n

\n

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

Energy and environment conference heading to Dubai + Doha:<\/strong> The Indian Society of Heating, Refrigerating and Air-Conditioning Engineers (ISHRAE<\/a>) is hosting its annual energy and environment conference, Urjavaran<\/a>, tomorrow in Dubai, before heading to Qatar on Saturday, 28 January. The theme of the conference is \u201cDialogues in Sustainable HVACR and Architecture.\u201d<\/p>\n

EBRD + EU + GCF green finance event in Egypt next week:<\/strong> The European Bank for Reconstruction and Development (EBRD), the EU, and the Green Climate Fund<\/a> will hold a green finance event on Tuesday, 31 January at the Nile Ritz Carlton Hotel in Cairo, Egypt. Check out the agenda here (pdf)<\/a>.<\/p>\n

The <\/strong>Arabia CSR Awards<\/a><\/strong> opened the door for organizations to submit<\/strong> their applications for the event\u2019s 16th cycle<\/strong> starting today until Friday, 30 June. The awardwinners will be announced during a ceremony on Wednesday, 4 October.<\/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>\n","protected":false},"excerpt":{"rendered":"

Good morning, lovely people. After a flood of news yesterday, the region has quieted down a bit \u2014 but there is a bit of good news from North Africa to dive into. THE BIG CLIMATE STORY- Algeria inked several agreements during a meeting between Italian Prime Minister Giorgia Meloni and Algerian President Abdelmadjid Tebboune in […]<\/p>\n","protected":false},"author":1,"featured_media":75724,"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":[41,475,11,39,88,52,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-75723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-algeria","tag-cop28","tag-enterpriseclimate","tag-green-hydrogen","tag-renewables","tag-uae","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"1e3ed2fa-cf96-4d35-9f17-7d894f507e0b","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/1\/942.jpg","photo_position":"above","related_issue":[75721],"teaser":"","voice_url":""},"yoast_head":"\nTODAY: Algeria inks agreements with Italy on emissions reduction + a potential renewables pipeline - 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\/24\/today-algeria-inks-agreements-with-italy-on-emissions-reduction-a-potential-renewables-pipeline\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TODAY: Algeria inks agreements with Italy on emissions reduction + a potential renewables pipeline\" \/>\n<meta property=\"og:description\" content=\"Good morning, lovely people. 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