{"id":76403,"date":"2023-03-09T02:00:28","date_gmt":"2023-03-09T02:00:28","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/03\/09\/today-infinity-power-holding-germanys-conjuncta-team-up-on-mega-green-hydrogen-plant-in-west-africa\/"},"modified":"2023-03-09T02:00:28","modified_gmt":"2023-03-09T02:00:28","slug":"today-infinity-power-holding-germanys-conjuncta-team-up-on-mega-green-hydrogen-plant-in-west-africa","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/03\/09\/today-infinity-power-holding-germanys-conjuncta-team-up-on-mega-green-hydrogen-plant-in-west-africa\/","title":{"rendered":"TODAY: Infinity Power Holding + Germany\u2019s Conjuncta team up on mega green hydrogen plant in West Africa"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>We have a hefty issue this morning packed with regional updates. Let\u2019s dive right in.<\/p>\n

THE BIG CLIMATE STORY- <\/strong>A global consortium comprising our friends at Infinity Power Holding \u2014 a JV between Egypt\u2019s Infinity and UAE\u2019s Masdar \u2014 and Germany\u2019s Conjuncta have signed a MoU to build up a mega green hydrogen plan in Mauritania. We have all the details on this story and more in the news well, below.<\/strong><\/p>\n

HAPPENING NEXT WEEK-<\/strong> The German-Arab Chamber of Industry and Commerce will hold its <\/strong>first high-level<\/a><\/strong>committee meeting<\/a><\/strong> in Cairo on Sunday 12, March<\/strong> to discuss cooperation in renewables and green hydrogen. Egypt\u2019s Oil Minister Tarek El Molla, Electricity and Renewable Energy Minister Mohamed Shaker, International Cooperation Minister Rania Al Mashat, and Parliamentary State Secretary at the German Federal Ministry for Economic Affairs and Climate Action Stefan Wenzel will be attending the meeting.<\/p>\n

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THE BIG CLIMATE STORY OUTSIDE THE REGION- Denmark kicks off commercial <\/strong>operations for subsea carbon capture project:<\/strong> Denmark brought online a subsea carbon capture project with a storage capacity of 15k tons in collaboration with UK chemicals company INEOS Group Holdings and german oil producer Wintershall Dea AG. The carbon storage facility \u2014 located in the North Sea at a depleted oilfield off the coast of Denmark \u2014 sequesters carbon some 2 kilometers below the seabed. The consortium developing the project will make a final decision within 18 months whether or not to increase the facility\u2019s yearly storage capacity to 1.5 mn tons, and potentially 8 mn tons of CO2 by 2030 if the pilot and the second phase prove successful. Denmark is earmarking EUR 1.1 bn<\/a> for carbon capture and storage projects. The story was picked up by <\/strong>Reuters<\/a><\/strong>, <\/strong>Washington Post<\/a><\/strong>,<\/strong> and <\/strong>Bloomberg<\/a><\/strong>.<\/strong><\/p>\n

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<\/a>WATCH THIS SPACE<\/strong> #1- COP transitional committee is zoning in on COP27\u2019s landmark<\/strong> loss + damage fund:<\/strong> The first meeting of the COP transitional committee set to take place before the end of his month will look into \u201cthe right formulation\u201d for the loss and damage fund<\/a> that threatened to leave negotiations in Sharm El Sheikh deadlocked, Egypt\u2019s lead climate negotiator Mohamed Nasr said in a virtual press conference attended by Enterprise Climate. He said he expects L&D to be operational by the end of the year. \u201cWe\u2019ll get a sense [on when it could be implemented] during the first meeting of the transitional committee,\u201d he said.<\/p>\n

Should wealthy developing countries pay up? <\/strong>That\u2019s not the way to look at it, Nasr argues. \u201cWhat is important is that there are funding arrangements that can deliver rather than a [sole] focus on how much contributors will pay,\u201d he said.<\/p>\n

The 1.5\u00b0C warming goal should not be left to die:<\/strong> The ambitious global warming limit is still necessary given the severe climate catastrophes seen \u201cwhile we\u2019re only still at 1.2\u00b0C,\u201d Nasr said. \u201cIt\u2019s achievable if the right ingredients are in place,\u201d he added, with those including necessary funds, technologies and others. Nasr also spoke on the controversy related to phasing out of dirtier fossil fuels, arguing that raising renewables share in the energy mix \u2014 rather than a full phasing out of the dirty fuel \u2014 could be a more realistic option.<\/p>\n

Hand-in-hand with the UAE:<\/strong> The COP27 presidency is working with counterparts of COP28 host UAE to build up joint understandings on climate goals. \u201cThis step to build up on precious COPs is important to ensure continuation,\u201d he said.<\/p>\n

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<\/a>WATCH THIS SPACE #2<\/strong>- The EU will establish a new authority for minerals:<\/strong> The European Union could launch a central agency to buy essential energy transition minerals including cobalt, lithium, and manganese on behalf of the entire bloc as part of its Critical Raw Minerals Act, a draft of which was seen by Reuters<\/a>. The EU has a target to produce 10% of its mineral demands by 2030 in a bid to eliminate its dependence on China, which currently supplies 95% of the global supply, the newswire notes.<\/p>\n

The details: <\/strong>The new European Critical Raw Materials Board would streamline permitting procedures for investors looking to launch mining projects in the bloc, and would provide financing for projects it deems strategic, according to Reuters. Under the proposed law, the agency would grant permits for companies looking to undertake mining projects within 24 months, with the deadline for minerals processing projects set at 12 months, the newswire notes. The CRMA draft is set to be released next Tuesday, 14 March.<\/p>\n

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WATCH THIS SPACE #3<\/strong>- Italy backs the thumbs down on EU combustion engine ban: <\/strong>Italy welcomed the postponement of the Tuesday EU vote to terminate the sale of fossil fuel-powered vehicles by 2035 after Germany backtracked on February\u2019s pre-agreed target, Bloomberg<\/a> reports. Italian Energy Minister Gilberto Pichetto Fratin \u2014 who said his country would vote against the bill last month \u2014 said \u201celectric cars cannot be the only solution for the future,\u201d Reuters<\/a> reports. Germany generates some EUR 411 bn per annum as Europe\u2019s top automaker, Bloomberg notes, and has been lobbying for a flexible approach<\/a> that would not see an outright prohibition of fuel-powered cars.<\/p>\n

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\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.
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CLIMATE DIPLOMACY- Egypt, US discuss energy transition and curbing <\/strong>emissions: <\/strong>Egyptian Oil Minister Tarek El Molla and US Secretary of Energy Jennifer Granholm met to discuss the energy transition and emissions reduction on the sidelines of CERAWeek<\/a>, according to a statement<\/a>. The two parties addressed potential bilateral cooperation and US technical support to help fossil fuel production facilities enhance carbon reduction and environmental sustainability.<\/p>\n

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COME TO OUR NEXT ENTERPRISE FORUM- <\/strong><\/p>\n

enterprise<\/a><\/p>\n

We are delighted to share with you that the Enterprise Exports & FDI Forum<\/strong> will be taking place on 15 May<\/strong> at the Four Seasons Hotel at Nile Plaza in Cairo.<\/strong><\/p>\n

DO YOU WANT TO ATTEND?<\/strong> The first wave of invites is going out soon. If you\u2019re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please click here<\/a> to request a spot at this exclusive event.<\/p>\n

What\u2019s the Enterprise Exports & FDI Forum?<\/strong> It is the latest in our series of must-attend, invitation-only gatherings for C-suite-level business leaders. The Enterprise Exports & FDI Forum will discuss the critical topics of exports and foreign direct investment (FDI) in Egypt.<\/p>\n

We will be taking an in-depth look into some of the most vital industry topics, including:<\/p>\n