{"id":77635,"date":"2023-05-25T01:00:12","date_gmt":"2023-05-25T01:00:12","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/05\/25\/today-oc-metito-adnoc-and-taqa-team-up-on-usd-2-4-bn-uae-sustainable-water-supply-project\/"},"modified":"2023-05-25T01:00:12","modified_gmt":"2023-05-25T01:00:12","slug":"today-oc-metito-adnoc-and-taqa-team-up-on-usd-2-4-bn-uae-sustainable-water-supply-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/05\/25\/today-oc-metito-adnoc-and-taqa-team-up-on-usd-2-4-bn-uae-sustainable-water-supply-project\/","title":{"rendered":"TODAY: OC, Metito, Adnoc, and Taqa team up on USD 2.4 bn UAE sustainable water supply project"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>The news cycle has slowed as we slide in the weekend, but we have a couple of big stories making headlines this morning.<\/p>\n

THE BIG CLIMATE STORY- <\/strong>A consortium of Orascom Construction, Metito, Adnoc, and Taqa will establish a USD 2.4 bn mega seawater treatment and water supply project in the UAE.<\/p>\n

^^ <\/strong>We have the details on this story and more in the news well, below.<\/strong><\/p>\n

HAPPENING TODAY- The <\/strong>second meeting of the COP27 Transitional Committee<\/a><\/strong> is <\/strong>kicking off today in Bonn, Germany and running until Saturday, 27 May.<\/strong> The meeting will build on the loss and damage fund established during COP27 with the aim of establishing institutional mechanisms and governance structures for financing, and will bring together a host of international financial institutions to discuss pathways to increasing funding capacity for climate vulnerable countries.<\/p>\n

THE BIG CLIMATE STORY OUTSIDE THE REGION- Members of UN\u2019s Net Zero Ins.<\/strong> Alliance to convene for emergency meeting after multiple exits: <\/strong>Members of the world\u2019s largest climate association for ins. companies, the UN\u2019s Net Zero Ins. Alliance \u2014 which includes ins. giants such as Allianz, Aviva, and Generali Group \u2014 will hold an emergency meeting today after Zurich-based reinsurance firm Zurich RE joined Hannover Re, Zurich Ins. Group, and Munich RE in exiting the group. While Zurich RE said<\/a> the reason for its departure was to focus on helping its clients transition to a low carbon economy, Munich Re explicitly noted<\/a> antitrust concerns led to its withdrawal from the climate alliance. The exits are drawing skepticism<\/a> among industry leaders on the utility of voluntary industry associations aiming to slash carbon output. The story was picked up by Reuters<\/a> and Bloomberg<\/a>.<\/p>\n

\n

<\/a> WATCH THIS SPACE #1-<\/strong> Egypt plans to launch an alliance to <\/strong>increase accessible green finance<\/strong> for developing countries next September<\/strong>, Finance Minister Mohamed Maait said in a statement<\/a>. Speaking at the Net Zero Delivery Summit in London, Maait said the alliance aims to facilitate and unlock spending for \u201cdeveloping and African countries to invest in green projects through concessional financing,\u201d adding that several unnamed African and non-African countries and regional and international financial institutions have expressed interest in joining the initiative led by Egypt. Maait reiterated recent incentives<\/a> put forth by the Egyptian government to stimulate the country\u2019s nascent green hydrogen industry including tax breaks of between 33-55% on income earned from the plants.<\/p>\n

The beat goes on:<\/strong> Maait has repeatedly<\/a> urged developed nations and financial institutions to increase climate financing to developing countries. He called on development finance institutions on the sidelines of COP27 last year to step up with \u201cmore financing at a reasonable cost and on reasonable terms\u201d to climate-exposed countries. \u201cThe amounts required for implementation are huge,\u201d Maait said. \u201cNow, we are talking tns, not bns\u201d of USD, he said at the time.<\/p>\n

\n

<\/a> WATCH THIS SPACE #2- The aviation industry\u2019s 2050 net zero target may be <\/strong>beyond reach<\/strong>, Reuters<\/a> quotes Qatar Airways CEO Akbar Al Baker as saying. Insufficient availability of sustainable aviation fuel (SAF), hydrogen, and other clean-energy supplies make it likely the sector will miss its carbon neutrality target. \u201cI don\u2019t think that we will be able to achieve net zero emissions by 2050. Everybody\u2019s talking about it but let us be realistic \u2014 there is not enough production of sustainable aviation fuel,\u201d Al Baker said.<\/p>\n

Echoing Boeing\u2019s concerns on the practicality of SAFs:<\/strong> US aircraft manufacturing giant Boeing has said<\/a> that the transition to SAF will not be as cost-effective as jet fuel. The company\u2019s CEO David Calhoun also voiced concern this week that government efforts to make the transition to SAF affordable \u2014 such as the US Inflation Reduction Act\u2019s tax breaks for SAF adoption \u2014 will not be enough to achieve price parity with conventional jet fuels.<\/p>\n

\n

WATCH THIS SPACE #3- Embattled Verra CEO resigns: <\/strong>David Anatolli, the CEO of US-based voluntary carbon credit certification body Verra, will step down in June following claims that the company approved mns in \u201cworthless\u201d credits, Anatolli said in a statement on LinkedIn<\/a>. Anatolli said Verra remains the \u201cleading standard-setter\u201d of the carbon accreditation industry, and that current company President Judith Simon would succeed him as interim chief executive when he steps down next month.<\/p>\n

REMEMBER- 90% of Verra\u2019s credits are allegedly inconsequential: <\/strong>An investigation published last January by The Guardian, German weekly Die Zeit<\/a>, and nonprofit investigative journalism organization SourceMaterial<\/a> revealed that over 90%<\/a> of the offsets provided by Verra are phantom credits<\/a>, with only a handful showing evidence of reducing deforestation. Climate-focused organizations including Greenpeace warn that carbon credits in general are a \u201cscam<\/a>\u201d that enables corporations to greenwash their carbon output. The world\u2019s first carbon trading schemes were established in the 1990s<\/a> to facilitate the exchange of carbon credits for companies and governments unable to meet their CO2 mitigation targets.<\/p>\n

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

The UAE will host the <\/strong>Electric Vehicle Innovation Summit<\/a><\/strong> from Monday, 29 May to Wednesday, 31 May<\/strong> in Abu Dhabi. The conference will bring together state representatives, industry players from the EV sector, as well as engineers and researchers to discuss policy trends and tech innovations in the industry and provide attendees with networking opportunities across value chains.<\/p>\n

Qatar will host the Carbon Capture, Utilisation and Storage (CCUS) Forum from Monday, 29 May to Thursday, 31 May<\/strong> in Lusail City. The event aims to spotlight MENA\u2019s CCUS regulations and policies, map out paths and business models that would bring down CCUS project costs, promote regional and international cooperation to advance the international carbon capture sector, and discuss the role CCUS will play in helping Gulf countries meet their net zero targets.<\/p>\n

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

Good morning, wonderful people. The news cycle has slowed as we slide in the weekend, but we have a couple of big stories making headlines this morning. THE BIG CLIMATE STORY- A consortium of Orascom Construction, Metito, Adnoc, and Taqa will establish a USD 2.4 bn mega seawater treatment and water supply project in the […]<\/p>\n","protected":false},"author":1,"featured_media":77636,"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":[267,98,40,11,164,312,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-77635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-aviation","tag-carbon-markets","tag-egypt","tag-enterpriseclimate","tag-green-finance","tag-sustainable-aviation-fuels","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"2c1c8157-2f6f-4807-bd86-1a3e3f181d89","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/5\/1921.jpg","photo_position":"above","related_issue":[77633],"teaser":"","voice_url":""},"yoast_head":"\nTODAY: OC, Metito, Adnoc, and Taqa team up on USD 2.4 bn UAE sustainable water supply project - 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\/05\/25\/today-oc-metito-adnoc-and-taqa-team-up-on-usd-2-4-bn-uae-sustainable-water-supply-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TODAY: OC, Metito, Adnoc, and Taqa team up on USD 2.4 bn UAE sustainable water supply project\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people. 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