{"id":78758,"date":"2023-08-02T01:00:53","date_gmt":"2023-08-02T01:00:53","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/08\/02\/today-cop28-is-officially-happening-in-the-uae-adnoc-and-occidental-will-explore-opportunities-in-direct-air-capture\/"},"modified":"2023-08-02T01:00:53","modified_gmt":"2023-08-02T01:00:53","slug":"today-cop28-is-officially-happening-in-the-uae-adnoc-and-occidental-will-explore-opportunities-in-direct-air-capture","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/08\/02\/today-cop28-is-officially-happening-in-the-uae-adnoc-and-occidental-will-explore-opportunities-in-direct-air-capture\/","title":{"rendered":"TODAY: COP28 is officially happening in the UAE + Adnoc and Occidental will explore opportunities in direct air capture"},"content":{"rendered":"<p><strong>Good morning, ladies and gents. <\/strong>It\u2019s a busy issue this morning with lots of ground to cover, but first\u2026<\/p>\n<p><strong>IT\u2019S FINALLY OFFICIAL-<\/strong> COP28 President-Designate Sultan Al Jaber and the UNFCCC Executive Secretary Simon Stiell signed the host country agreement for COP28 yesterday, according to a <a href=\"https:\/\/wam.ae\/en\/details\/1395303182945\">statement<\/a>. \u201cWe will work together to make COP28 the most inclusive UN Climate Change Conference to date,\u201d they said, with Al Jaber adding this year\u2019s UN climate talks will focus on four key pillars: Accelerating the energy transition, bringing amendments to climate finance, focusing on lives and livelihoods and full inclusivity. \u201cOnly by rising above our differences and working together can we raise our shared ambition and deliver progress to keep 1.5\u00b0C within reach,\u201d he added.<\/p>\n<p><strong>A \u201cpeaceful\u201d assembly? <\/strong>Climate activists will be allowed to \u201cassemble peacefully\u201d during COP28, despite a ban on unauthorized protests in the Gulf country. \u201cIn line with UNFCCC guidelines and adherence to international human rights norms and principles, there will be space available for climate activists to assemble peacefully and make their voices heard,\u201d the statement said.<\/p>\n<hr class=\"grey-line\">\n<p><strong>THE BIG CLIMATE STORY- <\/strong>State oil giant Abu Dhabi National Oil Company (Adnoc) has signed a strategic collaboration agreement with US-based Occidental Petroleum to explore potential investment opportunities in carbon dioxide capture and storage hubs in the UAE and US.<\/p>\n<p><strong>^^ We have more details on this story and more in the news well, below. <\/strong><\/p>\n<p><strong>THE BIG CLIMATE STORY OUTSIDE THE REGION- More powerful <\/strong><strong>typhoon<\/strong><strong> batters Asia:<\/strong> Typhoon Khanun has approached Japan\u2019s southern Okinawa yesterday, forcing authorities to urge the evacuation of thousands of residents. The typhoon has forced the grounding of some 900 flights in the popular tourist destination capital of Naha. The storm is expected to bring in torrential rains and high winds through Thursday, and is hitting peak summer tourist season in the area. Japan is usually pounded by typhoons, but later in the year. Typhoon Khanun comes days after an earlier tropical cyclone Doksuri brought death and extensive damage to the Philippines, Taiwan, and China.<\/p>\n<p><strong>Typhoon Khanun is grabbing international headline:<\/strong> <a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/flights-cancelled-thousands-advised-evacuate-typhoon-khanun-nears-japans-okinawa-2023-08-01\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-08-01\/china-braces-for-worse-flooding-after-two-killed-in-beijing#xj4y7vzkg\">Bloomberg<\/a> | <a href=\"https:\/\/apnews.com\/article\/japan-typhoon-khanun-wind-okinawa-traffic-4a015485520b549f5dab019e95289794\">The Associated Press<\/a> | <a href=\"https:\/\/www.nytimes.com\/2023\/08\/01\/world\/asia\/typhoon-khanun-japan-china-doksuri.html\">The New York Times<\/a> | <a href=\"https:\/\/www.bbc.com\/weather\/av\/66373733\">BBC<\/a><\/p>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>WATCH THIS SPACE #1- France\u2019s Engie wants in on Egypt\u2019s renewables<\/strong><strong>:<\/strong> French energy company Engie is looking to allocate more investments in Egypt\u2019s green energy and seawater desalination projects in the coming years, North Africa Regional Director Lo\u00efc Jaegert-Huber told <a href=\"https:\/\/tinyurl.com\/yc4p6aj5\">Al Mal<\/a> yesterday. Engie is exploring potential investment in green hydrogen production in the country and is seeking to participate in the tender process for <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/d1c572ed-19b8-4119-9e77-ab2ed628d2d9\">several desalination plants<\/a> powered by renewable energy sources in the country in partnership with Egypt\u2019s Hassan Allam Holding, he said.<\/p>\n<p><strong>And there are some updates on Engie\u2019s wind projects:<\/strong> Jaegert-Huber said Engie\u2019s <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/ee0bd9e5-5a07-419d-a938-0bc5902c5f39\">500 MW<\/a><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/ee0bd9e5-5a07-419d-a938-0bc5902c5f39\">Gulf of Suez 2 wind farm<\/a> should be connected to the national grid in summer 2024. Full commercial operations are expected to begin in the second half of 2025, he added. The wind farm is being built by the Red Sea Wind Energy (RSWE) \u2014 a JV between Orascom Construction (OC), Japan\u2019s Toyota Tsusho Corporation\/Eurus Energy Holdings Corporation, and Engie. The JV has achieved financial close for the Gulf of Suez wind farm <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/ee0bd9e5-5a07-419d-a938-0bc5902c5f39\">earlier in April<\/a> and the consortium signed an MoU during COP27 to build another <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/39e55e8c-4fad-48bd-bd4e-2a5d4f2960d1\">3 GW wind farm<\/a>, with a land allocation agreement pending <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/d7f8b816-5e88-4a61-9683-ef866cac084d\">finalization within weeks<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><strong>WATCH THIS SPACE #2- No offtakers for EU green hydrogen: <\/strong>Some 82% of EU-based green hydrogen projects have yet to secure offtake agreements as buyers are cautious of being locked into long-term supply agreements at fixed prices as the sector matures and costs plunge, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-08-01\/hydrogen-is-too-expensive-for-the-european-companies-that-want-to-use-it\">Bloomberg<\/a> writes. While wind and solar energy developers ink offtake agreements with companies in advance to secure financing for constructing projects, potential green fuel buyers are wary of making investments in the nascent green hydrogen sector.<\/p>\n<p><strong>Where things stand at the moment:<\/strong> A kilogram of green hydrogen averages between USD 4-5 in places like Spain, Italy and Germany, rendering wind and solar energy more affordable for grid supply, BloombergNEF Analyst Adithya Bhashyam notes. Production costs are projected to drop 57% globally \u2014 and as low as USD 2 per kilogram in Europe \u2014 by 2030 as prices of green hydrogen technologies and renewable power fall, Bhashyam predicts. Once green hydrogen production falls below USD 2\/KG, it will be extremely cost competitive,according to a report (pdf) supported by the <a href=\"https:\/\/www.eib.org\/attachments\/press\/africa-green-hydrogen-flyer.pdf\">European Investment Bank<\/a> (EIB). As of 2022, global green hydrogen costs stood at some USD 5-6\/KG to produce.<\/p>\n<p><strong>In our neck of the woods, Aramco is facing the same offtake hurdle: <\/strong>Difficulties in identifying and securing blue hydrogen off-take agreements in markets like the EU, South Korea, and Japan will reportedly drive Saudi oil giant Aramco <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/5ed3cfc5-1e04-482a-8599-e2bc7f8da19f\">to throw its weight<\/a> behind natural gas exports instead, Aramco CEO Amin Nasser said on an analyst call in May. A lack of government incentives supporting the growth of blue hydrogen \u2014 even in developed countries \u2014 coupled with high production costs is making it difficult for markets like Japan and South Korea to pursue low-carbon hydrogen, according to Nasser.<\/p>\n<p class='web-image'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/44.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>CIRCLE YOUR CALENDARS- The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo.<\/strong> This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.<\/p>\n<p><strong><a href=\"https:\/\/finance.enterprise.news\/\">TAP OR CLICK HERE<\/a><\/strong> if you want to express interest in attending. We\u2019ll be sending out the first batch of invitations soon.<\/p>\n<p><strong>Do you want to become a commercial partner?<\/strong> Ping a note to <a href=\"mailto:mtaalab@inktankir.com\">Moustafa Taalab, our head of commercial<\/a>, or fill out <a href=\"https:\/\/finance.enterprise.news\/sponsor.html\">this form<\/a> and we\u2019ll be in touch.<\/p>\n<hr class=\"grey-line\">\n<p><strong>DID YOU MISS THE ENTERPRISE EXPORTS AND FDI FORUM? <\/strong><strong><a href=\"https:\/\/podcasts.apple.com\/eg\/podcast\/the-enterprise-podcast\/id1617987136\">Tune in to the Enterprise Podcast and listen for yourself<\/a><\/strong><strong>:<\/strong> The Enterprise Podcast is back with another installment of our forum series, where we bring you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum, which took place in May.<\/p>\n<p><strong>WANT TO LISTEN? Head to: <\/strong><a href=\"https:\/\/podcasts.apple.com\/eg\/podcast\/how-to-become-part-of-a-multinationals-supply-chain\/id1617987136?i=1000622000939\">Apple Podcast<\/a> | <a href=\"https:\/\/open.spotify.com\/episode\/57zbwQADGdOo5cMf37jSzM\">Spotify<\/a> | <a href=\"https:\/\/podcasts.google.com\/feed\/aHR0cHM6Ly93d3cub21ueWNvbnRlbnQuY29tL2QvcGxheWxpc3QvNWE1NmQ3YzMtZjI4MS00NTU3LThlMzEtYWFjODAxN2NjZjA2LzY4NmNmYTU5LTAwOTMtNDEyMS1hMTRjLWFlNmYwMDk3ZjEyMi81NDI0MGE5Ni04YWY5LTRkZGQtODExNi1hZTZmMDA5OTgxMzYvcG9kY2FzdC5yc3M\/episode\/MDUwOTc0ZGUtZGViOS00Zjc4LTliZGQtYjA0NzAxMGExMTUw?sa=X&ved=0CAUQkfYCahcKEwjA4YO_qKWAAxUAAAAAHQAAAAAQAQ\">Google Podcast<\/a> | <a href=\"https:\/\/play.anghami.com\/episode\/1118757834\">Anghami<\/a>. <strong>We\u2019re releasing a new episode every Sunday morning.<\/strong><\/p>\n<p><strong>IN THIS WEEK\u2019S EPISODE- <\/strong>We look at whether industrial clusters \u2014 which have been used to great effect elsewhere \u2014 can be a way for SMEs to be part of a potential export-oriented economy. Our speakers shed light on where industrial zones are working for us already, how Egypt can leverage clusters to get a bigger slice of that cross-border trade, and how industrial clusters can bring together SMEs to work with larger firms. We were joined on that panel by <strong>Shady Williams<\/strong>, managing director of IDG, <strong>Mohamed ElGebely<\/strong>, team leader at USAID Trade, and <strong>Nada El Ahwal<\/strong>, CSO of Transmar.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>     <a href=\"climate\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><p>***<br \/>\n <strong>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 by 5am Cairo \/ 5am Riyadh \/ 6am UAE.<\/p>\n<p><strong>EXPLORE MORE OF ENTERPRISE ON THE WEB \u2014<\/strong> <a href=\"http:\/\/www.enterprise.news\">tap or click here<\/a> to read EnterpriseAM, EnterprisePM, and The Weekend Edition on our powerful new website packed with reader-friendly features.<\/p>\n<p>Were you forwarded this email? <strong>Get your own <\/strong><strong><a href=\"https:\/\/climate.enterprise.press\/subscribe\/\">subscription without charge here<\/a><\/strong> or reach out to us on <a href=\"mailto:climate@enterprisemea.com\">climate@enterprisemea.com<\/a> with comments, suggestions and story tips.<br \/>\n <strong>***<\/strong><\/p>\n<p><strong>CIRCLE YOUR CALENDAR- <\/strong><\/p>\n<p><strong>Sweden will host <\/strong><strong><a href=\"https:\/\/www.worldwaterweek.org\/\">World Water Week<\/a><\/strong><strong> from Sunday, 20 August to Wednesday, 24 August<\/strong> in Stockholm. Organized by the Stockholm International Water Institute, the event will bring together policy makers, NGOs, and private sector players to discuss innovative solutions to managing water and how to tackle food security, biodiversity, and climate change.<\/p>\n<p><strong>The US will host the <\/strong><strong><a href=\"https:\/\/crgconferences.com\/recycling\/\">International Conference on Recycling and Waste Management<\/a><\/strong><strong> and <\/strong><strong>the <\/strong><strong><a href=\"https:\/\/crgconferences.com\/environmental\/\">International Conference on Environmental Sustainability and Climate Change<\/a><\/strong><\/p>\n<p><strong>from Monday, 21 August till Tuesday, 22 August<\/strong> in Philadelphia. The waste management conference will gather environmental engineers, and recycling, wastewater treatment, and climate researchers to discuss trends and innovations in plastics recycling, wastewater treatment, and renewable energy. The sustainability and climate change conference will bring together researchers and industry leaders to spotlight innovations in environmental science, climatology, renewable energy, and pollution control.<\/p>\n<p><strong>The Dominican Republic will host the <\/strong><strong><a href=\"https:\/\/unfccc.int\/event\/tc3\">COP27 Transitional Committee<\/a><\/strong><strong>from Tuesday, 29 August to Friday, 1 September<\/strong>. The meeting aims to establish institutional arrangements, modalities, governance structures, and terms of reference for the landmark Loss and Damage Fund. It also wants to expand sources for climate funding under the program.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">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":"<p>Good morning, ladies and gents. It\u2019s a busy issue this morning with lots of ground to cover, but first\u2026 IT\u2019S FINALLY OFFICIAL- COP28 President-Designate Sultan Al Jaber and the UNFCCC Executive Secretary Simon Stiell signed the host country agreement for COP28 yesterday, according to a statement. \u201cWe will work together to make COP28 the most [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":78759,"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":[475,40,283,11,39,88,52,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-78758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-cop28","tag-egypt","tag-engie","tag-enterpriseclimate","tag-green-hydrogen","tag-renewables","tag-uae","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"18d7e8db-c603-42bb-94a0-8cafdc9754a4","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/8\/3162.jpg","photo_position":"above","related_issue":[78756],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>TODAY: COP28 is officially happening in the UAE + Adnoc and Occidental will explore opportunities in direct air capture - 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\/08\/02\/today-cop28-is-officially-happening-in-the-uae-adnoc-and-occidental-will-explore-opportunities-in-direct-air-capture\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TODAY: COP28 is officially happening in the UAE + Adnoc and Occidental will explore opportunities in direct air capture\" \/>\n<meta property=\"og:description\" content=\"Good morning, ladies and gents. It\u2019s a busy issue this morning with lots of ground to cover, but first\u2026 IT\u2019S FINALLY OFFICIAL- COP28 President-Designate Sultan Al Jaber and the UNFCCC Executive Secretary Simon Stiell signed the host country agreement for COP28 yesterday, according to a statement. \u201cWe will work together to make COP28 the most [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/climate\/2023\/08\/02\/today-cop28-is-officially-happening-in-the-uae-adnoc-and-occidental-will-explore-opportunities-in-direct-air-capture\/\" \/>\n<meta property=\"og:site_name\" content=\"Climate\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-02T01:00:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/3162.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/08\/02\/today-cop28-is-officially-happening-in-the-uae-adnoc-and-occidental-will-explore-opportunities-in-direct-air-capture\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/08\/02\/today-cop28-is-officially-happening-in-the-uae-adnoc-and-occidental-will-explore-opportunities-in-direct-air-capture\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"TODAY: COP28 is officially happening in the UAE + Adnoc and Occidental will explore opportunities in direct air capture\",\"datePublished\":\"2023-08-02T01:00:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/08\/02\/today-cop28-is-officially-happening-in-the-uae-adnoc-and-occidental-will-explore-opportunities-in-direct-air-capture\/\"},\"wordCount\":1454,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/08\/02\/today-cop28-is-officially-happening-in-the-uae-adnoc-and-occidental-will-explore-opportunities-in-direct-air-capture\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/3162.jpg?fit=%2C&ssl=1\",\"keywords\":[\"COP28\",\"Egypt\",\"Engie\",\"EnterpriseClimate\",\"green hydrogen\",\"renewables\",\"UAE\",\"WHAT WE\u2019RE TRACKING TODAY\"],\"articleSection\":[\"WHAT WE\u2019RE TRACKING TODAY\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/08\/02\/today-cop28-is-officially-happening-in-the-uae-adnoc-and-occidental-will-explore-opportunities-in-direct-air-capture\/\",\"url\":\"https:\/\/enterpriseam.com\/climate\/2023\/08\/02\/today-cop28-is-officially-happening-in-the-uae-adnoc-and-occidental-will-explore-opportunities-in-direct-air-capture\/\",\"name\":\"TODAY: COP28 is officially happening in the UAE + Adnoc and Occidental will explore opportunities in direct air capture - 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