{"id":78952,"date":"2023-08-14T01:00:49","date_gmt":"2023-08-14T01:00:49","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/08\/14\/today-masdar-beats-acwa-power-in-a-bid-to-build-and-operate-the-sixth-phase-of-al-maktoum-solar-park\/"},"modified":"2023-08-14T01:00:49","modified_gmt":"2023-08-14T01:00:49","slug":"today-masdar-beats-acwa-power-in-a-bid-to-build-and-operate-the-sixth-phase-of-al-maktoum-solar-park","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/08\/14\/today-masdar-beats-acwa-power-in-a-bid-to-build-and-operate-the-sixth-phase-of-al-maktoum-solar-park\/","title":{"rendered":"TODAY: Masdar beats Acwa Power in a bid to build and operate the sixth phase of Al Maktoum solar park"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>We have a packed issue with climate updates from around the region across all facets of the industry. Shall we?<\/p>\n

THE BIG CLIMATE STORIES-<\/strong> The Dubai Electricity and Water Authority has selected the UAE\u2019s Masdar to build and operate the 1.8 GW sixth phase of the Mohammed bin Rashid Al Maktoum solar park beating Saudi Arabia\u2019s Acwa Power for the bid, and UAE\u2019s Tabreed will sell 50% of its ownership in subsidiary Tabreed Parks Investments to a DH Investments\u2019 subsidiary for AED 99.8 mn.<\/p>\n

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

HAPPENING TODAY- The world\u2019s first liquefied hydrogen carrier will be berthing <\/strong>in Oman today:<\/strong> The world\u2019s first liquefied hydrogen carrier, Suiso Frontier, is set to arrive at Oman\u2019s Sultan Qaboos Port in Muscat today, Oman Daily Observer<\/a> reports. The Kawasaki Heavy Industries (KHI) manufactured vessel, which is Oman-bound following its departure from Abu Dhabi, is making its first visit to the Gulf country. The ship\u2019s main mission is to introduce the Japanese technology for hydrogen transportation, pursue cooperation for the transportation of hydrogen, and establish global supply chains, according to the media outlet.<\/p>\n

ALSO-<\/strong> We\u2019re hearing whispers that the world\u2019s first ever green methanol-powered container<\/a>ship<\/a> is set to pass through the Suez Canal today. Stay tuned for more details in tomorrow\u2019s issue.<\/p>\n

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THE BIG CLIMATE STORY OUTSIDE THE REGION- Disaster in Maui:<\/strong> The death toll from Maui wildfires in Hawaii has killed 93 people, making it the deadliest wildfire in US history in over 100 years. The death toll is likely to rise as dogs trained to detect bodies continue to sweep the ruins of the historic town of Lahaina, according to officials. Rebuilding Lahaina would cost c. USD 5.5 bn, according to the Federal Emergency Management Agency (FEMA), with over 2.2k structures suffering damages or destroyed and over 2.1k acres burned. Scientists believe the deadly wildfires were aggravated by several factors including climate change, with soaring global temperatures and drought turning some parts of Hawaii into a tinderbox on the back of powerful winds from a nearby cyclone.<\/p>\n

Maui dominated coverage in the international press over the weekend: <\/strong>Reuters<\/a> | Bloomberg<\/a> | The Associated Press<\/a> | The Financial Times<\/a> | The Guardian<\/a> | The New York Times<\/a>| Washington Post<\/a> | The Wall Street Journal<\/a><\/p>\n

OVER IN COPLAND-<\/strong> COP28 President-Designate Sultan Al Jaber was in Barbados <\/strong>over the weekend to meet with Prime Minister and climate champion Mia Mottley<\/strong>, Wam<\/a> reported on Friday. During his visit, Al Jaber gave a speech to the leaders of the Caribbean Community (CARICOM), where he reiterated the importance of closing the global climate finance gap, while praising Mottley\u2019s Bridgetown Initiative<\/a> which presents ways to reduce \u201cexcessive risks\u201d that developing countries have to take to borrow to fund green investments. During his speech, Al Jaber said that he has called on donor countries to \u201cshow him the money\u201d when it comes to the long overdue USD 100 bn annual climate finance pledge that developed countries have promised developing economies.<\/p>\n

UAE-Caribbean climate cooperation is growing:<\/strong> Masdar is set to drive 16 renewable energy projects across CARICOM through its UAE-Caribbean Renewable Energy Fund<\/a>, the company said<\/a>. However, Al Jaber noted that the cost of capital is proving a stumbling block to progress the renewables projects between the two countries.<\/p>\n

ALSO- Al Jaber praised Brazilian President Luiz Inacio Lula da Silva for his policies <\/strong>prioritizing indigenous peoples on the closing day of the <\/strong>Amazon rainforest summit<\/a><\/strong>, adding the policies serve as a blueprint for other regions, Wam<\/a> reported last week. \u201cWe will build on the experience and the lessons that the Amazon Cooperation Treaty Organisation and Indigenous Peoples can teach us in advancing the dual goal of protecting and restoring nature, while advancing sustainable development,\u201d Al Jaber said, adding that although indigenous communities represent 5% of the world\u2019s population, they protect over 80% of biodiversity.<\/p>\n

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FROM THE DEPT OF GOOD NEWS- <\/strong>FSO Safer is nearly cleared: <\/strong>A UN-led salvage operation to remove over 1 mn barrels of crude oil from the rusting supertanker FSO Safer has nearly finished, according to a UN press release<\/a>. The 47-year-old FSO Safer was abandoned off the coast of Yemen at the start of the country\u2019s civil war in 2015, and was at risk of leaking, breaking apart, or exploding, resulting in \u201ccatastrophic environmental and humanitarian consequences,\u201d the UN said. A UN salvage team has been unloading the oil from Safer onto a replacement oil tanker The Nautica since late July<\/a> in an operation costing USD 140 mn. Less than 2% remains of the 1.1 mn barrels of oil that were on the tanker. Some USD 20 mn is required to complete the operation, the UN said.<\/p>\n

WATCH THIS SPACE #1- <\/strong>Egypt\u2019s GAFI \u2764\ufe0f investors:<\/strong> Egypt\u2019s General Authority for Freezones and Investment (GAFI) has done away with some of the paperwork required by companies for a number of post-incorporation services under efforts to \u201cimprove the investment environment\u201d by streamlining procedures, it said in a statement<\/a> on Friday. Some of the documents no longer needed for submission include those related to nominating board members, holding board meetings, appointing auditors, and reporting the death of partners or shareholders. The move comes a week after it began operating its new digital platform<\/a>, which provides investors with services to establish companies, authenticate contracts at notary offices, and register using electronic signatures, among other services.<\/p>\n

WATCH THIS SPACE #2-<\/strong> Jordan will launch a new long-term energy strategy in 2024<\/strong>, Al Ghad<\/a> reported last week, adding that incentives for renewable energy, power storage, and green hydrogen production will be central to the plan. The strategy has been in the pipeline for some time, Secretary General of Jordan\u2019s Energy and Mineral Resources Ministry Amani Azzam said, with studies for the energy sector\u2019s development and expansion of smart power networks currently underway, she added. The kingdom is also expected to announce its green hydrogen strategy this quarter, Assistant Secretary-General of the Energy and Mineral Resources Ministry Hassan Al-Hayari said in June<\/a>.<\/p>\n

<\/a> WATCH THIS SPACE #3- UAE\u2019s Mubadala bets on Brazil\u2019s ethanol for <\/strong>biofuel production<\/strong>: Mubadala Capital \u2014 the asset management arm of UAE\u2019s investor Mubadala Investments \u2014 plans to acquire a 31.5% stake in Brazilian sugarcane processor Atvos<\/a> later this year or early next year, Atvos CEO Bruni Serapiao told Reuters<\/a> last week. He said that his company is under bankruptcy protection, with Mubadala set to pay BRL 500 mn (c. USD 102.8 mn) when it lifts its court debt protection.<\/p>\n

Mubadala\u2019s going big on Brazilian green fuels:<\/strong> Abu Dhabi\u2019s Mubadala Capital-backed Acelen said in April that it will invest up to USD 2.4 bn<\/a> over the next 10 years to produce green diesel and sustainable aviation fuel in Brazil. The new biorefinery in Brazil\u2019s northeastern state of Bahia will have the capacity to produce up to 1 bn liters per year of hydrotreated vegetable oil (HVO), a diesel-like fuel that can be produced from various vegetable oils and animal fats. Earlier this year, Mubadala Capital withdrew from bidding<\/a> for ethanol JV BP Bunge Bioenergia<\/a>, with reports suggesting that the UAE state investor dropped out after concluding negotiations to acquire Atvos.<\/p>\n

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WATCH THIS SPACE #4- Western wind power is in trouble: <\/strong>Energy transition targets are at risk as supply chain strains continue to hike prices for the wind power sector, CEO of RWE<\/a> Markus Krebber told Bloomberg<\/a> last week. Rising inflation and strained supply chains are driving up prices for offshore wind turbines, leading to a halt in a number of large scale wind power projects in the US and the UK, Krebber says, meaning that global climate protection targets will be at risk if renewables plants don\u2019t come online as scheduled. Swedish energy company Vattenfall said it would put three phases of the Norfolk Offshore Wind Zone in the UK on pause due to rapidly increasing costs of equipment and construction<\/a> last month, hiking the project\u2019s price tag up by GBP 3 bn to GBP 13 bn. Suppliers will need to up their production capacities fast to clear the backlog, and governments will need to extend auction lead times beyond the current average of five years to strengthen the wind power sector\u2019s long term supply chain security, he added.<\/p>\n

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THE DANGER ZONE- \u201cThe world is likely to face major disruption to food supplies <\/strong>well before temperatures rise by the 1.5\u00b0C target,\u201d<\/strong> the Guardian<\/a> reports, citing COP15 UN Convention to Combat Desertification president Alain-Richard Donwahi. Donwahi expressed that the effects of drought are coming about more rapidly than expected given its intersections with food security, migration of population, and inflation levels. The former desertification president called for more attention to be drawn to investing in agriculture to improve yields and therefore food security.<\/p>\n

Desertification is getting the short end of the stick: <\/strong>\u201cLast year\u2019s COP15 on desertification went largely unnoticed compared with the climate COP27 and the biodiversity COP15 last December,\u201d the Guardian wrote, despite that it happens less frequently than other climate summits. The COP16 desertification conference will be held in Riyadh in December 2024.<\/p>\n

IN OUR NECK OF THE WOODS- Iraq\u2019s 50\u00b0C heat shows the \u201cera of global boiling\u201d <\/strong>has begun<\/strong>, UN High Commissioner for Human Rights Volker Turk warned last week, according to The National<\/a>. Turk witnessed \u2018the tangible effects\u2019 of climate change firsthand during a four-day visit in Iraq last week. \u201cStanding in searing heat in that scarred landscape, breathing air polluted by the many gas flares dotting the region, it was clear to me that the era of global boiling has indeed begun. This is a climate emergency. And it is high time it is treated like one. Not just for Iraq but for the world,\u201d he said. Turk attributed Iraq\u2019s climate woes to a \u201ctoxic mix\u201d of global warming, drought, poor water management, violence, and \u201coil industry excesses,\u201d the news outlet notes.<\/p>\n

Dangerously low water levels:<\/strong> Turk\u2019s statements come a day after the country\u2019s Water Resources Ministry said that Iraq\u2019s water levels dropped to their lowest capacities on record<\/a>. Iraq is the fifth most climate-vulnerable<\/a> country in the world, susceptible to climatic phenomena such as high temperatures, insufficient rainfall, drought and water scarcity, and frequent sand and dust storms. Nearly 70% of the country\u2019s land mass is under threat of climate-induced desertification. To top Iraq\u2019s water woes<\/a>, Iran and Turkey have built dams<\/a> in recent years that have affected water levels in the Tigris and Euphrates rivers, which account for 98% of Iraq\u2019s surface water. The country needs USD mns<\/a> to combat desertification and is looking to raise some USD 100 mn to launch reforestation efforts and bolster food security. Iraq will only be able to meet 15%<\/a> of its water demands by 2035 if current trends continue, the UN warned in May.<\/p>\n

NON-CLIMATE REGIONAL HEADLINES:<\/strong><\/p>\n