{"id":78986,"date":"2023-08-15T01:00:15","date_gmt":"2023-08-15T01:00:15","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/08\/15\/today-uaes-tabreed-adnoc-partner-on-menas-first-geothermal-energy-project\/"},"modified":"2023-08-15T01:00:15","modified_gmt":"2023-08-15T01:00:15","slug":"today-uaes-tabreed-adnoc-partner-on-menas-first-geothermal-energy-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/08\/15\/today-uaes-tabreed-adnoc-partner-on-menas-first-geothermal-energy-project\/","title":{"rendered":"TODAY: UAE\u2019s Tabreed + Adnoc partner on MENA\u2019s first geothermal energy project"},"content":{"rendered":"

Good morning, friends. <\/strong>We have a brisk issue for you this morning with an interesting new renewable energy project in the UAE and lots of earnings updates.<\/p>\n

THE BIG CLIMATE STORY- <\/strong>UAE\u2019s Adnoc and Tabreed have concluded testing on two geothermal wells in Abu Dhabi\u2019s Masdar City, marking the first step in a clean energy project aimed at electrifying the city\u2019s cooling sector.<\/p>\n

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

THE BIG CLIMATE STORY OUTSIDE THE REGION- Search efforts continue in Maui after <\/strong>wildfire devastation: <\/strong>Search teams are combing through Maui to search for human remains as the death toll from deadly wildfires<\/a> last week climbed up to 96 and is expected to rise, according to officials.The Federal Emergency Management Agency teams in Lahaina are using trained dogs to comb many areas, but such efforts are being hampered by rising temperatures. Scientists believe the deadly wildfires which have been the deadliest in the US in over 100 years 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\u2019s disaster continued to dominate coverage in international press:<\/strong> Reuters<\/a> | Bloomberg<\/a> | The Associated Press<\/a> | The New York Times<\/a> | Washington Post<\/a> | Wall Street Journal<\/a><\/p>\n

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OVER IN COPLAND- Climate finance reform in the crosshairs: <\/strong>A two-day Independent High-Level Expert Group (IHLEG) will convene to discuss international climate finance reform today in Abu Dhabi, Wam<\/a> reports. An international group of top economists, private sector leaders, and the UN Climate Change High-Level Champions will attend the meeting, where policy recommendations for a more equitable and efficient climate finance system will be presented in preparation for COP28. The current climate finance landscape and its effectiveness in relation to the Paris Agreement goals will also be evaluated.<\/p>\n

Who will be there?<\/strong> Chairman of the Abu Dhabi Department of Economic Development and the Abu Dhabi Global Market Ahmed Al Zaabi will be present at the meeting, as will co-chairs of the IHLEG Nicholas Stern and Vera Songwe, executive secretary of the IHLEG Amar Bhattacharya, managing director of the International Monetary Fund Kristalina Georgieva, as well as senior World Bank representatives and economists, Wam said.<\/p>\n

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<\/a>WATCH THIS SPACE #1- Is India\u2019s ReNew Power breaking ground on Egypt <\/strong>hydrogen plant next year?<\/strong> India\u2019s largest renewables developer ReNew Power said it could break ground on its USD 8 bn green hydrogen<\/a> plant in Egypt\u2019s Suez Canal Economic Zone early next year, Al Shorouk<\/a> reports, citing a government source. The plant should take around six years to complete, the source added. Technical studies are underway for the project ahead of a final investment decision, which is expected between November and March next year. The Indian company and El Sewedy Electric signed a framework agreement with the government for the project back in November. ReNew said at the time that it would undertake further studies and make a final investment decision by 1Q 2024. If the project moves forward, the company expects to begin commissioning the pilot phase in 2026.<\/p>\n

The project: <\/strong>ReNew and Elsewedy will set up renewables projects<\/a> generating 570 MW to produce 20k tons of green hydrogen during the pilot phase of the project. The green hydrogen will be used as feedstock to generate 100k tons of green ammonia. The second phase will see the companies build renewable energy projects yielding 5.68 GW to produce 200k tons of green hydrogen, which would then be converted to 1 mn tons of green ammonia.<\/p>\n

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WATCH THIS SPACE #2- A new BP company in Kuwait:<\/strong> British oil giant BP has reportedly established a new company in Kuwait focused on renewable energy and petroleum consulting, Kuwait newspaper Al Anba<\/a> reported this week. The new company \u2014 which will have a capital of KWD 5 mn (c. USD 16.2 mn) \u2014 will focus on setting up and operating renewable and alternative energy stations, petroleum consultations, and services related to oil and gas extraction, excluding survey services, according to the media outlet.<\/p>\n

WATCH THIS SPACE #3- KSA\u2019s Tadweeer is making the switch on Tadawul<\/strong>: <\/strong>The Board of Directors of Saudi Arabia\u2019s National Environmental Recycling Co. (Tadweeer) has approved a decision to move from Tadawul\u2019s parallel market (Nomu<\/a>) and head to the stock exchange\u2019s main stock market, according to a bourse filing<\/a>. Established in 2017, Nomu is an alternative platform with requirements<\/a> that allow KSA-based SMEs with a market cap above SAR 10 mn and a minimum of one year of operational and financial performance to become publicly listed. Nomu \u2014 which is restricted to qualified investors \u2014 enables listed companies to transition to the main market after obtaining necessary approvals. Tadawul has not yet issued a decision approving Tadweeer\u2019s shift, the company notes.<\/p>\n

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