{"id":79075,"date":"2023-08-22T01:00:44","date_gmt":"2023-08-22T01:00:44","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/08\/22\/today-egypt-could-own-a-significant-stake-in-any-foreign-built-green-hydrogen-projects\/"},"modified":"2023-08-22T01:00:44","modified_gmt":"2023-08-22T01:00:44","slug":"today-egypt-could-own-a-significant-stake-in-any-foreign-built-green-hydrogen-projects","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/08\/22\/today-egypt-could-own-a-significant-stake-in-any-foreign-built-green-hydrogen-projects\/","title":{"rendered":"TODAY: Egypt could own a significant stake in any foreign-built green hydrogen projects"},"content":{"rendered":"

Good morning, friends. <\/strong>We have another busy day with some significant updates on the booming green hydrogen pipeline of projects currently underway in Egypt.<\/p>\n

THE BIG CLIMATE STORIES- <\/strong>Egypt will reportedly be eligible to grab stakes ranging from 20% to 25% in green hydrogen projects being developed by foreign companies, three government sources told Enterprise Climate. On the supply chain side, Hydrogen Egypt is partnering up with China\u2019s Peric Hydrogen Technologies to explore the manufacturing and assembly of electrolyzers critical for green hydrogen production in the country.<\/p>\n

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

THE BIG CLIMATE STORY OUTSIDE THE REGION- Gone with the wind could mean <\/strong>something different soon:<\/strong> A dry cargo ship fitted with special sails that can harness wind power has set sail from Singapore to Brazil to study how wind energy can cut carbon emissions, according to a statement<\/a>. The Cargill-owned vessel is retrofitted with 37.5 meters wind sails \u2014 produced by Norway\u2019s Yara Marine Technologies<\/a> \u2014 expected to cut fuel costs up to 30% on new-build vessels, Cargill notes. \u201cIt is risk taking. There is no assurance that the economics are going to work,\" President of Cargill's Ocean Transportation Division Jan Dieleman said. \u201cIf we are not going to get any real surprises, we are definitely going to scale this,\" Dieleman added. The global shipping industry emits around 2.9%<\/a> of global greenhouse gas emissions.<\/p>\n

The cargo ship\u2019s maiden journey is getting ink from international press<\/strong>: Reuters<\/a> | Bloomberg<\/a> | The Financial Times<\/a> | BBC<\/a><\/p>\n

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<\/a>OVER IN COPLAND- We\u2019re 100 days out to COP28 and here\u2019s where we stand:<\/strong> UAE\u2019s turn to host COP is entering its final stretch and this year\u2019s summit is shaping up to be a crucial one in the climate fight, with climate change-driven weather events mounting pressures on governments to ensure progress on mitigation and adaptation. In the run up to the summit, COP28 President Designate Sultan Al Jaber has given some hints on what to expect.<\/p>\n

The needs of developing countries will be put first: <\/strong>COP28 aims to deliver an ambitious and practical action plan that is \u201cfocused on results that address the needs of the Global South,\u201d Al Jaber said in a virtual address at the G77+ China ministerial meeting<\/a> in Havana in July. In the same month, Al Jaber attended a G20 Energy Ministerial where he stated that the group must show clear signals<\/a> of their commitment for energy transition at COP28, adding that one of the summit\u2019s major goals is deploying an operational fund<\/a> to compensate climate-vulnerable poor nations. The president-designate has also called on donor countries<\/a> 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

Multilateral banking systems will also be in the spotlight: <\/strong>Policy recommendations for a more equitable and efficient climate finance system<\/a> \u2014 prepared by top economists, private sector leaders, and the UN Climate Change High-Level Champions \u2014 will be presented during COP28. Al Jaber stated his support<\/a> for Barbados Prime Minister Mia Mottley\u2019s Bridgetown Initiative which presents ways to reduce \u201cexcessive risks\u201d that developing countries have to take to borrow to fund green investments, especially in Africa<\/a>.<\/p>\n

The fossil fuel phase out continues to be a contentious topic: <\/strong>Al Jaber urged the world to be \u201claser-focused on phasing out fossil fuel emissions,\u201d a phrasing that brought controversy<\/a> as climate groups flagged the use of the word emissions<\/a> as a way to divert away from reducing reducing production of fossil fuels, to a focus on carbon capture technology instead. Al Jaber did note later that a \u201cphase down of fossil fuels is inevitable<\/a>,\u201d but stressed that it \u201ccannot be irresponsible,\u201d and will have to be driven by \u201chow quickly we phase up zero carbon alternatives.\u201d<\/p>\n

And there\u2019s little movement on a consensus: <\/strong>Countries participating in COP28 have not<\/a>reached a consensus<\/a> on whether a phaseout of fossil fuels should be on the agenda at COP given that a large number of countries that are not yet on board<\/a>. The last G20 energy ministers meeting failed to reach a consensus on a fossil fuel phasedown after a group of countries led by Saudi Arabia blocked the effort<\/a>. China and India<\/a> also pushed back against fossil fuel phase down during a two-week preparatory meeting for COP28 at Bonn.<\/p>\n

Progress on the Loss and Damage Fund is expected:<\/strong> Al Jaber and UN Climate Chief Simon Stiell said that the upcoming summit aims to define a global goal on adaptation and kickstart operations<\/a> on COP27\u2019s landmark loss and damage fund. COP27 Transitional Committees have been meeting to establish institutional arrangements, modalities, governance structures, and terms of reference for the landmark Loss and Damage Fund to expand sources for climate funding under the program. By COP28, there will be \u201csome sort of a structure of governance and identification as well of the sources of funds,\u201d special envoy for the UN secretary-general and UN high-level climate champion at COP27 Mahmoud Mohieldin told Enterprise Climate<\/a> last month.<\/p>\n

So how will the agenda tackle all of the above?<\/strong> The first high-level draft<\/a> revealed that the presidency has planned the summit into 12 thematic days, according to the COP28 website<\/a>. The program includes 12 key themes: Health; Relief, Recovery, and Peace; Nature, Land Use, and Oceans; Food and Water Systems; Just Energy Transition; Industry; Trade; Youth, Education, and Skills; Finance; Gender Equality; Cities, Regions, and Urbanization; and Transport. Each day will also incorporate themes that are actionable and deliverable including tech and innovation, inclusion, frontline communities, and finance.<\/p>\n

What to expect between now and then: <\/strong>All eyes are on the two-day G20 Leaders\u2019 Summit<\/a> in September, which according to Mohiedin will set the stage for the level of consensus at the COP negotiations. \u201cThe work is basically in the hands of negotiators, and 80% of emitters happen to be within the G20. If we see progress and some consensus during the G20 discussions in September, that\u2019s great news,\u201d Mohiedin said. The Dominican Republic is also hosting the third and final COP27 Transitional Committee<\/a> later this month where attendees will draft a recommendation for the operationalisation of the loss and damage fund to be presented at COP28. The Green Climate Fund is also hosting a conference on private investment in climate<\/a> in Kenya next month, which will determine much of the conversation on climate finance during COP and the next transitional meetings<\/a>.<\/p>\n

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<\/a>WATCH THIS SPACE #1- A global tender for solar in Egypt is happening<\/strong>:<\/strong> The Egyptian Electricity Holding Company (EEHC) has launched a global tender for the construction and operations of five concentrated solar power (CSP) plants to generate electricity and produce potable water on Egypt's North Coast, a tender notice<\/a> by the EEHC showed. The facilities will be constructed under a 25-year BOO structure, with bidders asked to submit their offers by no later than 27 September, according to the notice.<\/p>\n

What we know<\/strong>: The five CSP plants\u2014 which will see investments of USD 270 mn \u2014 will have an overall capacity of 250 MW and would be utilized for seawater desalination projects in areas at the western North Coast, Al Mal<\/a> reported, citing unnamed sources in Egypt\u2019s Electricity Ministry. The BOO structure would see the Electricity Ministry purchasing electricity from the plants and connect it to the national grid, they said, adding that the facilities would help desalinate over 400k cubic meters per day.<\/p>\n

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WATCH THIS SPACE #2-<\/strong> Dubai is aiming to reuse 100% of its water by 2030 under a <\/strong>long-standing water reclamation program<\/strong>, according to a statement<\/a>. It said the program, which has been in force for over five decades, saw the city achieve a water reuse rate of 90% and cut dependency on desalinated water and groundwater. It now plans to curb the use of desalinated water and related power consumption by 30% and double its production of recycled water to over 8 bn cubic meters by 2030, the statement notes. The water reclamation project has helped Dubai save c. AED 2 bn annually, it added.<\/p>\n

WATCH THIS SPACE #3- The WMO wants to predict extreme weather more accurately: <\/strong>The World Meteorological Organisation (WMO) wants to introduce high-resolution modeling to more accurately predict extreme weather around the world, The National<\/a> reported last week, citing comments by president and director general of the UAE's National Centre of Meteorology Abdulla Al Mandous. The model would provide more exhaustive weather predictions, especially for flash floods, tropical storms, tornadoes, and rising sea levels, Al Mandous said. The proposal would see climate models go from the current 50 km resolution to a 1 km resolution, enabling both better understanding of small-scale phenomena and enhancing the assessment of patterns and trends. The WMO has already identified an initial 30 countries to roll out the new technology, including Ethiopia, Somalia and South Sudan.<\/p>\n

The UAE is leading the way in monitoring and prediction:<\/strong> \u201cExpanding the UAE's successful rain enhancement programme \u2014 which is conducted through cloud-seeding \u2014 to other countries in the Middle East region would help improve groundwater levels,\u201d Al Mandous told the National. The UAE also had an important role in pushing for a UN-led initiative called Early Warning For All (EW4ALL), setting a goal of ensuring global access to early warnings of weather, water or climate hazards by the end of 2027.<\/p>\n

And weather phenomena like<\/strong> El Ni\u00f1o require it: <\/strong>With the current El Ni\u00f1o cycle predicted to be a<\/a>strong one<\/a>, developing models that can better predict the region\u2019s climate patterns has become an essential climate adaptation tool for managing the region\u2019s water and agricultural resources, like prioritizing growing crops with less water requirements based on models<\/a> fit to do so.<\/p>\n

\"enterprise\"<\/p>\n

The Enterprise Finance Forum is taking place on 18-19 September at <\/strong>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

This is our first two-day event<\/strong>, which should give us plenty of time to dive into the nitty gritty of this industry we love. Our panels will see CEOs, bankers, investors and founders gather to discuss the future and trends shaping banking, finance, fintech and NBFS.<\/p>\n

Our full agenda will be out at month\u2019s end. Among the topics we\u2019ll be discussing:<\/strong><\/p>\n