{"id":79303,"date":"2023-08-31T01:00:48","date_gmt":"2023-08-31T01:00:48","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/08\/31\/today-we-have-a-timeline-for-egypts-stake-sales-in-renewables-projects\/"},"modified":"2023-08-31T01:00:48","modified_gmt":"2023-08-31T01:00:48","slug":"today-we-have-a-timeline-for-egypts-stake-sales-in-renewables-projects","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/08\/31\/today-we-have-a-timeline-for-egypts-stake-sales-in-renewables-projects\/","title":{"rendered":"TODAY: We have a timeline for Egypt\u2019s stake sales in renewables projects"},"content":{"rendered":"

Good morning, ladies and gents. <\/strong>It\u2019s another busy morning as we close out the week with an avalanche of updates coming out of Egypt. Shall we?<\/p>\n

OUR TOP STORY- <\/strong>The Egyptian government has set a date for the sale of two wind energy plants, a combined-cycle power plant in Beni Suef, and several desalination plants before the end of the current fiscal year on 30 June 2024.<\/p>\n

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

THE BIG CLIMATE STORY OUTSIDE THE REGION- <\/strong>It\u2019s quiet on the climate news front, but the IMF is ringing the alarm bell on climate change in a new report. Conflicts in fragile nations and war-torn countries in Africa are set to be aggravated on the back of climate change<\/a>, leading to higher death rates and a falling GDP. The Washington-based lender estimated death from conflict as a share of the population could rise by c. 10% in fragile nations by 2060 under a high emissions scenario. Climate shocks would worsen hunger in the continent\u2019s fragile countries, leading an additional 50 mn people into hunger by 2060.<\/p>\n

And extreme economic losses:<\/strong> Cumulative losses in GDP reach 4% in fragile countries three years after extreme weather shocks in comparison with c. 1% in other nations, the IMF said. It expects droughts in fragile countries to slash around 0.2% from their per-capita GDP growth annually. As a result, incomes in fragile countries would continue to extend a decline behind those in other countries, it added. Reuters<\/a> and Deutsche Welle<\/a> picked up the story.<\/p>\n

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OVER IN COPLAND- Al Jaber urges donor countries to make early pledges to loss and <\/strong>damage fund:<\/strong> In an opening message addressed to the third transitional committee of the loss and damage fund meeting in the Dominican Republic this week, COP28 President Designate Sultan Al Jaber called on developed countries to make early pledges to the loss and damage fund (watch, runtime 1:41<\/a>). \u201cIt is one thing to have a well-structured fund, but it will only be fully operational if it is actually funded,\u201d Al Jaber said. He also urged the committee to ensure that the final recommendation for the operationalization of the fund is \u201cclear, precise, and easily understood by all stakeholders,\u201d while encouraging them to be creative in identifying funding sources to ensure the funds are \u201cadequate and distributed efficiently.\u201d<\/p>\n

So in what stage are the transitional committee negotiations? <\/strong>The transitional committee is shifting from collecting information to agreeing on concrete recommendations<\/a> on all aspects of the COP27 mandate for operationalizing the loss and damage fund The discussions \u2014 which are controversially<\/a> taking place in closed sessions without input from civil society organizations \u2014 began on Tuesday and will conclude tomorrow. The submissions made by governments to the transitional committee \u2014 some of which had not yet been shared publicly before \u2014 are now posted on the UNFCCC website<\/a>.<\/p>\n

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WATCH THIS SPACE #1-<\/strong> The Egyptian Cabinet approved a draft bill <\/strong>forming a nation<\/strong>al council for green hydrogen and its derivatives<\/strong>, according to a statement<\/a>. The council will be led by Egypt\u2019s Prime Minister and include members from various ministries including electricity, oil, justice, planning, finance, environment, military production and others. The council\u2019s members will also include the heads of the Suez Canal Authority, Suez Canal Economic Zone, the General Authority for Freezones and Investment, and the Sovereign Fund of Egypt, the statement said.<\/p>\n

What to expect from the council:<\/strong> The council aims to unify the state\u2019s efforts in stimulating investments in green hydrogen and its derivatives, the statement said. It will be tasked with following up the country\u2019s national green hydrogen strategy and updates if necessary. It will also adopt policies and mechanisms needed to implement the strategy and propose necessary solutions to resolve obstacles to investment in the sector. The council will also review related legislations for green hydrogen and its derivatives and amendments if needed, it added.<\/p>\n

AND- There are plans for<\/strong> tackling demolition waste: <\/strong>Egypt is planning to establish a facility focused on repurposing demolition waste in a bid to manufacture products for its construction sector, according to a statement<\/a>. Egypt\u2019s Environment Minister Yasmine Fouad met with a delegation from Cairo-based Waterway Real Estate Development Company as well as delegates from an unnamed German research center to develop a strategy for realizing the target. The ministry has signed the draft contract for the project and is expected to hold another meeting with the country\u2019s Building and Housing Research Center to discuss implementation steps for the recycling center.<\/p>\n

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WATCH THIS SPACE #2- KSA is handing out the G20\u2019s highest energy subsidies: <\/strong>Saudi\u2019s fossil fuel subsidies of USD 7k per capita are the highest among the G20, according to a report (pdf)<\/a> by the International Monetary Fund. The kingdom allocated a cumulative USD 253 bn in implicit and explicit energy subsidies last year \u2014 27% of its GDP \u2014 surpassing China, the US, and Russia by a wide margin. Elsewhere in MENA, Morocco set aside a total of USD 14 bn in fuel subsidies last year.<\/p>\n

WATCH THIS SPACE #3- <\/strong>Share of fossil fuel in EU power mix is the lowest on record: <\/strong>The share of energy generated from fossil fuels in the EU is the lowest on record, decreasing by 17% y-o-y in 1H 2023 and reaching just 33% of total energy produced, Reuters<\/a> reports, citing data collected by UK-based think tank Ember<\/a>. The drop was driven by lower electricity demand, allowing the share of renewables to meet a bigger proportion of demand. Mild weather, consumption-cutting policies, and high gas and power prices due to Russia\u2019s slashing of gas deliveries to Europe all contributed to the EU\u2019s reduced energy demand. In May, coal produced less than 10% of EU electricity for the first time on record.<\/p>\n

Battery storage projects could increase renewables yield further:<\/strong> EU countries including Spain and Poland have shut off solar power at times to avoid overwhelming power grids. Accelerating the deployment of battery storage on power grids could reduce the durations that renewables need to be curtailed when grids become overwhelmed, the newswire reports.<\/p>\n

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