{"id":79331,"date":"2023-09-04T01:00:07","date_gmt":"2023-09-04T01:00:07","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/09\/04\/today-a-big-step-forward-for-ameas-green-hydrogen-plans-in-egypt\/"},"modified":"2023-09-04T01:00:07","modified_gmt":"2023-09-04T01:00:07","slug":"today-a-big-step-forward-for-ameas-green-hydrogen-plans-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/09\/04\/today-a-big-step-forward-for-ameas-green-hydrogen-plans-in-egypt\/","title":{"rendered":"TODAY: A big step forward for Amea\u2019s green hydrogen plans in Egypt"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s a busy start to the week with a lot of ground to cover and some key updates emerging from Egypt. Let\u2019s jump right in.<\/p>\n

OUR TOP STORY- <\/strong>Emirati renewables company Amea Power \u2014 a subsidiary of Abu Dhabi-based investment company Al Nowais \u2014 has finalized the feasibility studies for its planned green hydrogen plant<\/a> in Egypt\u2019s Suez Canal Economic Zone, Amea Power\u2019s Senior Director of Business Development Hussein Matar tells us.<\/p>\n

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

HAPPENING TODAY-<\/strong> The Sustainable Maritime Industry Conference<\/a> is kicking off today and running until Wednesday in Jeddah, Saudi Arabia. The event will feature over 50 speakers to spotlight sustainability, new technologies, and digitization efforts in the maritime industry. The Africa Climate Summit<\/a> is also beginning today and running through to Wednesday in Nairobi, Kenya. The event will bring together government leaders and investors to share pathways to increasing Africa\u2019s climate resilience, with a focus on how to finance<\/a> environmental priorities and shift the focus from Africa as a victim of floods and famine. The summit will serve as a platform to inform and frame commitments, pledges, and outcomes, ultimately leading to the development of the Nairobi Declaration on Climatic Change<\/a>.<\/p>\n

ALSO-<\/strong> Angola, Ethiopia, and possibly Djibouti will join The Africa Green Hydrogen Alliance (AGHA) at the Africa Green Hydrogen Forum \u2014 part of the Africa Climate Summit<\/a> \u2014 in Nairobi today, according to their website<\/a>. By joining the alliance, the new members will gain support and knowledge from the international community in developing their green hydrogen roadmaps and strategies. Egypt, Mauritania, and Morocco \u2014 all members of the AGHA \u2014 will be attending the summit to present their national agendas for green hydrogen projects.<\/p>\n

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THE BIG CLIMATE STORY OUTSIDE THE REGION- Hurricane aftermath in Florida: <\/strong>Biden\u2019s visit to Florida to survey the destruction left behind in the wake of Hurricane Idalia grabbed headlines over the weekend. Biden\u2019s visit comes on the heels of the category 3 storm leaving a trail of damage on the state\u2019s Gulf Coast including devastating floods, fallen buildings and downed trees and power lines. The US President pointed to a series of extreme weather events and disasters happening across the globe by remarking that \u201cnobody can deny the impact of the climate crisis. There\u2019s no real intelligence to deny the impacts of the climate crisis anymore.\u201d<\/p>\n

The story grabbed headlines over the weekend in the international press:<\/strong> Reuters<\/a> | CNN<\/a> | BBC<\/a> | The Guardian<\/a> | The New York Times<\/a> | Bloomberg<\/a><\/p>\n

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<\/a>OVER IN COPLAND- EU to push for fossil fuel phase out agreement at COP28:<\/strong> EU countries are preparing to push for a global pact on phasing out fossil fuels at COP28, Reuters<\/a> reports, citing a draft of the EU's negotiating position it obtained. \u201cThe shift towards a climate neutral economy will require the global phase-out of [unabated] fossil fuels and a peak in their consumption already in the near term,\u201d the draft said, with \u201cunabated\u201d referring to fossil fuels burned without using carbon capture technologies.<\/p>\n

Still being debated: <\/strong>Having the word \u201cunabated\u201d in brackets in the draft text indicates that countries have not yet agreed on whether to include it, the newswire notes, with the EU document said the global energy sector should be largely free of fossil fuels \u201cwell ahead of 2050\u201d given that cost-effective, emission-free energy sources are already available. Oil-based economies are expected to push back against the EU proposal, which is still being negotiated and could change before it is due to be finalized in October.<\/p>\n

If it\u2019s non-binding, why does it matter anyways?<\/strong> The idea behind a global pact to gradually quit fossil fuels is to create a powerful \u201cnorth star\u201d to guide future climate negotiations, government policies, and investments towards energy sources and technologies that do not contribute to heating the planet, Reuters said.<\/p>\n

REMEMBER-<\/strong> Countries have never before agreed in UN climate negotiations to gradually stop burning all CO2-emitting fossil fuels. Despite a proposal to phase out CO2-emitting fossil fuels getting backing from more than 80 countries at COP27, Saudi Arabia and other oil and gas-rich nations blocked<\/a> it, similar to what happened at the G20 energy ministers meeting in July<\/a>. Whether COP28 will be able to deliver a more tangible action plan for phasing out fossil fuels has been questioned by some groups<\/a> who say the UAE has conflicting interests<\/a> as both the summit host and a top oil producing country. These critics say President Delegate Sultan Al Jaber is already using vague language<\/a> when referring to a phase-out agreement, which the UN\u2019s former climate chief Christiana Figueres has called \u201cdangerous<\/a>.\u201d<\/p>\n

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WATCH THIS SPACE #1- Taqa\u2019s USD 1.5 bn in green bonds are hitting the ADX:<\/strong> The Abu Dhabi National Energy Company (Taqa) is listing its USD 1.5 bn dual-tranche green bond issuance on the Abu Dhabi Securities Exchange on Thursday, according to a disclosure (pdf)<\/a> to the ADX. Both the 10-year and five-year tranches \u2014 issued in April and 10x oversubscribed<\/a> \u2014 will be traded publicly on the exchange. Taqa sold a USD 1 bn 10-year tranche issued at a coupon rate of 4.696% that will mature on 24 April 2033. Taqa also sold USD 500 mn in five-year notes \u2014 issued as conventional bonds at a coupon rate of 4.375% \u2014 with a maturity date of 24 January 2029. The proceeds from these notes will be used to finance, refinance, and invest in green projects outlined within Taqa\u2019s green finance framework, including renewable energy, energy efficiency, sustainable water and wastewater management, clean transportation, and terrestrial and aquatic biodiversity.<\/p>\n

WATCH THIS SPACE #2- Germany\u2019s Scholz takes a stance against nuclear energy<\/strong>:<\/strong> German Chancellor Olaf Scholz expressed his opposition to a nuclear power option in the country calling it \u201ca dead horse in Germany,\" Reuters<\/a> reported on Saturday, citing an interview with the German leader by local radio station Deutschlandfunk. His comments come in response to recent suggestions by a junior coalition partner, the Free Democrats (FDP), to keep the nuclear option open. Scholz argued that significant time and investments would be needed to build new nuclear power plants, estimating at least EUR 15 bn for each power plant over the next 15 years would be needed. Germany shut down<\/a> the last three of its nuclear power plants in April, retiring the energy source after six decades of operation.<\/p>\n

IN OTHER EU NEWS- Ports in Europe are vying to have a vital role in the EU\u2019s Clean <\/strong>Energy Gateway Plan as demand for clean-energy industrial clusters grows<\/strong>, Bloomberg<\/a> reported on Saturday. Port authorities and leading energy companies at the Port of Rotterdam are working on a large-scale network that will include clean energy from offshore wind farms and hydrogen production and pipelines to deliver the fuel to manufacturers on-site and inland. The Dutch port seeks to provide the EU\u2019s northwestern region with at least 4.6 mn tons of hydrogen by the end of the decade, representing a quarter of the bloc\u2019s overall goal. The Port of Antwerp-Bruges is also showing interest in clean energy through talks on hydrogen projects with investors, its CEO Jacques Vandermeiren said.<\/p>\n

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DATA POINT<\/strong>-<\/strong> Global wind turbine orders reach record highs: <\/strong>Global wind turbine order intake rose 12% y-o-y in the 1H 2023 to reach 69.5 GW, according to analysis<\/a> from consultancy firm Wood Mackenzie. The increase came on the back of orders from outside China, reaching a 47% y-o-y increase during the time period and accounting for over 25 GW.<\/p>\n

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NON-CLIMATE REGIONAL HEADLINES OVER THE WEEKEND-<\/strong><\/p>\n