{"id":79951,"date":"2023-10-10T01:00:18","date_gmt":"2023-10-10T01:00:18","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/10\/10\/today-aramco-inks-agreements-to-reduce-carbon-emissions-more-details-emerge-on-masdars-mega-renewables-projects-in-malaysia\/"},"modified":"2023-10-10T01:00:18","modified_gmt":"2023-10-10T01:00:18","slug":"today-aramco-inks-agreements-to-reduce-carbon-emissions-more-details-emerge-on-masdars-mega-renewables-projects-in-malaysia","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/10\/10\/today-aramco-inks-agreements-to-reduce-carbon-emissions-more-details-emerge-on-masdars-mega-renewables-projects-in-malaysia\/","title":{"rendered":"TODAY: Aramco inks agreements to reduce carbon emissions + More details emerge on Masdar\u2019s mega renewables projects in Malaysia"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s another busy morning with some big EV updates from UAE and KSA and more detail on Masdar\u2019s sizable renewables agreement with Malaysia, but first\u2026<\/p>\n

THE BIG CLIMATE STORY-<\/strong> Saudi Arabia\u2019s oil giant Aramco is working with Danish firm Topsoe and Siemens Energy on projects to reduce emissions, and will also explore tapping into geothermal energy in a bid to expand its renewable energy portfolio.<\/p>\n

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

THE BIG CLIMATE STORY OUTSIDE THE REGION- There\u2019s no single story grabbing the headlines this morning<\/strong>, but investors have turned their back on renewable energy funds in the third quarter of the year on the back of higher interest rates and surging material costs, Reuters<\/a> reports, citing data by LSEG Lipper. Renewable energy funds globally were hit by a net outflow of USD 1.4 bn during the three months to end-September in a record quarterly outflow. Yet, the outflows only partially offset a trend in the first half of the year seeing investors pour USD 3.4 bn into renewables funds, according to the data. The sector\u2019s total assets under management are currently estimated at USD 65.4 bn, representing a 24% fall from end-June, the data showed.<\/p>\n

What the experts are saying:<\/strong> \u201cRenewable energy funds have faced weakened sentiment due to company performances in recent quarters and a shift in investor attention this year towards other themes like AI and US Infrastructure,\u201d Global X research analyst Madeline Ruid said. She said that lengthy timelines, project delays, high interest rates and higher material costs, especially for wind and solar power projects have put their toll on firms in the sector.<\/p>\n

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<\/a><\/strong>WATCH THIS SPACE<\/strong> #1- Saudi Arabia\u2019s domestic GHG credits scheme <\/strong>is coming soon<\/strong>: <\/strong>Saudi Arabia will roll out a greenhouse gas credits scheme that would allow firms to offset their emissions by purchasing credits from projects that voluntarily slash or remove carbon emissions in early 2024, Reuters<\/a> reports. The Greenhouse Gas Crediting and Offsetting Mechanism (GCOM) \u2014 launched during the UN\u2019s MENA Climate Week \u2014 \u201caims to act as an incentive to develop emission reduction and removal activities to achieve the kingdom\u2019s ambitious target to reach carbon neutrality by 2060,\u201d a statement<\/a> by the Saudi Energy Ministry read. Taking part in the scheme is voluntary and project-based and would include greenhouse gas and non-greenhouse gas \"metrics across all sectors,\u201d according to its website. Public and private sectors and foreign companies\u2019 subsidiaries will be allowed to participate in the domestic scheme.<\/p>\n

REMEMBER- The voluntary carbon market has been of interest to the Saudis: <\/strong>Saudi Arabia\u2019s Regional Voluntary Carbon Market Company (RVCMC) \u2014 established by the Saudi sovereign wealth fund and the Saudi Tadawul Group \u2014 plans to launch<\/a> a carbon trading exchange early next year. The announcement came as the RVCMC sold 2 mn tons of carbon credits<\/a> in June in what the company described as the largest-ever voluntary carbon credit auction.<\/p>\n

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WATCH THIS SPACE #2-<\/strong> Adnoc is stepping up the game for global expansion: <\/strong>Abu Dhabi oil giant Adnoc says it is seeking potential investments in renewable energy, petrochemicals, LNG, and gas under a global expansion plan, Reuters<\/a> reports. Adnoc did not provide details on the countries it is considering, but two sources with knowledge of the matter say the company is seeking investments in LNG assets in Africa and is looking into acquiring Galp\u2019s 10% stake in a multi bn USD natgas project in the Rovuma Basin north of Mozambique. Adnoc is also investing in energy trading, the company told the newswire, without providing further details.<\/p>\n

REMEMBER- Adnoc wants to accelerate its roadmap to carbon neutrality:<\/strong> Adnoc recently said<\/a> it is planning to reach net zero by 2045, instead of its originally planned 2050, and double its carbon capture capacity by 2030.<\/p>\n

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<\/a><\/strong>WATCH THIS SPACE #3-<\/strong> Morocco\u2019s ongoing drought shows no signs of improvement:<\/strong> Morocco is entering a fifth consecutive year of drought<\/a>, shifting the country into an era of water scarcity that officials say is one of the biggest threats facing the kingdom, The Financial Times<\/a> reports. Morocco\u2019s Minister for Public Works and Water Nizar Baraka said that reservoirs are currently only 26% full as the annual average water inflow fell from 22 bn cbm to 14 cbm in parallel to losses from increased evaporation due to rising temperatures.<\/p>\n

The agricultural + economic impact is major:<\/strong> While agriculture contributes only 12% of Morocco\u2019s GDP on average, 39% of the labor force works in agriculture resulting in reduced incomes for most rural inhabitants, FT writes. A recent World Bank report found that rain-fed agriculture represents 80% of Morocco\u2019s cultivated area \u2014 including the country\u2019s crucial cereal crops such as wheat and barley \u2014 and employs most of the agricultural workforce.<\/p>\n

What can be done? <\/strong>Morocco is working on projects for recycling wastewater, building more desalination plants, expanding the more efficient drip irrigation methods of cultivation, and building channels to connect rivers and supply more regions with water, the FT writes.<\/p>\n

REMEMBER- The IMF just threw Morocco a lifeline:<\/strong> The IMF\u2019s Executive Board signed off on a USD 1.3 bn Resilience and Sustainability Facility<\/a> for Morocco last week. The arrangement follows a separate USD 5 bn Flexible Credit Line arrangement approved in April 2023 in response to slowed growth and raised inflation due to severe drought and spillovers from Russia\u2019s invasion of Ukraine.<\/p>\n

\n

<\/a><\/strong>WATCH THIS SPACE #4- Siemens Gamesa\u2019s troubles deepen:<\/strong> Siemens Energy\u2019s wind turbine unit Siemens Gamesa may shut down factories and sales offices in efforts to curb losses after technical faults cost the wind company EUR 2.2 bn<\/a> earlier this year, Reuters<\/a> reports, citing sources with knowledge of the matter. The spillovers from the losses are expected to continue up to 2026<\/a>. If implemented, the layoffs should provide long-term relief for Siemens Gamesa by outsourcing production of some key components, such as blades, in order to raise margins. Details of the wind division's restructuring are expected to materialize next month when Siemens Energy releases annual results and holds a capital markets day.<\/p>\n

REMEMBER- <\/strong>Siemens Gamesa is a major player in Egypt\u2019s wind energy sector, and is involved in the 500 MW Gulf of Suez<\/a> wind farm \u2014 formerly known as the Ras Gharib<\/a> wind plant \u2014 the 250 MW West Bakr wind farm<\/a>, and the 220 MW Gabal El Zeit 2<\/a> wind project in the Gulf of Suez.<\/p>\n

\n

THE DANGER ZONE #1- <\/strong>Bad news for EVs? <\/strong>A new study<\/a><\/a><\/strong>(pdf)<\/a> published in Nature \u2014 using Qatar as a case study \u2014 found that when examining the entire life cycle, autonomous electric vehicles might emit 8% more greenhouse gas emissions on average compared to non-autonomous electric vehicles. The results show that while autonomy introduces an average 21.2% decrease in operation phase emissions due to improved fuel economy, the manufacturing phase emissions can surge up to 40%, compared to non-autonomous vehicles. To make autonomous vehicles more climate-friendly, the researchers suggest cleaner and more efficient manufacturing technologies, ongoing fuel efficiency improvements in autonomous driving, renewable energy adoption for charging, and circular economy initiatives targeting the complete life cycle.<\/p>\n

THE DANGER ZONE #2- <\/strong>Lack of copper mines spells trouble for energy transition: <\/strong>Copper producers globally say the number of mines currently under development is not enough to support the clean energy transition, The Financial Times<\/a> reports. The warning comes as miners continue to be pressed by a decline in metal prices due to a fragile global economy and cost inflation. Labour shortages are also hampering new supplies, raising concerns over a transition to carbon-free energy. Higher copper prices alone will not be sufficient to secure the metal required for the energy transition globally, said Kathleen Quirk, the head of leading US copper producer Freeport-McMoran. \u201cNow it\u2019s not just price. It\u2019s these other factors that really are going to limit how quickly we can develop supplies,\u201d she said. \u201cWhat may end up happening is that this [energy transition] gets extended out longer.\u201d<\/p>\n

Copper is a gem: <\/strong>Copper \u2014 a critical mineral for EV and battery storage production among other green applications \u2014 has been dubbed the \u201cmetal of electrification\u201d, with forecasts it will grow twofold to reach a 50 mn ton market by 2035 in comparison with 2021 levels, FT writes, citing forecasts by S&P Global. The credit rating agency also expects a \u201cchronic gap\u201d between supply and demand for the critical mineral.<\/p>\n

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CIRCLE YOUR CALENDAR- <\/strong><\/p>\n

The UAE will host the <\/strong>UNCTAD World Investment Forum<\/a><\/strong> from Monday, 16 October to <\/strong>Friday, 20 October<\/strong> in Abu Dhabi. This year\u2019s theme focuses on sustainable investments, with a diverse range of climate financing sessions on promoting investments in the blue economy<\/a>, agrifood systems<\/a>, sustainable infrastructure<\/a>, carbon markets<\/a>, the circular economy<\/a>, strategic minerals<\/a> for decarbonization, and sustainable tourism<\/a>. Some sessions will tackle reform of financial institutions needed to reach net zero<\/a>, such as a session on integrating nature-related risk into capital markets<\/a> and financing an equitable nature economy<\/a>. Public sector investments<\/a> and stock exchange action<\/a> on climate disclosures will also be discussed.<\/p>\n

Oman will host <\/strong>the <\/strong>Duqm Economic Forum<\/a><\/strong> from Monday, 16 October to Tuesday, 17 <\/strong>October<\/strong> in Duqm. The two-day event \u2014 organized by the Public Authority for Special Economic Zones and Free Zones \u2014 will showcase green investment windows and possible partnerships at the Special Economic Zone at Duqm.<\/p>\n

Egypt will host the <\/strong>fourth meeting of the <\/strong>COP27 Transitional Committee<\/a><\/strong> from Tuesday, 17 <\/strong>October to Friday, 20 October <\/strong>in Aswan. The meeting aims to establish institutional arrangements, modalities, governance structures, and terms of reference for the landmark Loss and Damage Fund while expanding sources for climate funding under the program.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends. 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