{"id":80517,"date":"2023-11-09T00:00:00","date_gmt":"2023-11-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/11\/09\/today-china-reveals-vague-methane-emission-reduction-goals-acwa-and-masdar-are-developing-500-mw-of-renewables-in-azerbaijan\/"},"modified":"2023-11-09T00:00:00","modified_gmt":"2023-11-09T00:00:00","slug":"today-china-reveals-vague-methane-emission-reduction-goals-acwa-and-masdar-are-developing-500-mw-of-renewables-in-azerbaijan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/11\/09\/today-china-reveals-vague-methane-emission-reduction-goals-acwa-and-masdar-are-developing-500-mw-of-renewables-in-azerbaijan\/","title":{"rendered":"TODAY: China reveals vague methane emission reduction goals + Acwa and Masdar are developing 500 MW of renewables in Azerbaijan"},"content":{"rendered":"

Good morning, <\/strong>ladies and gentlemen. <\/strong>We bring you another brisk but meaty issue this morning as we slide towards the weekend in our neck of the woods. <\/p>\n

THE BIG CLIMATE STORY- <\/strong>Saudi's Acwa Power has signed an MoU with the UAE's Masdar and State Oil Company of Azerbaijan Republic (Socar) to develop 500 MW of renewable energy projects in Azerbaijan.<\/p>\n

OVER IN COPLAND- China (kind of) reveals methane emission reduction goals ahead of <\/strong>COP: <\/strong>China \u2014 the world\u2019s largest producer of methane \u2014 has pledged to better track and reduce harmful emissions from the potent global warming gas, setting the tone for what\u2019s to come at COP, the Financial Times<\/a> reported, citing a government document. The statement failed to specify definitive targets or timelines for the planned emissions cuts but said it will cover all sectors from energy to agriculture and waste through to 2030. The move was \u201can opening play, rather than a final offer,\u201d a climate policy diplomat told FT, adding that it lays the groundwork for further discussions ahead of the UN climate summit launching later this month. <\/p>\n

China was stubborn at first: <\/strong>China is one of few countries that refused to join the global methane pact signed by more than 150 countries two years ago at the Glasgow climate summit.<\/p>\n

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WATCH THIS SPACE #1- ADIB takes its first green sukuk to market:<\/strong> Abu Dhabi Islamic Bank (ADIB) started selling its five-year benchmark-sized USD-denominated first green sukuk at 145 basis points over US Treasuries, Reuters<\/a> reports, citing an arranging bank document it has seen. The lender is looking to raise USD 500 mn from the debt sale. The bank announced<\/a> on Tuesday that the issuing should follow investor meetings taking place. <\/p>\n

We have an investment cost for the recently announced 1.1 GW solar project in KSA: <\/strong>The consortium selected to develop the 1.1 GW Al Henakiyah solar PV project<\/a> under a build-own-operate agreement is investing USD 1 bn to build the plant, according to a company statement<\/a>. The consortium is made up of UAE\u2019s Masdar, France\u2019s EDF Renewables, and Saudi Arabia\u2019s Nesma Company, who together signed a 25-year power purchase agreement with the Saudi Power Procurement Company to sell solar energy at a price of USD 1.68 per KWh.<\/p>\n

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WATCH THIS SPACE #2- Egypt\u2019s GASCO is ready to jump on the green hydrogen <\/strong>train: <\/strong>The Egyptian Natural Gas Company (GASCO) has approved an amendment in the company\u2019s bylaws to allow the firm to start engaging in hydrogen and carbon capture-related projects, Egypt\u2019s Oil Ministry said in a statement<\/a>. The amendment expands GASCO\u2019s activities to include \u201cestablishing, manufacturing, operating, maintaining, managing, and owning\u201d projects that are necessary for the \u201cproduction, storage, transportation, distribution, selling, purchasing, exporting, and importing hydrogen.\u201d It also allows the company to engage in \u201cseparating and transporting carbon dioxide.\u201d<\/p>\n

REMEMBER-<\/strong> Natural gas companies will play an important role in building green hydrogen infrastructure as researchers are working on technologies to repurpose gas pipelines to transport hydrogen instead. Tunisia<\/a>, Algeria<\/a>, and Morocco<\/a> are currently exploring potential agreements to eventually transform existing natural gas pipelines into (green) hydrogen pipelines. <\/p>\n

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WATCH THIS SPACE #3- Egypt takes its EV production plans digital:<\/strong> Egypt\u2019s government launched an electronic platform for the Egyptian Automotive Industry Development Program<\/a> (AIDP), which encourages EV localization with the aim of enhancing the country\u2019s existing assembly and manufacturing capabilities, and of encouraging new investment into the sector, according to a cabinet statement<\/a>. The government finalized policy amendments to allow financial incentives to replace, convert, and finance the purchase of vehicles powered by clean energy. It's also ramping up a list of incentives for the production of EVs to attract manufacturers and reduce the use of fossil fuel-powered cars to allow for more EVs. <\/p>\n

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THE DANGER ZONE #1- Petrostates\u2019 plans for fossil fuel expansion will \u201cblow the <\/strong>planet\u2019s carbon budget twice over,\u201d<\/strong>the Guardian<\/a> reports, citing the UN\u2019s Production Gap report (pdf)<\/a>. The energy plans of the fossil fuel producers contradicted their climate pledges, and would lead to de facto increase in coal production by 460%, gas production by 83%, and oil production by 29% more above what is allowed to keep temperatures below 1.5\u00b0C. The largest carbon emitters from planned fossil fuel production are India (coal), Saudi Arabia (oil) and Russia (coal, oil, and gas), while the UAE, US, and Canada are also planning to be major oil producers, the news outlet said.<\/p>\n

THE DANGER ZONE #2- The hottest year on record?<\/strong> 2023 is \u201cvirtually certain\u201d to be the warmest in 125k years, Reuters<\/a> reports, the EU's Copernicus Climate Change Service (C3S). October\u2019s 2019 record was broken by 0.4\u00b0C, after September 2023 also broke the temperature records by a large margin. The average surface air temperature globally in October was 1.7\u00b0C warmer than pre-industrial levels, the report adds. The heat results from greenhouse gas emissions from human activity along with weather patterns caused by El Nino<\/a>. \u201cMost El Nino years are now record-breakers because the extra global warmth of El Nino adds to the steady ramp of human-caused warming,\u201d said University of Pennsylvania climate scientist Michael Mann.<\/p>\n

THE DANGER ZONE #3- Tunisia\u2019s agriculture sector will take a big hit as drought <\/strong>worsens: <\/strong>Agricultural production in Tunisia is predicted to drop by 29.1% to 33.1% by 2050 due to increased water shortages brought about by climate change, according to the World Bank\u2019s Fall 2023 Economic Monitor of Tunisia (pdf)<\/a>. These losses would translate into a reduction in GDP by 4.1% to 4.6% by 2050, or 2% to 2.7% (USD 900 mn to USD 1.3 bn) by 2030. If today\u2019s trajectory continues, the available water per person per year could fall by 66%, leaving a 28% supply gap by 2050. The impacts are already being felt and are shrinking the country\u2019s growth, the report concludes.<\/p>\n

Tunisia\u2019s prized olive yields will be impacted the most:<\/strong> Tunisia\u2019s valued olive yields \u2014 which accounted for a significant 40% of total agricultural exports in 2019 \u2014 could drop by as much as 69% by 2050. <\/p>\n

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HELP SUPPORT GAZANS-<\/strong><\/p>\n

Want to support relief efforts in Gaza, but don\u2019t know how?<\/strong> We\u2019ve got you. More than a mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century. The charities we\u2019re listing below are regional organizations working on Gaza relief that we think you can trust if you want to make a donation.<\/p>\n

#1- Egyptian Red Crescent Society<\/strong> is one of the nation\u2019s leading providers of humanitarian and emergency medical services. The Egypt Red Crescent accepts donations in EGP online<\/a> and is on Fawry with the service code 99981. You can also donate to the organization through this Banque du Caire account: 49\/403\/30 (EGP) or 1065\/601\/30 (USD \u2014 code: BCAIEGCX030).<\/p>\n

#2- The Emirates Red Crescent Authority<\/strong> has launched the Tarahum \u2014 For Gaza campaign and is accepting donations online<\/a> via What\u2019s App, SMS, Apple Pay, credit card, or bank transfer to ADIB (AE370500000000020000417).<\/p>\n

#3-<\/strong>The King Salman Humanitarian Aid and Relief Center<\/strong> has launched the Sahem campaign<\/a> accepting donations via their website, mobile apps on Apple Store and Google Play, or bank transfer to Al Rajhi Bank (SA5580000504608018899998).<\/p>\n

#4- UNICEF has been on the ground in Gaza since the start of the crisis<\/strong>, providing urgent supplies and aid. You can donate to the agency directly in your local currency using your credit card <\/a>here<\/a>.<\/p>\n

ALSO- The folks at <\/strong>Talabat<\/a><\/strong> are processing donations for a range of Gaza relief appeals by charities<\/strong> including the Egyptian Food Bank, Misr El Kheir and the Emirates Red Crescent Authority\u2019s Tarahum campaign. You can make the donation via the Talabat app using your credit card.<\/p>\n

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

Turkey will host the <\/strong>GCC-T\u00fcrkiye Economic Forum<\/a><\/strong> from Saturday 11 November <\/strong>to Monday, 13 November <\/strong>in Istanbul. The forum aims to bring together key ministers and state officials from the Gulf countries and Turkey to explore areas of potential investments and commercial ties and to establish a network for joint projects in the energy, defense, banking, retail, and transportation sectors. The event is organized by the Gulf Research Center and Turkey\u2019s International Cooperation Platform. <\/p>\n

The UAE will host the <\/strong>MENA Solar<\/a><\/strong>Conference<\/a><\/strong> from Wednesday, 15 November to Saturday, 18 November <\/strong>in Dubai.The event will focus on all things photovoltaic, with a full programme on PV materials and devices, future technologies, PV reliability, and forecasting for performance assessment. The conference will also touch on how developments in system operations, concentrated solar power, and grid integration are necessary for the green transition. This will be the first scientific and technical conference specializing in solar energy systems in the region. <\/p>\n

The UAE will host the <\/strong>Aviation and Alternative Fuels conference<\/a><\/strong> from Monday, 20 <\/strong>November to Friday, 24 November<\/strong> in Dubai. The event will bring together senior government officials and international organizations to assess progress in the development and deployment of sustainable aviation fuels (SAFs) and lower-carbon aviation fuel (LCAF) measured according to the targets outlined in the 2050 Vision for SAF, agreed upon at the last Aviation and Alternative Fuels conference in 2017. <\/p>\n

The UAE will host the <\/strong>Abu Dhabi Finance Week (ADFW)<\/a><\/strong> from Monday, 27 <\/strong>November to Thursday, 30 November<\/strong> in Abu Dhabi. The event will gather government officials, banks, financial institutions, and VCs to delve into today\u2019s economic, technological, and sustainability conversations. <\/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>\n","protected":false},"excerpt":{"rendered":"

Good morning, ladies and gentlemen. We bring you another brisk but meaty issue this morning as we slide towards the weekend in our neck of the woods. 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