{"id":83413,"date":"2024-04-03T00:00:00","date_gmt":"2024-04-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/04\/03\/today-renewable-energy-capacities-saw-record-additions-in-2023\/"},"modified":"2024-04-03T00:00:00","modified_gmt":"2024-04-03T00:00:00","slug":"today-renewable-energy-capacities-saw-record-additions-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/04\/03\/today-renewable-energy-capacities-saw-record-additions-in-2023\/","title":{"rendered":"TODAY: Renewable energy capacities saw record additions in 2023"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, folks. <\/strong>It\u2019s a very quiet morning on the news front, so we\u2019re delving into a closer look at MENA\u2019s renewables capacity building performance in 2023 and taking a deeper dive into a new report on pathways to help nature restore itself. First\u2026<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG CLIMATE STORY OUTSIDE THE REGION- <\/strong><strong>Shell <\/strong><strong>to appeal order to shelf emissions: <\/strong>Oil giantShell is set to appeal a 2021 court order to slash 45% of its emissions \u2014 equivalent to 740 mn tons a year \u2014 by 2030 compared to its 2019 levels. The Dutch branch of environmental organization Friends of the Earth \u2014 called Milieudefensie \u2014 will face Shell in court over four days from April 8 as the oil giant tries to reverse the 2021 ruling in The Hague.Shell decided to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/739027c2-b7d8-4d7f-881f-1bea1cb0ebd2\/today:-masdar-reaches-financial-close-on-baltic-eagle-acquisition\" style=\"\" rel=\"noopener\">water down its emissions targets<\/a> aiming to reduce its scope 3 emissions \u2014 indirect emissions from the use of its products up and down the value chain representing 70% of a company\u2019s carbon footprint \u2014 by 15-20% by the end of the decade, down from the previous 20%. <strong>The story grabbed ink in <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sustainability\/shell-appeals-against-dutch-courts-landmark-climate-ruling-2024-04-02\/\" style=\"\" rel=\"noopener\">Reuters<\/a><\/strong><strong>, <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-02\/shell-starts-appeal-of-dutch-court-order-for-fast-emissions-cuts?srnd=homepage-europe\" style=\"\" rel=\"noopener\">Bloomberg<\/a><\/strong><strong>, and&nbsp;<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ac1623a4-d87a-4ad5-9328-59c09f381a8f\" style=\"\" rel=\"noopener\">The Financial Times<\/a><\/strong><strong>.<\/strong><\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt1\"><\/a>#1- UAE energy storage firm <\/strong><strong>Enercap <\/strong><strong>eyes IPO: <\/strong>Dubai-based energy storage company <a target=\"_blank\" href=\"https:\/\/enercap.energy\/\" style=\"\" rel=\"noopener\">Enercap<\/a> could IPO by the end of the year early 2025, <a target=\"_blank\" href=\"https:\/\/www.albayan.ae\/economy\/uae\/2024-04-02-1.4850158\" style=\"\" rel=\"noopener\">Al Bayan<\/a> reports, citing a statement by company chairman Wassim Qureshi. The company could decide to debut its shares on the Dubai Financial Market, the Abu Dhabi Exchange, or the Nasdaq Dubai. The move comes as Enercap expands operations with a new AED 220 mn manufacturing facility in Abu Dhabi, following its first plant in Dubai Industrial City.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Enercap: <\/strong>To meet the demands of renewable based systems, Enercap has invented an \u201celectrostatic, encapsulated-capacitor based energy storage, as an alternative to chemical storage,\u201d according to its <a target=\"_blank\" href=\"https:\/\/enercap.energy\/\" style=\"\" rel=\"noopener\">website<\/a>. Enercap provides electrostatic storage across all applications from AA rechargeable cells to MWh grid storage and long-range, fast-charging EV storage, the website adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt2\"><\/a>#2- Egypt\u2019s float is increasing its renewable energy bill: <\/strong>After last month\u2019s EGP devaluation,the Egyptian Ministry of Electricity\u2019s bill for wind and solar energy purchased from USD-priced power purchase agreements (PPAs) increased by EGP 700 mn to reach a total of EGP 2 bn monthly, <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/62285\/%D8%AA%D8%AD%D8%B1%D9%8A%D8%B1-%D8%B3%D8%B9%D8%B1-%D8%A7%D9%84%D8%B5%D8%B1%D9%81-%D9%8A%D9%83%D9%84%D9%81-%D9%85%D8%B5%D8%B1-700-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AC%D9%86%D9%8A%D9%87-%D8%A5%D8%B6%D8%A7%D9%81%D9%8A%D8%A9-%D9%84%D8%B4%D8%B1%D8%A7%D8%A1-%D8%A7%D9%84%D8%B7%D8%A7%D9%82%D8%A9-%D8%A7%D9%84%D9%85%D8%AA%D8%AC%D8%AF%D8%AF%D8%A9-%D8%B4%D9%87%D8%B1%D9%8A%D8%A7\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports. The Egyptian Electricity Transmission Company (EETC) purchases the renewables in hard currency which are then transferred to the national grid to be distributed and sold by the government in EGP. The wind energy purchased alone costs the ministry USD 10 mn monthly, which is now equivalent to EGP 480 mn after the float, compared to the previous EGP 310 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Which PPAs are the culprit?<\/strong> State-owned EETC is committed to purchasing 100% of energy generated from two wind power plants with the capacity of 250 MW each. One is owned by pan-African renewables firm Lekela Power \u2014 which was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/6dc2d41b-520a-47e6-9227-d9c6b689de9a\/infinity-power-acquires-wind-power-platform-lekela-as-part-of-expansion-plans\" style=\"\" rel=\"noopener\">acquired by Infinity Power<\/a> last year \u2014 and began operating in 1Q 2022, while the other is owned by a consortium made up of Egypt\u2019s Orascom Construction, Japan\u2019s Toyota, and France\u2019s Engie which began operating in 4Q 2019, Asharq Business reports. EETC also purchases energy from the wind stations owned by the New and Renewable Energy Authority in Jebel El-Zeit and Zaafarana.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Small Egyptian solar energy firms are also feeling pain: <\/strong>Egyptian solar energy firm <a target=\"_blank\" href=\"http:\/\/www.africapower-eg.com\" style=\"\" rel=\"noopener\">Africa Power<\/a> is aiming to add 25 MW to its portfolio by the end of the year, a 50% drop from the 50 MW it built last year, the company\u2019s managing director Ahmad Hamdy told <a target=\"_blank\" href=\"https:\/\/bitly.ws\/3hgXd\" style=\"\" rel=\"noopener\">Al Mal<\/a>. The company attributed the decline to exchange rate instability and a 10% increase in solar panel prices since the beginning of the year. Africa Power has inaugurated a new branch in Saudi Arabia, capitalizing on the region\u2019s faster-growing demand for solar energy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Renewables and green hydrogen got a mention from El Sisi yesterday: <\/strong>Egyptian President Abdel Fattah El Sisi highlighted plans to increase activity in the Suez Canal and make Egypt a regional hub for \u201ctransportation and transit trade, new and renewable energy, and green hydrogen and its derivatives\u201d during a seven-point speech after being sworn in for his third term. You can read the full speech <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02Q2yMB1361HeFdk8RJZfhJtyPtCCmPrpNUuJL6M5GfDE3UUtH7iCHrxEpsPavb5vfl\" style=\"\" rel=\"noopener\">here<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- EU Innovation Fund investments not working out as planned: <\/strong>The European Union\u2019s USD 43 bn <a target=\"_blank\" href=\"https:\/\/www.euinnovationfund.eu\/\" style=\"\" rel=\"noopener\">Innovation Fund<\/a> \u2014 intended as a rebuttal to the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/3907e1bd-299f-46ad-8f42-7d0fead9dcc7\/breaking-down-joe-biden%25e2%2580%2599s-big-us-climate-bill\" style=\"\" rel=\"noopener\">US Inflation Reduction Act<\/a> (IRA) \u2014 is not yielding the intended results for the projects it has backed, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-02\/eu-s-40-billion-clean-tech-fund-makes-big-bets-early-stumbles?srnd=homepage-europe\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. Companies such as Germany\u2019s Uniper and France\u2019s Engie have backed out of their green hydrogen production plans due to the rising costs of electricity, labor, and financing which will be too expensive to pass on to customers. Attractive US subsidies have also been cited as a reason that companies are choosing not to launch projects in the EU, despite the Innovation Fund\u2019s EUR 6 bn in investments since 2020. \u201cIf its early stumbles turn out to be widespread trends, that will be a worrying sign for the bloc\u2019s ability to hit its 2040 climate targets,\u201d Bloomberg writes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What is the EU Innovation Fund? <\/strong>The fund \u2014 a EUR 40 bn investment vehicle at the core of Europe\u2019s plans to get to net-zero emissions by 2050 \u2014 is financed through Europe\u2019s cap-and-trade system where money is collected from permits sold to polluters. The fund returns the money to polluters as grants or subsidies for new technologies. Most of the funding has gone towards energy-intensive industries \u2014 including hydrogen, ammonia, electrification, and recycling \u2014 while the rest was granted to carbon capture and storage, energy storage, and renewable energy. The Innovation Fund\u2019s inability to support some projects prompted the EU to launch a new fund designed specifically for green hydrogen called the <a target=\"_blank\" href=\"https:\/\/energy.ec.europa.eu\/topics\/energy-systems-integration\/hydrogen\/european-hydrogen-bank_en\" style=\"\" rel=\"noopener\">European Hydrogen Bank<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Across the Atlantic, the IRA is faring much better: <\/strong>The US has doubled the pace of its carbon emission cuts since the IRA green subsidy program was launched in 2022, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sustainability\/climate-energy\/us-climate-law-has-boosted-solar-batteries-hydrogen-other-initiatives-lag-2024-04-02\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing a Clean Investment Monitor <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/260.pdf\" style=\"\" rel=\"noopener\">report (pdf)<\/a>. The IRA helped shore up USD 239 bn of investments towards clean energy, EVs, and carbon management last year \u2014 including from Asian and European companies \u2014 marking a 38% increase y-o-y. Experts anticipate that US climate policies under IRA could push green investments beyond the initial estimate of USD 400 bn, and Goldman Sachs\u2019 projections indicate potential spending of up to USD 1.2 tn by the year 2031. This surge in funding has resulted in over 80 new solar, wind, and energy storage projects. The success of the IRA has prompted Europe to develop its own <a target=\"_blank\" href=\"https:\/\/commission.europa.eu\/strategy-and-policy\/priorities-2019-2024\/european-green-deal\/green-deal-industrial-plan_en\" style=\"\" rel=\"noopener\">Green Industrial Plan<\/a>, Reuters adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- <\/strong><strong>Oil <\/strong><strong>demand for mobility to peak by 2032: <\/strong>Demand for road oil is set to reach a peak of 50 mn barrels per day by 2032, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/road-oil-demand-peak-by-2032-evs-become-more-popular-goldman-forecasts-2024-04-02\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports citing estimates by <a target=\"_blank\" href=\"https:\/\/www.goldmansachs.com\/\" style=\"\" rel=\"noopener\">Goldman Sachs<\/a>. EV sales are estimated to make up more than 50% of car sales by 2040 causing a decline in oil use per vehicle. The peak is expected to be followed by a drop to 4% above 2023 levels by 2040. The rise in the global vehicle count, which is predicted to surge by 60% by 2040, is expected to nearly balance out the decrease in oil consumption per vehicle. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But emerging markets are behind in the transition:<\/strong> The peak for oil demand will vary across different countries, the report adds. Emerging markets excluding China likely to see growth through 2040, offsetting the declines in OECD nations and China, where demand is slated to peak in 2025. Petrochemical and jet products are also set to see significant growth despite the oil demand reaching a peak.<\/p>\n<p class=\"tag-border-left\">DANGER ZONE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt3\"><\/a>A solar panel waste crisis looming: <\/strong>Solar panel waste in Australia will reach a \u201ccrisis point\u201d in the next 2-3 years (instead of the initially predicted 2030 tipping point) if production continues to grow at the current rate, according to an Australian <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/52.pdf\" style=\"\" rel=\"noopener\">white paper (pdf)<\/a> picked up by <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/australia-news\/2024\/mar\/30\/solar-panel-waste-levels-crisis-point-disposal\" style=\"\" rel=\"noopener\">The Guardian<\/a>. The chances of the panels ending up in landfills are high given that recycling solar panels is expensive, there is no framework to ensure that recycled panels meet safety standards, and it is difficult to extract valuable materials from the panels, says the <a target=\"_blank\" href=\"https:\/\/www.unsw.edu.au\/newsroom\/news\/2023\/06\/Repair-reuse-and-recycle-dealing-solar-panels-end-their-useful-life#:~:text=%E2%80%9CWhilst%20there'\" style=\"\" rel=\"noopener\">University of New South Wales Sydney<\/a>, which added that \u201cwe will run out of the world\u2019s reserves of silver in just two decades\u201d if the production of solar panels expands by 5-10x as currently predicted.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s also a global problem: <\/strong>As solar panels become more efficient, users will opt to replace their own panels earlier, contributing to a higher rate of replacements that ultimately leads to more waste, the <a target=\"_blank\" href=\"https:\/\/www.sustainabilitybynumbers.com\/p\/renewables-waste\" style=\"\" rel=\"noopener\">Harvard Business Review<\/a> reported. There is currently no recycling infrastructure due to a lack of financial motivation with one panel costing USD 20-30 to recycle compared to USD 1-2 to send it to a landfill. Solar panels are difficult to recycle given the specialized labor needed to remove necessary materials such as silver. If producers are not incentivized to recycle, the industry could lose competitiveness, the report continues. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"climate\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<br \/><strong>YOU\u2019RE READING ENTERPRISE CLIMATE, the essential MENA publication for senior execs who care about the world\u2019s most important industry. <\/strong>We\u2019re out Monday through Thursday by 9am Cairo \/ 10am Riyadh \/ 11am UAE.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EXPLORE MORE OF ENTERPRISE ON THE WEB \u2014<\/strong><a target=\"_blank\" href=\"http:\/\/www.enterprise.news\" style=\"\" rel=\"noopener\">tap or click here<\/a> to read EnterpriseAM, EnterprisePM, Enterprise Climate, Enterprise Logistics, and The Weekend Edition on our powerful new website packed with reader-friendly features. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Were you forwarded this email? <strong>Get your own <\/strong><strong><a target=\"_blank\" href=\"https:\/\/climate.enterprise.news\/climate\/en\/user\/NewsLetters\" style=\"\" rel=\"noopener\">subscription without charge here<\/a><\/strong> or reach out to us on <a target=\"_blank\" href=\"mailto:climate@enterprisemea.com\" style=\"\" rel=\"noopener\">climate@enterprisemea.com<\/a> with comments, suggestions and story tips.<br \/><strong>***<\/strong><strong>CIRCLE YOUR CALENDAR- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.worldfutureenergysummit.com\/\" style=\"\" rel=\"noopener\">World Future Energy Summit<\/a><\/strong><strong> from Tuesday, 16 April to Thursday, <\/strong><strong>18 April <\/strong>in Abu Dhabi. The summit will address solutions for development in the transformation of future energy systems. The summit will also feature discussions on recycling, waste-to-energy, and air-to-water trends and progressions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.mena.gh2events.com\/\" style=\"\" rel=\"noopener\">Connecting Green Hydrogen MENA<\/a><\/strong><strong> event from Tuesday, 23 <\/strong><strong>April to Thursday, 25 April<\/strong> in Dubai. The event will explore green hydrogen partnerships, policies, and practices in the region, in parallel to a showcasing of the latest in the clean fuel\u2019s technology. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oman will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.omansustainabilityweek.com\/\" style=\"\" rel=\"noopener\">Oman Sustainability Week<\/a><\/strong><strong> from Sunday, 28 April to Thursday, <\/strong><strong>2 May <\/strong>in Muscat. The event will focus on exploring investment opportunities and implementing best practices in sustainability within the energy, water, and environmental sectors.<\/p>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><strong>The UAE will host <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.evinnovationsummit.com\/\" style=\"\" rel=\"noopener\">The Electric Vehicle Innovation Summit<\/a><\/strong><strong> from Monday, 20 May to <\/strong><strong>Wednesday, 22 May <\/strong>in Abu Dhabi. The event will see industry leaders come together to discuss sustainable mobility and tapping into groundbreaking advancements in electric vehicles while engaging with key decision-makers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\" style=\"\" rel=\"noopener\">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":"<p>What we\u2019re tracking this morning regionally and around the world<\/p>\n","protected":false},"author":1,"featured_media":83414,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[44],"tags":[40,11,377,88,52,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-egypt","tag-enterpriseclimate","tag-ipo-watch","tag-renewables","tag-uae","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"dd5a38f7-11f4-488c-9924-7c147c38408e","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/2\/823.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: Renewable energy capacities saw record additions in 2023","related_issue":[83411],"teaser":"What we\u2019re tracking this morning regionally and around the world","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.6ec110a9-279f-42f5-9b09-203e1c2c443c.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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