{"id":84149,"date":"2024-05-14T00:00:00","date_gmt":"2024-05-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/05\/14\/today-nama-inks-ppa-for-omans-largest-desal-plant\/"},"modified":"2024-05-14T00:00:00","modified_gmt":"2024-05-14T00:00:00","slug":"today-nama-inks-ppa-for-omans-largest-desal-plant","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/05\/14\/today-nama-inks-ppa-for-omans-largest-desal-plant\/","title":{"rendered":"TODAY: Nama inks PPA for Oman\u2019s largest desal plant"},"content":{"rendered":"

Good morning, folks. <\/strong>It\u2019s a light news day in the regional climate industry, but we have a development on Oman\u2019s largest desalination plant and a deep dive into the effectiveness of direct air capture as a decarbonization tool. Before we dive in, there\u2019s movement on the Biden front\u2026.<\/p>\n

<\/a><\/strong>THE BIG CLIMATE STORY OUTSIDE THE REGION- <\/strong>Biden gives the US uranium fuel <\/strong>industry a boost: <\/strong>The US will no longer import enriched uranium from Russia to fuel its nuclear power plants after President Joe Biden signed a ban into law yesterday. The move comes as the Biden administration seeks to curb financial outflows to Russia and apply pressure amid the war in Ukraine. The import ban will go into effect within three months allowing the US Department of Energy to issue waivers if supply concerns occur. The new legislature will also give a boost to the domestic uranium fuel industry by unlocking nearly USD 2.7 bn in funding. The US imports nearly 24% of the enriched uranium needed to run power plants from Russia and current domestic capacity supplies only 30% of the fuel needed by reactors in the US. <\/p>\n

The story made headlines in the international press: <\/font><\/strong>Reuters<\/a> | Bloomberg<\/a> | The Washington Post<\/a> | The Guardian<\/a> <\/p>\n

\n

HAPPENING TODAY-<\/p>\n

Global development organization <\/strong>Hivos<\/a><\/strong> is hosting the <\/strong>Green Growth Summit<\/a><\/strong> in Cairo <\/strong>today.<\/strong> Private sector players, financial institutions, investors, donors, and policymakers will gather to discuss green exports, de-risking green investments, green jobs, green ambassadors, and green impact investing. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a>Turkey\u2019s Yildirim Energy to build 109 MW solar plant in Kosovo: <\/strong>Turkish utility giant Yildirim Energy will develop a 109 MW solar PV plant to power its ferronickel plants in Eastern Europe\u2019s Kosovo, according to a statement<\/a>. This plant \u2014 the first for the company in Kosovo \u2014 will cover all consumption demands of the ferronickel plant, the statement added. Ferronickel<\/a> is a crude alloy of iron and nickel sometimes used in making nickel steel.<\/p>\n

About Yildirim Group:<\/strong> Yildirim Group is a family-owned conglomerate headquartered in Turkey with companies in mining and shipping, according to its website<\/a>. The company\u2019s energy subsidiary Yildrem Energy has plans to produce new solar power plants and to build wind and geothermal power projects across its markets, aiming at reaching 3 GW of energy production capacity by 2030, according to its website. The group has a solar subsidiary called Yilsolar<\/p>\n

<\/a>EU greenlights emissions-free truck mandate for 2040: <\/strong>EU nations have approved a law mandating a 90% cut in CO2 emissions from new heavy-duty vehicles sold in the EU by 2040, Reuters<\/a> reports. The law stipulates truck manufacturers will have to sell a large share of fully CO2-free trucks \u2014 including electric vehicles and those running on hydrogen fuel \u2014 in order to offset any unsold CO2-emitting vehicles in 2040. The European Automobile Manufacturers' Association describes the policy as the \u201cworld's most ambitious,\u201d emphasizing the need for rapid infrastructure development, including 50k truck-suitable public electric charging points by 2030.<\/p>\n

The transition will happen gradually:<\/strong> The law will phase-out emissions from trucks gradually, with targets set for a 45% emissions reduction by 2030 and 65% reduction by 2035. New buses sold will also have to cut emissions by 90% in 2030 and 100% in 2035. <\/p>\n

Most of Europe is on board:<\/strong> Only Italy, Poland and Slovakia opposed the new policy, while Germany agreed to back the law following the addition of a preamble stating that the European Commission would consider counting trucks that run on CO2 neutral fuels towards the targets. The Czech Republic abstained from Monday\u2019s vote. <\/p>\n

IN OTHER EU NEWS- EU seeks increase in electric grid funding: <\/strong>The EU is concerned that outdated electricity infrastructure could impede its green energy transition, prompting requests to the European Commission for increased power grid funding, Reuters<\/a> reports, citing a draft document it saw. The bloc aims to expand power grids to accommodate renewable energy sources and EV charging stations by leveraging EU funds and support from the European Investment Bank. <\/p>\n

The power sector is facing several obstacles: <\/strong>Current investments in grids fall short of the required EUR 584 bn, and delays in connecting green energy projects to existing grids highlight the urgency for upgrades, the news outlet writes. Disagreements also persist among EU members regarding cost-sharing for large-scale cross-border projects like offshore wind farms. <\/p>\n

DANGER ZONE- <\/p>\n

The world\u2019s biggest banks back fossil <\/strong>fuel industry: <\/strong>The largest banks in the world doled out USD 6.9 tn in funding for fossil fuels since the 2015 Paris climate agreement, according to a new report (pdf)<\/a> by Banking on Climate Chaos<\/a>. US banks accounted for 30% of the total USD 705 bn provided in 2023 alone, with JP Morgan Chase giving the most worldwide at USD 40.8 bn. Japan\u2019s Mizuho came in second at USD 37.1 bn, while Bank of America followed. European banks made up more than a quarter of fossil fuel financing last year. The UK\u2019s Barclays provided USD 24.2 bn, giving it the top spot in Europe. It was followed by Spain's Santander at USD 14.5 bn and Germany\u2019s Deutsche Bank with USD 13.4bn. <\/p>\n

The story was picked up by <\/strong>The Financial Times<\/a><\/strong>, <\/strong>The Guardian<\/a><\/strong>, and <\/strong>Forbes<\/a><\/strong>.<\/strong><\/p>\n

\n

Biodiversity <\/strong>loss is one of the primary environmental factors driving the increase <\/strong>in infectious disease outbreaks, <\/strong>The Guardian<\/a> reports, citing a study<\/a> published in Nature Journal. The research \u2014 conducted by the University of Notre Dame and Brazil's Fiocruz Institute \u2014 analyzed nearly 1k studies and found that the loss of species poses the greatest risk for disease spread, followed by climate change and the introduction of non-native species. The focus on zoonotic diseases \u2014 which are transmitted from animals to humans \u2014 has intensified following the Covid-19 pandemic, with 75% of emerging human diseases being zoonotic. The researchers suggest that actions like reducing emissions, curbing biodiversity loss, and preventing invasive species could mitigate disease burdens globally.<\/p>\n

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

Saudi Arabia will host the <\/strong>Saudi Energy Convention<\/a><\/strong> from Sunday, 19 May to <\/strong>Tuesday, 21 May in<\/strong> Riyadh. The convention will see energy and utilities industry leaders advance collaborative decarbonization efforts and identify innovation areas. It will also host the Saudi Utilities Convention and Saudi Hydrogen Convention to address the role and challenges of rolling out hydrogen, water and utility projects that are in line with the global energy transition. Over 10k energy professionals and 200 industry speakers will be present at the event. <\/p>\n

The UAE will host <\/strong>The Electric Vehicle Innovation Summit<\/a><\/strong> from Monday, 20 May to <\/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

Saudi Arabia will host the <\/strong>Future Aviation Forum<\/a><\/strong> from Monday, 20 May to <\/strong>Wednesday, 22 May<\/strong> in Riyadh. The event, organized by the General Authority of Civil Aviation, will see the Kingdom showcasing some USD 100 bn worth of investment options in the aviation and logistics sector at large.<\/p>\n

The UAE will host the <\/strong>Bonds, Loans & Sukuk Middle East<\/a><\/strong> event from Tuesday, 4 June to <\/strong>Wednesday, 5 June<\/strong> in Dubai. Billed as the Middle East's largest corporate and investment banking event, it serves as a key meeting point for those active in the region's capital markets. Over 1.4k governments, corporates, investors, banks, law firms, regulators and service providers as well as more than 75 expert speakers will be in attendance. <\/p>\n

Turkey will host the <\/strong>International Conference on European Energy Market<\/a><\/strong>, from Monday, <\/strong>10 June to Wednesday, 12 June<\/strong> in Istanbul. The three-day event will gather experts from scientific, industry, and policy sectors for discussions on various energy market-related topics. The conference covers themes including energy modeling, market design, regulatory policies, and climate change.<\/p>\n

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

What we\u2019re tracking this morning regionally and around the world<\/p>\n","protected":false},"author":1,"featured_media":84150,"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":[11,42,191,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseclimate","tag-solar-energy","tag-turkey","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"7976dc31-611d-4856-84e4-df9093df9a9b","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/1\/2278.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: Nama inks PPA for Oman\u2019s largest desal plant","related_issue":[84147],"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\/5\/.7757242e-129f-4243-8f68-b7cbaa518e69.mp3"},"yoast_head":"\nTODAY: Nama inks PPA for Oman\u2019s largest desal plant - 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