{"id":87261,"date":"2024-10-10T00:00:00","date_gmt":"2024-10-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/10\/10\/today-ebrd-gives-turkeys-green-economy-a-boost-hurricane-milton-dominates-the-climate-conversation\/"},"modified":"2024-10-10T00:00:00","modified_gmt":"2024-10-10T00:00:00","slug":"today-ebrd-gives-turkeys-green-economy-a-boost-hurricane-milton-dominates-the-climate-conversation","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/10\/10\/today-ebrd-gives-turkeys-green-economy-a-boost-hurricane-milton-dominates-the-climate-conversation\/","title":{"rendered":"TODAY: EBRD gives Turkey\u2019s green economy a boost + Hurricane Milton dominates the climate conversation"},"content":{"rendered":"

Good morning, folks. <\/strong>It\u2019s a quiet morning on the regional climate industry landscape, with some updates coming in from Empower and EBRD. State-side, a climate change-fuelled intense hurricane season is literally dominating the headlines today as two superstorms batter the US coastline in close succession, putting climate change in the spotlight\u2026<\/p>\n

THE BIG CLIMATE STORY OUTSIDE THE REGION-<\/strong> Hurricane Milton dominates the <\/strong>headlines sparking a serious climate debate: <\/strong>Hurricane Milton has made landfall on the coast of Florida as a dangerous Category 3 storm before weakening to a Category 2 storm as it came ashore early this morning. Over the course of a mere 12 hours, the hurricane escalated from Category 1 to a Category 5 storm<\/a> earlier this week as it swept over the Gulf of Mexico and sustained winds of 160 mph as of yesterday morning.<\/p>\n

Take it from the meteorologists: <\/strong>NBC 6 South Florida meteorologist John Morales went viral this week after got choked up<\/a> on-air while reporting on the hurricane\u2019s rapid intensification. \u201cWith climate-driven extremes putting us in a place that we haven\u2019t been before, it\u2019s very difficult to stay cool, calm, and collected,\u201d Morales told Mother Jones<\/a> in an interview after the clip went viral. <\/p>\n

Marine heat waves are like \u2018steroids for hurricanes\u2019:<\/strong> Ocean heat is increasingly recognized as a critical factor in storm intensity, with heat and water serving as fuel for the storm. This summer, Gulf of Mexico waters reached record-high temperatures, amplified by a recent marine heat wave. Man-made overheating is like \u201csteroids for hurricanes,\u201d chief meteorologist at Climate Central Bernadette Woods Plack told the Guardian. \"Basically, when the water is warmer, storms can suck up way more of that moisture and that then falls as heavier rain \u2026 it makes it much more likely that we'll see the kind of rapid intensification that we saw, both with Helene and now with Milton, where storms get really, really big, really fast,\" NPR's Rachel Waldholz says.<\/p>\n

Impacts of the storm are making headlines in the international press: <\/strong>Reuters<\/a> | AP<\/a> | Bloomberg<\/a> | Washington Post<\/a> | The New York Times<\/a> | MSNBC<\/a> | CNN<\/a> | BBC<\/a> | The Guardian<\/a> | NPR<\/a> | Axios<\/a> | The Atlantic<\/a> | El Pais<\/a> <\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a>#1- Actis to finalize Gabal El Zeit acquisition by the end of 2024? <\/strong>Ongoing negotiations between the Egyptian government and UK-based private equity giant Actis to purchase the 580 MW Gabal El Zeit wind farm are expected to yield an agreement by the end of this year, unnamed government sources told Al Arabiya<\/a>. Negotiations for the Zafarana project \u2014 which is now being split in two \u2014 remain ongoing, they added.<\/p>\n

More details about the in-the-works acquisition have emerged: <\/strong>Actis will invest to extend the wind farm\u2019s lifespan by an additional ten years, according to the sources. Negotiations in recent weeks have also reportedly revolved around the state\u2019s desire to increase the value of the acquisition \u2014 which the IMF projected in March to be around<\/a> USD 339 mn.<\/p>\n

But this isn\u2019t the first time we\u2019ve heard about an impending stake sale: <\/strong>The Gabal El Zeit and Zafarana wind farms have been on Egypt\u2019s privatization short list<\/a> since the program was relaunched in February 2023. Actis had reportedly completed its due diligence<\/a> and was lining up financing<\/a> for its planned acquisition of the Gabal El Zeit project earlier this year \u2014 the IMF was expecting the sale of both wind farms to conclude before the current fiscal year rolled around.<\/p>\n

<\/a>#2-Iraq\u2019s tie-up to the GCC interconnection power grid is set to be operational in <\/strong>December<\/strong>, Zawya<\/a> reports, citing a statement from the Gulf Cooperation Council Interconnection Authority\u2019s CEO Ahmed Al-Ebrahim. The announcement came after the authority signed an agreement<\/a> with Iraq at the authority\u2019s headquarters in Dammam yesterday to add it to the grid.<\/p>\n

<\/a>#3- China again turns to the WTO to challenge EV tariffs, this time against Turkey: <\/strong>China has initiated a trade dispute at the World Trade Organization (WTO) against Turkey, targeting its 40% tariffs<\/a> and restrictive import conditions on Chinese EVs and hybrids, describing the measures as \u201cdiscriminatory\u201d and \u201cprotectionist,\u201d Reuters<\/a> reports.<\/p>\n

Add it to the pile: <\/strong>This is the second time China has gone up to the WTO to dispute tariffs against its EVs this month \u2013 which are being hit left and right all over the world over allegations that China\u2019s subsidies to the industry are illegally harming competition. Earlier this month, China requested<\/a> the WTO to rule on Canada\u2019s recent 100% tariffs on Chinese EVs<\/a>. The US has also recently confirmed 100% tariffs<\/a> on Chinese EVs and excluded Chinese-made components from EV subsidies. Last Friday, the EU also passed a vote<\/a> to apply up to 45% tariffs on Chinese-made EVs for five years.<\/p>\n

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COP WATCH-<\/p>\n

Major finance execs are giving COP29 a miss:<\/strong> The leaders of Bank of America, BlackRock, Standard Chartered, and Deutsche Bank might be skipping the upcoming COP29 summit in Baku next month, citing logistical challenges and limited avenues for networking, sources with knowledge of the matter told Financial Times<\/a>. Some parties are reportedly casting the event as a more \u201ctechnical\u201d one not suitable for businesses, prioritizing COP30 in Brazil next year instead. COP29 is dubbed by its organizers as the Finance COP, with financing targets for the global energy transitions expected to be a major point of discussion<\/a> among government negotiators. <\/p>\n

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THE SCORECARD- <\/p>\n

#1- <\/strong>Renewables to power half of global electricity by 2030, but miss UN target, <\/strong>according to the recently released International Energy Agency report (pdf)<\/a>. The world is set to add over 5.5k GW of renewable energy capacity by 2030, falling short of the COP28 UN climate goal to triple capacity for emissions reduction. To hit the target, the world needs to upgrade its infrastructure, including implementing 25 mn km of grids and 1.5 GW of storage. <\/p>\n

The breakdown: <\/strong>Solar PV will lead growth, contributing 80% of the increase, while wind energy is set to double its pace. 70 countries \u2014 representing 80% of global renewable power capacity \u2014 are on track to meet their 2030 targets. China is leading the charge, accounting for 60% of the global capacity expansion to 2030<\/p>\n

The solar glut: <\/strong>Global solar manufacturing capacity looks to exceed 1.1 GW by 2024, doubling demand and causing oversupply, price drops, and negative margins for manufacturers. This has led to the cancellation of some 300 GW of polysilicon and 200 GW of wafer projects, worth an estimated USD 25 bn. <\/p>\n

The story also got ink in <\/strong>Reuters<\/a><\/strong>. <\/strong><\/p>\n

#2-<\/strong> Global emissions are likely to hit their historical <\/strong>peak in 2024, setting the stage for the decline,<\/strong> a new report (pdf)<\/a> by Norway-based environmental assessor DNV said. This would be primarily driven by a decline in the cost of solar panels and battery technology, whose prices are expected to drop further by 19% by 2030, boosting low-carbon power generation, the DNV report says. Chinese tech is also powering this global transition with their competitive and cheaper \u201cnew energy\u201d exports dominating the market. China accounts for 58% of global solar installations and 63% of EV purchases, according to the report. <\/p>\n

But climate goals are still out of reach: <\/strong>The transition to clean energy remains too slow to meet Paris Agreement targets mainly due to challenges facing decarbonization of \u201chard-to-electrify,\u201d energy-intensive sectors, such as heavy industry, maritime, railway, and aviation. National security and economic concerns \u2013 including geopolitical conflicts, increased military spending, debt\u2019s rising costs, and trade tariffs\u2019 expansion, are also contributing to the slowing down of the targets, according to the report. <\/p>\n

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

Egypt will host <\/strong>Cairo Water Week<\/a><\/strong> from Sunday, 13 October to Thursday, 17 October <\/strong>in Cairo. The event will explore the connection between water and climate and their impact on resilience in communities and will focus on investment in crisis management and intervention, and early warning systems for floods and droughts to ensure equitable access to clean and safe water.<\/p>\n

Egypt will host the <\/strong>World Urban Forum<\/a><\/strong> from Monday, 4 November to Friday, 8 November<\/strong> in Cairo. The forum, established by the UN and one of its largest non-legislative events, will center around the effect of rapid urbanization on communities, economies, climate change, and policies and will bring together government representatives, academics, business people, urban planners, and more. <\/p>\n

South Africa will host the <\/strong>Critical Mineral Africa Summit<\/a><\/strong> from Wednesday, 6 November to <\/strong>Thursday, 7 November<\/strong> in Cape Town. The summit aims to attract critical minerals investment to the continent and will be held alongside African Energy Week. The summit will be held in partnership with the Southern African-German Chamber of Commerce Partners representing Germany\u2019s increasing investments in southern Africa.<\/p>\n

Azerbaijan will host the <\/strong>United Nations Climate Change Conference or Conference of the<\/a><\/strong>Parties (COP29)<\/a><\/strong> from Monday, 11 November to Friday, 22 November <\/strong>in Baku. The annual conference brings together governments, world leaders, and other stakeholders to advance the Paris Agreement and negotiate ways to fight climate change. The United Nations Framework Convention on Climate Change\u2019s objective is to \u201cstabilize greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system\u201d.<\/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":87262,"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":[40,11,208,88,42,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-egypt","tag-enterpriseclimate","tag-iraq","tag-renewables","tag-solar-energy","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"922e64aa-10b3-48f3-af01-8f2d2d124fc0","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/10\/851.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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