{"id":88217,"date":"2024-11-26T00:00:00","date_gmt":"2024-11-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/11\/26\/today-egypt-jordan-ramp-up-green-hydrogen-and-ammonia-ambitions\/"},"modified":"2024-11-26T00:00:00","modified_gmt":"2024-11-26T00:00:00","slug":"today-egypt-jordan-ramp-up-green-hydrogen-and-ammonia-ambitions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/11\/26\/today-egypt-jordan-ramp-up-green-hydrogen-and-ammonia-ambitions\/","title":{"rendered":"TODAY: Egypt + Jordan ramp up green hydrogen and ammonia ambitions"},"content":{"rendered":"

Good morning, friends. <\/strong>Green hydrogen and ammonia agreements are picking up once again in the region, with updates from Egypt and Jordan this morning. We also have a smattering of debt and investment updates to dive into. But first, the Adani fallout continues\u2026<\/p>\n

THE BIG CLIMATE STORY OUTSIDE THE REGION-<\/strong> TotalEnergies halts business <\/strong>with Adani due to corruption allegations: <\/strong>French oil giant TotalEnergies has suspended investments in India\u2019s Adani Group following a US probe into bribery<\/a> and corruption at Adani Green Energy. Total has a 20% stake in Adani Green, 37.4% in Adani Total Gas, and has three renewable energy JVs with Adani Green. \u201cUntil such time when the accusations against the Adani group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani group of companies,\u201d the company said in a press release<\/a>. The company maintains that it was not informed of the investigation. <\/p>\n

The scandal puts a wrench in Total\u2019s Asia expansion plans: <\/strong>Total was banking on expansion in India \u2014 which is experiencing a surge in electricity generation \u2014 to grow its renewables and natural gas businesses. Its partnership with Adani was dubbed a \u201cstrategic alliance,\u201d with 25% of Total\u2019s renewables portfolio dedicated to investments in Adani\u2019s solar and wind assets. The amount of Total\u2019s financing linked to Adani stands at between 4-5 bn, Bernstein Research analysts estimated. <\/p>\n

The story grabbed ink in <\/strong>Reuters<\/a><\/strong>,<\/strong> Financial Times<\/a><\/strong>, and<\/strong> Bloomberg<\/a><\/strong>.<\/strong><\/p>\n

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HAPPENING THIS WEEK-<\/p>\n

#1- The <\/strong>Egypt Energy Show<\/a><\/strong> will open its doors today in Cairo and run through to <\/strong>Thursday.<\/strong> The event \u2014 promoted as North Africa\u2019s largest energy gathering \u2014 will bring together local and international energy companies from the entire energy value chain from energy storage to transmission and renewable along with government officials from at home and the region.<\/p>\n

#2- The <\/strong>World Food Security Summit<\/a><\/strong> is kicking off today in Abu Dhabi and wraps <\/strong>tomorrow.<\/strong> Experts and stakeholders will discuss the development of innovative solutions and strategies for sustainable food production in challenging conditions.<\/p>\n

#3-<\/strong> The<\/strong>RAK Energy Summit<\/a><\/strong> will begin tomorrow in Ras Al Khaimah, UAE. <\/strong>Discussions and panels will be centered around the energy sector transition and net-zero targets, with topics ranging from policy to implementation of new technologies. <\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a><\/strong>#1- The fifth and final round of UN-brokered talks that hope to secure an international <\/strong>agreement curbing plastic pollution kicked off yesterday<\/strong> in Busan, South Korea. The talks \u2014 running until 1 December \u2014 hope to address the plastic waste crisis by agreeing on a combination of measures for waste reduction and management, Reuters<\/a> reported. Over the next few days, delegates from over 170 countries will be huddling to hammer down a final agreement from a 69<\/a>-page draft<\/a>agreement (pdf)<\/a> that includes widely conflicting options.<\/p>\n

The differences<\/strong>: <\/strong>A coalition of more than 60 \u201chigh ambition\u201d nations led by Rwanda and Norway is pressuring for an \u201cupstream\u201d approach, targeting plastics at the production level, the Financial Times<\/a> reports. Such an approach would include working towards phasing out single-use plastics and banning poisonous chemicals used in production. In contrast, fossil fuel-dependent countries \u2014 like Saudi Arabia, Russia, and Iran \u2014 are opposing any binding production caps and are pushing instead for management solutions, arguing that the agreement should raise money to scale up recycling and improve waste collection, according to Bloomberg<\/a>. <\/p>\n

Unprecedented urgency as plastic waste moves towards unmanageable levels: <\/strong>Plastic use could triple by 2060, and so is its waste, with half of that amount set to end up in landfills and less than a fifth being recycled, The Guardian<\/a> reports, citing data provided jointly compiled by environmental group Resource Futures and international Christian charity group Tearfund. <\/p>\n

<\/a><\/strong><\/strong>#2- <\/strong>SPPC <\/strong>prequalifies developers for sixth round of NREP:<\/strong> The Saudi Power Procurement Company (SPPC) has prequalified a total of 22 utility project developers \u2014 national and international \u2014 for the sixth round of wind and solar projects under the National Renewable Energy Program (NREP), according to a statement<\/a>. The prequalified bidders include Masdar, EDF Renouvelables, Total Energies, Marubeni, Sumitomo, Jera, Kepco, Korea Western Power, Spic Huanghe Hydropower, Jinko Power, and Sembcorp Utilities.<\/p>\n

This has been in the works:<\/strong> The company issued requests for qualification (RFQs)<\/a> for five wind and solar projects in September. This round will add a combined capacity of 4.5 GW to Saudi Arabia's renewable energy portfolio. Key projects in this round include the 1.5 GW Dawadmi Wind IPP in Riyadh and four solar PV projects: a 1.4 GW plant in Najran, 600 MW each in Samtah and Ad Darb in Jizan, and a 400 MW plant in Hail.<\/p>\n

#3-<\/strong>Abu <\/strong>Dhabi Islamic Bank (ADIB) has released its first comprehensive <\/strong>Net Zero report<\/a><\/strong>(pdf)<\/a><\/strong>,<\/strong> according to a statement<\/a>. The report sets decarbonization targets for 2030 across its operational and financed emissions, aiming for a 49% reduction in operational emissions by 2030 compared to its 2022 baseline and setting sector-specific targets in its financing portfolio. <\/p>\n

Sector-specific targets breakdown:<\/strong><\/p>\n