{"id":88295,"date":"2024-11-28T00:00:00","date_gmt":"2024-11-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/11\/28\/today-adnoc-launches-xrg-to-invest-in-low-carbon-energy\/"},"modified":"2024-11-28T00:00:00","modified_gmt":"2024-11-28T00:00:00","slug":"today-adnoc-launches-xrg-to-invest-in-low-carbon-energy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/11\/28\/today-adnoc-launches-xrg-to-invest-in-low-carbon-energy\/","title":{"rendered":"TODAY: Adnoc launches XRG to invest in low carbon energy"},"content":{"rendered":"

Good morning, ladies and gents. <\/strong>It\u2019s a busy end to a busy week, and we\u2019re going out with a bang. Adnoc has launched a mega investment vehicle to fuel its commitment to low carbon energy solutions and we have all the details in the news well below, but first, an update from the world\u2019s biggest CO2 emitter\u2026<\/p>\n

THE BIG CLIMATE STORY OUTSIDE THE REGION- China set to hit CO2 emissions <\/strong>peak ahead of target: <\/strong>China will hit its CO2 emission by this year or next, according to 44% of experts surveyed by the Centre for Research on Energy and Clean Air (CREA) believe. Confidence in the country hitting its emission peak increased significantly compared to last year\u2019s survey, in which only 21% shared that sentiment. The rising confidence comes on the back of record clean energy uptake that met the country\u2019s expanding energy demand. <\/p>\n

So is coal burning: <\/strong>Around 36% of surveyed experts believe that coal use has also peaked in the country, up by 16% from last year. China has pledged to \u201cstrictly control\u201d the use of coal \u2014 which accounts for over 80% of China\u2019s total emissions \u2014 aiming to cut its use starting in 2026. Yet, the country has not committed yet to a coal phaseout, which analysts, such as Wang Xiaojun of the Manilla-based People of Asia for Climate Solutions, believe would be necessary to achieve climate goals. <\/p>\n

A rise in emission is still possible: <\/strong>More needs to be done to ensure the country is on the road for structural decline in emissions. The country \u2014 which targets peak emissions before 2030 and a 2060 carbon neutrality \u2014 has recently launched an economic stimulus package that is set to accelerate energy demand. This will require it to \u201ceither speed up renewable energy deployment even further or guide economic development in a less energy-intensive direction,\u201d CREA lead analyst Lauri Myllyvyrta said.<\/p>\n

The story grabbed ink in the international press:<\/strong> Reuters<\/a> | Bloomberg<\/a> | Financial Times<\/a> | The Guardian<\/a> <\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a><\/strong>#1- Egypt to partially pay Scatec in EGP for electricity: <\/strong>Egypt has reached an agreement with Norwegian renewables developer Scatec to partially pay for the electricity purchased under the 25-year power purchase agreement<\/a> for its planned 1 GW solar and 100-200 MWh battery storage hybrid project in local currency, Asharq Business<\/a> reports, citing two unnamed government officials. <\/p>\n

The breakdown:<\/strong> The agreement would see the government make 50% of its payments in EGP for the first three years, then pay 25% in EGP and 75% in USD for the remaining duration of the agreement. The agreement sets the electricity purchase price at EGP 2.3 per KW hour, one of the sources said. Scatec is expected to break ground on the project in 1H 2025 and Asharq Business\u2019 sources see the project kick off operations early 2026. <\/p>\n

Scatec has other projects in Egypt: <\/strong>Scatec is part of a consortium including Belgian engineering group John Cockerill, Yara International, Egypt\u2019s Petrochemical Holding Company, and Misr Fertilizer Production Company (Mopco) to produce green ammonia in Damietta<\/a> with investments exceeding USD 900 mn. It is also developing a 100 MW green hydrogen plant<\/a> with Orascom Construction and Fertiglobe. The company is also part of another consortium including France\u2019s Technip Energies and Schlumberger that is reportedly<\/a> in talks with the government to localize the production of electrolyzer components.<\/p>\n

IN OTHER EGYPT NEWS- <\/strong>Egypt is working to pay off Dabaa expenses: <\/strong>The Egyptian government is committed to paying off what it owes the Russian developers of the 4.8 GW Dabaa nuclear power plant<\/a>, according to a statement<\/a>.<\/p>\n

What we know about Dabaa finances: <\/strong>The facility would cost somewhere around USD 30 bn, 85% of which is being financed through a USD 25 bn loan<\/a> from Russia with a 3% interest rate, with Egypt scheduled to begin repaying the sum in October 2029. The Russian loan\u2019s payments are set to kick in starting 2029, over 22 years through 43 installments, Reuters<\/a> reported in 2016, citing Egypt\u2019s official gazette. Egypt was responsible for financing the remaining 15%, with payments scheduled in installments.<\/p>\n

It is not clear whether the government\u2019s statement refers to the self-financed 15% <\/strong>portion of the reactors\u2019 costs or the Russian loan. <\/strong><\/p>\n

AND <\/strong>Onasolar <\/strong>to help projects go green: <\/strong>Local solar energy firm Onasolar<\/a> will bring 144 MW worth of solar energy onto the grid during 1H 2025, an unnamed company official told Al Arabiya<\/a>. The projects include a 100 MW plant in West Sohag for the Electricity Ministry, a 40 MW plant in Wadi El Natrun to feed a 37k feddan agricultural project, and a 4 MW solar project at Cairo International Airport.<\/p>\n

Also in the pipeline: <\/strong>Onasolar plans to set up up to 1 GW worth of solar projects in partnership with the Electricity Ministry, add a fourth production electrical transformers line to its facilities, and eventually tap the Sudanese, Libyan, and Iraqi markets. <\/p>\n

<\/a><\/strong>#2- Tajikistan will soon sign <\/strong>an MoU with Saudi renewables giant Acwa Power to develop solar and wind energy projects<\/strong>, Tajikistani Minister of Energy and Water Resources Daler Jum\u2019a told CNN Business Arabic<\/a>. No details on the size of the projects or investment tickets were disclosed. <\/p>\n

Tajikistan wants to become a clean energy hub in Central Asia: <\/strong>The country \u2014 which already produces 98% of its electricity via hydroelectric power \u2014 wants to become a regional energy hub by expanding its hydroelectric power and growing its renewables portfolio and grid capabilities. Boasting a hydroelectric power potential of 527 TWh, Tajikistan hopes to produce 100% of its electricity through green energy while tripling its exports of low-carbon electricity by 2027. The country also has green hydrogen ambitions, with plans to produce 500k tons of the green fuel<\/a> by 2030 and export three-quarters of this capacity to neighboring countries. <\/p>\n

Investments from KSA and UAE in renewables are a top priority for Tajikistan, <\/strong>Jum\u2019a told CNN. The KSA-based multinational Islamic Development Bank, for example, has funneled USD 150 mn into the country\u2019s 3.6 GW Rogun Hydropower<\/a> plant earlier this year. <\/p>\n

REMEMBER- <\/strong>A JV between Masdar and Alpha Dhabi\u2019s W Solar Investment \u2014 called MW Energy \u2014 signed an MoU with Tajikistan\u2019s Energy and Water Ministry in October 2023<\/a> to explore developing at least 500 MW of green energy projects. The first 500 MW represents phase 1, with further investments said to be expected in the future in public-private partnership projects, including (floating) solar power, wind, and hydropower. <\/p>\n

<\/a><\/strong>#3- <\/strong>Saudi <\/strong>and Russia say no to \u201ctransitioning away from fossil fuels\u201d in UN General <\/strong>Assembly climate change resolution:<\/strong> An EU-sponsored amendment to the non-binding resolution that called for the doubling down on renewable energy and energy efficiency while phasing out fossil fuels was voted down following opposition from oil producing states led by the Kingdom and Russia, The New York Times<\/a> reports. The Saudi delegation argued that the language of the proposed amendment lacked \u201cbalance.\u201d <\/p>\n

Not the first time: <\/strong>Saudi Arabia has been criticized for its role in blocking efforts to address fossil fuel transition at COP29 earlier this month. Transitioning away from fossil fuels \u2014 a key outcome of COP29 global stocktake \u2014 failed to make it in the final text after a Saudi-led group of nations reportedly<\/a> used a variety of tactics to block any language on possible actions on the fossil pledge.<\/p>\n

#4- <\/strong>Chinese <\/strong>solar manufacturers team up to address price slump: <\/strong>Around 22 Chinese solar exporters, including major players like Trina Solar, LONGi Green Energy Technology, and Tongwei, have pledged to halt the practice of undercutting each other\u2019s prices in foreign markets, Bloomberg<\/a> reports. The companies \u2014 which have been in a \u201cprices war\u201d amid oversupply that brought prices down \u2014 are forming a committee to \u201cmaintain orderly exports\u201d and foster \u201chealthy competition.\" <\/p>\n

China\u2019s <\/strong>solar industry is under a stress test: <\/strong>Consistent production capacity additions and generous government incentives have brought solar production in China to an all-time high. However, producers have reached a point of overproduction that has recently resulted in significant losses, layoffs, and bankruptcies, prompting calls for cooperation and government intervention to support the industry, Bloomberg reported. <\/p>\n

The Chinese government is also set to reduce a key export levy rebate<\/strong> from 13% to 9%<\/strong> starting 1 December, which could also result in higher prices while also impacting the companies\u2019 short-term financial performance. However, the long-term impact is expected to be minimal, Daiwa analyst Dennis Ip told Bloomberg. This policy change is also intended to encourage the export of high-value-added products while reducing the risk of anti-subsidy tariffs, Ip said.<\/p>\n

More corrective policy changes may be coming soon: <\/strong>Shares in Chinese solar manufacturers soared<\/a> amid speculations about government measures to address oversupply last month. Speculative news that the Industry and Information Technology Ministry might introduce rules to limit polysilicon production drove the shares up. The solar sector has shown signs of recovery despite recent struggles due to industry overcapacity largely driven by Chinese producers. The anticipation of significant policy changes, including the possible retirement of less-efficient polysilicon plants, has fueled investor optimism. Analysts from Tebon Securities suggest that improving risk appetite could create more investment opportunities in the sector.<\/p>\n

IN OTHER CHINA NEWS-<\/strong> BYD <\/strong>may be prepping for a price battle as competition soars in China\u2019s EV market, <\/strong>a leaked letter by BYD asking a supplier to take on a 10% price cut in 2025 suggests, Bloomberg<\/a> reports. China\u2019s auto market has been experiencing a price war for the past two years as oversupply and price cuts by big players like BYD push smaller companies out of the industry. The company\u2019s PR director Li Yunfei brushed off the suggestion, claiming that price reduction targets are \u201ccommon practice.\u201d<\/p>\n

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

Qatar will host the <\/strong>World Energy Storage Conference<\/a><\/strong> from Tuesday, 3 December to <\/strong>Thursday, 5 December <\/strong>in Doha. The event will gather scientists, researchers, engineers, policymakers, and industry experts to discuss advancements and challenges in energy storage technology. The detailed agenda is yet to be announced.<\/p>\n

Saudi Arabia will host the <\/strong>Conference of the Parties (COP16) to the United Nations<\/a><\/strong>Convention to Combat Desertification<\/a><\/strong> from Monday, 2 December to Friday, 13 December <\/strong>in Riyadh. The summit will convene leaders and officials from 196 member-states and territories to advance actions and hold ministerial dialogues on resilience and finance, focusing on policies, tech and innovative funding mechanisms.<\/p>\n

UAE <\/strong>will host the <\/strong>International Mangrove Conservation and Restoration Conference<\/a><\/strong> from <\/strong>Tuesday, 10 December to Thursday, 12 December <\/strong>in Abu Dhabi. The conference \u2014 happening in parallel to Riyadh\u2019s COP16 on desertification \u2014 will gather global scientists and conservation experts dedicated to mangrove and coastal ecosystem restoration, seeking to share research, innovative approaches, and best practices for holistic restoration, including habitat diversity, connectivity, and climate resilience.<\/p>\n

The UAE will host the <\/strong>World Energy Summit<\/a><\/strong> from Tuesday, 14 January to Thursday, 16 <\/strong>January<\/strong> in Abu Dhabi. The summit will host over 350 speakers including energy industry leaders and policymakers with discussions ranging from eco-waste to sustainable cities. An exhibition will also be held for showcasing green products.<\/p>\n

Saudi Arabia will host the <\/strong>Future Minerals Forum<\/a><\/strong> from Tuesday, 14 January to Thursday, <\/strong>16 January<\/strong> in Riyadh. The forum will gather stakeholders from over 170 countries to discuss mineral technology and exploration. Speakers will include senior government officials and CEOs from renowned mining companies Vale, Rio Tinto, and Manara.<\/p>\n

Bahrain will host the <\/strong>Sustainability Forum Middle East<\/a><\/strong> from Tuesday, 28 January to <\/strong>Wednesday, 29 January<\/strong> in Manama. Climate experts and decision-makers will convene to discuss a number of issues ranging from decarbonization to supporting SMEs on their path to net zero. Speakers will include GCC government officials and industry leaders from the banking and industrial sectors.<\/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":88296,"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":[184,169,40,11,76,88,159,330,42,52,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-acwa-power","tag-dabaa","tag-egypt","tag-enterpriseclimate","tag-nuclear-energy","tag-renewables","tag-saudi-arabia","tag-scatec","tag-solar-energy","tag-uae","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"fe19397e-e25d-474d-9079-92e37655da13","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/11\/2666.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: Adnoc launches XRG to invest in low carbon energy","related_issue":[88293],"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\/11\/.8d474709-f7fd-486a-9e86-3ec0aa5e67e1.mp3"},"yoast_head":"\nTODAY: Adnoc launches XRG to invest in low carbon energy - 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