{"id":88373,"date":"2024-12-03T00:00:00","date_gmt":"2024-12-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/12\/03\/today-cop16-kicks-off-in-riyadh-with-a-usd-2-bn-pledge-to-combat-drought\/"},"modified":"2024-12-03T00:00:00","modified_gmt":"2024-12-03T00:00:00","slug":"today-cop16-kicks-off-in-riyadh-with-a-usd-2-bn-pledge-to-combat-drought","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/12\/03\/today-cop16-kicks-off-in-riyadh-with-a-usd-2-bn-pledge-to-combat-drought\/","title":{"rendered":"TODAY: COP16 kicks off in Riyadh with a USD 2 bn pledge to combat drought"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. <\/strong>There\u2019s no mid-week slump in the news cycle as the COP16 UN Convention to Combat Desertification (UNCCD) rolls into Riyadh. This is the first UNCCD summit to be held in the MENA region, so we expect Saudi will roll out the green carpet and offer up lots of progress. First, a big W for environmental groups\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>Norway puts <\/strong><strong>deep-sea mining plans on ice: <\/strong>Norway halted plans for a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/92c518e3-e891-48dc-a474-ce8e8e6fa5ce\/today:-lots-of-solar-updates-from-oman-and-saudi-%2B-rivian-gets-a-big-boost-from-vw\" style=\"\" rel=\"noopener\">first licensing round in H1 2025<\/a> for deep-sea mining set to include 386 exploration blocks in the Arctic sea bed. The government caved to pressure from a small, minority leftwing party whose approval for the government\u2019s budget plan was needed. Plans may not be completely scrapped, with the move described as a \u201cpostponement\u201d until the next parliamentary term in 2026 by Norwegian Prime Minister Jonas Gahr St\u00f8re. Environmental groups celebrated the move as a major win, blasting the government\u2019s support of ocean mining as \u201ctruly embarrassing\u201d given its proclaimed support for the environment. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reax- <\/strong>Shares in Norwegian sea bed mining startup Green Minerals <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/green-minerals-expects-delay-norways-first-deep-sea-mining-licensing-round-2024-12-02\/\" style=\"\" rel=\"noopener\">plummeted 36%<\/a> after the government canceled the plans. The company\u2019s timeline for exploration \u2014 which targets extracting its first ore by 2030 \u2014 will not be altered despite the change in plan, according to a company <a target=\"_blank\" href=\"https:\/\/greenminerals.no\/2024\/12\/green-minerals-1st-licensing-round-in-norway\/\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- Deep sea mining is controversial: <\/strong>The growing mining industry aims to extract <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/c1babb07-789a-4a51-b197-77c592f1c9c7\/uk-backs-deep-sea-mining-moratorium-in-response-to-worries-over-environmental-impact\" style=\"\" rel=\"noopener\">critical minerals<\/a> essential to EV battery production, including cobalt, copper, nickel, and manganese, but <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/92c518e3-e891-48dc-a474-ce8e8e6fa5ce\/today:-lots-of-solar-updates-from-oman-and-saudi-%2B-rivian-gets-a-big-boost-from-vw\" style=\"\" rel=\"noopener\">scientists say<\/a> oceanic mining comes with a substantial impact on the environment, such as the destruction of natural habitats and undermining the ocean\u2019s ability to capture and sequester CO2. A number of countries, including France and the UK, have called to halt the practice until there is more information on the environmental impact<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story grabbed ink in the international press:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/europe\/norway-stop-deep-sea-mining-says-party-supporting-minority-government-2024-12-01\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-12-01\/norway-cabinet-ally-blocks-deep-sea-mining-licensing-until-2026\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/c9wlj8l8kr7o\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/environment\/2024\/dec\/02\/norway-deep-sea-mining-mine-arctic\" style=\"\" rel=\"noopener\">The Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/12\/02\/norway-hits-pause-on-controversial-deep-sea-mining-plans.html\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.dw.com\/en\/norway-suspends-deep-sea-mining-plans\/a-70857614\" style=\"\" rel=\"noopener\">Deutsche Welle<\/a> | <a target=\"_blank\" href=\"https:\/\/www.lemonde.fr\/en\/environment\/article\/2024\/12\/03\/norway-stops-planned-seabed-mining-for-a-year_6734966_114.html\" style=\"\" rel=\"noopener\">Le Monde<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\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- More regional investments from Green Coast? <\/strong>Dubai-based conglomerate <a target=\"_blank\" href=\"https:\/\/greencoast.ae\/\" style=\"\" rel=\"noopener\">Green Coast<\/a> plans to invest USD 200 mn in Saudi\u2019s renewable energy sector over five years, CEO Mohamed Abdulghaffar Hussein told <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/companies\/62343\/%D8%BA%D8%B1%D9%8A%D9%86-%D9%83%D9%88%D8%B3%D8%AA-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%8A%D8%A9-%D8%AA%D8%B9%D8%AA%D8%B2%D9%85-%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-50-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The company also said its mulling a USD 50 mn renewables and infrastructure investment push in Egypt over the next three years <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/4c9852ec-05f7-489e-bff8-aa411781b61f\/\" style=\"\" rel=\"noopener\">earlier this week<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt2\"><\/a><\/strong><strong>#2- <\/strong><strong>Egypt is exploring the possibility of exporting electricity to Syria through its <\/strong><strong>interconnection link with Jordan<\/strong>, Egypt\u2019s Electricity Minister Mahmoud Esmat told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/power\/62436\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%AF%D8%B1%D8%B3-%D8%AA%D8%B5%D8%AF%D9%8A%D8%B1-%D8%A7%D9%84%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1-%D9%84%D8%B3%D9%88%D8%B1%D9%8A%D8%A7-%D8%B9%D8%A8%D8%B1-%D8%A7%D9%84%D8%A3%D8%B1%D8%AF%D9%86\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The plan hinges on stabilizing the security situation in the country and Egypt\u2019s electricity production vs consumption. An unconfirmed report citing a government official earlier this week pencilled in either 2029 or 2030 as when the country will finally be able to close the gap between domestic production and consumption.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- BP to invest in Egypt\u2019s renewable energy sector?<\/strong> BP CEO Murray Auchincloss signaled the company\u2019s intent to invest in Egypt\u2019s renewables sector and expand its existing hydrocarbon interests in the county in a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid027FcL5zt3P3KrC45AqnZcy7vTfLbnDceKEaBoSJZGTUYB9D52NZcynuefPiRNmUVYl\" style=\"\" rel=\"noopener\">meeting<\/a> with President Abdel Fattah El Sisi and Oil Minister Karim Badawy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>UK <\/strong><strong>pledges GBP 1.98 bn in climate finance: <\/strong>The UK is increasing its climate finance contribution to the World Bank (WB) by 40%, pledging GBP 1.98 bn over the next three years, <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/environment\/2024\/nov\/29\/cop29-uk-increases-world-bank-contribution-boosting-climate-finance\" style=\"\" rel=\"noopener\">The Guardian<\/a> reports. The move \u2014 revealed ahead of a meeting of the WB-member International Development Association (IDA) in Seoul \u2014 aims to enhance climate finance for low-income countries. \"Leaders of low-income countries around the world called for stronger IDA contributions and we listened.\u201d said the UK's Development Minister Anneliese Dodds. The move was welcomed by the Green Climate Fund and UK-based climate campaigners. The announcement follows the contentious Cop29 UN climate summit that saw developed nations agree to provide an underwhelming <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/d8c83d7e-3f4d-4776-9c13-15480203c218\" style=\"\" rel=\"noopener\">USD 300 bn<\/a> of the USD 1.3 tn needed annually to combat climate change in developing countries by 2035.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong>Namibia <\/strong><strong>holds up green bonds sale due to delayed EU support initiative: <\/strong>Namibia is pushing back plans to sell green bonds to fund renewable energy and hydrogen projects due to the EU delaying the financial close of its <a target=\"_blank\" href=\"https:\/\/capacity4dev.europa.eu\/resources\/team-europe-tracker\/partner-countries\/global\/global-green-bond-initiative-ggbi_en\" style=\"\" rel=\"noopener\">Global Green Bond Initiative (GGBI)<\/a>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-27\/namibia-says-eu-initiative-delay-impacting-green-bond-issuances?srnd=phx-green\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing an email response from Finance Minister Iipumbu Shiimi. The delay in EU\u2019s GGBI \u2014 an initiative that supports EU partners in developing green bond markets by providing technical support and de-risking investments \u2014 has undermined the \u201ctechnical support and capacity-building processes\u201d that the Namibian government was banking on to \u201cenhance readiness for larger-scale issuances,\u201d the minister told Bloomberg. The country\u2019s Environmental Investment Fund plans to set up a green bonds office and list the green debt on the Namibian and Johannesburg stock exchanges, but the specific targeted amount it has planned to raise has not yet been finalized. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Namibia is positioning itself as a global green hydrogen leader: <\/strong>Namibia is expected to provide Europe with <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/57e0fb07-e303-40fe-939f-b3a01b01d97b\/antwerp-%2B%253cmark%253e-namibia%253c%2Fmark%253e-partner-on-new-eur-250-mn-hydrogen-and-ammonia-project\" style=\"\" rel=\"noopener\">750k tons of green fuel annually<\/a>, and Europe\u2019s second largest port Antwerp Bruges plans to develop a EUR 250 mn hydrogen and ammonia storage and export facility in Namibia\u2019s Port of Walvis Bay. The facility will store and ship hydrogen and ammonia from companies to refuel passing ships and be used for heavy industry operations in Belgium, Germany, and other European countries. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/47eead66-9f95-48e9-a675-22122b28b657\/ikea-owner-%2B-partners-to-build-norway%25e2%2580%2599s-1.5-gw-offshore-wind-farm\" style=\"\" rel=\"noopener\">In March<\/a>, Germany said it would provide more financial support for Namibia\u2019s USD 10 bn green hydrogen project Hyphen.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE SCORECARD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a><strong>The steel industry is falling behind on energy transition: <\/strong>The world\u2019s biggest steelmakers relied on fossil fuels for 99% of their energy between 2022 and 2023 despite the availability of alternative technology, such as electric arc furnaces (EAFs) or green hydrogen, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/big-steelmakers-failing-make-switch-renewables-survey-shows-2024-11-29\/?utm_source=Sailthru&utm_medium=Newsletter&utm_campaign=Sustainable-Switch&utm_term=112924&lctg=6543337f835bd7c220038e10\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/137.pdf\" style=\"\" rel=\"noopener\">report (pdf)<\/a> by Sydney-based climate group Action Speaks Louder (ASL). While EAFs accounted for 28.6% of global steel production in 2022, green hydrogen-based production remained at zero percent. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/5ca46bcc-0f1b-4543-b3ea-4995b60e4640\/today:-qia-sinks-usd-180-mn-into-dublin-based-mining-firm\" style=\"\" rel=\"noopener\">\u201chard to abate\u201d<\/a> sector accounts for 7% of global carbon dioxide emissions, with affordability standing in the way of its decarbonization, says ASL strategy director and survey author Laura Kelly. To achieve net zero emissions by 2050, the International Energy Agency says that at least 44% of the world\u2019s steel production needs to come from green hydrogen and EAFs, and recycled scrap metals must account for 48% of the production\u2019s input. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the study: <\/strong>The ASL survey looked at the renewables adoption rate in 18 producers from major steel-producing countries and regions, picking the top 3 players in China, the EU, India, Japan, the US, and South Korea. Five failed to have adequate energy information to begin with, and seven did not disclose electricity use figures. To address this information availability gap, the ASL looked at data from BNEF Corporate Power Purchase Agreements. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How did the companies fare: <\/strong>Overall, South Korea\u2019s Hyundai Steel and Dongkuk Steel ranked last with zero renewables use, while Nordic steel company SSAB took the lead, with renewables representing 19% of its energy use. The US-based Cleveland-Cliffs came as a distant second with 2.9%. <\/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 EnterpriseAM Climate, the essential MENA publication for senior <\/strong><strong>execs who care about the world\u2019s most important industry. <\/strong>We\u2019re out Monday through Thursday by 9am in Cairo and Riyadh and 11am in the UAE.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM Climate is available without charge <\/strong>thanks to the generous support of our friends at HSBC and Infinity Power.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email? <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of Enterprise Climate.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on <a target=\"_blank\" href=\"mailto:climate@enterprisemea.com\" style=\"\" rel=\"noopener\">climate@enterprisemea.com<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW <\/strong>that we also cover <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\" rel=\"noopener\">Egypt<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">the UAE<\/a>, and the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\" rel=\"noopener\">MENA<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\" rel=\"noopener\">logistics industry<\/a> ?<br \/><strong>***<\/strong><\/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>CIRCLE YOUR CALENDAR- <\/strong><\/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>UAE will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.mangroveconference.com\/en\/about\/conference\/\" style=\"\" rel=\"noopener\">International Mangrove Conservation and Restoration Conference<\/a><\/strong><strong> from <\/strong><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<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 Energy Summit<\/a><\/strong><strong> from Tuesday, 14 January to Thursday, 16 <\/strong><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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Arabia will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.futuremineralsforum.com\/\" style=\"\" rel=\"noopener\">Future Minerals Forum<\/a><\/strong><strong> from Tuesday, 14 January to Thursday, <\/strong><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<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>Bahrain will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/sustainmideast.com\/\" style=\"\" rel=\"noopener\">Sustainability Forum Middle East<\/a><\/strong><strong> from Tuesday, 28 January to <\/strong><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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>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":"<p>What we\u2019re tracking this morning regionally and around the 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