GREEN HYDROGEN-

A push by Oman for green hydrogen: The Oman Investment Authority (OIA) — the sultanate’s sovereign wealth fund — has announced an undisclosed investment in US hydrogen technology startup Electric Hydrogen (EH2), The Times of Oman reported on Saturday, citing a statement by OIA. “At a time when the Sultanate of Oman is taking its first steps in its journey to produce green hydrogen, we believe that it is necessary to establish strategic partnerships with partners who have experience and advanced technical capabilities in this field. Our investment in this company reflects our interest in supporting the development of the green hydrogen sector in the Sultanate of Oman,” said OIA’s Senior Director of Economic Diversification Investments Alwaleed bin Saeed Al Shukaili.

E2H has some big news of its own: E2H was valued at USD 1 bn following an oversubscribed financing round. The company raised USD 380 mn in a series C financing round that included Fortescue, Fifth Wall, Energy Impact Partners, OIA, and BP Ventures.

WIND-

UAE launches first utility-scale wind program: The UAE has launched its first wind program under a bid to diversify its energy mix and accelerate energy transition, state-owned renewables developer Masdar said in a statement on Thursday. The 103.5 MW landmark project developed by Masdar spans four locations, including the Sir Bani Yas Island in Abu Dhabi, where a 45 MW capacity wind farm and a 14 megawatt peak (MWp) solar farm has been developed. Other wind farm locations include Delma Island with 27 MW, Al Sila with 27 MW and Al Halah in Fujairah with 4.5 MW, according to the statement. The statement said PowerChina was the project’s main engineering, procurement and construction contractor while GoldWind Group was the main supplier of equipment.

Big benefits…: The ambitious program is expected to provide electricity to over 23k households annually. It will also remove 120k tons of carbon dioxide from the atmosphere annually, according to the statement.

…That are luring in EWEC: The Emirates Water and Electricity Company (EWEC) has signed a power purchase agreement (PPA) for power generated from the UAE’s first wind program, a statement by EWEC read on Thursday. The agreement will allow EWEC to procure power from the wind farms in Al Sila, Sir Bani Yas Island and Felma Island. It will draw power from 22 wind turbines standing at 95-meters high with a 155-meter wingspan, according to the statement.

More to come? The UAE plans to build up wind capacity as part of a potential second phase of its wind energy program, which will be “commercially driven,” Mohammad El Ramahi, chief green hydrogen officer at Masdar told The National on Thursday. He said his company seeks bringing together an international consortium for the second phase of the project. “The winning consortium with the lowest levelized cost of electricity will enter into a special purpose vehicle (SPV), with the shareholding represented by the economic interests of the respective shareholders,” El Ramahi said.

DECARBONIZATION-

Adnoc spends big for decarbonization drive: Abu Dhabi oil giant Adnoc has announced new agreements worth up to AED 10 bn (c. USD 2.7 bn) with 30 companies for the local manufacturing of critical non-oil products in its supply chain under a decarbonization push, a statement by Adnoc read on Thursday. The agreements back its goal to locally manufacture AED 70 bn (c. USD 19 bn) worth of products by 2027 as part of the wider Make it in the Emirates initiative. The products include locally-manufactured battery energy storage systems, uninterrupted power supply (UPS) equipment, and personal protection equipment, according to the statement.

REMEMBER- Adnoc wants to speed up its roadmap to carbon neutrality: Adnoc recently said it is planning to reach net zero by 2045, instead of its originally planned 2050, and double its carbon capture capacity by 2030.

POLICY-

UAE adopts new incentives for green businesses: The UAE’s Industry and Advanced Technology Ministry has adopted new incentives under the National In-Country Value (ICV) program to encourage green investments. The incentives include a bonus of up to 3% on a company’s overall ICV score if it proves commitment to sustainability-related standards and policies. The higher a company’s overall ICV score, the more access it has to cheaper materials in the procurement process. The commitments are measured based on the company’s practices in sustainability, water management, circularity, emissions reduction, and obtaining green certificates or labeling from the Environment Agency in Abu Dhabi. The ICV program aims to enhance the competitiveness of UAE products, strengthen local supply chains, and attract investment. Only ICV-certified companies can apply for the new criteria. (Wam)

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Italy to allocate portion of USD 34 mn Egypt grant to climate initiatives: Italy has signed seven grant agreements — six with UN agencies and another with the World Bank — worth USD 34 mn to finance development projects in Egypt, including in the climate sector. (Statement)
• A push for hydrogen mobility in the UAE: Emirati EPC contractor MMEC Mannesmann has signed an agreement with German gas giant Linde for the supply and operation of a manual hydrogen refueling station in Dubai. (Statement)
• More recycling in Abu Dhabi: Abu Dhabi-based petrochemicals company Borouge has signed an agreement with Abu Dhabi Waste Management Company (Tadweer) to explore recycling opportunities in Abu Dhabi. (Twitter)