TODAY: Mubadala Energy eyes up Indonesia’s geothermal capacities + All the eVTOL updates from the Dubai Airshow
Good morning, ladies and gents. It will be a brisk morning read, but first, we have a small announcement to make…
We’re fine-tuning our publication schedule. Starting today, we’re going to be dispatching Enterprise Climate a few hours later. Climate will hit your inboxes at 9am CLT. (Add one hour for our readers in Saudi and two for our readers in the UAE.)
Why the change? In our ideal world, folks wake up and start their days with EnterpriseAM — and then read an industry vertical if it is meaningful to their work lives or simply interests them.
THE BIG CLIMATE STORY- The UAE’s Mubadala Energy signed an agreement with Indonesia's Pertamina Geothermal Energy and US oil-giant Chevron to explore potential geothermal energy projects in
^^ We have the details on this story and more in the news well, below.
HAPPENING TODAY: The MENA Solar Conference is kicking off today in Dubai and running through to Saturday. The event will offer a full program on PV materials and devices, future technologies, and forecasting for performance assessment. The conference will also touch on how developments in system operations, concentrated solar power, and the grid integration necessary for the green transition.
THE BIG CLIMATE STORY OUTSIDE THE REGION- The world on track for a 9% emissions hike by 2030: Even if countries meet their current carbon slashing targets under Nationally Determined Contributions (NDCs), greenhouse gas emissions are on track to rise 8.8% from 2010 levels by 2030, according to a new UN report. The UN predicts the world’s carbon output may peak by the end of the decade due to a projected 2% fall in emission levels compared to 2019, but says forecast global greenhouse gas volumes by 2030 are still a far cry from the 43% cut from 2019 levels the UN Intergovernmental Panel on Climate Change says is needed to avert crossing the Paris-agreed 1.5 warming threshold. The report analyzed the updated NDCs of 200 countries — some submitted as recently as September — and says minor carbon planning improvements have been made that brought down the 10.6% emissions increase from 2010 levels it had predicted last year by about 2%.
The story made headlines in the international press: The New York Times | Washington Post | Reuters | CNN | Bloomberg | The Financial Times | France 24 | Deutsche Welle
WATCH THIS SPACE #1- Hydrom eyes USD 20 bn worth of green hydrogen investments: Hydrogen Oman (Hydrom) is looking to raise USD 20-30 bn in investments from its second round of auctions for green hydrogen projects in the Dhofar region, Muscat Daily reports, citing an interview with Hydrom managing director Abdulaziz Al Shidhani. Hydrom will award three plots of land for companies to establish green hydrogen and ammonia plants.
REMEMBER- Hydrom started the first round of the auctions for hydrogen projects last year, as part of Oman's strategy to boost investment in green hydrogen to USD 140 bn by 2050. Hydrom also signed six agreements in March with several regional and international developers for the production of green hydrogen.
WATCH THIS SPACE #2- Masdar is plotting big acquisitions for its global expansion: Abu Dhabi's renewables giant Masdar is considering making “transformative” acquisitions in the US and Europe as it looks to expand its global presence, Masdar CEO Abdulaziz Alobaidli told The National. Alobaidli did not clarify the exact nature of investments, but said Masdar’s main focus lies in solar and both onshore and offshore wind projects. The company has also dipped in other sectors including geothermal, waste-to-energy, and hydropower on an “opportunistic” basis. Masdar plans to continue funding projects through green bond issuances and is open to expanding in China given the right conditions, Alobaidli added.
Masdar is already expanding globally: Masdar inaugurated the 230 MW Garadagh Solar Park in Azerbaijan last month and acquired a 50% share in EDF Renewables North America’s 128 MW Big Beau solar plant in California back in April. The company completed a USD 750 bn green bond offering in July to fund its projects.
WATCH THIS SPACE #3- Germany unveils hydrogen core network plan: Germany presented its plan for a core network for hydrogen fuel which will cost EUR 20 bn (USD 21 bn) and span over 9.7k km, Reuters reports, citing comments made by the chairman of FNB Gas. Existing natural gas pipelines will make up 60% of the network and will connect industries, ports, storage units, and power plants.
REMEMBER- Germany's Uniper partnered with Masdar in January to develop a green hydrogen plant in the UAE powered by 1.3 GW of solar energy and the EU wants to import the clean fuel produced at the facility. Germany and Algeria also discussed converting an Algeria-EU natural gas pipeline to a green hydrogen corridor to eventually export from the country. Germany also plans to modernize and expand the gas pipelines through Tunisia, Italy, and Austria so that it can trade and import green hydrogen to southern Germany.
IN OTHER EU NEWS- The EU set to issue rules aimed at reducing methane emissions: The EU is in the final round of negotiations over an agreement that would see the bloc crack down on energy importers leaking methane into the atmosphere, Bloomberg reports. If passed, the rules will oblige energy companies to regularly inspect pipelines and oil wells to check for methane leaks.
Still some sticking points to get through during talks: Negotiators from parliament and member states are still discussing differences over how big a leak needs to be to require repair, and some have expressed concerns over the potential implications on energy security.
WATCH THIS SPACE #4- The UK may enforce a CO2 border tax starting 2026: The UK is following in the EU’s footsteps and is planning to implement levies on imported carbon-intensive goods, the Financial Times reports. This comes in efforts to keep local green industries competitive relative to regions with lower carbon costs, as well as avoid the risk of the country becoming a “dumping ground for carbon-intensive products facing levies by the EU,” the FT writes. The levy will support the energy transition of local green industries such as steel, as it protects them from being outcompeted by high-emission imported goods, director-general of trade body UK Steel Gareth Stace told FT.
REMEMBER- The EU is ahead in rolling out climate laws: In one of the world’s boldest moves in facilitating the green transition, the EU launched the first phase of its carbon border mechanism last month, requiring importers to report emissions from products sold in Europe or risk fines, and will eventually begin charging pollution fees on those products by 2026.
WORTH READING- The oil-dependent Gulf region needs to repurpose its domestic energy supply to rely more on renewables: As Gulf countries face warming at a rate twice as fast as the global average, the need to revamp its domestic energy supply to increase the share of renewables has become essential, Bloomberg writes. Despite major progress in green policy and projects, Gulf countries are still “significantly behind” the clean energy rush in the developed world with renewables accounting for less than 1% of power generation in Bahrain, Saudi Arabia, Qatar, and Oman, and 7% in the UAE — compared to 70% in Norway.
Still betting on oil: The GCC has the major challenge of diversifying its economy away from oil and gas, which remains the foundation of its economy despite efforts to grow other sectors, founder of Dubai-based consultancy Qamar Energy Robin Mills told Bloomberg. Gulf countries are betting on being the last fossil fuel exporters left in the game, Bloomberg writes, pointing to the oil and gas expansion plans of the UAE’s state-owned oil giant Adnoc.
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CIRCLE YOUR CALENDAR-
The UAE will host the Aviation and Alternative Fuels conference from Monday, 20 November to Friday, 24 November in Dubai. The event will bring together senior government officials and international organizations to assess progress in the development and deployment of sustainable aviation fuels (SAFs) and lower-carbon aviation fuel (LCAF) measured according to the targets outlined in the 2050 Vision for SAF, agreed upon at the last Aviation and Alternative Fuels conference in 2017.
The UAE will host the Abu Dhabi Finance Week (ADFW) from Monday, 27 November to Thursday, 30 November in Abu Dhabi. The event will gather government officials, banks, financial institutions, and VCs to delve into today’s economic, technological, and sustainability conversations.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.