TODAY: Dubai’s 250 MW hydroelectric power plant will be operational by the end of 2024 + Masdar teams up with Germany on a green hydrogen plant in the UAE
Good morning, nice people. We had a jam-packed issue for you yesterday, but this morning is proof that the new year lull is still in full swing as the region prepares to dive into 2023. The dearth of climate news is instead giving way to a look ahead at what the year is expected to bring in climate finance trends and developments.
THE BIG CLIMATE STORY- It’s quiet out there, with the exception of a couple of updates on renewable energy projects in the UAE to note. The UAE’s first-of-its-kind hydroelectric project has a completion date and will be fully powered by renewable energy, and Emirati renewable energy firm Masdar will partner with Germany’s Uniper to develop a green hydrogen plant powered by 1.3 GW of solar energy.
^^ We have chapter and verse on this story and more in the news well, below.
THE BIG CLIMATE STORY OUTSIDE THE REGION- Europe is once again experiencing a climate change-driven “extreme weather event,” with record-breaking warm weather seen across an estimated 15 countries in recent days, according to the Guardian. Berlin reached 16°C on New Year’s Day in a January record, Czechia recorded its warmest ever New Year’s Eve, and Spain’s Bilbao hit 24.9°C in its hottest-ever January day. Snow is also “notably lacking at lower altitudes in the northern Alps and across the Pyrenees,” the Associated Press notes Meteo France saying. “The most worrying thing about this is that — such is the speed of global heating — it simply isn’t a surprise any longer,” the outlet quotes climate professor Bill McGuire as saying.
The story is attracting widespread coverage in the international press: Bloomberg | EuroNews | New Scientist | Independent.
WORTH READING- Plastic manufacturing could emit 2.5 bn tons of GHG by 2050: Plastic manufacturing accounted for 1.8 bn tons of greenhouse gas emissions in 2019 — 3.4% of total global emissions that year — and if current manufacturing levels remain on track, levels will increase by 0.7 bn tons by 2050, according to research from the Center for Environmental Law. Global plastic production totaled 400 mn tons in 2019 and is set to increase to 1.1 bn tons by 2050 if left unabated, according to UN Environment Programme projections.
WATCH THIS SPACE- World Bank Group aims to increase climate-focused lending capacity: The World Bank Group (WGB) wants to remodel its lending programs to expand the lending capacity to climate change and other global crises by negotiating proposals including a capital increase and new lending tools, Reuters reports, citing a document it has seen. The shift signals a radical change from the bank’s model of working from project and country-specific loans. WBG management will broach the topic with shareholders in April, discussing specific proposals to change its mission, operating model and financial capacity to ready a document for approval by the joint World Bank and International Monetary Fund Development by October, the newswire notes.
What are these new proposals? WBG’s new approach would include lower equity-to-loan prerequisites, an increase in lending caps, and the use of redeemable funding — capital that was pledged by member countries, but never disbursed. The new lending mechanisms would not compromise the Bank’s credit-rating to boost lending capacity, however, the newswire notes.
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CIRCLE YOUR CALENDAR- Saudi Arabia will host The Future Minerals Forum from Tuesday, 10 January to Thursday, 12 January at the King Abdul Aziz International Conference Center in Riyadh. The event will gather 200 industry leaders and over 50 ministers to discuss attracting investments to the mining industry and decarbonizing mining projects globally. You can register for the event here.
UAE renewable energy firm Masdar will host Abu Dhabi Sustainability Week from Saturday, 14 January to Saturday, 21 January. The event will gather eight presidents and prime ministers and 30k participants in a series of conferences and summits including the Atlantic Council’s Global Energy Forum, the World Future Energy Summit, Masdar’s Green Hydrogen Summit, The International Renewable Energy Agency’s Youth Forum, and the Abu Dhabi Sustainable Finance Forum.
The UAE is hosting the Atlantic Council’s Global Energy Forum on Saturday, 14 January and Sunday, 15 January in Abu Dhabi. The forum will discuss the ongoing global energy crisis and its impact on the green transition, energy security, and decarbonization.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.