TODAY: Infinity Power acquires wind power platform Lekela
Good morning, friends. The pre-Ramadan deluge of news doesn’t appear to be slowing down, giving us regional updates across the board.
THE BIG CLIMATE STORY- Infinity Power has completed its acquisition of Africa-based wind power platform Lekela Power, making Infinity Power the largest renewable energy company in Africa. We have all the details on this story and much more in the news well, below.
THE BIG CLIMATE STORY OUTSIDE THE REGION- UN releases “survival guide for humanity” as the hourglass to curb warming to 1.5°C runs out of sand: A new UN-backed report released by the International Panel on Climate Change yesterday projects the world will breach the Paris-agreed 1.5°C warming limit in the next decade unless current emission levels are halved by the mid-2030s. The world is on track to warm by 3.2°C per year at current emission generation levels by the end of the century, the report finds, noting that meeting already pledged climate targets would still see warming levels increase by 2.2°C by 2100. UN Secretary General Antonio Guterres urged developed countries to bring forward their carbon neutrality targets by a decade to 2040 following the study’s findings.
Carbon levels are at a 2 mn-year high: The recorded rise in temperatures over the past 50 years is at a 2-millennium peak, the UN chief said in a recorded address yesterday. “Concentrations of carbon dioxide are at their highest in at least 2 mn years. The climate time-bomb is ticking,” Guterres warned.
The story is getting widespread coverage in the international press: Reuters | CNN | Bloomberg | BBC | Washington Post | New York Times | France 24 | Wall Street Journal | Financial Times | AP News.
OVER IN COP LAND- COP28 President-Designate Sultan Al Jaber called for speeding up climate mitigation, adaptation, and finance during his opening remarks at the two-day Copenhagen Climate Ministerial yesterday, Wam reports. Al Jaber urged countries to “scale up all available zero-carbon energy sources,” calling on the world’s governments to adopt policies that incentivize a faster rollout of battery storage, carbon capture, and hydrogen technologies. Al Jaber also pointed to the framework for the Global Goal on Adaptation (part of the Paris Agreements), expressing the urgency to double adaptation finance while adopting policies that can effectively help countries adapt to increasing climate disasters. With regards to finance, Al Jaber dialed in on the role of international financial institutions and multilateral development banks, and their capacity to “unlock much more concessional capital, lower risk, and attract more private finance.” The yet-to-materialize loss and damage fund was also mentioned, along with the need to move forward with its implementation. The UAE is co-hosting the ministerial — attended by more than 40 government ministers from around the world — with Egypt and Denmark.
WATCH THIS SPACE- VW’s answer to Tesla: A new USD 25K Volkswagen EV model is expected to hit European markets in 2025, Bloomberg reported. The ID. 2all’s relatively affordable price — despite having expensive batteries — is expected to compete with Tesla’s vehicles and boost sales for Europe’s largest automaker. The announcement comes days after VW revealed it will build its first non-European battery factory in Canada in a bid to localize its EV production chain in North America. The car will sport a range of 450 km off a fully charged battery and will borrow design elements from the Polo, Golf, and Beetle models.
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CIRCLE YOUR CALENDAR-
Italy will host the energy transition expo K.EY from tomorrow until Friday in Rimini. The event will gather experts in the fields of science, technology, and business to host energy-related discussions on technologies and services that direct a shift towards a carbon-neutral economy.
The US will host the UN Water Conference from tomorrow until Friday in New York. The conference is a midterm review of the International Decade for Action on Water for Sustainable Development launched in 2018.
The first MENA Solar Conference is accepting applications from published researchers specialized in PV technology until Sunday, 30 April. The Dubai Electricity and Water Authority will be hosting the conference from 15 to 18 November, in conjunction with the Water, Energy, Technology, and Environment Exhibition and the Dubai Solar Show 2023. Researchers can submit their papers here.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.