TODAY: Masdar and Airbus team up to produce sustainable aviation fuel
Good morning, nice people. The mid-week news cycle slowdown is continuing on the climate front, but there are a couple of ripples to take note of.
THE BIG CLIMATE STORY- UAE’s Masdar signed an agreement with French aircraft manufacturer Airbus to jointly develop sustainable aviation fuels, green hydrogen, and direct air capture technologies and Abu Dhabi’s Aldar Investment Properties — a unit of Aldar Properties — plans to issue its inaugural green USD-denominated Islamic bonds.
^^ We have the details on these stories and more in the news well, below.
THE BIG CLIMATE STORY OUTSIDE THE REGION- UN sets out plan to slash 80% of global plastic waste by 2040: The United Nations Environment Programme yesterday laid out a strategy yesterday aimed at reducing the world’s plastic waste levels by nearly 80% in less than two decades using pre-existing technologies if major policy changes are adopted. UNEP’s report — released two weeks before state representatives are due to land in Paris for negotiations on the INC2 plastic waste management treaty — advocates for policy shifts geared toward keeping produced goods in circulation for as long as possible under “reuse, recycling, and alternative materials” strategies.
Repurposing strategies such as reusable bottle mechanisms could see 30% of global plastic waste eliminated by 2040, whereas recycling schemes — if they become stable and lucrative ventures — could see an additional 20% push down. The replacement of single-use plastics with compostable materials could hike plastic reductions by a further 17%, according to UNEP projections. UNEP’s roadmap would reduce an estimated 187 mn tons of plastic waste and prevent damages to the tune of USD 3 tn over the next 20 years, but would need c. USD 65 bn in annual investments to be realized.
The story made the rounds in the international press yesterday: Reuters | CNN | Deutsche Welle | The Guardian | France 24
OVER IN COPLAND- The UAE has invited Syrian President Bashar Al Assad to attend COP28, Syrian state news agency SANA reported earlier this week. Al Assad was handed the invitation by the UAE’s Chargé d’Affaires in Damascus. Several Arab states have been warming up to Syria after years of shunning Al Assad on the back of the Syrian uprising-turned-civil war. Last week, Syria was readmitted into the Arab League and Al Assad was invited to take part in the league summit this Friday in Jeddah.
All should take part: “COP28 is committed to an inclusive COP process that produces transformational solutions,” a COP28 spokesperson said in a statement emailed to Reuters. “This can only happen if we have everyone in the room.”
WATCH THIS SPACE #1- No room for fossil-fuel focused growth: An energy mix that is dependent on fossil fuels cannot ensure sustainable economic growth for future generations, European Commission President Ursula von der Leyen said, Reuters reported on Monday. “A growth model centered on fossil fuels is simply obsolete,” she said during an event held by the European Parliament in Brussels. She added that the target of the EU's Green Deal energy transition is to create "a different growth model that is sustainable far into the future."
REMEMBER- The EU has a plan to slash net emissions by 55% by 2030 under a bid to reach carbon neutrality by 2050. It gave last month final approval for EU carbon market reforms that make it costlier for industries to pollute.
WATCH THIS SPACE #2- The UK is cracking down on greenwashing: The UK’s Advertising Standards Authority (ASA) will begin taking stricter measures around the use of terms like “carbon neutral,” “net zero,” and “nature positive” when referring to offsetting activities that lack transparency, The Guardian reports. The ASA plans to file lawsuits against firms that claim their products do not contribute to climate change or nature-based loss by virtue of purchasing offsets, unless they can demonstrate that the offsets are effective.
This comes days after the EU parliament voted to ban claims of carbon neutrality based on offsetting: The European parliament voted on a non-binding bill last Thursday to ban businesses from saying their products are carbon neutral thanks to offsetting schemes such as planting trees to compensate for CO2 emissions. The parliament's final text also suggests banning claims such as “environmentally friendly,” “natural,” “biodegradable,” “climate neutral,” or “eco” if they are not backed by evidence.
REMEMBER- ASA issued a ruling last month halting the circulation of two Etihad Airways ads after the company’s failure to substantiate claims regarding sustainable aviation. It also banned an ad by Lufthansa in March for asserting that flying with the carrier can “protect the future of the planet,” even though there are “currently no environmental initiatives or commercially viable technologies in the aviation industry which would substantiate the absolute green claim,” according to the ASA.
WATCH THIS SPACE #3- India just can’t digest the proposed EU carbon tax: India plans to file a complaint with the World Trade Organization (WTO) over the EU’s plan to impose 20% to 35% tariffs on imports of carbon-intensive products from India like iron ore, steel, and cement, Reuters reports, citing senior government and industry sources. The EU gave the green light last month to a plan imposing tariffs on imports of carbon-intensive products starting 2026. The levy is set to impact imports of steel, cement, aluminum, fertilizers, electricity, and hydrogen. The tariffs are part of a wider plan by the EU to reach carbon neutrality by 2050.
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CIRCLE YOUR CALENDAR-
Japan will host the G7 Hiroshima Summit from this Friday, 19 May to 21 May in Hiroshima. One of the key topics addressed at the summit will be ensuring energy security with the goal of achieving net zero by 2050 based on the Paris Agreement.
Oman will host the Power and Energy Conference from 22 May to 25 May in Muscat. The event will bring together local and global industry leaders to discuss global energy market policy updates, future demand and growth projections in the sector, integration and power grid obstacles, and growth potential associated with renewables and EV deployments.
Germany will host the second meeting of the COP27 Transitional Committee from 25 May to 27 of May in Bonn. The meeting will build on the loss and damage fund established during COP27 with the aim of establishing institutional mechanisms and governance structures for financing, and will bring together a host of international financial institutions to discuss pathways to increasing funding capacity for climate vulnerable countries.
The UAE will host the Electric Vehicle Innovation Summit from 29 May to 31 May in Abu Dhabi. The conference will bring together state representatives, industry players from the EV sector, as well as engineers and researchers to discuss policy trends and tech innovations in the industry and provide attendees with networking opportunities across value chains.
Qatar will host the Carbon Capture, Utilisation and Storage (CCUS) Forum from 29 May to 31 May in Lusail City. The event aims to spotlight MENA’s CCUS regulations and policies, map out paths and business models that would bring down CCUS project costs, promote regional and international cooperation to advance the international carbon capture sector, and discuss the role CCUS will play in helping Gulf countries meet their net zero targets.
Check out our full calendar on the web for a comprehensive listing of upcoming news events and news triggers.