TODAY: Morocco’s OCP is earmarking USD 7 bn for a green ammonia plant
Good morning, friends. We have a light, brisk issue for you this morning as we inch closer to the weekend.
THE BIG CLIMATE STORY- Moroccan state-owned fertilizer and phosphate giant OCP Group plans to invest USD 7 bn in an ammonia plant using green hydrogen produced from renewable energy.
^^ We have the details on this story and more in the news well, below.
THE BIG CLIMATE STORY OUTSIDE THE REGION- There’s no single climate story dominating international headlines this morning, but EU countries’ environment ministers have reached an agreement on the landmark nature law after weeks of fierce political pushback, Reuters reports. The ministers backed the bill after introducing tweaks and reaching consensus over additional EU funding to restore damaged environments. One of the changes is replacing a clause requiring that the condition of certain habitats not be worsened, with a goal to “endeavor to put in place necessary measures” to avoid declining conditions. Another one would undermine targets to bring back drained peatlands upon the request of countries like Ireland, where peat is used as fuel and dried bogs are harvested. The EU parliament’s majority group, the European People’s Party (EPP), has been leading a campaign against the law in the past few weeks, arguing that the proposal be scrapped on grounds that it would undermine food security. The final bill should still be approved by EU countries and the European Parliament.
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WATCH THIS SPACE #1- Oman’s state-owned Hydrom is expected to ink a number of new contracts for green hydrogen blocks today, Zawya reports. Hydrom signed three agreements earlier this month granting the first three blocks of land for planned green hydrogen plants worth USD 20 bn as part of its Phase A Round 1 public auction process. One of the agreements included the USD 6.7 bn awarded to a consortium led by South Korea’s steelmaking company Posco Group.
WATCH THIS SPACE #2- We’re hearing some movement on Acme’s green hydrogen plant in the SCZone: A group consisting of Egypt’s Suez Canal Economic Zone (SCZone), Orascom, and El Sewedy met with India’s Acme Group in New Delhi where they agreed to begin construction soon on a USD 12 bn green hydrogen plant in the SCZone, according to a statement. The plant — announced back in August 2022 — will span 4.5 mn sqm and have an expected initial annual production capacity of 100k tons during the first phase. The plant’s generational capacity will increase to 2.1 mn tons of green hydrogen when fully operational.
ALSO- India’s Jindal Steel Power is exploring the potential of setting up a green steel production plant in the SCZone, according to the statement. The 5-7 mn sqm steel manufacturing industrial complex would have an annual production capacity of 5 mn tons geared towards export to African and European markets.
WATCH THIS SPACE #3- UN adopts world’s first international marine conservation treaty: After over 15 years of talks and five UN-led negotiations, the UN adopted on Monday the High Seas Treaty, the world’s first agreement to protect biodiversity in international waters, Reuters reports. The agreement, which will be available for signature starting 20 September, will come into effect only after it is ratified by 60 countries, the newswire notes.
REMEMBER- Over 100 countries struck the landmark agreement back in March, agreeing to protect at least 30% of international waters by 2030. The UN High Seas Treaty reportedly took over 36 hours of negotiations before being hammered out. The treaty provides a framework for the establishment and management of marine protected regions and sets out environmental requirements for deep sea exploration, building on the UN’s Law of the Sea convention. 11 mn sqkm of ocean would need to be protected annually between now and 2030 to realize the treaty’s target, according to Greenpeace.
WATCH THIS SPACE #4- Malaysia's MISC Group to develop first ammonia-powered engine for deep sea vessels: Malaysian logistics company MISC Group has signed an agreement to develop the world’s first ammonia engines for deep sea ships, Reuters reports, citing a company statement. MISC-owned AET and Akademi Laut Malaysia (ALAM) signed the agreement with Switzerland-based diesel and low-gas engine manufacturer Winterthur Gas & Diesel (WinGD). ALAM, which says the new engines will help decarbonize the global shipping industry, also signed an agreement with shipping classification society and maritime industry advisor DNV to upskill workers in the maritime sector on low carbon and net zero technologies, according to the newswire.
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CIRCLE YOUR CALENDAR-
France will host The Summit for a New Global Financial Pact tomorrow and Friday in Paris. The two-day summit will bring together heads of states and heads of multilateral development banks, international organizations, the private sector and international NGOs to shape a new finance “toolbox” and “pave the way towards a more balanced financial partnership between the north and south.” It will also see new agreements in a bid to relieve debt distress and allow countries to access additional financing to invest in sustainable development and slash emissions.
Thailand will host the second workshop on addressing loss and damage from 15-16 July in Bangkok. The workshop will see discussions on pathways to increasing funding for climate-induced loss and damage. The workshop is being held in preparation for the third meeting of the COP27 Transitional Committee in August. The committee is tasked with operationalizing the Loss and Damage Fund, to be approved during the fourth transitional meeting in October.
Check out our full calendar on the web for a comprehensive listing of upcoming news events and news triggers.