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ENEC and China National Nuclear Corporation announce signing of MoUs for nuclear

by Madaline Dunn
written by Madaline Dunn

The Emirates Nuclear Energy Corporation (ENEC) has signed a new Memorandum of Understanding (MoU) with China National Nuclear Corporation (CNNC), the two have announced.

This will see the two collaborate on identifying potential development and co-investment opportunities for new international nuclear energy plants.

The MoU was signed by HE Mohamed Al Hammadi, Managing Director and CEO of ENEC, and Yu Jianfeng, Chairman of CNNC on the sidelines of COP28 in Dubai, UAE.

As part of the new MoU, ENEC and CNNC will identify countries looking to expand their existing nuclear energy fleets, or enter into the nuclear energy sector for the first time to offer their expertise to emerging nuclear developing countries.

It was shared that they will form a Joint Working Group to leverage their strengths in project management, nuclear technology development and implementation, funding, construction and operation, human resources and supply chain development.

This, they said, will enable ENEC and CNNC to potentially jointly develop new nuclear energy projects.

Commenting on this, H.E. Mohamed Al Hammadi, Managing Director and Chief Executive Officer of ENEC, said: “International collaboration is one of our core commitments and has been a central part of our accomplishments in the nuclear energy sector. Having successfully created the Barakah Plant, we are now focused on strategic investments and innovation that accelerates the global drive to triple global nuclear energy capacity by 2050. By working with our partners in countries like China, we can bring together our skills, knowledge and technology to offer other nations looking to accelerate their own decarbonization efforts. COP28 has provided an ideal platform to further solidify global partnerships and establish new agreements to collectively take action to achieve Net Zero.”

Yu Jianfeng, Chairman of CNNC, said: “I have full confidence in this multinational collaboration and believe that it will introduce new models of cooperation and sustainable development in the global energy sector. The signing of the MOU will be a significant step for CNNC and ENEC in advancing global energy transition. It will set a new paradigm for global energy cooperation and contribute to building a cleaner, greener world.”

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EnergyInnovation & EducationLatest News

LIBERTY Steel Signs MoU with AD Ports Group for plans to host a “green iron” production facility in KEZAD

by Madaline Dunn
written by Madaline Dunn

Global steel producer LIBERTY Steel has signed a Memorandum of Understanding (MoU) with AD Ports Group, a facilitator of global trade, logistics, and industry, to develop solutions for importing high-quality magnetite ore to the UAE, from Australia.

The agreement will combine LIBERTY’s access to four billion tons of South Australia’s premium grade magnetite ore with the UAE’s renewable energy potential and the advanced infrastructure and connectivity offered by AD Ports Group.

Under the MoU, the two companies will explore plans to host a green iron production facility in the Khalifa Economic Zones Abu Dhabi (KEZAD) and related port infrastructure and conveyor system in Khalifa Port, contributing to the UAE’s ambitions to grow its manufacturing base by 2031.

The MoU is part of LIBERTY’s early-stage concept development to convert its magnetite ore into high-quality green iron in the UAE using gas and transitioning to green hydrogen once it becomes available at scale by 2031 and 2050.

Under LIBERTY’s plans, the high-value green iron would be exported to markets, including to its own facilities across Europe in Romania, Czech Republic, Hungary, Poland and the UK. Demand for green iron and steel is forecast to reach over U$400bn by 2030, presenting a significant market opportunity for the UAE, and delivering real action to decarbonise supply chains.

Saif Al Mazrouei, Chief Executive Officer -Ports Cluster, AD Ports Group, said: “Our MoU demonstrates AD Ports Group’s commitment to global collaboration that enables progress within alternative energy infrastructure and supply chain. AD Ports Groups’ collaboration with LIBERTY Steel aligns with the objectives of UAE’s visionary leadership for both economic diversification and a greener future. Under the UAE’s Net Zero 2050 Strategy and Operation 300bn industrial strategy This agreement has the potential for major strides in the decarbonisation of the iron and steel production industry and accelerates the transition to Net Zero for the next generation.”

Sanjeev Gupta, Executive Chairman of GFG Alliance, commented: “We are delighted to partner with AD Ports Group in pursuit of our common goal to decarbonise the global iron and steel supply chain. LIBERTY’s major Australian reserves of magnetite can drive international development of green iron and steel hubs, enabling large-scale adoption of green hydrogen in global steel production. LIBERTY is committed to becoming carbon neutral by 2030 and the UAE’s huge renewable energy and hydrogen potential, combined with AP Ports infrastructure advantages can make it an ideal partner in our vision for green iron production here in the UAE. There is no solution to reach net zero without addressing the largest industrial emitter of CO2.”

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EnergyLatest News

Majid Al Futtaim and engazaat sign a solar power agreement

by Madaline Dunn
written by Madaline Dunn

Majid Al Futtaim has announced the signing a solar power agreement protocol with engazaat, a solar water company focused on providing clean technology in the Middle East and Africa.

This agreement will see it provide 20+ megawatts of solar power capacity in four Majid Al Futtaim properties in Egypt and Lebanon.

The agreement was signed during the United Nations Climate Change Conference COP28 in Dubai, UAE, by Khalifa Bin Braik, Chief Executive Officer of Majid Al Futtaim – Asset Management Business and Muhammad El Demerdash, Co-Founder and CEO of engazaat.

engazaat’s solar plants will generate 737 million kilowatt-hours of clean electricity all over the project’s lifetime to power Majid Al Futtaim Properties retail assets, including Mall of Egypt, City Centre Maadi, City Centre Alexandria in Egypt, and City Centre Beirut in Lebanon.

The solar systems on the rooftops and carports of the four properties are expected to offset over 3 million metric tons of carbon dioxide emissions over a span of 25 years.

Khalifa Bin Braik, Chief Executive Officer of Majid Al Futtaim – Asset Management Business, commented: “We take pride in our partnership with engazaat, a collaboration that stands as a testament to our unwavering commitment to implementing sustainability practices across our assets in the region.”

He added: “Majid Al Futtaim’s agreement with engazaat is a key milestone built on the ongoing collective call of COP27 for action and the overarching goal of COP28, exemplifying our commitment as MAF to our sustainability strategy, Dare Today, Change Tomorrow. Aiming to generate and distribute power in the shopping malls in both countries in 2024, this partnership is projected to create more than 2000 jobs, foster more than $20 million in Foreign Direct Investment, and lay the groundwork for over $100 million of potential FDI expansions in green investments in Egypt.”

Muhammad El Demerdash, Cofounder & CEO of engazaat, said: “We are pleased to partner with Majid Al Futtaim, a company that shares our vision for a sustainable future and broader goal of mitigating climate change effects.” El Demerdash added: “From COP27’s ‘Together for Implementation’ to COP28’s “Unite, Act, Deliver,’ this business partnership is a manifestation of Egypt and the UAE’s actionism to the UN Sustainable Development Goals. It also gives us great pleasure to collaborate with CHINT, the world’s global leader in new energy technologies, to deliver a state-of-the-art project that can recognize this strategic partnership’s whole investment, social and environmental potential for years to come.”

According to the agreement, engazaat, as the project’s Independent Power Producer (IPP), will develop the solar assets that will be installed at Majid Al Futtaim’s retail properties in Egypt and Lebanon based on a “design, finance, build, own, and operate” model – without upfront capital investments or any operational burdens.

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EnergyOpinion

Credit Ratings and Climate Chaos

by Madaline Dunn
written by Madaline Dunn

The sun-drenched coral islands and reefs of the Maldives are in existential danger. With 80% of the country’s population living just one meter above sea level, many islands could become uninhabitable as climate change causes the ocean’s level to rise. By the end of this century, half a million people could be displaced. The Maldives is confronting this threat with a range of innovative adaptation initiatives, from restoring coral reefs to floating solar-power systems. But survival does not come cheap.

The Maldives earns much of its revenues from high-end tourism. So, like many other countries, it was hit hard by the COVID-19 pandemic, which brought much global travel to a halt. But in 2021, when restrictions were loosened, a powerful tourism rebound fueled robust economic recovery in the Maldives, with the promise of a return to pre-pandemic growth by 2023.

That recovery was interrupted by two successive credit-ratings downgrades – first from Moody’s and then from Fitch – which caused borrowing costs to rise sharply. The last bonds the Maldives issued in 2021 carried a coupon rate of 9.875% and a yield of 10.5%. Since then, bond yields have surpassed 20% – a reflection of investors’ perceptions of higher risk. As a result, the Maldives has effectively been locked out of international markets. It has not issued a bond to finance its development programs since 2021.

The Maldives isn’t alone. During the pandemic, 11 of the 16 Small Island Developing States (SIDS) – which are particularly vulnerable to climate change – that are rated faced a downgrade or a negative credit outlook by at least one of the big three credit-ratings agencies (CRAs): Moody’s, Fitch, and Standard & Poor’s. This is catastrophic for economic-development and climate-adaptation efforts.

The use of credit ratings as the ultimate measure of a country’s creditworthiness has long been recognized as a threat to financial stability, particularly in the Global South. Downgrades have an enormous impact, triggering sell-offs and market volatility at precisely the moment countries can least afford it. Yet the credit-ratings industry itself is neither transparent nor competitive.

A recent UNDESA study found that during the pandemic, emerging-market and developing economies’ credit ratings were downgraded by a total of 125 notches, whereas advanced economies – which both contracted and accumulated debt more rapidly – were downgraded by only six notches. This probably partly reflects the fact that the big three CRAs are largely staffed and regulated in the Global North.

Moreover, rating decisions are often shaped by ideological biases – such as the belief that government intervention in the economy automatically undermines growth and efficiency – instead of the factors that matter for debt sustainability: economic and social development, as well as climate resilience. Sovereign credit assessments capture climate-related risks indirectly, through environmental, social, and governance (ESG) scores, but efforts to build climate resilience are ignored, despite their important implications for debt sustainability.

The SIDS are among the world’s most highly indebted countries: their public-debt-to-GDP ratio averaged 82.5% in 2020, and is set to remain above 70% until 2025. Climate change is an important reason why. As a 2018 study by the United Nations Environment Programme showed, climate vulnerability raised the average cost of debt for a sample of developing economies by 117 basis points over the previous decade, forcing them to pay $40 billion in additional interest payments. Some have predicted that, over the coming decade, this burden will increase by $146-168 billion.

This would prove catastrophic for the SIDS. If these countries are to stay above water (literally), they must be able to invest in the building blocks of sustainable growth and development: people, infrastructure, energy, and food security. But their debt-servicing costs are already massive – far bigger than the limited climate finance delivered through global agreements. From 2016 to 2020, SIDS received $9.42 billion in development and climate finance to strengthen their resilience, and paid out $26.6 billion to external creditors.

Making matters worse, the SIDS have few options for restructuring their debts – not least because of ratings downgrades. Notably, countries participating in the G20’s Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative face the threat of a downgrade. Small wonder, then, that only three eligible countries have so far applied for relief under the Common Framework. Downgrading countries while they try to renegotiate their debts – nearly half of which is held by private bondholders – amounts to a devastating blow, as it compounds the already-high barriers between them and international credit markets.

Secure, prosperous, climate-resilient states are clearly better for the rest of the world – including private creditors and advanced-economy governments – than unstable, debt-ridden countries enduring extensive human and environmental dislocation and loss. If credit ratings are to remain a market barometer, they must be made transparent, fair, and constructive.

To this end, the Office of the UN High Commissioner for Human Rights has rightly called for the suspension of credit ratings during crises. CRAs should also suspend the publication of reviews during periods of upheaval, to allow markets to adjust to changing fundamentals.

CRAs’ ideological biases and lack of transparency could be addressed by decentralizing them or establishing regional or multilateral ratings agencies. Finally, CRAs should share guidance on how climate risks and adaptation efforts fit into their methodologies, particularly when it comes to rating sovereigns.

Just as the credit-ratings system in the United States was reformed after the 2008 global financial crisis through the Dodd-Frank Act, CRAs must be improved in response to the challenges SIDS are now facing. Plagued by fires and floods linked to a climate crisis they had no hand in creating, these countries deserve support, not punishment.

Emily Wilkinson is a senior research fellow and Director of the Resilient and Sustainable Islands Initiative at ODI, a global affairs think tank. Kanni Wignaraja, United Nations Assistant Secretary-General, is UN Development Programme Regional Director for Asia and the Pacific.



© Project Syndicate 1995–2023

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DevelopingEnergyEnvironment

As COP’s conclusion looms, chance of phase-out fades

by Madaline Dunn
written by Madaline Dunn

As COP28 enters its last days, time is running out, and there’s still a huge amount of work to be done – indeed, as with previous years, it’s likely the summit will extend beyond Tuesday.  

We’ve heard words from the COP28 Presidency calling for delegates to “switch gears,” and on the penultimate day of the climate summit, António Guterres, UN Secretary-General, flew back to Dubai, with an “urgent appeal” for leaders to recommit to the 1.5-degree warming limit. 

“End the fossil fuel age,” he said.  

However, with a number of countries pushing back on the phase-out, divisions are strong and with the release of the new draft today, hopes of a phase-out have been dashed – it is now missing from the text.

Language on phase-out now missing from draft

So, what does the draft text say? It sets out eight options, including a ramp-up of renewable energy and phasing out of “inefficient fossil fuel subsidies.” Crucially, it makes no mention of oil and gas, and on coal, outlines a “phasing down” on unabated coal and “limitations” on permitting new and unabated coal power generation.

It does, however, call for a reduction in both the consumption and production of fossil fuels, in a “just, orderly and equitable manner” to achieve net zero by, before, or around 2050 “in keeping with the science.”

But the text is laden with contradictions, incredibly vague and lacking in a call to action. Indeed, some have outlined that as well as being significantly watered down, it uses terms like “noting,” “recalling,” and “invites.” Likewise, the above examples in the draft text are presented as actions that “could include.”

Former US Vice President and Environmentalist Al Gore, called the draft “obsequious” and noted that it “reads as if OPEC dictated it word for word.” 

“It is even worse than many had feared,” he said. 

Spain’s Environment Minister, Teresa Ribera, a co-leader of the EU delegation at the Cop28 UN climate summit, similarly said that there are elements in the text that are “fully unacceptable.” 

Speaking to reporters about the draft, Destination Zero Founder and Executive Director, Catherine Abreu, said: “It does seem again, like a compromise has been made for a small minority of countries, and the vast majority of countries have been left out of this text.”

However, Abreu said there’s still time to change. “This is not the final text; this will change.”

“Parties have the ability to push for a significant change in the energy transition text, as well as the other pieces of text, like the finance text that we know needs strengthening. So, we need countries showing up strong in the plenary tonight and demanding that we go back to the drawing board on some of the weakened parts of this text, and that the next draft that we see tomorrow is significantly strengthened and phases back in phase out.”

Frustration and disappointment are brimming and earlier today, 12-year-old Licypriya Kangujam, a child climate justice activist from India, stormed a panel stage to protest against climate inaction, holding a sign that read “End fossil fuels. Save our planet and our future” to an auditorium of applause. She has now been removed from the summit. 

Country divisions

Saudi Arabia, once again, has been highlighted as one of the countries pushing for the exclusion of phase-out language, alongside Iraq. 

Indeed, the Kingdom’s Energy Minister HRH Prince Abdulaziz bin Salman was recently quoted as saying, “Absolutely not,” to a phase-out.

Earlier today, prior to the release of the draft, COP28 Presidency, HE Dr Sultan Al Jaber urged: “We need a text agreed by everyone on greenhouse gases,” adding, “It boils down to the need for all parties to come to terms (with the fact) that we will deliver the highest ambition. All parties should come to terms with this fact.”

Yesterday, Al Jaber expressed that he was unsatisfied with the pace of progress, and today, Simon Stiell, UN Climate Change Executive Secretary, launched a call for negotiators to “reject incrementalism.”

And while Stiell warned that an “I win – you lose” approach is a “recipe for collective failure,” at this point, it seems unlikely that a different approach will be taken. 

Unabated fossil fuels and unproven CCS

Something which many countries are advocating for is wording around the phase-out of unabated fossil fuels. What does this mean? Unabated emissions are the uncaptured emissions resulting from burning fossil fuels. 

The text refers to unabated fossil fuels three times and puts forward the acceleration of abatement and removal technologies, including carbon capture and utilisation and storage, which has raised eyebrows. 

Indeed, while some are trumpeting carbon capture technologies for their potential in the energy transition – it’s important to take note of a few points. CCS is not proven at scale, it requires huge amounts of energy to operate, and it’s pricey. Moreover, according to Oil Change International, at present, nearly 80 per cent of CCS is used in Enhanced Oil Recovery. 

The inclusion of “low carbon hydrogen production,” has also been a point of concern for many.

In his COP28 Presidency formal plenary remarks, HE Dr Sultan Al Jaber said: “We have a text, and we need to agree on the text. The time for discussion is coming to an end. And there is no time for hesitation. The time to decide is now.”

Al Jaber was meant to address the media at a planned news conference following the publishing of the text, but cancelled at the last minute. 

Food systems & adaptation

Food systems are mentioned just once within the text, but in the bracket of adaptation. Indeed, “sustainable agriculture,” and “resilient food systems,” appear alongside nature-based solutions, ecosystem-based approaches, and protecting, conserving and restoring nature and ecosystems, which it said “may offer economic, social and environmental benefits such as improved resilience and wellbeing,” and that “adaptation can mitigate impacts and losses.”

A waiting game

The response to the text has been, understandably, largely negative, but it’s not over. Tuesday will likely seep into Wednesday, and perhaps even Thursday, as delegates must reach a consensus for any deal to go through. 

It will be a tense few days, to say the least.

Stay tuned for more updates from ESG Mena on the ground in Dubai at COP28.

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EnergyLatest News

ENEC and Egypt’s Nuclear Power Plants Authority sign MOU at COP28 for nuclear energy use

by Madaline Dunn
written by Madaline Dunn

ENEC and Egypt’s Nuclear Power Plants Authority Sign MOU at COP28 for nuclear energy use

The Emirates Nuclear Energy Corporation (ENEC) and Egypt’s NuclearPower Plants Authority (NPPA), the owner and operator of Egypt’s first nuclear energy plant, have signed a Memorandum of Understanding (MoU) at COP28.

It sets out the framework for the two entities to explore opportunities for cooperation in advancing the use of “peaceful” nuclear energy.

The MoU was signed by His Excellency (H.E.) Mohamed Al Hammadi, Managing Director and Chief Executive Officer of ENEC, and Professor Dr Amged El-Wakeel, Board Chairman of NPPA.

His Excellency Mohamed Al Hammadi, ENEC’s Managing Director and Chief Executive Officer, commented: “Today, we are in a race to decarbonize, and regional collaboration, signified by the signing of this MoU with NPPA, is crucial for our collective success in expanding nuclear capacity and achieving net zero emissions by 2050. Our vision is expansive: exploring opportunities for further large-scale plant development, delving into advanced reactors and SMRs, and driving forward in research and development. This commitment is not confined to the UAE; through strategic international and regional investments and partnerships, we aim to unlock the full potential of the UAE Peaceful Nuclear Energy Program.”

ENEC shared it is working with local stakeholders to determine deployment pathways, and with international partners for both technology and project collaboration opportunities.

Egypt’s peaceful nuclear energy program, it said, is centred around the development of the El Dabaa Nuclear Power Plant on the Mediterranean coast, approximately 250 km west of Alexandria.

The power plant will consist of four VVER-1200 pressurised water reactor units, with a total capacity of 4.8 GW.

This capacity is expected to account for up to 50% of Egypt’s power generation capacity. Following the construction start date in July 2022, the commissioning of the first unit is expected to begin in 2026, and the plant is anticipated to be operating at full capacity with all four units by 2030.

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EnergyEnvironmentLatest News

Tadweer signs partnership agreement with Uzbekistan’s Ministry of Ecology, Environmental Protection and Climate Change

by Madaline Dunn
written by Madaline Dunn

Tadweer (Abu Dhabi Waste Management Company) has announced signed a Memorandum of Understanding (MoU) with the Ministry of Ecology, Environmental Protection and Climate Change of the Republic of Uzbekistan. 

Together, the two entities are collaborating to introduce environmentally friendly technologies and services in solid waste management, including the establishment of a new Waste-to-Energy plant.

The signing of the MoU was followed by a bilateral meeting between the President of Uzbekistan, Shavkat Mirziyoyev, and the Managing Director and CEO of Tadweer, Eng. Ali Al Dhaheri. The discussion centred on Tadweer’s implementation of state-of-the-art technological solutions in Uzbekistan, with an emphasis on the integration of sustainable practices and the promotion of clean energy production.

Eng. Ali Al Dhaheri, Managing Director and CEO of Tadweer, commented: “Our commitment to innovation and eco-friendly solutions is exemplified by the introduction of a state-of-the-art Waste-to-Energy plant in Uzbekistan. The signing of this agreement serves as a testament to the power of collaboration and our shared dedication to a greener future. As we continue to build on the long-standing economic relationship between our two countries, we look forward to fostering environmentally sustainable practices on a global scale.”

Aziz Abduhakimov, Minister of Ecology, Environmental Protection and Climate Change, said: “Huge attention is paid to improving the waste management field in Uzbekistan. The Memorandum signed with Tadweer is another effective step in this direction. Tadweer has extensive experience in the field of waste management. Within the framework of our cooperation, we have set ourselves such goals as the development of waste recycling infrastructure, collection and removal of solid household waste, sorting, processing, disposal, collection of landfill gas and improvement of electricity production management system. I believe that our cooperation will be meaningful in all respects”.

Under the terms of the agreement, the initial phase of the collaboration will commence with a feasibility study that examines waste management practices in the Navoi and Bukhara regions, as well as the Ferghana Valley in Uzbekistan. 

The results of this study will guide the subsequent implementation phase, which will involve the development of a waste collection and removal management system, as well as the sorting, processing, and disposal of household waste.

Additionally, efforts will be directed towards extracting landfill gas for electricity and heat generation, along with installing sorting lines in solid household waste factories and establishing plants for processing secondary raw materials, such as plastics, paper, glass, and aluminium.

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EnergyEnvironmentLatest News

The fifth and final Dialogue series between COP28 and IEA wraps up 

by Madaline Dunn
written by Madaline Dunn

The fifth and final Dialogue, held during COP28 in Dubai, was attended by over 40 high-level leaders, including Heads of State and Government, Heads of Delegation and business leaders, and reportedly concluded with “strong consensus” on the key elements needed for the energy transition. 

The Dialogues, it was shared, concluded with “clear convergence” on the building blocks of a 1.5°C-aligned energy transition and strong support for an ambitious decision on the Global Stocktake at COP28. 

Dr. Fatih Birol, Executive Director of the IEA, set out an integrated package across five pillars for COP28, for which there was “strong support” in the room: 

  • Tripling global renewable energy generation capacity by 2030.
  •  Doubling annual energy efficiency improvements by 2030.
  • An orderly decline of fossil fuel use demand by 2030, starting with no new coal plants. 
  • Commitment from the oil and gas industry to align their strategies and investment portfolios with 1.5°C, with a focus on a 75 per cent reduction in methane emissions by 2030. 
  • Financing mechanisms for a major scaling-up of clean energy investment in emerging and developing economies. 

At the conclusion of the Dialogues, Dr. Sultan Al Jaber said: “This series of dialogues has allowed us to converge on the critical elements of the just energy transition. The transition will not be straightforward, but it will be harder if we cannot agree on its central components. Simply put, to deliver the highest possible ambitious response to the Global Stocktake we must work together. I am encouraged by the practical actions brought forward by world leaders today at the final dialogue, and I hope that you take this open mindset and optimism throughout this COP.” 

Meanwhile, Dr. Birol commented: “I’m encouraged by the support by governments around the world during the dialogue for the IEA’s five pillars for success at COP28, including the need by 2030 for tripling renewable capacity, for doubling energy efficiency improvements, for the oil and gas industry to meaningfully commit to clean energy transitions, for a massive increase in financing for developing economies, and for an orderly decline of fossil fuel use. We now need to see this support translate into concrete commitments and action.” 

There was broad agreement on the need for urgent action on coal, not only on no new unabated coal plants, but also on “accelerating the retirement of existing plants.” 

There was also acknowledgement that countries must seize the opportunity to develop and accelerate their own energy transition plans, while supporting developing countries with finance and technology transfer. 

Initiatives such as Just Energy Transition Partnerships (JETPs) were highlighted as an effective mechanism for enabling a just and orderly energy transition that supports developing countries. 

The final Dialogue follows a year of engagements, it said, where key elements of the energy transition including renewables, energy efficiency, financing, fossil fuel demand and supply, and decarbonisation have been discussed. 

The series of Dialogues have been conducted in conjunction with the International Renewable Energy Agency (IRENA) and supported by the United Nations Framework Convention on Climate Change (UNFCCC). 

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