# Energy Transition in the Middle East: A Comprehensive Report

## Executive Summary

The Middle East, traditionally synonymous with oil wealth, is undergoing a significant transformation as several nations invest heavily in solar energy and other renewable sources.

This shift represents a strategic move toward energy diversification, economic sustainability, and climate goal achievement.

Key countries including the UAE, Saudi Arabia, and others are implementing ambitious renewable energy projects, offering government incentives, and developing comprehensive energy transition strategies.

## Key National Projects

### United Arab Emirates
The UAE has emerged as a regional leader in renewable energy adoption with several landmark projects:

- **Mohammed bin Rashid Al Maktoum Solar Park**: One of the world's largest single-site solar parks, with a planned capacity of 5,000 MW by 2030
- **Barakah Nuclear Energy Plant**: The first nuclear energy plant in the Arab world, contributing to the UAE's clean energy mix
- **Masdar City**: A pioneering sustainable

# Energy Transition in the Middle East: A Comprehensive Report

## Executive Summary

The Middle East, traditionally synonymous with oil wealth, is undergoing a significant transformation as several nations invest heavily in solar energy and other renewable sources.

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Content: The energy shift.
Severe stroke or temporary deceleration.
The energy crisis resulting from the war in Ukraine has reinforced fears that the world may fall behind in meeting its climate targets according to schedule. Some countries in the region, such as Saudi Arabia and the UAE, have announced their targets for climate neutrality.
The energy shift.
Severe stroke or temporary deceleration.
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Content: People 's Network > > International
Global Clean Energy Industry Accelerates
Our reporter Liu Lingling
December 12, 2022 07: 44 | Source: People's Daily - People's Daily
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The World Energy Outlook 2022 report released recently by the International Energy Agency shows that as more and more countries begin to accelerate the energy transition, the global clean energy industry has entered a period of rapid development, and renewable energy generation is expected to grow by 20% in 2022.
Thanks to the growth of clean energy generation such as wind and solar, global CO2 emissions are expected to decline to 1% this year from 4% in 2021.
The report also pointed out that although the current energy crisis in many countries has increased the demand for fossil fuels in the short term, in the long term, new energy, especially clean energy, is still the key to solving the human energy problem.
Between now and 2030, global energy demand is expected to grow by about 1% per year, almost all of which will be filled by renewables.
The share of fossil energy in the global energy mix will fall from 80% today to 75% in 2030 and to about 60% by 2050.
At present, more and more countries and regions have formulated renewable energy development goals and plans to accelerate the energy transition.
According to the French government's plan, by 2030, the proportion of renewable energy generation in France will increase to 40%; by 2050, the installed capacity of solar power in France will increase tenfold, and 50 offshore wind farms will be built.
Japan's latest version of the basic energy plan proposes that the proportion of renewable energy generation in 2030 will increase to 36% to 38%.
Egypt ’ s “2035 Comprehensive Sustainable Energy Strategy ” proposes that by 2035, the installed capacity of photovoltaic power generation will reach 43 GW.
The report predicts that in the next five years, the new installed capacity of renewable energy in Europe is expected to reach twice the increase of the previous five-year period, and China will account for nearly half of the global increase.
Governments have actively promoted the implementation of renewable energy policy plans and accelerated structural changes in the energy economy.
Fatih Birol, executive director of the International Energy Agency, said.
In addition, the supply chain of some key equipment and technologies, including batteries, solar photovoltaic and electrolyzers, is expanding rapidly, and the development of renewable energy has accelerated.
Taking solar power as an example, solar panel prices have fallen by 80% in the past 10 years and have become an affordable power generation technology, providing more than 3% of the world ’ s electricity generation in 2021.
The International Energy Agency expects that by 2030, the world ’ s new installed PV capacity will reach 650 GW.
The vigorous development of the clean energy industry will bring a large number of jobs and promote economic growth.
According to the Renewable Energy Agency ’ s Renewable Energy and Jobs: A Review of 2022, there were 12.7 million renewable energy-related jobs worldwide in 2021, an increase of 700,000 in one year.
By 2030, the annual global investment in clean energy is expected to exceed $2 trillion, which is more than 50% higher than the current, and is expected to create more jobs and investment opportunities.
Fatih Birol called on countries to adopt stronger policies to increase investment in renewable energy and strive to achieve the global goal of net-zero carbon dioxide emissions by 2050.
"The world is at a critical stage in the energy transition, and the response measures adopted by countries will open a new chapter in the global energy industry that is cleaner, more affordable and safer," he said.
(Newspaper from Paris)
People 's Daily (December 12, 2022, 16 pages)
(Editor: Hu Yongqiu, Yang Guangyu)
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Content: World Government Summit in partnership with Oliver Wyman
5 urgent actions to reduce 80% of emissions in the Middle East
Governments in the Middle East, which have set ambitious targets for climate neutrality in the coming years, may face real challenges related to limited technological solutions and the potential for their economic and social growth levels to be affected if national priorities and strategies are not aligned.
He recommended five urgent actions to support the efforts of governments in the region to reduce current emissions by 80%.
The report, prepared by the summit in partnership with Oliver Wyman, a consulting firm, titled “Sustainable Policies for Climate Action in the Middle East, ” noted that governments in the region recognize the importance of reducing emissions, prompting the UAE to pledge to achieve climate neutrality by 2050.
Mohammed Yousef Al Sharhan, Deputy Director of the World Government Summit Foundation, stressed that the report reflects the role of the Summit in employing modern technologies to meet the challenges of the environment and climate change, and reduce carbon emissions.
The report recommended focusing on five actions, the first being the application of CCS and CCU in the energy and industrial sectors, where the impact is expected to be a 22% reduction in emissions.
Second, reducing emissions in building heating and cooling, which is expected to reduce emissions by 20%.
The third measure is to increase power generation with low emissions, the impact of which is expected to reduce emissions by 18%, while the fourth measure is to target emissions in logistics and transport, contributing to a 10% reduction in emissions.
The fifth measure is to increase energy efficiency in industrial processes, with the effect expected to be a 7% reduction in emissions.
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Content: IRENA offers great opportunities for GCC leadership in the renewable energy sector
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The International Renewable Energy Agency (IRENA) has confirmed that the GCC countries have great opportunities to become a leading global hub for renewable energy, climate action and economic diversification.
In a report entitled “Renewable Energy Markets: GCC 2023 ”, the agency highlighted the opportunities for GCC countries to use their existing resources to develop innovative renewable energy solutions that contribute to reducing the impact of climate change, diversify their economies, create new jobs and reduce the environmental impact of the energy sector.
As the United Nations Climate Change Conference (COP28) takes place in the Gulf Cooperation Council (GCC) region, in Dubai, the new IRENA report is a resource for policymakers, business and society to tap into the region ’ s vast potential from this renewable energy resource.
Solar PV is now the least expensive option to produce energy in the GCC at less than $2 per kilowatt-hour, outpacing the cost of generating power using natural gas, liquefied natural gas, oil, coal and nuclear. Low generation costs and abundant solar and wind resources in the region open the door to adopting innovative energy technologies to produce resources such as green hydrogen competitively.
Francesco La Camera, Director General of the International Renewable Energy Agency (IRENA), said: “The GCC region has a unique opportunity to maintain its leading role in the international energy market as the world enters a new energy era, and this momentum is growing in the region as the GCC countries develop ambitious renewable energy and hydrogen strategies and continue to implement their zero-emission commitments.
La Camera added: Renewable energy sources have become cost-effective in the GCC. Very successful achievements have brought solar PV prices to record levels globally, enhancing their economic viability and paving the way for the inclusion of large shares of renewable energy sources in the electricity mix.
To translate ambitious goals into reality on the ground, more sustained action is needed.
Production Capabilities
The report highlights the significant increase in renewable energy production capacity in the GCC, from 176 megawatts in 2013 to more than 5.6 gigawatts in 2022.
However, renewables still represent a small fraction of the region ’ s electricity generation capacity, while energy end-uses continue to rely on fossil fuels.
Public investments in infrastructure and value chains can stimulate and enable the deployment of renewable energy while enhancing the benefits associated with it.
The report stresses the importance of building on existing energy infrastructure, including the promotion of regional connectivity and infrastructure development to support the deployment of renewable energy sources in end-uses such as transportation.
The report emphasizes that GCC countries have an opportunity to play a greater role in achieving global energy and sustainability goals, both domestically and internationally.
The report concludes that GCC countries are well positioned, in addition to continuing their efforts at national levels, to support the energy transition in developing countries through joint international investments in renewable energy.
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Wiser than Solomon: Can Evangelicals Lead the Middle East Toward Creation Care?

As Egypt hosts COP27, a few pioneering believers struggle to transform the region most at risk of climate change yet demonstrating the least concern.
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Image: Sean Gallup / Getty Images
Visitors walk in the Green Zone of the COP27 climate conference on November 10, 2022 in Sharm El Sheikh, Egypt.

“Wisdom,” said Jesus, “is proved right by all her children” (Luke 7:35). But sometimes it takes generations to judge, as demonstrated by a new research study that threatens to tarnish the reputation of a legendary biblical paragon.

According to archaeologists at Tel Aviv University, King Solomon disregarded the environment.

Today, his spiritual descendants largely follow in his footsteps.

“We have so many working in evangelism, church planting, and leadership development,” said Michael El Daba, the Lausanne Movement’s regional director for the Middle East and North Africa (MENA). “Almost no one is working in creation care.”

Evangelicals are not alone. According to a 2021 report by the Institute for Economics and Peace, the MENA region demonstrated the least concern for climate change, including 10 of the 20 lowest-scoring nations. Only 18 percent of those surveyed in Egypt, for example, recognized it as a “very serious threat”—even as it exacerbates food insecurity.

Arab Barometer, a regional pollster, found that 68 percent of Egyptians reported running out of food before being able to get more. In half of the other MENA countries surveyed, majorities stated the same. And in 9 out of 10, majorities worried it might happen to them.

Temperatures in the region are rising twice as fast as the rest of the world, according to a study published last June in the Reviews of Geophysics. At current rates, Egypt will be nine degrees hotter by the end of the century. Iraq has already increased three degrees in the last 30 years.

Some of the damage is self-induced. The study identifies MENA as a “dominant emitter” of greenhouse gases, overtaking Europe and India. Resource extraction—as necessary as the hydrocarbons are for national economies and modern society—comes with a cost.

Just as it did with King Solomon’s mines.

Although his mines are not specifically mentioned in the Bible, copper is known to have been extracted from the Timna Valley, north of the Gulf of Aqaba in ancient Edom, a region conquered by his father David. Solomon used the minerals in the construction of the temple.

Over 4,000 acacia trees and 185,000 white broom bushes were cut down to smelt the copper, according to charcoal evidence located by the Tel Aviv researchers and published in the Scientific Reports journal. Their removal “irreversibly affected” the soil’s ability to retain moisture, sparking the desertification that continues today.

Some researchers question the association with Solomon, but contemporary abuses ensure the region grows only drier. To the north, the Jordan River’s historic discharge of 1.3 billion cubic meters of water into the Dead Sea has been reduced to as low as 20 million, according to a 2013 UN study.

A joint Israeli-Jordanian project to lessen pumping in favor of desalination aims to increase flow by up to 40 million cubic meters, but the region suffers everywhere. According to the World Resources Institute, MENA is home to 12 of the 17 most water-stressed nations in the world—and again, some of the harm is self-inflicted.

According to the World Bank, only 18 percent of wastewater in the region is reused.

“Preserving water is fundamental,” said Georges El Copti, pastor of St. Paul’s Anglican Church in Amman, Jordan. “We are part of creation, and we have to care for it.”

Copti was interviewed last month as part of the Middle East Council of Churches’ effort to promote the international “Season of Creation,” sponsored in part by the Lausanne/World Evangelical Alliance Creation Care Network (LWCCN). He spoke not only of the importance of raising awareness but also about the rainwater harvesting project at his church.

Collecting even the minimal yearly rainfall in the desert kingdom can supply 30 percent of a household’s annual water need, stated the Jordanian Ministry for Water and Irrigation. Copti’s efforts are contributing to his congregation becoming an “Eco church,” a recognition awarded by A Rocha International, an evangelical environmental organization active in 20 countries.

Since its beginning in the United Kingdom, A Rocha has led thousands of churches to commit to embedding creation care into their preaching, worship, and facility management. Spinoffs are developing in France, Ghana, New Zealand, and Switzerland—though not yet in the Middle East.

“Matter reveals God,” said Dave Bookless, director of theology at A Rocha International. “If we destroy nature, we are ruining opportunities for evangelism.”

Bookless, also a creation care catalyst for LWCCN, spoke last month in Jordan, concluding a 12-region tour to promote the Lausanne Congress conviction, ratified in 2010, that “creation care is a gospel issue within the Lordship of Christ.”

The message has been slow to circulate.

“I know all the pastors,” said a Christian leader from Algeria. “This will be a revolution.”

Requesting anonymity due to social and governmental discrimination against Kabyle converts, the 26-year pastor said he is a rare environmentalist in his country. Partly it comes from experience: His church meets outdoors in nature, denied a permit to open a building.

When authorization comes, he plans to install solar panels—and expects grumbling from the congregation. Why bother, he anticipates their objection being, when the government offers such a steep subsidy on fossil fuels? As of 2021, OPEC member Algeria is the world’s 19th-largest oil exporter and a European target for increase given the disruptions caused by the Russia–Ukraine war.

Already aligned with the conference aims, the pastor still praised Bookless.

“I knew about recycling,” he said, “just not the Bible verses.”

Others in the region have gone further than reduce and reuse.

A Rocha Lebanon won acclaim for restoring the Aammiq Wetland in the Bekaa Valley. In the 1970s, authorities drained the area to combat malaria, unintentionally destroying an important transit point for north-south bird migration. The evangelical ecologists began restoration work in the early 2000s, and today the area is home to 53 species of butterflies, among other returning wildlife. And to the consternation—but not infection—of locals, even the mosquitoes are thriving again.

A current project, slowed by Lebanon’s financial crisis, is transforming a civil-war-era Syrian army landfill into a garden, complete with roses, fig trees, and a prayer labyrinth.

And outside Bethlehem, the Tent of Nations has turned the century-old Nassar family farm into an international peace and environmental center. Victim to attacks by both Jewish settlers and fellow Palestinians, the Lutheran family’s property is also claimed by the Israeli government, which uprooted many trees.

The Nassar slogan proclaims to all, “We refuse to be enemies.”

“Many evangelical churches preach, ‘Our home is in heaven,’” said Salim Munayer, founder of the Musalaha reconciliation ministry, in Jerusalem. “But as Arabs, our identity is very much connected to a geographical location, with the land itself as a fifth gospel.”

The identity is reflected even in many people’s name, he said. Many Arabic surnames end in i to connect to a traditional city or village, just as Iraqi or Yemeni denotes the national adjective.

But for those in the Holy Land, the attachments are often even stronger. And the environment is frequently one more avenue for politics within the Israeli-Palestinian conflict.

Bedouins in Galilee fear a wildlife corridor planned by the government is a disguised land grab that will limit the grazing of their livestock. And Jack Sara, general secretary of the MENA Evangelical Alliance, said that when early Zionists cleared Palestinian villages, they planted olive trees above them to hide their aggression.

He also addressed the common evangelical suspicion in spiritual terms.

“When we hear phrases like ‘creation care,’ it brings to mind someone hugging a tree,” Sara told LWCCN conference attendees. “But whenever I walk in a forest, I feel like I want to pray, don’t you?”

But none of the belonging, conflict, or meditation has been enough to rally evangelical concern for the environment, which is often seen as a “luxury topic” amid scarce resources and donor interest. Daba said that while Middle Eastern believers have largely joined social action to their verbal witness, the third pillar of the gospel—creation care—is still lacking.

He has a strategy.

“If we show them how ecology will also help the poor, they will pursue it,” he said. “We must incentivize social work to become environmental.”

A former business executive, Daba said his world once revolved around effectiveness, efficiency, and profitability. But when he became director for funding and investment for the Coptic Evangelical Organization for Social Services (CEOSS), he saw a reality once wholly alien to his church experience—shifting his concern to equality, poverty, and human rights.

It is an uphill battle to change mentalities, he said. But as his native Egypt is hosting the 27th session of the Conference of the Parties (COP27) to the UN Framework Convention on Climate Change, there has never been a better time to rally local concern—or to make it practical.

Increased salinity from the rising Mediterranean will impact the Nile River, from which Egypt draws 95 percent of its water. At current levels, crop yields will decrease 10 percent by 2050.

One Egyptian project can serve as Daba’s model.

Since its opening in 2012, the Health and Hope Oasis (HHO) in Wadi el-Natroun has provided free residential cancer care to over 10,000 children. The facility is located halfway between Cairo and Alexandria, a region which is home to some of Egypt’s most famous once-remote monasteries.

Today, the green pastures are gone—a victim of urbanization and its overreliance on precious groundwater.

“I’ve seen the effects of the loss of agricultural land in Egypt,” said 72-year-old cofounder Magda Iskander, a trained radiologist. “I am connected to the land and a peasant at heart.”

Her vision is more than ecological. To sustain the hospital’s charitable services, its 40 acres of farmland produce food for the housed families—including mangoes, dates, bread, beans, and vegetables. Water buffalo provide milk and meat, while cafés in Cairo donate used coffee grounds for fertilizer.

And whenever there are excess funds, the charity adds to its many trees.

Running a secular organization primarily serving Egypt’s Muslim majority, the lifelong Presbyterian cofounder encourages Christians to overcome their ghetto mentality. How else will society know you are different?, she asked, noting that HHO has drawn more than 1,200 cross-faith volunteers.

“Sometimes we forget what Jesus did,” said Iskander. “Create a team, and get them to share your vision.”

This charitable model may soon be increasingly in demand. According to the World Bank, by 2050, water scarcity in the Middle East will reduce regional GDP levels by up to 14 percent.

Despite his alleged environmental failing, the wisdom of Solomon remains necessary today. But as the Gospels state, now one “greater than Solomon is here.” Jesus, as head of the Middle East church, is present in all its challenges.

“Evangelicals have always been a forward-looking beacon of change in our region,” said Daba, referring to the schools and hospitals they’ve established and sustained—and even the taboo on smoking. “Now we need to lead in care for creation.”

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Content: People 's Network > > International
Dubai Climate Conference _ Roundup: China and Middle East countries join hands to tackle climate change
December 9, 2023, 13: 49 | Source: Xinhua Network
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Xinhua News Agency, DUBAI, December 8, Roundup: China and Middle East countries join hands to combat climate change
By Xinhua reporter Luo Chen, Chen Mengyang, Wang Yan
The 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) is taking place in Dubai, UAE.
This is the second consecutive year that the United Nations Climate Change Conference is being held in the Middle East after Sharm el-Sheikh, Egypt.
Just before COP28 was held, the world's largest single photovoltaic power station contracted by Chinese enterprises - the United Arab Emirates Eldavra photovoltaic power station was fully completed.
Rows of photovoltaic modules in Abu Dhabi ’ s vast desert form a spectacular “energy oasis ”.
The photovoltaic power station, which can supply electricity to 200,000 households, will reduce carbon emissions by 2.4 million tons per year, increasing the proportion of clean energy in the total energy structure of the UAE to more than 13%.
The Middle East is rich in oil and gas resources, and China and Middle East countries have maintained close cooperation in the energy field for a long time
In recent years, as the global climate crisis has become increasingly severe, China and the Middle East countries have accelerated their respective energy transformation steps, while vigorously promoting bilateral and multilateral cooperation in clean energy and renewable energy.
In December 2022, at the first China-Arab Summit, China proposed the "eight common actions" for China-Arab practical cooperation, including joint actions on green innovation and joint actions on energy security.
China has proposed the establishment of the China-Arab International Research Center on Drought, Desertification and Land Degradation and the joint establishment of the China-Arab Clean Energy Cooperation Center, demonstrating its determination to continuously deepen cooperation on climate change.
China has the world 's largest clean power generation system, and the installed capacity of hydropower, wind power and solar power is ranked first in the world. With its technological advantages in the field of clean energy, China and the Middle East countries actively cooperate in clean coal, solar and other fields.
The Haasyan Clean Coal Power Station Project in Dubai, United Arab Emirates, built by Harbin Electric Group Co., Ltd. is the first clean coal power station project in the Middle East and the first power station in the world to achieve dual-fuel full-load power supply.
In May this year, the fourth unit of the project was connected to the grid for the first time.
In addition, the third phase of solar thermal power generation independent power station in Morocco undertaken by Chinese enterprises is the world's largest single capacity tower solar thermal power station, Oman's largest renewable energy project - Oman Ibril photovoltaic project completed last year, Saudi Red Sea New City the world's largest energy storage project is also stepping up construction.
Ahmed Mohamed Massina, Deputy Minister of Electricity and Renewable Energy of Egypt, said that China and Egypt have maintained good cooperation in the field of renewable energy such as wind and solar energy, and expect the two sides to further deepen cooperation in various fields to jointly address climate change.
In addition to energy cooperation, China has also provided assistance to Middle East countries in the fields of desalination, green finance and green agriculture to jointly address the challenges posed by climate change.
In November 2022, Unit 2 of the Tawiller Seawater Desalination Project in Abu Dhabi, United Arab Emirates, built by SEPCO, was successfully connected to the grid.
The project is the largest reverse osmosis seawater desalination project under construction in the world.
Martin Trico, Chairman of the Investment Bank of Abu Dhabi First Bank, said that China ’ s “double carbon ” goal is highly compatible with the UAE government ’ s goal of achieving carbon neutrality by 2050, and Abu Dhabi First Bank issued the first RMB green debt in the Middle East and North Africa, and the space and potential for cooperation between the two sides is huge.
(Participating reporters: Guo Shuang, Tai Puping, Su Xiaopo)
(Edited by: Su Yanxiang, Xu Xiangli)
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Content: President Ilham Aliyev: Cooperation between Azerbaijan and UAE is multifaceted
President Ilham Aliyev: Cooperation between Azerbaijan and the UAE is multifaceted Our cooperation is multifaceted, covers many areas, and in the recent past very important steps have been taken in the energy sector, especially in the field of green energy.
Foreign policy
Jan. 9, 2024, 2 p.m.
Our cooperation is multifaceted, covers many areas, and in the recent past very important steps have been taken in the energy sector, especially in the field of green energy.
President of the Republic of Azerbaijan Ilham Aliyev said this at a meeting with President of the United Arab Emirates Sheikh Mohammed bin Zayed Al Nahyan in an expanded format.
Noting that a solar power plant with a capacity of 230 megawatts was opened in Azerbaijan in October last year, the head of state stressed: “The creation of this station has become possible due to the investments of your country.
It's just the first step.
Based on the signed contracts and memorandums of understanding, 10 gigawatts of green energy will be produced in Azerbaijan at the expense of your country ’ s investments. ”
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Content: Sustainable investment research predicts investment opportunities of more than US $100 trillion by 2050
Climate change is not only an urgent issue for countries, but also an investment topic for investors, with the two main themes of “energy transition ” and“ sustainable food and water ” predicting more than $100 trillion in investment opportunities by 2050.
According to Felix Odey, manager of global resources equities at Schroder Investment, there is still a huge carbon reduction gap in the world, and the global energy system must promote three structural transformations, including “zero carbon emissions ”,“ energy electrification ” and “energy efficiency ”.
Felix Odey pointed out that in two-thirds of the world ’ s countries, renewable energy is actually cheaper than conventional coal and gas power generation, which means that the use of renewable energy in these countries will help improve their economic efficiency, which will promote their investment and development of renewable energy incentives.
Schroders estimates that under the global energy system transformation trend, the proportion of renewable energy generation in 2050 will increase from the current 20% to nearly 85%; in addition, with the increasing popularity of electric vehicles, the proportion of electricity in various forms of energy consumption will increase from 20% to about 45%, in the process of energy transformation, it is estimated to create about 100 trillion dollars of investment opportunities.
In addition, in the “global food and water system ”, from production, processing and manufacturing, distribution to recycling, all rely on more comprehensive and innovative technologies to achieve a balance of“ quantity and sustainability ”, with the overall value chain expected to create investment opportunities of more than $30 trillion.
Felix Odey pointed out that the current transformation of the energy, food and water systems, both of which have investment prospects, coincides with the current challenging global environment, and the investment theme of sustainable food and water resources, which has more prominent defensive characteristics.
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Content: Global News
The World Today - A pivotal and promising role for the countries of the region in the transition to renewable energy
You are now following the news of a pivotal and promising role waiting for the countries of the region in the transition to renewable energy from the news section of the world and now we leave you with full details
MARCH 3, 2023 02: 16 AM - The Middle East and North Africa (MENA) region has always played a pivotal role in the oil and gas markets, but this role will not stop if the world decides to move to low-emission sources of energy.
According to APRICORP, renewable energy investments are expected to account for 34 percent of electricity investment in the Middle East and North Africa between 2022 and 2026.
According to McKinsey & Company, the Middle East and North Africa receives 22 to 26 percent of the solar radiation energy on Earth, due to its geographical location.
Solar energy is not the only thing that distinguishes the region, as countries in this region are likely to be the source of 10 to 20 percent of the global hydrogen market by 2050, according to Roland Berger.
Hydrogen is likely to generate annual revenues of $120 billion to $200 billion by 2050, and many countries in the region have already started projects to transport and export hydrogen to energy-consuming countries.
The region has about 10 percent of global carbon capture and storage capabilities.
Despite the many challenges that countries in the region must face in this regard, the Middle East and North Africa (MENA) region has the potential to play a pivotal role in the global energy transition.
The most prominent question about green finance comes in this promising region.
Nael Amin, senior director of financial services at Arthur D. Little, said on this week ’ s episode of Dot Gulf ’ s World of Energy program that green finance in the Middle East and North Africa, including green bonds, had reached $3.8 billion in 2020.
This amount, according to Amin, has grown significantly during the year 2022, specifically in 4 countries, Turkey, the Arab Emirates, Egypt and Saudi Arabia, due to the development in the region and increased investments in this sector, as well as providing some important requirements in this sector.
Amin explained that besides financing, the region is witnessing progress in many areas in terms of dealing with environmental factors, which is an attractive factor for investors.
Over the past two years, banks have significantly increased their legislation in this area, as each of the Gulf countries has implemented the necessary standards and requirements to support the business environment in the field of green energy.
There are challenges, according to Amin, the most prominent of which is the data challenge, as he pointed out that banks are approaching the activities of customers to know the necessary data on funded projects, for example, in the case of financing the construction of a building, you must know the amount of energy that will be consumed by this building.
The Gulf States are working and collaborating with each other to understand the framework that must be adopted to develop infrastructure in the field of renewable energy and promote sustainability, which will positively impact and support green investment in general in the region.
We hope that we have succeeded in conveying the full details of a pivotal and promising role that awaits the countries of the region in the transition to renewable energy.
In God ’ s care and protection.
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Content: Monday 29 May 2023 Abu Dhabi UAE
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Global solar energy investments go beyond ‘ conventional ’
The Energy Agency has appealed to oil companies to allocate more money for clean energy solutions.
May 29, 2023 01: 26
Hassouna Al Tayeb (Abu Dhabi)
With the Paris Agreement ’ s 1.5 ° C targets set to be met and nearly $1.7 trillion spent on clean energy this year, global solar investments are steadily outpacing those traditionally made in oil production for the first time in their history.
For the first time, with $1 billion a day spent, solar investments are likely to top energy investments in 2023, helping to reduce global carbon emissions.
Referring to the Paris climate agreement, which aims to limit global warming, IEA Executive Director Fatih Birol said that if clean energy investment continues to grow at the same pace as in the past few years, a different energy system is expected to emerge soon.
About $1.7 trillion is likely to be spent on clean energy technologies this year, compared with $1 trillion in fossil fuels.
Five years ago, the $2 trillion annual energy investment was split equally between fossil fuels, clean technology such as renewable energy, electric vehicles and low-carbon fuel categories, according to the Financial Times.
Recovery of the economy
Behind the increase in clean energy spending is a strong recovery in economic growth following the end of the COVID-19 pandemic, as well as concerns about price instability and energy security caused by the Russian-Ukrainian crisis last year.
Enhanced policy support, such as the U.S. Inflation Reduction Act, has provided nearly $369 billion in aid and tax breaks for clean energy technologies.
As a result, the International Energy Agency expects clean energy investment to jump by 24% compared to 2021, while spending on fossil fuels will rise by only 15%.
At the recent G-7 summit held in Japan, there was a great convergence on energy issues and the future of its market, among the countries of the bloc, in addition to the invited countries, such as Brazil, India and Indonesia.
Expenditure rates
Despite a significant recovery in clean energy spending, carbon emissions associated with the global energy sector grew by a record 0.9% in 2022 to 36.8 billion tonnes, according to the World Energy Agency.
The agency is appealing to global and national oil companies to allocate more funds for clean energy solutions.
The oil and gas sector ’ s total spending on low-carbon energy resources was less than 5% of total spending on fossil fuel production.
“We hope there will be a convergence between what the heads of global and national oil companies say about their climate change concerns and what they do in terms of investment operations, ” Birol said.
All rights reserved to Al Ittihad Newspaper 2023 ©

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Saudi Arabia Expands Energy Strategy Beyond Oil to Embrace Renewables

Saudi Arabia announces a strategic shift in its energy policy, moving away from oil-dependency towards a diversified, sustainable energy landscape.

Hadeel Hashem
New Update

In a groundbreaking announcement, Saudi Arabia has declared a strategic shift in its energy policy, signaling a move away from its traditional oil-based economy towards a diversified energy landscape. This significant move forms part of the Kingdom's Vision 2030 objectives, aimed at reducing the country's dependence on oil and transitioning towards a more sustainable and diversified economy.

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Saudi Arabia's Energy Diversification: A Strategic Shift

This strategic redirection is indicative of Saudi Arabia's recognition of the changing global energy landscape and its commitment to meeting international climate targets. The Kingdom's decision to broaden its energy focus is not merely an economic strategy but a profound response to the growing global call for cleaner, sustainable energy sources. The move signifies a departure from fossil fuel dependency and striking a balance with renewable energy sources such as solar and wind power.

From Oil Giant to Renewable Powerhouse

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Spearheaded by Deputy Crown Prince Mohammed bin Salman, the Vision 2030 plan outlines ambitious targets for diversifying the country's energy sources. Among these is the creation of a sovereign wealth fund through the privatization of state-owned enterprise Aramco. The plan also sets bold targets for renewable energy production, including generating 9.5 gigawatts of energy from solar and wind power. These targets underscore the Kingdom's commitment to becoming a global investment powerhouse in the renewables sector.

Implications of Saudi Arabia's Energy Diversification

This strategic shift has significant implications for both the global energy market and the Kingdom's economic future. By diversifying its energy sources, Saudi Arabia is positioning itself to stimulate economic growth, create new jobs, and strengthen its position as a global energy provider. The decision is a testament to Saudi Arabia's determination to adapt to changing global energy trends and its resolve to achieve a more sustainable, diversified economy.

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This shift represents a strategic move toward energy diversification, economic sustainability, and climate goal achievement.

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'Cautious optimism 'over Hamas deal: Israeli delegation flies to Doha
Date of publication: | Last update:
During the telephone consultation, the Israeli military cabinet decided to send an Israeli delegation in the coming days to continue negotiations in Doha, the capital of Qatar.
The decision was made after receiving a report on the previous day ’ s negotiations in Paris, which was attended by a representative Israeli delegation headed by the heads of the security services.
The Israeli leadership, after the talks in France, expressed cautious optimism about the possibility of reaching a new agreement on the “exchange of prisoners ” with Hamas.
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The proposed formula for the exchange is the release of 35 to 40 minors, women and elderly hostages (over 60 years of age), as well as the sick (including the wounded and sick under 60 years of age) in exchange for 200 to 300 Palestinian prisoners held in Israeli prisons.
At the same time, Israel insists on the inclusion of female soldiers in the lists of kidnapped terrorists (Hamas has apparently not given consent so far), and Hamas insists on the inclusion in the lists of terrorists serving long terms.
The Hamas leadership continues to state that it is not ready to make concessions in the main: this terrorist organization (the elimination of which was declared by the Israeli authorities as one of the main goals of the war in Gaza) emphasizes that it requires a complete and guaranteed, not a temporary ceasefire and the withdrawal of all Israeli troops from the Gaza Strip.
The position of Hamas
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Taer al-Nunu, press adviser to Hamas Politburo leader Ismail Haniyeh, said on the evening of February 24: "It is impossible to talk about a temporary ceasefire without an end to the war, an end to the occupation and the provision of humanitarian aid...
We have not yet reached the stage of negotiations on the exchange of prisoners. "
According to Nunu, Israeli Prime Minister Benjamin Netanyahu “wants to continue the war, despite the fact that it goes against Israel ’ s interests. ”
Mahmoud al-Mardawi, a Hamas official abroad quoted by Israeli and Arab media, told the Lebanese al-Mayadeen TV channel (affiliated with Hezbollah): "The enemy has made up a story about the talks that we have nothing to do with."
According to him, Israel is trying to achieve at the negotiating table results that were not achieved during the war in Gaza.
Al-Arabiya TV reports, citing a source in the Hamas leadership, that the terrorist organization is demanding the release of 15 Palestinian prisoners serving long prison terms (that is, including terrorists with blood on their hands) in exchange for every kidnapped Israeli who is not a soldier, on every day of the ceasefire, if an agreement is reached.
If Israel agrees to such a formula, the source said, the first phase of the deal would include the release of "all Israelis who are not soldiers."
It was reiterated that Hamas has not yet accepted the Paris Agreement.
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The Ynet website quoted a senior Egyptian official as saying the mediators were waiting for an official Israeli response to the Paris proposal, which he said would allow hundreds of trucks of humanitarian aid to enter Gaza daily, including in the northern part of the sector.
He also said that both sides agreed that negotiations on the release of additional hostages and a permanent ceasefire would continue during the temporary ceasefire.
Negotiations
On Saturday morning, an Israeli delegation attending a summit on a possible “prisoner exchange ” with Hamas returned to Israel.
The Ynet website, citing an anonymous political source, wrote that in France, a scheme was agreed to start negotiations with Hamas.
According to the source, quoted by political commentator Itamar Eichner, the next step would be to discuss the names of the hostages and the names of the Palestinian prisoners to be released and the terms of the ceasefire.
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It was expected that this plan would be discussed in the military cabinet, and if approved, in the expanded cabinet of ministers of Israel.
The Ynet publication stressed that so far we are talking about an “outline of the agreement ”, and not about any final agreement.
Nevertheless, the source is quite optimistic about the results of the summit in Paris.
Saudi TV channel Al-Hadat reported that at the Paris talks "an agreement was reached on an updated framework for the exchange deal... progress was made that will allow us to move on to discussing the details of the deal."
According to the channel, at this stage, the issue of “the release of 40 hostages held in Gaza in exchange for 200-300 Palestinian prisoners held in Israeli prisons ” is being discussed.
A similar formula of exchange – “35-40 hostages in exchange for 200-300 Palestinian prisoners ” – was also written by Agence France-Presse.
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Participants of the summit in Paris were CIA Director William Burns, the head of Egyptian intelligence Abbas Kamal, the Prime Minister of Qatar Sheikh Muhammad bin Abdulrahman al-Thani.
On the Israeli side, Mossad chief David Barnea, Shabak chief Ronen Bar, chief of staff for the search for the abductees Nitzan Alon and political adviser to the prime minister, Ophir Falk, participated in the Paris talks.
The last time Burns, Kamal, al-Thani and Barnea met in January, the formula for a six-week ceasefire was agreed upon in principle.
However, Hamas did not accept the offer, demanding a complete and final ceasefire before the start of the "prisoner exchange" process.
According to Egyptian officials, the talks resumed after Hamas said it was ready to lower its terms on the number of Palestinian prisoners required to be released from Israeli prisons in exchange for hostages held in Gaza.
We are talking about 3,000 prisoners.
In January, according to media reports, it was about 5,000 prisoners.
Earlier, Hamas demanded the release of all female prisoners and minors (according to various sources, up to 19 years or up to 21 years), as well as prisoners sentenced to life imprisonment (that is, terrorists convicted of killing Israelis).
Hamas continues to press for the release of those serving long prison sentences in terrorism-related cases.
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According to the Wall Street Journal, the duration of the cease-fire remains a key obstacle in the negotiations.
Hamas demands that negotiations for a permanent ceasefire begin immediately after the start of a six-week pause.
Hamas has requested a plan that further release of hostages during the cease-fire will depend on progress in negotiations to end the war, Egyptian officials said.
However, Israeli Prime Minister Benjamin Netanyahu said that ending the war was a “red line ” that he would not cross.
The Israeli government continues to declare two goals of the war: the destruction of Hamas and the release of hostages.
Hamas, while declaring its readiness for a six-week ceasefire and a reduction in the number of prisoners released from prison, emphasizes that it will continue to hold Israeli male soldiers captive until a permanent ceasefire is reached and a full withdrawal of Israeli troops from the Gaza Strip is completed, Egyptian officials said.
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Israeli officials had previously told negotiators that they were only willing to discuss aspects of the deal related to humanitarian aid.
According to Egyptian officials, Israel did not send a technical team to Cairo to begin proximity talks with Hamas.
On February 22, Washington dispatched U.S. Middle East coordinator Brett McGurk to Israel, who met with Israeli officials a day after the talks in Cairo, where he was in contact with Egyptian officials involved in talks with the Hamas leadership.
Hostages
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On October 7, 2023, against the backdrop of massive rocket attacks from Gaza and the breakthrough of the Gaza border by thousands of militants who invaded Israeli territory, killing more than a thousand civilians, as well as hundreds of police and military personnel, terrorists captured about 240 Israelis and foreigners, many of whom are still being held in the Gaza Strip.
On November 24-30, a cease-fire was in effect, during which 105 hostages held by terrorists were returned – among the 81 Israelis released.
(In total, by the end of November, Hamas had released 109 hostages.
Another hostage was rescued by the IDF during the initial phase of the operation in Gaza.)
The three hostages who escaped were mistakenly killed by Israeli forces.
On February 12, two hostages were rescued as a result of a special operation.
Currently, according to the IDF, in the Gaza Strip, terrorists continue to hold 132 hostages (including 116 Israeli citizens - all are accounted for, including those abducted in 2014-2022, alive and dead if their bodies remain in Gaza).
According to preliminary information, at least 33 hostages were killed, their bodies are being held by terrorists.
The names of the hostages kidnapped by terrorists on October 7, 2023 and held in Gaza.
The names of the released hostages are listed separately.
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Content: Iran aims to provide 50% of its electricity through nuclear technology
Vice President and head of the Atomic Energy Organization of Iran (AEOI) Mohammad Eslami said that the country seeks to provide 50% of all electricity needs through nuclear technology, Trend reports citing IRNA.
“Iran is in dire need of electricity right now.
Therefore, we strive to meet up to 50% of the country ’ s needs through the construction of nuclear power plants.
This issue is a top priority for the AEOI, ” said Eslami.
"The second priority of the organization is the development of the production of radioactive preparations and radiation detector generators.
Today, these nuclear products should be actively used in our country in medicine, industry, agriculture and the environment, "he said.
Commenting on the differences between Iran and the IAEA on the provision of surveillance cameras of this complex, Eslami called the IAEA report on this issue unconstructive.
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Another country will open to tourists after November 1
The date of the second suborbital flight of Blue Origin with tourists has been announced
Number of Azerbaijani citizens visiting Turkey increased
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President Ilham Aliyev viewed the house of a resident of the city of Terter, destroyed as a result of the attack of the Armenian Armed Forces, and got acquainted with the conditions created in the new house
Iran aims to provide 50% of its electricity through nuclear technology
Azerbaijan ’ s non-oil exports grew by more than a third in a year
In one of the districts of Kazakhstan, the harvesting of millet is completed
The UK plans to conclude more security alliances like AUKUS
President Ilham Aliyev visits Tartar and Barda districts
The Prosecutor ’ s office of Georgia will not bring charges against Saakashvili today
6 parties take place in Tbilisi Sakrebulo
The second round of mayoral elections will be held in 20 of the 64 municipalities
Bahrain athlete sets new world record
Azerbaijani NGOs appeal to world community over war crimes committed by Armenia
In Italy, there was a plane crash, there are dead
On the US air base in Afghanistan flew military aircraft
An explosion at a mosque in Kabul killed eight people (UPDATED)
In Georgia, all public and private schools are ready to start training
Number of people vaccinated against COVID-19 in Azerbaijan
712 cases of coronavirus infection detected in Azerbaijan, 1,813 people cured
Iran and Russia simplify grain trade procedures
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Second round of Tbilisi mayoral elections to be held on October 30
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In the elections in Georgia for the first time used electronic ballot boxes
Armenian citizen detained in Georgia for selling fake excise stamps
Heavy rains are expected in Azerbaijan tomorrow
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A fire in Rome destroyed a bridge built in the 19th century.
Azerbaijani Foreign Ministry congratulates Turkic-speaking countries
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In Russia, tightened the rules of operation of NCO-foreign agents
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105-year-old Spanish woman dies of COVID-19
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Kaladze leads Tbilisi mayoral elections - CEC
Azerbaijan reduces food imports
Private non-oil companies of Azerbaijan increased exports by more than 40%
The Central Bank of Azerbaijan called the volume of currency exchange operations
The ruling party in Georgia leads in municipal elections - the first data of the CEC
Daniel Craig received a star on the Walk of Fame in Hollywood
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Biden called a convincing reason to get vaccinated
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Tesla ’ s sales growth exceeded analysts ’ expectations
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Key countries including the UAE, Saudi Arabia, and others are implementing ambitious renewable energy projects, offering government incentives, and developing comprehensive energy transition strategies.

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Content: NEE

7 Alternative Energy Stocks to Buy on the Fossil Fuel Fallout

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

Amid escalating geopolitical flashpoints, a clear lesson is emerging for western economies, which may lead to a renaissance for alternative energy stocks. The world continues to run on hydrocarbons and that might not change in the foreseeable future. Still, potential disruptions force a discussion for backup plans.

Currently, tensions in the Middle East have resulted in two nations exchanging missile attacks. For now, both sides appear to want to cool the temperature. Nevertheless, a miscalculation could send the situation spiraling out of control. Combine this matter with the military conflict in Europe and oil supply chains – particularly to western nations – could be compromised.

Granted, circumstances won’t change overnight. However, the flashpoints across multiple regions in the world gave as loud of a wake-up call as possible. With that, below are alternative energy stocks to consider.

NextEra Energy (NEE)

Source: IgorGolovniov/Shutterstock.com

One of the top players among alternative energy stocks, NextEra Energy (NYSE:NEE) generates, transmits, distributes and sells electric power to retail and wholesale customers in North America. Per its public profile, the company generates electricity through wind, solar, nuclear, natural gas and other clean energy. Since the start of the year, NEE stock gained more than 4%.

To be upfront, NEE has been a volatile idea. In the past 52 weeks, shares slipped more than 18%. However, after hitting a near-term bottom in October last year, NEE has been attempting a comeback. Financially, what’s appealing here is the consistency of performance. In fiscal 2023, the company achieved an average positive earnings surprise of 9.5%.

For the current fiscal year, experts are seeking earnings per share of $3.40. That’s up solidly from last year’s result of $3.17. However, the revenue target is a bit tricky, with an average view of $27.76 billion below 2023’s print of $28.11 billion. Still, the high-side target calls for $30.73 billion. It’s one of the alternative energy stocks to keep on your radar.

Cameco (CCJ)

Source: shutterstock.com/RHJPhtotoandilustration

An important but perhaps somewhat controversial inclusion in this list of alternative energy stocks, Cameco (NYSE:CCJ) provides uranium for electricity generation. It operates through multiple segments, with its mainline uranium unit involved in the exploration for, mining, milling, purchase and sale of uranium concentrate. It also features a fuel unit that engages in the refining and fabrication of the commodity.

While nuclear energy sometimes has a rough reputation, the rising energy demands of new technologies such as artificial intelligence means that we can’t ignore uranium. Nothing truly features the extraordinary energy density of nuclear fuel. Further, the disruption in the uranium space has made CCJ attractive as long-term speculation.

For the current fiscal year, experts are looking for EPS of 89 cents. That’s a big improvement over last year’s print of 57 cents. On the top line, revenue could clock in at $2.22 billion, up a robust 18% from 2023’s tally of $1.88 billion. It’s an unignorable component of alternative energy stocks to buy.

Ormat Technologies (ORA)

Source: riekephotos / Shutterstock.com

One of the challenges of pure-play alternative energy stocks tied to the renewable ecosystem is intermittency. Basically, the sun doesn’t shine 24/7/365, nor does the wind blow perpetually. During the downtime, that’s a lot of utility that goes begging. That’s where Ormat Technologies (NYSE:ORA) comes into the picture.

As a specialist in geothermal energy, it could potentially address the intermittency problem. Geothermal is exactly what it sounds like — extracting energy from the earth’s core. It’s sustainable, renewable and doesn’t involve building ugly wind turbines that could impact wildlife. Notably, the company is a strong financial performer. Last fiscal year, it posted an average positive earnings surprise of 22.58%.

For fiscal 2024, covering experts believe EPS could reach $2.13. That’s a modest improvement over last year’s result of $2.08. On the other hand, the top line may rise to $888.2 million, up 7.1% from 2023’s tally of $829.42 million.

Interestingly, the following year’s most optimistic sales target calls for $1.04 billion. Thus, some patience could go a long way.

First Solar (FSLR)

Source: T. Schneider / Shutterstock.com

A solar technology company, First Solar (NASDAQ:FSLR) provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile and internationally. Per its public profile, the company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.

To be sure, FSLR stock presents a high-risk, high-reward profile. Last year, shares stumbled noticeably as the pressures associated with elevated inflation and borrowing costs impeded sentiment. However, if broader conditions cooperate moving forward, FSLR could swing dramatically higher. For example, in the past three quarters, the company achieved an average positive earnings surprise of 30.27%.

Interestingly, analysts are anticipating a strong year for First Solar in fiscal 2024. Specifically, they’re looking for EPS of $13.59 on sales of $4.5 billion. That’s a major jump from last year’s results of $7.74 EPS on revenue of $3.32 billion. What’s more, fiscal 2025 revenue is projected to hit $5.6 billion.

It’s still risky but it could be a compelling wager for alternative energy stocks.

Clearway Energy (CWEN)

Source: Pavel Kapysh / Shutterstock.com

Operating under the utility space, Clearway Energy (NYSE:CWEN) operates through Conventional and Renewables segments. Per its corporate profile, Clearway has approximately 6,000 net megawatts (MW) of installed wind, solar and energy generation projects. It also features approximately 2,500 net MW of natural gas-fired generation facilities.

To be completely upfront, Clearway is wildly risky. Since the start of the year, CWEN slipped more than 16%. Over the past 52 weeks, the security gave up nearly 27% of equity value. Therefore, you must understand the risks before getting involved. With that said, analysts rate CWEN a consensus moderate buy with a $28.50 average price target. That implies an upside of 25% from Friday’s close.

Another factor to consider is the slow revenue growth. In 2023, the company generated sales of $1.31 billion, up 10% from last year’s print of $1.19 billion. However, in 2021, company revenue was nearly $1.29 billion.

Still, the most optimistic analyst believes that CWEN has the potential to hit $37 per share. We’re talking over 62% upside potential.

Brookfield Renewable (BEPC)

Source: Piotr Swat / Shutterstock

Another player in the utility ecosystem, Brookfield Renewable (NYSE:BEPC) owns and operates a portfolio of renewable power and sustainable solution assets primarily in the U.S., Europe, Colombia and Brazil. According to its corporate profile, Brookfield operates hydroelectric, wind, solar and distributed energy and sustainable solutions with an installed capacity of approximately 19,161 MW.

Another risky enterprise among alternative energy stocks, BEPC stock lost 23% of equity value since the start of the year. Over the past 52 weeks, it slipped almost 33%. However, speculators are hoping that the $22 technical support line may hold. One factor that could bolster sentiment is the company’s fourth-quarter earnings report, where it posted EPS of 1 cent against an expected loss per share of 14 cents.

For the current fiscal year, analysts are looking for revenue of $6.13 billion. That’s up 21.6% from last year’s tally of $5.04 billion. Moreover, they’re seeking sales of $6.4 billion in the following year. Lastly, shares feature a moderate buy consensus view with a $31.50 average price target.

Clean Energy Fuels (CLNE)

Source: ZikG / Shutterstock.com

Specializing in the refining and marketing component of the energy value chain, Clean Energy Fuels (NASDAQ:CLNE) provides natural gas as alternative fuels for vehicle fleets and related fueling solutions in the U.S. and Canada. Specifically, it supplies renewable natural gas (RNG), compressed natural gas (CNG) and liquefied natural gas (LNG) for medium and heavy-duty vehicles.

To be sure, CLNE ranks as the highest-risk, highest-reward prospect on this list of alternative energy stocks. Since the beginning of the year, CLNE suffered a loss of almost 42%. In the past 52 weeks, it’s down 48%. Of course, the idea here is that at some point, the negative acceleration will fade. It’s just that I’m not entirely sure when such a dynamic will materialize, if at all.

For the current fiscal year, experts anticipate Clean Energy to post a loss per share of 12 cents. That’s disappointing relative to the prior year’s result of a 6-cent loss. At the same time, revenue could land at $439.66 million, up 3.4% from 2023. Also, the most optimistic target calls for revenue of $504.9 million.

Finally, analysts rate shares a consensus strong buy with a $7 price target, projecting over 215% upside potential.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.

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Content: Sunday 23 June 2024 Abu Dhabi UAE
Prayer times
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Today 's Issue
Today 's Issue
ECONOMY
$9 trillion per year in global climate finance by 2030
$9 trillion per year in global climate finance by 2030
June 23, 2024 01: 04
Hassouna Al Tayeb (Abu Dhabi)
The cost of the road to achieving green energy goals is huge and requires the cooperation of governments around the world, and the International Renewable Energy Agency (IRENA) estimates that the world needs to add about 1,000 gigawatts of renewable energy capacity annually until 2030.
The U.S. government introduced the Inflation Control Act, the first legislation to advance green investments through subsidies, grants, and tax breaks for green projects and businesses.
Furthermore, new facilities should be energy efficient, and all types of infrastructure should be able to withstand the effects of climate change, as well as preserve the natural environment and make it more resilient.
But the bill to achieve this, which is too costly and to maintain average global temperature rises consistent with the 2015 Paris Agreement, should increase global climate finance to about $9 trillion a year by 2030, from just $1.3 trillion in 2021-22, according to the Climate Policy Initiative.
In an April report, Europe alone would need to invest around €800 billion in energy infrastructure to meet the goals of the Paris 2030 climate agreement and €2.5 trillion to complete the transition to green energy by 2050, according to the Financial Times.
To move towards a green energy transition, governments around the world are considering options ranging from a tax on the wealthy to fees on shipping, among other measures, the US plans to fund the IRA by raising $300 billion over the current decade by requiring large companies to pay a minimum 15% tax on their profits and imposing a share buyback tax.
The importance of speed in raising money is becoming more apparent after nearly 200 countries around the world agreed to shift away from fossil fuels by 2050, tripling renewable energy capacity and doubling its efficiency by 2030.
Adding to the importance of the issue was the naming of the COP29, which is scheduled to be held in November this year in Baku, Azerbaijan.
Much of the debate is focused on agreeing on a global climate finance target to help poor countries transform and transform their economies.
But rich countries are also suffering from the cost of this transformation.
Policymakers in rich countries expect a generous contribution from the private sector to finance many aspects of the transition to a greener economy, but that does not exempt taxpayers from contributing.
The International Energy Agency estimates that the public sector will have to contribute about 30% of the cost of climate finance, with the remaining 70% coming from the private sector.
Governments are expected to play the key role in providing the necessary financing to prepare the infrastructure necessary for the green transition, such as electricity grids, as well as preparing economies for climate change by building walls around the seas to repel floods, for example.
Officials are often concerned about the weight of the consumer with more tariffs, with most struggling with the costs of daily living.
Some 40 countries have introduced some kind of carbon pricing mechanism, the proceeds of which are often used for public government spending rather than for efforts to tackle climate change.
Many countries around the world are planning to impose new tax duties, as the UK government has proposed a “Green Prosperity Plan ”, which is funded through tax revenues from the country ’ s major oil and gas companies.
An additional “extraction tax ” on major fossil fuel companies in rich countries could raise as much as $720 billion by 2030, with the support of non-profit organizations and environmental groups such as Greenpeace and Poverty Eradication.
In Hawaii, local authorities are seeking to levy a tourist fee of $25 per guest when booking hotels to help the state cope with the effects of climate change.
Barcelona, which is currently in a drought emergency, has allocated 100 million euros of tourism tax to install heat pumps and solar panels in state-owned schools.
In the meantime, governments are scrambling to find other options.
At COP28, countries including France, Kenya and Barbados launched a task force to look at how innovative sources of finance, such as shipping and aviation fees, can be used to fund climate action.
These various taxes and fees could generate revenues of about $2.2 trillion annually.
Other countries are supporting efforts to phase out fossil fuel subsidies in order to leverage funds used to support the oil, coal and gas industry for other purposes.
Currently, at least $7 trillion is spent annually on direct and indirect fossil fuel subsidies.
Over the next seven years, capital spending on renewables is expected to double, while halving on fossil fuels.
All rights reserved to Union News Center 2024 ©

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Content: Wednesday, 06 December 2023 01: 04 GMT
Energy mobilizes and signs 9 agreements and memorandums of understanding at the Climate Conference
(MENAFN- Jordan News Agency)
Amman, December 6 (Petra) - The Ministry of Energy and Mineral Resources has signed nine agreements and memorandums of understanding, including five in the field of green hydrogen and green ammonia production with several companies, and an agreement to develop a joint wind energy project with Abu Dhabi Future Energy Company - Masdar, according to a press release issued by the ministry on Wednesday.
On the details of the MoUs and the agreement signed during the COP28 Climate Conference in Dubai, Minister of Energy and Mineral Resources Dr. Saleh Al-Kharabsha said that the agreement signed with the CEO of Abu Dhabi Future Energy Company – Masdar, Mohammed Al-Ramahi, aims to develop a 1GW wind power plant with a battery energy storage system (BESS) in Jordan.
He added that the first memorandum of understanding in the field of green hydrogen production, signed during the climate conference with Masdar, aims to prepare a feasibility study for the establishment of a green hydrogen project, and the establishment of a plant near the port of Aqaba to produce up to 50,000 tons of hydrogen annually, the most cost competitive, using water. Desalinated sea and renewable energy.
He explained that the second memorandum of understanding in the field of green hydrogen was signed with ACWA Power Saudi Arabia to produce green hydrogen in Jordan, and the memorandum allows the company to prepare preliminary feasibility studies for the project, which aims to produce 100-150 thousand tons per year of green ammonia.
He said that the third memorandum was signed with the consortium of Korea Electric Power Company (KEPCO) and Xenel International, and enables the consortium to prepare preliminary feasibility studies for a project to produce green hydrogen and produce one million tons of green ammonia annually in Jordan.
The fourth memorandum in the field of green hydrogen, between Khorabsha, was signed with Osior Energy India / UAE, and allows the company to prepare preliminary feasibility studies for the project, which aims to produce 1 million tons of green ammonia per year and will be developed in stages, with the first phase of the project consisting of production of 100 thousand tons per year, to be increased to 1 million tons per year. tons by 2030.
Kharabsheh also signed the fifth memorandum in the field of green hydrogen production with Catalest Investment Management Company to produce green hydrogen in Jordan, and in light of the memorandum, the company will be able to prepare preliminary feasibility studies for its project aimed at producing 150,000 tons of green ammonia annually.
He stressed that the Jordanian government ’ s efforts are serious and continuous to strengthen Jordan ’ s role as a regional center for green energy production and the provision of high quality and competitive green hydrogen fuel, by taking advantage of the abundance of renewable energy sources and Jordan ’ s strategic geographical location in the region, ensuring excellent access to European markets.
Al-Kharabsheh praised the cooperation at the regional and national levels, and partnership with all partners signing the agreements, in order to enhance the priorities of the Ministry and the vision of economic modernization (2023-2033) recently launched by the Jordanian government, including investment in green hydrogen production projects, which are part of Jordan ’ s initiatives to shift towards the use of clean energy, in order to achieve net zero emissions.
For his part, Al-Ramahi said Jordan has the potential to become a global power in the field of green energy, thanks to large wind and solar resources that can be used to generate large quantities of renewable energy, produce green hydrogen and green fuels at competitive cost, relying on the strength of the long-term bilateral partnership, through which Masdar will provide its expertise in clean energy projects and technologies to help Jordan. To achieve its decarbonisation plans and unleash the country ’ s vast energy potential.
In his capacity as the Executive Chairman of the Renewable Energy and Energy Conservation Fund, Khorabsheh signed a memorandum of cooperation with the Italian Ministry of Environment and Energy Security, represented by the Italian Minister of Environment. The memorandum provides opportunities to finance proposals for projects and initiatives of the Renewable Energy Promotion Fund for the next four years. Italy signed in Rome in 2018.
He also signed a letter of intent with the Director of the Canadian Fund for International Investments (CCC), which came as a result of meetings and dialogues between the two parties to implement energy conservation projects for Jordanian government buildings within the ESCO2 model program. These projects contribute to the sustainability of the energy services market, promote energy conservation projects in public and private buildings, increase financing opportunities and create new and sustainable jobs. in Jordan.
On the sidelines of the COP, Khorabsheh also signed a memorandum of understanding with the Director of Guide house International – Germany, to rationalize energy within the “Heating and Cooling of Buildings ” program in Jordan. The memorandum includes the submission of joint project proposals that contribute to achieving the indicators of the Jordanian National Energy Efficiency Plan (NEEAP). Reducing carbon emissions in the face of climate change.
In this context, Al-Kharabsheh stressed that Jordan is seeking to attract investments and achieve partnership to improve energy efficiency in various sectors by 2030, pointing out that the Ministry is looking forward to enabling and financing the transition to an efficient and environmentally friendly cooling system in the Middle East and North Africa region during the Climate Conference, held in the UAE.
The signing ceremony was attended by Dr. Sultan Al Jaber, President of the Climate Conference, Dr. Muawiya Al Radaidah, Minister of Environment of Jordan, and members of the Ministry ’ s delegation participating in the conference, including Rasmi Hamza, Director of the Renewable Energy and Energy Conservation Fund, Eng. Lina Moubayed, and members of the teams representing companies and government entities that signed the agreements and memorandums of understanding.
On the sidelines of the conference, Kharabsheh participated in a seminar to discuss the roadmap of energy cooperation between the Middle East, North Africa and Europe, during which he stressed that the joint dialogue is a leading forum for the most important stakeholders in the energy sector from the two regions. Participants also stressed the importance of building on the success of the future energy dialogue between the Middle East and North Africa and Europe, held in Jordan in June 2022.
The seminar saw the participants activate the Future Energy Dialogue to deepen energy cooperation between the Middle East and Europe, and it was announced during the meeting that the next dialogue will be held in the Greek city of Thessaloniki in September 2024.
- Petra.
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## Key National Projects

### United Arab Emirates
The UAE has emerged as a regional leader in renewable energy adoption with several landmark projects:

- **Mohammed bin Rashid Al Maktoum Solar Park**: One of the world's largest single-site solar parks, with a planned capacity of 5,000 MW by 2030
- **Barakah Nuclear Energy Plant**: The first nuclear energy plant in the Arab world, contributing to the UAE's clean energy mix
- **Masdar City**: A pioneering sustainable

Title:

Content: 04: 23
USD 89.28
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Akylbek Zhaparov once again has plans for a giant.
What the head of the Cabinet promises
“We are starting to modernize the airports in Bishkek and Osh.
We are also starting to modernize the customs infrastructure.
Next year, the construction of a solar power plant begins, ” its head Akylbek Zhaparov said at a meeting of the Cabinet of Ministers yesterday.
According to him, until February 1, 2023, an analysis of all commodity flows will be carried out and until September 1, a program for the modernization of the customs sphere will be presented.
The official spoke about the results of the working visit to the United Arab Emirates and informed that an agreement was signed between the Ministry of Energy and Masdar for 1 gigawatt.
“Next year, work begins on the construction of a solar power plant.
The size of the investment for the first 200 megawatts will be about $180 million.
During the visit of the President to the UAE, nine agreements were signed, relevant documents were considered during the meeting of the intergovernmental commission.
The Cabinet of Ministers should continue to work on attracting foreign investment, implementing important projects in order to maintain the pace of economic growth, ” said Akylbek Zhaparov.
He also added that under the agreement with AD Ports Group, the Kyrgyz side has been allocated more than 300 thousand square meters of land in the free economic zone KEZAD (Khalifa Economic Zone Abu Dhabi).
“Now we can trade with the whole world, the first step has been taken.
Through the ports of the United Arab Emirates, we can trade with the whole world.
The Ministry of Economy needs to complete its work on the Bender Abbas port.
And then we'll have two ports.
The China-Kyrgyzstan-Uzbekistan-Turkmenistan-Iran transport corridor, using the port in Bandar Abbas, will give us access to the oceans, to markets where more than 2 billion people live.
It is necessary to make efforts to implement the planned plans, ” said the head of the Cabinet.
Recall, a year ago - in December 2021 - Akylbek Zhaparov also visited the Emirates.
Then the officials of the two states signed a memorandum, which the head of the Cabinet of Ministers called “the first result of our joint work. ”
At the same time, he said that Kyrgyzstan is also interested in applying the UAE ’ s experience in the issue of government accelerator programs that will improve the quality of public services.
However, during the year, the Cabinet did not inform about any project implemented with the UAE.
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Content: People 's Daily Online > > Economy and Technology
Promoting the Green Transition in Economic Development Achieving Greater Development in the Green Transition
May 7, 2024 19: 33 | Source: People's Daily - People's Daily
Small number
Deepen green transformation and cultivate development momentum
Lu Wenbin, Director of Energy Research Institute, China Macroeconomic Research Institute
At present, China actively promotes the comprehensive green transformation of economic and social development, green industries and low-carbon empowerment add highlights to high-quality development, and green consumption and green lifestyle are becoming new fashion.
At present, China has built the world's largest, most complete and most competitive clean energy industry chain, solar power and wind power installed capacity of more than 1.1 billion kilowatts, new energy vehicle production and sales for nine consecutive years ranked first in the world, urban new green building area accounted for more than 90% of the proportion of new buildings.
As a developing country with a huge population, China is faced with such arduous tasks as coordinating high-quality development and high-level security.
At present, China's traditional high-energy-consumption and high-emission industries have a large proportion, and the structural transformation pressure has not yet been fundamentally alleviated; the demand for energy and electricity has continued to grow rigidly, and the situation of ensuring oil and gas safety and electric power operation safety is complicated; the foundation for a stable ecological environment is not stable, and the total amount of pollutants and carbon emissions are still high.
Standing at a new starting point for development, accelerating green science and technology innovation and the promotion and application of advanced green technologies, and fostering the development of new quality productive forces, enterprises are the key carriers and innovation subjects.
China's green diversification high-end consumption demand is increasing day by day, the stock transformation and upgrading and incremental optimization adjustment potential is huge, green and low-carbon technology innovation is intensive and active, and all kinds of enterprises deepen the green and low-carbon transformation have broad development space.
At the same time, anchoring the development requirements of new quality productivity, various types of enterprises through strengthening energy conservation and carbon reduction, developing new energy, exploring the realization of the value of ecological products, etc., can also continuously open up new areas of development and new tracks, and cultivate new momentum and new advantages.
As the world's second largest economy, China's continued deepening of green transformation and nurturing the development of new productive forces will make important contributions to promoting high-level international cooperation and promoting global sustainable development.
Improve the innovation system to help low-carbon transformation
Director of the Institute of Resource and Environmental Policy, Development Research Center of the State Council
Xi Jinping pointed out that the realization of carbon peak carbon neutrality is an inherent requirement for implementing the new development concept, building a new development pattern, and promoting high-quality development.
Achieving the "double carbon" goal requires the widespread use of various low-carbon, zero-carbon and negative carbon technologies and their deep integration with digital technologies, including artificial intelligence.
Innovation plays an important role in this process.
At present, China has entered the ranks of innovative countries, and the overall efficiency of the national innovation system has continued to improve, providing strong support for promoting green and low-carbon transformation and achieving the goal of "double carbon".
Facing the future, it is necessary to accelerate the improvement of the national innovation system, and make overall plans for independent innovation and international exchange and cooperation in the key core technologies of "double carbon".
First, through deepening the market-oriented reform, further expand the opening up to the outside world, stimulate the innovation and entrepreneurship vitality of enterprises and entrepreneurs with market competition, and support enterprises with innovation policies and industrial policies to develop low-carbon technologies.
The second is to give play to the value drive and strategic traction of the system and policies, and promote strategic mission-oriented systematic research, frontier oriented exploratory basic research, and market-oriented applied basic research by increasing investment in basic research and deepening the reform of the basic mechanism of basic research.
Third, through strengthening international scientific and technological exchanges and cooperation, integrating into the global innovation network, leading the organization of major international scientific projects in related fields, etc., to promote personnel exchanges, expand the channels of information and knowledge sources, and provide the necessary conditions for promoting scientific and technological independent innovation in green and low-carbon fields.
Adhere to the ecological priority of serving a better life
Bao Chengcheng, deputy secretary and general manager of China Green Development Investment Group Co., Ltd. Beijing Happiness Industry Branch
China Green Development Investment Group Co., Ltd. as a comprehensive central enterprise with green development as the theme, actively implements the "double carbon" action, forming a national industrial layout with green energy, happiness industry, low-carbon city, strategic emerging industry investment and other development directions, and is committed to building a world-class green industry investment group.
China Green Hair always adheres to ecological priority and green development, and integrates the concept of green development into all fields of business development.
As a comprehensive holiday destination brand created by China Green Hair, Huamei Resort gathers high-quality green water and mountains resources, integrates outdoor exploration, theme entertainment, parent-child growth, sports health and other diversified formats, and is committed to becoming a "national tide brand" to meet the needs of people's beautiful holiday life.
Huamei Resort advocates the development concept of harmonious coexistence between man and nature, systematically creates seven vacation functions, and innovates to form seven product brand systems such as Wild World and Taoran Land.
China 's green hair high-quality promotion of Huamei Resort key projects, Changbai Mountain Huamei Resort is positioned as a full-season full-age international first-class mountain resort destination, resort area to achieve "green electricity" direct supply and 100% green building coverage; Qiandao Lake Huamei Resort is positioned as a one-stop tourism resort destination in the Yangtze River Delta. The resort is positioned as an international eco-vacation destination with the theme of "exploring nature and discovering humanities", and the resort won the "low-carbon demonstration park"; the Huamei resort in Xinjiang adheres to green, low-carbon and high-quality development, helping the local tourism industry to transform and upgrade.
China Green Hair will uphold the concept of green development, continue to implement the "double carbon" action, promote the harmonious coexistence of people and nature, and provide the people with a more green, low-carbon and healthy holiday experience.
Take social responsibility to explore the whole chain of carbon reduction
Zhang Yipeng, Vice President of Inner Mongolia Yili Industrial Group Co., Ltd.
Food industry to achieve carbon peak carbon neutrality, the task is heavy, pressure.
As a practitioner, Yili explored the "double footprint" solution of "carbon footprint + water footprint", took the initiative to assume social responsibility, and worked with upstream and downstream partners in the industrial chain to promote the green and sustainable development of the food industry.
In terms of carbon footprint, in 2022, Yili officially released the Yili Group Zero Carbon Future Plan, announcing that it will achieve carbon neutrality in the entire industrial chain by 2050.
Yili has built five “zero-carbon factories ”, launched five“ zero-carbon products ”, jointly issued two low-carbon national standards and nine low-carbon group standards, and 41 factories have won the title of “green factory ” at the national level.
Yili and 88 global strategic partners jointly created the "Zero Carbon Alliance" to complete the low-carbon transformation of 54 suppliers.
Yili Group 's QQ Star brand children' s milk products all use FSC certified packaging materials, which can effectively reduce carbon emissions.
Under the general trend of green and low carbon, QQ Star will also be committed to promoting the organic transformation from pasture to production line, providing consumers with more high-quality nutrition choices, while improving the national awareness of low carbon.
In terms of water footprint, Yili's "Low Water Footprint Initiative" was approved, becoming the first Chinese enterprise to commit to and be approved to join the United Nations "Water Action Agenda".
Yili has completed the water footprint certification of 5 factories and 3 products, and 49 partners have joined the "Global Low Water Footprint Initiative Alliance". In 2023, Yili has been awarded the title of water saving enterprise, with a total annual water saving of more than 1.77 million tons.
Yili ’ s carbon reduction practice has also been widely recognized, successively selected by the United Nations Global Compact ’ s “Corporate Carbon Neutrality Roadmap ”, the United Nations Development Programme ’ s“ Towards Zero Carbon – Corporate Sustainable Development Action in China ”, and Yili ’ s “Double Carbon ” case was also selected in the“ China Progress Report on the Implementation of the 2030 Agenda for Sustainable Development (2023) ”.
Accelerate technological innovation to respond to industry changes
Ye Xiaodong, Party Secretary and Chairman of Sinopec Carbon Industry Technology Co., Ltd.
On September 22, 2022, Sinopec established China 's first carbon industry chain science and technology company in Nanjing, Jiangsu Province - Sinopec Carbon Industry Technology Co., Ltd.
Carbon Branch Company strengthens the three core capabilities of carbon industry chain technology innovation, CCUS (carbon capture, utilization and storage) project investment and operation, and carbon asset management and operation, highlighting the integration of "science and technology + digital + capital".
Combining practical and efficient utilization, explore the path to achieve the "double carbon" goal.
China's carbon emission enterprises are widely distributed and geographically dispersed, and carbon companies grasp the initiative of green transformation by exploring the realization path of carbon dioxide chemical utilization and mineralization utilization.
The company took the lead in preparing and declaring the "Carbon Reduction Methodology for Carbon Dioxide Capture and Oil Discharge Storage Project", promoted the landing of carbonates and calcium carbonate and other projects, and cooperated with Ningxia enterprises to build 100,000 tons of carbon dioxide and carbide slag production green micron-grade calcium carbonate industrial demonstration project.
Technological innovation and industrial coupling to help green and low-carbon transformation.
Fully tap the carbon resources of the primary industry, innovate and develop pure green energy technology, coupling and integration with existing resources, and cultivate new quality productivity.
Relying on the advantages of Sinopec ’ s process technology and equipment manufacturing in the energy field, the company cooperates with universities, scientific research institutions and enterprises inside and outside the system to use methane gas to manufacture green chemical products, and develop greenhouse gas emission reduction methodologies to drive the green and low-carbon transformation of the first, second and third industries.
Respond to changes, dare to venture and try, and form a new growth pole of green and low-carbon economy.
The carbon emissions of the petrochemical industry are huge, and it is necessary to develop the carbon market at the same time, and actively play the guiding role of the capital market.
The company promotes the construction of a digital intelligent platform for carbon finance and carbon industry, innovatively proposes a contract carbon management model, and provides comprehensive solutions for the domestic and foreign carbon markets.
Strengthen low-carbon drive to promote green development
Li Hongwen, Deputy Secretary of the Party Committee of China Copper Co., Ltd.
China Copper Co., Ltd. firmly established and practiced the concept of green water and green mountains is Jinshan Yinshan, and cooperated to promote carbon reduction, pollution reduction, green expansion and growth, with 11 national and 7 provincial green mines (factories).
Under the premise of high production and stable production of main products, in 2023, the comprehensive energy consumption of copper, lead and zinc smelting of enterprises decreased by 6%, 1.14% and 10% respectively compared with 2020, and the carbon emission intensity of copper, lead and zinc smelting products decreased by 2%, 7% and 5% respectively compared with 2020.
A good green test paper for the development of new productivity. China Copper will unswervingly implement the new development concept, continue to promote transformation and upgrading and scientific and technological innovation, grasp the green and low-carbon development of the whole process, and help the transformation of the green system of the whole society to build a green foundation for accelerating the development of new productivity.
First, strengthen the green and low-carbon support of the industrial system.
Promote the transformation of the energy system and the transformation and upgrading of digital intelligence, vigorously develop strategic emerging industries and future industries, develop and strengthen recycled metals, make every effort to improve the level of comprehensive utilization of resources, accelerate ecological restoration and governance, strengthen the dynamic tracking of "double carbon", and build a more systematic and complete green low-carbon system.
The second is to strengthen the green low-carbon driving force of scientific and technological innovation.
We will strengthen the research and development of low-carbon technologies for copper, lead and zinc, and promote more breakthroughs in copper, lead and zinc industry technologies from 0 to 1, forging a new industrial chain, value chain and growth pole for green manufacturing.
The third is to strengthen the green and low-carbon guarantee of stable supply.
Under the trend of comprehensive green transformation, the focus is on the protection of non-ferrous metal resources and materials such as copper, lead and zinc, and the construction of a more resilient and safer production and supply chain system to stabilize the supply of important metal resources.
Strengthen Digital Intelligence Empowerment and Layout of Zero Carbon Industry
Vice President of Shanxi Pengfei Group Co., Ltd.
Shanxi Pengfei Group Co., Ltd. adheres to the corporate mission of "creating happiness for people who care about Pengfei business" and the development vision of "becoming the world 's leading clean energy intelligent enterprise".
In recent years, Pengfei Group has closely followed the major national strategy and policy guidance, adhered to the basic industry of "bigger and stronger and fine coal coke chemical", and laid a solid industrial foundation and economic foundation for the green transformation and development of energy. On April 22, Pengfei Group won the largest order of hydrogen fuel cell semi-trailer tractor - 500 49 tons of hydrogen energy heavy truck project in Qianan City, Hebei Province. Pengfei Group actively deploys zero-carbon intelligent logistics system and develops a zero-carbon intelligent logistics management platform to promote the synchronous development of hydrogen energy and automobile manufacturing industry. Efficient application of equipment to optimize production operation management.
Pengfei Group will continue to adhere to the five main lines of project construction, scientific and technological innovation, brand promotion, open cooperation and service extension. Roll.
Promote energy saving and lead industrial innovation
Huang Yihua, Vice President of ZTE Co., Ltd.
ZTE is committed to providing customers with end-to-end low-carbon digital infrastructure solutions that save energy per bit.
Focusing on 5G base stations and data centers, ZTE is based on scientific and technological innovation, and the comprehensive energy efficiency of all products sold in the past two years has increased by more than 27%.
At present, the company's green and low-carbon digital solutions have been commercialized in more than 30 networks of more than 1.5 million sites and 250,000 cabinet data centers around the world, helping global operators save 10 billion kilowatt-hours of electricity every year.
In terms of green industry empowerment, ZTE has built a "digital nebula" digital intelligence platform, joined hands with more than 1,000 industry partners, penetrated 15 industries such as steel, metallurgy, industrial manufacturing, and power, and explored more than 60 5G + green innovation demonstration projects to help transform and upgrade various industries.
As a leading enterprise in the information and communication technology (ICT) industry, ZTE builds a "green supply chain" around three aspects: green procurement, green logistics and green circulation, and works with partners in the global industrial chain to build a green ecology.
In terms of green business operations, in 2021, the establishment of company-level "double carbon" projects, through the all-round promotion of green parks, green offices, green research and development, green production and other initiatives, on the premise of achieving revenue growth, its own operating carbon emissions have decreased by 16% in the past two years, and its operational energy efficiency has been significantly improved.
Focusing on high energy consumption facilities such as R & D laboratories, ZTE promotes the hierarchical control of laboratory equipment, unified management of servers, intelligent remote power saving and other measures, and achieves a 9.3% reduction in single product energy consumption through energy consumption analysis of the entire production process and process improvement of high-temperature aging.
ZTE actively brings into play its own technological innovation advantages and practical experience, and works with partners from all walks of life to open up cooperation, lead industrial innovation with scientific and technological innovation, and contribute to improving quality and efficiency, energy saving and consumption reduction in various industries.
Serve the real economy to improve the quality of development
Guo Qiujun, General Manager of Green Finance Department (Strategic Client Department), Societe Generale
Comprehensive green transformation of economic and social development cannot be separated from financial support and assistance.
As the main force of green finance, the banking industry bears the important responsibility of cultivating and strengthening emerging industries and supporting the construction of a green and low-carbon circular economy system in serving green development.
As a pioneer in the field of green finance in China, Societe Generale Bank insists on serving the real economy and helping the construction of ecological civilization.
By the end of 2023, Societe Generale Group had a green financing balance of 1.89 trillion yuan, and a green loan balance of 809 billion yuan, with good comprehensive benefits.
The proposal of the "double carbon" goal and the landing of the programmatic document for the construction of a beautiful China have provided directional guidance for the development of green finance.
The first is to strengthen the mission of serving the construction of beautiful China.
Continue to enhance the depth and breadth of green finance business, continuously strengthen resource allocation and policy support, and serve the construction of green, low-carbon, ecological and environmental protection key areas.
The second is to promote the deep integration of green finance and industry.
Promote more financial resources to the flow of new quality productivity, actively serve the green development of emerging industries, and help low-carbon transformation of high-carbon industries.
The third is to continue to deepen the field of carbon financial services.
Provide customers with comprehensive financial services solutions such as carbon asset management, pollution reduction and carbon reduction, and use digital means to improve the quality and efficiency of carbon management services.
Societe Generale Bank launched its self-developed "double carbon" management platform in 2023, and the enterprise carbon account module has more than 1,700 customer carbon account information.
In the future, Societe Generale will adhere to the fundamental purpose of the real economy of financial services, play a good role in driving the amplification effect of the financial industry, attract more social resources, and let green finance provide more "living water" for the construction of China's ecological civilization, contribute to the realization of the "double carbon" goal, and help the construction of a beautiful China.
Strengthen the network to develop green freight
Party Secretary of Manbang Group Xu Qiang
Relevant data show that the empty driving rate of China's trucks once exceeded 40%, and the actual load rate of trucks has become one of the important ways to reduce carbon emissions of road freight.
Enterprises are the key subjects to achieve the "double carbon" goal. In 2022, the "Technical Specification for Greenhouse Gas Emission Reduction Assessment of Road Freight Intelligent Matching System" prepared by Manbang Group was officially reviewed and released, filling the gap in the carbon emission reduction accounting system of the road freight industry.
It is estimated that tens of millions of drivers have efficiently completed a large number of transportation miles on the platform, and the average transportation per ton of kilometers can create 0.014 kg of carbon emission reduction for the country.
With data intelligence and network collaboration, Manbang Group has greatly shortened the average time for drivers to find goods, improved the efficiency of vehicle matching and the comprehensive load rate of vehicles, helped drivers save fuel and carbon, and promoted the green transformation of the industry.
In addition, the Manbang platform launched a truck driver carbon account in 2023, by measuring how much carbon emissions the driver has reduced during transportation, and converting it into a reward for the driver in the carbon account, on the one hand, the driver ’ s initiative to reduce empty driving has improved, and on the other hand, the effect of energy saving and carbon reduction.
Manbang gives full play to the network effect and scale effect of the digital platform, reduces the vehicle no-load rate through the zero-load carpooling business, and reduces carbon emissions by 820,000 tons per year.
Road logistics carbon emission reduction is a "difficult and correct" thing.
Manbang Group will uphold an open and inclusive attitude, closely follow the footsteps of China's carbon peak and carbon neutrality, expand the circle of "carbon inclusive" friends, and create a bright future for green freight.
People 's Daily (May 07, 2024, 12 edition)
(Editor: Wei Jia, Bai Yu)
Public Number ： People 's Network Finance
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Content: The Future of Green Energy
60
Samat Beisembayev
Kazakhstan aims to increase the share of RES to 15% by 2030
photo from the archive "KP"
The III International Business Festival QazaqGreenFest was held in Borovoy, dedicated to the development of “green ” energy in Kazakhstan, under the slogan“ Taking the challenges of the present – together into a sustainable future ”.
It should be noted that our country was the first in Central Asia to ratify the Paris Agreement in 2016, thereby committing itself to achieving carbon neutrality by 2060.
Kazakhstan has great potential for the development of wind and solar energy.
President Kassym-Jomart Tokayev mentioned this at the time, saying that our country is committed to protecting the environment.
The head of state called for international cooperation in solving the problem of climate change, and also noted the importance of increasing investments in climate programs, especially for the countries of Central Asia.
The data of the Ministry of Energy show that in 2023 the share of renewable energy in the total volume of electricity production was about 6%.
There are 148 renewable energy facilities in Kazakhstan with a total installed capacity of 2,903.54 MW, including wind, solar, hydropower and bioenergy.
The possibility of introducing heat pumps, biofuel boilers and systems for the utilization of excess heat is being considered.
However, there are a number of problems that need to be solved, and, as Chairman of the Board of Directors of the Qazaq Green Renewable Energy Association Nurlan Kapenov noted, it is necessary to restore order in the country's electric power industry.
“In particular, it is necessary to establish generation, infrastructure, accumulation systems and mechanisms such as a balancing market, a single buyer – that is, all the components without which the electric power industry, like a large ship, will not be able to“ sail ” further, ” he said.
In general, the development of renewable energy is considered a driver of the transformation of the electric power industry, and it becomes necessary to ensure the energy security of the country.
Various mechanisms for introducing technology into everyday life are being developed.
- For example, when the population can put installations on the roofs of their houses for their own consumption, and sell the surplus to the network, - said Vice Minister of Energy Sungat Yessimkhanov. - This is a world practice, which we have come to now.
This is known as distributed generation.
Then we will not have to transport electricity far.
By the way, renewable energy technology is developing in leaps and bounds, which has a positive effect on tariffs.
According to the Vice Minister, renewable energy is now cheaper.
At the beginning of 2014, fixed tariffs for it were high.
For example, for solar energy - 34 tenge per kilowatt-hour, wind - 22 tenge.
Today ’ s auctions held in the country show that the cost of a kilowatt-hour of wind generation on average decreased to 12-13 tenge, solar – 14-15 tenge.
It is equal to traditional sources - coal and gas stations.
We don ’ t have a problem of cost.
We have a different problem – now we need to properly adopt the technology, integrate and preserve it, ” said Sungat Yessimkhanov.
The festival was organized by the Qazaq Green Renewable Energy Association and the Kazakhstan Electric Power Association.
In conclusion, we note that on behalf of the Head of State, the share of renewable energy sources should reach 15% by 2030.
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Content: Just Energy Transition: India Should Weigh Options Before G7 Partnership

India is next in line for a partnership which accelerates the shift from fossil fuel to renewable energy.
Soumya Sarkar
Climate Change
Published:
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  • The G7 countries recently announced a just energy transition partnership with Indonesia. India is one of the countries next in line for such a partnership which accelerates the shift from fossil fuel to renewable energy in a socially and environmentally just way.

  • After a breakthrough in the 2022 climate talks in Egypt, on setting up a fund for loss and damage, there could be a hardened focus on a just transition to tackle the impact on millions dependent on the coal economy.

  • A just transition in India requires more attention to socioeconomic aspects as mine closures affect a large number of informal workers, upending lives and livelihoods that require support through reskilling and economic diversification.

The G7 countries recently announced a partnership with Indonesia to accelerate a just energy transition, away from fossil fuels and towards renewable energy.

Next in line, is likely to be India, which, along with Vietnam and Senegal, is one among the four countries that is set to sign a similar pact with the G7 countries for initiatives towards decarbonising energy systems and increasing energy efficiency.

The U.S. President Joe Biden, Japan Prime Minister Fumio Kishida, and Indonesia President Joko Widodo on November 15 announced the Just Energy Transition Partnership (JETP) for Indonesia at the G20 Leaders’ Summit in Bali.

They pledged an initial $20 billion in public and private finance in 3-5 years to help Indonesia phase out coal and hasten the clean energy transition. It is said to be the largest single country-specific climate investment ever.

JETP is the second energy transition partnership between developed economies and developing countries, following South Africa’s $8.5 billion agreement announced at last year’s UN climate summit in Glasgow. South Africa’s investment plan and the composition of public financing were unveiled on the eve of this year’s UN climate summit in Egypt.

The South African model of just transition, where more than 95% of the funding is in low-interest loans, may not be appropriate in India, according to Chandra Bhushan, CEO of the International Forum for Environment, Sustainability & Technology, a non-profit that has published several reports on the coal economy.

“There has been a lot of international pressure on India to adopt a similar plan, but the country has done well not to have submitted to it.”
Chandra Bhushan, CEO of the International Forum for Environment, Sustainability & Technology

In addition, the scale and challenges of the coal sector in India, as compared to that in South Africa, is different. The coal sector in South Africa is highly unionised, said Crispian Olver, executive director of the Presidential Climate Commission in South Africa. At around 100,000 workers, it is also much smaller than India’s.

Coal India alone employs more than a quarter million people. A few million more are directly or indirectly involved in the sector that, includes washeries, transport, and ancillary services.

The Indian government should prepare and negotiate a JETP that works for the country and is significant in solving the climate problem, given the size of the coal ecosystem and the country’s substantial dependence on coal, said Sandeep Pai, senior research lead at the Center for Strategic and International Studies.

So far, there are no specific estimates on how much funding will be needed to shut down India’s coal infrastructure and at the same time protect the livelihoods of the millions of people dependent on the industry, Pai said, suggesting a detailed assessment of the need.

In recent months, there have been multiple developments related to just transition at the global and national levels. India is planning to establish a “work program” on climate action in agriculture and food security, according to a recent government press release

Meanwhile, Jharkhand became the first state in India to set up a task force to assess the impact of shutting coal mines on its people.

Additionally, just transition was also discussed at the recently-concluded COP27 climate conference in Egypt, where it was agreed that a just energy transition should take into consideration all socioeconomic aspects based on the principles of common but differentiated responsibility and different national circumstances.

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Livelihoods Linked to Coal Mines

Suraj Prasad, 28, is an unskilled labourer loading coal on trucks in a mine near Korba in central India’s Chhattisgarh state. He feared for his job when a section of the Chirimiri colliery, the coal mine he worked at, was closed.

The contractor he worked for, fired most of the daily wagers and shifted the remaining to loading trucks in other mines. Prasad was one of the lucky few who continued to have a job.

The economy that grows around a coal mine collapses when it closes and thousands of direct and indirect jobs are lost. This results in mass unemployment.

In Korba, India’s biggest coal-producing district that accounts for as much as 16% of the nation’s output, a fifth of all jobs depend on coal. As India shifts rapidly to renewable sources of energy for electricity, mining is expected to steadily decline in the region, and closures are to be increasingly common.

Declining reserves, unprofitable mines, and ageing thermal power plants in the chronically poor district foreshadow an end of coal in a few decades. While the formal workforce will ease into retirement, the informal workers will face uncertainty and economic shock.

The situation is similar in all coal mining districts of India, crowded mostly in the central and eastern parts.

Although coal has powered India’s economic growth, the regions where they are mined and burnt are typically poor, with a large proportion of the population from tribal and marginalised communities.

It is in this context that a just transition becomes relevant in a conversation that has been dominated till now by technological fixes and investments into cost-competitive renewable energy.

What seems to have remained neglected is the human cost the transition of coal will extract. Millions of livelihoods would be affected, and ways must be found to deal with the socioeconomic upheaval.

“Just transition can no longer be ignored or wished away. Indian policymakers will have to take increasing note of it, and there has to be a serious discussion on it in international climate negotiations.”
Chandra Bhushan, CEO of the International Forum for Environment, Sustainability & Technology

Socioeconomic Aspects Must Be Considered

Any discussion on just transition has to focus on its social aspects, experts said. “Just transition has to be viewed from the social justice aspect,” said Kanchi Kohli, senior researcher at the Centre for Policy Research, a think tank. “We need to ask whether it will be limited only to the transition of jobs of mine workers and those working around power plants, but also extend much wider to coal networks.”

Globally, there are lessons to be learnt from how just transition has been implemented in the developed world, according to Sandeep Pai.

The U.S., Canada, and countries in the European Union, like Germany, have implemented a just transition while phasing out coal in their respective jurisdictions.

Germany, in particular, has been phasing out coal in its highly industrialised Ruhr Valley for a few decades. It has spent billions of euros in rehabilitating workers in the coal sector, but not without widespread and lengthy discussions with all stakeholders. It has not only reskilled coal workers but has worked over decades to diversify the economy in the Ruhr.

“Now there is a second set of countries and economies such as South Africa and Indonesia, which have discussed the process of just transition for over a decade and are about to implement plans,” said Pai.

“There is now the third set of countries, such as India, where the concept of just energy transition is at the nascent stage, and our policymakers are still learning about the nuances.”
Sandeep Pai, senior research lead at the Center for Strategic and International Studies

Such initiatives will multiply, but care has to be taken that the socioeconomic aspects of just transition are not neglected, said Srestha Banerjee, director of the India Just Transition Centre.

“Just transition poses unique challenges in countries of the Global South. We must also realise that in India, the coal sector is highly unorganised, and sudden and unplanned closures impact the most vulnerable.”
Srestha Banerjee, director of the India Just Transition Centre

The move away from coal in producing areas will have to look at economic diversification, along with reskilling and reform in labour laws, Banerjee said. “We must also look to strengthen social security funds,” she said.

Although money from corporate social responsibility and just transition financing will help, much more funding will be required that only the government can organise.

India has, in recent times, imposed a cess on every ton of coal mined, and a large part of it should be channelled towards just transition instead of being subsumed in the government’s welfare funding, experts said.

(This article was originally published at Mongabay. It has been republished here with permission.)

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