33 Weeks To Go

The 28th session of the Conference of the Parties (COP28) to the UNFCCC will be held in the United Arab Emirates (UAE) from 30 November to 12 December 2023. In the coming months, our UAE office selects and shares articles to keep you informed on preparations and perspectives from the wider Arabian Gulf.

G7 ministers agree to speed up phase out of fossil fuels. In its final communiqué from this weekend’s summit in Japan’s northern city of Sapporo, the G7 committed “to accelerate the phase out of unabated fossil fuels so as to achieve net zero in energy systems by 2050”.?The G7 also pledged to increase collectively offshore wind capacity by 150 gigawatts by 2030, and solar capacity to more than 1 terawatt.

UAE, IMF and UN issue joint statement on climate action and finance. During the IMF-World Bank Week, Dr. Sultan Al Jaber, Kristalina Georgieva, and Mark Carney issued a statement, reading: "Climate change is one of the most critical macroeconomic and financial policy challenges that IMF members face in coming decades. Capital is among the most important enablers of climate action, but not enough is getting to the people and places that need it most".

John Kerry defends oil-rich UAE hosting UN climate talks. Kerry, speaking to the?Financial Times, said the UAE presentsan opportunity to have the climate conference hosted by a country that “understands the [oil] industry, understands the needs and what’s doable and what’s not”. Climate campaigners have been increasingly critical of the growing influence of the global fossil fuel industry on the annual UN climate conference.

Analysis: Fossil fuels and the Gulf energy transition. Energy expert Robin Mills writes for the Arab Gulf States Institute in Washington that while the global energy transition will present challenges for the Gulf Arab states, there are climate-compatible ways to use a significant portion of Gulf hydrocarbon reserves. But Gulf national oil companies need to move faster and in more radical directions to meet the challenge.

UAE bets on agtech to meet food security targets ahead of COP28. [Paywall] The UAE’s push to eat local is growing and will be highlighted at COP28. Per new targets outlined in March 2023, the?Gulf country wants government bodies to source 50% of certain food products from local farms by the end of the year, and increase those purchases going forward. Al Monitor analyzes the adoption of a variety of?tech-enabled farming methods.

UAE's MoIAT, ADNOC and Masdar launch UAE Climate Tech. As part of the COP28 preparations, the UAE Climate Tech Forum will take place on 10-11 May. It aims to profile technology, innovation, and investment opportunities while showcasing technologies including carbon capture, AI, robotics, digitalization, hydrogen, alternative fuels, as well as new and low-carbon energy solutions for oil and gas and hard-to-abate sectors, from around 60 to 100 companies.

KSA and Russia push for more World Bank money into carbon capture. Speaking at a meeting of the World Bank’s steering committee, Saudi Finance Minister Mohammed Al-Jadaan urged the World Bank to “take on a prominent role in promoting CCUS [carbon capture utilisation and storage]”. The technology is meant to suck carbon out of the atmosphere, but according to the article, it remains expensive and largely unproven at scale.

Brazil, UAE seal climate, biofuels deals as leaders meet. Brazil's President, Luiz Inácio Lula da Silva, paid an official visit to the UAE on 15 April. The two countries signed an MoU on climate action and issued a joint statement on enhanced multilateral action on climate change. They also announced a series of deals, including one for the UAE-controlled Mataripe refinery in Brazil to invest up to $2.5 billion in a biodiesel project.

UAE’s COP28 head urges ‘accessible’ global climate finance. Sultan al Jaber called for “available, accessible and affordable” finance for the developing economies most vulnerable to the destructive impacts of a warming planet. He urged G7 climate and environment ministers to prioritize support for poorer countries. “The time has come for us to provide a fair deal for the Global South, especially when it comes to climate finance.”?

TAQA announces Green Finance Framework to encourage sustainability. Abu Dhabi National Energy Company (TAQA), announced a finance framework for green bond issuance, sukuk, loans and other financial instruments.?The proceeds from these issuances will be utilized to finance qualifying green initiatives. Projects funded within the framework will contribute to TAQA’s 2030 ESG objectives and long-term net-zero goals.?

UAE launches University Climate Network to encourage youth at COP28. The network, chaired by New York University Abu Dhabi,?aims to stimulate the participation of young people in the climate conference. Ambassador Majid Al Suwaidi, Director General and special representative of COP28, said: "Incubators of the next generation, universities play a key role in nurturing innovation and providing young voices platforms to express their views."

Masdar buys 50% stake in Big Beau Project in California. The project comprises a 128MW solar plant and a 40MW/160MWh battery energy storage system. Big Beau is one of eight projects that Masdar and EDF Renewables North America agreed to jointly develop. Masdar is active in more than 40 countries and invested in projects worth more than $30 billion.