TODAY: Dewa and Masdar reach financial close on MBR sixth phase

Good morning, friends. It’s a climate finance heavy issue this morning as we slide into the weekend, but first a breath of fresh air from the EU…

THE BIG CLIMATE STORY OUTSIDE THE REGION- EU agrees on stricter toxic air limits: The EU parliament and member states struck a provisional agreement to enforce stricter air pollution curbs across the bloc for 2030 with a target to ultimately eliminate it by 2050. The agreement will move the EU’s pollution removal targets — including particulate matter (PM2.5) — closer to guidelines of the World Health Organization (WHO). PM2.5 exposure led to 253k deaths in the EU in 2021, while pollution from nitrogen dioxide (NO2) killed 52k people, and short-term ozone exposure led to 22k deaths.

Targets: Under the agreement, the bloc will look to push down annual limits for PM2.5 and NO2 from 25 µg/m³ to 10 µg/m³ and from 40 µg/m³ to 20 µg/m³, respectively. Reducing particulate pollution to comply with the World Health Organization’s 2021 guideline of 5 micrograms per cubic meter (µg/m3) would add on average 2.3 years to the average human life expectancy and save an estimated 17.8 bn lives alone.

The story made headlines in the international press:Reuters | Euronews | The Guardian | Deutsche Welle

WATCH THIS SPACE-

#1- Boeing accuses Big Oil of inaction toward SAF production: US aircraft maker Boeing is calling on fossil fuel companies to “lean in harder” and boost production of sustainable aviation fuels (SAFs), the airplane manufacturer’s Head of Sustainability for the Asia-Pacific region Robert Boyd said at the Singapore Airshow. Small-scale green fuels producers including Neste Oyj — which recently partnered with the Emirates National Oil Company on a SAF offtake agreement — and SkyNRG BV have been a lot more effective at scaling SAF tech than well established Big Oil companies, Boyd added. Slashing carbon output from the sector is now an “existential issue,” International Air Transport Association Chief Willie Walsh added.

REMEMBER- Boeing has been making moves to decarbonize: Boeing’s 787-9 Dreamliner was powered by 40% SAF and carried 302 passengers back in December from Mohammed V Airport in Casablanca to Blaise Diagne Airport in Dakar. The flight used almost 9 tons of SAF and slashed around 23 tons of CO2 emissions.

#2- EU agrees on carbon removal certification framework: The European Union (EU) reached a provisional agreement on a regulation to create a voluntary certification framework for carbon removal and soil emission reduction activities, according to a statement. The framework aims to facilitate and accelerate the deployment of high-quality carbon removal technologies and sustainable carbon farming solutions in the EU. The agreement is still pending endorsement by member state’s representatives and the Parliament’s environment committee.

The details: The agreement covers four types of activities: permanent carbon removal, temporary carbon storage in long-lasting products, temporary carbon storage from carbon farming, and soil emission reduction from carbon farming. The activities must meet four overarching criteria: quantification, additionality, long-term storage and sustainability. The regulation also sets out rules on the certification process, the registration and issuance of the units, the monitoring obligations and liability rules for operators, and the establishment of a common and transparent electronic EU-wide registry.

Why is this important? Storing captured carbon in underground reservoirs still has its challenges, including concerns about the polluting gas leaking from the reservoirs into the air or near water supplies, and induced seismicity.Tweaking agricultural practices could help store some 31 gigatons of greenhouse gasses per year. Companies have successfully used the technology, including enhanced rock weathering, to sequester and capture CO2. Startups in regenerative agriculture also ranked in USD 1.4 bn from venture capital funds between 2021-2023.

#3- ExxonMobil is threatening to pull USD bns of green investments out of the EU over lack of climate incentives, Exxon’s Product Solutions president Karen McKee told The Financial Times. Exxon earmarked USD 20 bn for decarbonization projects between 2022 and 2027 but could move its investment elsewhere due to Europe’s environmental policy restrictions causing the “deindustrialization of the European economy,” FT writes. The EU’s regulations were the reason for “slow and tortuous” procedures for accessing finance, McKee added.

Big oil is demanding more green funding:A joint statement by energy companies participating in the Antwerp conference, including ExxonMobil and TotalEnergies, emphasized that the industry must boost its investment in the EU sixfold during this decade to align with the bloc’s climate objectives.

REMEMBER- ExxonMobil isn’t carrying over the green sentiment in its own emissions targets: ExxonMobil said earlier this month that it will not rescind the lawsuit it filed against activist investors Arjuna Capital and Follow This in retaliation to their call to hold a shareholder vote for tighter emissions targets. Dutch group Follow This and US-based investment firm Arjuna Capital’s proposal aimed to expand the company’s emissions slashing strategy, compelling Exxon to set scope 3 reduction targets.

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CIRCLE YOUR CALENDAR-

The UAE will host the Management and Sustainability of Water Resources Conference from Monday, 26 February to Wednesday 28 February in Dubai. Water availability in arid and semiarid regions, global water issues, and future water and environmental challenges are all on the agenda.

Saudi Arabia will host the International Conference on Sand and Dust Storms in the Arabian Peninsula from Monday, 4 March to Wednesday, 6 March in Riyadh. The conference will address regional challenges caused by sand and dust storms and discuss monitoring systems, mitigation strategies, economic and infrastructural impacts, and more.

The UAE will host the World Future Energy Summit from Tuesday, 16 April to Thursday, 18 April in Abu Dhabi. The summit will address solutions for development in the transformation of future energy systems. The summit will also feature discussions on recycling, waste-to-energy, and air-to-water trends and progressions.

The UAE will host the Connecting Green Hydrogen MENA event from Tuesday, 23 April to Thursday, 25 April in Dubai. The event will explore green hydrogen partnerships, policies, and practices in the region, in parallel to a showcasing of the latest in the clean fuel’s technology.

Oman will host the Oman Sustainability Week from Sunday, 28 April to Thursday, 2 May in Muscat. The event will focus on exploring investment opportunities and implementing best practices in sustainability within the energy, water, and environmental sectors.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.