Multilateral Development Banks (MDBs) joined together at the COP28 climate summit in Dubai to commit to ambitious climate action and unlock over US$180 billion in climate finance.
The Inter-American Development Bank (IDB) announced at COP28 [...]
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Month: December 2023
The Central Bank of the UAE (CBUAE) today announced the results of the COP28 UAE TechSprint initiative on Finance Day at COP28.
Launched by CBUAE, COP28 Presidency, the Bank for International Settlements (BIS), and the Emirates Institute [...]
The Abu Dhabi Investment Authority (ADIA) today announced that it has agreed a US$100 million repo transaction with the Liquidity and Sustainability Facility [...]
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, chaired finance ministers high-level round table on “Scaling Up Climate Finance”, which the UAE [...]
Dubai Municipality, a Strategic Pathway Partner at COP28, is offering visitors at the event a glimpse into the emirate’s future, which includes a set of new projects designed to make the city one of the world’s most sustainable.
Through [...]
The House of Sustainability in the Green Zone at COP28 is a multisensory guest experience that will showcase the UAE’s journey towards a net zero future and its profound legacy in environmental sustainability.
Meera Abdulla Almutawwa, [...]
Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, today announced the acquisition of eight hybrid renewable energy projects, along [...]
- At COP28 and in the presence of Spanish Prime Minister Pedro Sánchez, the two companies announce a joint project to provide green methanol for multiple industries, including chemicals and shipping
- The project is to develop a plant in Huelva, Spain, entailing an investment of up to €1 billion, that would become one of the five largest green methanol plants in the world with an annual production capacity of 300,000 tons, preventing the emission up to 1 million tons of fossil CO2
- Green hydrogen produced in the Andalusian Green Hydrogen Valley being developed by Cepsa and partners in southern Spain will supply part of the hydrogen required by the plant
- A final investment decision is expected in 2025. If approved, the project has the opportunity to create 2,500 direct and indirect jobs and further position Andalusia and Spain as a leading global sustainable energy hub for the production of green molecules such as hydrogen and methanol, and for their use and transportation through the region’s strategic ports
- Spanish Prime Minister Pedro Sánchez said: “This project will not only represent a significant reduction of CO2 emissions. Green methanol will also allow us to advance in the decarbonization of hard-to-abate sectors, such as shipping or the chemical industry. In other words, this is a significant step towards a future free of fossil fuels. This investment is fully aligned with Spain’s strategy of reindustrialization and energy transition. We want that 81% of our power generation come from renewable sources by 2030. Green hydrogen will play a crucial role and, thanks to projects like this, Spain stands as a global reference.”
- Cepsa CEO Maarten Wetselaar said: “This partnership is another milestone in our strategy to make Spain a European hub for green molecules this decade, with viable projects to reduce emissions in sectors that are difficult and urgent to decarbonize. We will work with the Spanish government to develop the regulatory framework needed for this project to be successful and scalable.”
- Brian Davis, CEO of C2X said: “We see a growing demand for green methanol to help industries like shipping, aviation and chemicals move away from fossil carbon-based products. While this project has strong fundamentals it will need an enabling framework in order to offer a competitive source of green methanol to its target customers. We look forward to working with Cepsa and the Spanish government as we develop the project.”
Cepsa, which is owned by Mubadala and Carlyle, and C2X, an independent company majority owned by A.P. Moller Holding with A.P. Moller – Maersk as minority owner, announce a joint ambition to develop a green methanol plant in the port of Huelva, [...]