Headlines | News Significant declarations at COP28
A new international consensus on nuclear power Dubai Nuclear power
A historic Ministerial Declaration signed on 2 December at the COP28 UN climate change conference in Dubai by more than twenty countries has set a clear goal of tripling global nuclear energy capacity by 2050. The declaration was announced on the second day of the world climate action summit by the heads of state of France, Romania, Sweden, Poland, Czech Republic, Bulgaria, Belgium, and the United States Special Presidential Envoy for Climate, as well as energy ministers and senior officials of the other countries signing the declaration.
The declaration marks the first time that governments have joined together at the UN’s leading climate conference to endorse nuclear power. The declaration also calls on shareholders of the World Bank and other multilateral and regional financial institutions to include nuclear energy in their lending policies.
The signatory countries represent nearly one-third of the world economy by purchasing power parity. Overall, countries accounting for more than 75% of world’s economy now have new nuclear plans, according to the Nuclear Industry Association’s analysis of data from the World Nuclear Association and International Atomic Energy Agency. Of the world’s 10 largest economies, only Germany does not plan new reactors.
Loss and damage fund agreed on first day Dubai Energy transition
A major development on 30 November, the first day of the summit, was a key funding deal, dubbed the ‘loss and damage fund’ to help poorer nations cope with the impact of the climate crisis. The find aims to provide financial assistance to poorer nations that have been hit by climate-related disasters – for example, communities displaced by floods or rising sea levels. This issue has long been a sticking point in COP negotiations.
The UAE immediately pledged $100m, then other states followed suit – at least $51 million from Britain, $17.5 million from the United States, and $10 million from Japan. Later, the European Union pledged $245.39 million, which included $100 million pledged by Germany. COP28 president Sultan Ahmed al-Jaber said the decision sent a “positive signal of momentum to the world and to our work here in Dubai.”
The early breakthrough on the damage fund, which poorer nations had demanded for years, could help make it easier for other compromises to be made during the summit. But some groups were cautious about celebrating the fund’s early adoption, noting there were still unresolved issues including how the fund would be financed in the future.
Masdar expands its European presence
Poland Mergers & acquisitions Abu Dhabi Future Energy Company PJSC – aka Masdar – and Taaleri Energia, a Finland-based renewable energy developer and fund manager, have announced the acquisition of eight hybrid renewable energy projects in Poland. The acquisition marks a significant expansion to both companies’ Polish renewable energy portfolios. Masdar and Taaleri Energia have purchased the projects from Domrel Biuro Uslug Inwestycyjnych (Domrel), a prominent developer in the Polish renewable energy market specialising in the development of RES power plants across the country. They will maintain an ongoing relationship with Domrel to progress the projects through the required developmental stages.
Once operational, the eight projects, which include solar photovoltaic and onshore wind technologies, will have a combined capacity of more than 1 GW, enough to offset 1.8 million tonnes of carbon dioxide each year. By developing hybrid PV solar and wind projects, Masdar is capitalising on recent amendments to the Polish Energy Law, known as Cable Pooling, which allow for the linking of different renewable energy sources in a single grid connection.
Solar and wind power rarely operate at full capacity at the same time and Cable Pooling helps to stabilise renewable energy generation at each connection, while optimising the grid to ensure reliable power
supply to homes and businesses across Poland. The amendment, which entered into force in October 2023, is expected to add approximately 25 GW of renewable capacity in the country.
The agreement was signed by Masdar Head, Development and Investment (Europe), Amalia Giannakikou, Taaleri Energia Investment Director, Stephen Butler and Domrel Business Development Manager, Michal Wisniewski. The acquisition builds on Masdar’s existing investments and commitments in Poland, including the Mlawa wind farm, located in Mazowieckie in the north of the country, and the Grajewo wind farm, located in Podlaskie, in the north-east. The projects were inaugurated in 2021 and have a combined installed operational capacity of 51.4 MW. Taaleri Energia managing director Kai Rintala said: “Our partnership with Masdar is an extremely valuable part of our investment strategy in the CEE region. This deal brings the total number of development projects in our SolarWind III Fund portfolio to 61, representing a potential gross generation capacity of 7.6 GW.”
Poland is seeking to increase installed wind capacity to 11 GW by 2040 and solar PV to 10-16 GW by the same year. Masdar’s investments in the country will help Poland to meet the ambitious targets set out in the Energy Policy of Poland, which will have a significant impact on reducing its carbon emissions.
Consortium wins bid for 1100 MW solar project
Photo source: Trade Arabia
Saudi Arabia Solar power A consortium of Masdar, EDF Renewables and Nesma Co has signed a Power Purchase Agreement with the Saudi Power Procurement Company to build, develop and operate the 1100 MW Al Henakiyah solar power plant under a 25 year agreement with the off-taker SPPC. It is expected that the plant will displace more than 1.8 million tonnes of carbon dioxide emissions annually. Located in Al Madinah province, Saudi Arabia, it will be one of planet’s largest single-site solar plants when it becomes operational. The estimated US$1 billion project is
expected to reach financial close in early 2024 and connect to the grid in 2025.
www.modernpowersystems.com | November/December 2023 | 5
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