Von der Leyen puts forward EU commissioner candidates
European Commission president Ursula von der Leyen today presented candidates for commissioner posts, confirming names put forward for portfolios including climate, energy, agriculture and trade.
Von der Leyen — who was confirmed by European Parliament as Commission president on 18 July — has committed to doubling down on climate and energy policy. Her 2024-29 mandate stipulates greenhouse gas emissions cuts of at least 90pc by 2040 compared with 1990.
Her commissioners, if appointed, will implement those policies. She is nominating Teresa Ribera to oversee competition policy but also "clean, just and competitive transition" that would include energy, climate, environment and other Green Deal files. Ribera is Spain's deputy prime minister and responsible for the country's ecological transition.
Von der Leyen has proposed the current EU climate commissioner Wopke Hoekstra for the portfolio of climate, net-zero and clean growth. Hoekstra, who replaced previous Green Deal commissioner Frans Timmermans, will also be responsible for taxation.
Other nominees include former Danish climate minister Dan Jorgensen, up for energy and housing commissioner. Former Swedish minister for EU affairs Jessika Roswall is proposed for a portfolio including environment and circular economy, and Luxembourgish Christophe Hansen, a former member of EU parliament, is proposed as agriculture and food commissioner.
Von der Leyen now needs to ensure that candidate-commissioners are approved by parliamentary committees and then by plenary. Hearings will also focus on candidates' abilities to implement policies. "Parliamentary scrutiny will not cut corners," European Parliament president Roberta Metsola said.
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Huge climate finance divide to bridge ahead of Cop 29
Huge climate finance divide to bridge ahead of Cop 29
London, 17 September (Argus) — Parties have hit a wall in final technical discussions on a new climate finance goal — the "centrepiece" of the UN Cop 29 climate summit in Baku — and ministers have a large gulf to bridge, just two months before the summit. Technical talks took place last week in Baku on the new collective quantified goal (NCQG). The NCQG is the next stage of the $100bn/yr target that developed countries agreed to deliver to developing countries over 2020-25. They missed the goal in 2020-21 but met it in 2022. The Paris climate agreement stipulates that developed countries shall provide financial resources to assist developing countries. "Sticking to set positions and failing to move towards each other will leave too much ground to be covered at Cop 29," the summit's president-designate, Mukhtar Babayev, warned. Azerbaijan's lead negotiator, Yalchin Rafiyev, had asked participants at the meeting's outset to "advance, streamline and narrow options" including for the formulation of the goal — how much should be provided, who should contribute, what type of finance, and what role should private finance play. But despite being told repeatedly to avoid reiterating previous positions, countries and voting blocs did just that, while complaining that ministers need clearer options ahead of Baku. Countries made submissions outlining their NCQG preferences, presented in seven packages and discussed at the meeting. Developing countries have for some time called for a floor of at least $1 trillion/yr for the new goal, but no developed country has committed to a number. Developing countries have also called for finance — mostly public — to be delivered through grants and concessional loans. Developed countries are instead pushing for a "multi-layered goal". They noted the need for global climate-related investment to reach trillions of dollars, but have suggested support levels — the climate finance to developing countries — in the billions, potentially not moving the new goal much further forward. Contributor countries do not want to talk about numbers until other elements that would influence the amount, such as the timeline of the goal or the contributor base, are closer to an agreement, according to non-profit WRI's director for climate finance access, Gaia Larsen. Developed countries leaving negotiations on the amount until the last minute will jeopardise the finance goal, non-governmental organisation Climate Action Network (CAN) global lead on multilateral processes Rebecca Thissen tells Argus . UN voting bloc the Arab Group acknowledged some similarities between the seven packages. But "there are bridges we will never cross", it said. Investing in the energy transition The final figure agreed will have to do some heavy lifting. There is no real definition of climate finance, and finance flows that fall under the NCQG are likely to fund a broad spectrum of energy transition technologies, as well as adaptation projects — adjusting to the effects of climate change — and possibly loss and damage, tackling the unavoidable and irreversible effects of it. "Developed countries refused to include financing for loss and damage within the scope of the new finance goal during the talks [last] week," CAN says. "This puts the loss and damage fund at risk of becoming an empty shell." Guinea pointed out the danger of focusing on investments, as proposed by developed countries, especially for adaptation and loss and damage. "Adaptation is not a strategic option but an imperative to development," Guinea said. UN voting bloc the African Group wants grants and highly concessional loans for loss and damage issues, but developing countries mostly only mentioned mitigation and adaptation in their interventions. South Africa noted that only 2pc of current global financing for the energy transition is reaching the African continent, and that the NCQG would be a "failed process" if it did not help lift this to at least 30pc. And while developed countries are keen to involve the private sector, the Maldives said it does not "see the private sector coming". Developed countries recognised that trillions of dollars are necessary to meet the needs of developing countries and that the previous $100bn/yr goal is not enough, but they called for a "realistic step up" set "within current economic realities". "We need to look beyond public finance because of the limitations on what those numbers can be," according to Australia. And developed countries would prefer a ramp-up period for the goal. "As much as we would like to see [the goal] go in the trillions, there is a political reality there," the EU said. "It must be a stretched goal, an uncomfortable goal, but something pragmatic and that can be met." The new goal must reflect modern economic realities, the US negotiator reiterated last week. Widening the donor base is another contentious topic in the NCQG discussions that did not progress last week. Developed countries have broadly coalesced, calling to expand the contributor base in order to increase the amount of finance for the new goal. But they did not provide any clarity on their exact demands, Thissen said, apart from Switzerland and Canada, which proposed that countries with both emissions and national incomes above certain levels should contribute to climate finance. But the proposals are not likely to "move the conversation forward or get much traction", non-profit Germanwatch's senior adviser on climate finance and development, Bertha Argueta, tells Argus . Party like its 1992 The long-running issue around contributors partly stems from the list of developed and developing countries used by UN climate body the UNFCCC. It dates back to 1992, when the body was established, and has been a bone of contention for some time for many developed countries, which argue that economic circumstances have changed in that time frame, and that several countries classed as developing — and typically heavy emitters — should now contribute to climate funds. But developing countries are digging their heels in, and any changes to the official designations are unlikely. Despite the red lines, and reiteration of previous positions, countries last week managed to find some areas where consensus looks likely — particularly on access to finance and transparency. There is also a broad agreement among developed and developing countries that public finance is at the core of the NCQG. "But different groups have different ideas about what that actually means in terms of its overall role in the NCQG," Argueta says. "The question then is how to build on the points of convergence to reach an agreement." The debates should result in a framework for a draft negotiating text, to be released no later than four weeks before Cop 29. But progress was insufficient to allow negotiators to dive straight into final negotiations in Baku. "Discussions are not exhausted," WRI manager for sustainable finance Natalia Alayza says. Another meeting is planned in Baku and there are still opportunities for parties to have informal consultations, Alayza says. The Cop 29 presidency is also convening ministerial dialogues on the sidelines of the UN general assembly, ongoing in New York, and in Baku in October, in an attempt to break the deadlock. Reaching agreement on the NCQG is an opportunity to rebuild confidence in the Paris Agreement and offer reinsurance to developing countries, Cop 29's Rafiyev reminded parties. "It is a moment of truth for the climate community." By Caroline Varin and Georgia Gratton Public climate finance provided Climate finance provided ($100bn/yr) Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
India’s energy transition hinges on power sector
India’s energy transition hinges on power sector
Mumbai, 17 September (Argus) — India's rapid economic growth has led to surging power demand, which the country aims to meet through expanded renewable energy capacity. But for now, coal remains firmly in its energy mix. Indian GDP grew by 6.7pc last year, according to energy watchdog the IEA, with emissions growing at a slightly faster 7pc, or about 190mn t, to 2.8 gigatonnes of CO2. Accelerating the transition to cleaner power generation is imperative for the country to meet its development and climate goals. But it is still heavily reliant on coal for energy security. India's coal-fired capacity stands at almost 218GW for the 2024 fiscal year, according to government think-tank Niti Aayog, accounting for a 49pc share of the country's total installed power mix. And it aims to add 80GW more coal-fired capacity by April 2031-March 2032. Coal-based power makes up 94pc of India's thermal power generation at present, and is likely to account for at least a 60pc share by 2030, reducing only slightly to 50pc by 2040, state-controlled producer Coal India business development director Debasish Nanda says. India's thermal power generation also includes natural gas, naphtha and diesel. India and more than 200 other countries reiterated a pledge to accelerate "efforts towards the phase-down of unabated coal power" at the UN Cop 28 climate summit in Dubai last year. To reduce its reliance on coal, the Indian government has outlined plans to become a gas-based economy. It aims to increase the share of gas in its energy mix to 15pc by 2030 from about 6pc in 2022. And it plans to expand its renewable energy capacity to 500GW by 2030 from 197GW now. Solar power currently makes up the highest share of this, with 43pc or 81GW, followed by wind power with 46GW. India is set to add a further 6GW of solar-based capacity and 1.2GW of wind-based power by March 2025, according to Niti Aayog. The power sector accounted for more than half of the increase in India's total emissions in 2023, the IEA says. Accelerating the transition is essential, but progress in individual states is highly uneven, according to a report by US-based think-tank the Institute of Energy Economics and Financial Analysis and UK think-tank Ember. States such as Karnataka and Gujarat have effectively integrated renewable energy into their power sectors, but others have not. India has many central and state-level policies to encourage energy independence, but implementation has not been adequate or transparent, the report says. Power move Firms are taking steps to boost renewable capacity. India's largest power producer, NTPC, primarily relies on coal but its 2032 plan to become a major diversified energy supplier includes renewable and nuclear power generation, chairman and managing director Gurdeep Singh says. It expects to have about 60GW of renewable energy capacity by 2032, and is looking to add 10GW of nuclear capacity, with an additional 4GW in a joint venture with a nuclear power corporation, Singh says. India also aims to electrify as much of its industrial sector as possible. State-controlled power transmission company Powergrid has set a target to meet 50pc of its internal energy needs through renewables by 2025 and achieve net zero emissions by 2047. Industry experts predict India's energy-related emissions are likely to increase up to 2028 and recede thereafter. But funding still poses a challenge, especially for a country so large. India earlier this year submitted to UN climate body the UNFCCC a call for developed countries to provide at least $1 trillion/yr in climate finance to developing countries from 2025, in reference to the so-called new collective quantified goal. The government says India alone requires $70bn-80bn/yr to fund its green energy goals. By Rituparna Ghosh and Prethika Nair CO2 emissions by sector, India, 2021 India power capacity sources Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Petronas, Japanese firms advance Sarawak CCS project
Petronas, Japanese firms advance Sarawak CCS project
Singapore, 17 September (Argus) — Malaysia's state-owned Petronas and eight Japanese companies have agreed with Japan's state-owned energy firm Jogmec to proceed with work on a carbon capture and storage (CCS) project to transport and store carbon dioxide (CO2) from Japan to Sarawak, Malaysia. The firms have signed a contract with Jogmec to proceed with the commissioning of design work related to the CCS project, the companies said on 13 September. The companies will work together to examine the equipment and costs required for the separation, collection and liquefaction of CO2 emitted from multiple industries in Japan's Setouchi area, including steelworks, power and chemical plants, as well as the marine transport and injection and storage of the CO2 in Sarawak. The CCS project is located off the coast of Sarawak and has an estimated storage capacity of 1.9mn-2.9mn t/yr. The eight Japanese companies are Japan Petroleum Exploration (Japex), JGC, shipping company Kawasaki Kisen Kaisha (K Line), JFE Steel, Mitsubishi Gas Chemical (MGC), Mitsubishi Chemical, Chugoku Electric Power (Energia) and Nippon Gas Line (NGL). Japex, JGC, K Line and Petronas will also investigate the profitability of the CCS project using depleted gas fields offshore Sarawak, including the M3 depleted field, as CO2 storage sites. JFE Steel, MGC, Mitsubishi Chemical and Energia will carry out CO2 separation and capture in the process of their respective operations. NGL will look into infrastructure for the domestic coastal transport of liquefied CO2 by ship. The Sarawak CCS project was previously selected by Jogmec as a potential project to receive funds for initial engineering works, as a part of Tokyo's strategy to ensure commercial utilisation of the technology by the April 2030-March 2031 fiscal year. It is unclear how much funding Jogmec will provide for this project. By Joey Chan Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
East Timor takes stake in Bayu-Undan gas field
East Timor takes stake in Bayu-Undan gas field
Darwin, 17 September (Argus) — The partners in the Bayu-Undan joint venture (BUJV) gas project have agreed to transfer a 16pc stake to East Timorese state-owned firm Timor Gap. A sale and purchase deed has been signed, with Timor Gap to participate in BUJV for the remainder of the project's lifespan, with the production-sharing contract for Bayu-Undan running to 30 June 2026 or until extraction ends, said operator Australian independent Santos. The deal follows an initial agreement in 2023 with Timor Gap on the proposed Bayu-Undan carbon capture and storage project, which Santos chief executive Kevin Gallagher recently described as the "next big project we really want to focus on" . BUJV includes the near-depleted gas field located 500km northwest of Australia in East Timorese waters, which formerly produced feedstock for the 3.7mn t/yr Darwin LNG terminal operated by Santos. Darwin LNG is preparing to receive next year the first gas from Santos' Barossa project , while Bayu-Undan continues to produce natural gas liquids and for the Australian domestic market. Santos will hold a 36.5pc interest in BUJV following the transfer, Japanese upstream firm Inpex 9.6pc, Tokyo Timor Sea Resources, owned by Japanese utility groups Jera and Tokyo Gas 7.7pc, Italian energy firm Eni 9.2pc and South Korean upstream firm SK E&S 21pc. Timor Gap is the majority shareholder in the Greater Sunrise LNG project, presently in the concept select phase . The Australian government is pressing for more action after years of stalled progress with concerns China could instead develop the field in partnership with East Timor. Greater Sunrise partners Timor Gap with 56.56pc, Australian independent Woodside with 33.44pc and Japanese utility Osaka Gas with 10pc. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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