Dec 11 2023
Lootah Biofuels and FatHopes Energy signed an agreement at the COP28 summit to advance production and distribution of sustainable aviation fuel in the Middle East North Africa and Southeast Asia regions, a statement from FatHopes Energy released Dec. 9 showed. Lootah Biofuels is a pioneer producing biofuels from used cooking oil and FatHopes Energy is a Malaysian firm developing sustainable fats, oils, and grease solutions for advanced biofuel production. The agreement delineates a roadmap that encompasses diverse initiatives and engagements towards SAF development using technologies and opportunities in forming a practical supply chain, the statement showed. "By leveraging FatHope Energy's expertise and technologies, we are poised to drive substantial progress in the production and distribution of Sustainable Aviation Fuel, catering to the burgeoning aviation sector in the United Arab Emirates and beyond," said CEO of Lootah Biofuels Yousif bin Saeed Lootah. The global aviation sector has set a goal of becoming climate-neutral by 2050. It currently accounts for around 3% of the world's carbon emissions, which is expected to decline sharply with the use of SAF. "Together with Lootah Biofuels, we aim to contribute to emission reduction in the aviation industry by establishing a robust infrastructure for the production and distribution of SAF, ensuring a greener and more environmentally responsible future," FatHopes Energy CEO Vinesh Sinha said. Under the agreement, both companies will look to establish feedstock storage terminal and SAF refinery at strategic locations in Malaysia and the UAE. The planned 200,000 sq m capacity liquid waste and residual feedstock storage facility at a suitable seaport in Southeast Asia is likely to act as a consolidation hub for the purpose of securing consistent feedstock supply for the refinery strategically located in the UAE. Under the agreement, the firms will explore franchising opportunities for FatHopes Energy's technologies, data and entrepreneurship programs across MENA region to ensure ample feedstock supply, the statement said. Platts assessed UCO FOB Southeast Asia at $810/mt Dec. 8, unchanged on the day, S&P Global Commodity Insights data showed. Platts assessed sustainable aviation fuel cost of production Southeast Asia at $1,474.34/mt Dec. 8, down $12.94/mt day on day.
Lootah Biofuels and FatHopes Energy signed an agreement at the COP28 summit to advance production and distribution of sustainable aviation fuel in the Middle East North Africa and Southeast Asia regions, a statement from FatHopes Energy released Dec. 9 showed. Lootah Biofuels is a pioneer producing biofuels from used cooking oil and FatHopes Energy is a Malaysian firm developing sustainable fats, oils, and grease solutions for advanced biofuel production. The agreement delineates a roadmap that encompasses diverse initiatives and engagements towards SAF development using technologies and opportunities in forming a practical supply chain, the statement showed. "By leveraging FatHope Energy's expertise and technologies, we are poised to drive substantial progress in the production and distribution of Sustainable Aviation Fuel, catering to the burgeoning aviation sector in the United Arab Emirates and beyond," said CEO of Lootah Biofuels Yousif bin Saeed Lootah. The global aviation sector has set a goal of becoming climate-neutral by 2050. It currently accounts for around 3% of the world's carbon emissions, which is expected to decline sharply with the use of SAF. "Together with Lootah Biofuels, we aim to contribute to emission reduction in the aviation industry by establishing a robust infrastructure for the production and distribution of SAF, ensuring a greener and more environmentally responsible future," FatHopes Energy CEO Vinesh Sinha said. Under the agreement, both companies will look to establish feedstock storage terminal and SAF refinery at strategic locations in Malaysia and the UAE. The planned 200,000 sq m capacity liquid waste and residual feedstock storage facility at a suitable seaport in Southeast Asia is likely to act as a consolidation hub for the purpose of securing consistent feedstock supply for the refinery strategically located in the UAE. Under the agreement, the firms will explore franchising opportunities for FatHopes Energy's technologies, data and entrepreneurship programs across MENA region to ensure ample feedstock supply, the statement said. Platts assessed UCO FOB Southeast Asia at $810/mt Dec. 8, unchanged on the day, S&P Global Commodity Insights data showed. Platts assessed sustainable aviation fuel cost of production Southeast Asia at $1,474.34/mt Dec. 8, down $12.94/mt day on day.
Dec 11 2023
China supports gradually substituting fossil fuels with renewables, and opposes trade barriers and protectionism in the deployment of climate-friendly technologies, its Special Climate Envoy Xie Zhenhua said at a press conference in Dubai over the weekend. The press conference was held amid wrangling by nation states over the final language around the controversial phasing out of fossil fuels in the final agreement at the UN Climate Change Conference, with OPEC warning its member countries that a phaseout of fossil fuels would jeopardize their economies. Xie said after the first week of talks, the conference was shifting from the technical level to the political level, and ministerial level consultations were ongoing. There are too many problems to work through, and if the final result of COP28 can be a very clear and logical solution to key issues, especially issues that everyone is most concerned about, this conference will be a success, Xie told reporters, according to a transcript published by Chinese media Eleven Finance Men. Parts of the transcript were also released by state-owned media. When asked whether China supports the phaseout of fossil fuels, Xie repeated China's commitment in the US-China Sunnylands Statement released in November to accelerate renewable energy deployment through 2030 from 2020 levels to substitute coal, oil and gas. "We will not predict the final outcome [of COP28], but we accept this commitment, because it reflects the common ground, the general trend of energy transition and innovation, as well as the spirit of the Paris Agreement," Xie said. Xie also said China has started tightly controlling its coal consumption and will gradually cut coal consumption after 2025. China also plans to peak carbon emissions before 2030 and is working toward a more specific target that is yet to be announced, he added. Criticizing trade barriers A key agenda for China at COP28 is to build more clean energy partnerships with developing countries to explore new markets and negotiate with developed countries like the US and EU to address " trade barriers ." China currently dominates clean energy supply chains, such as solar PVs, wind turbines and electric vehicles. Out of supply chain security concerns, the US and EU have started to diversify their supply sources and incentivized domestic production to reduce dependency on China's clean energy products. At COP28, a Germany-led Climate Club was launched with 36 countries aiming to "jointly develop strategies and standards for a climate-neutral industry," following a G7 statement in July 2022 under Germany's presidency. The group excludes China and India, and raised concerns that the club will introduce carbon taxes, like the EU's CBAM, to penalize countries outside the club for emission-intensive products. Xie declined to comment on the Climate Club. "But we support climate-friendly, zero-carbon and low-carbon technologies and products. Meanwhile, we support fair trades and oppose unilateralism, trade protectionism," he said. "Climate actions are to safeguard the earth and benefit our future generations. Everyone should be supportive instead of setting trade barriers and constraints. Doing so is not beneficial to combating climate change, a common cause of mankind. We do not agree with that," he said Xie also expressed concerns over the US Inflation Reduction Act or IRA, which incentivizes domestic production of clean energy products and attracts clean energy investments. "But IRA protects domestic technologies and products. Why not treat technologies and products from other countries equally?" he said. "They are all electric vehicles Some are produced in the US. Some are produced elsewhere then entering the US market. Why can't they enjoy the same treatment? From this perspective, I don't think this is a good way to do things," Xie said.
China supports gradually substituting fossil fuels with renewables, and opposes trade barriers and protectionism in the deployment of climate-friendly technologies, its Special Climate Envoy Xie Zhenhua said at a press conference in Dubai over the weekend. The press conference was held amid wrangling by nation states over the final language around the controversial phasing out of fossil fuels in the final agreement at the UN Climate Change Conference, with OPEC warning its member countries that a phaseout of fossil fuels would jeopardize their economies. Xie said after the first week of talks, the conference was shifting from the technical level to the political level, and ministerial level consultations were ongoing. There are too many problems to work through, and if the final result of COP28 can be a very clear and logical solution to key issues, especially issues that everyone is most concerned about, this conference will be a success, Xie told reporters, according to a transcript published by Chinese media Eleven Finance Men. Parts of the transcript were also released by state-owned media. When asked whether China supports the phaseout of fossil fuels, Xie repeated China's commitment in the US-China Sunnylands Statement released in November to accelerate renewable energy deployment through 2030 from 2020 levels to substitute coal, oil and gas. "We will not predict the final outcome [of COP28], but we accept this commitment, because it reflects the common ground, the general trend of energy transition and innovation, as well as the spirit of the Paris Agreement," Xie said. Xie also said China has started tightly controlling its coal consumption and will gradually cut coal consumption after 2025. China also plans to peak carbon emissions before 2030 and is working toward a more specific target that is yet to be announced, he added. Criticizing trade barriers A key agenda for China at COP28 is to build more clean energy partnerships with developing countries to explore new markets and negotiate with developed countries like the US and EU to address " trade barriers ." China currently dominates clean energy supply chains, such as solar PVs, wind turbines and electric vehicles. Out of supply chain security concerns, the US and EU have started to diversify their supply sources and incentivized domestic production to reduce dependency on China's clean energy products. At COP28, a Germany-led Climate Club was launched with 36 countries aiming to "jointly develop strategies and standards for a climate-neutral industry," following a G7 statement in July 2022 under Germany's presidency. The group excludes China and India, and raised concerns that the club will introduce carbon taxes, like the EU's CBAM, to penalize countries outside the club for emission-intensive products. Xie declined to comment on the Climate Club. "But we support climate-friendly, zero-carbon and low-carbon technologies and products. Meanwhile, we support fair trades and oppose unilateralism, trade protectionism," he said. "Climate actions are to safeguard the earth and benefit our future generations. Everyone should be supportive instead of setting trade barriers and constraints. Doing so is not beneficial to combating climate change, a common cause of mankind. We do not agree with that," he said Xie also expressed concerns over the US Inflation Reduction Act or IRA, which incentivizes domestic production of clean energy products and attracts clean energy investments. "But IRA protects domestic technologies and products. Why not treat technologies and products from other countries equally?" he said. "They are all electric vehicles Some are produced in the US. Some are produced elsewhere then entering the US market. Why can't they enjoy the same treatment? From this perspective, I don't think this is a good way to do things," Xie said.
Listen now as Ayesha ChoudhurySVPHead of Capital Markets discusses nominations for the Global Energy Awards Energy Transition - Technology of the Year Finalist awards!For a quarter century, S&P Global Commodity Insights has been honored to recognize the energy sector’s exponential growth and rapid progress. As the world comes together to tackle climate change issues at COP28, we are gathering the industry to acknowledge the companies and individuals working on the crucial, innovative, practicable solutions that will solve those problems.Shine a spotlight on your organization’s accomplishments and join us this December 7th in New York City, USA to celebrate the many achievements and successes of the global energy community. Learn more now
The Road to COP 28.Listen now as Ekalavye GupteNews and ResearchCarbon MarketsS&P Global Commodity Insights dissects what carbon credit buyers seek. With the UN Climate Change Conference (COP 28) on the horizon make sure you stay tuned for exclusive interviews, summaries and reports on Platts LIVE to help you stay informed. We will be there covering all the action from climate finance, the global stocktake and ambitious targets for renewables, energy efficiency, carbon, hydrogen, and much more.With all eyes on Dubai, UAE this November and December, Platts LIVE will be your front row seat.
Within the UN Climate Change Convention, a number of subsidiary bodies operate wherein they discuss the legal international framework for climate protection and reducing emissions. The SBSTA is one such body working to negotiate the advisory notations of science and technology and its implications in the future course of climate action. In the run-up to COP28, join Henry Edwardes-EvansManaging EditorNews & ResearchS & P Global Commodity Insights and Nathalie FloresVice ChairSBSTAUN Climate Change as they discuss the various UN conventions and subsidiaries that work together towards achieving climate goals.
The Road to COP 28.Listen now as Vandana SebastienSenior Pricing SpecialistVoluntary Carbon MarketsS&P Global Commodity Insights dissects on how carbon can be recognized as a financeable asset. With the UN Climate Change Conference (COP 28) on the horizon make sure you stay tuned for exclusive interviews, summaries and reports on Platts LIVE to help you stay informed. We will be there covering all the action from climate finance, the global stocktake and ambitious targets for renewables, energy efficiency, carbon, hydrogen, and much more.With all eyes on Dubai, UAE this November and December, Platts LIVE will be your front row seat.
The Road to COP 28.Listen now as Silvia FavasuliEditorVoluntary Carbon MarketsS&P Global Commodity Insights dissects on how carbon can be recognized as a financeable asset. With the UN Climate Change Conference (COP 28) on the horizon make sure you stay tuned for exclusive interviews, summaries and reports on Platts LIVE to help you stay informed. We will be there covering all the action from climate finance, the global stocktake and ambitious targets for renewables, energy efficiency, carbon, hydrogen, and much more.With all eyes on Dubai, UAE this November and December, Platts LIVE will be your front row seat.
Managing different pricing and valuation methodologies and risk exposures is crucial for any business looking to meet its CO2 emissions, obligations, and voluntary sustainability targets.Join S&P Global Commodity Insights and ION Commodities for a spotlight on:Carbon markets price dynamicsOutlook for carbon markets in 2024 and beyondManaging risk with Carbon ZeroLearn more about this emerging market and its evolution from pricing to projects and get practical tools to help you manage high volatility, complex risk, and fast-changing regulations.
Join Suresh SivanandamDirector,Energy Transition at S&P Global Commodity Insights as he discusses his key learnings from the Asia LNG & Hydrogen Conference, as part of Singapore International Energy Week! In a lively panel discussion, Suresh quizzed the experts on the policy landscape, demand uptake and supply related challenges to enable Asia’s green hydrogen economy. Green hydrogen and its derivatives have taken centerstage as a clean energy source for the future and therefore it is vital that we can understand and comprehend the outlook for the market. Curious to know what the participants polled as a key challenge for the low carbon hydrogen industry today? Let Suresh talk you through it.
Listen now as Ignacio BincazChief Commercial OfficerAdvanced Ionics discusses nominations for the Global Energy Awards Energy Transition- Technology Finalistaward!For a quarter century, S&P Global Commodity Insights has been honored to recognize the energy sector’s exponential growth and rapid progress. As the world comes together to tackle climate change issues at COP28, we are gathering the industry to acknowledge the companies and individuals working on the crucial, innovative, practicable solutions that will solve those problems.Shine a spotlight on your organization’s accomplishments and join us this December 7th in New York City, USA to celebrate the many achievements and successes of the global energy community. Learn more now
Join Johan UtamaPrincipal AnalystEmerging Asia Gas and LNG, as he talked about the key takeaways from the 9th Asia Hydrogen and LNG Conference panel on financing hydrogen projects, held during Singapore International Energy WeekLow-carbon hydrogen has emerged to be a key component of decarbonization strategies and there have been hundreds of projects announced in recent years. However, progress has been slow and securing finance challenging.During the conference, Johan moderated a panel on financing hydrogen projects, speaking to experts from the financial sector, project developer, and research agency. Discussion points during the session involve what lenders are looking for, what can be done by project developers and governments, and other avenues of collaboration.Take a listen now to learn more!
Join Ankit SachanPrincipal ConsultantEnergy Transition Consulting, as he discusses the key insights from the 9th Asia Hydrogen and LNG Conference panel on low-carbon ammonia supply chains, which took place during Singapore International Energy Week Traditionally, ammonia has been a fundamental component used as a raw material in the production of fertilizers and chemicals. Now it is emerging as a low-carbon hydrogen carrier and an energy source. The conference panel discussion mainly focused on major challenges in ammonia supply chain developments and how companies are overcoming those challenges. According to the panelists, some of the challenges that must be addressed for ammonia to fully realize its decarbonization potential include the absence of offtake agreements, high production costs, and regulatory support. Listen no as Ankit deep-dives into this critical topic! Learn more about Consulting reports, including on low-carbon ammonia, hereHave questions on the topic? Reach out to our expert Hormuzd Karanjia, Executive Director, S&P Global Commodity Insights.
Listen now as Dan ShugarCEONextracker discusses nominations for the Global Energy Awards Chief Trailblazer of the Year Technology Finalist and Commercial Technology Finalist awards!For a quarter century, S&P Global Commodity Insights has been honored to recognize the energy sector’s exponential growth and rapid progress. As the world comes together to tackle climate change issues at COP28, we are gathering the industry to acknowledge the companies and individuals working on the crucial, innovative, practicable solutions that will solve those problems.Shine a spotlight on your organization’s accomplishments and join us this December 7th in New York City, USA to celebrate the many achievements and successes of the global energy community. Learn more now
Platts and REsurety Collaborate to bring transparency to the carbon intensity of individual Renewable Energy Certificates and the associated pricingPlatts, part of S&P Global Commodity Insights, the leading independent provider of information, analytics and benchmark prices for the commodities and energy markets, launches first-of-kind price assessments for Emissions-Adjusted (EA) Renewable Energy Certificates (RECs) through a collaborative data-licensing agreement with clean energy data-driven solutions provider REsurety. Read announcementWhile renewable energy certificate markets are well established, not all RECs have the same emissions impact, and to date, the emissions impacts have not been reflected in pricing. The new Platts Emissions-Adjusted (EA) RECs are aimed at shedding light on this additional energy-transition-critical information and providing benchmark values for renewables based on their emissions impact.Platts will use REsurety's high granularity emissions impact data, Locational Marginal Emissions (LMEs), to measure the hourly carbon emissions impact associated with the hourly generation of RECs from individual renewable power plants in the United States, beginning with Electric Reliability Council of Texas (ERCOT). Platts will aggregate and publish a new suite of Emissions-Adjusted REC assessments to provide benchmark prices based on their emissions impact. "By incorporating carbon intensity into REC pricing, we believe the marketplace will welcome this better understanding of the emissions impact of individual certificates," said Alan Hayes, Global Head of Energy Transition Pricing, S&P Global Commodity Insights. "By adjusting renewable energy certificates prices to reflect carbon intensity, market participants will be empowered to differentiate and maximize the impact of REC purchases on emissions." Renewable energy certificates and related instruments worldwide have become a key tool for energy users to direct investment to solar, wind, hydro and other renewable generation technologies. Typically, RECs are traded and priced in US dollars per megawatt hour of power produced. But the emissions impact of each REC varies widely depending on power market fundamentals. At times and locations where production is primarily from fossil-fueled power plants, the carbon emissions impact of clean generation is typically high. At times and locations where renewable generation dominates, the emissions impact of clean generation is typically low. This is not directly reflected in the REC instrument or prices. The collaboration between Platts and REsurety will bring needed clarity and independent valuations to differing power stacks. "REsurety is excited to collaborate with S&P Global Commodity Insights to address the emissions information gap that is crucial for clean energy buyers who are purchasing RECs to meet their sustainability goals. Publishing the emissions impact of each REC instrument will drive demand to the highest impact projects and locations - which is critical to accelerating our path to a carbon-free grid," said Lee Taylor, CEO at REsurety.While the first set of Platts Emissions-Adjusted REC price assessments will relate to Texas power, across coming months, Platts will publish a full suite of Emissions-Adjusted REC prices and carbon intensity (CI) adjustment factors for each of the US power independent system operators. METHODOLOGY Platts will publish Emission-Adjusted REC prices (USD/MT CO2e) alongside existing REC prices; EA REC prices will be calculated by dividing the REC price (USD/MWh) of a given REC certificate by the emissions impact of that same REC certificate (kgCO2e/MWh) over the period. EA REC prices will be published for the prior year and on a year-to-date basis for the current year. Alongside EA REC prices, Platts will publish the associated emission-adjustment factors, which will be updated monthly.Example of Emissions Adjusted REC pricingREC ProductREC Price $/MWhLME Kg CO2e/MWHEmission Adjusted REC price SD/Mt CO2National Green-e, Wind $2.90370$7.82REsurety is a mission-driven organization dedicated to accelerating the world's transition to a zero-carbon future. It provides software and services to support both the financial and sustainability goals of clean energy buyers, sellers, and investors. Its software offers data-driven insights at various stages of the project lifecycle from initial exploration to portfolio management. Its services leverage its domain expertise and deliver solutions tailored to the unique needs of customers. For more information, visit www.resurety.comAbout S&P Global Commodity InsightsAt S&P Global Commodity Insights, our complete view of global energy and commodity markets enables our customers to make decisions with conviction and create long-term, sustainable value. We're a trusted connector that brings together thought leaders, market participants, governments, and regulators and we create solutions that lead to progress. Vital to navigating commodity markets, our coverage includes oil and gas, power, chemicals, metals, agriculture, shipping and energy transition. Platts products and services, including leading benchmark price assessments in the physical commodity markets, are offered through S&P Global Commodity Insights. S&P Global Commodity Insights maintains clear structural and operational separation between its price assessment activities and the other activities carried out by S&P Global Commodity Insights and the other business divisions of S&P Global. S&P Global Commodity Insights is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information visit https://www.spglobal.com/commodityinsights
Listen now as Barrett BilottaPresident and Co-founderAgilitas Energy discusses nominations for the Global Energy Awards Chief Trailblazer of the Year Finalistaward!For a quarter century, S&P Global Commodity Insights has been honored to recognize the energy sector’s exponential growth and rapid progress. As the world comes together to tackle climate change issues at COP28, we are gathering the industry to acknowledge the companies and individuals working on the crucial, innovative, practicable solutions that will solve those problems.Shine a spotlight on your organization’s accomplishments and join us this December 7th in New York City, USA to celebrate the many achievements and successes of the global energy community. Learn more now
Listen now as Preshit GawadeExecutiveDirector - New EnergiesBaker Hughes discusses nominations for the Global Energy Awards- Rising Star Individual Finalistaward!For a quarter century, S&P Global Commodity Insights has been honored to recognize the energy sector’s exponential growth and rapid progress. As the world comes together to tackle climate change issues at COP28, we are gathering the industry to acknowledge the companies and individuals working on the crucial, innovative, practicable solutions that will solve those problems.Shine a spotlight on your organization’s accomplishments and join us this December 7th in New York City, USA to celebrate the many achievements and successes of the global energy community. Learn more now
