Last Week in The Energy Sector – 23rd to 29th Oct

Alliance of CEO Climate Leaders share open letter to world leaders for COP28

Over 100 CEOs from the Alliance of CEO Climate Leaders have written an open letter to world leaders ahead of COP28, urging for transformative policies to combat climate change.
The alliance, representing $4 trillion in revenues, calls for increased investment in renewable energy, improved public procurement practices, acceleration of carbon removals, and harmonization of climate disclosure standards.
The Alliance of CEO Climate Leaders believes these policy changes can drive outsized impact and is ready to present these to policy-makers at COP28 and beyond.

Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, has stated that the country will continue to lead the global energy transition and become a key player in the renewable market.
He emphasized the Kingdom’s commitment to the Paris Agreement and the energy trilemma, and highlighted the importance of a circular carbon economy for achieving carbon neutrality.
The pivotal role of the Kingdom in “greening the world” was further underscored by the Executive Vice President of the European Commission, Maros Sefcovic, who described Saudi-EU relations as “very complementary and very important.”

The inaugural ASEAN-GCC Summit in Riyadh aimed to strengthen economic and social ties between the regions, focusing on sustainability and citizens’ well-being.
Thailand’s Prime Minister proposed collaboration in trade, sustainable energy, and people-to-people relations, and called for an end to regional violence.
The summit also discussed challenges in human security, food, energy, healthcare, and climate change.

The International Energy Agency (IEA) predicts that by 2030, 18% of India’s electricity will be generated from solar energy, up from the current 6%.
The IEA’s World Energy Outlook 2023 report also forecasts that half of the world’s electricity will come from renewables by 2030 due to the rise of clean energy technologies.
The report highlighted policies adopted by several countries that encourage the diversification of supply chains for clean energy technologies, including the Inflation Reduction Act in the United States, the Net Zero Industry Act in the European Union and the Production Linked Incentives scheme in India.

Shell is set to cut 200 jobs, mostly from its hydrogen division, as part of a cost-cutting drive to save up to $3bn by 2025.
The move marks a shift away from hydrogen, despite Shell’s commitment to achieving net zero by 2050.
The company also plans to simplify its low-carbon solutions business structure.