1 To Watch
Turkey’s earthquakes raise questions over dam safety and its transboundary implications
February’s disaster has renewed international scrutiny of the safety of Turkey’s dams and the risks they pose to downstream states.
March 29, 2023
By deploying renewables, KSA seeks to free up more crude for export.
Note: This edition of 3 To watch was distributed in full on Novermber 2.
Saudi Arabia’s updated UNFCCC Nationally Determined Contribution (NDC) lists the high-level measures it will implement to reduce annual greenhouse gas emissions by 278m tonnes of CO2 equivalent by 2030. It re-states its aim of increasing the share of renewables in the power mix to 50% by 2030 – gradually displacing oil, which accounts for some 40%, and freeing up more crude for exports. Gas will continue to supply half of the kingdom’s power needs.
Reaching the net-zero target will require significant reforms in order to mobilise the necessary funding and billions in investments needed. With the oil price at over $80 per barrel, Aramco’s returns are ample enough to help foot the bill; however, lower energy demand globally as a result of the spread of low-carbon technologies could eventually result in lower oil prices and lower revenues – and the kingdom still relies on oil to balance state budgets.
In its NDC closing statement, Saudi announced that its climate efforts extend beyond its borders to support mitigation efforts regionally through the Middle East Green Initiative. However, the most relevant cross-border emissions relate to the crude and petroleum products the kingdom exports. As is the case with China and other countries that have pledged long-term emissions targets, flaws in carbon accounting preclude reaching true net-zero emissions. Measuring and accounting mechanisms must be adjusted if countries are to keep the planet temperature hike to 1.5℃.
1 To Watch
February’s disaster has renewed international scrutiny of the safety of Turkey’s dams and the risks they pose to downstream states.
March 29, 2023
1 To Watch
The Abraham Accords have rapidly increased opportunities for collaboration between signatory states and Israel – a global leader in water management and technology – on improving water and food security.
March 2, 2023
1 To Watch
Fresh EU sanctions and a G7-led price cap on Russian crude have sought to safeguard global oil supplies and prices, but energy markets will struggle to absorb their impact.
December 6, 2022
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