How Egypt is future proofing the energy sector
Such investments have included: UKCI’s US$16.9mn inve...
Over the course of the year, the MENA region has been pouring investments into energy security.
Such investments have included: UKCI’s US$16.9mn investment in clean energy; Alfanar US$75mn renewable energy projects; and supplier agreements of LNG between ADNOC, BP and TOTAL, to name a few.
Today, the US and Egypt have joined the many that are contributing to furthering energy security. Adam Boehler, Chief Executive Officer, U.S. International Development Finance Corporation (DFC), has announced its commitments to provide US$430mn in insurance to advance energy security in Egypt.
Natural gas is the earth’s cleanest fossil fuel. The gas is colourless and odourless in its natural state, and is composed of four hydrocarbon atoms and one carbon atom. Due to being the earth's cleanest fossil fuel, natural gas is frequently used to bridge the gap for companies looking to achieve 100% renewable energy production, by slowly reducing its oil and gas production sites as they come to end of life.
What does this mean for Egypt?
The US$430mn insurance will enable Noble Energy Inc., Houston, Texas, to rehabilitate a 90 kilometer EMG natural gas pipeline to transport natural gas from offshore sites in Israel - under the Mediterranean Sea - to Al-Arish, Egypt. Over 15 years 3trn cubic feet of natural gas will be transported.
“Strengthening energy security—which bolsters trade, support investment, and improves quality of life—is critical to ensuring lasting prosperity and stability in Egypt,” said Boehler. “This project will help the country meet growing demand for reliable, low-cost energy in order to fuel sustained economic growth and create opportunities that have a stabilising impact in Egypt and across the region.”
For more information on sustainability and energy topics, please take a look at the latest edition of CSO Magazine.
Honeywell Commits To Carbon Neutrality by 2035 (NYSE: HON)
Honeywell Commits To Carbon Neutrality In Its Operations And Facilities By 2035
The company has already reduced the greenhouse gas intensity of its operations and facilities by more than 90% since 2004.
Builds on the company's '10-10-10' commitment to reduce greenhouse gas emissions by 10% from 2018 levels, deploy at least 10 renewable energy opportunities and achieve ISO's 50001 Energy Management Standard at 10 facilities by 2024.
Honeywell will continue to support its customers' sustainability goals with innovative new products that reduce greenhouse gas emissions, save energy and support the adoption of renewable energy sources.
Honeywell (NYSE: HON) committed today to become carbon neutral in its operations and facilities by 2035 through a combination of further investment in energy savings projects, conversion to renewable energy sources, completion of capital improvement projects at its sites and in its fleet of company vehicles, and utilization of credible carbon credits. These initiatives represent a continuation of the company's sustainability efforts since 2004, which have already driven a more than 90% reduction in the greenhouse gas intensity of its operations and facilities.
"Companies like Honeywell have a unique role to play in shaping a future that is safer and more sustainable for our children and our grandchildren, and that's why I am pleased to commit to achieving carbon-neutral facilities and operations by 2035," said Darius Adamczyk, chairman and chief executive officer of Honeywell. "Honeywell has a long history of improving our own environmental and sustainability profile while providing innovative products and services that improve our customers' profiles as well. We will continue to invest in our plants and in new technologies that will reduce our carbon footprint and contribute significantly to global efforts to mitigate climate change."
Honeywell's carbon-footprint reduction will continue to be driven through the company's rigorous, end-to-end business operating system. Honeywell's reductions will be reported publicly and third-party verified pursuant to The Greenhouse Gas Protocol. The company's efforts will result in carbon-neutral operations and facilities as it relates to direct emissions ("Scope 1") and indirect emissions from electricity and steam ("Scope 2"). In addition, Honeywell has committed to addressing "Scope 3" indirect emissions, which include emissions in the value chain, by enhancing its existing tracking system and partnering with industry leaders to identify and implement best practices while encouraging customers to adopt Honeywell's climate solutions and products.
Honeywell has a long and successful track record of setting aggressive sustainability targets and exceeding them. In addition to significantly reducing its greenhouse gas intensity, Honeywell has implemented more than 5,700 sustainability projects since 2010, saving an annualized $100 million in costs.
In 2019, Honeywell set a new "10-10-10" target to reduce global Scope 1 and Scope 2 greenhouse gas emissions intensity by an additional 10% from 2018 levels, deploy at least 10 renewable energy opportunities, and achieve certification to ISO's 50001 Energy Management Standard at 10 facilities by 2024. The company is on track to meeting these commitments.
Honeywell's commitment to carbon neutrality builds on the company's decades-long history of innovation to help its customers meet their environmental and social goals. In fact, about half of Honeywell's new product introduction research and development investment is directed toward products that improve environmental and social outcomes for customers.
Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.
Source: PR Newswire