China releases first green bonds
CHINA'S Ministry of Finance has issued its first green sovereign bonds on the London Stock Exchange, raising RMB 6 billion ($824 million).
The funds will be used for projects in sectors such as clean transportation, marine conservation, and recycling.
This marks China's latest move to issue green sovereign bonds, making it the latest of over 50 jurisdictions to do so.
The issue is expected to spur international investment in green projects in China and deepen climate cooperation with the UK and EU.
China could also include green investment plans in its new climate action plan under the Paris Agreement.
Green sovereign bonds are issued by governments to raise funds for environmental protection and green development, often investing in renewable energy, low-carbon transport, green buildings, and conservation.
The first green sovereign bond was issued by Poland in 2016, followed by EU nations, emerging economies, and Germany.
The UK has always been a key location for the RMB foreign exchange spot market, with London and Singapore being the two most important international centers of RMB business.
The Ministry of Finance has published a framework for issuing green sovereign bonds, specifying possible uses of the funds, including direct investments in projects, contributions to project running costs, support for local governments, and tax rebates.
First CycloneCC deployed
CARBON Clean has completed the world's first industrial deployment of CycloneCC, a modular carbon capture plant.
The unit has achieved around 4,000 operating hours over a six-month period, moving it to Technology Readiness Level 7 (TRL 7).
CycloneCC has been continuously operating, delivering a high purity CO2 product that exceeds the projected target and meets Fertiglobe's CO2 purity requirements.
System validation confirms that the industrial demonstration unit can now be further scaled up and commercialised.
The mobile CycloneCC unit was installed in Abu Dhabi in under a week, a record for the carbon capture sector.
CycloneCC is Carbon Clean's breakthrough modular technology, providing a viable alternative to conventional carbon capture plants. Its innovative use of artificial intelligence (AI) has increased the plant's reliability and availability, and maximised the performance of the solvent.
The plant is currently operating in open loop mode with human operators implementing AI-suggested recommendations.
Aniruddha Sharma, Chair and CEO of Carbon Clean, said: “Fertiglobe’s willingness to invest in first-of-a-kind (FOAK) projects cements its status as a decarbonisation pioneer. Our collaboration with Fertiglobe for this industrial demonstration unit is a major step towards CycloneCC’s full commercialisation, so that it can be deployed at scale globally. Installing a carbon capture plant in less than a week is a feat never achieved before. We’re excited to have delivered this industry first in carbon capture.”
Wood to advance Ratawi field
WOOD, a leader in consulting and engineering, has been awarded two new engineering and procurement framework agreements worth $11 million by TotalEnergies EP Ratawi Hub as part of the Gas Growth Integrated Project (GGIP), a multi-energy project designed to enhance the development of Iraq’s natural resources and improve the country’s electricity supply at the Ratawi field in Iraq.
Each of the new contracts has a three-year term under which Wood will support TotalEnergies to advance the Associated Gas Upstream Project (AGUP), a key part of the GGIP project.
The aim is to debottleneck and upgrade existing facilities to increase energy production capacity to 120,000 barrels of oil per day on completion of the first phase.
Shaun Dewar, Senior Vice-President of Operations, Middle East and Africa at Wood said: “We have an extensive track record in brownfield facility modifications and are committed to delivering safe, quality and innovative outcomes for TotalEnergies. Wood has supported the Ratawi field since 2023.
Dewar added: “We have held six recruitment days, hiring 70 Iraqis to work at the Ratawi operations hub across a range of disciplines including HSE, logistics, quality, construction, welding, electrical and document control.”
The contracts will be delivered by Wood’s teams in Basra and the UAE, creating additional roles as the scopes progress.
Wood is already providing engineering design, detailed design, procurement support, and construction and commissioning assistance for the first phase of the AGUP.
