Switzerland announced that it has approved new climate targets, proposing a reduction in greenhouse gas emissions. 

It was declared that by 2035, Switzerland should reduce its greenhouse gas emissions by at least 65% compared to 1990 levels, and by 59% on average between 2031 and 2035.Switzerland had previously committed to cutting greenhouse gas emissions by 50% by 2030 from 1990 levels.

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The Swiss government approved a modification to its long term climate strategy. It will present the amended plans to the UN Framework Convention on Climate Change by February 10^th. 

As per a Reuters report, the submission includes the role of renewable energies and nuclear energy in achieving climate neutrality.

This marks a significant step in the country’s ongoing efforts to meet its climate commitments and align with global climate goals.

Court Ruling Sparks Re-evaluation of National Climate Strategy

Earlier last year, Switzerland’s climate policies faced intense scrutiny after a ruling by a top European court. The court found that the country’s efforts to counter global warming were insufficient. It urged the Swiss government to take more decisive action.

The ruling prompted a re-evaluation of Switzerland’s climate strategy and set the stage for the proposed more defined targets. With this new target, Switzerland is working to comply with international climate agreements and address mounting pressure from environmental groups and international bodies to do more in the fight against climate change.

The administration announced that the new objectives will be achieved primarily via domestic measures. These new objectives are set out under its commitments to the Paris Agreement.

Lunate, an Abu Dhabi-based global investment manager with USD 105 billion in assets, plans to acquire a minority stake in ADNOC Gas Pipelines, indirectly held by Snam, Europe’s leading gas infrastructure operator. Lunate will acquire the stake through its Long-Term Capital Fund I, pending the signing of a sale agreement and any relevant shareholder rights.

Strategic Role of ADNOC Gas Pipelines

ADNOC Gas Pipelines is a subsidiary of Abu Dhabi National Oil Company (ADNOC) holding lease rights over 38 pipelines spread across 982 kilometers in the UAE. The pipeline network remains essential to the integration of ADNOC upstream assets with local off-takers, constituting part of the energy infrastructure in the UAE. Additionally, this asset is crucial for providing stable, predictable cash flows in the energy sector and supports the country’s energy strategy.

Snam’s Involvement and Asset Rotation Strategy

Snam acquired its stake in ADNOC Gas Pipelines in 2020. It did this with the support of consortium partners: GIP, GIC, Brookfield Asset Management, Ontario Teachers’ Pension Plan Board, and NH Investment & Securities. Through its expertise in natural gas management, Snam has enhanced the value of this asset and also played a part in the UAE’s energy system.

Stefano Venier, Snam’s CEO, said, “The sale of the stake in ADNOC Gas Pipelines is consistent with the recently presented strategic plan, which focuses on the development of a pan-European multi-molecule 2025-2029 infrastructure. In this perspective, the rotation of some assets not located along the key European energy corridors where we operate in, allows us to capitalize their value.”

Also read: ADNOC Reaches Industry-Leading Carbon Intensity at Shah Field

Murtaza Hussain, Managing Partner at Lunate, expressed enthusiasm about the acquisition, highlighting that ADNOC Gas Pipelines is a crucial asset within the UAE’s energy infrastructure. He also emphasized that Lunate is strengthening its partnership with ADNOC through the investment and fulfilling its goal of offering investors high-quality assets.