World Bank supports Morocco’s water security efforts with USD 350 mn loan: The World Bank Group’s board of directors approved a USD 350 mn loan to Morocco in support of the country’s National Program for Potable Water Supply and Irrigation, according to a statement. The program would require investments to the tune of MAD 143 bn (c. USD 14.6 bn) to mobilize financing in Morocco’s water sector in a bid to strengthen the country’s climate resilience. The World Bank says its green loan comes at a critical time as Morocco grows more vulnerable to droughts on the back of climate change, noting the country is approaching the absolute water scarcity threshold of 500 cubic meter (cbm) per capita per year. Water inflows have declined in the country from 2.5k cbm per capita annually in 1960 to 620 cbm in 2020, placing Morocco in a situation of structural water stress, the bank notes.

REMEMBER- Droughts threaten North Africa’s water and food security: An acute drop in precipitation levels owing to climate-induced droughts and warm winters is affecting soil moisture and river flows in the majority of cereal-growing centers in Morocco, Algeria, and Tunisia, with wheat yield potentials expected to plunge between 15-24% compared to the last five-year average in the three countries. Barley potentials are also expected to drop between 10-30% below 2017-2022 averages in the region.

Mubadala is exploring CCUS projects in Indonesia: Abu Dhabi’s Mubadala Energy and Indonesian state-owned energy company Pertamina have signed an MoU to explore opportunities in carbon capture, utilization and storage (CCUS) projects in Indonesia, Wam reports. The partnership will see the companies conduct joint studies and evaluations for potential carbon storage projects in Pertamina’s and Mubadala Energy’s existing portfolio of assets in Indonesia. The agreement also aims to facilitate knowledge exchange between the two companies.

Pertamina is collaborating with other companies in the region: In February, Emirati renewables giant Masdar announced it has acquired shares in the geothermal unit of Indonesia’s state-owned energy firm Pertamina. The value and size of the stake were not disclosed at the time. Last November Saudi Aramco signed an agreement with Pertamina to individually conduct feasibility studies on the creation of a hydrogen and ammonia value chain in Indonesia.

And Mubadala is developing a carbon market: Mubadala Investment Company — Mubadala Energy’s mother company — secured an undisclosed stake in Singapore-based carbon trading exchange AirCarbon Exchange last November. Bloomberg estimated the purchased shares to be at least 20% of AirCarbon. Last month an alliance was launched in partnership with AirCarbon Exchange, Mubadala Investment Company, amongst other big banks and energy companies to establish a framework for carbon markets. South Korean telecoms group SK Group has also signed a partnership agreement with Mubadala to set up a voluntary carbon market in Asia.

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