WASTE MANAGEMENT-

KSA is taking on its massive food waste issue: Saudi Arabia’s Environment, Water and Agriculture Ministry (MEWA) intends to recycle up to 95% of its waste compared to its current rate of 3-4% — one of the lowest in the world, SPA reports, citing the ministry’s annual report for 2023. The new targets will see the ministry recycling c. 100 mn tons of waste annually and is forecast to add SAR 120 bn to the GDP, according to the ministry. The operational timeline and allocated budget were not disclosed.

REMEMBER- KSA produces the world’s largest amount of food waste on a per capita basis with over a third of food produced or imported by the kingdom going to waste, according to a 2022 study (pdf) published by King Saud University.

ALSO- Bee'ah Group has received the first Mercedes-Benz eEconic collection truck in the region from Daimler Commercial Vehicles MENA, according to a statement released last week. The eEconic, a zero-emission vehicle designed for urban waste management, is the newest addition to Bee'ah's 2k waste vehicles fleet and will help expand its operations in the UAE, KSA, and Egypt. Mercedes also debuted its first battery-electric truck in KSA in October.

Bee'ah has made strides in green mobility: The Sharjah Research, Technology, and Innovation Park (SRTIP), Bee'ah Group, and Peec Mobility partnered last month to boost the electrification of major vehicle fleets in Sharjah, starting with Peec's ReTruck initiative for Bee'ah's fleet. Bee'ah also signed an agreement with US- and UK-based Chinook Sciences and Japanese gas conglomerate Air Water during COP28 to develop a waste-to-hydrogen plant the output from which will be used for hydrogen-powered fuel cells for a fleet of large trucks and buses.

RENEWABLES-

KNPC floats tender for renewables and CCUS consultancy bids: The Kuwait National Petroleum Company (KNPC) has invited international engineering consulting firms to bid on conduct of feasibility studies aimed at quantifying the potential revenues of integrating renewable energy and carbon capture, usage and storage (CCUS) ventures to its and the Kuwait Integrated Petroleum Industries company portfolios, Zawya reports. The Supreme Procurement Committee at the Kuwait Petroleum Corporation reportedly sent out the requests for proposals to UK-based Amick Foster Wheeler Group, US- headquartered Kellogg Brown & Root Australia’s Worley Engineering, and Technip Energy of France. The firms will have until Thursday, 1 February to submit proposals for the advisory assessments on a package of projects which will reportedly include bio energy generation, green hydrogen production, wind, solar, and CCUS projects, aiming to spotlight the best investment opportunities for the Big Oil players in the green energy sector.

Kuwait is planning to ramp up renewables developments: Earlier this month, the Kuwait Authority for Partnership Projects (KAPP) invited global and local developers to bid on the 1.1 GW third phase of the Al Dibdibah Power and Al Shagaya Renewable Energy solar project. The winning bid will be tasked with financing, design, procurement, engineering, construction, testing, commissioning, operation and maintenance of the project. The country’s Electricity, Water, and Renewable Energy Ministry will ink a 30-year PPA to be the sole offtaker for the energy produced.The deadline for bid submissions is 22 February.

GREEN MANUFACTURING-

Saudi real estate developer Roshn and green tech startup Partanna Arabia signed an agreement to set up a carbon-negative concrete plant in the kingdom, according to a statement released on Thursday. Partanna uses repurposed seawater brine generated from desalination projects to create non-toxic building materials that can absorb CO2 instead of using traditional cement materials, which account for 8% of the world’s total carbon emissions.

More details: The new plant — which is expected to generate 1.3 mn carbon credits once fully operational — will potentially produce carbon-neutral blocks, tile, precast and pour-in-place solutions to realize Roshn’s target of building over 400k sustainable homes, 1k kindergartens, and 700 mosques in KSA by 2030. The company will also potentially sell CO2 offsets from the facility to Saudi firms looking to decarbonize their businesses. Roshn also signed on Tuesday an agreement with KSA’s Electric Vehicle Infrastructure Company (EVIQ) to set up EV charging stations across its properties in the kingdom.

GREEN FINANCE-

Oman’s sustainable finance framework that has earned a “Very Good” rating from Moody's Investors Services, Times of Oman reported last week. This integrated framework, evaluated within the global Sustainability Quality Score (SQS2), is the first of its kind to be implemented by a GCC state.

The details: The framework aims to reduce Oman’s reliance on fossil fuels and attract ESG investors, Reuters reports. Oman will introduce green, social, and sustainability bonds alongside loans and sukuk as part of the initiative. The proceeds will be directed towards funding and refinancing renewable energy projects. The initiative also aligns with Oman's Vision 2040 economic development plan, which aims to significantly reduce the share of oil in the country's GDP. By 2030, the goal is to cut oil's share to 16%, and down to 8.4% by 2040, down from 39% in 2017.

ALSO- The sultanate drafts new waste sector privatization law: Under the financing framework, Oman will unveil a new law this year for the privatization of its solid waste sector, Oman Observer reported on Thursday. The new law — which will regulate all stages of waste management — mandates that only licensed companies can engage in waste management activities, and will establish a national waste management hierarchy in efforts to minimize environmental impact.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Egypt to receive USD 19 mn in grants from Switzerland: Switzerland and Egypt have signed an agreement for two grants totalling USD 19 mn for wastewater treatment projects, including an organic fertilization plant to improve sludge management and to produce renewable energy. (Statement)
  • Qatar wants to triple EV charging stations by 2025: The Qatar General Electricity and Water Corporation (Kahramaa) plans to install 300 EV charging stations across the country by the end of 2024 and 600 charging stations by 2025. The company — which currently has 200 charging units in operation — launched an app called Tarsheed Smart EV Charging to help motorists locate the nearest charging stations. (Peninsula Qatar)
  • KSA’s Aldrees + ASX E-Mobility partner up for EV charging: Saudi petroleum retailing and logistics provider Aldrees Petroleum and Transport Services signed an agreement with EV charging company ASX E-Mobility — a subsidiary of Al Sharif Group — to develop EV charging infrastructure at several of Aldrees’s stations. (Twitter)
  • Ma’aden delving into CCS: KSA’s Ma’aden inkedagreements with Finnish industrial machinery developer Metso and Germany’s Thyssenkupp to develop a carbon capture and storage complex in KSA. (Twitter)
  • UAE’s Conares pledges net zero by 2050: The UAE’s steel manufacturer Conares intends to reach net zero by 2050 and a 50% reduction in emissions by 2040. (Statement)
  • Tunisia to install solar panels in all schools: Tunisia’s Ministry of Education launched a TND 100 mn initiative on Friday to install solar panels in all of the country’s educational institutions. (TAP)
  • QIIB publishes Sustainable Finance Framework: Qatar International Islamic Bank (QIIB) published its Sustainable Finance Framework on financing green projects last week. The bank will use the framework to issue green, social, or sustainability-labeled sukuk and other financing products for eligible projects including renewable energy, green transportation, energy efficiency, and sustainable construction. (Statement)
  • KAFD + SIRC partner on waste management: The King Abdullah Financial District Management and Development Company (KAFD) and the Saudi Investment Recycling Company (SIRC) signed an MoU to provide solutions for different waste types in KAFD, including construction and demolition materials and foodstuffs. (Statement)
  • IFC invests in Africa’s green sector, including Egypt + Morocco: The International Finance Corporation will invest USD 30 mn in the African Infrastructure Investment Fund 4 in a bid to help it surpass its USD 500 mn financial close target. A portion of the funding will be allocated toward developing renewables projects and green financial data centers in Egypt, Morocco, Senegal, South Africa, Kenya, and the Ivory Coast. (Statement)
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