TODAY: Saudi’s PIF doubles down on Lucid with USD 1 bn investment

Good morning, friends. The news cycle has slowed considerably, but there’s significant updates coming in from across the pond with PIF’s latest investment in EV maker Lucid and a quick update on Algeria’s solar ambitions.

THE BIG CLIMATE STORY OUTSIDE THE REGION- There’s no single headline dominating the international press, but the skirmish over the EU’s proposed Nature Restoration law got some ink. The legislation for the EU’s nature restoration policy still hasn't passed as Hungary withdrew its support, prompting the cancellation of a scheduled vote among EU environment ministers. The law, aimed at restoring damaged ecosystems across a fifth of EU land and sea by 2030, has been met with resistance amid concerns over its impact on agriculture and other industries. Revisions in recent weeks have attempted to soften numerous policies within the legislature to satisfy concerned farmers who are criticizing the law as excessive. A group of EU countries led by Austria is calling for more revisions stating “tackling deforestation … must not be to the detriment of the European economy, in particular the European agriculture and forestry sector.” The story was picked up by Reuters and The Guardian.

WATCH THIS SPACE-

#1- Egypt’s New and Renewable Energy Authority (NREA) has earmarked EGP 3.7 bn over the next fiscal year to finance renewable energy projects in a draft budget, according to a statement. These projects include a 20 MW solar power plant in Hurghada, established in collaboration with the Japan International Cooperation Agency. NREA also reviewed presidential decisions to earmark 41k sq km of lands for renewable energy projects.

#2- Jordan is extending its tender for a solar power plant in Azraq for another 20 days, according to Al Ghad. The plan is to build a solar power plant in the town of Azraq which will be funded by a loan through a debt swap agreement from Spain. The bidding — now extended to 18 April — is for the construction, operation, and maintenance of the plant. The plant’s capacity and costs have not been disclosed yet but Spain had previously funded a similar project in the same town with USD 5 mn.

#3- OPEC’s not playing the phaseout game: OPEC sees a fossil fuel phaseout as “wrong and unrealistic,” its Secretary General Haitham Al Ghais told Kuwait News Agency (KUNA) in an interview. "It would also have catastrophic impacts on mns of people losing their jobs. It would also put manufacturing worldwide to a halt, slow global economic growth and worsen energy poverty in many countries…,” he said. Instead, OPEC members’ expertise in the industry should be put towards developing innovative solutions to lower emissions.

Oil — “the lifeblood of modern life” — is fueling the production of renewable energy: “If oil disappeared, this would also affect the production of renewable energy, such as manufacturing of wind turbines and solar panels, as their production is linked to oil products,” Al Ghais said.

#4-More details emerge on the US’ blockbuster decarbonization initiative: The USD 6.3 bn grant program aimed at helping hard-to-abate industries decarbonize will go towards 33 industrial projects in 20 states, Reuters reports. Steelmaker Cleveland-Cliffs and Century Aluminum will receive up to USD 500 mn from the grant each, chemicals manufacturer Dow Chemical will receive USD 95 mn, multinational food company Kraft Heinz will get USD 170.9 mn, and oil giant ExxonMobil will receive USD 331.9 mn. The funding could cut down emissions by 14 mn metric tons annually — the equivalent of eliminating 3 mn gas vehicles from the roads, Energy Secretary Jennifer Granholm said.

IN OTHER US NEWS- China, Russia object to US expansion in deep-sea mining: China and Russia have contested US attempts to claim an additional 1 mn sq km of seabed in its continental shelf containing critical minerals like copper, nickel, cobalt and manganese, TheFinancial Times reports. The objections come after the US said it would extend its jurisdiction over a resource-rich seabed area that makes up its continental shelf back in December. US officials have written to the Senate to push for the ratification of the 1982 United Nations Convention on the Law of the Sea (Unclos) arguing that failing to do so would allow China — which already holds a monopoly on critical mineral supply — to swoop in and take over the available battery metals, US House Representative for Virginia Rob Wittman told FT.

Deep-sea mining has faced backlash from environmental groups: Mining for critical minerals poses significant risks to the deep ocean, with potential irreversible impacts on biodiversity and disturbance to the planet's largest carbon sink, according to the Deep Sea Conservation Coalition. There is still not enough evidence on the extent of damage deep-sea mining can cause as it is still in its experimental stages.

#5- French lender Credit Agricole won’t fund two major LNG projects, one in Papua New Guinea and the other in Mozambique, Reuters reports. Credit Agricole was the original financial advisor to both projects, which are being led by bid names including ExxonMobil, Eni, and TotalEnergies. The move comes as some big global banks step away from new hydrocarbon projects. Barclays said last month that it would stop “direct financing of new oil and gas fields and restrict lending more broadly to energy companies expanding fossil fuel production.”

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CIRCLE YOUR CALENDAR-

The UAE will host the World Future Energy Summit from Tuesday, 16 April to Thursday, 18 April in Abu Dhabi. The summit will address solutions for development in the transformation of future energy systems. The summit will also feature discussions on recycling, waste-to-energy, and air-to-water trends and progressions.

The UAE will host the Connecting Green Hydrogen MENA event from Tuesday, 23 April to Thursday, 25 April in Dubai. The event will explore green hydrogen partnerships, policies, and practices in the region, in parallel to a showcasing of the latest in the clean fuel’s technology.

Oman will host the Oman Sustainability Week from Sunday, 28 April to Thursday, 2 May in Muscat. The event will focus on exploring investment opportunities and implementing best practices in sustainability within the energy, water, and environmental sectors.

The UAE will host The Electric Vehicle Innovation Summit from Monday, 20 May to Wednesday, 22 May in Abu Dhabi. The event will see industry leaders come together to discuss sustainable mobility and tapping into groundbreaking advancements in electric vehicles while engaging with key decision-makers.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.