Good morning, folks. It’s a light news day in the regional climate industry, but we have a development on Oman’s largest desalination plant and a deep dive into the effectiveness of direct air capture as a decarbonization tool. Before we dive in, there’s movement on the Biden front….

THE BIG CLIMATE STORY OUTSIDE THE REGION- Biden gives the US uranium fuel industry a boost: The US will no longer import enriched uranium from Russia to fuel its nuclear power plants after President Joe Biden signed a ban into law yesterday. The move comes as the Biden administration seeks to curb financial outflows to Russia and apply pressure amid the war in Ukraine. The import ban will go into effect within three months allowing the US Department of Energy to issue waivers if supply concerns occur. The new legislature will also give a boost to the domestic uranium fuel industry by unlocking nearly USD 2.7 bn in funding. The US imports nearly 24% of the enriched uranium needed to run power plants from Russia and current domestic capacity supplies only 30% of the fuel needed by reactors in the US.

The story made headlines in the international press: Reuters | Bloomberg | The Washington Post | The Guardian

HAPPENING TODAY-

Global development organization Hivos is hosting the Green Growth Summit in Cairo today. Private sector players, financial institutions, investors, donors, and policymakers will gather to discuss green exports, de-risking green investments, green jobs, green ambassadors, and green impact investing.

WATCH THIS SPACE-

Turkey’s Yildirim Energy to build 109 MW solar plant in Kosovo: Turkish utility giant Yildirim Energy will develop a 109 MW solar PV plant to power its ferronickel plants in Eastern Europe’s Kosovo, according to a statement. This plant — the first for the company in Kosovo — will cover all consumption demands of the ferronickel plant, the statement added. Ferronickel is a crude alloy of iron and nickel sometimes used in making nickel steel.

About Yildirim Group: Yildirim Group is a family-owned conglomerate headquartered in Turkey with companies in mining and shipping, according to its website. The company’s energy subsidiary Yildrem Energy has plans to produce new solar power plants and to build wind and geothermal power projects across its markets, aiming at reaching 3 GW of energy production capacity by 2030, according to its website. The group has a solar subsidiary called Yilsolar

EU greenlights emissions-free truck mandate for 2040: EU nations have approved a law mandating a 90% cut in CO2 emissions from new heavy-duty vehicles sold in the EU by 2040, Reuters reports. The law stipulates truck manufacturers will have to sell a large share of fully CO2-free trucks — including electric vehicles and those running on hydrogen fuel — in order to offset any unsold CO2-emitting vehicles in 2040. The European Automobile Manufacturers' Association describes the policy as the “world's most ambitious,” emphasizing the need for rapid infrastructure development, including 50k truck-suitable public electric charging points by 2030.

The transition will happen gradually: The law will phase-out emissions from trucks gradually, with targets set for a 45% emissions reduction by 2030 and 65% reduction by 2035. New buses sold will also have to cut emissions by 90% in 2030 and 100% in 2035.

Most of Europe is on board: Only Italy, Poland and Slovakia opposed the new policy, while Germany agreed to back the law following the addition of a preamble stating that the European Commission would consider counting trucks that run on CO2 neutral fuels towards the targets. The Czech Republic abstained from Monday’s vote.

IN OTHER EU NEWS- EU seeks increase in electric grid funding: The EU is concerned that outdated electricity infrastructure could impede its green energy transition, prompting requests to the European Commission for increased power grid funding, Reuters reports, citing a draft document it saw. The bloc aims to expand power grids to accommodate renewable energy sources and EV charging stations by leveraging EU funds and support from the European Investment Bank.

The power sector is facing several obstacles: Current investments in grids fall short of the required EUR 584 bn, and delays in connecting green energy projects to existing grids highlight the urgency for upgrades, the news outlet writes. Disagreements also persist among EU members regarding cost-sharing for large-scale cross-border projects like offshore wind farms.

DANGER ZONE-

The world’s biggest banks back fossil fuel industry: The largest banks in the world doled out USD 6.9 tn in funding for fossil fuels since the 2015 Paris climate agreement, according to a new report (pdf) by Banking on Climate Chaos. US banks accounted for 30% of the total USD 705 bn provided in 2023 alone, with JP Morgan Chase giving the most worldwide at USD 40.8 bn. Japan’s Mizuho came in second at USD 37.1 bn, while Bank of America followed. European banks made up more than a quarter of fossil fuel financing last year. The UK’s Barclays provided USD 24.2 bn, giving it the top spot in Europe. It was followed by Spain's Santander at USD 14.5 bn and Germany’s Deutsche Bank with USD 13.4bn.

The story was picked up by The Financial Times, The Guardian, and Forbes.

Biodiversity loss is one of the primary environmental factors driving the increase in infectious disease outbreaks, The Guardian reports, citing a study published in Nature Journal. The research — conducted by the University of Notre Dame and Brazil's Fiocruz Institute — analyzed nearly 1k studies and found that the loss of species poses the greatest risk for disease spread, followed by climate change and the introduction of non-native species. The focus on zoonotic diseases — which are transmitted from animals to humans — has intensified following the Covid-19 pandemic, with 75% of emerging human diseases being zoonotic. The researchers suggest that actions like reducing emissions, curbing biodiversity loss, and preventing invasive species could mitigate disease burdens globally.

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CIRCLE YOUR CALENDAR-

Saudi Arabia will host the Saudi Energy Convention from Sunday, 19 May to Tuesday, 21 May in Riyadh. The convention will see energy and utilities industry leaders advance collaborative decarbonization efforts and identify innovation areas. It will also host the Saudi Utilities Convention and Saudi Hydrogen Convention to address the role and challenges of rolling out hydrogen, water and utility projects that are in line with the global energy transition. Over 10k energy professionals and 200 industry speakers will be present at the event.

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.

Saudi Arabia will host the Future Aviation Forum from Monday, 20 May to Wednesday, 22 May in Riyadh. The event, organized by the General Authority of Civil Aviation, will see the Kingdom showcasing some USD 100 bn worth of investment options in the aviation and logistics sector at large.

The UAE will host the Bonds, Loans & Sukuk Middle East event from Tuesday, 4 June to Wednesday, 5 June in Dubai. Billed as the Middle East's largest corporate and investment banking event, it serves as a key meeting point for those active in the region's capital markets. Over 1.4k governments, corporates, investors, banks, law firms, regulators and service providers as well as more than 75 expert speakers will be in attendance.

Turkey will host the International Conference on European Energy Market, from Monday, 10 June to Wednesday, 12 June in Istanbul. The three-day event will gather experts from scientific, industry, and policy sectors for discussions on various energy market-related topics. The conference covers themes including energy modeling, market design, regulatory policies, and climate change.

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

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