Good morning, friends. It is another packed issue, with regional and global updates from across the spectrum of the green industry. Oman is featured heavily in this week’s issue, with updates on a new wind turbine making venture and hydrogen infrastructure. We also have an update on Taqa Transmission’s latest M&A moves. But first, an update on the latest target of the US tariff policy…

THE BIG STORY ABROAD THIS WEEK- Trump probes tariffs on critical mineral imports: US President Donald Trump has ordered the Commerce Department to launch a national security probe into tariffs on critical minerals imports, the White House announced on Tuesday.

What’s next? The probe would conclude within 180 days after assessing whether critical minerals imports threaten to “impair national security.” The President would then decide whether to impose tariffs on the imports, which would replace the levies Trump announced earlier this month, according to a White House fact sheet.

The review will examine vulnerabilities in processing supply chains for all critical minerals — including cobalt, nickel, uranium, and the 17 rare earths — and investigate how foreign actors may be distorting markets. It will also identify potential policy tools to scale up domestic supply and recycling and calls for an assessment of US capabilities to produce semi-finished goods such as battery cathodes.

But the US is behind across the board: The US currently produces minimal lithium, has only one nickel mine and no smelter, and lacks any cobalt mining or refining infrastructure, according to Reuters. The country operates just two copper smelters and remains reliant on imports to process most of its copper output. The same applies on rare earths mine, with most processed supply coming from China.

AND- China has been tightening its control as leverage: China restricted exports of seven categories of medium and heavy rare earths last week as part of a set of countermeasures against renewed tariffs by Trump. You can find more below about the impact of China export controls.

The story made headlines in the international press: Reuters | The Financial Times | CNBC | Bloomberg | Wall Street Journal

HAPPENING NEXT WEEK-

#1- The IMF and World Bank’s spring meetup will kick off next Monday amid the global economy grappling with mounting trade tensions and tariff escalations. The six-day 2025 Spring Meetings of the IMF and World Bank Group will bring together policymakers, central bankers, economists, private sector leaders, and more to discuss what the year ahead holds.

The mood of the meetup is already starting to become clear, with World Bank President Ajay Banga telling reporters yesterday that “uncertainty and volatility are undoubtedly contributing to a more cautious economic and business environment,” according to AFP.

#2- The UAE will host the Electric Vehicle Innovation Summit conference from Monday, 21 April until Wednesday, 23 April in Abu Dhabi. The summit is the largest of its kind and brings together industry players to address and collaborate on sustainable transportation. Among the full list of attendees are representatives of notable players in the industry, such as like Tesla, Volvo, Chinese electric vehicle maker Xpeng, Abu Dhabi-based EV charging provider CATEC, and UAE’s Emirates Transport.

WHAT WE’RE TRACKING REGIONALLY-

#1– Qatar and Indonesia are planning to set up a USD 4 bn joint fund targeting investment in key Indonesian industries, including renewable energy, Reuters reported on Tuesday. Each nation will be represented by its sovereign wealth funds — the Qatar Investment Authority and Indonesia’s Danantara — and each will dedicate USD 2 bn to the joint investment venture, which would also look at other sectors, such as health and technology. Danantara — Indonesia’s second sovereign wealth fund — was launched just last month with an initial capital of USD 61 bn.

#2- The second phase of the Jordan-Iraq electricity interconnection project is expected to be completed by the end of August, according to a statement issued on Tuesday. When fully operational, it will transmit 150-200 MW of electricity from Jordan to Iraq’s Al-Qa’im region via a 400 kV transmission line. Jordan and Iraq inked the agreement to link their electricity grids last year.

Jordan 💚 its neighbours: The country’s grid is linked to Egypt through a 400 kV submarine cable with a 550 MVA capacity, and to Syria via an overhead line at the same voltage level. Jordan also supplies Palestine with some 80 MW through a 33 kV line. Jordan is also finalizing agreements with Saudi Arabia to start constructing the Jordan-Saudi interconnection project, the first phase of which will have a 500 MW capacity.

#3- PIF-backed EV maker Lucid Motors is on track to launch its new midsize electric SUV in 2026, company executives told Reuters on Tuesday. The EV maker said it has already begun preparing the assembly line and finalizing vendor contracts. The new unnamed model is expected to have a USD 50k price point, which is set to make it the most affordable Lucid model thus far.

On track despite the odds… so far: “There are a lot of crazy things going on in the world that can affect the timeline, but currently Lucid is on track,” Lucid’s VP Derek Jenkins told Reuters. The company is working to minimize the impact of potential Trump tariffs by localizing its supply chain, including inking agreements with battery cell and graphite suppliers in the US, Interim CEO Marc Winterhoff told Reuters. Lucid does not plan to raise prices at this stage, Winterhoff added.

In context: Lucid has been ramping up its SUV launches in a bid to pick up a larger from competitors, with its first SUV models — Gravity — scheduled for launch this year with a price tag ranging between USD 79k and USD 95k. The news about the new affordable option is set to help the luxury EV maker compete with other producers making affordable models, such as Tesla’s bestselling Model Y, Ford’s Mustang Mach-E, Hyundai’s Ioniq 5, and the upcoming Rivian R2, according to a press release issued on Tuesday.

#4- Saudi Arabia and the US are working on a nuclear cooperation agreement, with signing planned before the end of this year, US Energy Secretary Chris Wright told Al Arabiya on Sunday. If reached, the agreement — dubbed ”123 agreement” from Section 123 of the U.S. Atomic Energy Act of 1954 — would mark a pivotal moment for the Saudi commercial nuclear ambitions after the Kingdom lobbied the US to ease its restrictions on bilateral nuclear cooperation.

So, what stalled an agreement? Negotiations on a US-Saudi nuclear cooperation agreement have been slow as Riyadh reportedly held back from promising that it would not enrich uranium or reprocess spent fuel, two key steps for countries that wish to start building their own nuclear weapons, Reuters reported on Sunday. Saudi has long maintained that it would head down the nuclear pathway if Iran were to successfully develop nukes.

SOUND SMART- The agreement — dubbed as “123 Agreement” — takes its name from Section 123 of the US AtomicEnergy Act of 1954 that regulates nuclear cooperation between the US and other countries. The act requires potential US partners to meet specific requirements, including maintaining IAEA safeguards and the physical security of nuclear material, before an agreement can be finalized.

#5- Dewa’s green HQ on the brink of completion: The Dubai Electricity and Water Authority’s (Dewa) new AED 1.5 bn (USD 408 mn) net-zero Al Shera’a headquarters is set to be completed in 4Q 2025, according to a statement issued on Sunday. The building will produce 7 GWh of energy annually using over 20 sq km of PV solar panels with 4 MWp capacity, which will exceed the energy consumed. Another 1k sqm of building-integrated PV panels to increase total capacity to 5 MWp.

#6- Tabreed is eyeing Asian expansion: Abu Dhabi’s National Central Cooling Company (Tabreed) plans to enter Indonesia, Thailand, and Vietnam as it builds on its India operations, CEO Khalid Al Marzooqi told Al Etihad last week. The district cooling giant also secured a USD 700 mn green sukuk to fund sustainable projects, and agreed on an AED 1.5 bn JV with Dubai Holding last month to build a cooling system for Palm Jebel Ali, which is set to be operational by 2027.

#7- Archer Aviation will bring its Midnight electric vertical take-off and landing (eVTOL) aircraft to high-traffic areas in Abu Dhabi, the National reported last week. The areas include the Corniche, Saadiyat Island, and parts of western Abu Dhabi like Al Bateen, Al Khalidiya, and Al Maqtaa. A detailed network plan for the eVTOLs will be announced in “the near future,” as the company continues to work with local authorities to make the city the first to offer Midnight eVTOLs to the public, Chief Commercial Officer Nikhil Goel told the news outlet.

A closer look: An initial fleet of less than five eVTOLs will gradually be expanded as demand and infrastructure develop. Rides within Abu Dhabi are estimated to cost between AED 300 and AED 350, while inter-emirate journeys will range between AED 800 and AED 1.5k. Prices will depend on market conditions and will be similar to the cost of taxi journeys, Goel said.

ICYMI- Archer Aviation teamed up with Abu Dhabi Aviation (ADA) last month to fund the deployment of the eVTOL aircraft in Abu Dhabi. Test flights are scheduled to begin this summer, with full commercial operations expected to launch this year. It is also developing a “vertiport” network in collaboration with Falcon Aviation.

WHAT WE’RE TRACKING GLOBALLY-

#1- NZBA ditches 1.5°C target: The Net-Zero Banking Alliance (NZBA) has voted to loosen its climate commitment rules, shifting its target from limiting global warming to 1.5°C to a broader “well below 2°C” threshold, NZBA chair Shargiil Bashir told Reuters on Tuesday. The revised mandate — no longer requiring banks to align all sectoral financing with the 1.5°C target — is meant to accommodate slower-than-expected progress in green tech and policy, especially in hard-to-abate sectors like housing and aviation, Bashir said.

ICYMI: The NZBA proposed this policy change last month after a string of exits over the last few months, including of four Canadian banks and major US lenders like Goldman Sachs, Wells Fargo, Morgan Stanley, and JPMorgan Chase. European banks have also reportedly been reconsidering their commitment to the group.

#2- TheUS is getting its first sustainability-focused stock exchange: The US Securities and Exchange Commission has approved the Green Impact Exchange (GIX) registering as a national securities exchange, according to a press release on Monday. The US’ first stock market dedicated solely to sustainability — expected to go live in early 2026 — will list and trade companies that focus on climate-driven value creation, giving investors a dedicated platform to navigate ESG-aligned investing and the energy transition.

What we know: GIX will be part of the National Market System, meaning its trades will be integrated with those of other US stock exchanges to ensure smooth execution for investors. The platform — to be run on technology provided by exchange operator MEMX — will offer non-tiered pricing along with competitive liquidity and quoting schemes for participants.

A rocky time for ESG investing: Last week alone, ESG-focused, exchange-traded funds (ETFs) saw nearly USD 5.7 bn in outflows, the largest in over a year, Bloomberg reported on Monday. Sustainable equity funds also shed USD 9 bn in March, with the selling “intensifying” since February, Bloomberg added, citing Barclays’ Analysts. The shrinking interest comes on the heels of an intensifying US-based backlash against ESG investing and businesses and banks’ climate coalitions.

#3- China puts chokehold on rare earths: Exports of seven rare earths on China’s export control list have ground to a halt, Reuters reported last week, citing three unnamed sources. Chinese exporters must now apply to the Commerce Ministry for licenses to ship materials, with approvals typically taking between six weeks and several months, the sources told Reuters. Exporters to the US are also set to face more difficulty securing licenses, given the ongoing trade war between the two countries.

The impact is already being felt: Several Chinese suppliers have declared force majeure on contracts with international buyers, Reuters added. Cargoes already at ports but not yet cleared by customs have been barred from leaving the country, and customers’ stockpiles could deplete if the suspension extends beyond two months, the sources added. The export controls may also accelerate efforts by overseas buyers to diversify their rare earths sourcing and reduce reliance on China in the longer term.

REMEMBER- China restricted exports of seven categories of medium and heavy rare earths last week as part of a set of countermeasures against renewed tariffs by Trump. The move encompasses exports to all nations and does not constitute a complete ban, though Beijing can still limit export licenses. Some of the export restrictions — like that on antimony — were introduced as early as last September.

#4- CATL’s Hong-Kong listing to raise north of USD 5 bn: The world’s largest EV battery maker Contemporary Amperex Technology (CATL) has received the go-ahead from the Hong Kong Stock Exchange to list upwards of USD 5 bn worth of shares by 2Q 2025, Reuters reported last week, citing unnamed sources. The listing’s exact date is undecided, as sweeping US tariffs have caused widespread market instability, one of the sources said. China’s Securities Regulatory Commission also approved the listing last month.

THE SCORECARD-

Global EV sales in 1Q 2025 reached 4.1 mn units globally, according to a statement issued on Tuesday by British consultancy firm Rho Motion. China led the charge with 2.4 mn EVs sold and 36% y-o-y growth, while Europe saw an increase of 22% and North America 16%.

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CIRCLE YOUR CALENDAR-

Egypt will host Solar & Storage Live Egypt from Tuesday, 29 April until Wednesday, 30 April in Cairo. The supplier-led exhibition will allow companies to showcase their solar and clean energy solutions. Over 7k attendees, 150 exhibitors, and 150 speakers are expected to attend.

Turkey will host the International Renewable Energy Conference from Wednesday, 7 May until Friday, 9 May in Istanbul. The conference facilitates a dialogue between industry professionals on renewables policy, hydrogen in the energy transition, renewable energy solutions, and others.

Oman will host the Oman Sustainability Week from Sunday, 11 May until Thursday, 15 May in Muscat. The exhibition, bringing together policymakers and stakeholders from the energy and sustainability sectors, will serve as a premier knowledge-sharing platform, where thought leaders will explore policies and strategies to advance Oman’s journey toward a net-zero future.

Saudi Arabia will host theInternational District Cooling Conference from Tuesday, 13 May until Wednesday, 14 May in Jeddah. The conference will spotlight district cooling solutions for the Kingdom, with a focus on policy, regulation, digital transformations, asset management, optimization, networking, and investment opportunities.

Saudi Arabia will host its first Green Energy Week from Wednesday, 14 May until Thursday, 15 May in Riyadh. Over 450 attendees, 50 speakers, and 15 exhibitors will come together to discuss solar PV, energy storage and green hydrogen.

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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