Good morning, friends. We have a brisk issue this morning after a heavy news dump kicked off the week, with a bit of financing news from Acwa Power and another green sukuk issuance taking shape in the region.

HAPPENING TODAY-

The Nuclear Power Plants Summit & Expo is kicking off today in Istanbul and wrapping tomorrow. The event will gather utility companies, independent power producers, government officials, and industry leaders to explore nuclear power projects, plans, products and tech solutions.

WATCH THIS SPACE-

#1- Kuwait’s Warba Bank has tapped banks to begin selling a five-year green sukuk issuance to investors as of yesterday, Reuters reports, citing a document it has seen. The bank received approval from the Kuwaiti Capital Markets Authority last month for an unspecified sukuk issuance not exceeding USD 750 mn, Sky News Arabia reported at the time.

Kuwait’s on a roll: The National Bank of Kuwait (NBK) was drumming up interest in a 6-year green bond issuance in May. NBK is planning to follow the green bond issuance with another USD-denominated senior unsecured Green Notes under the bank’s Global Medium Term Note Programme with the aim of issuing USD 5 bn worth of notes denominated in any currency.

#2- Taqa Arabia is currently negotiating and constructing solar projects worth 150 MW of solar energy in Egypt, Chairman of the Board Khaled Abu Bakr told Zawya. The firm is in talks with clients in the tourism, industrial, and agricultural sectors across the country, Bakr added.

#3- Oman evaluates RFPs for two wind farms: Omani state-owned oil company PetroleumDevelopment Oman (PDO) is evaluating technical and commercial bids for the Riyah 1 and Riyah 2 wind farms with a combined 100 MW generation capacity, Oman Observer reports. PDO is also developing the North Solar Independent Power Project with a capacity of 100 MW. No financial details have been disclosed for the projects.

This has been in the works: PDO issued the requests for proposals (RFPs) for the projects last year. The two wind farms are expected to come online in 2026. PDO also plans to kick off operations on the 100 MW North Solar Storage PV plant in 2025. The solar farm will be coupled with the country's first lithium-ion battery energy storage system facility with a 100 MW peak energy capacity during daylight hours.

#4- China no longer sharing data on wasted renewable energy: China’s National Energy Administration (NEA) has stopped sharing data on the amount of solar and wind power being wasted due to a lack of grid capacity, Bloomberg reports. The NEA’s most recent monthly power report only highlighted average utilization for all energy sources, unlike previous reports that broke the figures down for each source. This year’s report showed lower solar panel use due to overloaded networks forcing shutdowns at peak hours.

China flew too close to the sun: China is the world’s leading renewables producer, which has prompted some trade disagreements — such as the EU’s recent tariffs on EVs — which has pushed the state to work to increase domestic demand for solar panels and wind turbines. NEA data has revealed that panel generated electricity over the first four months of the year was a tenth lower than the same period in 2023 because overloaded networks have had to curtail their production.

REMEMBER- China recently relaxed its limits on renewables to address the issue: China eased the limits on renewable power installations in energy-rich areas in June. To cut down on wasted energy, wind and solar farms can have up to 10% — compared to the previous 5% — of their generation curtailed in “areas with better resource conditions.” Excess renewables can be used in areas that were previously declared overcrowded and could mean an extra 30 GW of solar panel installations this year.

#5- Ships will start carrying less heavy fuel in the Arctic: The United Nations' InternationalMaritime Organization (IMO) has implemented a regulation banning ships from using or carrying heavy bunker fuel oil (HFO) in Arctic waters yesterday, Reuters reports. The ban, which was adopted by IMO in 2021 and took effect on July 1, aims to prevent HFO spills that could harm the region's delicate ecosystem and species and will cut around a third of HFO carried and 16% of HFO used in Arctic waters. The regulation will be fully enforced by 2029, following the expiration of several exemptions.

The regulation isn’t in full effect yet: The regulation has exemptions which currently apply to ships built since 2017 with protected fuel tanks, reducing the likelihood of spills. Arctic coastal nations have the authority to issue waivers for ships operating in sovereign waters until 2029, with more than half of the 2019 Arctic fleet eligible for waivers. Canada, for instance, plans to issue waivers for vessels supplying food and fuel to Arctic communities until 2026. Environmental groups argue that the ban falls short, as it does not fully address the issue of black carbon emissions from ships, which accelerate ice melting due to the climate crisis.

It’s still a bumpy road: The enforcement of the new HFO regulations may be influenced by Western sanctions and the compliance of Russia, which has yet to implement the ban. The impact of the sanctions has already been seen in the delayed enforcement of high sulphur fuel oil regulations globally.

KUDOS-

Adnoc saved up to USD 500 mn and reduced over 1 mn tonnes of carbon emissions in 2023 thanks to 30 AI tools used to boost efficiency, Wam reports, citing Adnoc Chief Sustainability Officer Ibrahim Al Zu'bi on the sidelines of the Global Sustainability Forum in Abu Dhabi.

Adnoc also launched a digital platform for AI and sustainability startups in partnership with CEO Sustainability Network and IBM, Al Zu’bi said.

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CIRCLE YOUR CALENDAR-

Egypt will host the Egypt Mining Forum from Tuesday, 16 July to Wednesday, 17 July in Cairo. The event will convene decision-makers from government, industry experts, new exploration firms, financiers, and investors to explore the challenges and advantages to establish Egypt as a leading global mining hub by 2040.

The UAE will host the World ESG Summit from Tuesday, 20 August to Wednesday, 21 August in Dubai. The summit will gather experts and industry leaders to explore new ways to integrate Environmental, Social, and Governance (ESG) principles into business practices.

Turkey will host the International Conference on Clean and Green Energy Engineering from Saturday, 24 August to Monday, 26 August in Izmir. The event will gather researchers and professionals to share advances in clean energy. It will also offer a platform to discuss the latest research, practices, and applications in clean and green energy engineering.

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