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Acwa Power secures USD 80 mn loan for solar project in Uzbekistan

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WHAT WE’RE TRACKING TODAY

TODAY: Acwa secures more financing for Uzbek solar + UAE’s Taqa might takeover Spain’s Naturgy

Good morning, ladies and gents. The news cycle has picked up as we near the end of the week and we have a bit of everything this morning, starting with a filmed status report of UAE’s cloud seeding operations…

WATCH THIS SPACE-

#1- UAE’s cloud seeding seems to be working a little too well: Flooding, damage, and power outages were reported across the Emirates due to the heaviest rainfall the country has seen in 75 years, with a year’s worth of rain falling over the country in a single day. Several reports on X have also shown flooding and other instances of property damage from the torrential rain — including one viral video of patio furniture flying out of a building (watch, runtime: 0:05) and intense flooding and damage inside Mall of the Emirates and a conference in festival city. Plenty of photos and videos also showed severe road damage, including a road in Al Ain that collapsed due to the rain (watch, runtime: 0:44).

Dubai International Airport had to suspend operations for 25 minutes yesterday after flooding affected runways (see: another viral video). Over 50 flights were canceled yesterday, with all inbound travel diverted until weather conditions improve, according to France24. The National Meteorological Office issued a red alert and warned of “hazardous weather events of exceptional severity,” on X yesterday.

Is cloud seeding to blame? Bloomberg also has coverage of the impact of the storm, noting that it is linked in part to recent cloud seeding operations, with seeding planes sent from Al Ain airport to exploit convective cloud formations. Seeding planes flew seven missions over the past two days, special meteorologist Ahmed Habib told the business information service.

REMEMBER-The UAE was planning to run 300 cloud seeding missions in 2024 to address water scarcity and boost rainfall. The UAE is testing several methods for the seeding process including using Unmanned Aerial Vehicles for atmospheric charge dispersal and cloud measurement, coupled with AI trained on data from weather models.

REFRESHER- Cloud seeding is infusing clouds with substances that help water molecules stick together (like silver iodide) either by spraying it from a plane or shooting it up from the ground. The process can increase precipitation by 15% in turbid atmospheres.

IN OTHER UAE NEWS - The UAE and UK have plenty of space to cooperate on battery technology, AI, and nuclear energy, former British Prime Minister Boris Johnson said during his speech at Masdar’s Green Hydrogen Summit, The National reports. “Innovation requires countries like the UAE and the UK to work ever more closely together,” Johnson is quoted as saying.

The two countries can also cooperate on small modular reactors (SMRs), “like the type made by Rolls-Royce.” SMRs offer one third the capacity of traditional reactors with reduced upfront costs and flexible siting options.

#2- Saudi is planning significant investments in Pakistan, Foreign Minister Prince Faisal bin Farhan said during a joint press conference with Pakistani counterpart Ishaq Dar (watch, runtime: 26:52). He said his delegation was briefed on potential investments in various sectors in Pakistan, stressing “very, very significant confidence” to move forward with the projects. “There is a lot of untapped potential [in Pakistan] that is clear to everyone and just needs to be tapped and here working together we will do what we can with our colleagues in the government of Pakistan to make that happen,” he said. He did not provide further details, but Dar said some of the areas of interest included agriculture, IT, mining, energy and other sectors.

#3- Egypt’s Red Sea hotels will need to obtain green certificates: All hotels, diving centers, and marine activities within Egypt’s Red Sea Governorate will be required to obtain certification of eco-friendly practices within the next six months, according to a statement. The certificates will be accredited from international and local institutions in line with sustainability standards. The move is part of the ministry’s efforts to make the tourism industry more green under its sustainable development strategy and Egypt’s 2030 Vision.

#4- Global policymakers are urging G20 leaders to address the climate crisis in developing nations by introducing policies to reduce debt and hold polluters accountable, according to an open letter sent ahead of IMF and World Bank meetings this week. The letter called for world leaders to “end crippling debt” for low-income countries and “triple the investment” in public banks. The UN Environment Programme underscores the urgent need for substantial financial support, estimating that developing nations require up to EUR 364 tn annually for climate adaptation in the coming years.

Notable signatories: The letter was signed by over 100 individuals including former Prime Minister of Denmark Helle Thorning-Schmidt, former Prime Minister of New Zealand Helen Clark, former President of the Republic of Malawi Joyce Banda, and Former Executive Secretary of the UNFCCC Christiana Figueres.

The UN has also called for urgent action: UN climate chief Simon Stiell announced last week that policymakers, business leaders, and development banks now have just two years to take action to avoid far worse impacts of climate change, Stiell added.

#5- Europe is set to revive magnesium mining after more than a decade to reduce its heavy reliance on Chinese imports of the critical raw material, The Financial Times writes. The EU’s move comes as part of a broader strategy to secure a more independent supply chain for essential minerals needed for the green transition. Romania has granted a mining concession to Verde Magnesium, a company supported by US private equity firm Amerocap, which plans to invest USD 1 bn in a former magnesium mine near Oradea. The project will utilize renewable energy and recycle aluminum at its processing facilities, with production expected to commence by late 2027.

Why does this matter? Magnesium-based energy materials have favorable energy-related functional properties and are affordable, environmentally compatible, and abundant. The materials also offer sustainable energy conversion and storage.

DATA POINT-

New wind installations worldwide experienced a 50% increase y-o-y reaching a record 117 GW in 2023, according to a new report (pdf) by the Global Wind Energy Council (GWEC). Most of this capacity came from onshore wind at 106 GW with the remaining 10.8 GW coming from offshore wind. China was the top contributor with a record 75 GW of new installations, representing nearly 65% of the global total. The rest of the top five markets for wind installations — which accounted for 82% of all new wind projects — were the US, Brazil, Germany, and India. GWEC expects around 158 GW of new wind installations per year until 2028, but to meet targets set in global climate agreements, the industry must aim for at least 320 GW a year by 2030, reaching a cumulative capacity of 3 TW. The story got ink in Reuters and AP.

DANGER ZONE-

World’s worst coral bleaching event set to occur within weeks: Rising ocean temperatures are causing the biggest bleaching event of the world’s corals ever seen, according to the National Oceanic and Atmospheric Administration. This is the fourth and most extensive event of its kind the world has ever seen. Over 54% of corals have already experienced bleaching in the past year and the number is going up by 1% weekly, according to the New York Times. The most recent and most impactful event of this kind occurred from 2014 to 2017 and affected 56% of reefs, which this year is soon to surpass. However, due to an oncoming La Nina climate pattern, the event should be shorter-lived.

What’s happening in the water? Coral bleaching is caused by above-average sea surface temperatures which expel algae that feed the coral nutrients and give them their color. Climate-induced coral bleaching can lead to reefs’ death, while ocean acidification makes conditions unfavorable for growth. Climate change-induced coral bleaching can lead to reefs’ permanent demise. Under the Intergovernmental Panel on Climate Change’s most upbeat scenario coral reefs are still projected with “very high confidence” to decline by a further 70–90% by the end of this century, with losses increasing to 99% at 2°C of warming.

Why should we care? Coral reefs are extremely important to their ecosystems as they harbor a quarter of ocean species throughout their lives, and protect fish and coasts from storms. Their value is estimated at USD 2.7 tn annually, according to the New York Times.

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CIRCLE YOUR CALENDAR-

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.

Saudi Arabia will host the Saudi Water Forum from Monday, 29 April to Wednesday, 1 May in Riyadh. The forum will facilitate dialogue among water sector leaders, experts, and stakeholders to address challenges and share expertise. It will feature presentations by key entities in the water industry focusing on integrated solutions, showcasing successful water projects, and promoting investment opportunities for sector development.

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.

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DEBT WATCH

Acwa Power secures USD 80 mn loan for solar project in Uzbekistan

KSA’s Acwa Power has secured an equity bridge loan worth USD 80 mn from the Bank of China to finance one of its solar and energy storage projects in Uzbekistan, according to a press release. The loan, split evenly between CNY and USD, and marks the first cooperation between Acwa and the bank.

Where’s the money going? The funds will go towards financing Acwa’s 200 MW solar project and accompanying 500 MWh battery energy storage (BESS) facility in Tashkent.

Is this the first phase of a larger project? Acwa Power signed three power purchase agreements totaling USD 2.5 bn with the National Electric Grid of Uzbekistan and the country’s Investment, Industry, and Trade Ministry for 1.4 GW worth of solar projects and three battery energy storage (BESS) units totaling a capacity of 1.5 GWh in March 2023 including a 400 MW solar plant with an accompanying 500 MWh BESS facility located in Tashkent. The firm later inked an engineering, procurement, and construction agreement with the Energy China Group Corporation company in June.

The timeline: Acwa’s contract agreement will last 25 years and the plants are expected to come online in 3Q 2025 and 3Q 2026, although it is unclear which projects will launch in which year.

Acwa’s also interested in Uzbek wind: The company inked a SAR 985 mn PPA with NEGU for the development of the 200 MW Nukus 2 wind farm along with an accompanying battery energy storage system (BESS) facility earlier this month. A hybrid 800 MW renewable energy and integrated green hydrogen project is also in the pipeline.

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M&A WATCH

UAE’s Taqa in talks for potential takeover of Spanish energy player Naturgy

Abu Dhabi National Energy Company (Taqa) is reportedly in discussions with Naturgy’s three largest shareholders about a potential takeover of the Spanish energy player, Cinco Dias reports, citing market sources. Spanish holding company Criteria — Naturgy’s biggest shareholder — said it is negotiating with an unnamed investor group that has in turn been talking with some of Naturgy’s major shareholders about a potential “partnership agreement,” according to Reuters. However, Criteria said it is not part of the talks between the investor group and other Naturgy shareholders.

Who owns what: Criteria holds a 26.7% stake in Naturgy, making it the energy company’s largest shareholder. Private equity investment funds CVC Advisers and Global Infrastructure Partners (GIP) each hold a little over 20% in the company.

What Taqa could be getting: Adnoc’s renewable energy subsidiary has reportedly been in talks to acquire 40% in Naturgy, but could be required to launch a mandatory tender offer (MTO) for 100% of the company, according to Cinco Dias. Spanish law dictates that any offer to buy more than 30% of a company automatically triggers an MTO requirement.

Naturgy is big on renewables: The company’s profits rose over 20% last year on the back of a strong performance in renewables, Reuters reported earlier this year. Naturgy plans to implement up to 1.2 GW of new renewable energy capacity in 2024 and 2.3 GW in 2025, funneling 90% of investments towards energy transition projects with EUR 1.73 bn earmarked for renewable energy generation.

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SOLAR

Interested developers can now bid on UAE’s 1.5 GW Khazna solar PV project

Emirates Water and Electricity Company (Ewec) has issued a Request for Proposals (RFP) for the development of its 1.5 GW Khazna solar farm in Abu Dhabi, according to a press release. Ewec invited developers to submit expressions of interest for the development of Khazna last year.

More details: The selected developer will construct, finance, operate, and maintain the plant, of which it will own 40%, with the rest to be owned by the Abu Dhabi government. The developer will also enter a long-term power purchase agreement with Ewec. Responses to the RFP are expected in 3Q 2024, followed by a public event to confirm proposal submissions.

We know one consortium who is interested: Korea Western Power (Kowepco) and EDF Renewables signed a Joint Development Agreement (JDA) to bid on the project last month. The two companies were tapped by Ewec in February to develop the 1.5 GW Al Ajban solar project for an estimated investment ticket of USD 748 mn.

About the solar farm: The Khazna Solar Photovoltaic Power Project is a greenfield solar power project with a generation capacity of 1.5 GW, which is similar in scale and production capacity to Al-Dhafra Solar PV and Al-Ajban Solar PV. Once fully operational, the project is expected to reduce CO2 emissions by over 2.4 mn tonnes per year, which is equivalent to removing about 470k cars from the road.

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The Macro Picture

MENA behind on meeting climate targets according to a performance index

MENA is falling short of its Paris Agreement goals, according to the 2024 ClimateChange Performance Index (CCPI) (pdf) prepared by climate policy NGOs Germanwatch, NewClimate Institute, and Climate Action Network (CAN). Arab countries, especially oil producers, were amongst the worst performing in the index, which gave the 67 countries that make up 92% of the world’s emissions a score based on how they are faring today compared to where they should be in order to meet the benchmarks of global climate goals. Each country is assessed against four key criteria: greenhouse gas emissions — which represent 40% of the score — as well as renewable energy, energy use, and climate policy, which are weighted at 20% of the overall score each.

The 67 countries were placed in five categories according to their rating: A ranking of 1st to 3rd place is categorized as a “very high” rating, while a ranking from 4 to 16 received a “high” rating”, 17 to 32 a “medium” rating, 33 to 53 a “low” rating, and finally 54 to 67 a “very low” rating.

There were some regional differences in performance: Saudi Arabia had the worst ranking in the region standing at and last place in the index, thus falling in the “very low” rating category. The UAE, Algeria, and Turkey were also in the “very low” group, standing at 65th, 54th, and 56th place, respectively. Egypt came in 22nd and received a “medium” rating. Morocco outperformed in the ranking, achieving a 9th place position, falling in the “high” rated group.

Morocco has some work to do in reducing energy use and improving climate policy: Morocco — considered a high performing country — scored well on the first two categories — greenhouse gas emissions and renewables — but only average on the latter two — energy use and climate policy. The country still consumes and imports a lot of fossil fuels but is growing their renewable energy shares at the same time. However, energy prices are high and users of solar energy are excluded from the power grid.

While Egypt should focus on renewables: Egypt received a low score on policy and renewables despite having a low global emissions share, environmental expert and former consultant to the United Nations Intergovernmental Panel on Climate Change Samir Mowafi told Nature Asia. The country fell two places this year but still finds itself in the medium-performing range.

Turkey dropped in the ranks: Turkey went down nine places this year compared to 2023, performing poorly in terms of emissions and energy use, and even worse in policy. Turkey still relies heavily on fossil fuels for energy and consequently subsidizes them with no policy in place to phase them out. The country’s energy inefficiency prevents reduction of consumption and while the share of renewables has increased slightly, it still must triple to meet the 1.5°C goal, the report explained.

UAE needs to improve on all fronts: At 65th, the UAE is one of the worst performing countries due to a very low score in all categories except for policy which it only achieved a medium score on. The country is one of the biggest polluters in the world and still explores oil and gas projects while upholding insufficient climate goals. Meanwhile, the UAE is developing big solar projects, but the share of renewables is still inadequate at under 1%.

And so does its oil producing neighbor: Saudi Arabia was ranked the worst on the list, dropping five spots to 67th place with a low score across all categories. The kingdom’s emissions are on the rise while shares of renewables are almost non-existent with low targets despite recent efforts to promote renewable energy projects. Saudi Arabia consumes a lot of energy but has set a carbon neutrality goal for 2050 and needs reevaluate their performance across the categories to get closer to the 1.5°C limit.

Arab countries weren’t the only ones off track: None of the countries analyzed were strong enough in all categories to achieve an overall “very high” rating, meaning the top three spots of the index were not occupied. Denmark took 4th place, followed by Estonia, the Philippines, India, the Netherlands, Morocco, and Sweden, but they all still lagged behind the Paris Agreement’s standards.

Still, the EU fared better than MENA: The EU’s results were considered “medium” across all categories. The bloc implemented Fit For 55 which entails upgrading its climate and energy measures through policy to achieve 55% net reductions and is set to surpass that goal to 57% reduction. Despite being successful in meeting their targets, the CCPI classified the package’s ambitions as inadequate seeing as it will still set the EU behind the 1.5°C target. The NGOs call on the EU to set more ambitious goals and point out their “historical responsibility, global equity principles, and the region‘s capacity to act,” the report said.

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CLIMATE DIPLOMACY

Morocco and Belgium sign energy transition agreement

Morocco and Belgium have signed an agreement to develop a partnership on renewable energy, green hydrogen, and ammonia, according to a statement. The countries will collaborate in research and development initiatives to boost the production and distribution of green hydrogen and ammonia domestically, regionally, and internationally, according to Morocco World News.

IN OTHER NEWS- Morocco + France form Green Alliance to reconstruct national park: The National Water and Forestry Agency of Morocco (ANEF) and the French Development Agency (AFD) have signed a letter of intent to implement the Forests of Morocco 2020-2030 Strategy and reconstruct the earthquake-struck Toubkal national park, according to a statement. With EUR 102 mn in financing, the program aims to promote local development and protect forest ecosystems through sustainable ecotourism and community involvement. ANEF and AFD will collaborate on identifying key areas and projects for ecosystem preservation and restoration, with AFD supporting ANEF's capacity-building efforts.

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AROUND THE WORLD

EIB approves EUR 4.3 bn for climate projects

EIB to boost climate action with EUR 4.3 bn: The European Investment Bank (EIB) will unlock EUR 4.3 bn in investments to boost climate action, expand energy storage, and improve water and waste treatment across Europe, according to a press release. The program includes a new initiative in France, targeted support across Italy, and a risk-sharing financing scheme to encourage innovation and growth projects throughout Europe. The bank has also committed to supporting climate action investment by businesses in central European countries, aiding them in reducing energy use and costs. It also approved EUR 805 mn for clean energy projects, the press release adds. These projects include upgrading electricity distribution in Germany, expanding grid energy storage in the Baltics, and supporting small and medium-scale renewable energy investments in Italy.

IN OTHER EU NEWS- EU to sink EUR bns to save oceanic ecosystems: The EU has pledged EUR 3.5 bn for ocean conservation, the largest commitment by the EU to date for ocean governance and sustainability, according to a press release. The funds will support 40 new actions for 2024.Up to EUR 1.9 bn from the fund will be allocated to the Recovery and Resilience Facility to support sustainable fisheries in several EU countries. Investments will also be made in ocean observation programs, sustainable blue economies, and marine pollution and security.


European solar manufacturers are flocking to the US: European renewable energy manufacturers are closing up shop or moving to the US in the wake of Chinese competition, according to Reuters. Germany’s Meyer Burger shut down a factory in Freiberg to send production to the US, costing 500 jobs and causing solar panel production to drop by 10% in Europe. European energy ministers met on Monday to discuss how to support the industry, and will launch a voluntary charter that says buyers of solar panels should include domestic products in their purchases.

Europe can’t keep up with the competition: European manufacturers have been having a tough time in the face of Chinese competition — China accounts for 80% of the world’s solar manufacturing — and the US’ Inflation Reduction Act, Reuters explains. Before the move, Meyer Burger sought help from the German federal government — which has been assessing funding options for over a year — and agreed on an export credit guarantee for production in the US, but it wasn’t enough to save the Freiberg factory. Governments will now have to decide if they should put supporting local production or a steady flow of imports as a priority.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Australia to establish environmental watchdog: Australia will establish its first national environmental watchdog, the Environment Protection Agency (EPA), to audit businesses for environmental compliance, including in the country’s vital mining and energy sectors. The EPA will be able to issue stop-work orders and impose fines of up to AUD 780 mn or prison sentences for violations. Australia will also allocate AUD 100 mn to accelerate environmental approval decisions, including on renewables and critical minerals. (Bloomberg)
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CLIMATE IN THE NEWS

UK allegedly double counted EUR 500 mn as climate finance

The UK government is under scrutiny for allegedly double counting EUR 500 mn of overseas aid as climate finance, The Guardian reports. Documents obtained through a freedom of information request reveal that humanitarian aid for Afghanistan, Yemen, and Somalia, previously not classified as climate finance, now falls under the category. The reclassification is part of an effort to meet the EUR 11.6 bn international climate finance pledge, which is at risk due to underspending and budget cuts.

Concern over the redefinition: The redefinition of funding would add EUR 1.72 bn to the UK's reported climate aid spending without any new funds being allocated to climate projects, the report adds. Critics argue that because aid is directed to climate-vulnerable countries does not inherently address climate issues. The UK's approach, which counts 35% of its contributions to the World Bank as climate funding, has been met with scepticism from policy experts who question the effectiveness of such measures in addressing actual climate vulnerabilities.


APRIL 2024

16-18 April (Tuesday-Thursday): World Future Energy Summit, Abu Dhabi, UAE.

16-18 April (Tuesday-Thursday): Middle East Energy, Dubai, UAE.

19 April (Friday): Global Stocktaking on SDG7, New York, US.

21-24 April (Sunday-Wednesday): Protected Areas Forum (HIMA), Riyadh, Saudi Arabia.

22-24 April (Monday-Wednesday): Oman Petroleum and Energy Show, Mustac, Oman.

23-25 April (Tuesday-Thursday): Connecting Green Hydrogen MENA, Dubai, UAE.

24-26 April (Wednesday-Friday): Global Education & Training Exhibition (GETEX), Dubai, UAE.

28-29 April (Sunday-Monday) Global Cooperation, Growth and Energy for Development,Riyadh, Saudi Arabia.

28 April-2 May (Sunday-Thursday) Oman Sustainability Week, Oman International Exhibition Center, Muscat.

29 April-1 May (Monday-Wednesday) Saudi Water Forum, Riyadh, Saudi Arabia.

30 April-2 May (Tuesday-Thursday): Autonomous E-Mobility Forum, Doha, Qatar.

MAY 2024

6-9 May (Monday-Thursday): Arabian Travel Market, Dubai, UAE.

7-9 May (Tuesday-Thursday): Global Waste Forum, Algiers, Algeria.

14-15 May (Tuesday-Wednesday): Invest in African Energy (IAE) Forum, Paris, France.

14-16 May (Tuesday-Thursday): Airport Show, Dubai, UAE.

18-25 May (Saturday-Saturday) The World Water Forum, Bali, Indonesia.

19-21 May (Sunday-Tuesday): Saudi Energy Convention, Riyadh, Saudi Arabia.

20-22 May (Monday-Wednesday): Electric Vehicle Innovation Summit, Abu Dhabi, UAE.

28-30 May (Tuesday-Thursday): Make it in the Emirates Forum, Abu Dhabi, UAE.

JUNE 2024

5 June (Wednesday): World Environment Day, Saudi Arabia.

11-12 June (Tuesday-Wednesday): International Conference on Financing Investment and Trade in Africa (FITA 2024), Tunis, Tunisia.

OCTOBER 2024

1-3 October (Tuesday-Thursday): Water, Energy and Environment Technology Exhibition (WETEX), Dubai, UAE.

13-17 October (Sunday-Thursday): Cairo Water Week, Cairo Egypt.

15-17 October (Tuesday-Thursday): EV Auto Show, Riyadh, Saudi Arabia.

NOVEMBER 2024

4-8 November (Monday-Friday): World Urban Forum, Cairo, Egypt.

11-22 November (Monday-Friday) UN Climate Change Conference, Baku, Azerbaijan.

11-14 November (Monday-Thursday): Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC), Abu Dhabi, UAE.

26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh, Saudi Arabia.

DECEMBER 2024

2-13 December (Monday-Friday): Conference of the Parties (COP16) to the United Nation Convention to Combat Desertification, Riyadh, Saudi Arabia.

EVENTS WITH NO SET DATE

2024

Early 2024: The 2023 US Algeria Energy Forum, Washington DC, USA.

12-14 February (Monday-Wednesday): Sustainable Aviation Futures MENA Congress, Dubai, UAE.

End-2024: Emirati Masdar’s 500 MW wind farm in Uzbekistan to begin commercial operations.

QatarEnergy’s industrial cities solar power project will start electricity production.

2025

International Union for Conservation of Nature World Conservation Congress, Abu Dhabi, UAE.

UAE to have over 1k EV charging stations installed.

2026

26-29 October (Monday-Thursday): World Energy Congress, Riyadh, Saudi Arabia.

UITP Global Public Transport Summit, Dubai, UAE.

Annual Meetings of the World Bank and the International Monetary Fund, Bangkok, Thailand.

1Q 2026: QatarEnergy’s USD 1 bn blue ammonia plant to be completed.

End-2026: HSBC Bahrain to eliminate single-use PVC plastic cards.

2027

MENA’s district cooling market is expected to reach USD 15 bn.

World Water Forum, Riyadh, Saudi Arabia.

2030

UAE’s Abu Dhabi Commercial Bank (ADCB) wants to provide AED 35 bn in green financing.

UAE targets 14 GW in clean energy capacity.

Tunisia targets 30% of renewables in its energy mix.

Qatar wants to generate USD 17 bn from its circular economy, creating 9k-19k jobs.

Morocco’s Xlinks solar and wind energy project to generate 10.5 GW of energy.

2035

Qatar to capture up to 11 mn tons of CO2 annually.

2045

Qatar’s Public Works Authority’s (Ashghal) USD 1.5 bn sewage treatment facility to reach 600k cm/d capacity.

2050

Tunisia’s carbon neutrality target.

2060

Nigeria aims to achieve its net-zero emissions target.

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