Acwa Power to develop a mega green hydrogen project in Tunisia

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WHAT WE’RE TRACKING TODAY

TODAY: Acwa’s USD 6.2 bn Tunisian green hydrogen project

Good morning, friends. It’s quite a busy start to the week here in the region with loads of renewable energy project updates, a generous splash of green finance, and a look at how our region’s booming skyscraper energy can be put to good use… Shall we?

THE BIG CLIMATE STORY OUTSIDE THE REGION THIS WEEKEND- Climate finance finally surpasses USD 100 bn: Developed countries provided and mobilized USD 115.9 bn in climate finance for developing countries in 2022, exceeding the annual USD 100 bn goal for the first time, according to a statement from the Organisation for Economic Co-operation and Development (OECD). Developed nations have failed to meet the USD 100 bn per year since 2020. Climate investment needs in poor countries may reach up to USD 1 tn by 2025.

The goal will be updated this year: The upcoming COP29 in Azerbaijan will see countries decide on a new goal for how much wealthier nations should contribute to offsetting the effects of the climate crisis in poorer countries. Climate investment needs in poor countries may reach up to USD 1 tn by 2025.

COP28’s Al Jaber welcomed the milestone: “I welcome the news that OECD has announced that climate finance has not only reached USD 100 bn but surpassed it, albeit two years behind schedule,” COP28 president Sultan Al Jaber said in a statement.

The story made headlines in the international press over the weekend: Reuters | Financial Times | France24 | Axios

WATCH THIS SPACE-

#1- Egypt opens the door for the private sector: Companies looking to go green and leverage privately produced renewable energy have until the end of August to send their requests to the Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egyptera), according to a statement. This comes under the first phase of an Egyptera initiative which will allow the private sector to use the state’s electricity grid to transmit electricity through the Egyptian Electricity Transmission Company network to their end clients.

REMEMBER- Egypt has been scaling back its public sector involvement in the renewables sector: The Egyptian government is planning to withdraw from implementing new renewable energy projects and will instead allow the private sector to handle further expansions. The New and Renewable Energy Authority — which currently manages 1.6 GW of renewable energy capacity — will not initiate new projects itself and will only oversee agreements that have already been signed with international firms for more than 5 TW of projects under development.

#2- 39 PPPs up for grabs in Dubai: The Dubai government’s Department of Finance will offer up 39 projects worth AED 40 bn as public-private partnership projects (PPPs), Wam reported last week, citing the budget and planning division’s Executive Director Arif Abdulrahman Ahli. Slated for development over the next three years, the PPPs will span ten sectors including water and sanitation and waste management, Ahli said. Some AED 25.5 bn of the projects will focus on the water and sanitation sector and another AED 5.3 bn of the projects will be geared towards the waste management sector.

#3- The global shift towards renewable energy in major sectors slowed in 2023 due to regulatory gaps, political pressures, and unclear targets, according to an annual assessment (pdf) released last week by Paris-based policy group REN21. Despite the initial boost in renewable ambitions from the Covid-19 pandemic and the Ukraine war, governments have not maintained the momentum, the report concluded.

Public policy is lagging: Only 13 countries, including the US, India, and China, had comprehensive renewable energy policies by the end of 2022, and only 12.7% of their energy consumption came from clean sources, REN21 wrote. Many countries have even reduced their renewable energy targets, with only 17 out of 69 extending them beyond 2024.

Fossil fuel subsidies surged: Fossil fuel subsidies — which hit USD 7 tn in 2022 — are slowing the energy transition, especially in the industrial and agricultural sectors, the report found. Declining fossil fuel prices have also influenced policy making decisions, especially as the cost of clean energy rises. “Governments have basically stepped back from their ambitions, and energy-consuming sectors don't have the economic incentives any more," REN21's Executive Director Rana Adib told Reuters.

Heavy industries have the biggest hurdles ahead: Heavy industries, such as cement and steel, remain difficult to decarbonize due to their high heat requirements, according to the assessment. However, possible solutions include the use of electric arc furnaces, hydrogen, and bioenergy.

#4- Accelerating the adoption of clean energy technologies makes energy more affordable and eases the cost of living, according to the Strategies for Affordable and Fair Clean Energy Transitions report (pdf) by the International Energy Agency (IEA). The report highlights that speeding up the shift to clean energy can significantly reduce the operating costs of the global energy system. It emphasizes that investments in clean technologies like solar PV, wind, and energy-efficient appliances pay off over time, despite higher initial costs.

Fossil fuels are still ahead: The IEA's analysis shows that governments collectively spent USD 620 bn on fossil fuel subsidies while clean energy investments were only USD 70 bn in 2023, highlighting the need for policy reforms to make clean energy more accessible, especially in emerging economies. The findings come as consumers worldwide have spent around USD 10 tn on energy — a 20% increase compared to the previous five-year average.

So what else can be done? The report suggests that targeted incentives and support for low-income households can enhance the uptake of clean energy technologies, allowing for broader access to the associated cost savings. It also warns of the persistent risk of price shocks and the importance of government vigilance in mitigating new risks to energy security and affordability.

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CIRCLE YOUR CALENDAR-

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.

Morocco will host the Morocco Energy Week Summit from Tuesday, 11 June to Thursday, 12 June in Marrakech. The event will gather Morocco's leading energy players, companies and developers alongside financiers and implementation experts to discuss the country’s green transition.

Spain will host the Connecting Green Hydrogen Europe conference from Tuesday, 25 June to Thursday, 27 June in Madrid. The event will see around 5k attendees including industry leaders, energy ministers, and executives to explore solutions, new technologies, and transformative advancements to advance the hydrogen industry.

Saudi Arabia will host the Global EV and Mobility Tech Forum from Wednesday, 10 July to Thursday, 11 July in Riyadh. The event will bring together policymakers, NGOs, and startups.

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

Acwa Power to develop a mega green hydrogen project in Tunisia

Acwa sets its sights on Tunisia: Saudi renewables giant Acwa Power signed an MoU with the Tunisian government to develop a USD 6.2 bn renewables-powered green hydrogen project capable of producing 200k tons of green hydrogen, according to a statement on Friday. The project will include a 2 GW electrolyzer unit, a 1.7 GW solar plant, and a 2.4 GW wind plant.

What we know: The first phase of the project will include battery storage systems and 576 km of low-voltage air transmission lines to connect the energy stations to the green hydrogen facility. The renewables plant will also power a 50k cbm per day water desalination plant. The project will also integrate the needed infrastructure to transport hydrogen, including high-pressure hydrogen pipes, a compression center, and a green ammonia production plant.

The timeline: Feasibility studies on the project could take two to four years, with a planned launch in 2027-2028 and a production date of 2030, TAP reported on Friday.

More to come: Further stages will bring concentrated renewable energy capacity up to 12 GW with green hydrogen production tripled to over 600k tons annually.

Off to Europe: The hydrogen will be exported to Europe via the SoutH2 Corridor pipeline which connects North Africa to Italy, Austria, and Germany, according to a statement picked up by Argaam. The pipeline aims to “supply competitive renewable hydrogen to European demand clusters,” its website writes. It also has strong political endorsement and support from companies involved in the production and offtake of hydrogen along the whole corridor.

IN OTHER SOUTH2 NEWS-

Italy, Germany, and Austria have signed a cooperation agreement to develop the SoutH2 Corridor, Reuters reported on Thursday. A consortium of companies, including Italian gas grid operator Snam, has committed over EUR 4 bn to construct the pipeline by the next decade.

SoutH2 Corridor was just in the news last week: TE H2 — a JV between French energy giant TotalEnergies and Luxembourg’s EREN Groupe — and Austrian utilities company Verbund signed an agreement with Tunisia to study the production of 200k tons of green hydrogen for export annually via the SoutH2 Corridor last week.

This has been in the works: A delegation from Italian energy company Snam visited Algeria and Tunisia to discuss the project last February. Snam was working on legal procedures to include Algeria and Sicily in the project.

Masdar breaks ground on 250 MW Uzbek solar project

UAE’s renewables giant Masdar has broken ground on its 250 MW Nur Bukhara solar plant with a 63 MW battery energy storage system (BESS) in Uzbekistan, the company said on Friday. The project is the first of its kind in the Commonwealth of Independent States (CIS) — a regional intergovernmental organization in Eurasia — and is set to start commercial operations by the end of the year, according to Masdar’s website.

Masdar recently secured funds for the project: The company secured a total of USD 159 mn in loans, and USD 12 mn in guarantees from a number of international organizations for the construction last month. The financiers included the World Bank, the IFC, the Asian Development Bank, and the Dutch Entrepreneurial Development Bank.

About the project: The project — which will stand as Central Asia’s first renewable power facility with a utility-scale battery storage system — plans to offset around 327k metric tons of CO2, generate around 585 GWh of energy annually, and power 75k houses.

Masdar 💚Uzbekistan: Masdar completed the connection of four of its solar and wind power farms totalling 1.4 GW to Uzbekistan’s electricity grid last January. The UAE firm also actively contributed to Uzbekistan’s first 100 MW IPP solar project Nur Navoi, which has been in operation since 2021.

And more is on the way: Masdar was awarded the 300 MW Guzar Solar PV project which boasts a 75 MWh storage capacity. The renewables firm signed an implementation agreement with Uzbekistan’s Ministry of Energy and its Ministry of Investments, Industry and Trade, to develop an additional 2 GW of wind energy projects, as well as expand its storage capacity to 1.15 GWh in January. The storage projects will be spread across five existing Masdar projects and bring Masdar’s total Uzbekistan investments to approximately USD 4 bn.

UAE + China expand cooperation on nuclear power project development

UAE + China ink nuclear power agreement: The Emirates Nuclear Energy Corporation (ENEC) and the Chinese National Nuclear Energy Corporation (CNNC) have signed an MoU to develop a framework for the implementation, operation, and maintenance of civil nuclear power projects, according to a statement released on Saturday.

The details: The framework will include short and long-term fuel cycle procurement, safe practices and protection measures, and research and development (R&D) initiatives. The R&D partnerships will include co-developing a nuclear technology research center and exploring IV generation reactor technology, hydrogen technology, and nuclear-powered desalination production.

A repeat collaboration: ENEC and CNNC signed an MoU to explore co-investment and development of new international nuclear energy plants and the development and deployment of High-Temperature Gas-Cooled Reactors on the sidelines of COP28 last December.

The UAE has been expanding its installed nuclear capacity: The fourth unit of ENEC’s Barakah Nuclear Energy Plant was connected to the national transmission grid in March to provide 1.4 GW of energy. Unit 3 was added the month prior and began commercial operations also with a capacity of 1.4 GW.

And there’s more in the pipeline: The UAE is exploring the construction of a second nuclear power plant, sources with knowledge of the matter said in April, adding that the country aims to tender and award four reactors this year — potentially within the next few months. UAE has recently held talks with the UK, among other European countries, to explore potential investments in the continent’s nuclear power infrastructure.

OQ Alternative Energy to explore producing e-fuels in Oman

Omani OQ Group’s green unit OQ Alternative Energy signed two agreements to explore developing e-fuels in Oman, according to a statement on Saturday. The feasibility studies aim to explore the technical and commercial viability of e-NG, e-Gas, and e-SAF.

First, e-NG: The company signed a joint feasibility study with Belgium’s Tree Energy Solutions (TES) to assess the viability of electric Natural Gas (e-NG) production in Oman.

This has been a long time coming: TES’ plans to produce hydrogen from renewable sources in MENA was first reported in 2022, when the company said it plans it is looking into partnerships in Egypt, the UAE and Oman.

SOUND SMART- What is e-NG? e-NG is a sustainable synthetic methane created by combining green hydrogen with recycled CO2 to create a scalable green alternative to fossil fuels. It can be transported and stored using existing infrastructures such as natural gas pipelines given that it is identical to natural gas on a molecular level and therefore is easy to blend into the existing energy mix. The gas can also power ships and factories.

Next, e-Gas + e-SAF: OQ Alternative Energy also signed an agreement with Dutco, Sumitomo, Automobili Lamborghini, and Airbus for a joint feasibility study to evaluate the production of e-Gasoline and e-SAF in the Sultanate. e-gas and e-SAF are also produced through the combination of green hydrogen and CO2 captured from the atmosphere or biogenic sources.

Oman has big green fuel plans: Hydrom signed an agreement with the Hyport Duqm Consortium — a JV between OQ Alternative Energy and DEME Concessions — last year for the construction of a green hydrogen production facility to produce some 1 mn tons of green ammonia. OQ Alternative Energy is also among the backers of the Green Energy Oman clean fuels hub which will aim for a production capacity of 1.8 mn tons of green hydrogen annually, supplemented by 25 GW of renewables.

Germany’s KfW to loan OCP EUR 200 mn for green projects

OCP snags EUR 200 mn loan from KfW for green initiatives: Morocco's phosphates and fertilizers producer OCP has secured a EUR 200 mn loan from the German Development Bank (KfW) to reduce water use and expand renewables production, according to a statement released on Friday. The funds will support sustainable fertilizer production and global food security in efforts to mitigate the impacts of climate change in the country.

The breakdown: EUR 150 mn of the loan will go to projects that will help OCP achieve 100% non-conventional water use in industrial operations by 2024, the statement added. The remaining EUR 50 mn will go towards setting up 5 GW of clean energy by 2027 to help power operations and increase the firm’s production of green fertilizers. The decarbonization plans aim to help OCP achieve carbon neutrality for Scope 1 and 2 emissions by 2030, and Scope 3 by 2040.

All part of a bigger plan: This financing falls in line with OCP's USD 13 bn green investment strategy for 2023-2027. The strategy allocates USD 7 bn towards green hydrogen and ammonia production with the goal to supply 1 mn tons annually by 2027, the statement notes.

OCP Group recently drummed up major funds: OCP successfully raised USD 2 bn for its decarbonization strategy through a dual-tranche Eurobond a week after it started the roadshow for its international bond in April. The fertilizer company also received a total of USD 188 mn in loans for desalination and renewable energy storage projects from the AfDB, the Clean Technology Fund and the Canada-African Development Bank Climate Fund back in February.

Solar power is set to lead MENA’s renewable energy boom

MENA’s renewable energy capacity is expected to soar over the coming years with green energy usage beating out fossil fuels by 2040, according to Norwegian energy research company Rystad Energy’s latest research. Renewables are expected to make up 70% of the region’s energy mix by 2050, up from 5% in 2023 — and might reach 75% of installed capacity by the same period. Battery energy storage is expected to grow significantly in the 2030s, to support the intermittency of solar and wind power.

Solar PV will lead the charge: Solar photovoltaic energy (PV) — currently the cheapest energy source reaching a global record low levelized cost of electricity at USD 10.4 per MWh — is expected to account for over half of total power supply by 2050, compared to 2023’s 2%. The cost competitiveness of the energy source is due to low hurdle rates, development of large-scale projects, decreasing hardware prices, low labor costs, and high solar potential at 2k kWh per sqm in Saudi Arabia, UAE, and Oman. Overall, solar capacity is predicted to reach 23 GW by the end of the year and over 100 GW by 2030.

But the short term is not so green: The region is still expected to rely heavily on natural gas in the short term and continue to use it until about 2030 before becoming a transitional fuel in the long term. Fossil fuels made up 93% of total power generation by the end of 2023. Natural gas will represent just under 75% of that number but its share of total generation is expected to slump to 22% by 2050.

Which sectors in the Middle East consume the most electricity? “The region’s residential sector currently accounts for 40% of total power demand, followed by the commercial sector at 26% and the industrial sector at 22%. The remaining 12% includes sectors such as agriculture and transport,” the analysis found.

Agritech startup Iyris closes USD 16 mn in a series A round

Saudi-based agritech startup Iyris (formerly RedSea) raised USD 16 mn in a Series A round led by San Francisco’s Ecosystem Integrity Fund (EIF) with participation from existing and new investors including Global Ventures, Dubai Future District Fund, Kanoo Ventures, Globivest, and Bonaventure Capital, according to a press release. Iyris has international operations in the UAE, Egypt, Morocco, Spain, Portugal, Mexico and North America.

What we don’t know: Information about the equity size the shareholders will have to give up in return for the investment, and the structure of the investment wasn’t disclosed. It’s also unclear how much each institution invested in the round.

Use of proceeds: The freshly raised funds will go towards increasing the company’s sales coverage and international sales pipeline for its SecondSky greenhouse covers and shade nets. This is in addition to developing the agritech firm’s heat blocking products and its hybridized plant genetics.

The pitch: “Iyris’ suite of products is tailored for growers in harsh and volatile conditions, who have historically been underserved by AgriClimate Tech innovation. These growers, who often operate on thin margins, have few options to better manage their farms to reduce the risk of crop loss, increase yields, and reduce water and energy consumption,” said Sasha Brown, a partner at EIF.

By the numbers: Iyris claims that its products can save energy and water consumption by up to 90% in its target markets with “the transparent heat-blocking greenhouse roof - alone - has delivered reductions in energy usage by over 40% and water consumption by 30% at customer installations.”

ADVISORS- Kirchner Group and King & Spalding advised Iyris on the transaction.

ICYMI- Read our previous chat with Iyris co-founder and chief engineer Derya Baran where we delve into how Iyris emerged as an agritech player, how the technology works, and their outlook and priorities in the future in the GCC and beyond.

Morocco get a EUR 84 mn boost for climate resilience from AfDB

CARBON CAPTURE-

UK’s Levidian to manufacture carbon capture tech in in Abu Dhabi: British climate tech firm Levidian intends to establish a manufacturing center in Abu Dhabi for its patented Loop technology, which can help decarbonize hard-to-abate industries by capturing carbon from methane and producing clean hydrogen and high-quality graphene, according to a press release on Thursday. This USD 100 mn investment will create up to 250 jobs and support local industry, as well as facilitate the export of this technology across the Middle East and North Africa.

Levidian is active in the region: The Abu Dhabi Waste Management Center (Tadweer) struck a partnership with Levidian last month to use its Loop technology for decarbonization projects in the UAE and globally. The two companies had already inked an agreement last year to implement a pilot project to decarbonize emissions from Abu Dhabi’s landfills using Levidian’s Loop technology.

GREEN FINANCE-

AfDB greenlights EUR 84 mn for Moroccan climate resilience project: The African Development Bank (AfDB) has approved EUR 84 mn in funding to support a Moroccan project aimed at boosting economic resilience to climate change and improving the water cycle, according to an appraisal project (pdf). The project — which will cover endeavors in Rabat Sale Kenitra, Marrakech Safi, Tangier Tetouan Al Hoceima, and Souss Massa — covers four watersheds and national parks and targets 6.5 mn rural residents. The project will promote sustainable natural resource development, forest value chains, and forestry and aquaculture entrepreneurship.

ELECTRIC VEHICLES-

BYD opens first showroom in KSA: Chinese automaker BYD has opened an outlet in Riyadh, Saudi Arabia with three EVs available for consumers to view and test drive, the company announced on X on Thursday. The Han, BYD Atto 3, and BYD Seal are all available at the store, which includes a showroom, discovery center, and service center.

The specs:

The BYD seal, which was released in the UAE in April, is a dual motor electric sedan that generates 523 horsepower with a 520 km range. The BYD Seal can go from 0-100 km in 3.8 seconds and is equipped with curtain airbags, a heads-up display, and shock absorbers. The price starts at SAR 164.9k.
The BYD Atto 3 costs SAR 139.9k and is an SUV with 60.5 kWh battery capacity and a Permanent Magnet Sync motor.
The BYD Han is a sleek sedan featuring a dual electric motor and a 85.4 kWh battery capacity. The price tag starts at SAR 234.9k.

Branching out following US tariffs: This company is facing challenges entering the US market due to tense Chinese-US relations. The US has gone on the offensive in the brewing trade war with China by announcing a raft of tariff increases on USD 18 bn worth of Chinese imports last month that will each begin taking effect between 2024 and 2026. Tariffs on Chinese EVs will quadruple to 100%, those on lithium-ion EV batteries will more than triple to 25%, and those on solar cells will double to 50%.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

Tunisia + Switzerland to cooperate on Paris Agreement goals: Tunisia and Switzerland announced last week that they are cooperating to achieve the goals of the Paris Climate Agreement, which will involve increasing their climate commitments, speeding up the implementation of their Nationally Determined Contributions (NDCs), and bolstering green investment in Tunisia. (TAP)
Oman launches platform for energy investments: Oman’s Ministry of Energy and Minerals has launched Taqa, a digital platform that aims to attract investments to the energy sector. The platform streamlines the investment process by listing investment opportunities and offers services including archiving and bidding, licensing management and revenue collection, contract management, and inspections and site visits. (Statement)

Holcim + SLB to collaborate on carbon capture and storage: Sustainable construction solutions company Holcim Algeria has signed an agreement with tech company SLB to partner on carbon capture and storage projects in Algeria. (Al Shorouk)
GORD + Qatar’s Waseef partner to advance sustainable building practices: The Gulf Organisation for Research and Development (GORD) and Waseef, a subsidiary of Barwa Real Estate, inked an MoU on Wednesday to collaborate on sustainability, energy efficiency, and carbon reduction. GORD will help Waseef obtain green building certifications and ensure Waseef’s technical practices are in line with sustainability best practices. (Statement)
Schneider Electric + Petra Engineering ink digital transformation agreement: Schneider Electric and Petra Engineering Industries have signed a digital transformation agreement to cooperate in increasing energy efficiency, promoting sustainability, and implementing AI into HVAC control systems. (Statement)
Volvo launches EX30 EV in Qatar: Domasco Volvo has launched the fully electric Volvo EX30 in Qatar. The EX30, Volvo's first small premium SUV, is now available for booking and expands Volvo's all-electric offerings to four models. Volvo's UAE rep Al-Futtaim Trading Enterprises rolled out the EX30 SUV last December. (Al Bawaba)
Lucid expands into UAE: EV maker Lucid Group has opened a new retail location in Dubai’s City Walk and will soon inaugurate a service center in Dubai Investment Park. The store is Lucid’s second in the Middle East and will give visitors a look at their leading vehicle Lucid Air. (Trade Arabia)

China loosens renewables limits to address overcapacity problems

China relaxes limits on renewables: China has eased the limits on renewable power installations in energy-rich areas, one of several policies issued last week to promote clean energy, Bloomberg reported last Thursday. 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. The other policies included increasing the battery storage capacity target to 40 GW by 2025, up from 30 GW, faster build out of power lines, as well as a rigorous approval process for green energy manufacturing.

The market is already feeling it: More flexible limits have curbed fears of slowing renewable installations due to rising grid congestions. Following the announcement, shares in Chinese clean energy companies rose with GCL Technology Holdings rising 10% and China Longyuan Power Group Corp gaining 6.1%.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

Ardian AirCarbon platform to help airports achieve net zero: French private equity firm Ardian launched a free, open version of its Ardian AirCarbon platform to help airports monitor and reduce aviation emissions globally. The platform provides data on average carbon emissions from airports in each country and fuel efficiency data for most of the world’s commercial airports. (Statement)

The future includes skyscrapers as a renewable energy source

Burj Khalifa developer designs prototypes for energy storing skyscrapers: Skidmore, Owings & Merrill (SOM) — the architecture firm behind the Burj Khalifa, the world’s tallest building — has developed four prototype designs for skyscrapers that can produce and store energy using gravity, Bloomberg reports. The designs are based on battery storage technology from Switzerland’s Energy Vault Holdings that is an alternative to lithium-ion and other batteries. The firm is now looking for partners interested in the project.

How would it work? Electric motors would lift large blocks, which, upon being lowered, would create energy that can be turned into electricity. Three of SOM’s prototypes are for standalone systems that use heavy blocks or water, and the fourth is developed for urban use. Once a building surpasses the 200-meter mark, a gravity-storage system could generate ample power to sustain its operations. This marks the point where building operators can commence offsetting the carbon footprint of construction materials, with certain SOM designs anticipated to achieve this payback within two to four years.

Why this is important: This form of energy storage could help address a major hurdle facing clean energy transition: Determining a zero-carbon method to keep lights on when winds are calm and the skies are cloudy. Advocates of the gravity energy storage technology say it could help provide an alternative to relying on lithium-ion batteries, which eventually degrade over time. Piconi said in January that the technology could help bring in a system that offers cheap, abundant, and long-lasting energy storage.

Energy Vault has delivered its own skyscraper gravity project: Energy Vault has completed a 150 meter stand-alone storage system outside of Shanghai with a capacity of 25 MW for four hours. The systems the company uses can supply energy for about USD 0.05-0.10 per kWh compared to lithium-ion batteries’ USD 0.135, according to CEO Robert Piconi, who hopes to begin constructing a similar product in the Middle East in 2026.

CALENDAR

JUNE 2024

4-5 June (Tuesday-Wednesday): Bonds, Loans & Sukuk Middle East, Dubai, UAE.

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

5-6 June (Wednesday-Thursday): The Future of Semiconductors Forum, Riyadh, Saudi Arabia.

5-7 June (Wednesday-Friday): Sustainability World Summit, Frankfurt, Germany.

10-12 June (Monday-Wednesday): The International Conference on European Energy Market, Istanbul, Turkey.

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

11-13 June (Tuesday-Thursday): Morocco Energy Week Summit, Marrakesh, Morocco.

18-19 June (Tuesday-Wednesday): Biofuels International Conference & Expo, Brussels, Belgium.

18-19 June (Tuesday-Wednesday): Sustainable Aviation Fuels Summit, Brussels, Belgium.

25-27 June (Tuesday-Thursday): Connecting Green Hydrogen Europe, Madrid, Spain.

26-27 June (Wednesday-Thursday): Decarbonizing Shipping Forum, Rotterdam, Netherlands.

JULY 2024

2-3 July (Tuesday-Wednesday): Nuclear Power Plants Summit & Expo, Istanbul, Turkey.

12-14 July (Friday-Sunday): G20 Leaders Summit, Rio de Janeiro, Brazil.

16-17 July (Tuesday-Wednesday): The Egypt Mining Forum, Cairo, Egypt.

AUGUST 2024

1 August (Thursday): Distributed Solar Summit, Dubai, UAE.

12-16 August (Monday-Friday): Mastering Renewable & Alternative Energies, Dubai, UAE.

20-21 August (Tuesday-Wednesday): The World ESG Summit, Dubai, UAE.

24-26 August (Saturday-Monday): International Conference on Clean and Green Energy Engineering, Izmir, Turkey.

24-26 August (Saturday-Monday): International Summit on Non-Renewable and Renewable Energy, Valencia, Spain.

SEPTEMBER 2024

16-18 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi, UAE.

17-19 September (Tuesday-Thursday): EV Auto Show, Riyadh, Saudi Arabia.

OCTOBER 2024

1-3 October (Tuesday-Thursday): Water, Energy and Environment Technology Exhibition, 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) United Nations Climate Change Conference or Conference of the Parties (COP29), Baku, Azerbaijan.

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

18-19 November (Monday-Tuesday): G20 Summit, Rio de Janeiro, Brazil.

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

26-28 November (Tuesday-Thursday): Egypt Energy Show, Cairo, Egypt.

27-28 November (Wednesday-Thursday): RAK Energy Summit, Ras Al Khaimah, UAE.

DECEMBER 2024

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

JANUARY 2025

14-16 January (Tuesday-Thursday): World Energy Summit, Abu Dhabi. UAE.

FEBRUARY 2025

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai, UAE.

EVENTS WITH NO SET DATE

2024

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.

November: 9th Arab Forum for Renewable Energy and Energy Efficiency, Amman, Jordan.

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

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Acwa Power to develop a mega green hydrogen project in Tunisia

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TODAY: Acwa’s USD 6.2 bn Tunisian green hydrogen project

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Acwa Power to develop a mega green hydrogen project in Tunisia

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Acwa Power to develop a mega green hydrogen project in Tunisia

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