All eyes on Rio as COP29 sets the stage of final negotiations

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WHAT WE’RE TRACKING TODAY

TODAY: G20 and COP29 collide this week + OQBI sets IPO price range

Good morning, nice people. We have a brisk issue this morning with all the latest updates from COP, an update on OQBI’s impending IPO, and 3Q earnings from Tabreed and Taqa. On COP29’s agenda today? It’s Food, Agriculture and Water day as negotiators hash out financing and phase down/phase out language in preparations for a final text at the end of the week. Nature and Biodiversity, Oceans and Coastal Zones will take place on Thursday, and final negotiations are set for Friday.

ICYMI, a handy guide (pdf) for the main thematic days and what to expect and a full rundown of all the panels, workshops, discussions, debates, and keynote speeches.

THE BIG CLIMATE STORY OUTSIDE THE REGION- Drama, on: Negotiators have been urged to “cut the theatrics” and get to action at COP29 as talks fall into disarray and multiple Western media outlets portray Saudi as the spoiler-in-chief. Ministers leading the talks, including top officials from Germany, Australia, and South Africa, have flown into Azerbaijan in a bid to put things back on track. Negotiators are being urged to make significant progress on a deal to provide developing countries with more funds for clean energy and climate adaptation. UN Climate Change executive secretary Simon Stiell emphasized the need for concrete action, urging delegates to "cut the theatrics and get down to real business."

Eat the rich: G20 leaders are set to meet today to turn attention to sustainable development and the clean energy transition in a bid to lend a helping hand to frayed COP29 negotiations. The Rio summit pledged to impose taxes on the super-rich — and repeated a demand that the climate finance pool be expanded to “tns” not “bns” of USD. The call to tax bn’aires’ incomes by 2%, pushed by Brazil, is short on specifics.

The flavor in the western press? “Saudi Arabia is a ‘wrecking ball’ in global climate talks,” blares the headline in the New York Times. Bloomberg has a similar take.

^^ We have more COP29 coverage in the news well, below.

WATCH THIS SPACE-

#1- Morocco shortlists bidders for 3 GW interconnection project: The Morocco National Office of Electricity and Drinking Water (ONEE) has reportedly initiated the review process for applications for the high-voltage 3 GW power cable linking the Moroccan city of Casablanca to the town of Dakhla in Western Sahara, Hesspress reports. The bidders include the US-based GE Vernova, Germany’s Siemens Energy, Power China, China’s TBEA, and India’s Larsen & Toubro. The selected "Engineering, Procurement, and Construction" (EPC) contractor will be tasked with the design, construction, and operation of the high-voltage transmission line. A long-term maintenance service agreement may also be included.

ICYMI- The project was first announced by Morocco's National Office for Electricity last year. France first expressed interest in funding the 3 GW power cable back in April.

#2- Egypt is working on hitting 10 GW renewables capacity under NWFE by 2030: Egypt is targeting 10 GW of renewable energy generation by 2030 while decommissioning its 12 thermal plants of 5 GW capacity, according to a statement. Egypt has already added 4.7 GW of new renewable capacity since the launch of NWFE in 2022, powered mainly by the private sector and financing of USD 2.5 bn.

#3- UAE’s Emsteel is eyeing more action in Saudi and Egypt: Emsteel – which specializes in green steel production – wants to enhance its participation in Saudi’s Neom project and Ras El Hikma project in Egypt, CEO Saeed Al Ghaffari told Asharq Business. Emsteel aims to capture a 60% market share in the UAE while exporting its products to 70 countries globally, he added.

Emsteel is already decarbonizing the sector: UAE’s Masdar and Emsteel’s pilot program to produce steel using green hydrogen as a fuel became fully operational last month. The project uses energy from green hydrogen to extract iron from ore – an energy-intensive step essential to steelmaking. The renewable hydrogen used in the project has been certified by Avance Labs and validated by Bureau Veritas.

#4- More financing for Masdar + Socar’s Azerbaijan solar plants: The European Bank for Reconstruction and Development and the Asian Infrastructure Investment Bank have matched the Asian Development Bank (ADB)’s financing Masdar and Socar Green's two solar projects in Azerbaijan, according to statements here and here. Each lender is funneling USD 160 mn in funding to the projects. The 445 MW and 315 MW solar projects in Bilasuvar and Neftchala will be commissioned in 2027, offsetting some 600k tons of CO2 annually and powering 300k homes.

THE SCORECARD-

The offshore wind industry is going off track: Offshore wind is now projected to fall short of its 2030 goals by a third, the International Renewable Energy Agency (Irena)'s Director-General Francesco La Camera told Reuters. The struggling sector will serve a blow to the global push of tripling renewable capacity by 2030 which would require offshore wind to reach 494 GW, Irena says, up from the current 73 GW. Analysts say that this capacity won’t be realized until 2035, the newswire writes.

Costs are up: The average cost of offshore wind farms has surged to USD 230 per MWh, more than triple the cost of onshore facilities, leading companies like BP and Equinor to reconsider their investments. The rate is also 30% to 40% higher than offshore costs two years ago.

Many big countries will miss their goal: The US is expected to reach less than half of its 2030 target despite the Biden administration's efforts to boost the industry with permits, lease sales, and tax credits. Meanwhile, European countries with high offshore wind targets, such as the UK and Germany, are also expected to miss their goals, achieving only 60% to 70% of their planned capacity, and Sweden has canceled some planned mega offshore projects over defense and security concerns.

But there’s hope for China: While the country is also slated to miss its goal of 60 GW of offshore wind power, the country is ahead globally, and its new offshore installations in 2023 accounted for more than half the world’s installations.

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CIRCLE YOUR CALENDAR-

The UAE will host the World Energy Summit from Tuesday, 14 January to Thursday, 16 January in Abu Dhabi. The summit brings together energy industry leaders, policymakers, investment firms, and startups to create “blueprints for a sustainable future.”

Saudi Arabia will host the Future Minerals Forum from Tuesday, 14 January to Thursday, 16 January in Riyadh. The invite-only forum is a platform for stakeholders to come together to collaborate on and discuss mineral technology and exploration.

Bahrain will host the Sustainability Forum Middle East from Tuesday, 28 January to Wednesday, 29 January in Manama. At the forum, climate experts and decision-makers will discuss ways to meet decarbonization goals and ways to support businesses like SMEs to further their net zero efforts.

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

The final stage of negotiations starts at COP29

All eyes on Rio: As the summit heads towards final negotiations on Friday, COP29 President Mukhtar Babayev has attention firmly fixed on the G20 summit’s conclusions today. Member countries account for 85% of global GDP and 80% of emissions, and will be critical in providing clear mandates to address the climate crisis, Babayev said at a COP Presidency presser yesterday (watch, runtime: 30:45).

The key sticking points in this final stretch? Saudi leads a group of countries that don’t want the final agreement to include steps outlining how countries will transition away from fossil fuels and embrace greener energy. Saudi, the UAE and China are also resisting pushes to contribute to a fund to help developing countries transition — backers want a USD 100 bn goal (agreed a decade ago) to be bumped up to USD 1 tn, the Financial Times notes. The primary challenge lies in reaching an agreement on the New Collective Quantified Goal (NCQG), with Egypt’s Environment Minister Yasmine Fouad and Australian Climate Change and Energy Minister Chris Bowen tapped to head negotiations, The Guardian writes.

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A HANDFUL OF FINANCE UPDATES-

#1- AIM for Climate expands investments to USD 29.2 bn: The Agriculture Innovation Mission for Climate (AIM for Climate) — co-led by the UAE and the US — announced it is beefing up its investments in climate-smart agriculture and food systems by over 70% to reach USD 29.2 bn, according to a statement (pdf) issued yesterday in COP29. The initiative also added 200 more partners and 52 new innovation projects to its pipeline, bringing the total to 800 and 129, respectively.

Green agriculture gets a boost: AIM for Climate’s projects will target smallholder farmers in low and middle income nations, emerging technologies, and methane reduction, and aims at scaling up public-private partnerships, the statement said.

#2- African nations at COP29 have called for a USD 1.3 tn in annual climate finance for developing countries by 2030, The East African reports. Led by Kenya and Tanzania, the African Group of Negotiators (AGN) reiterated their calls for reliable, grant-based funding from wealthier nations to support adaptation and mitigation efforts, rejecting debt-heavy solutions in the New Collective Quantified Goal (NCQG).

The AGN is putting its foot down: “Africa’s needs are non-negotiable,” Kenya’s climate convoy and chair of AGN said. The public call comes as frustration built up in this COP29 over slow progress on new pledges and the lack of accountability for the previous USD 100 bn pledge, reports the East African.

Sound familiar? The USD 1.3 tn figure was initially suggested back in 2021 and proposed at COP 26 in Glasgow, Reuters writes.

#3- CIF is queuing up a bond issuance: The Climate Investment Funds (CIF) has listed its bond issuance program on the London Stock Exchange, marking the final step in the design and structuring of the Capital Markets Mechanism (CCMM) first announced at COP26, according to a statement. CCMM will now begin courting investors as it lines up its inaugural bond issuance.

What is CCMM? CCMM aims to use its strong balance sheets to mobilize USD 75 bn from private capital to finance climate action in developing countries and from frontloading reflows CIF’s Clean Technology Fund (CTF). The mechanism will focus on funding low-carbon technologies, including renewable energy, energy efficiency, sustainable transport, and green industry projects in developing countries, CIF said in a statement.

ADVISORS- The bond issuance is managed by BNP Paribas, HSBC, BofA Securities, and TD Securities. The World Bank and the African Development Bank will be acting as CIF’s trustees, and the latter is set to take over as the host of the fund’s Secretariat, according to a statement last week.

ON THE POLICY SIDE-

BTRs begin rolling in at COP: The first biennial transparency re ports (BTRs) were submitted by 11 countries marking the full operationalization of the enhanced transparency framework under the Paris Agreement, Azerbaijan State News Agency Azertac reports. Andorra, Guyana, Panama, Japan, Spain, Turkey, Maldives, the Netherlands, Kazakhstan, Germany, and Singapore have all submitted their reports — which are crucial for tracking achievements, identifying gaps, and refining climate policies. “The BTRs build a robust evidence base that enables governments to refine and strengthen climate policies” and build a comprehensive picture of progress and needed additional action, UNFCCC Deputy Executive Secretary Noura Hamladji said. The deadline for submissions is 31 December 2024.

FRESH INK-

#1- US + UK partner on nuclear tech: The UK and the US have signed an agreement to accelerate the deployment of advanced nuclear technologies for civilian purposes, according to a statement. The collaboration aims to pool USD bns in research and development to make advanced nuclear technologies available for industrial use by 2030. The initiative focuses on advanced modular reactors, which can help decarbonize energy-intensive and hard-to-abate industries such as aviation fuel, hydrogen, and steel production. The new agreement will be effective from March 2025.

Others may join, but Russia is not allowed: Other players are expected to join the treaty, such as Canada, France, Japan, Korea, South Africa, China, Switzerland, and Australia, while Russia was explicitly singled out as barred from future R&D collaboration on nuclear.

#2- Volts and AIC partner to build energy storage facility in Azerbaijan: The UAE's energy storage system manufacturer Volts and the Azerbaijan Investment Company (AIC) signed an agreement last week to establish a USD 20 mn energy storage production facility in Azerbaijan, according to a press release. The facility will be funded equally by AIC and Volts UAE, each contributing USD 10 mn.

Volts has major manufacturing projects lined up: US-based conglomerate Honeywell and Volts are partnering on the UAE’s first gigafactory for the production of battery cells for Residential Energy Storage Systems (RESS) in Abu Dhabi. Schneider Electric also signed an MoU with the UAE's energy storage system manufacturer Volts to establish a battery energy storage systems (BESS) industrial facility in Abu Dhabi last December.

Oman's OQBI sets price range for IPO

Oman's OQBI prices 49% IPO, seeks USD 490 in sales: Methanol, ammonia, and liquified gas producer OQ Base Industries (OQBI) — a subsidiary of the state-owned OQ energy group — has priced its IPO at a range of between 106 bps (USD 0.28) and 111 bps (USD 0.29) per share for its offering of a 49% stake – around 1.7 bn shares – on the Muscat Stock Exchange, according to public disclosure (pdf). The company will reportedly seek to raise around USD 490 mn from the IPO, Bloomberg reports.

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The details: 30% of the shares will be available for institutional investors at the 106-111 bps per share range (category I subscriptions), whereas 40% of the shares will be up for grabs for Omani retail investors at 111 bps (category II subscriptions). The remaining shares will be allocated proportionally based on demand, the disclosure stated. The subscription period for the offering runs 24 November through 1 December, with trading on the Muscat Stock Exchange to start around 15 December.

Who’s biting so far? Gulf Investment Corp, US-based Falcon Investments, Saudi Omani Investment Company, and Oman’s Social Protection Fund have reportedly committed to pick up about 30% of the offer as anchor investors.

REFRESHER- Not a first for OQ: This IPO follows OQ’s recent IPO of its exploration and production arm, which raised around USD 2 bn, making it Oman’s largest-ever IPO despite falling on the debut.

ADVISORS- Bank Dhofar, Bank Muscat, and Morgan Stanley are acting as issue managers and joint global coordinators, and BSF Capital and Kamco Investment Co. are acting as joint bookrunners.

Cenomi Centers lines up district cooling plant for Jawharat Riyadh

Cenomi lines up district cooling for Jawharat Riyadh: Cenomi Centers has signed an agreement with the Arabian Cooling Company for Cooling and Air Conditioning — a recently established JV between FAS Energy and Tokyo-based Sojitz Corporation — to build, own, operate, and transfer (BOOT) an advanced cooling plant, according to a press release (pdf).

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What we know: The facility will feature hybrid cooling technology, automation, and a thermal energy storage tank and will power Cenomi’s flagship development Jawharat Riyadh mall with a cooling capacity of 12.5k Refrigeration Tons (RT). The new plant requires no upfront capital from Cenomi.

The benefits: The cooling plant will cut electricity costs by SAR 4 mn annually, leading to savings of SAR 100 mn over 25 years. It will annually also reduce carbon emissions equivalent to those emitted from 1 mn gallons of gasoline.

Cenomi has worked with a FAS affiliate already: Cenomi Centers signed a power purchase agreement (PPA) with a consortium comprising FAS Energy and Marubeni Corporation to power Cenomi's centers in the kingdom with solar energy last December. The 20-year agreement will have an initial capacity of 52 MWp and will generate 93 GWh annually, with plans to include EV charging infrastructure installations in the future.

Tabreed is back in black + Taqa’s bottom line is on the rise in 3Q

Tabreed makes gains in 3Q: UAE district cooling firm Tabreed’s turned to the black in 3Q 2024, posting a net income of AED 165.5 mn, up from a net loss of AED 127.9 mn in the same quarter last year, according to the company’s financial statements (pdf). Tabreed’s revenue also increased to AED 770.9 mn in 3Q 2024, up slightly from the AED 755.4 mn recorded in the same quarter of 2023.

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On a 9M basis: The company’s revenue rose 1.5% y-o-y to AED 1.85 bn in 9M 2024, while net income rose 64% y-o-y to AED 449.4 mn, according to an earnings release (pdf). During the nine-month period, installed capacity reached 1.3 mn RT with 17.1k new RT customer connections in the UAE, India, Egypt, and Oman. Consumption volumes also increased 6% y-o-y.

Tabreed had an active year: Tabreed was given the Verified Carbon Standard for one of its Abu Dhabi plants in September from the US-based voluntary carbon credit certification body Verra, making it eligible for carbon trading. The company can trade carbon credits as an “emissions preventer,” marking the first time a district cooling company has earned the title. In 2023, Tabreed reduced 2.5k GWh of energy consumption from its operations, preventing 1.5 mn tons of CO2 emissions.

REMEMBER- Tabreed’s bottomline fell sharply in 1Q: Tabreed’s net income after tax fell 52% y-o-y to AED 112 mn in 1Q 2024 on the back of one-off gains in the same period last year.

Green bonds on the horizon: Tabreed is also considering issuing up to USD 1.2 bn of green sukuk and bonds in 2025 to refinance some of its debt, according to comments made by Tabreed CFO Adel Salem Al Wahedi back in May.

TAQA-

Abu Dhabi state-owned energy firm Taqa saw an 18.6% rise in net income to AED 2 bn in 3Q 2024, according to its financial statements (pdf). The company’s topline rose 14.3% y-o-y to AED 14.6 bn, supported by the integration of Taqa Water Solutions, according to a separate earnings release (pdf).

Taqa’s net income grew 13.2% y-o-y to AED 6.3 bn in 9M 2024, excluding one-off items. Those items included AED 10.8 bn tied to a 5% stake in Adnoc Gas and a AED 1.1 bn deferred tax charge linked to UAE’s new corporate tax. The company’s revenues climbed 6% y-o-y to AED 41.7 bn during the nine-month period.

EV charging is coming to households in Egypt

ELECTRIC VEHICLES-

Infinity and Recharged to offer home EV charging solutions in Egypt: Renewables company Infinity has inked a strategic partnership with EV charging product manufacturer Recharged to establish a JV that will manufacture and sell home EV chargers, according to a press release (pdf). The venture aims to produce an affordable and reliable home charging solution appropriate for the mass market, with the broader aim of supporting Egypt’s shift toward sustainable transportation.

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NUCLEAR-

The Emirates Nuclear Energy Company (Enec) rebranded two of its subsidiaries as part of a wider rebranding to align it with its goals of becoming a global investor, according to the Abu Dhabi Media Office. The makeover will see Nawah Energy Company become Enec Operations, and Barakah One Company turn into Enec Commercial.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

A new lithium exploration project in Morocco: The National Office of Hydrocarbons and Mines and LARC Morocco signed a research agreement to explore lithium in the Bir El Mammy region in the Western Sahara. (Statement).
QIIB launches green car financing initiative in Qatar: Qatar International Islamic Bank (QIIB) has introduced green car financing, offering a lowered APR of 3.7% and up to a 12-month grace period for customers purchasing electric or hybrid vehicles. This offer is valid from 10 November until 31 December 2024. (Statement)

Denmark plans to flip farmland for forests + KfW earmarks EUR 1.2 bn for Indonesian renewables

Denmark plans to convert 15% of its farmland — which makes up two thirds of its territory — into forest and natural habitats to cut down on fertilizer use, Reuters reports. In motion since the summer, the plans come as the intensively farmed country moves to address oxygen depletion in its waters and marine life harm caused by the runoff of fertilizer from lowlands.

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How will they do it? Denmark plans to plant one bn trees on farmland and has earmarked USD 6.1 bn to buy land back from farmers over the next 20 years. The country also plans to impose a climate tax to push farmers to cut their fertilizers’ use to reduce the potent nitrogen emissions, making the country the first to implement such a tax on agriculture.

Indonesia to receive EUR 1.2 bn from KfW for green sector: Germany’s Kreditanstalt für Wiederaufbau (KfW) will extend EUR 1.2 bn in green financing for Indonesia to boost hydroelectric and renewable power transmission systems, Indonesia Business Post reports. The agreement — signed on the sidelines of COP29 — will funnel investments towards green energy projects in a bid to boost the country’s renewable capacity by 75 GW over the next 15 years, according to a statement released last week.

REDD+ approves three deforestation types as carbon offsets: The Integrity Council for the Voluntary Carbon Market (ICVCM) — a global standard setter and governance body — has approved three new types of REDD+ credits, Reuters reported on Friday. The new types are based on new methodologies ICVCM said would raise the integrity of the credits that have long come under scrutiny.

What are REDD+ credits? REDD+ is a term denoting “reducing emissions from deforestation and forest degradation in developing countries,” whereas the + sign denotes other forest-related conservation activities, according to the UNFCCC. REDD+ credits is used to describe forest-linked carbon offsets, which are basically credits created when an investor claims the offset of one ton of CO2 emissions by investing in reforestation or conservation.

How are the new REDD+ credits different? The key is in the methodology used for certification. Two of the new credits have methodologies that adopt “jurisdictional approaches.” These jurisdictional approaches expect the projects to be linked to national or regional-level policies on forestry and climate. The remaining new credit type still adopts a project-based methodology for certification, but it no longer allows developers to set their own baselines. Instead, regional data and risk assessments would be used to establish the baseline that measures a project’s success in achieving its claims of reducing emissions, according to Edie.

ON A RELATED NOTES- Shell wants to offload carbon offsets project: Shell is planning to sell a stake in its nature-based carbon projects amid a market contraction and price drop for emissions offsets, Bloomberg reported last week. Shell's portfolio, launched in 2018, includes dozens of projects generating REDD+ credits, which have faced scrutiny for overstating their impacts. The company is currently considering retaining a minority stake and is exploring options with potential investors, including private equity firms.

Shell is downsizing their climate efforts: A Dutch appeals court overturned a 2021 ruling that mandated energy giant Shell to cut its carbon emissions by 45% by 2030. The court acknowledged Shell's duty to limit emissions but found insufficient consensus in climate science to enforce a specific reduction percentage.

But companies still have a responsibility: Shell's recent victory in a Dutch appeal court may not deter future strategic litigation against corporations, The Guardian reported, citing several legal experts last week. The decision emphasized that companies have a duty to reduce emissions in line with the Paris climate agreement, said lawyer Roger Cox. Furthermore, clear sector-based mandates, such as those expected in the EU soon, are are set to raise the legal pressure on private companies, professor Joana Setzer of the Grantham Research Institute on Climate Change told The Guardian.

CALENDAR

NOVEMBER 2024

11-22 November (Monday-Friday): United Nations Climate Change Conference or Conference of the Parties (COP29), Baku, Azerbaijan.

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

19-22 November (Tuesday-Friday) Aquaculture Africa, Hammamet, Tunisia.

26- 27 November: (Tuesday - Wednesday): World Food Security Summit, Abu Dhabi, UAE.

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.

3-4 December (Tuesday-Wednesday): MSGBC Oil, Gas & Power 2024 conference, Dakar, Senegal.

3-5 December (Tuesday-Thursday): World Energy Storage Conference, Doha, Qatar.

4-6 December (Wednesday-Friday): International Conference on Smart Power & Internet Energy Systems, Abu Dhabi, UAE.

10-12 December (Tuesday to Thursday): International Mangrove Conservation and Restoration Conference, Abu Dhabi, UAE.

16-18 December (Monday-Wednesday): Saudi Arabia Smart Grid Conference, Riyadh, Saudi Arabia.

22-24 December (Sunday-Tuesday): Renewable & Sustainable Energies And Green Processes Conference, Sousse, Tunisia.

JANUARY 2025

12-15 January (Sunday-Wednesday): World Renewable Energy Congress, Manama, Bahrain.

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

14-16 January (Wednesday-Thursday): Future Minerals Forum, Riyadh, Saudi Arabia.

18-19 January (Saturday-Sunday): Libya Energy & Economic Summit, Tripoli, Libya.

28-29 January (Tuesday-Wednesday): Sustainability Forum Middle East, Manama, Bahrain.

FEBRUARY 2025

17-19 February (Monday-Wednesday): Egypt Energy Show, Cairo, Egypt.

23-25 February (Sunday- Tuesday): Global Water Energy and Climate Change Congress, Manama, Bahrain.

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

24-27 February (Monday-Thursday): Oman Climate Week, Muscat, Oman.

April 2025

7-9 April (Monday-Wednesday): Middle East Energy, Dubai, UAE.

JUNE 2025

17-20 June (Tuesday-Friday): Mediterranean Water, Irrigation and Photovoltaic Exhibition, Tunisia.

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: 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.

Middle East Electric Vehicle Show, Sharjah, UAE.

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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