COP kicks off with carbon market framework approved

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WHAT WE’RE TRACKING TODAY

TODAY: Fertiglobe’s first earning report after Adnoc’s acquisition + Carbon market rules make it on COP’s first day

Good morning, friends. COP29 ended its first day yesterday with an early victory for the summit in general and for carbon markets in specific after delegated endorsed rules for the carbon credit market after years of deadline. On a less positive note, however, the whole summit’s agenda remains unclear as countries fought over whether to include trade barriers in talks.

COP29 WATCH- WHAT HAPPENED YESTERDAY

COP29 President is elected: Azerbaijan’s Minister of Ecology and Natural Resources Mukhtar Babayev was formally elected as COP29 yesterday, taking over from COP28 President and UAE Technology Minister Dr Sultan Al Jaber. Before becoming a minister, Babayev spent over 25 years in Azerbaijan’s state-owned oil and gas company Socar.

In sync with his election, the Guardian published an op-ed by Babayev calling for more finances and a bigger role for the private sector. The main points he raised:

The USD 100 bn annual target is insufficient for the especially vulnerable developing nations.
Public funds are vital but aren't enough to meet the financial requirements. The private sector’s role would be crucial.
Innovative financial tools are needed to hedge against the high risks associated with investing in developing countries, like non-payments and macroeconomic risks.
Marshaling massive funds is possible, and the pandemic showed it, pointing to advanced economies raising USD 8 tn over 48 months to support citizens and businesses.

It took a while, but we have a formal agenda: Delegates approved and adopted the agenda for COP29, although China’s last-minute request to include climate-related trade barriers set the summit off to a rocky start as delegates fought over the proposal. The agenda was eventually approved past midnight and with some compromises. Consensus on the agenda is required.

AND- The summit had a major breakthrough with an end to the deadlock on global carbon market rules, reaching consensus on and agreeing to “fully operationalize” Article 6.4 under the Paris Agreement. The regulated system would enable countries to meet emissions targets by trading credits that represent one ton of CO2 reduced or removed, thus fostering faster decarbonization through international cooperation. The agreement reached yesterday “could allow a UN-backed global carbon market, which has been years in the making, to start up as soon as next year,” Reuters reports, citing a negotiator.

Who’s in? Japan, Singapore, South Korea, and Switzerland are among a handful of countries that have already struck up bilateral carbon trade agreements in the run-up to COP29. Many more countries — particularly largely developing nations — are selling, notably Morocco and Tunisia, from our region. More could come if a breakthrough materializes in the summit.

The rules passed, but not without some criticism: Critics voiced concerns about the process of reaching the carbon rules agreement, which rested largely on backdoor diplomacy rather than seeing negotiations run their course during the summit, the Guardian reports. This lack of transparency adds to mounting concerns about the credits themselves, including arguments that carbon trading risks shifting the responsibility from wealthier polluters to developing nations. They argue that international trade should complement — not replace — domestic emissions reductions.

ICYMI- Carbon offsets are often under scrutiny: Carbon credits certifier Verra came under fire last year after claims that the company approved mns in “worthless” credits. Some 236 mn carbon credits (32% of the market) failed to meet the Integrity Council for the Voluntary Carbon Markets (ICVCM) requirements to qualify for a Core Carbon Principles label in August. The Science-Based Targets initiative — the world’s leading arbitrator on corporate net-zero targets — also called carbon credits largely “ineffective.” In July, over 80 climate nonprofits came together to warn against the use of carbon credits as a tool to offset emissions.

IN OTHER COP NEWS-

COP29 host Azerbaijan under scrutiny for major fossil fuel expansion plans: State-owned company Socar reportedly struck around 25 new oil and gas agreements with potential investments exceeding USD 8 bn since it was announced COP host, a new Global Witness report said. As the summit proceeds, Socar continues securing oil and gas agreements, including, most recently, a USD 468 mn stake in UAE gas projects. European countries — seeking alternatives to Russian gas — have turned to Azerbaijan, which has positioned itself as a strategic alternative, reports the Financial Times.

Yet, the country is set to be the hardest hit by rising temperatures among its peers in Eastern Europe, BBC reports, citing a study by Christian Aid. The country’s GDP may shrink by 8.5%, the study estimated.

COP29 SCHEDULE-

Here’s 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.

DAYS TO LOOK FORWARD TO-

12-13 November: World Leaders Climate Action Summit

14 November: Finance, Investment and Trade

15 November: Energy, Peace, Relief and Recovery

19 November: Food, Agriculture and Water

21 November: Nature and Biodiversity, Oceans and Coastal Zones

22 November: Final Negotiations

WATCH THIS SPACE-

#1- Iran is set to increase its renewable energy capacity by 500 MW by the end of the current Iranian calendar year on 20 March 2025, reported Tehran Times, citing the senior official at Iran's Renewable Energy and Energy Efficiency Organization Ali Shabnavard.

Big plans: Currently, Iran’s renewable energy capacity stands at around 1.4 GW, Tehran Times writes. The Energy Ministry is reportedly pushing for an ambitious goal of adding 10 GW by the end of 2025 to boost the share of renewables in the country's power grid. With 600 renewable plants reportedly under construction, Iran anticipates renewable energy to make up over 15% of its electricity generation in the next two years.

REMEMBER- Iran’s renewables production increased by 9%: Iran produced 261 GWh of renewables between 21 June and 21 July, marking a 9% increase from the previous month. This comes on the back of increased wind energy projects which represent 40% of the country’s total renewables capacity. In September, Iran announced it connected a 25 MW solar farm in the Kerman province to the national power grid back in September. The project — set up on 42 hectares of land — comes under Iran’s efforts to enhance renewable energy capacity.

#2- Mazoon breaks ground on Oman copper project: Minerals Development Oman (MDO) subsidiary Mazoon Mining has broken ground on its copper project in Wilayat of Yanqul, according to a company statement. The contracting tender was first announced last week with a 21 November deadline.

About the plant: The project — Oman’s largest integrated copper concentrate project — will span 20 sq km and contains estimated copper ore reserves of 22.9 mn tons. It will also feature a processing plant with 2.5 mn tons of annual processing capacity. Once operational in 1Q 2027, the plant will produce 115k tons of copper concentrate per year at a grade of 21.5%.

MDO has been bullish on copper: The company is focusing on the country’s copper reserves in the states of Sohar and Liwa — both are home to around 2.78 mn tons of reserves — with the goal of raising copper ore’s annual production to 800k tons. This includes the modernization of already existing mines in the area and new explorations in its concession area spanning 23.6k sq km. MDO also began production in a new extraction site in Sohar earlier in 2024, Zawya reported.

#3- EGA extends BMW low-carbon supply agreement: Emirates Global Aluminium (EGA) has extended its CelestiAL-R supply agreement with the BMW Group for the upcoming years, according to a statement. CelestiAL-R — a low-carbon blend of aluminum made with solar power and recycled metal — is used by BMW to manufacture aluminum components for its vehicles. The BMW Group, which has been sourcing aluminum from EGA since 2013, was the first to purchase CelestiAL-R aluminum in 2021.

EGA has more in the works: The Mubadala-backed company is targeting further acquisitions in East Asia, Europe, the US, and Mexico after completing two transactions this year — an 80% stake in US-based aluminum recycling company Spectro Alloys and a 100% stake in Germany’s Leichtmetall Aluminum Giesserei. The Middle East’s largest aluminum producer aims to boost its production capacity by purchasing metal-recycling assets to meet the rising demand for recycled metal products in the US and Europe. EGA also adopted a digital greenhouse gas emissions tracking system to improve transparency and thus push its decarbonization efforts forward.

Saudi Arabia launched the Young Researchers Award at the UNCCD COP16 Science Pavilion, aiming to drive research on land degradation, desertification, and drought, according to a press release (pdf). With a prize pool of USD 70k, the initiative will reward seven early-career researchers (up to 35 years of age) across key areas like land restoration, sustainable agri-food systems, and climate resilience.

Submissions are open until Friday, 22 November at the UNCCD website. Awardwinners will be announced in a special ceremony as part of the event in Riyadh. They will receive USD 10k each — plus travel and accommodation — and mentorship from leading environmental experts.

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Fertiglobe reports first set of earnings since Adnoc acquisition, with the producer set to snap up Adnoc’s stake in Exxon’s Texas hydrogen project

Fertiglobe sees dip in net income in 3Q on the back of decline in sales: Fertiglobe — a UAE-headquartered urea and ammonia exporter and MENA’s largest producer of nitrogen fertilizers — reported USD 31.1 mn in adjusted net income attributable to shareholders, down 25% y-o-y on the back of several one-offs, according to its earnings release (pdf). The now-Adnoc subsidiary — with Adnoc’s USD 3.6 bn acquisition of the producer closed last month — saw its revenues fall 6% y-o-y to USD 496 mn in 3Q 2024.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

On a 9M basis, Fertiglobe’s adjusted bottom line attributable to shareholders fell 48% y-o-y to USD 134.6 mn. The company’s revenues also slipped 13% y-o-y to USD 1.5 bn during the nine-month period.

Fertiglobe saw its own-produced sales fall 7% y-o-y in 3Q due partly to the impact of power outages in Algeria and to natural gas curtailments in Egypt due to declines in production amid hot weather at the beginning of the quarter, Fertiglobe CEO Ahmed El Hoshy said. Meanwhile, the company’s sale volumes inched down 2% to 4.2 mn tons during 9M 2024. Excluding these external factors, its own-produced volumes would have been up 2.1% y-o-y in 3Q and 5% in 9M 2024.

Behind the decline? Fertiglobe attributed part of the decline to adjustments in Algerian nitrogen fertilizer producer Sorfert’s gas pricing setup from November 2023 to September 2024, according to its earnings release (pdf). Negotiations for that are still ongoing, El Hoshy explained.

Looking ahead: Fertiglobe commissioned a boiler this month that produces steam, which they can use to generate power, and is expected to make it less reliant on the grid, El Hoshy told us. In Egypt, the Oil Ministry is also working to help restore natural gas production to meet the country’s needs, including requirements for industrial producers like Fertiglobe, El Hoshy added.

WATCH THIS SPACE- Fertiglobe plans to unveil its revised strategy in 1Q 2025, where it will clarify its strategic fit within the Adnoc platform, and further details around its plans as Adnoc’s low-carbon ammonia vehicle, while providing information on initiatives planned to enhance margins and revenues through manufacturing improvement and cost optimization programs, El Hoshy told us.

Fertiglobe expects the market to remain favorable, with short-term demand for nitrogen fertilizers staying robust, driven by tight market conditions and “record low” Chinese exports of urea. In the long term, the sector will be supported by projected growth in demand from both new and existing applications, coupled with limited supply growth.

Adnoc transfers stake in Exxon Texas hydrogen project to Fertiglobe-

Fertiglobe to hold Adnoc’s stake in Exxon’s Texas hydrogen project: Adnoc will transfer a 35% stake in the Baytown, Texas low-carbon ammonia project to Fertiglobe, along with two unspecified UAE projects, according to the statement. The stakes will be transferred at cost, ensuring that, once operational, they will contribute immediately to Fertiglobe's earnings, supporting project returns while “preserving the company’s balance sheet during the development and construction phase.”

The transferred stakes are set to more than double Fertiglobe’s total capacity to 9.0 mn tons per annum (mtpa), with the addition of the two UAE low-carbon ammonia projects, which include a 1 mtpa project under construction and another in the pre-FEED stage, adding 2.4 mtpa, while the Texas project will contribute 1 mtpa.

The “global” approach will mean more diverse routes and shorter distances: The US project will expand Fertiglobe's presence into the US, alongside its facilities in Egypt, Algeria, and the UAE, El Hoshy told us. This means that low-carbon products will now travel “shorter distances, where anything that was supposed to come from Texas to Korea now goes from the UAE to Korea, while Texas product goes to Europe,” avoiding long distances and reducing emissions, he added.

REFRESHER- Adnoc signed a strategic partnership agreement with US energy giant Exxon Mobil to purchase a 35% stake in Exxon’s low-carbon hydrogen project in Texas, which already has an offtake agreement with Japan’s biggest power producer, Jera, and agreements with France’s Air Liquide to build and operate air separation units for oxygen and nitrogen supply to the facility.

The Texas project will enable Fertiglobe to tap into the growing demand worldwide for ammonia, positioning the firm as a “low-carbon ammonia growth platform with global reach.” The project is pending a final investment decision, expected to be reached in 2025.

The fact that the project will be sold at cost allows the company to “warehouse the capital, and the debt involved in building these projects with Adnoc until operations,” El Hoshy told us.

Tadweer talks waste management in Egypt

Tadweer to invest in waste management and recycling in Egypt: The UAE’s Tadweer and Egypt’s Waste Management Regulatory Authority signed an MoU on waste management and recycling in Egypt, according to a statement. Under the partnership, both parties will explore potential investments and exchange technical knowledge and capacities.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

There’s a palm recycling plant on the horizon: The suggested investments include a EUR 70 mn palm frond waste recycling factory in the New Valley Governorate, according to the Egyptian Environment Ministry. The factory would produce medium-density fibreboard (MDF) wood in collaboration with the Arab Organization for Industrialization, the New Valley Governorate, and the Waste Management Regulatory Authority. The governorate is home to over four mn palm trees and produces around 67.6k tons of palm waste every year.

SAF and rubber waste are also on their radar: A sustainable aviation fuel (SAF) partnership is another area of investment proposed by the country’s Environment Ministry, which pointed in its statement to recent investments and regulatory moves to standardize the process of collecting cooking oil waste for SAF production. A plan to recycle rubber waste into soft tire powder used in playgrounds, artificial turf, new rubber, and shoes was also mentioned.

ALSO- The Nile Recycling Company + MDC to partner on PET recycling: Nile Recycling Company and the Main Development Compan y have agreed to partner on recycling Polyethylene Terephthalate (PET) into recycled food grade (rPET) bottles and food containers, according to a statement.

About the project: The joint project was given an initial USD 20 mn investment and is expected to begin production in H1 2025 with an expected recycling annual capacity of 22k tons per year. The pair are also hoping to begin exports of the rPET products. The project could reduce emissions by about 40k tons annually.

German 2G Energy in talks to invest in Egypt’s green energy sector

2G Energy wants to set up green hydrogen, biogas projects in Egypt: Germany’s 2G Energy is in talks with five Egyptian companies to set up green hydrogen, biogas, and combined heat and power (CHP) projects locally, project engineer Jonas Stormann told told Al Arabiya, without disclosing the expected investment ticket of these projects.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

The breakdown: The company is in negotiations with three companies over green hydrogen production projects — including one in Suez — and two over biogas projects, he added.

Part of a wider expansion plan: The company is looking to expand into other African and Arab nations, with an eye on Saudi Arabia — on the back of the country’s booming renewable energy and green hydrogen industries.

Remember: Egypt’s government aims to make the country a regional hub for green hydrogen production by 2026 and a global hub by 2030, with plans to produce 3.2 mn tons of green hydrogen a year.

Dewa’s revenue rises, profits dip in 3Q 2024

Dubai Electricity and Water Authority saw its net income decline 14% y-o-y to AED 2.9 bn in 3Q 2024, according to the company's consolidated financial statements (pdf). The company's revenues climbed 4.8% y-o-y to AED 9.9 bn.

On a 9M basis: Dewa reported a 10.7% decline y-o-y in net income to AED 5.5 bn. The authority booked a 6.2% y-o-y increase in its revenues to AED 23.5 bn on the back of an increase in demand for electricity, water and cooling services, according to a separate earnings release (pdf).

Dewa has been busy this quarter: Dewa generated a record 19.6 TWh of electricity, marking a 3.98% increase from Q3 2023. Green energy contributed 1.8 TWh (9.18%) of the total, according to a statement (pdf). Dewa's peak demand reached 10.76 GW, a 3.41% y-o-y increase, while its quarterly gross heat rate of 7,923 BTU/kWh set a new performance record.

A1rwater + public park cooperate on eco-friendly drinking water

GREEN TECH-

Umm Al Emarat Park partners with A1rwater for eco-friendly hydration tech: UAE-based cleantech startup A1rwater has partnered with Abu Dhabi’s Umm Al Emarat Park to provide eco-friendly hydration at no charge by installing five advanced water generators that eliminate the need for single-use plastic bottles, according to a press release carried by Zawya. The custom A1rwater units — two A1R30 and three A1R100 machines — generate 30 and 100 liters of mineralized water daily by condensing water particles from the air.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

REMEMBER- A1rwater’s Dubai facility will begin operations this year: The company unveiled its new air-to-water facility in Dubai Industrial City in September. The new plant, set to be fully operational by 4Q 2024, will produce over 100k liters of pure water daily from air humidity. The facility will use 50 of its A1R3000 type units to generate 3k liters of water daily.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

Bahrain issues BOO tender for IWPP project: Bahrain’s Electricity and Water Authority has begun the pre-qualification process for developers to build, own, and operate (BOO) an Independent Water and Power Plant in Sitra with 1.2 GW and 30 MIGD capacity for power and seawater desalination, respectively.
Ceer signs EV systems supply agreement: Saudi Arabia’s first electric vehicle company Ceer has signed a partnership agreement with Rimac Technology to procure the latter’s fully integrated Electric Drive Systems, which Ceer plans to use in its upcoming flagship range of EVs. (Statement)

Shell faces court order to slash emissions by 45%

Shell might need to halve emissions by 2030: A Dutch court is set to issue a ruling today on whether to uphold a 2021 order mandating the company to reduce its absolute carbon emissions by 45% by 2030 compared to 2019 levels, Reuters reports. The original ruling by The Hague district court included emissions resulting from the use of Shell’s products. The ruling won’t be final as both parties apply for another appeal.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

What Shell is saying: The company argues that emission reduction demands are the prerogative of states, not courts, and is contending that the ruling would not lead to climate benefits as consumers would simply switch to competitors.

What now? The ruling won’t be final as both parties apply for another appeal, and the Court could go one of three ways: Uphold, dismiss, or modify the ruling. One possible modification would be to exclude secondary emissions caused by product consumption.

Shell has a track record: The company, which appealed the court order in April, decided to water down its emissions targets, especially its scope 3 emissions — indirect emissions from the use of its products up and down the value chain that represent 70% of a company’s carbon footprint — by 15-20% by the end of the decade, down from the previous clear-cut 20% target. Shell also registered and sold 5.7 mn of “phantom” carbon credits between 2015 and 2021 tied to CO2 removal that never occurred.

The US + Japan to support ADB in raising its climate financing: The US and Japan agreed to underwrite risks for the Asian Development Bank’s (ADB) climate loans, effectively supporting the bank in raising its climate lending by USD 7.2 bn, Reuters reports, citing an ADB executive. The agreement came after three years of negotiations with Western governments, and the bank is currently in talks with the World Bank, Inter-American Development Bank, and European Investment Bank to join the move.

More details: The US and Japan will guarantee up to USD 1 bn and USD 600 mn, respectively, of existing loans. The ADB has a long-term target of USD 100 bn in climate finance between 2019 and 2039. In 2023, the bank lent USD 9.8 bn for green projects.

Setting the tone: The move marks the first-ever sovereign backing for climate finance and paves the way for other development banks to ramp up their own climate lending. The innovative structure allows for raising the lending capacity of multilateral banks while avoiding “general capital increases” from donor countries, which is usually a politically challenging process, ADB’s Director of Partner Funds Jacob Sorensen told Reuters.

Eni sells more of Plenitude to EIP: Italian energy giant Eni is selling an additional stake in its renewables unit Plenitude to Energy Infrastructure Partners (EIP), Bloomberg reports. The transaction — valued at around EUR 209 mn — brings EIP's total investment in Plenitude to about EUR 800 mn, a 10% share of the company. The transaction was first floated last year, and would allow Eni to lock in a value for Plenitude and lay the groundwork for IPO plans.

Part of a bigger plan: The move comes as part of a 2027 business plan to raise capital for new investments by selling around USD 8 bn worth of assets. Eni’s biofuel unit Enilive is also in that sale pipeline after the company entered a temporary exclusivity agreement with US private equity firm KKR to sell it a 20% to 25% stake last July.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

Sweden’s Vattenfall to invest EUR 5 bn in German renewable energy push: Swedish energy company Vattenfall plans to invest EUR 5 bn in Germany’s renewable energy sector by 2028, focusing mainly on new wind and solar parks, charging stations, and storage projects. The company aims to expand its solar capacity by 500 MW annually and battery storage by 300 MW. The company already has two operations wind plants, and two offshore ones planned that are set to provide 1.6 GW and could power 1.7 mn German households. (Reuters)

CALENDAR

NOVEMBER 2024

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, Abu Dhabi, UAE.

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

19-22 November (Tuesday-Friday) Aquaculture Africa 2024, 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.

15-16 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, Riyadh, Saudi Arabia.

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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