COP29 kicks off in Azerbaijan

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WHAT WE’RE TRACKING TODAY

TODAY: UAE publishes its new NDC pledging 47% cut in emissions + EBRD to back two renewables projects in Egypt

Good morning, folks, and welcome to a busy Monday as COP 29 kicks off in Azerbaijan today amid challenges on its agenda. We also have a rundown of where green stocks are in the wake of the US presidential election last week. Let’s dive right in.

THE BIG CLIMATE STORY OUTSIDE THE REGION- 2024 is on track to be the hottest year on record as global temperatures are expected to surpass 1.5°C above pre-industrial levels for the first time, according to a report by the EU’s Copernicus Climate Change Service. Over the past year, the global average temperature was 1.62°C above pre-industrial levels, just 0.02°C below the highest-ever recorded 12-month anomalies of 0.76°C in mid-2024. The projections suggest temperatures could exceed 1.55°C above pre-industrial levels by year-end.

The grim outlook is expected to be a focal point at COP29: “This marks a new milestone in global temperature records and should serve as a catalyst to raise ambition for the upcoming climate change conference,” Dr. Samantha Burgess, deputy director of the Copernicus Climate Change Service, said.

COP29 SCHEDULE-

IT’S KICK OFF TIME- 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

WHAT TO EXPECT TODAY-

The first day of the world’s biggest climate summit is set to include plenary meetings that will vote on the summit's agenda and discuss a progress report on financing. It will also be a chance for different country blocs and NGOs to hold coordination meetings in preparation for the rest of the summit. A number of side events and pressers by different participants is also scheduled.

REMEMBER- A China-led group wants climate-related trade barriers added to the COP29 agenda, and the rules require consensus on the agenda. The group, known as BASIC, argues that developed countries are introducing trade barriers on climate-related grounds that are harming developing nations. The group made a specific reference to the EU’s carbon border tax in its request to COP. A lack of consensus can derail the summit’s planned schedule for high-stake talks on finance and climate targets amid alarming climate milestones and global political whirlwinds.

THE CURRENT STATE OF PLAY-

#1- Worries of leadership vacuum: German Chancellor Olaf Scholz and Dutch Prime Minister Dick Schoof both canceled plans last-minute to attend COP29 as they face different political troubles at home, Bloomberg reported on Thursday. They both join a list of several world leaders from major economies, including US President Joe Biden, EU Commission President Ursula von der Leyen, and Brazilian President Luiz Inácio Lula da Silva, who will also be missing from the summit. Biden’s absence is chalked up to the US presidential election, while von der Leyen remains in Brussels due to political transitions within the European Commission. Lula recently withdrew after a head injury.

#2- Trump’s election also casts its shadow: The prospect of the US becoming a non-player in the global green transition in the next few years will cast its shadow during the summit, and attendees would be required to reckon with alternative pathways without the US, reports The National citing several officials attending this year’s COP.

#3- Key topics at COP29:

Climate finances for developing
A key issue would be agreeing on a New Collective Quantified Goal for climate financing
The transition away from fossil fuels
The establishment of rules for carbon markets.
The loss and damage fund’s structure and contributions
The new wave of countries’ Nationally Determined Contributions (NDCs) and pledges whose deadline is next February
Enhancing transparency through Biennial Transparency Reports, which detail countries' progress in meeting climate goals and their financial needs

You can read more on COP29 in our crash course here.

OTHER NEWS FROM COPLAND

COP29 official caught discussing fossil fuel agreements: A secret recording by human rights group Global Witness captured COP29 CEO and Azerbaijan’s Deputy Energy Minister Elnur Soltanov discussing potential oil and gas agreements with a man posing as an investor. BBC reports that Soltanov “appears to have used his role” at COP’s leadership to promote potential oil and gas investments in Socar, Azerbaijan’s state-owned oil and gas company.

COP’s code of conduct expects the summit’s officials to abstain from doing business during the COP process. Christiana Figueres, former head of the UN climate body, called Soltanov’s actions a "betrayal" of the COP mission.

REMEMBER- Azerbaijan has faced criticism for hosting COP29: There has been widespread criticism over Azerbaijan being chosen to host COP29 as a country dependent on oil production. Some 90% of Azerbaijan’s export revenues, and between 30-50% of its GDP, come from its oil and gas sector. BP and other oil giants have also been investing in the country, transferring some USD 35 bn worth of oil and gas production to Azerbaijan since 2020, according to Global Witness.

The World Health Organization (WHO) issued a call for global leaders to end fossil fuel reliance and prioritize health in climate adaptation and resilience strategies, according to a statement released Thursday. WHO highlighted the urgent need to integrate health as a core measure of climate success, framing the climate crisis as a direct health crisis and highlighting key related interventions, including ending fossil fuel subsidies, mobilizing funds to make health systems climate-resilient and disaster-ready, and investing in proven solutions, such as heat-health warning systems and household-based clean energy.

WATCH THIS SPACE-

#1- UAE’s Hodler + China’s GCL partner on Ethiopian energy project: Hodler Investments is partnering with Golden Concord Group’s subsidiary GCL Energy Investment to develop a distributed energy infrastructure project in Ethiopia aimed at powering next-generation compute cluster data centers for AI, blockchain, and other applications, according to a press release.

The details: The companies will co-invest in energy projects that use energy optimization and sustainable technologies. The collaboration aims to use Hodler Investments’ digital energy platform, PermianChain, and GCL Group’s critical infrastructure tech to monetize wasted energy sources while reducing the country’s emissions. The project is set to power AI and blockchain data center infrastructure and follows Golden Concord Group’s agreements with the Ethiopian government to explore natural gas in the Ogaden Basin.

#2- Egypt sets rates for stored solar energy: Egypt’s Electricity Ministry priced energy produced from solar and battery storage projects at USD 2.3 per MWh for projects set up by private investors under a build-own-operate (BOO) contract and USD 1.4 per MWh for projects where the government owns the solar plants while investors provide storage, Al Mal reports, citing unnamed government sources..

Why now? Egypt currently has a few solar and battery storage projects in the works, most notably Emirati AMEA Power’s 1 GW solar power plant with 600 MWh battery storage system in Benban — expected to be the continent’s largest. Masdar, Hassan Allam Utilities, and Infinity Power are also working on a solar project, which will have a capacity of 1.2 GW of energy and 240 MW/hour of storage batteries, and Norway’s Scatec also have 1 GW and 200 MWh project plant planned in Nagaa Hammadi, Qena.

IN OTHER EGYPT NEWS- Egypt will launch its mining portal by the end of the year, the country’s Oil Ministry said in a statement last week. The digital investment platform will streamline investors’ access to data and act as a catalyst for mining investment. The ministry is also reportedly preparing to launch a new bid for mineral exploration soon in several areas in the under-explored Western Desert, with the hope to expand the mining sector’s contribution to the GDP to 5% from 1%.

#3- Africa’s financial sector is especially vulnerable to climate risks, says EIB: Africa is one of the regions most vulnerable to the adverse physical effects of climate change in the world, according to a European Investment Bank finance report (pdf) that measured Climate Risk Scores. Some 34% of the banks assessed in the survey reported asset quality deterioration due to extreme weather events, with 93% singling out SME borrowers as the most impacted.

The nuance: The report says that the physical climate risks facing the continent are more chronic than acute, meaning that higher temperatures, drought, and rising sea levels are the main drivers for financial risks rather than acute events, such as floods and hurricanes. These chronic risks especially have agricultural or productivity effects rather than damage to physical assets, the report added.

Africa is bracing for a rough transition: Last week, Moody’s estimated that Africa needs to close major funding gaps of USD 131 bn and USD 22 bn for mitigation and adaptation, respectively, with potential GDP losses of 30% expected by 2050 in Sub Saharan Africa under the world’s current green transition trajectory.

#4- Green stocks are still reacting to Trump’s re-election: Three major US stocks — all solar — are emerging as especially vulnerable to a Trump repeal of the Inflation Reduction Act (IRA), which would effectively cut tax credits for green projects, CNBC reported last week.

The rundown: Array — which is forecast to receive USD 80 mn in domestic manufacturing tax credits in 2026 — fell by nearly 21% on Wednesday and remained in the same territory until trading closed on Friday. First Solar — set to book USD 2 bn in IRA tax credits in 2026 — tumbled about 19% after Trump’s victory before partially recovering and closing on Friday with gains that limited the stock’s net decline to around 10% compared to pre-Trump-victory rates. SolarEdge — expected to receive USD 164 mn in IRA tax benefits in 2026 — was the hardest hit, netting a 29% drop in stock value between Wednesday and Friday.

Hedging against renewables is paying out: Investors who had placed hedges against renewable energy stocks have pocketed over USD 1.2 bn, the Financial Times reported on Friday, citing data from S3 Partners. Hydrogen producer Plug Power and solar firm Sunrun — Both heavily shorted — fell 22% and 30%, respectively, allowing short sellers to pocket about USD 350 mn. Sunrun also dropped another 12% on Friday.

You can go deeper on why Trump’s reelection threatens green policy in our handy explainer.

But it’s not all bad: US renewable fuel credits — called Renewable Identification Numbers (RIN) — reached multi-month highs on Friday despite the concerns regarding Trump’s re-election, Reuters reported on Friday. The increase in RIN prices benefits US biofuel producers who rely on them to handle high output costs.

What are RINs? They are part of a Bush-era environmental mandate that requires refiners to include bio and low-carbon fuels in transportation fuel mixes or buy credits from other refiners.

THE SCORECARD-

Deforestation in Brazil’s Amazon Rainforest decreased by 30.6% in the 12 months through July, marking the lowest level since 2015, Reuters reported last week. Still, approximately 6.3 sq km of the Amazon were destroyed. Deforestation in the neighboring Cerrado savanna also dropped by 26% to 8.1k sqkm, the lowest since 2020. The shift in Brazil’s green surfaces’ fortune came with President Luiz Inacio Lula da Silva’s return to power nearly two years ago, on the heels of pledges to reverse his predecessor’s anti-environment policies that saw deforestation rates peak. Lula has pledged to end deforestation by 2030 and has hired 800 new federal environmental agents to bolster these efforts.

Deforestation in the rainforest broke a 15-month decline when rates increased in July. Approximately 666 sqm of jungle were cleared, a 33% rise compared to the same month last year. The increase was attributed to a strike by environmental workers, climate change-induced droughts and fires, and the municipal election year, which typically sees higher deforestation rates.

Global solar capacity reaches 2 TW: Global solar capacity has reached a historic 2 TW, driven by rapid growth over the past two years, surpassing all added capacity in the previous 68 years, the Global Solar Council told Reuters on Thursday. Some 40% of this added capacity comes from rooftop installations, whereas the training 60% comes from traditional ground-mounted farms. The new data includes often-overlooked rooftop installations, providing a first-of-its-kind comprehensive view of solar capacity worldwide, the council said.

Hitting 8 TW solar capacity by 2030 is possible: The sector is on its way to bolstering solar power supply, with the data suggesting that achieving an 8 TW capacity is possible, which would account for 70% of the COP28 target of added renewables’ capacity of 11 TW.

The industry group has plans for COP29: The council plans to launch an International Solar Finance group to attract financing, especially in emerging markets, with the goal of lowering capital costs to an average of 5% instead of 15%.

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UAE commits to cut carbon emissions by 47% by 2035

UAE submits updated emissions target for 2035: The UAE pledged to reduce its carbon emissions by 47% by 2035 in its new national climate plan (pdf). The new nationally determined contributions (NDCs) come ahead of COP29, positioning the country as the first major emitter to submit its updated strategy ahead of the February 2025 deadline. The story got ink in Reuters.

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

The updated climate targets cover all major domestic sectors and greenhouse gasses, including the newly added fluorinated gas.

How much emissions will be reduced per sector:

The UAE plans to reduce emissions by 20% for the transport sector compared to 2019 levels through accelerated adoption of EVs;
50% for power and water compared to 2019 levels;
37% for the waste sector, aiming to divert 50% of landfill waste by 2025 and 80% by 2031 through increased recycling and waste-to-energy initiatives;
27% for the industrial sector;
79% for new buildings; and
39% for agriculture.

No shift in fossil fuel plans: The new NDCs make no mention of phasing out fossil fuel production despite COP28’s language stressing a “transition away” from fossil. The plan, however, aims to mitigate emissions from oil and gas by “integrating substantial amounts of CO2 capture into their operations.”

There is another catch in the plan: International aviation and shipping sectors emissions and targets are not included, but the plan said the UAE is committed to advancing sustainable aviation fuel production and use and seeking green shipping corridors to meet decarbonization goals for these sectors. The UAE plans to upscale the production of e-kerosene for sustainable aviation fuel and green or blue ammonia and methanol for shipping, expecting a “significant ramp-up post-2030.”

How it plans to get there: The target will be pursued through a “diversified strategy,” which hinges on expanding solar capacity, deploying nuclear energy, and increasing waste-to-energy initiatives. The country also plans to conduct feasibility studies to adjust the plan, while factoring in new opportunities and challenges.

IN OTHER RELATED COP NEWS-

Brazil announces new climate pledge but is yet to release updated NDC: Brazil — one of the world’s major carbon emitters and also home to the world’s major natural carbon sink the Amazon — announced it aims to cut emissions by 59-67% by 2035 compared to 2005 numbers.

Egypt’s Oil Ministry moves on USD 530 mn sustainable aviation fuel project

Egypt launches new company to pursue green aviation fuel ambitions: Egypt’s Oil Ministry launched the Sustainable Aviation Fuel Production Company (ESAF), which will invest USD 530 mn to develop production facilities and integrate the facility with other petroleum companies in Alexandria, according to a ministry statement. The project aims to produce 120k tons of sustainable aviation fuel (SAF) and reduce carbon emissions by 400k tons a year once production kicks off “within the next few years.”

We knew this was coming: The ministry has been working on a plan that will see state-owned firm Egyptian Petrochemicals Holding Company (ECHEM) producing the country’s first SAFs, which a government source told EnterpriseAM Egypt should kick off in 2025 once the necessary studies are completed.

The move dovetails with Honeywell wrapping up its SAF feasibility study: US multinational conglomerate Honeywell has finished its feasibility study with the European Bank of Reconstruction and Development for SAF production in Egypt, according to a separate statement from the ministry.

SOUND SMART- SAF is a biofuel used to power aircraft that is made from non-petroleum feedstock such as waste cooking oil, animal fats, and non-food crops. It can reduce carbon emissions by up to 80% compared to traditional jet fuel. Aviation was responsible for 2% of energy-related carbon emissions in 2022, the International Energy Agency’s most recent figures show.

EBRD mulling USD 320 mn loans for Scatec’s 1 GW solar farm + Hassan Allam’s and Acwa’s 1.1 GW wind farm

Acwa + Hassan Allam close to securing 20% of financing for joint wind farm project in Egypt: Saudi renewables giant ACWA Power and Hassan Allam Utilities (HAU) are in talks with the European Bank of Reconstruction and Development (EBRD) over a proposed USD 200 mn loan to help finance the consortium’s USD 1.06 bn mega wind farm planned for the Gulf of Suez, according to a project summary from the development bank. No further details about the terms of the financing were provided.

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

This isn’t the only piece of financing the consortium is hoping to finalize by the end of this year: The two companies are reportedly set to secure close to USD 900 mn in financing by the end of the year for their 1.1 GW wind farm in Gulf of Suez, a source with knowledge of the matter told EnterpriseAM Climate in September.

The details: When operational, the project will offset 2.2 mn tons of carbon dioxide annually and produce enough power for nearly 1.1 mn households. The wind farm’s 1.1 GW capacity will mark it as the largest wind project in both Africa and the Middle East.

Remember: The consortium signed a 25-year land usufruct agreement with Egypt’s New and Renewable Energy Authority for the wind farm back in January. Commercial operations are set to begin by the end of 2026, according to a statement released at the time.

ALSO IN LINE FOR EBRD FUNDING-

A USD 120 mn top-up for Scatec’s solar project? The EBRD also gave its initial approval to a USD 120 mn equity bridge loan to Obelisk Solar — a special purpose vehicle owned by Norway’s Scatec — to fund part of Scatec’s 1-GW solar power plant in Nagaa Hammadi, the lender said in a project summary. The funds, if given the final green light, will come in two tranches and will be used to help build the solar farm and equip it with a 200 MWh battery energy storage system.

REMEMBER- The Norwegian firm signed an agreement with the Egyptian Electricity Holding Company to establish a 1 GW solar and 200 MWh battery storage project in Egypt during CO28.

Acwa’s Uzbekistan solar project lands operation certificate

We have another update on Acwa’s Riverside Solar project: Acwa Power received the Commercial Operation Certificate for Plant 1, a 200 MW solar photovoltaic plant, at its Riverside solar project in Tashkent, Uzbekistan, according to a Saudi exchange disclosure from Thursday. ACWA Power owns a 100% stake in the project.

More to come: The project also includes a 550 MWh battery storage system — dubbed Plant 2 — that is currently under construction, the statement said. The financial impact of Plant 1's operation is expected to be reflected in Acwa Power's results starting in 4Q 2024 and continuing in subsequent quarters.

REMEMBER- The EBRD is financing the project: The European Bank for Reconstruction and Development (EBRD) is facilitating the lending of USD 229.4 mn out of the total USD 373.2 mn in financing for the project. EBRD is extending a USD 169.8 mn loan, while another loan of USD 40.5 mn will be organized through commercial co-financiers. The lender will also mobilize concessional finance of up to USD 5.4 mn from Finland under its High Impact Partnership on Climate Action.

Empower reports lower bottom line in 3Q 2024 + Lucid Motors losses widen

EMPOWER-

The Emirates Central Cooling Systems (Empower) saw its net income fall 6% y-o-y to 264.9 mn in 3Q, while it recorded a 5.3% increase in revenue y-o-y for to reach AED 1.1 bn, according to a financial statement (pdf).

On a 9M basis, Empower recorded a net income of AED 68.5 mn, up 4.4% from the same period last year. Meanwhile its revenues hit AED 2.5 bn, up 8% y-o-y.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

ACWA POWER-

Renewables giant Acwa Power turned to the red in 3Q 2024, reporting a net loss of SAR 2.1 bn down from a net income of SAR 2.5 bn during the same quarter last year, it said in an earnings release (pdf). The company pinned the drop on higher development costs and administrative expenses. Meanwhile, revenues were up 13.3% y-o-y to SAR 1.7 bn supported by higher income from electricity and construction management services.

On a 9M basis: Acwa Power reported SAR 312.9 mn in net losses during the first nine months of the year (compared to SAR 3.6 bn in net income in 9M 2023), while revenues were up 6.4% y-o-y to SAR 4.6 bn.

LUCID MOTORS-

PIF-backed Lucid Motors’ losses widened to USD 992.5 mn in 3Q 2024, from a USD 630.9 mn loss during the same period last year, the firm said in an earnings release (pdf). Despite the lower bottom line, the luxury EV maker logged 45.2% growth in revenues to USD 200 mn on the back of a 90.9% y-o-y increase in car deliveries that saw it hand over keys for 2,781 Lucid Airs. Third quarter revenues narrowly exceeded projections of USD 198 mn, Reuters reported citing LSEG data.

On a 9M basis: The firm’s losses widened to USD 2.32 bn in the first nine months of the year, compared to a USD 2.17 bn loss during the same period last year. Meanwhile, revenues climbed 30.9% at USD 573.4 mn.

PIF extended multiple lifelines: Lucid raised USD 1.75 bn during the quarter in a follow-on public offering, with the tally including proceeds from PIF’s purchase of an added 374.7 mn shares in a private placement as part of a USD 1.5 bn arrangement that also included an additional USD 750 mn through an unsecured delayed draw term loan facility.

EBRD to launch climate risk tool with QNB for Egyptian SMEs

GREEN FINANCE-

EBRD introduces climate risk tool for sustainable financing in Egypt: The European Bank for Reconstruction and Development (EBRD), in partnership with QNB Egypt, is piloting a climate-risk assessment tool tailored to Egyptian conditions, according to a press release from Friday.

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The details: This tool will enable QNB to evaluate and monitor climate-related risks in its loan portfolio, aligning lending practices with international sustainability standards. The news was announced as part of a 50-50 risk-sharing facility agreement that would see the EBRD contributing EUR 35 mn to support QNB’s on-lending to SMEs.

M&A WATCH-

Marafiq completes acquisition of Veolia’s stake in Jeddah sewage plant: Saudi’s Power and Utility Company for Jubail and Yanbu (Marafiq) has fully acquired France’s Veolia Middle East’s 51% stake in Jeddah Althaniya Operation and Maintenance Company — a special vehicle company owning an independent sewage treatment plant in Jeddah, according to a Saudi exchange disclosure. The special vehicle company — initially a joint venture between Marafiq and Veolia — has a capital of SAR 300k, and the acquisition is expected to generate an additional SAR 75 mn in net income for Marafiq over the 25-year project agreement.

CONSERVATION-

Malaysia’s SFC + Mubadala to collaborate on mangrove rewilding: The UAE’s Mubadala Energy and Malaysia’s Sarawak Forestry Corporation (SFC) agreed to partner on a mangrove rewilding pilot project in Kuching Wetland National Park in Sarawak State, Dayak Daily reports. The pair aim to work on conservation and promoting knowledge exchange between energy producers to ensure their sector does not negatively impact the environment. The pilot project will begin next year.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

Enppi and Honeywell to explore partnership on emission reduction: Enppi — the engineering arm of Egypt's public petroleum sector — signed an MoU with American conglomerate Honeywell during ADIPEC 2024 to explore tech collaboration on greenhouse gas emission reduction. The partnership will include training to enhance technical expertise in the sector. (Statement)
Egypt to launch natural disaster ins.: The Egyptian Ins. Federation is working with the Financial Regulatory Authority to launch a new ins. tool to cover natural disasters. (Al Dostor)
Egypt mulls emissions monitoring system for construction sector: Egypt's Housing, Utilities, and Urban Communities Ministry is looking to develop a Monitoring, Reporting, and Verification (MRV) system for waste emissions in new cities. The efforts align with Cabinet plans to ramp up efforts to survey and collect emissions data from across sectors to update the country’s Nationally Determined Contributions plan. (Statement)

Longi pushes ahead despite oversupply woes

Longi powers through solar oversaturation with new factory: China’s privately owned solar PV manufacturer Longi Green Energy Technology signed an agreement with Yingfa Group to build a 16 GW solar cell plant in Yibin, Sichuan, despite experiencing losses for four consecutive quarters, Bloomberg reported on Thursday, citing a government statement. The amount invested has not been disclosed.

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About the plant: The Yibin solar plant will manufacture back contact (BC) cells which can yield more power from the same amount of sunlight. Phase one of the project is set for 2025 inauguration with a 6 GW annual capacity. BC cells are not common yet, but Longi expects the technology will gain popularity over the next five years.

The company is optimistic despite the numbers: Longi was overtaken as the world’s most valuable solar energy company by China’s Sungrow in March as price drops narrowed the margins for panel component manufacturers. Earlier this year, the company saw a sharp decline in value, dropping more than 70% from its peak in 2021 due to rapid industry expansion outpacing demand.

China’s Trina Solar to sell its US facilities to US-based Freyr: Freyr Battery entered an agreement to acquire Chinese giant solar panel maker Trina Solar’s manufacturing assets in the US, including its newly operational 5 GW facility in Wilmer, Texas, according to a press release from Wednesday. The transaction, valued at USD 340 mn, is expected to close by the end of 2024, pending regulatory approvals. Freyr is expected to ramp up operations in Wilmer to reach full production by 2025, backed by firm US customer contracts.

Increased US scrutiny into Chinese companies prompted the sale: Trina Solar agreed to the sale following increased US concerns over Chinese companies benefiting from clean energy tax incentives under President Joe Biden's climate policy, Bloomberg reported. Trina will retain a minority stake in Freyr post-sale.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

USD 475 mn loans secured for Li-Cycle: The US Department of Energy finalized a USD 475 mn loan for metals recycler Li-Cycle Holding to build a lithium battery recycling facility in New York. The factory is seen as critical to bolstering the domestic EV supply chain, a key goal for the Biden Administration — which is currently rushing to close loans and approve projects before Donald Trump enters office. (Reuters)
Vulcan halts German lithium plant: Vulcan Energy Resources is delaying its plans for a large-scale lithium hydroxide plant in Germany from 2025 to 2027 due to delays in the financing process. The project — set to cost EUR 1.9 bn — aims to supply 24k tons of lithium hydroxide annually, enough for batteries for 500k EVs. (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): Future Power 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.

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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