Good morning, folks. We have a brisk issue today with all the latest on DP World’s new partnership with Masdar and a round-robin of green finance and earnings updates.

WATCH THIS SPACE-

#1- Egypt’s carbon market is around the corner:Egypt’s Financial Regulatory Authority (FRA) has completed the regulatory framework for the voluntary carbon market, according to a statement. The regulatory decisions regarding the registration and delisting of carbon emission reduction certificates and the accreditation criteria for carbon registries will be issued in the coming days, the head of the FRA Mohamed Farid said in the statement. The framework is pending cabinet review.

We knew this was coming: The FRA in Egypt has authorized three bodies to verify projects that claim to reduce carbon emissions to launch the voluntary carbon market earlier this month. The new regulator’s mandate included establishing a rulebook outlining the requirements for issuing carbon credits, mapping out the greenhouse gas disclosure schemes companies would have to follow to verify their carbon output, and setting out the criteria for selecting verified carbon crediting bodies.

ALSO- Egypt’s renewables production capacity increased to 6.6 GW in 2023, 33% of which is coming from the private sector, according to figures (pdf) from the Renewable Energy Authority. Hydroelectric power made up the biggest chunk of the capacity, accounting for 42% of the total capacity, wind power came in second with 29%.

IN EGYPTIAN EV NEWS- Shift EV is eyeing a larger annual capacity factory: Egyptian EV startup Shift EV is exploring opening a new factory (over several stages) with the capacity to convert 50k petrol-powered cars to EVs a year, the startup’s CEO and co-founder Aly El Tayeb told Enterprise last Thursday. Shift EV’s current factory in Sixth of October City is on track to convert 1k vehicles in 2024, with plans to bring its capacity up to 5k vehicles a year, El Tayeb said, adding that the expansion plans come on the back of a “massive increase in demand.”

More to come: The startup is also considering setting up shop abroad, with an eye on Southern Europe and the GCC, El Tayeb told us. “We’re going to continue to manufacture our kits, especially batteries, in Egypt and export them,” El Tayeb added. Shift EV is gearing up for a big product launch in April or May of this year that will allow it to convert more types of commercial vehicles, according to El Tayeb.

#2- We have more details on the Jordan Green Ammonia project: Jordan Green Ammonia — the JV between Poland-based Hynfra and Jordan-based Fidelity Group — has set the price tag for its planned green fuels project at USD 1.5 bn, according to a statement. The project is expected to generate between 100-200k tons annually, with plans to kick off the project “in coming months,” Akhbar Hayat reports.

Export plans in mind: The company is looking to export surplus from the planned facility to EU markets. The project is set to be powered by 530 MW capacity from solar, and include an energy storage facility, and a seawater desalination plant.

#3- Will the EU’s carbon taxeven work on decarbonizing economies? The European Union’s (EU) plan to impose import charges on carbon-intensive products through its carbon border adjustment mechanism (CBAM) will have a small impact on global emissions and on export economies, according to a statement published by the Asian Development Bank summarizing the results of its new report (pdf). The report also gives suggestions for measures to decarbonize international trade and global value chains.

The findings: The report estimates that the CBAM will reduce global emissions by less than 0.2% when compared to an emissions trading scheme with a carbon price of EUR 100 euros (USD 108) per metric ton and no carbon tariff. The carbon charges may also reduce global exports to the EU by around 0.4%, and Asia’s exports to the EU by around 1.1%, while negatively affecting the output of some manufacturers within the EU. The report calls for global cooperation to develop universal accounting frameworks and incentive mechanisms to boost global adoption of carbon pricing and green technologies.

Why implement the CBAM? The EU’s CBAM — which is scheduled to take effect in 2026 — will charge imports based on the carbon dioxide emissions embedded in their production. The aim is to prevent polluters from shifting production to countries with less stringent regulations or lower carbon prices.

DANGER ZONE-

Climate change is exacerbating the pest problem forTunisia’s prickly pears: Tunisia’s prickly pear farmers are facing a serious challenge from the increased spread of the cochineal insect — a transboundary pest which poses a significant threat to food security, trade, and livelihoods due to its ability to generate huge losses of crops and pastures — as a result of higher temperatures induced by climate change, TAP reports citing a report (pdf) by the Tunisian Forum for Economic and Social Rights. Tunisia’s high temperatures has “favored the reproduction and survival of these insects, especially during the summer of 2023, which was marked by the highest temperatures ever recorded,” the news outlet writes. The drought conditions also contribute to the spread given that rain plays an effective role in eliminating the cochineal insects.

Prickly pears are an integral crop for Tunisia’s economy: The insect — which was first detected in the Mahdia region in August 2021 — has spread to several other regions, including Kairouan, Monastir and Sousse, the report found. The cochineal insect poses a threat to the economic and social activities related to the prickly pear, which is used for various purposes including for fencing, cattle feed, processing, and export. The prickly pear, which covers about 600k hectares of land in Tunisia, is considered the country’s “green treasure” and has a high value-added potential in the export market, according to TAP.

So what can be done? Experts have called for urgent measures to contain and eradicate the pest, including pruning and monitoring the prickly pear trees, uprooting and burying the infected plants, applying agricultural quarantine, training farmers and investors in integrated pest management methods, and creating national and local committees to supervise the risk.

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CIRCLE YOUR CALENDAR-

Saudi Arabia will host the International Conference on Sand and Dust Storms in theArabian Peninsula from Monday, 4 March to Wednesday, 6 March in Riyadh. The conference will address regional challenges caused by sand and dust storms and discuss monitoring systems, mitigation strategies, economic and infrastructural impacts, and more.

The UAE will host the World Future Energy Summit from Tuesday, 16 April to Thursday, 18 April in Abu Dhabi. The summit will address solutions for development in the transformation of future energy systems. The summit will also feature discussions on recycling, waste-to-energy, and air-to-water trends and progressions.

The UAE will host the Connecting Green Hydrogen MENA event from Tuesday, 23 April to Thursday, 25 April in Dubai. The event will explore green hydrogen partnerships, policies, and practices in the region, in parallel to a showcasing of the latest in the clean fuel’s technology.

Oman will host the Oman Sustainability Week from Sunday, 28 April to Thursday, 2 May in Muscat. The event will focus on exploring investment opportunities and implementing best practices in sustainability within the energy, water, and environmental sectors.

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