Egypt inks seven agreements worth USD 41 bn for green hydrogen and renewables projects

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WHAT WE’RE TRACKING TODAY

TODAY: A big day for the Egypt + DIB prices its USD 1 bn green sukuk issuance

Good morning, nice people. It’s a very busy morning as we end the week, with updates from every corner of the region cutting across the climate industry. Let’s dive right in.

THE BIG CLIMATE STORY- Egypt has inked seven MoUs with international and local companies to develop green hydrogen and renewable energy projects worth USD 41 bn in the Suez Canal Economic Zone over the next ten years.

^^ We have the details on this story and much more in the news well, below.

THE BIG CLIMATE STORY OUTSIDE THE REGION- Apple is putting an end to its decade-long EV venture: Apple is terminating itselectric car project, Titan, after decade-long efforts to develop fully autonomous EVs. Challenges in design and self-driving technology, coupled with a slowing EV market as a result of high prices and a lack of accessible charging infrastructure was behind the giant tech maker’s project's discontinuation. The decision will see the reassignment of 2k employees from the Special Projects Group's — responsible for the EV’s development — to the AI division, while the rest will be laid off.

WTO WATCH-

A new WTO initiative on plastic pollution: The co-coordinators of the Abu Dhabi-hosted 13th Ministerial Conference — Australia, Barbados, China, Ecuador, Fiji and Morocco — have released a ministerial statement (pdf) outlining trade-related goals for tackling the environmental, health, and economic impacts of plastics pollution, according to a statement. The statement — titled the Dialogue on Plastics Pollution and Environmentally Sustainable Plastics Trade — proposes measures to curb the trade of harmful plastics and ways to boost the adoption of sustainable alternatives including bamboo or algae biomass.

The details: The initiative reflects the collective efforts of 78 World Trade Organization (WTO) members (representing 85% of global trade) to address the plastics crisis. It includes policies such as bans on single-use plastics, encouraging eco-design, setting labelling requirements, giving out financial incentives for sustainable alternatives, and establishing an international legal trade policy framework aimed at tackling plastic pollution.

And on fossil fuels: WTO advances fossil fuel subsidy reform: The Fossil Fuel Subsidy Reform (FFSR) initiative's WTO members, coordinated by New Zealand, unveiled a plan (pdf) to intensify efforts towards the rationalization, phase-out, or elimination of harmful fossil fuel subsidies according to a statement. The plan, which aims to guide actions through 2024 and 2025, focuses on enhancing transparency, tackling crisis support measures, and identifying key subsidy types detrimental to the environment and trade while considering social and developmental impacts. This initiative comes in response to the 2022 doubling of government support for fossil fuels to over USD 1.4 tn amid the global energy crisis, highlighting the role of trade as a force for sustainable development.

WATCH THIS SPACE-

#1- An Italian firm is eyeing a green hydrogen powered-steel plant in Egypt: Egypt is studying a proposal from Italian firm Danieli to establish a USD 4 bn integrated industrial complex for iron and steel production powered by a USD 2-3 bn green hydrogen plant, according to a statement. The government is now considering the proposal against the advantages for a localized iron and steel market, local demand and export potential, the statement said.

#2- The EU is back on track for meeting its green goals due to wind sector recovery: The EU’s hopes for hitting its green energy targets have been renewed after the bloc was able to instal a record 16.2 GW of new wind energy capacity in 2023, 79% of which was from onshore wind projects, according to a new report by lobby group WindEurope. The total renewable energy in the EU’s electricity grid reached 42% last year — already an inch away from its 2030 goal to reach 42.5%-45% — with wind power accounting for 19% alone.

The wind sector may still miss the mark: The EU is expected to install 29 GW of wind power annually until 2030 reaching a total of 393 GW, still 32 GW short of 425 GW needed to meet Europe's climate and energy goals, the report notes.

What’s behind the wind sector’s sudden U-turn? The increase in wind capacity comes on the back of new EU rules on permitting renewables and speeding up approvals for new onshore wind farms, the report notes. Germany and Spain permitted 70% more onshore wind capacity y-o-y in 2023 whileinvestments in offshore wind reached EUR 30 bn last year compared to EUR 0.4 bn in 2022.

REMEMBER- Wind energy is making a comeback despite industry-wide setbacks: Almost all EU countries and around 300 firms agreed to proceed with the EU's plan to expand wind farms and its supporting infrastructure back in December. Hurdles such as rising costs of wind turbine materials, higher borrowing costs, and a supply chain crisis in the wind sector have severely impacted the bottomline of wind energy giants like Vestas and Siemens Gamesa over the last couple of years. Vestas recently surpassed 4Q expectations to gain profits again after a low period.

#3- China’s solar power sector to lower 2024 targets as profits dwindle: China is expected to lower its projected growth targets for its solar sector to as little as 95 GW this year — compared to 217 GW of new solar energy added last year — amid financial stress and grid limitations, Bloomberg reports. Manufacturers are facing overcapacity pressures and a dip in profits, leading to anticipated consolidations and potential bankruptcies.

What changed from 2023? Last year’s expansions were mainly driven by construction deadlines for renewable energy hubs in the desert interior, Bloomberg explains. The sector now grapples with excess capacity and fierce domestic competition, resulting in record-low solar panel prices and reduced earnings. Some companies have decided to scale back production to offset losses, at the cost of their market shares in the green sector.

Chinese firms are looking overseas for a solution: The intense local competition has prompted companies to explore opportunities in higher-priced markets abroad. To get around trade barriers, Chinese manufacturers are setting up facilities abroad, such as giant panel makers Longi Green Energy Technology and Trina Solar who are planning to establish factories in the US.

The country continues to monopolize solar panel exports: China’s solar panel and module exports accounted for 80% of global exports in 2023, Reuters reports, citing clean energy think tank Ember. China's exports rose by over a third compared to 2022, reaching about 220 GW of total generation capacity. Chinese solar panel exports to Europe dipped from 55% to 46.35% y-o-y, while exports to Asia increased to 23%, marking the first time Asian countries import more panels compared to European ones.

DANGER ZONE-

Global energy trading houses are struggling to find fruitful ways to invest their cash as they face losses in green energy projects, Reuters reports. The traders — including Vitol, Trafigura, Mercuria and Gunvor — have accumulated USD bns in equity and earnings in recent years, the newswire estimates, partially due to green energy projects offering low returns. “We borrow much less from banks and are waiting for good investment opportunities. But those are slim, especially in loss-making green energy,” an executive at one of the top trading houses told the news outlet.

The good news: The trading houses are finding their traditional oil and gas investments to be less attractive as a result of the environmental and regulatory changes.

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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.

Egypt inks seven agreements worth USD 41 bn for green hydrogen and renewables projects

Egypt’s SCZone gets busy: Egypt has inked seven MoUs with international and local companies to develop green hydrogen and renewable energy projects worth USD 41 bn in the Suez Canal Economic Zone over the next ten years, according to a statement. Specific investment details for each project nor project timelines were not disclosed.

Who’s involved? The MoUs were signed with London-based PASH Global, Switzerland’s Smart Energy, South Korea’s SK ecoplant, Canada-based AmmPower, China’s United Energy Group, and Egypt’s Gila Al Tawakol Electric and Gama Construction.

What we know: Some USD 12 bn will be deployed during the pilot phase of the projects, while USD 29 bn willbe invested in the first phases of development.

A big leap forward in an ambitious plan: Renewable energy andespecially green hydrogen targets have been central to the economic strategy for President Abdel Fattah El Sisi’s third term, which outlines plans to turn Egypt into a regional hub for green hydrogen production by 2026 and a global hub by 2030. The country aims to produce 3.2 mn tons of green hydrogen per year by 2029 and 9.2 mn tons per year by 2040.

And Egypt is making it enticing: Companies that implement green hydrogen projects within five years will receive tax breaks of 33-50% on income and pay no VAT on raw materials, plant and machinery bought for the plants, according to the law ratified by President Abdel Fattah El Sisi last month. Details for the long-awaited national green hydrogen strategy look close to being finalized, after the Supreme Council of Energy approved a national strategy on Tuesday.

REMEMBER- Egypt inked framework agreements worth a combined USD 83 bn during 2022’sCOP27 in Sharm El Sheikh with international companies to construct nine green hydrogen and ammonia facilities in the SCZone. The facilities would collectively produce up to 7.6 mn tons of green ammonia and 2.7 mn tons of hydrogen a year when fully operational.

Maersk and Actis make progress on Egyptian wind farms acquisition bids

Danish shipping company Maersk is stepping up its pursuit of Zafarana: Maersk has begun due diligence for the 545 MW Zafarana wind farm as it paves the way to submit a final offer to acquire half of the asset, Al Mal reports, citing government sources it says have knowledge of the matter. Egypt’s New and Renewable Energy Authority is reportedly providing the required information to Maersk, which is set to conduct a thorough study, examine the documents, and inspect the site in cooperation with a consultant.

REMEMBER- Maersk had reportedly entered the final stages of negotiation over the value of a 51% stake in October, but no ballpark has been given over how much the farm could go for.

Part of a wider plan: The company is reportedly looking to use the power to produce greenmethanol to fuel ships and signed a framework agreement with Egypt for a green methanol project in the Suez Canal Economic Zone last October, with the first phase requiring USD 3 bn in investment.

MEANWHILE- Actis is one step closer to snapping up the Gabal El Zeit wind farm: UK-based private equity giant Actis has reportedly wrapped up due diligence on the 580 MW Gabal El Zeit wind farm, according to Al Mal’s report. Negotiations between the government and the British investor over the wind farm are reportedly in advanced stages, with the government seeking to finalize the transaction in the coming weeks.

Lots of interest: A number of local and foreign investors have shown interest in the two farms, including Saudi Arabia’s Acwa Power, the UAE’s Alcazar Energy, and our friends at renewables firm Infinity.

The transactions could wrap up very soon: Egypt is set to finalize the Gabal ElZeit and Zafarana stake sales before the end of March, Egyptian Planning Minister Hala El Said said on two separate occasions recently.

! Dubai International Bank prices its USD 1 bn green sukuk issuance

DIB sets a price for sustainable sukuk issuance:The Dubai Islamic Bank (DIB) has priced its recently issued USD 1 bn five-year green sukuk at an annual profit rate of 5.24% after the issuance was 2.5x oversubscribed, according to a statement (pdf). DIB’s sukuk issuance — listed on the Euronext Dublin and Nasdaq Dubai bourses — marks the largest sustainable issuance by a Middle East financial institution in nearly a year.

The details: The annual profit rate of 5.24% represents a spread of 95 basis points over five-year US Treasuries, the statement notes. The initial price guidance for the Islamic debt sale was first placed around 125 basis points over US Treasuries, according to a document seen by Reuters earlier this week.

A record for DIB: “Pricing on the deal reflects the lowest ever credit spread achieved by DIB and making the bank one of the select few Middle East financial institutions to remain inside the US Treasury +100 basis point [range] for a senior issuance,” the bank said in its statement.

On a roll: This is DIB’s third sustainable sukuk issuance since the bank published its sustainable finance framework in 2022. The bank was among the financial advisors for the Saudi National Bank’s planned sustainability-linked sukuk announced earlier this month.

Advisors: Mashreq, along with Al Rajhi Capital, Arab Banking Corporation (ABC), Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, Abu Dhabi Islamic Bank, Sharjah Islamic Bank, and Standard Chartered are serving as lead managers and joint bookrunners. DIB will also be among the lead managers and joint bookrunners. Standard Chartered will independently manage sustainability standards.

IN OTHER UAE DEBT NEWS- Sharjah is lining up an issuance: The Sharjah government is expected to raise USD 750 mn from its USD-denominated benchmark sustainable bond issuance after narrowing the price guidance to around 195 basis points (bps) over US treasuries, Reuters reports, citing a bank document.

Orders for the issuance topped USD 4 bn, prompting Sharjah to tighten the price guidance from an initial spread of 235 bps over US treasuries.

ADVISORS- Emirates NBD Capital and HSBC are joint global coordinators, lead managers, and bookrunners, while Citi, Credit Agricole CIB, and Standard Chartered Bank will act as joint lead managers and bookrunners. HSBC will serve as the sole ESG structuring agent.

Qatar to invest EUR 10 bn in France’s energy transition + other key sectors

Qatar will channel EUR bns into France: Qatar has pledged to invest EUR 10 bn in French start-ups and investment funds targeting key sectors including the energy transition and semiconductors, according to a statement. The investment agreement will take place between 2024 to 2030 and other areas of interest include AI, digital, and health.

Not the first time: The energy transition has recently become a main area of interest between the two countries specifically in the subsectors of EVs, green hydrogen and sustainable aviation fuel, France’s trade minister Olivier Becht told AFP last year. While most of Qatari-French energy cooperation have so far focused on gas deals, the Qatar Investment Authority led a EUR 250 mn series D investment round for Paris-based biotech company Innovafeed in September 2022. Innovafeed houses the world’s largest vertical insect farm in France to produce insect-based protein.

UAE’s Offset8 completes first transaction for biochar carbon credit project in Indonesia

UAE’sOffset8 completes first Indonesian transaction: Offset8 Capital — which specializes in nature-based carbon removal projects — has signed its first agreement to finance Singapore-based SawaEcoSolutions ’ biochar carbon credit generation project in Indonesia, according to a statement. The biochar project is expected to generate about USD 50 mn in carbon credits over its 10-year lifecycle.

REFRESHER- What is Biochar? Biochar — charcoal produced from burning agri and forestry waste — can improve soil health, while storing carbon and pushing down carbon emissions, rendering it viable for carbon offset sales. Biochar can ensure permanent carbon sequestration for more than 100 years, the statement notes.

The details: Offset8 has already facilitated an early stage investment in the project and will also act as a financial advisor on the transaction, the statement notes. The firm will collaborate on knowledge transfer with Sawa to realize the decarbonization target of the project, which will be developed across Indonesia's Java and Sumatra islands. The Indonesia Carbon Exchange’s recent debut on the Indonesia Stock Exchange, along with the country’s national carbon pricing rates are what attracted the UAE company to the market, the company notes.

Indonesia has a lot of agri waste to spare for biochar production: The country produces about 45 mn tons of agriculture crop residues per annum, which are usually burned and release some 2 mn tonnes of carbon equivalent into the atmosphere a year.

REMEMBER- Offset8 wants to launch its own carbon investment fund: The company plans to raise USD 250 mn in a bid to establish a “first of its kind” carbon investment fund with targeted investments across some 29 markets. The fund will target climate mitigation and adaptation projects with a focus on mangrove restoration and reforestation. Offset8 is particularly eying Africa and Southeast Asia’s CO2 offsets markets as it looks to generate high-quality carbon credits in line with the Core Carbon Principles set by the ICVCM.

The UAE launches a new sustainable trade initiative

TRADE-

The UAE has launched the Trade, Sustainability and Artificial Intelligence initiative, designed to use artificial intelligence to increase global trade’s role in fighting climate change, Wam reports. Unveiled at the World Trade Organization’s Ministerial Conference in Abu Dhabi, the initiative aims to reduce shipping emissions as well as improve inventory management, freight movements, and supply chain traceability, and build climate resilient infrastructure. The initiative entails building a research network and an international coalition to propose regulations for using AI in trade.

INVESTMENT-

Adnoc named top national investor in low-carbon solutions: Adnoc ranked first on the list of national oil company investors in low-carbon solutions and was named fifth largest globally in 2023, according to Energy Intelligence ’s Low-Carbon Investment Tracker report (pdf), which reviews the low-carbon investments of 34 national and international oil companies made over the year. The report noted Adnoc’s growing investments in low-carbon projects in 2023, which amounted to over 50 projects with an estimated value of some USD 5.5 bn.

ELECTRIC VEHICLES-

Parkin to charge for EV parking: Dubai's public parking operator Parkin is looking at avenues for monetization following its IPO on the Dubai Financial Market, including by charging for EV parking, Khaleej Times reports. The company, which currently offers free limited-time parking for EVs in designated green-painted spaces, is set to introduce paid parking for EVs as part of its monetization strategy. Dewa has reported a significant rise in EV adoption in Dubai since 2015. By the end of 2023, there were 25.9k electric cars registered, up from just 14 owners who enrolled in Dewa's EV Green Charger initiative in 2015.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

E& partnering with Huawei on green networks: UAE’se& and Huawei will partner on deploying energy-efficient networks in the UAE to slash emissions in e&'s ICT infrastructure. (Statement)
QIB to offer auto finance program in Ramadan: Qatar Islamic Bank (QIB) has announced a car finance offer until the end of April at a flat rate of 2.36%. (Statement)

Canada makes its second green bond sale + Shell-owned Onward gets slapped with greenwashing

Canada has raised CAD 4 bn (USD 3 bn) from its first green issuance since updating its greenbond framework to allow funding for nuclear power, Bloomberg reports. The 10-year bonds carry a 3.5% coupon and yield half a basis point below Canada’s benchmark rate (3.5%). This is Canada’s second green bond sale.

More to come? This sale will likely pave the way for similar issuances from both public and private companies in the nuclear power sector, head of sustainable finance at Bank of Montreal Jonathan Hackett told Bloomberg.

ICYMI- Nuclear power just got the greenlight from the EIB: The newly appointed president of the European Investment Bank (EIB) Nadia Calviño has decided to shift the bank’s stance on nuclear power, positioning it in favor of the controversial green energy source. Calviño emphasized the importance of Europe remaining competitive in emerging technologies like modular reactors, despite the EIB's historical avoidance of nuclear investments since the Chernobyl disaster in 1987.

Shell-owned Onward accused of greenwashing: Shell-backed green energy startup Onward has failed to maintain its promise to invest in energy transition projects, and is boosting oil and gas-related ventures instead, investigations by Drilled and The Guardian found. Onward has brought in USD 28 bn in profits from oil and gas last year, and that four out of the five projects with available descriptions on their website were explicitly for oil and gas production. They also found that the job listings featured on their website were primarily related to oil and gas exploration and production. The result of the probe into Onward’s activities has raised concerns about greenwashing and the fossil fuel industry's true commitment to combating climate change, the Guardian writes.

Onward is just one of many “green” startups backed by the fossil fuel industry: While fossil fuel companies like Shell, Saudi Aramco, and Exxon have been investing in climate tech projects — with Shell increasing its investment in low-carbon energy solutions by 89% in 2022 — industry experts argue that these efforts are primarily greenwashing tactics, as the companies continue to ramp up oil and gas production in parallel, despite the urgency to cease exploration by 2030 to mitigate climate impacts, the analysis concluded. Shell's new CEO Wael Sawan has just shifted focus back towards boosting oil production, undermining previous climate pledges.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

Honda is diversifying its green vehicles: Honda Motor has launched its hydrogen fuel cell electric vehicle — the CR-V e: FCEV — in the US. The 270-mile driving range model is based on the CR-V model, and is designed to provide up to 29 miles of EV driving with the option of fast hydrogen refueling for longer trips. (Statement)
US launches waste cleanup project: The US Environmental Protection Agency (EPA) has allocated USD 1 bn for cleanup at 25 hazardous waste sites across the country, marking the final installment of the USD 3.5 bn dedicated to the Superfund program. The investment aims to address pollution in historically underserved communities, with 75% of the sites located in these areas. (Reuters)

The Clean Arctic Alliance is pressuring the IMO to act on black carbon emissions

The IMO is failing to control the release of black carbon: The International Maritime Organization (IMO) is failing to reduce black carbon emissions despite a push to use cleaner fuels and other pathways being identified over a decade ago, Clean Arctic Alliance lead advisor Sean Prior said in a statement following an IMO pollution prevention and response subcommittee meeting last week.

What needs to happen: The IMO must adopt mandatory regulations requiring ships to move towards distillate fuels while operating near or within the Arctic region, the statement notes. No agreement came on the support of a ban or regulation for scrubber wastewater either, and the group did not come to a consensus regarding the switch to cleaner alternative fuels, the statement says.

Why is this important? Black carbon — which makes up some one-fifth of international shipping’s climate impact — is a “short-lived climate pollutant, produced by the incomplete burning of fossil fuels,” with an impact 3k times greater than CO2 emissions over the course of two decades, according to Clean Arctic Alliance. Black carbon accelerates melting if deposited onto snow and ice, leading to a “disproportionate impact” if released near the Arctic.

CALENDAR

MARCH 2024

4-5 March (Monday-Tuesday): MENA Desalination Projects Forum, Abu Dhabi, UAE.

4-6 March (Monday-Wednesday): International Conference on Sand and Dust Storms in the Arabian Peninsula, Riyadh, Saudi Arabia.

4-7 March (Monday-Thursday): Leap Forward: A Digital Davos, Malham, Saudi Arabia.

5-6 March (Tuesday-Wednesday): AIPH Green City Conference, Doha, Qatar.

19-29 March (Monday-Friday): International Seabed Authority Assembly and Council, Kingston, Jamaica.

APRIL 2024

16-18 April (Tuesday-Thursday): World Future Energy Summit, Abu Dhabi, UAE.

16-18 April (Tuesday-Thursday): Middle East Energy, Dubai, UAE.

22-24 April (Monday-Wednesday): Oman Petroleum and Energy Show, Mustac, Oman.

23-25 April (Tuesday-Thursday): Connecting Green Hydrogen MENA, Dubai, UAE.

28-29 April (Sunday-Monday) Global Cooperation, Growth and Energy for Development,Riyadh, Saudi Arabia.

28 April-2 May (Sunday-Thursday) Oman Sustainability Week, Oman International Exhibition Center, Muscat.

30 April-2 May (Tuesday-Thursday): Autonomous E-Mobility Forum, Doha, Qatar.

MAY 2024

7-9 May (Tuesday-Thursday): Global Waste Forum, Algiers, Algeria.

14-16 May (Tuesday-Thursday): Airport Show, Dubai, UAE.

18-25 May (Saturday-Saturday) The World Water Forum, Bali, Indonesia.

19-21 May (Sunday-Tuesday): Saudi Energy Convention, Riyadh, Saudi Arabia.

20-22 May (Monday-Wednesday): Electric Vehicle Innovation Summit, Abu Dhabi, UAE.

28-30 May (Tuesday-Thursday): Make it in the Emirates Forum, Abu Dhabi, UAE.

JUNE 2024

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

OCTOBER 2024

15-17 October (Tuesday-Thursday): EV Auto Show, Riyadh, Saudi Arabia.

NOVEMBER 2024

4-8 November (Monday-Friday): World Urban Forum, Cairo, Egypt.

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

DECEMBER 2024

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

EVENTS WITH NO SET DATE

2024

Early 2024: The 2023 US Algeria Energy Forum, Washington DC, USA.

12-14 February (Monday-Wednesday): Sustainable Aviation Futures MENA Congress, Dubai, UAE.

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.

2025

International Union for Conservation of Nature World Conservation Congress, Abu Dhabi, UAE.

UAE to have over 1k EV charging stations installed.

2026

26-29 October (Monday-Thursday): World Energy Congress, Riyadh, Saudi Arabia.

UITP Global Public Transport Summit, Dubai, UAE.

Annual Meetings of the World Bank and the International Monetary Fund, Bangkok, Thailand.

1Q 2026: QatarEnergy’s USD 1 bn blue ammonia plant to be completed.

End-2026: HSBC Bahrain to eliminate single-use PVC plastic cards.

2027

MENA’s district cooling market is expected to reach USD 15 bn.

World Water Forum, Riyadh, Saudi Arabia.

2030

UAE’s Abu Dhabi Commercial Bank (ADCB) wants to provide AED 35 bn in green financing.

UAE targets 14 GW in clean energy capacity.

Tunisia targets 30% of renewables in its energy mix.

Qatar wants to generate USD 17 bn from its circular economy, creating 9k-19k jobs.

Morocco’s Xlinks solar and wind energy project to generate 10.5 GW of energy.

2035

Qatar to capture up to 11 mn tons of CO2 annually.

2045

Qatar’s Public Works Authority’s (Ashghal) USD 1.5 bn sewage treatment facility to reach 600k cm/d capacity.

2050

Tunisia’s carbon neutrality target.

2060

Nigeria aims to achieve its net-zero emissions target.

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Egypt inks seven agreements worth USD 41 bn for green hydrogen and renewables projects

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TODAY: A big day for the Egypt + DIB prices its USD 1 bn green sukuk issuance

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Egypt inks seven agreements worth USD 41 bn for green hydrogen and renewables projects

Related

Maersk and Actis make progress on Egyptian wind farms acquisition bids

Related

! Dubai International Bank prices its USD 1 bn green sukuk issuance

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Qatar to invest EUR 10 bn in France’s energy transition + other key sectors

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UAE’s Offset8 completes first transaction for biochar carbon credit project in Indonesia

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The UAE launches a new sustainable trade initiative

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Canada makes its second green bond sale + Shell-owned Onward gets slapped with greenwashing

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The Clean Arctic Alliance is pressuring the IMO to act on black carbon emissions

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