Egypt + Jordan ramp up green hydrogen and ammonia ambitions

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WHAT WE’RE TRACKING TODAY

TODAY: Egypt + Jordan ramp up green hydrogen and ammonia ambitions

Good morning, friends. Green hydrogen and ammonia agreements are picking up once again in the region, with updates from Egypt and Jordan this morning. We also have a smattering of debt and investment updates to dive into. But first, the Adani fallout continues…

THE BIG CLIMATE STORY OUTSIDE THE REGION- TotalEnergies halts business with Adani due to corruption allegations: French oil giant TotalEnergies has suspended investments in India’s Adani Group following a US probe into bribery and corruption at Adani Green Energy. Total has a 20% stake in Adani Green, 37.4% in Adani Total Gas, and has three renewable energy JVs with Adani Green. “Until such time when the accusations against the Adani group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani group of companies,” the company said in a press release. The company maintains that it was not informed of the investigation.

The scandal puts a wrench in Total’s Asia expansion plans: Total was banking on expansion in India — which is experiencing a surge in electricity generation — to grow its renewables and natural gas businesses. Its partnership with Adani was dubbed a “strategic alliance,” with 25% of Total’s renewables portfolio dedicated to investments in Adani’s solar and wind assets. The amount of Total’s financing linked to Adani stands at between 4-5 bn, Bernstein Research analysts estimated.

The story grabbed ink in Reuters, Financial Times, and Bloomberg.

HAPPENING THIS WEEK-

#1- The Egypt Energy Show will open its doors today in Cairo and run through to Thursday. The event — promoted as North Africa’s largest energy gathering — will bring together local and international energy companies from the entire energy value chain from energy storage to transmission and renewable along with government officials from at home and the region.

#2- The World Food Security Summit is kicking off today in Abu Dhabi and wraps tomorrow. Experts and stakeholders will discuss the development of innovative solutions and strategies for sustainable food production in challenging conditions.

#3- TheRAK Energy Summit will begin tomorrow in Ras Al Khaimah, UAE. Discussions and panels will be centered around the energy sector transition and net-zero targets, with topics ranging from policy to implementation of new technologies.

WATCH THIS SPACE-

#1- The fifth and final round of UN-brokered talks that hope to secure an international agreement curbing plastic pollution kicked off yesterday in Busan, South Korea. The talks — running until 1 December — hope to address the plastic waste crisis by agreeing on a combination of measures for waste reduction and management, Reuters reported. Over the next few days, delegates from over 170 countries will be huddling to hammer down a final agreement from a 69 -page draft agreement (pdf) that includes widely conflicting options.

The differences: A coalition of more than 60 “high ambition” nations led by Rwanda and Norway is pressuring for an “upstream” approach, targeting plastics at the production level, the Financial Times reports. Such an approach would include working towards phasing out single-use plastics and banning poisonous chemicals used in production. In contrast, fossil fuel-dependent countries — like Saudi Arabia, Russia, and Iran — are opposing any binding production caps and are pushing instead for management solutions, arguing that the agreement should raise money to scale up recycling and improve waste collection, according to Bloomberg.

Unprecedented urgency as plastic waste moves towards unmanageable levels: Plastic use could triple by 2060, and so is its waste, with half of that amount set to end up in landfills and less than a fifth being recycled, The Guardian reports, citing data provided jointly compiled by environmental group Resource Futures and international Christian charity group Tearfund.

#2- SPPC prequalifies developers for sixth round of NREP: The Saudi Power Procurement Company (SPPC) has prequalified a total of 22 utility project developers — national and international — for the sixth round of wind and solar projects under the National Renewable Energy Program (NREP), according to a statement. The prequalified bidders include Masdar, EDF Renouvelables, Total Energies, Marubeni, Sumitomo, Jera, Kepco, Korea Western Power, Spic Huanghe Hydropower, Jinko Power, and Sembcorp Utilities.

This has been in the works: The company issued requests for qualification (RFQs) for five wind and solar projects in September. This round will add a combined capacity of 4.5 GW to Saudi Arabia's renewable energy portfolio. Key projects in this round include the 1.5 GW Dawadmi Wind IPP in Riyadh and four solar PV projects: a 1.4 GW plant in Najran, 600 MW each in Samtah and Ad Darb in Jizan, and a 400 MW plant in Hail.

#3-Abu Dhabi Islamic Bank (ADIB) has released its first comprehensive Net Zero report(pdf), according to a statement. The report sets decarbonization targets for 2030 across its operational and financed emissions, aiming for a 49% reduction in operational emissions by 2030 compared to its 2022 baseline and setting sector-specific targets in its financing portfolio.

Sector-specific targets breakdown:

Home finance to reduce Scope 1 and 2 emissions by 39%.
Car finance to to reduce Scope 1 and 2 emissions by 19%.
Real estate developer activity to reduce Scopes 1, 2, and 3 by 41%.
Air transport to reduce Scopes 1, 2 and 3 by 28%.
Electricity, gas, steam, and air conditioning supply to reduce Scopes 1, 2, and 3 by 37%
Petroleum manufacturing to reduce Scopes 1, 2 and 3 by 18%.

Not their first: ADIB released its Environmental, Social, and Governance report detailing around AED 5.57 bn that has been invested in sustainable finance throughout 2023 in July. The bank also highlighted its commitment to net zero Scope 1 and Scope 2 emissions by 2030 — and announced its Scope 1 emissions have been reduced by 65% since 2022

#4- Egypt launches green label guidelines: Egypt’s Ministry of Environment has launched the Green Label Guidelines project, which sets rules for how plastic products can qualify for a green label, according to a statement. Plastic manufacturers will be able to submit an application to receive a “green label” certificate, which is expected to be valid for three years. The ministry hopes that the guidelines — developed with support from the German International Cooperation (GIZ) — will encourage recycling and incentivize plastic manufacturers to increase their use of recyclable components in their production to reduce plastics’ negative impact on the environment. The statement does not specify the type of incentives that would be available for those who receive the license.

What are the criteria? In order for plastic manufacturers to receive the green label, they will have to redesign their products to contain a certain percentage of recycled materials or be completely biodegradable, and limit the production of waste. The green label will be limited to highly recyclable polymers — PET, HDPE, LDPE, or PP. These products will also have to align with standards set by the Egyptian Organization for Standardization and Quality, with products used for food also having to meet the National Food Safety Authority requirements.

#5- Major tech companies like Google, Microsoft, and Amazon notably reduced their public profile at COP29, the Financial Times reported last week. Unlike previous summits, the tech giants chose not to exhibit in the conference's business area, known as the green zone. This shift comes as the industry faces increasing scrutiny over the significant energy demands of data centers supporting AI. Google reported a nearly 50% increase in energy emissions over the past five years due to AI, and a Morgan Stanley analysis predicts that global emissions from data centers could triple by the end of the decade because of generative AI.

Data centers could slow the energy transition: Utilities in the US, Poland, Germany, and Malaysia are turning to natural gas and coal to meet the surge in electricity demand from data centers as the deployment of clean energy lags behind, Reuters reported last week. Dominion Energy is constructing a 1 GW gas plant in the data-centers-dense Virginia, while Entergy is building its first natural gas-fired power plant in Mississippi in fifty years to power two Amazon data centers.

Still, some major players are hailing AI potential in reducing emissions: Adnoc, Masdar, and Microsoft recently released a joint report highlighting the transformative potential of AI for the clean energy sector. The report bets on AI applications’ potential to make energy operations and grid connections more efficient and predicts that AI-driven energy demand could stimulate the innovation of carbon-free energy solutions. Adnoc Group CEO and Industry and Advanced Technology Minister Sultan Al Jaber called for “integrating renewable energy, nuclear energy, and gas in the most cost-and carbon-efficient way” to meet the surge in energy demand created by the “exponential growth of AI” earlier this month.

#6- Big oil places faith in biofuels uptake: Major oil and gas companies — such as ExxonMobil, Chevron, BP, Shell, TotalEnergies, and Eni — are placing their bets on sustainable aviation fuel (SAF) with 43 projects expected to be operational by 2030, Reuters reported last week, citing a Rystad report. These companies’ investments could add 286k barrels per day (bpd) of production capacity, with BP taking the biggest share with a 130k bpd production capacity. The aviation sector accounts for 2% of global energy-related emissions.

But not everyone shares that sentiment: AirAsia co-founder thinks SAF is “stupid” and “makes absolutely no sense at all because there is not enough cooking oil in the world to fill the planes,” he said at the Skift Global Forum East in Dubai, The National reports. To achieve the International Air Transport Association’s (IATA) goal to reach net zero by 2050, “engine manufacturers and plane manufacturers will have to come up with better equipment,” he said. Still, SAF is expected to account for 65% of emissions reductions aviation needs by 2050, a massive increase from today’s 0.53%, the National reports citing IATA estimates.

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CIRCLE YOUR CALENDAR-

Qatar will host the World Energy Storage Conference from Tuesday, 3 December to Thursday, 5 December in Doha. The event will gather scientists, researchers, engineers, policymakers, and industry experts to discuss advancements and challenges in energy storage technology. The detailed agenda is yet to be announced.

Saudi Arabia will host the Conference of the Parties (COP16) to the United NationsConvention to Combat Desertification from Monday, 2 December to Friday, 13 December in Riyadh. The summit will convene leaders and officials from 196 member-states and territories to advance actions and hold ministerial dialogues on resilience and finance, focusing on policies, tech and innovative funding mechanisms.

The UAE will host the World Energy Summit from Tuesday, 14 January to Thursday, 16 January in Abu Dhabi. The summit will host over 350 speakers including energy industry leaders and policymakers with discussions ranging from eco-waste to sustainable cities. An exhibition will also be held for showcasing green products.

Saudi Arabia will host the Future Minerals Forum from Tuesday, 14 January to Thursday, 16 January in Riyadh. The forum will gather stakeholders from over 170 countries to discuss mineral technology and exploration. Speakers will include senior government officials and CEOs from renowned mining companies Vale, Rio Tinto, and Manara.

Bahrain will host the Sustainability Forum Middle East from Tuesday, 28 January to Wednesday, 29 January in Manama. Climate experts and decision-makers will convene to discuss a number of issues ranging from decarbonization to supporting SMEs on their path to net zero. Speakers will include GCC government officials and industry leaders from the banking and industrial sectors.

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

Hynfra will build a green hydrogen plant in Egypt

Egypt gets a new USD 1.6 bn green hydrogen plant: Egypt's General Authority for Investment and Free Zones (GAFI) is partnering with Poland-based Hynfra to establish a USD 1.6 bn green ammonia production plant, according to a statement. The plant will have an annual production capacity of 100k tons during its first phase, and is scheduled for completion by 2030. The hydrogen produced will be exported to Europe through long-term offtake agreements Hynfra has already signed with players in the continent.

More to come: There are plans to increase the project’s investments up to USD 10.6 bn for later phases while scaling up its production capacity to reach 1 mn tons. No more details on the timeline were disclosed.

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A boost for Egypt’s grid? The company will build its own battery storage, and solar and wind energy facilities to power the daily production in the plant. Surplus from the generated electricity will then be fed into the Egyptian national grid most days of the year, the statement said.

REFRESHER- Egypt has big hydrogen plans: Egypt launched its National Low Carbon Hydrogen Strategy in September, mapping out how the country can achieve the ambitious goal of potentially capturing between 5-8% of the global hydrogen market by 2040. The strategy sees Egypt producing up to 5.8 metric tons per annum of green hydrogen, which will require up to USD 60 bn in investments.

Some projects are already underway: UAE-based urea and ammonia exporter Fertiglobe secured a EUR 397 mn offtake agreement from the German government’s H2Global program last month to supply green ammonia to the EU from its Egyptian facilities between 2027 and 2033, securing 10% of Germany’s annual ammonia needs. The firm also sent the world’s first ISCC PLUS-certified (International Sustainability and Carbon Certification) green ammonia shipment to India from its electrolyzer facility in Egypt’s Suez Canal Economic Zone last December.

AND- Hynfra is active elsewhere in the region: Jordan Green Ammonia (JGA) — a JV formed between Poland-based Hynfra and Jordan-based Fidelity Group — is building a USD 1.6 bn green ammonia and hydrogen facility in the Aqaba Special Economic Zone.

Jordan + HD Solar explore green hydrogen and ammonia production

Jordan ramps up green hydrogen ambitions: Jordan’s Ministry of Energy has signed an MoU with China’s Hangzhou Huading New Energy (HD Solar) to conduct feasibility studies for producing green hydrogen and ammonia in Jordan, according to a statement. Under the agreement, HD Solar will conduct preliminary feasibility studies for a green hydrogen project in a bid to produce 400k tons of green ammonia annually.

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Gathering steam: The agreement is Jordan’s 14th MoU to explore green hydrogen and ammonia production, tallying a total potential investment ticket of USD 28 bn for the sector, the statement notes. Eight investors have already submitted their initial feasibility studies, and three are in the final stages of the process.

Jordan has a major project in the works: Jordan Green Ammonia (JGA) — a JV formed between Poland-based Hynfra and Jordan-based Fidelity Group — is building a USD 1.6 bn green ammonia and hydrogen facility in the Aqaba Special Economic Zone. The JV signed land use agreements back in September and intends to generate between 100-200k tons annually, powered by 530 MW capacity from solar. Surplus supply will be earmarked for EU markets.

REMEMBER- Jordan is reportedly working on a revised renewable energy law aimed at supporting the building of renewables infrastructure for green hydrogen and ammonia production. The updated legislation — which has already received the cabinet’s initial endorsement — is yet to be approved by Parliament.

Jinko reaches financial close for 400 MW Saudi solar farm

China’s Jinko Power has reached financial close on its 400 MW Tabarjal Solar PV project in Saudi Arabia and is set to begin construction, according to a statement. The investment ticket for the project has not been disclosed.

Who’s kicking in financing? Riyadh Bank and APICORP are providing long-term, non-recourse project financing to the project company, the statement notes.

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Background: Jinko inked a PPA with the Saudi Power Procurement Company for the project last November, as part of a consortium made up of Sun Glare Holding and Sunlight Energy Holding. The farm is expected to generate enough clean power annually for some 75k households.

Jinko is growing its regional portfolio: The company is also developing the 350 MW Saad solar farm in KSA, the 1.5 GW Sweihan and 2.1 GW solar farm in the UAE, and the 500 MW Manah II in Oman, the statement notes. Jinko has nearly 4.6 GW of operational and under-construction projects across the GCC.

Turkey launches EBRD-backed Industrial Decarbonisation Investment Platform

Turkey has launched the Turkey Industrial Decarbonisation Investment Platform (TIDIP) to support decarbonization efforts across hard-to-abate industries, according to a statement. Spearheaded by the European Bank for Reconstruction and Development (EBRD), the platform plans to mobilize EUR 5 bn in investments by 2030 to reduce over 20 mn tons of carbon emissions annually. Key industries that will be targeted by the initiative include steel, cement, aluminum, and fertilizer, with plans to expand to other sectors like glass, ceramics, and chemicals.

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About the platform: The TIDIP leverages the low-carbon pathway (LCP) concept co-developed by the EBRD and Türkiye's Ministry of Industry and Technology. These pathways create roadmaps for sustainable decarbonization involving critical technologies, financing, and policy measures. The platform would also better position Turkey’s industry in the face of heightened decarbonization competition ahead of the EU’s Carbon Border Adjustment Mechanism.

EBRD ? Turkey’s green projects: EBRD extended a EUR 25 mn loan to Turkey’s QNB Finansleasing to support on-lending for green economy initiatives last month. It also extended a USD 60 mn (EUR 55 mn) loan to Turkish renewable energy firm Borusan EnBW Enerji in September for building a 116 MW onshore wind energy project in Sivas and Tekirdağ. Earlier in August, the Turkish multinational snack manufacturer Ulker received USD 90 mn from EBRD in its first sustainability-linked Eurobond issuance.

Turkey had a busy year: Turkey was working on renewable energy regulation amendments to boost private sector investments in a bid to quadruple wind and solar power to 120 GW by 2035. It also aims to achieve a total installed renewable energy capacity of 120 GW by 2035, marking a fourfold increase from current levels in its 2035 Renewable Energy Roadmap. The roadmap estimates the investments needed to reach the target to be around USD 80 bn. Key projects contributing to this goal include the YEKA 2024 projects, including the development of wind power plants (WPP) and solar power plants (SPP) across various regions.

Coffee With: Medea Nocentini, GV Senior Partner and C3 Founder

Coffee with Medea Nocentini, senior partner at Global Ventures and C3 Founder: Nocentini (LinkedIn) is a senior partner at Dubai-based international venture capital firm Global Ventures (GV). She is also a founder of C3, a sustainability-driven accelerator focused on scaling up projects contributing to net zero goals. C3 is backed by HSBC, Accenture, Standard Chartered, Google, DMCC, Engie, and Multichoice.

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We sat down with Nocentini to discuss the sustainable VC landscape in the region, touching on what obstacles industry startups face, which subsectors are pulling in the most financing, the startup valley of death, and what the future holds.

Edited excerpts of our conversation follow.

Enterprise: Tell us a bit about your current roles in GV and C3?

Medea Nocentini: As a senior partner at GV, I currently sit on the investment committee and am very involved with the portfolio, overseeing all the different functions and working with the other partners.

I’m the founder of C3, which launched in 2012, and has since evolved into an operator of accelerators focusing on impact-driven founders and startups. We always look for companies that contribute to at least one of the Sustainable Development Goals (SDGs), but are very commercial too. We believe those two aspects are absolutely aligned in a good business model.

E: What areas do you prioritize?

MN: We anticipate a move towards resource efficiency across sectors in emerging markets like supply chain, agritech, and energy. GV’s most recent Fund III is strategically aligned with industries that are set for technological transformation over the next decade.

Given the dynamic entrepreneurial activity in these regions, we primarily focus on emerging markets within MENA and Africa, with a particular emphasis on the UAE, Saudi Arabia, and Egypt. We also remain committed to our core focus areas — fintech, healthtech, and SaaS — and continue to explore new and exciting opportunities as they emerge.

For C3, the focus is also on emerging markets with a similar sector focus of the startups we support in our accelerator programs, including health, education, environment, and financial empowerment.

E: How do you think VCs play a role in regional sustainable innovation?

MN: We need to consider that each VC has its own strategy, depending on what was promised to their investors. So when it comes to a generic sustainability question, I'll say there is definitely an increased focus on ESG. I always visualize it as either a vertical or horizontal focus.

The vertical focus on ESG could be linked to the strategy of the fund or the firm. This is not the case at GV, we are sector-agnostic. When we say horizontal ESG, that means the focus is on being a responsible company, or helping a portfolio to be a responsible company by not harming the environment or society, or by having stronger governance.

We try to ensure they look at sustainability, diversity, and inclusion practices. The beauty of this work is that young startups are very willing to adopt those practices. That's encouraging because I expected more resistance when we started this work three or four years ago. Ultimately, they want to ensure they do no harm because they realize that those are business risks that can jeopardize a company.

Another driver of sustainable innovation is that startups have limited access to capital, considering how little is invested in early innovation ideas in the region vs the US. That makes them more frugal because they find ways to do things using less water, less energy, and more renewable energy. In some parts of Africa, we see that tendency just because energy is very expensive.

E: What subsectors of the industry do you see attracting the most investments?

MN: There is not one that will prevail. I think it will be a combination of things, and that's why the region has a very long-term outlook. We can think about the challenges [facing the region] to get an idea — of how to store energy and how to access critical energy transition materials — and what makes sense for the region, such as solar power since we have an abundance of sun or agri/water tech since MENA is extremely water stressed. But there is not one technology that should prevail, and if one does, it is probably just because it makes better returns, but they are all fairly capital-intensive.

Some companies are sustainable by design and play a role in the landscape rather than directly addressing energy. For example, we have a company in our portfolio called Iyris that has patented a set of technologies to grow crops in the desert with salt water and natural light, which is almost magic. Immensa is another one that basically started as software to manage the 3D printing of spare parts in the oil and gas industry. Under traditional value and supply chains, those parts are produced abroad, and you need to order months in advance to then store them. That process consumes a lot of energy on its own. So this company is inadvertently saving a lot of energy by allowing companies to print their own parts using a digital library, so essentially, not all sustainability solutions are obvious.

On AI, we know that AI and data centers are very energy-intensive, so I wonder if that will affect the trends I just described. What's promising is that there are so many more solutions coming up that are energy-efficient at a data center level, but it’s all very new, so we’ll have to see how it goes. Maybe the government will provide the infrastructure for AI, and then, for a bit, we will consume more energy than what we do now before reversing the increase using more advanced applications. Everybody wants to reduce energy consumption, so solutions are inevitable, I'm just unsure about the timing.

E: Clean tech globally has been dealing with what many call the “Valley of Death” as they struggle to reach series B funding and investors lack confidence. Do you see this changing moving forward?

MN: Frankly, the valley of death is a problem across sectors, not just cleantech. But generally, for VC, the best time to get money is when the scalability is near or already achieved. The best time is when the company has either software attached to their solution that can scale easily, or they have a license in business. That could mean that they have already patented, tested, and tried their solution and are at the stage where they can license it to other manufacturers and distributors. What startups sometimes struggle with is going to the right source of funding and at the right moment of their growth to combine grants, corporate investments, private equity, and VC in the best way possible.

If the solution is still patent-pending, the first source of funding should be grants or strategic corporate investors. VCs will rarely inject money into a company that still needs a few years to patent their product, so having grant-style funding for this technology in these stages is fundamental, and that's why the top countries with many techs in these stages — like Norway, Sweden, the UK, and the US — have very big grant programs in place.

Another issue for companies that might deter investors is being capex intensive. The typical VC business model expects returns for investors over 5 to 10 years, so a company that needs longer [time] to reach scale is not VC material. Bigger conglomerates or private equity might be better suited to consider those kinds of investments.

Regionally-speaking, the valley of death means that if a startup wants to survive, it will have to look abroad for capital, but I think this will change over the next decade.

E: Are there any key differences between how that manifests regionally versus, let's say, in the West?

MN: Here, we have less VC and private equity capital than in the West across sectors. In 2023, we invested USD 6 bn at a VC level across the region, but that's equivalent to just one transaction in Silicon Valley. We’re just scratching the surface.

For the West, it's probably important to distinguish between the US and Europe. Europe has so many fragmented legislative bodies and much stricter rules and regulations than almost anywhere else. I’m unsure about the US, but I know the environment is volatile, and the recent election can change a lot. Comparatively, I think MENA is very promising. It's much less complex to achieve things here, and we can go faster.

E: We’re glad to hear the optimism about where the region is heading.

MN: I’ve been here for 12 years and would have never imagined such progress and innovation, so what we’ve achieved is mesmerizing. USD bns have already been invested in alternative energy here so I am excited. It's no longer a niche conversation.

E: What is the outlook for Global Ventures and C3 over the next 10 years?

MN: Over the next decade, we will deepen our commitment to supporting founders in emerging markets, driving transformative change across MENA and Africa. Solutions from and for the frontier will continue to attract global investor backing, not only due to the vast growth and untapped market potential in these economies, but also the innovative, resource-efficient approaches local founders bring to addressing global societal challenges. Both Global Ventures and C3 are dedicated to fostering a more collaborative ecosystem, providing founders with the essential resources, capital, knowledge, and networks needed to succeed.

Adnoc CCS project receives DNV certification

CARBON STORAGE-

Adnoc carbon capture project receives DNV certification: The Abu Dhabi National Oil Company (Adnoc) has received a ‘Site Feasibility Certificate’ from Norway-based environmental assessor DNV for the West Aquifer carbon capture and storage (CCS) site in the UAE, according to a press release. Adnoc hopes to decarbonize its Ruwais industrial site through the project. The project is the first carbon storage location in the Middle East to receive the certification, which approves the initial feasibility for long-term CO2 storage.

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Adnoc is well versed in carbon capture: In August, the company signed an agreement with Petronas and Storegga to assess the feasibility of CO2 storage in saline aquifers and developing CCS facilities. Last year, Adnoc partnered with the Fujairah Natural Resources Corporation, renewables developer Masdar, and Omani carbon removal and mineralization outfit 44.01 to pilot technology to permanently mineralize CO2 in rock formations located in Fujairah. The firm also announced last year a final investment decision to set up one of the MENA region’s largest carbon capture projects, with the aim to capture and store 1.5 mn tons annually of CO2 within geological formations underground — and signed an agreement with Occidental Petroleum to explore potential investment opportunities and tech exchange on CCS in the UAE and US.

DISTRICT COOLING-

Empower to expand cooling services in UAE: The UAE Ministry of Energy and Infrastructure has signed an MoU with Emirates Central Cooling Systems Corporation (Empower) to enhance collaboration in delivering district cooling services across the northern emirates, according to a DFM disclosure (pdf). The two parties will conduct technical and economic studies to explore low-carbon district cooling projects in the northern area.

Empower has been busy: Empower recently bagged the Guinness World Record for the highest capacity district cooling plant in recognition of its Business Bay District Cooling project in Dubai, which holds a connected capacity of nearly 241.3k refrigeration tons (RT) and an ultimate capacity of 451.5k RT last month. In October, it also inked an agreement with Mitsubishi Heavy Industries Thermal Systems (MHI Thermal Systems) to purchase 18 units of its energy-efficient advanced chillers with a total capacity of 56.25k RT.

WASTE MANAGEMENT-

Jordan launches industrial waste exchange platform: The Amman Chamber of Industry has signed an agreement with Echo Technology - Jordan to develop the country's first electronic platform for industrial waste exchange, according to a statement. The German-funded initiative aims to facilitate the reuse and recycling of industrial waste and is supported by the German International Cooperation (GIZ) under the "Enhancing Green Activities in Industrial Facilities" project. The platform will connect industries with surplus waste to those that can use it as raw materials and industrial input.

Waste platforms are on the rise: UAE’s Rebound, a subsidiary of Sirius International Holding, launched a new subscription-based platform for recyclable materials in September. The platform connects buyers, sellers, and partners globally via a subscription model and no commission on trades. It offers several materials, including plastics, rubber, e-waste, metal, paper, and cardboard.

AGRITECH-

The UAE’s Crysp Farms is partnering with agritech veteran Alesca Technologies to deploy 500 AI-powered vertical farms across Mena over the next five years, according to a press release. The farms will provide over 130 varieties of fresh, pesticide-free produce year-round within an hour of harvest, while using 90% less water and 99% less land compared to traditional agriculture.

The agreement targets major hospitality providers, including Marriott International, Hilton Worldwide, and Jumeirah Group, with plans to expand to other sectors in the region.

ENERGY EFFICIENCY-

Hasa Energy to make Omani Ministry building projects energy-efficient: Oman’s Hasa Energy has signed the country’s first Energy Services Performance Contract (ESCO) with the Ministry of Housing and Urban Planning to reduce energy consumption by 39% across the Ministry’s buildings over a six-year payback period, Times of Oman reports. The project will include the installation of solar PVs and more efficient cooling systems, and optimizing water consumption, co-founder Eng Muatasam Al-Aulaqi told the outlet.

Uh, Enterprise … what’s an ESCO? ESCOs increase the energy efficiency of their clients’ facilities by developing, designing, building, and arranging financing for energy-saving projects that translate into cost savings on the energy, operations, and maintenance fronts. Advocates think ESCOs will become more important as more and more companies adopt ESG targets and emissions standards.

Acme partners with BASF on green ammonia projects

India’s Acme + Germany’s BASF partner on green ammonia: Indian renewable energy company Acme Cleantech and German chemicals company BASF signed a Heads of Agreement (HoA) to supply green ammonia to Europe and an MoU to explore further collaboration in the green ammonia business, according to a statement. No financial details or timeline were disclosed for the collaboration.

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Acme is working in Oman: Norway's fertilizer manufacturer Yara International signed an agreement with Acme’e subsidiary Green Hydrogen and Chemicals Company (GHC) to buy 100k tons of green ammonia annually from the latter’s Oman plant last March. Acme also signed an MoU with the German liquid organic hydrogen carriers (LOHC) firm Hydrogenious LOHC Technologies to jointly explore the development of hydrogen supply chains from Acme’s Omani plants to hubs in Europe in April.

IN OTHER INDIA UPDATES- India working on carbon credit agreements: India is working to finalize a potential carbon credit agreement with Japan by early 2025 and looking to advance similar talks with South Korea and Singapore, targeting March 2026 completion, Bloomberg reports, citing unidentified sources familiar with the private negotiations. India is hoping to attract investment to fund decarbonization projects that generate credits. Germany and Sweden are also on India’s radar for possible agreements.

COP29 paved the way for the deliberations: India’s bilateral talks are being held under Article 6.2 of the Paris Agreement. The summit had a major breakthrough with an end to the deadlock on global carbon market rules by agreeing to “fully operationalize” Article 6.4 under the Paris Agreement. The regulated system would enable trading carbon credits — each representing one ton of CO2 reduced or removed — on a country level to support governments in meeting emissions targets.

CALENDAR

NOVEMBER 2024

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

26-28 November (Tuesday-Thursday): Egypt Energy Show, Cairo, Egypt.

27-28 November (Wednesday-Thursday): RAK Energy Summit, Ras Al Khaimah, UAE.

DECEMBER 2024

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

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

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

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

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

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

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

JANUARY 2025

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

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

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

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

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

FEBRUARY

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

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

14-15 April (Monday-Tuesday): Istanbul Carbon Summit, Istanbul, Turkey.

21-23 April (Monday-Wednesday): Electric Vehicle Innovation Summit (EVIS), Abu Dhabi, UAE.

MAY

7-9 May (Wednesday-Friday): International Renewable Energy Conference (IRENEC), Istanbul, Turkey.

JUNE

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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