Good morning, nice people. We have a brisk issue this morning with news from our friends at Infinity Power and an update on Iraq’s renewable energy export plans, but first, a look at how the recent shakeup in the US presidential race may shape climate policy…
THE BIG CLIMATE STORY OUTSIDE THE REGION– US presidential candidate Kamala Harris expected to crack down on climate change: Potential Democratic presidential nominee Kamala Harris is expected to have a more aggressive stance on climate issues than her predecessor Joe Biden. Harris took legal action against fossil fuel companies, prosecuted a pipeline company for an oil leak, and investigated Exxon Mobil for misleading the public about climate change during her time as California attorney general, which suggests she could be more assertive in holding oil companies accountable and addressing environmental justice.
Putting clean energy goals first: In her role as vice president, Harris debuted at international climate negotiations, committing USD 3 bn to the Green Climate Fund and delivering a major speech on climate. She has also been active in US Environmental Protection Agency policy rollouts, and has addressed environmental justice issues through initiatives like a USD multi-bn program to replace lead pipes and lead paint nationwide.
The story made headlines in the international press: Reuters | Bloomberg | The New York TImes | Wall Street Journal | ABC News
WATCH THIS SPACE-
#1- Egypt + EU eye EUR 1.8 bn investment guarantee to boost green sectors: Egypt and the EU are considering activating a EUR 1.8 bn investment guarantee mechanism designed to boost local and foreign investments in key sectors, including renewable energy, green hydrogen, food security, and digital transformation, according to a press release. The meeting also covered development cooperation, particularly the Nexus for Food, Water, and Energy initiative program linking water, food, and energy projects.
REMEMBER- The EU pledged EUR bns to Egypt earlier this year: The EU is set to provide Egypt with a EUR 7.4 bn package of loans, grants, and investments — including some in the green energy sector — through to 2027, after President Abdel Fatteh El Sisi signed a joint strategic partnership and comprehensive agreement with European Commission President Ursula von der Leyen at the Ittihadiya Palace in March.
ALSO- Egypt to allocate 90 sqkm of land for Amea Power’s renewable energy projects: The Egyptian New and Renewable Energy Authority plans to allocate approximately 90 sqkm of land to UAE’s Amea Power — a subsidiary of the UAE’s Al Nowais Group — for its planned renewable energy projects in the country, Al Arabiya reports, citing sources it says have knowledge of the matter. The projects will include both solar and wind stations with a combined capacity of 1.5 GW.
More details: Following the Egyptian Cabinet’s approval to expand its renewable energy projects in the country by next summer, Amea Power is now set to receive 20 sqkm in Benban, Aswan for a 500 MW solar power plant and 70 sqkm in the Gulf of Suez for a 1 GW wind power plant, sources tell Al Arabiya. The company will finalize project details with the Egyptian Electricity Transmission Company within the next two weeks, aiming for commercial operation before summer 2025.
Part of a bigger plan: The UAE and Egypt are working to introduce some 4 GW of renewable energy into the national grid by next summer in a bid to help Egypt meet heightened energy demand.
#2- Morocco explores implementing a carbon tax: The Moroccan Customs and Indirect Tax Administration will conduct a study to implement a carbon tax as part of its strategic plan 2024-2028, MAP reported. The carbon tax will be developed collaboratively with relevant sectors and the private sector, and the study will explore simplifying the customs code to facilitate access to customs legislation.
Why this matters: The proposed tax comes in response to the EU’s Carbon Border Adjustment Mechanism (CBAM) that is set to fully go into effect starting 2026, which could have a considerable impact on Morocco’s exports — particularly from the country’s notoriously energy-intensive steel, aluminum, cement, electricity, and fertilizer industries, according to a study (pdf) by the Policy Center in Morocco.
Morocco is not alone: Egypt’s government is also reportedly mulling plans to put a new tax on carbon emissions from petroleum products in preparation of the EU’s CBAM. The proposed tax will be based upon the “cost of environmental damage” — i.e., a direct tax on emissions — and not the quantity of petroleum products as done currently. Egypt’s Financial Regulatory Authority is also set to give the greenlight to brokerage firms looking to trade carbon certificates with a minimum issued and paid-up capital of EGP 15 mn.
#3- Algeria is lining up EU interconnection agreements: Algeria’s state-owned Sonatrach and Sonelgaz are set to sign an agreement with international partners shortly to complete an subsea interconnector line to export electricity to the EU, APS reports, citing a statement by the country’s Minister of Energy and Mines Mohamed Arkab. The exported electricity will be generated from both renewable sources and natural gas.
Is this part of Medlink? Italian energy firm Zhero is developing the Medlink project in a bid to import renewable energy from Tunisia and Algeria which would cover nearly 8% of Italy’s electricity needs. The project is scheduled to kick off operations in 2030, and could eventually expand to deliver green energy to Austria, Germany and Switzerland
#4- We have an estimate on the value of the three renewable energy joint ventures the Public Investment Fund signed last week with major Chinese players: The agreements to localize the manufacturing of a number of wind and solar power generation components is worth over USD 3 bn, according to a statement from British law firm Mishcon de Reya, which represented local and privately owned renewable energy firm Vision Industries in the agreements.
REFRESHER- The PIF’s wholly-owned subsidiary Renewable Energy Localization Company (Relc) and Vision Industries signed with China’s second-largest wind turbine manufacturer, Envision Energy; solar module manufacturer JinkoSolar; and Lumetech, a subsidiary of China’s TCL Zhonghuan Renewable Energy.
IN OTHER SAUDI NEWS- There are some updates trickling in from the Saudi delegation in Brazil: The Kingdom is banking on its nascent EV manufacturing industry amid a global transition to clean and renewable energy, Saudi Industry and Mineral Resources Minister Bandar Al Khorayef told Asharq Business (watch, runtime: 5:07). “Despite EV manufacturing being new to us, we still aim to manufacture 300k-350k vehicles annually. This primarily requires a focus on EV battery manufacturing with Saudi qualified to host investments and industries focused on supply chain for the batteries,” he said.
IN CONTEXT- Al Khorayef is leading a delegation that is currently in Brazil and will head to Chile later this week to look at potential investments in mining and manufacturing. The delegation will meet with government officials as well as execs from top mining, aviation and food companies — including Vale, Minerva Foods, JBS, BRF SA, Codelco, Antofagasta, and others — in both countries. The delegation’s trip to South America wraps up on Tuesday, 30 July.
REMEMBER- Saudi’s ongoing efforts to develop the industry is making it turn to Chile, which is the world’s second-largest producer of lithium. Al Khorayef said in April that Saudi will continue to source lithium from abroad as part of its plans for the emerging EV sector as securing domestic supplies were still at an early stage.
#5- Chinese state-owned oil giant PetroChina has joined 50 other oil and gas producers in signing the Oil and Gas Decarbonization Charter (OGDC), Bloomberg reports. The pledge, initiated by the UAE at the COP28 climate summit, aims to eliminate methane emissions by the end of the decade. PetroChina’s participation means the OGDC now represents about 40% of global oil production. The companies involved must submit plans by 2025 to meet the goals, which also include stopping routine natural gas flaring.
More is needed: COP28 president Sultan Al Jaber highlighted the significance of PetroChina’s commitment and urged other global companies to join the initiative. The company joins other major signatories including Shell, BP, TotalEnergies, and Occidental Petroleum.
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CIRCLE YOUR CALENDAR-
The UAE will host the World ESG Summit from Tuesday, 20 August to Wednesday, 21 August in Dubai. The summit will gather experts and industry leaders to explore new ways to integrate Environmental, Social, and Governance (ESG) principles into business practices.
Turkey will host the International Conference on Clean and Green Energy Engineering from Saturday, 24 August to Monday, 26 August in Izmir. The event will gather researchers and professionals to share advances in clean energy. It will also offer a platform to discuss the latest research, practices, and applications in clean and green energy engineering.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.


