Iran’s new 50 MW wind farm is now operational

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WHAT WE’RE TRACKING TODAY

TODAY: Fresh wind power for Iran + Amea Power reaches financial close on 120 MW South African solar plant

Good morning, friends. We have a mixed bag of updates for you this morning with a little of everything, from new renewable energy projects to financing updates to interesting developments on the COP29 front. Shall we?

THE BIG CLIMATE STORY OUTSIDE THE REGION THIS WEEKEND- Global clean energy investment to hit double fossil fuel figures in 2024: Global investment in clean electricity is set to rise to USD 2 tn in 2024, double the investment in fossil fuels, according to a new report (pdf) by the International Energy Agency (IEA). Clean energy investments will go towards renewables, nuclear power, EVs, power grids, energy storage, low-emissions fuels, efficiency improvements, and heat pumps, while investments totalling USD 1 tn are forecast for fossil fuels.

China is in the lead: China is expected to lead clean energy investment in 2024 with an estimated USD 675 bn, followed by Europe at USD 370 bn and the US at USD 315 bn. Solar photovoltaic (PV) will see the most investment among electricity generation technologies, with spending projected to reach USD 500 bn due to decreasing solar module prices. Globally, solar PV installations are expected to reach 462 GW capacity — up 8% from 2023 record levels — this year, according to Rystad Energy.

Oil and gas aren’t out of the picture yet: Global upstream oil and gas investment is anticipated to still rise by 7% y-o-y in 2024 to USD 570 bn, driven primarily by national oil companies in the Middle East and Asia.

The story grabbed ink in the international press over the weekend: Reuters | The Guardian | The Wall Street Journal | Bloomberg | CNBC

HAPPENING THIS WEEK-

The International Conference on European Energy Market will open its doors today in Istanbul and wrap on Wednesday. The three-day event will gather experts from scientific, industry, and policy sectors for discussions on various energy market-related topics. The conference covers themes including energy modeling, market design, regulatory policies, and climate change.

HAPPENING THIS WEEK-

The G7 summit will kick off in Italy this week, here’s what to expect: G7 leaders will convene this week from Thursday, 13 June to Saturday, 15 June in Apulia, Italy for their annual international summit which aims to strengthen their engagement with developing nations. The discussions will include climate change, AI, and energy in Africa and the Mediterranean region, according to their website.

The summit could be a moment in the spotlight for Italy’s role in the global climate fight: The event could provide the “perfect backdrop” to boost Italian Prime Minister Giorgia Meloni’s leadership credibility by strengthening the G7 climate agenda, policy analyst Luca Bergamaschi told Clean Energy Wire.

Other potential topics: Italy and G7 allies are expected to announce proposals to support clean energy and food security in Africa, which will include suggestions for creating new financial instruments to promote growth. The group may also touch on the ongoing trade war between China and the West.

But other geopolitical tensions may gain more attention than climate: Climate change seems to have dropped down the list of priorities amidst the ongoing war in Ukraine and genocide in Gaza, according to Clean Energy Wire. The results of G7 ministerial meetings held in the run up to the annual leader’s summit have been “mixed on climate so far,” with the biggest achievement being a coal power phase-out by the mid-2030s — the first explicit pledge for a full phase-out by the group — which was agreed on last month at the conclusion of two-days of talks in Turin, Italy.

WATCH THIS SPACE-

#1- France, the US, the UK, Canada and the EU are said to be working on a new draft plan to halt new private sector funding for coal projects ahead of COP29 in Baku, Reuters reported on Friday, citing several sources with knowledge of the matter. The proposal, developed by the Organisation for Economic Co-operation and Development (OECD), would be the first to halt new financing to existing or planned coal projects, and end funding to companies building coal infrastructure, the sources said.

More details: If the plan is adopted, financial institutions would shift their financing to the early retirement of coal plants and any early closures of facilities should be matched with parallel financing for renewable energy projects to replace the energy generation capacity.

#2- EU reveals new ESG rules expected to trigger divestments: The European Securities and Markets Authority (ESMA) has revealed stricter rules for “how freely asset managers can attach ESG labels to their funds,” Bloomberg reported on Thursday. Under the new regulations, ESG or related funds must have at least 80% of their assets actually be related to ESG principles and cannot include oil and gas investments. The new orders are predicted to cause mass outflows of investments from different sectors including the energy, railroads, and industrial sectors, as countries attempt to comply with the exclusion rules.

The US will be the most impacted: 42% of resulting divestments are expected to be from the US stock market, according to a Morningstar report (pdf). France’s stock market is predicted to be the second most impacted country, with 17% of the outflows coming from French ESG funds. China, the United Kingdom, Canada, and Japan are coming in line after France as countries that will be affected by the new rules.

The local EU market won’t be spared: There are around 4.3k ESG or sustainability related funds in the EU that will be affected by ESMA’s guidelines of which 1.6k are expected to have to divest a total of up to USD 40 bn. Regulatory EU member states authorities will have to adopt the new guidelines or outline why they won’t comply.

But some will decide to divest in ESG instead: However some managers will instead turn to renaming their products and dropping the ESG label instead, the analytics company shared in a post. US fossil fuel lobbyists started a strong anti-ESG campaign that pushed major asset management firms to backtrack on their ESG pledges. Europe and Asia also experienced their own waves of divestment.

COP WATCH-

Upcoming COP host amps up its green goals: COP29 host Azerbaijan plans to increase its renewable energy share to nearly a third of its energy sector with over USD 2 bn in investments, according to a statement by Energy Minister Parviz Shahbazov last week. “By the end of 2027, the share of renewable energy in the installed capacity of electricity at the expense of green power to 2 GW, which will be realized, will rise to 33%” Shahbazov said.

Major projects are in the pipeline: Azerbaijan is accelerating sustainable projects like wind and solar power and constructing an electric cable under the Black Sea to transfer green energy from Caspian Sea wind farms to Europe. These initiatives will help electricity generation reach 5.3 bn kWh and reduce emissions by up to 2.5 mn tons.

ON A RELATED NOTE- Masdar eyes Azerbaijan’s gas route for green hydrogen exports: Abu Dhabi’s renewables giant Masdar is mulling the use of Azerbaijan’s Southern Gas Corridor (SGC) — which delivers gas from the Caspian sea to Europe — for green hydrogen exports, The National reported last week, citing Masdar’s head of development and investment Maryam Al Mazroue for the Commonwealth of Independent States region. The company is studying whether “it is really feasible to inject green hydrogen and also utilize the same infrastructure,” Mazrouei said.

ICYMI- Masdar and Azerbaijan's state-owned Socar broke ground on 1 GW of solar and wind projects earlier last Wednesday, as part of a broader agreement to install 10 GW of clean energy projects — including onshore and offshore wind farms, solar farms and green hydrogen — in the Central Asian country. The initial phase will see them produce green hydrogen from 2 GW worth of offshore wind energy projects.

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CIRCLE YOUR CALENDAR-

Morocco will host the Morocco Energy Week Summit from Tuesday, 11 June to Thursday, 12 June in Marrakech. The event will gather Morocco's leading energy players, companies and developers alongside financiers and implementation experts to discuss the country’s green transition.

Spain will host the Connecting Green Hydrogen Europe conference from Tuesday, 25 June to Thursday, 27 June in Madrid. The event will see around 5k attendees including industry leaders, energy ministers, and executives to explore solutions, new technologies, and transformative advancements to advance the hydrogen industry.

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

Iran’s new 50 MW wind farm is now operational

Iran has inaugurated a 50 MW wind farm in its southern province of Sistan-Baluchestan, Tehran Times reports. The Renewable Energy and Energy Efficiency Organization of Iran expects the project to generate some 700 MW of electricity in the coming years, saving around 250 mn litres of water and 30 mn litres of diesel for every 100 MW of electricity generated.

Part of bigger plans? Iran’s Economic Council approved the construction of wind farms with a capacity of up to 3 GW last November. Iran plans to add 10 GW of renewable capacity by August 2025. It also signed MoUs with the private sector last year to set up new renewable power plants across the country.

Iran has a long way to go: Wind and solar only contributed 0.6% to Iran’s electricity generation in 2023 while hydropower contributed around 4%. The country still majorly relies on fossil fuels which accounted for 94% of its power generation last year.

UAE’s Amea Power reaches financial close on its South African solar plant

UAE renewables company Amea Power reached financial close on its USD 120 mn, 120 MW Doornhoek solar energy plant in South Africa, according to a statement published on Thursday. Amea will get USD 100 mn in debt funding from Standard Bank South Africa and another USD 8 mn in equity funding from the Industrial Development Corporation will go to the company’s local partners. The project will start commercial operations by December 2025.

REMEMBER- The firm was awarded the project in 2022 and construction was slated to begin in mid-2023. The plant will generate over 325 GWh of clean energy, offsetting 330k tons of CO2 emissions annually, and powering 97k homes. Amea holds the majority of the project's shares, on which it partnered with Ziyanda Energy and Dzimuzwo Energy. Amea signed a 20-year Power Purchase Agreement (PPA) with South Africa’s Eskom last month.

The company’s African portfolio is booming: Amea Power signed agreements with the governments of Uganda, Djibouti, Mozambique and Zimbabwe to develop renewables projects with a combined 200 MW generation capacity at COP28. It also signed an agreement with Ethiopia’s Finance Ministry to build a USD 600 mn, 300 MW onshore wind power plant in the country. The UAE firm is also reportedly set to sign a USD 800 mn agreement with Geothermal Development Co. of Kenya to develop the 200 MW Baka geothermal energy generation plant in the African country.

And there’s more in the pipeline: The company completed a 33/220kV substation building structure at its 500 MW Abydos solar plant in Egypt last month. The solar plant — which secured funding in December 2022 — is scheduled to be completed in the middle of this year, and is being constructed under a build-own-operate framework. Amea also began construction of the TND 300 mn (USD 95.7 mn), 100 MW solar power plant in Tunisia’s Kairouan last month.

Saudi’s SFD extends loan to El Salvador for water treatment and biogas energy plant

SFD greenlights its El Salvador water + biogas project: The Saudi Fund for Development (SFD) signed a USD 83 mn development loan agreement with El Salvador to fund a water treatment and biogas power generation project using water from the Central American country’s Acelhuate River, according to a statement released Thursday. This project — which will benefit over 1.2 mn people — aims to enhance El Salvador’s renewable energy capacity and support environmental sustainability. No timeline for the project or further information was disclosed.

We knew this was coming: The SFD agreed to fund the water treatment and biogas energy general project plant in El Salvador under an MoU signed last month. This marks the first green partnership between the kingdom and the Central American country.

Not KSA’s first partnership in Central/South America: The governments of Brazil and Saudi Arabia discussed potential investments in sectors including renewables, mining, and agriculture in December 2023. The two countries also signed 25 MoUs during the Brazilian-Saudi Investment Forum in August 2023 to boost bilateral cooperation across the desalination, water treatment, and agriculture sectors.

The first phase of Gotion High-Tech’s Morocco EV battery gigafactory is in the works

A step forward for Morocco’s EV battery gigafactory: Morocco signed an agreement with Chinese battery maker Gotion High Tech (Gotion) to establish the first phase of its EV batteries gigafactory in Morocco’s Kenitra city with an investment ticket of MAD 12.8 bn (c. USD 1.3 bn), according to a statement released on Thursday. This comes two days after Morocco’s National Investment Commission approved the project.

What we know so far: The first phase is set to have a production capacity of 20 GWh and an export capacity of USD 2 bn, with construction starting in June 2026, according to MAP. Gotion plans to raise the plant’s capacity to 100 GWh, with the total investment expected to reach around USD 6.5 bn, Reuters wrote. The mega project is expected to create some 17k jobs.

Discussions have been brewing: Gotion — which is backed by Germany’s giant equipment manufacturer Volkswagen Group — and Morocco were in discussions in April to secure a location for the project. The company also partnered with tech giant ABB Group to collaborate on the building of the EV battery gigafactory earlier in the year. The company signed an MoU with Morocco for the batteries and energy storage systems factory, the first of its kind in Africa and MENA, last year.

Gotion beat others to the race: Chinese battery minerals producer Zhejiang Huayou Cobalt was also exploring a USD 20 bn electric vehicle battery plant in Morocco last August.

Morocco’s EV manufacturing base is booming: Morocco and Chinese EV battery components maker BTR New Material inked a USD 297 mn investment agreement to build a cathode factory for EV batteries in April. Chinese copper tubes and rods manufacturer Zhejiang Hailiang is also planning to construct a USD 288 mn plant for the production of lithium-battery copper foil in Morocco. Chinese battery giant CNGR partnered with Morocco-based investment fund Al Mada last September to build a USD 2 bn industrial base for battery parts production and recycling.

And it extends to cars: Morocco boasts a combined annual car production capacity of 700k vehicles from automakers Stellantis and Renault, Reuters reported. Citroen also produces around 50k EV buses per year in Morocco with plans to double that output in two years. The kingdom is targeting the production of around 1 mn EVs in the next three to four years. Stellantis and Siemens began producing EVs at its Kenitra plant in Morocco in 2021, which manufactures Opel’s Rockes-e.

IN OTHER EV NEWS IN MOROCCO- Neo Motors opens showroom in Rabat: Moroccan EV maker Neo Motors opened its first showroom in Rabat, MAP reported on Saturday. The showroom will present the company’s first locally made EV model. Neo also plans to open 15 more showrooms throughout the kingdom. The automaker is planning to IPO on the Casablanca Stock Exchange and use part of the funds raised for the production of EVs within three years.

Acwa + Japan’s Itochu set to collaborate on green hydrogen project in Egypt

KSA renewables giant Acwa Power has signed an agreement with Japan’s ItochuCorporation to explore collaboration on Acwa’s USD 4 bn green hydrogen project in Egypt, Argaam reported last week, citing a statement sent to them. The agreement will see both parties explore cooperation avenues on the development of the project and the potential for Itochu to purchase the green ammonia produced from the facility.

What we know: Acwa inked an agreement with the Egyptian government to develop the project last December. The first phase will have the capacity to produce 600k tons of green ammonia annually, while the second phase will expand the plant’s output by another 2 mn tons. The predicted investment value of the second phase was not disclosed, as well as the expected timeline for the entire project.

REMEMBER- Acwa Power already began research on the project: Acwa Power has begun conducting feasibility studies for its USD 4 bn project in the Suez Canal Economic Zone (SCZone) in February. Acwa is working with the Sovereign Fund of Egypt, the Suez Canal Economic Zone, the Egyptian Electricity Transmission Company, and the New and Renewable Energy Authority on the project.

Not Itochu’s first collaborations in the region: Emirates Steel Arkan partnered with Japanese steel manufacturing firm JFE Steel Corporation and Itochu Corporation to produce low-emission iron material for international export in 2022. Itochu Corporation also established an SAF supply network at domestic airports across Japan for domestic carriers, which has been expanded to international carriers starting with the UAE’s Etihad Airways in 2022.

KSA’s SIRC partners with Greece’s Hellenic Environmental Center on ship recycling

ELECTRIC VEHICLES-

Nio to set up shop in the UAE: Chinese electric vehicle manufacturer Nio is planning to start offering its products and services in the UAE by the end of this year, in a bid to expand in the Middle East, CNBC cites Nio CEO William Li as saying on an earnings call last week.

REMEMBER- Abu Dhabi-backed CYVN Holdings pledged a USD 2.2 bn equity investment in Nio back in December 2023, following an initial investment of USD 738.5 mn earlier in the year. The holding company’s EV subsidiary Forseven also signed a technology licensing agreement with Nio, granting Forseven the rights to use Nio’s software, technical information, and intellectual property rights to manufacture and develop Nio-branded EVs.

AGRICULTURE-

Abu Dhabi has a new agrifood cluster: Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan approved the launch of the AgriFood Growth and Water Abundance (AGWA) cluster in Abu Dhabi, according to a statement. The cluster, which is being led by the Abu Dhabi Department of Economic Development and the Abu Dhabi Investment Office, seeks to promote alternative proteins, algae, and reverse osmosis technologies to address global food shortages and water scarcity.

AGWA in numbers: The new cluster is expected to attract AED 128 bn in investments and create over 60k jobs by 2045, contributing AED 90 bn to the emirate’s GDP during the period.

BIOFUELS-

Oman to launch first microalgae project to boost biofuel production: Oman intends to launch its first commercial-scale microalgae farming project to support biofuel production, Oman Daily Observer reported on Friday. The initiative will be implemented with an RO 9 mn investment from three companies — Omani waste management firm Net Zero Solutions, Al Tharmad Business and Services Company, and Saudi EPC contractor Green Gulf Industries.

How it’ll work: The project will utilize photobioreactor technology to produce 3.7k tons of biofuel annually through the industrial-scale use of residual CO2, heat, and water, according to the Oman Daily Observer. This approach not only provides renewable feedstock but also aids in carbon capture. The waste biomass left over can also be used for bioplastic production.

Microalgae has been explored by other regional players: Morocco’s Mohammed VI Polytechnic University and the French National Research Institute for Agriculture, Food and Environment signed a letter of intent in April to establish an international lab focused on the valorization of biomass, organic waste, and microalgae for the production of energy, animal feed, and fertilizers.

RECYCLING-

SIRC Group and Hellenic Environmental Center ink MoU for ship recycling services: Saudi Investment Recycling Company (SIRC), which is wholly owned by the Saudi sovereign wealth fund, and Greece’s Hellenic Environmental Center (HEC) have signed an MoU to establish environmental treatment centers for ship recycling services in Saudi Arabia, according to a press release issued on Thursday. The agreement will involve establishing industrial waste treatment facilities after identifying strategic locations based on proximity to industrial centers, transportation infrastructure, and environmental impact.

SIRC is cleaning up KSA: The King Abdullah Financial District Management and Development Company (KAFD) and SIRC signed an MoU back in January to provide solutions for different waste types in KAFD, including construction and demolition materials and foodstuffs. SIRC also teamed up last year with the UAE's Bee'ah and Al-Maqar Development Company (Almqr) to establish a company to develop and provide integrated waste management solutions in Madinah, KSA.

GREEN MANUFACTURING-

Hoffmann Green Cement starts construction on clinker-free cement unit in KSA: French firm Hoffmann Green Cement and Saudi conglomerate Shurfah Group have broken ground on the no-clinker cement maker’s first unit in Saudi Arabia, Hoffman Green Cement said in a statement (pdf) released on Thursday. The start of construction of H-KSA 1 at Rabigh comes less than a year after Shurfah and Hoffman Green Cement signed a 22-year exclusive licensing agreement to build several Hoffmann Green units in the country under efforts to decarbonize the construction sector.

Shurfah will finance, build, and operate: Under the agreement, Shurfah will be tasked with financing, building, and operating four production units across the Kingdom. They will also commercialize the French company’s green cement exclusively. Construction is expected to be completed by the end of 2025.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

Emerge + AJ Steel Pipes partner on solar energy: Emerge, a Masdar and EDF Group JV, has signed an agreement with AJ Steel Pipes to install a 3 MWp rooftop solar plant at the steel manufacturer's Mussafah facilities in Abu Dhabi. Emerge will provide financing and maintenance for 25 years for the plant, which will offset around 2.5k tonnes of emissions and generate over 5 GWh of electricity annually. (Wam)
Algeria’s Sonatrach inks MoU with China’s Sinopec on hydrocarbon value chain: Algerian state-owned oil company Sonatrach and China’s leading state oil firm Sinopec signed an agreement on Friday to expand cooperation across the hydrocarbon value chain, including exploration of complex reservoirs, renewable energy, and petrochemicals. (Statement)
Tabreed slashed 1.5 mn tons of CO2 emissions in 2023: UAE district cooling firm Tabreed’s operations reduced 2.52 bn kWh of energy consumption from its operations in 2023, preventing 1.5 mn tons of CO2 emissions. The firm has undertaken renewable energy initiatives like the use of geothermal-powered plants and solar energy certificates, and has participated in carbon credit trading and Corporate Social Responsibility (CSR) initiatives. (Statement)

Solar energy soars to a new high in the US

Solar energy booms in the US: US solar energy installations soared to a record high in the first quarter of 2024, with a 71% increase, comprising 75% of new power capacity added to the grid, according to a new report by Wood Mackenzie and the Solar Energy Industries Association published on Thursday. The surge to 11.8 GW of new solar capacity is attributed to increased panel availability, supportive federal and state policies, and a rise in module imports following a moratorium on tariffs on panels linked to forced labor. The US is also set to match 2023's record of nearly 40 GW despite a decline in home solar additions. The country now has a total solar capacity of 200 GW with projections indicating capacity will increase to 438 GW by 2029.

ALSO- The industry is likely to boom further: US solar developers are poised for a surge in installations as a two-year tariff holiday on Southeast Asian solar panels ends, Reuters reported on Thursday. The nearing deadline is prompting the use of stockpiled equipment before new duties apply. The tariff suspension allowed for the accumulation of 35 GW of panels, nearly matching the total US capacity for 2024. However, the impending tariffs and a 50% price drop have sparked concerns among domestic manufacturers. Companies have 180 days to use the accumulated capacity starting 6 June or they’ll have to pay a fine.

IN OTHER US NEWS- US eases automaker fuel efficiency standards amid industry pressure: The Biden administration has relaxed fuel efficiency requirements for automakers, mandating an average of 50.4 miles per gallon across their fleet by the 2031 model year, according to a statement released on Friday by the US National Highway Traffic Safety Administration. The move — which is in response to industry pushback and concerns over slowing demand for EVs — is a 1.4 mile-per-gallon increase from 2026 targets, but is less stringent than the 58 miles initially proposed.

EU countries pushing to ease greenwashing rules amidst political pressure: A majority of EU members want to ease greenwashing prevention regulations that are part of the bloc’s Green Deal, The Financial Times reported on Thursday, citing a document outlining the changes in the deal. Specifically, member states want to alter rules meant to ensure companies cannot make false claims about their eco-credentials, with the changes set to be voted on on 17 June.

Supporters are now backtracking: The deal, which aims for net zero emissions by 2050, has been subject to much political heat by the right wing, who blame it for harming the industrial sector and overloading companies that are already subjected to strict environmental reporting. Even European Commission President Ursula von der Leyen has backtracked on some of the plans to gain support from conservatives, despite being the one who originally proposed the climate law in 2020.

Member states versus Parliament: All member states — except for four, including Germany and Austria — support easing the rules and have proposed a “simplified procedure” that would allow companies to independently assess the scientific credibility of their sustainability claims. The countries also support weaker carbon neutral rules for companies that purchase carbon credits to offset emissions. Parliament, however, argues that highly polluting companies can claim to be carbon neutral and then only mention in fine print that 99% of emissions were offset, but bloc members argue that carbon offsets are a useful tool to begin decarbonization.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

World's largest offshore wind turbine installed in southern China: An 18 MW semi-direct drive offshore wind turbine, the world's largest, was successfully installed in Guangdong province, southern China on Wednesday. Developed by Dongfang Electric Corporation, the turbine has a rotor diameter of 260 meters and a swept area of over 53k sqm. It can generate up to 72 mn kWh annually, meeting the electricity needs of about 36k households, saving over 22k tons of standard coal, and reducing carbon emissions by more than 59k tons per year. (Xinhua)
India needs to invest USD 385 bn in renewables to reach target: India needs to invest up to USD 385 bn — USD 190-250 bn for capacity over the next six to seven years and USD 150-170 bn for transmission and distribution — in order to achieve its target of 500 GW of renewable energy by 2030, Moody’s Ratings estimated. An annual 44 GW of added capacity per year would help achieve this target. (Reuters)
Germany plans 60 GW offshore wind energy expansion: Germany's Maritime and Hydrographic Agency has published a draft for plans to expand offshore wind energy development by 60 GW by 2037. Some 36 GW of the expansion will be built on “acceleration areas,” which benefit from more relaxed permit rules. (Reuters)

Swiss firm Climeworks says new DAC tech can slash costs of carbon removal by 50%

Swiss carbon capture company Climeworks says its DAC technology is capable of cutting in half the cost of removing a ton of carbon from the air, according to a press release. The new Generation 3 technology will initially be deployed in the US following its successful first large-scale testing then expand globally to secured project sites.

How does it work? The new tech features new structured sorbent materials, replacing packed filter beds from previous generations. These new structures increase surface contact with CO2, reducing capture and release time by at least two-fold and capturing more than twice as much CO2. The new filter materials also consume half the energy and are designed to last three times longer.

There are limitations: Back in 2017, Climeworks co-CEO Jan Wurzbacher told Bloomberg he was “very confident” the company could hit a cost of USD 100 per ton, although current costs are closer to USD 1k. Although Climeworks says its tech can reduce costs to between USD 250 and USD 350 per ton by 2030, the target of eventually reaching USD 100 seems less and less likely. “It’s a fantasy,” said a senior research engineer at MIT Energy Initiative Howard Herzog, who explains that the concentration of atmospheric carbon dioxide isn't sufficiently high for direct air capture (DAC) to achieve very low costs.

Other methods are already cheaper: Different methods of carbon removal, such as ocean carbon sinks and spreading crushed rocks over farmland, are gaining traction and are more cost-effective than DAC, Bloomberg explains. However, DAC technology's precise measurability and ability to securely store captured carbon for millennia could still make it a valuable tool in mitigating climate change.

You can dive deeper into our Enterprise Explains feature unpacking the advantages and disadvantages of direct air capture removal as a decarbonization tool by tapping or clicking here.

CALENDAR

JUNE 2024

10-12 June (Monday-Wednesday): The International Conference on European Energy Market, Istanbul, Turkey.

11-12 June (Tuesday-Wednesday): International Conference on Financing Investment and Trade in Africa, Tunis, Tunisia.

11-13 June (Tuesday-Thursday): Morocco Energy Week Summit, Marrakesh, Morocco.

18-19 June (Tuesday-Wednesday): Biofuels International Conference & Expo, Brussels, Belgium.

18-19 June (Tuesday-Wednesday): Sustainable Aviation Fuels Summit, Brussels, Belgium.

25-27 June (Tuesday-Thursday): Connecting Green Hydrogen Europe, Madrid, Spain.

26-27 June (Wednesday-Thursday): Decarbonizing Shipping Forum, Rotterdam, Netherlands.

JULY 2024

2-3 July (Tuesday-Wednesday): Nuclear Power Plants Summit & Expo, Istanbul, Turkey.

12-14 July (Friday-Sunday): G20 Leaders Summit, Rio de Janeiro, Brazil.

16-17 July (Tuesday-Wednesday): The Egypt Mining Forum, Cairo, Egypt.

AUGUST 2024

1 August (Thursday): Distributed Solar Summit, Dubai, UAE.

12-16 August (Monday-Friday): Mastering Renewable & Alternative Energies, Dubai, UAE.

20-21 August (Tuesday-Wednesday): The World ESG Summit, Dubai, UAE.

24-26 August (Saturday-Monday): International Conference on Clean and Green Energy Engineering, Izmir, Turkey.

24-26 August (Saturday-Monday): International Summit on Non-Renewable and Renewable Energy, Valencia, Spain.

SEPTEMBER 2024

16-18 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi, UAE.

17-19 September (Tuesday-Thursday): EV Auto Show, Riyadh, Saudi Arabia.

OCTOBER 2024

1-3 October (Tuesday-Thursday): Water, Energy and Environment Technology Exhibition, Dubai, UAE.

13-17 October (Sunday-Thursday): Cairo Water Week, Cairo, Egypt.

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

NOVEMBER 2024

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

4-8 November (Monday-Friday): AfricanEnergy Week, Cape Town, South Africa.

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 (ADIPEC), Abu Dhabi, UAE.

18-19 November (Monday-Tuesday): G20 Summit, Rio de Janeiro, Brazil.

26-28 November (Tuesday-Thursday): Saudi Electricity 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.

JANUARY 2025

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

28-29 January (Tuesday-Wednesday): Sustainability Forum Middle East, Riyadh, Saudi Arabia.

FEBRUARY 2025

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai, UAE.

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: 9th 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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Iran’s new 50 MW wind farm is now operational

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Iran’s new 50 MW wind farm is now operational

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