Loans, carbon markets, green bonds and more at COP28’s Finance Day

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WHAT WE’RE TRACKING TODAY

TODAY: Green finance dominates Day 6 of COP28

Good morning, nice people. The COP28 train keeps tearing through the week and the theme of today’s issue is solidly climate finance, we have a whole truckload of updates to share. Need a breather? No worries, tomorrow is officially COP’s “Day of Rest” — and we appreciate it.

ICYMI- HERE’S THE COP28 GUIDE: Click here to check out handy guide (pdf) for the main thematic days and what to expect. Head to the official events schedule for a full rundown of all the panels, workshops, discussions, debates, and keynote speeches.

DAYS TO LOOK FORWARD TO-

10 December: Food, Agriculture, and Water

10-11 December: Final Negotiations

HAPPENING TODAY-Urbanization, Built Environment, and Transport. Discussions will center around solutions addressing the transition to low carbon built environments and infrastructure, sustainable and circular waste systems, and sustainable mobility and freight.

THE BIG CLIMATE STORY EVERYWHERE- Record number of fossil fuel lobbyists attend COP28: Around 2.5k fossil fuel lobbyists — the highest in COP’s history — have been granted access to COP28, according to a report from climate change coalition Kick Big Polluters Out. The number of fossil fuel-champions at the summit have quadrupled since COP27, with climate activists saying that their attendance is “beyond justification,” calling into question the integrity of the climate talks. The number of fossil fuel representatives outnumbers every other attending delegation, except for COP30 hosts Brazil (3.08k) and the UAE (4.4k). “You don’t bring arsonists to a firefighting convention — or the climate talks, for that matter — but that’s precisely what is happening,” the Climate Action Network said.

A BRIEF LOOK AT COPLAND- Will the COP28 stocktake deliver a fossil fuel phaseout? The second draft (pdf) of the COP28 Global Stocktake is expected to yield a final verdict on fossil fuels as negotiators mull over whether or not to proceed to an “orderly and just phaseout of fossil fuels,” Reuters reports. If adopted, the COP28 stocktake would mark the first global agreement on bringing an end to oil reliance. The Global Stocktake — set to be the first to assess the progress made on the Paris Agreement targets since 2015 — could see one of three scenarios unfold. With the first calling for a conclusive phaseout, the second is to accelerate “efforts towards phasing out unabated fossil fuels,” while the third would not deliver a verdict on fossil fuels at all.

What about coal? The stocktake draft included two options for phasing out coal production. The first would call for an “immediate cessation of the permitting of new unabated coal power generation,” while the second would not address abating coal, S&P Global reports.

BIG OIL ISN’T HAPPY- OPEC chief claims “energy chaos” is coming: Phasing down oil as an energy source would not lead to an energy transition but an “energy chaos,” Asharq Al-Awsat reports, citing comments made by OPEC Secretary General Haitham al-Ghais at COP28. Relying on one energy source in the future, alternative or traditional, would be unfeasible, al-Ghais added, arguing that climate challenges should be dealt with through international cooperation, making technology accessible, and green investments.

KERRY ADMONISHES US OIL COMPANIES- US climate envoy John Kerry criticized American oil and gas producers — with an emphasis on Chevron — for their insufficient commitment to climate action, Bloomberg reports. “We have no real evidence that they, and a lot of others, are doing what every company needs to do,” Kerry said yesterday at the Bloomberg Green Summit hosted at COP.

IN OTHER NEWS-US joins pact aimed at slashing cooling emissions: Along with 63 other nations, the US has joined a pact calling on reducing emissions from air-cooling by 2050 globally, Reuters reports. The pact aims to cut energy emissions from the industrial cooling sector by 68% — compared to 2022 levels — through deploying more efficient cooling technologies that curb hydrofluorocarbons (HFCs). The signatories are expected to issue their cooling action plans by 2026, Reuters reports.

Emissions from cooling should not be underestimated: Global demand for cooling is expected to triple by 2050 on the back of soaring temperatures brought about by climate change. If tripled, cooling would produce emissions between 4.4 bn and 6.1 bn metric tons, according to the latest report by the UNEP.

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CIRCLE YOUR CALENDAR-

Saudi Arabia will host theFuture Minerals Forum from Tuesday, 9 January through to Thursday, 11 January in Riyadh. The event will bring nations and private sectors together to enable the creation of resilient mineral value chains in the resource rich regions of Africa, Western Asia, and Central Asia. The forum will hold a ministerial roundtable with over 60 countries being represented., and delegates will discuss global critical mineral strategies as well as an international exhibition with over 150 exhibitors and industry sponsors.

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

Loans, carbon markets, green bonds and more

A mixed bag of updates on the finance front: Day 6 of COP28 provided a deluge of updates from across the climate finance sector. Let’s jump right in.

BIG GREEN FINANCE MOVES-

Abu Dhabi Commercial Bank extends AED 1.8 bn green bridge loan to Masdar: The Abu Dhabi Commercial Bank (ADCB) said it will extend an AED 1.8 bn (USD 500 mn) short-term green loan to UAE renewables giant Masdar to finance the latter’s operations while it secures permanent payments for ongoing projects, according to a statement. Details on where the capital from the “'Bridge to Bond'” facility will be channeled was not provided. Masdar plans to expand its renewables portfolio to 100 GW by 2030.

And another AED 2.1 bn to Acwa Power + Aldar Properties: ADCB will also provide an AED 1.1 bn green equity bridge facility (EBF) to Saudi renewables developer Acwa Power, according to a separate statement. Details on what Acwa Power will allocate the financing for were not disclosed. The Abu Dhabi lender also said it will extend AED 1 bn in ESG-linked loans to UAE real estate developer Aldar Properties to support its corporate sustainability targets. Abu Dhabi’s Aldar Investment Properties (AIP) — a unit of Aldar Properties — raised USD 500 mn through its debut 10-year inaugural green sukuk back in May.

FAB injects a whopping AED 500 bn in green finance by 2030: First Abu Dhabi Bank (FAB) will lend, invest, and facilitate over AED 500 bn (USD 135 bn) in sustainable and green financing by 2030, according to a statement. This marks an 80% increase from FAB's 2021 commitment of AED 275.4 bn, making it the largest sustainable finance commitment by any regional lender. The new commitment is equivalent to around half of the total AED 1 tn green financing pledge made by the UAE Banks Federation on Finance Day at COP28.

And partnered with Engie to advance financing tools for green projects: The lender also signed an MoU with France's energy company Engie to explore financial solutions for private sector decarbonization projects, according to a statement. The two will collaborate on financing solutions related to “energy, carbon, renewables, battery energy storage systems, green products, and credit risk management in relevant derivative transactions and payment facilities,” the statement outlines. They also plan to start spot trading or long-term forward purchase agreements for carbon credits, renewable energy certificates, and other environmental products.

UAE’s Mashreq pledges USD 30 bn in climate finance by 2030: As part of the UAE Banks Federation’s target of mobilizing AED 1 tn (c. USD 272 bn) in green funding by the end of the decade, Emirati banking group Mashreq has committed to allocating AED 110 bn (c. USD 30 bn) for climate financing from now till 2030, according to a statement. The company’s planned funding will be channeled toward adaptation projects including water projects in Egypt, the UAE, Qatar, KSA, and Bahrain, the statement notes. The company will provide more direct green loans to individuals and developers as well as list climate-aligned bonds and sukuks in the next seven years, Mashreq’s Group CEO Ahmed Abdelaal told Asharq Business. The company facilitated some USD 20 bn in ESG finance and adaptation-related investments in the UAE, Egypt, India, Bahrain, and Qatar during 1H 2023.

The Arab Coordination Group commits USD 10 in green finance by 2030: The Arab Coordination Group (ACG) — an alliance of regional development funds — pledged to mobilize USD 10 bn toward development of renewable energy projects in low and middle-income countries, Wam reports. ACG’s financing strategy will involve new green bond issuances, blended finance tools, and risk mitigation mechanisms. Last year at COP27, ACG and the OPEC Fund for International Development committed to channeling USD 24 bn in climate financing by the end of the decade.

IRENA’S ACCELERATOR IS SPEEDING ALONG-

Irena’s green accelerator program now has USD 4 bn in pledges: The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) have each pledged USD 1 bn towards the International Renewable Energy Agency’s (Irena) Energy Transition Accelerator Financing (ETAF) platform, while HSBC pledged USD 200 mn, according to a statement. The Jeddah-based Islamic Development Bank (IsDB) also pledged USD 250 mn earlier this week, and the OPEC Fund signed a supplementary agreement committing USD 400k in grants to be used for technical assistance, the statement added. The new commitments bring the total of the platform’s financial pledges — which stood at USD 1.25 bn before COP — to USD 4 bn.

ETAF secured other key partnerships: The World Bank’s Multilateral Investment Guarantee Agency agreed to provide guarantees and risk mitigation products for selected ETAF projects, the statement notes. Multilateral credit and political risk insurer the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) will offer de-risking products for ETAF’s renewable energy projects in developing countries.

About ETAF: The platform — supported by the UAE government — was launched in 2021 at COP26 to catalyze investments toward transitioning developing countries toward low-carbon resources. It surpassed its initial target of amassing USD 1 bn by 2030 by some USD 250 mn back in July. The platform is planning to provide financing of 5 GW of projects by 2030.

MORE SUPPORT FOR SDRs-

Qatar joins France + Japan’s support for AfDB's special drawing rights: Qatar has joined France and Japan’s support for the AfDB’s facility to leverage special drawing rights (SDRs) for climate and development. The AfDB developed a proposal to channel SDRs to multilateral development banks which SDR-rich countries were expected to support at COP28. More Africa-focused SDR pledges need to be committed during COP28 to meet the financing needs of climate vulnerable countries, COP28 President-Designate Sultan Al Jaber said earlier this week.

What are SDRs?Special drawing rights (SDRs) are units of account for international reserves created by the International Monetary Fund (IMF). SDRs do not function as currencies, but are designed to act as a supplement to IMF member countries’ reserves.

AND DEBT-FOR-NATURE SWAPS-

MDBs + climate funds launch a debt-for-nature task force: A group of top multilateral development banks (MDBs) and climate funds have launched a global task force to upscale the number and size of debt-for-nature swaps — a financial tool that allows developing countries to erase some of their debts in exchange for launching environmental protection projects, Reuters reports. The task force — which will kick off in January — will initially focus on establishing a stock take of the agreements signed to-date, as well as creating a toolkit that governments and multilaterals could use when entering a swap agreement.

Who are the members? The task force will be led by the Inter-American Development Bank and the US International Development Finance Corporation. Other members include The Asian Development Bank, the African Development Bank, the French Development Agency, the European Investment Bank, the Green Climate Fund, and the Global Environment Facility.

CARBON MARKETS-

Dubai launches its pilot carbon trading platform: The Dubai Financial Market (DFM) launched its maiden voluntary carbon market (VCM) at COP28 yesterday and will keep it operational through to next Monday, according to a statement (pdf). The offsetting will end on 10 January, 2024. The clearing and settlement of the trading processes will be handled in USD by Dubai Clear and the Dubai Central Securities Depository (DCSD), with global daily price reference provided by leading pricing agencies like Dow Jones’ OPIS, the statement notes.

Who’s supplying the carbon credits? A portion of the CO2 offsets will be sourced from two UAE clean energy projects developed by the Dubai Water and Electricity Company (Dewa), and 5 other international renewables projects implemented by the First Abu Dhabi Bank and MyCarbon, the statement notes. The carbon credits will be verified by Verra and the UN Clean Development Mechanism, the statement adds.

Who’s buying? 24 UAE-based companies — including DP World, Tabreed, Dubai Municipality, Majid Al Majid Al Futtaim, and Emirates NBD — will participate in the VCM’s pilot, the statement notes. That is 7 more companies than what was previously reported.

The DFM platform is supported by several regional banks: The credits will be traded on DFM’s platform via Al Ramz Capital, Arqaam Securities, BHM Capital, EFG Hermes, and Emirates NBD Securities.

Enertec partners with Rwanda on carbon credits: Kuwait's Enertech Holding company signed an agreement with Rwanda to establish a carbon framework and accelerate the spread of renewable energy, AlKhaleej reports. The agreement will see Rwanda provide Kuwait with two types of carbon credits; nature-based and non-nature-based carbon credits. The former will be owned by Rwanda and available for direct sale, while the latter is backed by the government's commitment to be the number one protective buyer in its carbon market.

Nature vs. non-nature: While nature-based credits are derived from initiatives such as afforestation, non-nature-based credits encompass a range of technological solutions including renewables, carbon capture and sequestration, direct air capture, and even sequestration-in-place (legal mechanisms to stop the extraction of fossil fuels). 90% of the current voluntary carbon market comes from nature-based solutions, however that is predicted to decrease dramatically to 30% by 2030.

GREEN BONDS AND ISSUANCES-

Dubai waives regulatory fees for ESG-linked security issuances until 2025: Effective immediately, the Dubai Financial Services Authority (DFSA) is waiving all regulatory fees on sustainability-linked debt security listings on Nasdaq Dubai throughout 2024, according to a statement. All types of green notes — whether they be sukuks, ESG bonds, or climate adaptation and climate transition notes — will be exempt from regulatory fees. Nasdaq Dubai is the world’s largest ESG sukuk market, comprising over 60% of global US-denominated shariah compliant ESG notes and close to 50% of all-currencies ESG sukuk, the statement notes.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

ADIA greenlights USD 100 mn repo facility: The Abu Dhabi Investment Authority (ADIA) agreed to a USD 100 mn repo transaction with the Liquidity and Sustainability Facility and the African Export-Import Bank to increase the liquidity of African Sovereign Eurobonds and boost sustainable development goals-related investments. An initial USD 50 mn transaction was closed relating to a basket of seven African countries under the facility. (Statement, pdf)
IDB + IFC launch Amazon Finance Network: The International Finance Corporation (IFC) and IDB Invest (IDB) have launched the Amazon Finance Network to increase investment flows, mobilize capital, and share financial solutions to support sustainable growth in the Amazon region. (Statement)

Masdar signs another trio of agreements + Adnoc and Azerbaijan cooperate on low-carbon energy

Masdar and Iberdrola will co-invest EUR 15 bn in the EU and US clean energy markets: UAE state-owned renewables developer Masdar signed a strategic partnership agreement with Spain’s Iberdrola to co-invest up to EUR 15 bn in exploring development projects in the offshore wind and green hydrogen in key markets including Germany, the UK, and the US, according to a statement.

We knew this was coming: Back in October, Masdar said it is planning to snap up a 49% stake in Iberdrola's largest offshore wind project off Britain’s eastern coast – East Anglia 3 — for EUR 2 bn (USD 2.1 bn). The new EUR 15 bn co-investment partnership could see the acquisition agreement for the 1.4 GW wind farm finalized by 1Q 2024, the statement notes. East Anglia 3 is scheduled for full commercial launch by 4Q 2026

Not their first collaboration: Masdar entered a similar agreement with the Spanish utility back in July, acquiring a 49% stake in its EUR 1.6 bn Baltic Eagle offshore wind farm off the coast of Germany. The sale of shares in Baltic Eagle falls under Iberdrola’s EUR 47 bn investment plan in the renewables sector.

Masdar is also tapping into Jordan’s clean energy sector: The renewables giant has also inked a joint development agreement with Jordan’s Energy and Mineral Resources Ministry to establish a 1 GW wind farm accompanied by a battery energy storage system (BESS) in the country, according to a statement. The expected investment ticket and timeline for the project were not disclosed.

There’s more: Masdar and Jordan also signed an MoU to explore the feasibility of establishing a green hydrogen generation plant in the country, the statement notes. Masdar has set a target of generating 1 mn tons of green hydrogen annually by 2030 in line with UAE plans to capture 25% of the market by the end of the decade, the statement added.

UPDATES FROM UGANDA- Masdar signed a roadmap agreement with Uganda to develop a 150 MW solar energy farm in the country, the company said. The agreement comes as part of a wider agreement to develop 1 GW of PV projects in the African country. The expected investment ticket and a timeline for the project was not provided.

Adnoc + Socar partner on low-carbon energy: Adnoc and the State Oil Company of Azerbaijan Republic (Socar) signed an agreement to collaborate on developing low-carbon energy technologies, according to a statement. The agreement will see Adnoc and Socar explore advancing blue hydrogen, carbon management, and geothermal tech that can accelerate the decarbonization of energy systems in the UAE, Azerbaijan, and other markets. Both companies signed the Oil and Gas Decarbonization Charter at COP28 earlier this week which aims to end flaring, eliminate methane emissions by 2030, and achieve net zero by 2050. The collaboration agreement comes as UAE's Masdar — partly owned by Adnoc — established a base of operations in Azerbaijan earlier this year and inaugurated a 230 MW solar project in the country with plans to develop a further 1 GW of clean clean energy projects.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

Countries endorse the Hydrogen Declaration of Intent: Thirty-nine countries signed the Hydrogen Declaration of Intent to explore mutual recognition of hydrogen certification schemes during a high-level meeting at COP. (Statement)
The UAE’s Enec partners with Westinghouse on nuclear energy: The Emirates Nuclear Energy Company (Enec) has signed an MoU with US manufacturer Westinghouse Electric Corporation to explore usage of the latter’s eVinci nuclear power microreactors in the UAE. Designed for decentralized application with up to 5 MW of power generation capacity, the eVinci system can generate clean electrons and molecules — including hydrogen and ammonia — as well as process heat for industrial processes. (Wam)
Egypt’s SCZone could be getting a new green tech industrial complex: Head of Egypt’s Suez Canal Economic Zone Walid Gamal El Din signed a cooperation agreement on the sidelines of COP28 with Egyptian independent power and water producer Engazaat and Chinese smart energy solutions Chint Global to establish an integrated industrial complex for green energy technology in SCZone. Feasibility studies for the 2 mn sq meter project are expected to conclude in 2024. (Statement)
The dairy industry backs methane disclosures: Six of the world’s top dairy producers — including Danone, Kraft Heinz, and Nestle — launched the Dairy Methane Action Alliance, committing to report their methane emissions by the middle of next year and devise methane reduction strategies by the end of 2024. Livestock production contributes around 30% of global methane output. (Reuters)

56 countries pledge to slash wildfire emissions by 80% by 2050

COP presidency spearheads efforts to avert wildfire emissions: Over 56 international organizations and institutions signed the World Fire Emission Reduction Alliance (WFERA) initiative which targets the reduction of carbon emissions resulting from wildfires, according to a statement. The international coalition targets slashing emissions from wildfires worldwide by 80% by 2050 under the umbrella of the International Initiative of Law Enforcement for Climate (I2LEC) by collaborating to enhance firefighting and civil defense systems worldwide.

Climate change has set the world ablaze: The alliance comes as part of the push to galvanize efforts aimed at tackling the impacts of climate change on wildfire season. Climate change-induced wildfires have increased, impacting twice as much tree cover in 2023 compared to observed levels over the past two decades, according to the latest data from The Global Forest Watch. The extreme fire season in the northern hemisphere in 2023 has caused global emissions to increase 10-28% above the 2003-2022 average. This year, the EU saw the “ largest ever wildfire ” on record on the back of a fire that ravaged over 300 sq miles of land in Greece.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

Egypt’s methane regulations in the pipeline: Egypt is set to introduce regulations to cut methane emissions from the oil and gas industry by the end of 2024. Egypt is also expected to ink an agreement during COP28 with the US Trade and Development Agency (USTDA) to support its methane abatement roadmap. The US and Canada recently issued their own draft regulations to curb methane emissions. (Statement)

We have more details on Egypt’s mega 10 GW Egyptian wind project

We have a timeline on Egypt’s largest wind project: UAE’s Masdar, Hassan Allam Utilities, and I nfinity Power are set to start construction on their 10 GW wind farm — the country’s largest wind energy project — in 1Q 2025, Infinity Power Chairman Mohamed Mansour told Al Arabiya. The consortium is planning to reach financial closure by 1Q 2025 with operations scheduled to begin in 2027 — approximately 2 years after construction commences, Mansour added.

Who’s expected to source the project funds? The project will cost USD 11 bn in investments — USD 1 bn more than June estimates, Mansour told Al Arabiya. “The funding for this project will be sourced from investors outside of Egypt, meaning that there will be no delays tied to Egypt’s current FX shortage,” he added.

About the project:Located in Egypt’s Sohag governorate, the wind farm will offset as much as 10% of Egypt’s total carbon footprint, saving the country some USD 5 bn per year by minimizing the need for natgas consumption.

Morocco + UAE ink agreement to collaborate on green hydrogen production and energy

Morocco seals agreement with UAE to expand sustainable development: Morocco and the UAE signed a joint declaration to explore cooperation in various areas including green hydrogen production, energy transport, agriculture, and hydroelectric dams, Morocco World News reports. The agreement also includes possible strategic cooperation on food security with Morocco’s fertilizer giant OCP.

Morocco is on a tie building streak: Oman and Morocco signed an agreement on Sunday to cooperate on climate change, environmental governance, monitoring and environmental assessment, and waste and chemicals management.

UAE’s Peec Mobility to unveil first “repurposed EV” at COP28 + UAE’s SNOC eyes green hydrogen production

ELECTRIC VEHICLES-

UAE’s first home-grown “repurposed EV” to debut at COP28: Dubai-based EV startup Peec Mobility will unveil its first petrol-to-electric repurposed vehicle this week at COP28, Khaleej Times reports. Peec’s tech could help the region avoid mass scrapping existing ICE (internal combustion engine) vehicle fleets and the need to manufacture new EVs to replace them. The company says its approach requires 30% less cost and 80% less manufacturing time than new versions.

GREEN FINANCE-

SFD funds hydropower in Tajikistan:The Saudi Fund for Development (SFD) inked a USD 100 mn development loan agreement with Tajikistan to fund the construction of the Rogun hydropower project in the landlocked Central Asian country, according to two separate statements (here, and here). The project is set to provide renewable electricity supply to meet local demand, producing 3.6 GW of energy, according to the statement.

Where the funds are going: The loan will finance the construction of a 335-meter-high clay core rockfill dam on the Vakhsh River in the Rogun district. The dam will have 6 turbines of 600 MW each with a total installed capacity of 3.6 GW. The loan will also finance the construction of four hydraulic tunnels for diversion and drainage, providing flood protection. The project aims to "enhance energy, food, and water security, and foster sustainable development in the country,” according to the SFD.

GREEN HYDROGEN-

UAE’sSNOC is eyeing green hydrogen production: The UAE's state-owned Sharjah National Oil Corporation (SNOC) is exploring the use of green hydrogen production as a means to achieve its net zero ambitions by 2030, CEO Hatem Al-Mosa told Zawya on the sidelines of COP28. The energy company is currently funding research on energy storage and electrodes for green hydrogen production at the American University of Sharjah and the University of Sharjah and hopes to begin production within the next five years. Other mitigation efforts SNOC is working towards include solar power, carbon sequestration, and electrification.

CALENDAR

NOVEMBER 2023

30 November - 12 December (Thursday-Tuesday): Conference of the Parties (COP 28), Dubai, UAE.

DECEMBER 2023

1-10 December (Friday-Saturday): Abu Dhabi Sustainability Week COP28 Special Edition, Dubai, UAE.

3-7 December (Sunday- Thursday) International Congress of Engineering and Technology (ICET), Doha, Qatar.

4 December (Monday): Saudi Green Initiative Forum, Dubai, UAE.

4 December (Monday): Abu Dhabi Sustainability Week (ADSW), Dubai, UAE.

4-7 December (Monday-Thursday): International Conference on Global Warming, Ras Al Khaimah, UAE.

6-7 December (Wednesday-Thursday): Reuters’ Energy Transition MENA Conference, Dubai, UAE.

7-8 December (Thursday-Friday): Future Investment Initiative (FII) Priority, Hong Kong.

8 December (Friday): Youth for Sustainability Forum (Y4S), Dubai, UAE.

12-14 December (Tuesday-Thursday): Green Hydrogen Summit Oman, Muscat, Oman.

18-20 December (Monday-Wednesday):Saudi Arabia Smart Grid Conference, Riyadh, Saudi Arabia.

JANUARY 2024

9-11 January (Tuesday-Thursday): Future Minerals Forum, Riyadh, Saudi Arabia.

FEBRUARY 2024

26-28 February (Monday-Wednesday): Management and Sustainability of Water Resources, Dubai, UAE.

MARCH 2024

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

APRIL 2024

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

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

MAY 2024

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

JUNE 2024

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

OCTOBER 2024

10-12 October (Tuesday-Thursday): Autonomous E-Mobility Forum, Doha, Qatar.

DECEMBER 2024

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

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.

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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Loans, carbon markets, green bonds and more at COP28’s Finance Day

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TODAY: Green finance dominates Day 6 of COP28

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Loans, carbon markets, green bonds and more

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Masdar signs another trio of agreements + Adnoc and Azerbaijan cooperate on low-carbon energy

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56 countries pledge to slash wildfire emissions by 80% by 2050

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We have more details on Egypt’s mega 10 GW Egyptian wind project

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Morocco + UAE ink agreement to collaborate on green hydrogen production and energy

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UAE’s Peec Mobility to unveil first “repurposed EV” at COP28 + UAE’s SNOC eyes green hydrogen production

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Loans, carbon markets, green bonds and more at COP28’s Finance Day

An independent publication supported by

Today at a glance

TODAY: Green finance dominates Day 6 of COP28

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Related

This publication is proudly sponsored by

Loans, carbon markets, green bonds and more

Related

Masdar signs another trio of agreements + Adnoc and Azerbaijan cooperate on low-carbon energy

Related

Related

56 countries pledge to slash wildfire emissions by 80% by 2050

Related

We have more details on Egypt’s mega 10 GW Egyptian wind project

Related

Morocco + UAE ink agreement to collaborate on green hydrogen production and energy

Related

UAE’s Peec Mobility to unveil first “repurposed EV” at COP28 + UAE’s SNOC eyes green hydrogen production

Related

CALENDAR

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