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Ma’aden and PIF finalize 10% stake acquisition in Vale Base Metals

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WHAT WE’RE TRACKING TODAY

TODAY: Ma’aden and PIF finalize Vale acquisition + Wave energy picks up in Oman

Good morning, ladies and gents. We have a fairly hefty issue this morning with plenty of renewable energy projects updates emerging from Egypt, Bahrain, and Oman along with key policy shifts from the G7. Before unpacking the raft of news, we have a quick programming note…

Enterprise Climate will be taking a publication holiday on Monday in observance of the Egyptian national holiday of Sham El Nessim. We’ll be back in your inboxes on Tuesday morning at our regularly scheduled time.


THE BIG CLIMATE STORY OUTSIDE THE REGION- G7 seal agreement to phase-out coal by 2035: Two days of G7 talks in Turin, Italy have concluded with an agreement by the bloc to phase out unabated (uncaptured) coal use by 2035, in the first explicit pledge for a full phase-out by the group. The agreement allows for an extension of the deadline to align with the global temperature rise limit of 1.5 °C above pre-industrial levels. Britain, France, Italy and Canada set even more ambitious commitments, pledging to phase out coal power by 2030, while Germany and the US are aiming for the same date but have kept their official pledge to 2035. TheG7 energy ministers reached a technical agreement to shut down coal-fired power plants by 2035 on Monday.

Japan was the only G7 member that did not commit to a phase-out date due to its heavy dependency on the fuel, standing as the world's third-largest thermal coal importer in 2023. The East Asian country has been notorious for pushing back against a coal phase out, and was largely responsible for the failure of last year’s G7 meeting in reaching a phase out agreement.

Some argued that the agreement was too watered down: The Beyond Fossils Fuel campaign, a coalition of civil society organizations, criticized the agreement, arguing that it is “intended to coax a coal phase-out commitment from Japan,” due to the wording being too vague, the group said in a statement.

The story made headlines in the international press: Reuters | AP | Bloomberg | The Financial Times | CNN | The Guardian

WATCH THIS SPACE-

#1- Petrol stations and public parks across Saudi Arabia will reportedly soon be required to offer EV charging points, Aleqtisadiah reports, citing sources it says have knowledge of the matter. The potential new requirements will focus in particular on gas stations and parks along highways, Aleqtisadiah’s sources suggest.

The state of play: Saudi officials have been moving forward with EV infrastructure as part of a pushinto green mobility. The Public Investment Fund and the Saudi Electricity Company launched the Electric Vehicle Infrastructure Company (EVIQ) last October to expand fast-charging infrastructure across the Kingdom. EVIQ opened its first fast EV charging stations in Riyadh in January, with plans to set up over 5k fast chargers in over 1k locations in cities across Saudi by 2030, and partnered with Saudi Telecom Company subsidiary Tawal in March to strengthen the kingdom’s EV charging network.

#2-Tunisia sets deadline for solar tender: The deadline for submitting bids for planned solar projects across Tunisia with a combined production capacity of 500 MW has been set to the end of May, TAP reports. This comes as part of a government scheme to issue tenders for larger projects with a total capacity of 1.7 GW. The tenders include two in Metbasta at 500 MW and 100 MW each. Two projects at 50 MW each are also in the final stages in Tozeur and Sidi Bouzid, reports noted in February.

This has been in the works: Tunisia has set a national strategy to develop solar plants with a combined capacity of 500 MW across the country, with a target to have clean energy sources comprise 35% of its electricity mix by 2030, and its unconditional emissions reduction target to slash 27% — 35 mn tons of CO2 — by 2030 compared to 2010 levels.

#3- The EU cracks down on airline greenwashing: The European Commission has launched an investigation into 20 unnamed airlines over allegations of greenwashing after the firms made vague claims of engaging in carbon offsetting or using sustainable aviation fuels, The Financial Times writes. The inquiry — involving regulators from Belgium, the Netherlands, Norway, and Spain — questions the validity of the airlines' assertions that investments in eco-friendly projects or the use of alternative fuels can mitigate the CO2 emissions produced by flying, and gave the airlines a 30-day deadline to submit plans addressing the claims. “The airlines are yet to clarify whether such claims can be substantiated based on sound scientific evidence,” the commission said.

The industry is falling behind on the green transition: The Science-Based Targets initiative (SBTi) reports that no major European airline has submitted a climate goal stringent enough to restrict global warming to 1.5 °C above pre-industrial levels, FT adds. SBTi removed EasyJet, Gol, Iberia, Lufthansa and Wizz Air from the climate plans validation process as they didn't didn't pledge ambitious enough targets.

IN OTHER SAF NEWS-US’ SAF program opens the door for ethanol: The Biden administration has released guidance on its sustainable aviation fuel (SAF) subsidy program, allowing corn-based ethanol to qualify if sourced from farms using climate-friendly techniques, Reuters reports. The program also extends eligibility to soy-based biodiesel if farms implement no-till and cover cropping. Refiners that can reduce emissions by 50% compared to petroleum jet fuel will be eligible for a USD 1.25 per gallon subsidy, while those that exceed this threshold can access an even higher subsidy of USD 1.75 per gallon. The scheme is effective for fuels produced in 2023 and 2024 but may be adjusted or expanded on a later date.

A mixed bag for the ethanol industry: While the Renewable Fuels Association welcomed the announcement, they had hoped for lower threshold qualifications to increase access to the subsidy. “However, RFA believes less prescription on agricultural practices, more flexibility, and additional low-carbon technologies and practices should be added to the modeling framework to better reflect the innovation occurring throughout the supply chain,” the association's president and CEO, Geoff Cooper told Reuters.

Not everyone is confident in the decision: Some environmental groups and researchers question the efficacy of the SAF strategy, citing uncertainty about farm techniques' benefits and the need for additional low-carbon technologies.

#4- Shell pulls out of China’s power market: Dutch fossil fuel giant Shell has announced its exit from China's power markets as part of CEO Wael Sawan's strategy to prioritize profitability, Bloomberg reports, citing an emailed statement. This decision encompasses the entire value chain including power generation, trading, and marketing businesses and has already unofficially gone into effect at the end of last year. “We are selectively investing in power, focusing on delivering value from our power portfolio, which requires making difficult choices,” the company wrote, according to the news outlet.

Shell was a big player in China's green sector: The company opened its largest EV charging station in the world last year in Shenzhen, China, in collaboration with Chinese automaker BYD. Shell signed a non-binding MoU in 2022 with Chinese companies Sinopec and Baowu as well as European chemical producer BASF to conduct feasibility studies on an open-source carbon capture, utilization and storage (CCUS) project in the East China region.The company also inaugurated a 20 MW electrolyser at the Zhangjiakou Integrated Green Hydrogen Hub in Hebei province in January 2022 as part of a JV with two Chinese firms. The industry giant inked an agreement with Chinese green energy project developer Shanghai Electric in 2021 to cooperate on green hydrogen developments and CCUS.

REMEMBER- Shell is making a U-turn away from a green transition: The Shell Energy Transition Strategy 2024 saw the company allocate a greater portion of investments into oil and gas in order to give better returns to shareholders, a move which CEO Wael Sawan has been championing since he assumed the position early last year. The oil giant announced in March that it is aiming to reduce its scope 3 emissions by 15-20% by the end of the decade, down from the previous 20%. The company also dropped its goal of a 45% reduction by 2035 citing “uncertainty in the pace of change in the energy transition.”

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CIRCLE YOUR CALENDAR-

Algeria will host the Global Waste Forum from Tuesday, 7 May to Thursday, 9 May in Algiers. The forum will focus on the latest waste management technologies and bring together industry leaders to explore cooperation on circular economy strategies, renewable energies, and digitization.

Saudi Arabia will host the Saudi Energy Convention from Sunday, 19 May to Tuesday, 21 May in Riyadh. The convention will see energy and utilities industry leaders advance collaborative decarbonization efforts and identify innovation areas. It will also host the Saudi Utilities Convention and Saudi Hydrogen Convention to address the role and challenges of rolling out hydrogen, water and utility projects that are inline with the global energy transition. Over 10k energy professionals and 200 industry speakers will be present at the event.

The UAE will host The Electric Vehicle Innovation Summit from Monday, 20 May to Wednesday, 22 May in Abu Dhabi. The event will see industry leaders come together to discuss sustainable mobility and tapping into groundbreaking advancements in electric vehicles while engaging with key decision-makers.

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

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M&A WATCH

Ma’aden and PIF close 10% stake acquisition in Vale Base Metals

Ma’aden + PIF JV takes 10% stake in Vale: Manara Minerals, a JV between Saudi Arabian Mining (Ma’aden) and the Public Investment Fund (PIF) set up for international mining investment, completed the acquisition of a minority stake in Brazilian miner Vale Base Metals (VBM). Manara is 51% owned by Ma’aden, and 49% owned by PIF. The transaction is worth an estimated USD 2.6 bn, based on a USD 26 bn enterprise value VBM had previously disclosed.

What’s in it for Manara: The acquisition “will play a key role” in Manara’s copper and nickel production expansion, it said in an earlier disclosure. The Ma’aden-PIF JV could deploy USD 15 bn in the coming years, sources said in January of last year.

REMEMBER- Copper, cobalt, nickel, and lithium — critical minerals for EV and battery storage production — are expected to see a massive jump in demand in the coming years as countries roll out their plans for energy transition.

This has been in the works: PIF has been reportedly in advanced talks with Vale over a minority stake acquisition through Manara since as far back as June of last year, which was contested by the likes of Japan’s Mitsui & Co and the Qatar Investment Authority. The agreement was finalized through a binding agreement the following month.

About Vale: VBM has “world-leading mining jurisdictions,” in places like Canada, Brazil and Indonesia. It is also Vale’s holding arm for energy transition metals, boasting supply chains for nickel, copper, and cobalt, which Manara will gain access to, according to a PIF statement. Vale also signed an agreement in January with The Royal Commission for Jubail and Yanbu to set up a green iron ore briquettes production plant in the Kingdom.

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WIND

Egypt allocates land for two more wind farms generating 8 GW of energy

More wind power for Egypt: Egypt’s New and Renewable Energy Authority (NREA) signed two separate land allocation agreements for two wind farms expected to produce a combined 8 GW of energy in West Sohag, a statement said. The two projects will require a combined USD 9 bn in investments. The government signed MoUs for the two projects back during COP27 in Sharm El Sheikh (here and here).

Who’s behind the developments? The first agreement was signed with Norwegian renewables developer Scatec, which plans to invest USD 5.7 bn into developing a 5 GW wind farm, a second cabinet statement said. The second agreement was signed with local construction giant Orascom Construction on behalf of its consortium with a subsidiary of France’s Engie, Kahrabel, and Japan’s Eurus Energy. The OC-led farm is expected to generate 3 GW of energy when fully operational.

The impact: The wind farms will reduce some 17 mn tons of CO2 emission annually when fully operational and create 18k new direct and indirect jobs.

What’s next? The parties will now undertake site and technical studies for the projects in addition to assessing the environmental impact of building the wind farms, the statement said.

IN OTHER EGYPT NEWS- Egypt to establish a fund to support nature-based projects? The Environment Ministry is currently working with the French Development Agency, European Bank for Reconstruction and Development, and a local unnamed bank to develop a fund to reduce the risks of private sector investments in nature-based solutions, Environment Minister Yasmine Fouad told a visiting EU delegation, according to a statement from the ministry.

More EU-Egypt climate cooperation ahead? The two also discussed working on a joint-policy document on how the private sector could contribute to developing nature-based projects, the statement added.

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WIND

UAE’s Masdar partners with Bahrain’s Bapco for 2 GW wind projects

Masdar + Bapco partner on wind projects: UAE's renewables giant Masdar and Bahrain's state-owned energy investment firm Bapco Energies signed an agreement to explore developing up to 2 GW of wind projects in Bahrain, according to a statement. The agreement focuses on near-shore and offshore wind farms for Masdar's inaugural project in Bahrain.

The move marks Masdar’s first entrance into Bahrain’s wind sector, and will stand as the region’s first offshore wind facility once completed. No timeline or financial details were disclosed.

Masdar is active in the region: Masdar, Hassan Allam Utilities, and Infinity Power are set to start construction on their 10 GW wind farm in Egypt in 1Q 2025. Once completed, the plant will be the country’s largest wind energy project to date. Masdar was also looking to acquire a stake in Turkey’s top wind power producer Fiba Yenilenebilir Enerji in September but is currently stalled over a price dispute.

And its international portfolio is shaping up: As part of its plans to expand its global presence, Masdar has reached financial close on EUR 488 mn in funding to secure its 49% acquisition of the 476 MW Baltic Eagle wind farm last month. The UK granted Masdar, Equinor, and China Resources Power development consent for the Dudgeon Extension, an expansion of the existing 402 MW Dudgeon offshore wind project last week. Masdar owned 35% of the wind farm. Masdar connected its 500 MW Zarafshan wind farm to Uzbekistan’s electricity grid in January.

Bapco is also on a green path: Bapco Energies has unveiled a green transition finance framework, the first in the region to do so, which outlines plans to secure funding for renewable energy, carbon capture and storage, no/low emissions fuels, and energy efficiency projects in January. The Bahraini firm also launched its ESG-linked finance framework last year, with targets to push down scope 1 and 2 emissions from 2017 levels by 15% by 2025, 25% by 2030, 50% by 2040, and 75% by 2050 in a bid to achieve carbon-neutrality by 2060.

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SOLAR

UAE’s Amea Power signs PPA with South Africa’s Eskom for 120 MW solar farm

UAE renewables company Amea Power signed a 20-year Power Purchase Agreement (PPA) with South Africa’s Eskom for a 120 MW Doornhoek solar energy plant, according to a statement. The USD 120 mn solar plant will generate over 325 GWh of clean energy, offsetting 290k tons of CO2 emissions annually, and powering 25k homes.

The details: Amea holds the majority of the project's shares, on which it partnered with Ziyanda Energy and Dzimuzwo Energy, the statement notes. The project will be financed through debt funding from Standard Bank South Africa and equity funding from the Industrial Development Corporation.

In the works for a while: Amea Power was awarded the 120 MW project in 2022 with construction set to begin mid-2023. The company had secured sites for building more renewable energy projects with a total capacity of 1 GW in South Africa.

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 800mn 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.

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WAVE ENERGY

Oman’s Asyad Group to develop wave energy generation with Norway's Havkraft

Wave energy is coming to Oman: Omani logistics services provider Asyad Group has inked an agreement with Norway’s Havkraft to partner on developing wave energy stations to power Asyad’s operations, according to a statement. The agreement will allow Havkrafts’s nearshore wave power plants to help integrate renewable energy into Asyad’s operations to achieve net zero goals.

Oman’s catching the tide: The sultanate’s first wave energy pilot projects are expected to be launched within the next two years, Havkraft MENA Advisor and UK-based consultancy Translucidus Managing Director Matt Minshall said in an interview last October. Translucidus joined forces with Havkraft to establish Oman’s first wave energy power generation facilities earlier in the year in March 2023. Oman’s Transport Ministry and a consortium of companies inked agreements that same month to extend feasibility studies for tidal power at the Masirah sea bridge.

And wave power is catching on in the region: Moroccan start-up Advanced Third Age Renewable Energies Company (Atarec) has developed novel wave energy tech that generates electricity from sea waves at port breakwaters and other maritime infrastructures. Atarec deployed a 7 kW advanced demonstrator of its wave energy tech — dubbed Wave Beat — at the Tanger-Med Port last December.

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KUDOS

Fertiglobe slashes nearly 3% of its energy consumption in 2023

Fertiglobe achieved a nearly 3% reduction in energy intensity in 2023 compared to 2022 despite a production increase, according to their sustainability report (pdf). This improvement, along with purchasing renewable energy certificates (EACs) for all their Egyptian and UAE facilities, marking 63% of the company's overall purchased electricity, helped cut Scope 2 emissions by an estimated 190k tonnes of CO2 equivalent. Overall greenhouse gas intensity also decreased by nearly 3% y-o-y to 2.94 tCO2e/N-tons. The firm also managed to withdraw zero freshwater resources, reducing potential risk on scarce water resources.

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ALSO ON OUR RADAR

Qatar’s Estithmar explores green investments in Morocco

INVESTMENT WATCH-

Qatar eyes renewables investment in Morocco: Qatar’s Estithmar Holding is exploring investments in renewable energy, water management, and the marine sector in Morocco, according to a statement. Estithmar will assess projects included in Morocco's water management strategy such as completing dam construction, establishing inter-basin water connection networks, and using renewable energy to power seawater desalination.

GREEN FINANCE-

UAE’s Fils + TPS cooperate on greenifying Pakistan’s banking sector: Dubai-based software developer Fils is partnering with global digital banking and payments solution provider TPS to provide its offerings in Pakistan, “embedding climate action at the core of digital financial services,” according to a press release. TPS's network will gain tools to track environmental impact, mitigate emissions, and report progress. The collaboration will allow access to carbon credits via TPS, while Fils’ blockchain tech will ensure transparency in emissions and carbon credit tracking.

Fils is active across the region: Fils's partnerships include Saudi fintech Cashin KSA, Saudi SME fintech Geidea, and Emirati banking group Mashreq.

MINING-

Tadawul-listed miner Almasane Alkobra (Amak) was awarded a copper and zinc exploration license from the Industry and Mineral Resources Ministry, it said in a disclosure to Tadawul. Amak said it will conduct necessary exploration surveys to ensure the availability of copper and zinc at the concession area located next to the Guyan extension exploration license and the current Jabal Guyan gold mining license.

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AROUND THE WORLD

Microsoft backs 10.5 GW renewable electricity projects

Microsoft to invest USD 10 bn in renewables projects: Tech giant Microsoft has committed USD 10 bn to support Brookfield Asset Management’s renewable electricity projects with a total capacity of 10.5 GW, enough to power around 1.8 mn homes, The Financial Times reports. The partnership will finance the development of wind and solar farms between 2026 and 2030, starting with the US and Europe, and the generated power will feed grids from which data centers draw energy. The agreement highlights the competition to fulfill clean energy obligations while meeting the substantial energy needs of cloud computing and artificial intelligence.

Australia moves forward on wind plans: Australia has approved feasibility studies for six offshore wind farm projects along its southern coast with six more pending approval following talks with Indigenous communities, Reuters reports. These initiatives, which include proposals by wind companies like Denmark's Orsted and Spain’s Iberdrola, would collectively generate 25 GW of power, surpassing the current capacity in the state of Victoria.

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CLIMATE IN THE NEWS

Sydney University researchers convert landfill gas to SAF

Researchers from Sydney University have discovered a chemical process that transforms landfill gasses into sustainable aviation fuel (SAF), Reuters reports. The method could help the aviation sector achieve its net zero carbon emissions goal by 2050 as well as cut landfill emissions.

How it works: Using non-thermal plasma technology, the scientists fire high-energy electrons into methane and carbon dioxide emissions from landfills causing hydrogen and carbon to bond. The process produces SAF and serves the dual purpose of reducing landfill emissions. “It redefines what we think of in terms of chemistry... I think the impact is very significant,” Sydney University professor P.J. Cullen told Reuters.

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ON YOUR WAY OUT

Semiconductor performance gets a 70% performance boost thanks to Cambridge University breakthrough

University of Cambridge researchers have developed a tweak to the materials used in semiconductors enabling a 70% performance boost, according to a press release. The study found that orienting the crystal growth of copper oxide semiconductors diagonally can accelerate charge movement, resulting in significantly enhanced performance. Semiconductors play a pivotal role in the operation of electrolyzers used to convert water into clean hydrogen fuel using solar power.

How it works: Cuprous oxide, although known for its potential as a cheap alternative to silicon, has performance limitations due to charge losses within the material. The Cambridge team tackled this issue by growing the crystals in a specific orientation, allowing electric charges to travel faster and further. This resulted in a substantial increase in performance and stability of the copper oxide light harvester, or photocathode, over existing oxide photocathodes.

Looking forward: The research, supported by various international institutions, marks a step forward in the transition away from fossil fuels. While more research is needed, the findings demonstrate how low-cost materials can be optimized for efficient energy generation, which can play a vital role in the energy transition.


APRIL 2024

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

29 April-1 May (Monday-Wednesday) Saudi Water Forum, Riyadh, Saudi Arabia.

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

MAY 2024

6-9 May (Monday-Thursday): Arabian Travel Market, Dubai, UAE.

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

14-15 May (Tuesday-Wednesday): Invest in African Energy (IAE) Forum, Paris, France.

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

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

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

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

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

JUNE 2024

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

11-12 June (Tuesday-Wednesday): International Conference on Financing Investment and Trade in Africa (FITA 2024), Tunis, Tunisia.

OCTOBER 2024

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

11-22 November (Monday-Friday) UN Climate Change Conference, Baku, Azerbaijan.

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

26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh, Saudi Arabia.

DECEMBER 2024

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

EVENTS WITH NO SET DATE

2024

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

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

End-2024: Emirati Masdar’s 500 MW wind farm in Uzbekistan to begin commercial operations.

QatarEnergy’s industrial cities solar power project will start electricity production.

2025

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

UAE to have over 1k EV charging stations installed.

2026

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

UITP Global Public Transport Summit, Dubai, UAE.

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

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

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

2027

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

World Water Forum, Riyadh, Saudi Arabia.

2030

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

UAE targets 14 GW in clean energy capacity.

Tunisia targets 30% of renewables in its energy mix.

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

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

2035

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

2045

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

2050

Tunisia’s carbon neutrality target.

2060

Nigeria aims to achieve its net-zero emissions target.

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