MENA aims to boost renewables capacity over 4x by the end of the decade

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WHAT WE’RE TRACKING TODAY

TODAY: Emirates Islamic sukuk head to Nasdaq + It was the hottest May on record

Good morning, folks. It’s a relatively calm news day on the regional climate front as we head into the weekend, but the current sweltering global heatwave is drawing out more electric soundbites from UN Secretary-General Guterres…

THE BIG CLIMATE STORY OUTSIDE THE REGION- May rounds out 12 months of record temperatures spelling ‘climate hell’: Last month was the 12th consecutive month in a row to set a monthly global average heat record in y-o-y comparisons, prompting UN Secretary-General António Guterres to call for urgent action to take “an exit ramp off the highway to climate hell” in a speech marking World Environment Day. The average global temperature for the past year was 1.63C above the pre-industrial average, according to the Copernicus Climate Change Service. The UN’s World Meteorological Organization has now updated its probability estimate that at least one of the next five years will have average temperatures exceeding 1.5C above pre-industrial levels from a 66% chance last year to an 80% chance.

ALSO- The European Central Bank (ECB) will levy fines on several banks for failing to adequately address climate-related risks to their businesses, ECB's Supervisory Board's Kerstin Jochnick announced. ECB's assessment process is ongoing, with supervisors reviewing documents submitted by the banks to determine the extent of non-compliance. ECB’s supervisory board will decide on the penalties, which could technically amount to up to 5% of a bank's daily revenue. Climate and nature-related risk management are one of 3 main pillars of sustainable finance, according to a recently published report by the Sustainable Banking and Finance Network. We have the full details of the report below, where we flesh out the pillars and how our region is faring across them. The story grabbed ink in Reuters and Bloomberg.

WATCH THIS SPACE-

#1- Italy and G7 allies will develop proposals to support clean energy and food security in Africa, Bloomberg reports, citing sources with knowledge of the matter. This initiative includes creating new financial instruments to promote growth in Africa and is part of Italian Prime Minister Giorgia Meloni’s broader regional strategy. The proposals may be announced next week at a G7 leaders’ summit in Italy.

What we know: Rome is working with the African Development Bank (AfDB), the EU, and the G7’s Partnership for Global Infrastructure and Investment to create these financial instruments, Bloomberg writes. The plan will likely include structural investments, technical assistance, and insurance. Proposals include an initiative aimed at boosting investments in clean power generation and its supporting infrastructure — dubbed the Energy for Growth in Africa Initiative — as well as the Food Systems Initiative that aims to help African nations integrate food provision in their climate plans.

REMEMBER- Italy will invest EUR 5.5 bn in Africa to enhance cooperation in the energy sector, EUR 3 bn will come from a climate fund aimed at furthering international environmental projects. The plan includes developing a renewable energy training center in Morocco. The Mattei plan comes in response to the EU's need for alternatives to Russian gas post-Ukraine invasion, according to Bloomberg.

#2- Green fuel scarcity sparks tension between airlines and energy firms: With current supplies of sustainable aviation fuel (SAF) only covering 0.5% of the fuel airlines need, airlines are butting heads over the commercial availability of the clean fuel with energy companies at the annual International Air Transport Association (IATA) meeting, Reuters reported. Airlines complain that they need more support from governments as they compete with other industries for the limited fuel source. IATA Director General Willie Walsh called out fuel companies like TotalEnergies “who produce the problem” for needing to step up and invest significant sums of money in the development of SAF.”

Total stood its ground: TotalEnergies said it already re-invests most of its profit into renewable energy research, said senior VP Louise Tricoire who reaffirmed that the company is doing its part with SAF. He went on to compare the company’s net earnings in 2023 of USD 23.2 bn to the airline industry’s total net earnings of USD 27 bn and pointed out that there are few fuel alternatives for industries like aviation. You can read all about SAF and the aviation industry’s targets in our Enterprise Explains feature published earlier this week.

WORTH READING-

International consultancy publishes summary of North Africa’s green hydrogen goals: North African countries are poised to become a key player in the global green hydrogen market, leveraging their proximity to Europe and abundant renewable energy resources, according to a new report (pdf) by consulting agency Alexec. Countries including Morocco, Algeria, Egypt, and Mauritania have sey ambitious hydrogen roadmaps, aiming to transition from fossil fuel dependency to becoming significant exporters of green hydrogen. The region has seen a significant increase in installed solar capacity, with Morocco leading the way in exporting solar energy to Europe. The report also highlights the importance of desalination plants in providing a sustainable water supply for hydrogen production, especially amidst a major water scarcity crisis that has spread across the region.

DANGER ZONE-

#1- UAE's Abu Dhabi National Oil Company (Adnoc) had plans to close around USD 100 bn in fossil fuel agreements during COP28, according to a new investigation by Global Witness. The report reveals that Adnoc, headed by COP28 President Sultan Al Jaber, has expansion plans that include a projected increase in oil and gas output by 42% by 2030. This finding contradicts Al Jaber’s denials of using the climate talks to seek oil agreements, which came after leaked documents revealed Adnoc’s plans to negotiate fossil fuel deals at COP28.

It might be the same this year: The investigation also highlights concerns about the influence of the fossil fuel industry on future climate talks, with Azerbaijan — the next COP host — showing signs of following Adnoc’s lead. US lawmakers have expressed alarm over the potential for COP29 to be similarly compromised.

#2- Climate change pushes sardines out of West Africa: Small pelagic fish — mainly sardines — have been pushed northward along the coast of Northwest Africa towards Morocco due to global warming impacting food security in West African countries, according to a study (pdf) published in the Scientific Reports journal. The sardine population has now increased greatly in Morocco’s waters and the changing Canary Current Large Marine Ecosystem (CCLME) — which spans from the kingdom to Senegal.

Why does this matter? The fish stocks of small pelagic fish were recently overexploited which makes sustainable management difficult. Morocco has already been experiencing more severe droughts, desertification, and rising sea levels due to climate change, making protection of its marine ecosystems all the more important. The CCLME has experienced significant warming of sea surface temperature over the past 34 years along with decreases in marine productivity, and changes in wind speed and upwelling intensity. These changes will impact the sustainability of fish stocks, and coastal communities in Morocco and beyond.

The world’s oceans are facing a serious “triple threat” from extreme heating, oxygen loss, and acidification exacerbated by human activities like fossil fuel burning, according to separate research published in the AGU journal. About a fifth of the ocean surface is highly vulnerable to these threats, which have intensified significantly since the 1960s.

These extreme events disrupt marine ecosystems and fisheries and cause mass die-offs, the study states. Such events can last up to 30 days, particularly affecting tropical areas and the North Pacific. The unprecedented ocean heat also intensifies hurricane seasons and species migration, while increased CO2 absorption is making oceans more acidic, threatening marine life by dissolving creature’s shells, and depleting oxygen.

THE SCORECARD-

#1- 79% of Middle Eastern companies — mainly in the GCC — have formally established sustainability strategies, while 52% set the plans in motion, according to a PwC Middle East report based on its annual CEO Survey. 48% of the companies have also established or will appoint executive sustainability roles. 50% of the surveyed companies have made net zero commitments while 26% are aiming towards them.

Moving forward: To keep the sustainability efforts going, the Middle East will have to train the workforce, standardize sustainability regulations, and mobilize funding, PwC Middle East Strategy Leader Stephen Anderson said. A focus on technological development is also needed, specifically for AI deployment that is primarily used for data analysis and reporting but should be expanded to optimize supply chains and economic models. Funding is another mechanism in need of expansion with most current green finance coming from self-funding and 34% of respondents showing interest in green loans and capital markets.

#2- Carbon capture must quadruple by 2050 to keep warming below 2 °C, according to the second edition of The State of Carbon Dioxide Removal report (pdf). 2 bn tons of carbon were removed in 2023 via reforestation efforts, but will need to increase to reach 7-9 bn tons by mid-century if the world were to achieve its climate goals, the report found. The market for carbon removal has been growing as corporate demand increases, the report concluded.

But it might not be that easy: It is unclear whether carbon capture technology can be scaled fast enough to meet this goal, the report warned, adding that the market has been slowing down as political and monetary support continue to dwindle. There are also concerns over some removal methods such as direct air capture with carbon storage which the Center for Environmental Law says poses “immense risks to ecosystems and communities.” The report also acknowledged the risks that “poorly executed” technologies can pose to biodiversity and food security. So far, no countries have announced financing frameworks for carbon capture except the US allocating USD 3.5 bn for its expansion.

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CIRCLE YOUR CALENDAR-

Turkey will host the International Conference on European Energy Market from Monday, 10 June to Wednesday, 12 June in Istanbul. 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.

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.

Emirates Islamic lists debut sustainability-linked USD 750 mn sukuk lists on Nasdaq

Emirates Islamic listed its debut USD 750 mn five-year senior sustainability sukuk on Nasdaq yesterday, bringing its total sukuk listings on the exchange to USD 2.02 bn across four listings, according to a statement. The issuance is part of a broader USD 2.5 bn certificate issuance program.

ICYMI- The lender raised USD 750 mn from its debut sustainability-linked sukuk last month, with over USD 2.1 bn in orders. The order book was 2.8x oversubscribed, allowing Emirates Islamic to tighten the net income rate to a little over 5.4% annually, at a spread of 100 basis points (bps) over US treasuries. The lender narrowed the price guidance for the five-year sustainability sukuk to 100 bps from an initial price guidance of 130 bps over US Treasuries.

ADVISORS- Emirates NBD Capital and Standard Chartered Bank were appointed as joint global coordinators, while First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, and the Islamic Corporation For The Development of the Private Sector were tapped as joint lead managers and joint bookrunners for the transaction.

MENA aims to boost renewables capacity over 4x by the end of the decade

MENA plans to increase its renewable capacity 4.5-fold to surpass 200 GW of installed capacity by 2030 — the highest growth factor compared to other regions globally, according to a new report (pdf) by the International Energy Agency (IEA). The region recorded an installed capacity of 50 GW in 2022, meaning that it plans to add around 156 GW by the end of the decade. The MENA region is currently responsible for less than 8% of global emissions from power generation and heat production.

Installations need to double: The MENA region must double its annual capacity additions in order to meet renewable energy targets, the report found. This requires expedited auction processes and regulatory frameworks supporting self-consumption and cost-reflective electricity tariffs.

Solar energy is the key: Solar PV is central to these ambitions and is expected to rise from 16.5 GW in 2022 to over 90 GW by 2030, the IEA states. Competitive auctions and economies

of scale have driven down costs, with recent bids in Abu Dhabi as low as USD 14 per MWh.

Despite these advancements, low prices may not fully account for all developer costs and may not be achievable in all countries due to varying conditions.

Which countries set the most ambitious targets? Saudi Arabia, Egypt, and Algeria are set to contribute the most additions in renewables capacities, representing two thirds of the 156 GW projected increase. Saudi Arabia has the largest ambitions, with plans to go from 1 GW of renewable energy capacity in 2022 to reach 59 GW by 2030. Egypt aims to surpass 37 GW by 2030., while Algeria is targeting 14 GW of solar PV and 5 GW of wind power.

UAE, Iraq, Tunisia, Kuwait, Morocco, and Lebanon account for 17% of the MENA region ambition, the IEA said. These nations are attempting to reduce their reliance on imported fuel, such as oil and coal, by utilizing renewable energy. Their combined target is to increase their renewable technology base 2.4x by the end of the decade.

While the rest have lower ambitions due to their access to fossil fuels: Libya, Qatar, Oman and Bahrain account for 9% of the region’s ambition as they produce their own gas to meet domestic power demand. Combined, they currently have less than 2 GW of renewable capacity installed, the report found. Long-term fossil fuel contracts, regulation issues, and a lack of cost-reflective tariffs are hindering further renewables growth, despite goals to increase their base capacity 4.6x by 2030 .

ICYMI- The world is falling short on achieving its goal to triple renewable energy output by 2030, missing the mark by nearly a third. Current efforts to scale up renewable energy capacity are projected to reach nearly 8 TW worldwide by 2030, 3 TW away from the pledge made by 116 states during COP28.

SBFN members advance ESG integration and sustainable finance

IFC’s SBFN launched 2024 Global Progress Brief + data portal: Sustainable Banking and Finance Network (SBFN) members have made advancements in three main pillars of sustainable finance — ESG Integration, Climate and Nature-Related Risk Management, and Financing Sustainability, according to the 2024 Global Progress Brief (pdf). Member countries have launched over 400 policies, a 107% increase compared to the 2021 report.

About the network: The SBFN includes ninety-one financial sector regulators, ministries, and industry associations representing seventy countries, and USD 68 tn (92%) of total banking assets in emerging markets and developing economies (EMDEs). SBFN brings together regulators, banks, government ministries, and industry groups in developing countries to promote sustainable finance.

SBFN members in our region: Regional members include the Central Bank of Egypt, the Federation of Egyptian Banks, the Central Bank of Tunisia, the Central Bank of Jordan, the Association of Banks in Jordan, Bank Al-Maghrib, the Moroccan Capital Market Authority, and the Central Bank of Iraq.

First up, ESG integration: Thirty-nine countries in the network adopted Environmental, Social, and Governance (ESG) frameworks aligned with international standards, such as IFC's Performance Standards. ESG required financial institutions to take environmental and social risks seriously by developing a plan and rules and creating systems to manage these risks. The frameworks also include adopting the Do No Significant Harm principles and social safeguards which aim to reduce environmental harm across all economic activities.

This comes despite a recent wave of ESG divestments that swept the developed world: ESG funds experienced a 57%y-o-y drop to USD 68 bn in new deposits in 2023. The slump is attributed to a mix of political backlash, greenwashing concerns, and a surge in conventional energy prices. BlackRock, with assets over USD 8 tn, faced a USD 13.3 bn divestment, a major retreat from its ESG advocacy. The backlash against ESG investments prompted financial giants like JP Morgan and State Street to withdraw from the Climate Action 100+ coalition.

Next, climate and nature-related risks: All SBFN countries have introduced climate- and nature-related risk management frameworks, the report adds. These efforts highlight the growing recognition of environmental risks as factors contributing to financial system vulnerabilities. Ongoing work by international platforms such as the Network for Greening the Financial System provided members with helpful resources to understand nature-related financial risks in the financial sector. The Taskforce on Nature-related Financial Disclosures ’ recommendations also set a framework for businesses to assess, report, and act on their nature-related dependencies, impacts, and risks.

Integrating climate risk has been one of the hot-topics of the year: The European Commission set a plan on how the bloc can implement policies to manage climate risks and “save lives, cut costs, and protect prosperity,” last March. The central bank of Morocco planned in February to advise banks on how to assess the climate-related risks from their major borrowers. Climate risk education was also a point of discussion at Cairo’s Green Growth Summit last month as the banking sector needs more education and exposure to green portfolios to boost investment in early startups.

Third, financing sustainability: The report notes a remarkable increase in the issuance of thematic bonds, with a USD 759 bn raised across forty-five SBFN countries, helping finance renewable energy projects and linking financial returns to sustainability goals. International organizations have helped promote common ground for sustainability classifications to alleviate burdens on financial institutions and boost investments as countries issue sustainable finance frameworks. Long-lasting structures with clear roles, resources, and monitoring are crucial to keep these frameworks up-to-date and aligned with global and local needs, the report concluded.

How is our region faring across the 3 pillars? The ESG pillar saw Jordan and Tunisia in the formulation stage, Iraq in the developing stage, and Egypt and Morocco in the advancing stage. Tunisia was under the formulating phase for the second pillar, while Egypt, Morocco, Iraq, and Jordan were categorized under the developing stage. Tunisia and Iraq are in the developing phase for the financing sustainability pillar, while Egypt, Morocco, and Jordan are in the advancing stage.

The report was also accompanied by the launch of the SBFN Data Portal: The newly launched SBFN Data Portal is a dynamic tool that enables ongoing tracking of sustainable finance initiatives. It facilitates multi-dimensional benchmarking and serves as a platform for peer-to-peer learning, enhancing the members' ability to drive sustainable finance forward.

Moving forward: The report recommends that a uniform approach is crucial for sustainable finance as integrating frameworks and creating common standards will prevent greenwashing and boost green investments. It also calls for international collaboration to avoid a confusing mess of regulations and ensure consistency across regions.

Shell Qatar makes breakthrough in green hydrogen production tech

GREEN HYDROGEN-

Shell Qatar makes green hydrogen from wastewater: The Shell Qatar Research and Technology Centre has successfully produced green hydrogen from wastewater through its HyPEC project, according to The Peninsula. The project — which is supported by the Qatar National Research Fund and is in collaboration with Texas A&M University at Qatar and India’s National Chemical Laboratories — has developed a prototype chemical reactor at the Qatar Science and Technology Park. Its pilot program has begun actively producing green hydrogen using sunlight and wastewater.

Qatar’s universities have been rolling out green tech: Qatar University’s (QU) Agricultural Research Station (ARS) unveiled new vertical farming tech to employ a hydroponic cultivation system back in January. The new system will allow Qatar to produce vegetables year-round while reducing resource consumption.

ELECTRIC VEHICLES-

Saudi’s EV market set to boom: Saudi Arabia’s EV industry is set to grow significantly, with 71% of Saudi consumers likely to purchase a battery-electric vehicle (BEV) this year, Gulf Business reports, citing consulting firm AlixPartners ’ 2024 International Electric Vehicle Consumer-Sentiment Survey. Saudi buyers displayed high awareness of Chinese EV brands, with BYD topping brand recognition, and upcoming Lucid and Ceer EV production is expected to influence consumer preference. The survey also found that although global customers express concern over cost and charging infrastructure, Saudis are more focused on vehicle safety, complexity, and support services, the report adds.

KSA has big EV goals: Saudi Arabia has joined the Accelerating to Zero Coalition, committing to net-zero new car and van sales by 2040. Saudi’s Public Investment fund has also set a target to produce 500k EVs annually by 2030, up from a target of 150k in 2026. Riyadh wants to have EVs comprise a third of its cars earlier in 2030.

DEBT WATCH-

Egypt’s Juhayna in line for a sustainability top-up from HSBC: Our friends at HSBC will provide Egyptian dairy giant Juhayna with an undisclosed sustainability-linked loan, according to a press release (pdf). The terms of the loan will be based on several KPIs including emissions reduction by 18.7% by 2025 compared to 2021 and ramping up health and safety training hours by 20% compared to 2022.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

Ooredoo program to reduce energy consumption at mobile sites: Qatar’s telecom firm Ooredoo is launching the Clean Energy – Super Hybrid program to reduce energy consumption at its mobile outdoor sites by combining eco-friendly energy sources like solar and wind power. Ooredoo plans to implement the initiative at all its mobile sites by 2026, with the target of cutting 140 tons of CO2 emissions per site over the next 25 years. (Statement)
Oman’s Be’ah offers ESG services for companies: Oman Environment Services (Be'ah) is offering to support companies’ environmental, social, and governance (ESG) practices to help them secure a better MSCI ESG rating and improve sustainability levels. Be’ah will benchmark each company against industry peers and climate-related metrics to guide decision-making. (Statement)

John Cockerill Hydrogen raises EUR 230 mn for electrolyzer strategy expansion

John Cockerill Hydrogen, a subsidiary of John Cockerill, is drumming up a capital increase of EUR 230 mn to expand the deployment of its electrolyzers strategy, according to a statement. The funding round includes investments from global energy technology company SLB, Belgian public investment institutions SFPIM, and Wallonie Entreprendre. Fundraising is slated for completion by the end of June 2024 and the funds will help support the establishment of gigafactories worldwide among other initiatives.

The company’s been busy in the region: John Cockerill signed an agreement last year with an unnamed Moroccan energy company to develop a value chain dedicated to undertaking green hydrogen projects in Morocco. The company was also exploring cooperation agreements with Algeria’s Sonelgaz on green hydrogen, wind turbines' maintenance, and storage in December. The Belgian group signed an agreement with UAE's Adnoc in June to manufacture hydrogen electrolyzers for local use in the UAE and export.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

China to set up carbon management system: China will establish a carbon footprint management system for 100 key products by 2027, and will potentially raise them to 200 by 2030. The initiative aims to address the impact of Europe's carbon border adjustment mechanism, which will tax high-carbon imports, and will include expanding carbon trading to key industries such as steel and cement. (Reuters)
New York finalizes contracts for offshore wind farms: New York state has finalized contracts for two offshore wind projects with a total capacity of 1.7 GW. Equinor will develop the 810 MW Empire Wind 1 plant and Orsted and Eversource will develop the 924 MW Sunrise Wind plant, both of which will start operations in 2026. (Statement)
Shell + Ceres partner on hydrogen electrolyzers: UK-based fuel-cell specialist Ceres has partnered with Shell to develop a 10 MW solid oxide electrolyser module for large-scale industrial use. The project aims to integrate with industrial plants for sustainable fuel production, targeting a module level efficiency of less than 36kWh/kg of hydrogen, which is in line with EU 2030 technology targets. (Statement)
Sumitomo to install 500 MW of battery storage in Japan: Japanese trading company Sumitomo plans to install 500 MW — up from the current 9 MW — of battery storage in Japan by March 2031. The company expects Japan’s battery storage capacity to increase to 40 GWh by 2030 from 2 GWh in 2023. (Reuters)

The energy transition can reduce losses by USD 4.6 bn

Moving to clean energy could bring savings of up to USD 4.6 tn each year on the back of reduced energy use during the fossil fuel production process, Bloomberg reported, citing research from Colorado-based think tank RMI. One third of the energy the world produces goes into mining, refining, and transporting fossil fuels, while another third is lost as these fuels are burned in inefficient machines. As a result, the production and transportation of solar panels and wind turbines have a much smaller carbon footprint than fossil fuels.

EVs and heat pumps spell big savings: A combustion engine only converts a quarter of gasoline energy into motion, while an electric car converts more than three quarters of the energy. “While burning one unit of natural gas in a boiler generates one unit of heat, an electric heat pump uses one unit of electricity to provide three units of heat,” Bloomberg writes.

But efficiency has been left behind in the climate fight: “Most of the discussion on energy security is to secure supplies of energy, but there is very little acknowledgement that reducing demand for energy also helps with energy security.” RMI researcher Daan Walter told Bloomberg. Over the past decades, the global economy’s energy efficiency has been increasing by 1-2% each year, while global economic growth stays at 3%, meaning that the rate of increased efficiency is not enough to counteract the total amount of energy the world uses.

Meet Aurora, Microsoft’s new AI model of the atmosphere

Microsoft researchers have developed a new AI foundation model, Aurora, that uses atmospheric data to help mitigate the effects of climate-related crises, according to a statement. While a number of tech companies have started developing AI weather-forecasting tools, including GraphCast from Google DeepMind and FourCastNet by Nvidia, Aurora is set apart by its quick ability to predict air pollution in less than a minute.

How does it work? Aurora, which is trained on over 1 mn hours of diverse weather climate simulations, can make predictions even in areas that lack comprehensive data or are experiencing extreme weather events, according to Microsoft. Its computational speed is estimated to be 5k times faster than the Integrated Forecasting System (IFS). Aurora is capable of predicting various atmospheric variables, such as temperature, wind speed, air pollution, and greenhouse gas concentrations. Its architecture, featuring a flexible 3D Swin Transformer with Perceiver-based encoders and decoders, allows it to handle heterogeneous inputs and generate high-fidelity predictions at different resolutions.

Not Microsoft’s first rodeo: The tech company partnered with a team of scientists from US government-backed Pacific Northwest National Laboratory back in January on a study aiming to leverage machine learning to identify and develop alternative materials to lithium metals used in EV battery production.

CALENDAR

JUNE 2024

5-6 June (Wednesday-Thursday): The Future of Semiconductors Forum, Riyadh, Saudi Arabia.

5-7 June (Wednesday-Friday): Sustainability World Summit, Frankfurt, Germany.

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.

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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Emirates Islamic lists debut sustainability-linked USD 750 mn sukuk lists on Nasdaq

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MENA aims to boost renewables capacity over 4x by the end of the decade

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SBFN members advance ESG integration and sustainable finance

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Shell Qatar makes breakthrough in green hydrogen production tech

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John Cockerill Hydrogen raises EUR 230 mn for electrolyzer strategy expansion

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The energy transition can reduce losses by USD 4.6 bn

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Meet Aurora, Microsoft’s new AI model of the atmosphere

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