Morocco and South Korea agree to cooperate on green transition efforts

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WHAT WE’RE TRACKING TODAY

TODAY: Morocco + South Korea agree to cooperate on green transition

Good morning, folks. The news cycle has slowed mid-week, but we have a few updates emerging from Bonn and what to expect from the conference which serves as a scene setter for COP.

THE BIG CLIMATE STORY OUTSIDE THE REGION- Climate change ramped up the intensity of last month’s Brazil flooding: World Weather Attribution scientists have estimated that climate change caused recent flooding in southern Brazil twice as likely with heavy rains also intensified by the El Nino phenomenon. The researchers estimate climate change driven factors intensified the natural event by 6-9%. Last month’s flooding in Rio Grande do Sul was the worst natural disaster in the region’s history, causing the displacement of almost 580k residents and leading to over 170 fatalities.

The story got ink in Reuters, The New York Times, Bloomberg, and The Guardian.

HAPPENING TODAY-

The Bonds, Loans & Sukuk Middle East event is kicking off today in Dubai and will conclude tomorrow. Billed as the Middle East's largest corporate and investment banking event, it serves as a key meeting point for those active in the region's capital markets. Over 1.4k governments, corporates, investors, banks, law firms, regulators and service providers as well as more than 75 expert speakers will be in attendance.

ALSO- Baku Energy Week kicks off today in Azerbaijan and will run through to Thursday. Around 300 companies — including UAE’s Masdar — from 37 countries will participate in the Caspian International Energy conference and Green Energy Exhibition, discussing issues like energy security, energy production, and transportation. Baku will host COP29 this year.

COP WATCH-

COP28 assembles technical group: The COP28 presidency has announced the launch of a Technical Cooperation Collaborative (TCC) group aimed at helping countries deliver the objectives of the COP28 Declaration on Food and Agriculture, according to a press release. The declaration — which calls on the protection of vulnerable populations and addresses the relationship between food systems and climate change — was endorsed by 159 countries which account for 80% of the world's agricultural GDP. The TCC was founded by several partners including Italy, the United States, the United Kingdom, and the World Bank at the Bonn Climate Change Conference, which kicked off yesterday.

There’s a lot riding on the Bonn conference: Countries “cannot afford to stumble” during current talks in Bonn in order to make “serious progress on finance,” head of the UN Framework Convention on Climate Change Simon Stiell said in a speech. The conference marks the halfway point to COP29 and the first climate talks since COP28, according to the National.

What to expect at Bonn: Around 6k delegates from almost 200 countries have come together for the Bonn conference which will run until 13 June. The talks conducted at the event set the stage for the upcoming COP29 while establishing means of monitoring the implementation of the agreements made at the previous COP. Main topics of discussion will include climate finance, action and adaptation plans, submission of transparency reports, and how to phase out fossil fuels.

Will history repeat itself? Last year’s conference ended with diplomats making progress on setting an agenda, but failing to take robust climate action. The outcome of the talks, which saw countries only able to agree on an agenda on the second-to-last day, saw a notable omission of the “mitigation work program,” which would have opened talks on how to accelerate emission cuts and raise funds to help developing countries deploy clean energy. The conclusion of the conference foreshadowed the controversial ending of COP28.

WATCH THIS SPACE-

#1- Egypt’s government is reportedly mulling plans to put in place a new tax on carbon emissions from petroleum products, Asharq Business reported, citing a 7-year tax policy document it has seen. The proposed tax will be based upon the “cost of environmental damage” — i.e, a direct tax on emissions — and not the quantity of petroleum products as done currently.

Why now? The proposed tax comes in response to the EU’s Carbon Border Adjustment Mechanism (CBAM) that is set to fully go into effect starting 2026, which could have a considerable impact on Egypt’s exports — particularly from the country’s notoriously energy-intensive steel, aluminum, cement, and fertilizer industries. The carbon border tax will make up the difference between the local carbon price — if there is one — and the EU’s carbon price, meaning that if Egypt doesn’t tax the carbon on EU-bound imports, the EU will. .

The gov’t says you shouldn’t believe everything you read: The tax policy document for 2024-2030 circulating on social media is a months-old “initial concept” that has now gone through revisions, Egyptian Finance Minister Mohamed Maait clarified in a statement. The document laying out new taxation policies is still in the works and will be opened up for community dialogue in the “coming weeks.”

#2- Key construction on Oman’s Manah 1 solar farm underway: Wadi Noor Solar Power Company — a consortium comprising French power utility EDF Renewables and Korea Western Power (Kowepco) — will begin installing the solar PV modules for its 500 MW Manah 1 Solar project in Oman next month, Oman Daily Observer reports. The plant — under construction since September — is set to begin commercial operations by 1Q 2025.

The details: Over 1 mn panels — which are being imported from Chinese manufacturer JA Solar — are currently arriving at the project site, and are expected to be installed over the next few months. The panel’s supporting structures are currently being built on a 7.8 sqkm plot of land where the station will be located, consortium CEO Yahya al Rawahi told the Observer adding that the consortium aims to source at least 20% of goods and services locally during the EPC phase, including local workforce employment and subcontracting. A new 400-kilovolt grid station in Manah already began operating last month to support the solar project.

About the tech: The project will use bifacial modules, which are able to generate power from both their top and bottom faces, CEO of Wadi Noor Solar Power Company — the company developing the project — Yahya al Rawahi told the Observer. “There are 2 bin class capacities for the Manah 1 project: 585 W and 590 W modules. The PV modules will be mounted on single axis trackers to maximize power generation throughout the day,” he said. The modules will also use automated single-axis trackers and cleaning robots.

REMEMBER- Oman’s Manah 1 reached financial close earlier this year: The consortium said it had reached financial close on the Manah 1 project back in January. The project's funding will be obtained from local and foreign banks, including Korea’s Export-Import Bank, Société Générale, and Muscat Bank, which it secured USD 301.8 mn from last month.

#3- Existing fossil fuel projects are sufficient to meet the growing global energy need, according to a new study by the University College London and the International Institute for Sustainable Development. The research calls for the cessation of new projects suggesting that existing oil, gas, and coal reserves are sufficient as the global energy sector pivots towards renewable sources, aligning with the 1.5 °C target. “The study is the first peer-reviewed paper published in a scientific journal to argue that no more fossil fuel projects are needed as renewable energy sources take up the demand,” according to FT.

So what can be done? The researchers argue that stopping new projects is more feasible economically, politically, and legally than shutting down existing ones. They suggest that governments should implement bans on new fossil fuel projects and that civil society should advocate for these bans. This approach would foster the establishment of a global ‘No New Fossil’ norm. While the International Energy Organization has made similar conclusions on ceasing oil production, Big Oil leaders including Aramco still believe that global oil demand won’t peak soon.

DANGER ZONE-

Climate-vulnerable countries face doubling debt payments since pandemic: Debt payments by the 50 countries most vulnerable to climate change have doubled since the coronavirus pandemic, reaching their highest levels in over 30 years, according to research by UK-based organization Debt Justice. These countries will spend four times more on external debt payments in 2024 than in 2010, significantly hindering their ability to invest in climate emergency measures.

Urgent debt relief is needed: These nations now spend 15.5% of government revenues on external debt, up from less than 8% before the pandemic and 4% in 2010, Debt Justice found using data from the World Bank and the International Monetary Fund. Of the debt payments made by these countries, 38% are to private lenders, 35% to multilateral institutions, 14% to China, and 13% to other governments.

What’s behind the debt crisis? The end of pandemic debt suspension, a rise in global interest rates, and the strong USD magnifying the size of external debt payments (which are primarily owed in USD), have caused the new debt crisis for climate-vulnerable countries.

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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.

Saudi Arabia will host the Global EV and Mobility Tech Forum from Wednesday, 10 July to Thursday, 11 July in Riyadh. The event will bring together policymakers, NGOs, and startups.

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

Morocco and South Korea agree to cooperate on green transition efforts

Morocco has signed a framework agreement with South Korea to cooperate on climate change efforts, Map reports. The agreement will see them cooperate to reduce emissions, tackle the impacts of climate change, and transition to a low-carbon economy. They also signed an agreement for loans from the Korean Economic Development Cooperation Fund to finance mutually agreed upon future projects.

Morocco’s current target is set to unconditionally slash emissions by 18.3% by 2030 compared to business as usual, and the country has a conditional target to reduce emissions by 45.5% reduction by 2030 compared to business as usual.

The scorecard: Morocco has some work to do in reducing energy use and improving climate policy, according to a recent Climate Change Performance Index. The kingdom — considered a high performing country — scored well on the first two categories — greenhouse gas emissions and renewables — but only average on the latter two — energy use and climate policy. The country still consumes and imports a lot of fossil fuels but is growing their renewable energy shares at the same time. However, energy prices are high and users of solar energy are excluded from the power grid.

REMEMBER- Morocco’s Ministry of Energy Transition and Sustainable Development is developing a MAD 19 bn (c. USD 1.91 bn) draft program for the prevention and control of industrial pollution, Minister of Energy Transition and Sustainable Development Laila Benali said last week, and the kingdom has plans to add 6.5 GW of renewable energy to the country’s 11 GW total installed energy capacity by 2027.

There’s other green cooperation efforts in play: Morocco’s Mohammed VI Polytechnic University and the French National Research Institute for Agriculture, Food and Environment signed a letter of intent in April to establish an international lab focused on the valorization of biomass, organic waste, and microalgae for the production of energy, animal feed, and fertilizers. The North African country and Sierra Leone also agreed to a new cooperation roadmap for 2024-2026, focusing on areas including trade, agriculture, and renewable energy.

IN OTHER MOROCCO NEWS-

Tarik Moufaddal (LinkedIn) has been tapped as the new President and CEO of the Moroccan Agency for Sustainable Energy (Masen), according to Morocco World News. He holds a Masters degree in Science from the Ecole des Mines in Paris and an engineering diploma from the Ecole Mohammadia d'Ingenieurs. Moufaddal previously held roles at TotalEnergies, including Director of Mobility Solutions for France and General Manager of TotalEnergies Tanzania.

Masen’s recent activities: Masen completed renovations in March on the 100 MW Nassim Koudia wind plant and finished construction on the 270 MW Jbel Lahdid farm, which together are set to contribute to the country’s goal of 52% renewable energy by 2050.

The world wastes at least 1 bn meals per day, UN finds

About 1.05 bn tons of food were wasted around the world in 2022, according to the UNEP Food Waste Index Report 2024 (pdf). Households were responsible for the majority of food waste at 60%, while food service and retail contributed 28% and 12%, respectively. Daily household food waste has been found to reach the equivalent of about 1 bn meals, with this estimate likely on the lower end of the actual number.

Food waste is “an environmental failure”: Food waste accounts for 8% to 10% of global greenhouse gas (GHG) emissions worldwide, takes up the equivalent of 30% of agricultural land, and contributes to major biodiversity and habitat loss. Converting natural ecosystems for agricultural practices is the leading cause of habitat loss.

Increased food waste can raise temperatures: Per capita household food waste is positively correlated with average temperatures around the world, the report found. This trend persists across different income groups, except for low-income countries where data coverage is more sparse.

And hotter countries generate more waste: Several possible factors could contribute to the higher rates of household food waste in hotter countries, including that the majority of developing countries — which are more likely to cook from scratch compared to buying processed foods — are located in those hotter regions and therefore have a higher share of inedible waste. Additionally, food spoils more quickly in warmer climates, and lack of access to infrastructure like refrigerators or cold chain facilities impacts food preservation and thus quantities of waste.

Most countries lack data to track progress on food waste: Only a few G20 countries — including Australia, Japan, the UK, the US, and the EU — have suitable food waste estimates and data to track progress towards Sustainable Development Goal (SDG) 12.3 (to cut per capita global food waste at retail and consumer levels in half and reduce losses throughout the supply chain) by 2030. Brazil is also amongst the countries working on developing a reliable baseline to measure food waste, while the rest fall behind. However, as a collective of major economies, the G20, the G20 can influence global consumer behavior and encourage sustainable consumption if it sets an example and promotes waste reduction, the report argues.

Food waste is a major blow to the global economy too: The total cost of food waste and loss has reached over USD 1 tn per year, representing more than one-third of global food production. This waste also uses up over a quarter of the world's agricultural land, which could be used to expand farming practices and commodity supplies. This level of waste leads to food insecurity, affecting up to 783 mn people in 2022.

Urban areas are bigger contributors: Countries with data for both urban and rural areas often find less waste in rural regions, due to better recycling of food scraps in rural areas, according to the report. This poses problems for over half of the global population who reside in urban areas, especially as food waste is predicted to continue to rise in the future. Cities will therefore need much more support to develop similar circular food systems as rural areas, the report suggests, adding that public-private partnerships — collaboration between stakeholders from different stages of the supply chain — to address fragmentation in the food system are one of the most effective approaches and have shown to help reduce costs and food insecurity, the report concludes.

How is our region faring? North African nations studied include Tunisia which produces 172 kg of waste annually per household, Egypt at 163 kg, Sudan at 116 kg, Algeria at 113 kg, Morocco at 113 kg, and Libya at 84 kg. Estimates for Northern Africa, are based on data that was identified from three countries with a total of eight data points, six of which come from across six different regions in Egypt.

The UAE is planning to cut food waste in half by 2030: The goal to halve food waste by 2030 was set by UAE's food loss and waste initiative Ne'ma established in 2022. The initiative works on coordinating with government agencies, the private sector, non-government organizations and civil society to achieve its goal.

KSA is also tackling its waste issue: Saudi Arabia, the world’s largest producer of food waste, intends to recycle up to 95% of its waste compared to its current rate of 3-4%, which is one of the lowest in the world. The new targets will see the Environment, Water and Agriculture Ministry (MEWA) recycling c. 100 mn tons of waste annually and is forecast to add SAR 120 bn to the GDP.

Enterprise Explains: What is holding back wider SAF adoption?

Sustainable aviation fuel (SAF) has been hailed as the best near-term solution for the aviation industry to achieve its green goals — providing about 65% of the mitigation needed for airlines to reach net zero emissions by 2050, according to a new report published by the International Air Transport Association (IATA). The report predicts that SAF production will triple this year to 1.9 bn liters or 0.53% of aviation's fuel needs — but how is our region faring in the switch to SAF and what’s holding us back?

REFRESHER- SAF is an alternative fuel made from non-petroleum feedstocks — raw materials or biomass other than the traditional crude oil — that is chemically and physically identical to conventional jet fuel, according to a previous IATA report (pdf). Since it is a drop-in fuel — meaning it can be used in the existing fuel systems — SAF bypasses concerns of incompatibility with existing fuelling infrastructure and can be blended at levels between 10-15%. The feedstocks used to create SAF can vary from cooking oil, waste, and plant oil with more possibilities being developed.

Lots of gains ahead: SAF can greatly reduce air transportation emissions by up to 94% during its life cycle compared to standard aviation fuel depending on the feedstock and technology used, says the US Alternative Fuels Data Center (AFDC). SAF can also attract private sector investment, create jobs, and promote economic growth, CEO of International Airlines Group Luis Gallego wrote in an article for the Financial Times.

Tackling a high polluter: Aviation accounts for 2% of worldwide CO2 emissions and 12% of emissions from transportation, the AFDC added. In recent decades, aviation emissions have grown faster than those of rail, road, and shipping, according to the International Energy Agency.

A global push is happening: Multiple federal agencies came together in 2021 to announce The Sustainable Aviation Fuel Grand Challenge to expand domestic consumption of SAF to 3 bn gallons in 2030 and 35 bn gallons in 2050 to reduce life cycle emissions by 50%. Governments similarly came together through the International Civil Aviation Organization (ICAO) to set a target of 5% international aviation emissions reduction by 2030 up from the current 3%. In the EU, all airports will be required to use SAF blends at a minimum of 2% by 2025 to be increased to 70% by 2050, the Financial Times reported. Public support for SAF is also high, with 86% of travelers in favor of government incentives and prioritization by oil companies.

Some players are already jumping on the bandwagon: Virgin Atlantic became the first commercial airline to fly a transatlantic flight fully powered by SAF last month. Airbus and Boeing committed to having their planes be exclusively powered by SAF by 2030. The demand for SAF is highest in Europe due to the threat of fines, but production would be the most efficient in the US and other cheaper energy producing countries, Roland Bereger’s global lead for sustainable aviation Nikhil Sachdeva told FT.

The region has been active: Omani OQ Group’s green unit OQ Alternative Energy signed two agreements to explore developing e-fuels for technical and commercial viability in Oman on Saturday. Emirates Airline recently purchased over 3k tons of SAF from Shell Aviation at the London Heathrow Airport to fuel some of its flights until the end of the summer. In partnership with Finnish oil refining company Neste, the airline also began supplying over 2 mn gallons of SAF — including 1 mn gallons of pure SAF — for its flights departing from Amsterdam Schiphol Airport throughout this year with plans to introduce the alternative fuel to Singapore Changi Airport in the coming months.

That’s not all for the Emirates: Dubai Municipality signed an agreement with UAE turbine and aviation fuel supplier Enoc Marketing, Belgium’s Besix, and Japan's Marubeni Middle East and Africa Power to produce SAF from solid municipal waste, organic waste, and green hydrogen from sewage treatment back in February. Enoc also signed an MoU with Neste to explore avenues for the purchase and supply of sustainable aviation fuels both in the UAE and the wider MENA region back in November 2023. The UAE has set a goal under its National Policy on Biofuels to produce 700 mn liters of SAF and reach net zero by 2050.

Egypt’s making moves of its own: US multinational conglomerate Honeywell in partnership with the European Bank for Reconstruction and Development said it will complete a feasibility study over the months following March for a proposed sustainable aviation fuel production facility in Egypt. Egypt said the SAF studies had begun earlier this month to implement Egypt's first SAF project using used cooking oil.

What’s getting in the way of larger adoption? Despite its promising nature, SAF still only makes up less than 0.1% of global jet fuel volumes and is three times as expensive, FT added. There are several reasons for this — for one, it's hard to convince investors to back alternative fuel projects because their time horizons are long (20-25 years) but airlines typically avoid offtake agreements that are longer than 10 years, Sachdeva added. Potential stakeholders in the UK blame the government for not giving sufficient support that would give them the green light to start building SAF plants. Other obstacles include low production capacity, infrastructure for production, transportation, and storage needing development, and the lack of a regulatory standard making the industry notoriously difficult to decarbonize, CEO of Fathopes Energy Vinesh Sinha said.

Next steps: Updated policies are necessary to boost SAF production. Governments can support SAF by diversifying feedstocks, co-processing renewable feedstocks in existing refineries, incentivizing the shift from diesel to SAF production, and boosting investments in renewable fuel production, the IATA states. Achieving the ICAO’s goal will require about 27% of renewable fuel production capacity to be SAF.

Plans might shift in the long-term: Hydrogen and electric-powered aircrafts are also touted as key technological advancements to achieve net zero emissions by 2050, but there is a long way to go before they become commercially viable, according to FT. SAF is the more viable near-term solution, but there are hopes to create synthetic SAF by combining carbon dioxide from the air with green hydrogen in the long term.

Jordan takes biggest share of regional EV sales

ELECTRIC VEHICLES-

Jordan leads regional EV sales: Jordan saw the highest share of electric vehicle sales in the Middle East in 2023 at over 45%, according to an International Energy Agency report (pdf). The country’s EV industry is supported by lower import duties than those imposed on cars with fuel engines. The UAE came in at a distant second at 13%.

EV sales are up globally: Almost 14 mn EVs were registered globally in 2023, bringing the total number of EVs on the road to 40 mn. Sales increased by 3.5 mn cars in 2023, a 35% y-o-y increase. EVs accounted for 18% of all cars sold in 2023, compared to 14% in 2022.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

Oman’s marine sector begins using biofuels: Oman has begun using biofuels to conduct marine tug operations in Sohar Port, which aims to reduce emissions by 17% by 2050. (Misr Al Balad)

Vermont makes oil companies pay up + China connects 5 GW of solar energy to its grid

US’ Vermont state makes big oil pay up: Vermont has become the first US state to mandate that fossil fuel companies must pay for climate damages, The Financial Times reports. Vermont's new law aims to hold oil and gas companies responsible for their contributions to regional GHG emissions and their impact on public health, natural resources, agriculture, economic development, and housing. The legislation also requires the state’s treasurer to determine by 2026 the total cost of greenhouse gas (GHG) emissions to Vermont residents over the past 20 years.

Similar laws are gaining traction across the US: Maryland, Massachusetts, New York, and California have attempted to pass similar bills this year, although without success, FT writes.

REMEMBER- California took big oil to court for downplaying fossil fuel risks: The state of California filed a lawsuit last year against oil majors including BP, Exxon, Chevron, Shell and ConocoPhillips for causing USD bns in economic and environmental damages by misleading the public on the impact long-standing fossil fuel extraction has on the economy and communities. The lawsuit alleges big oil firms and trade groups have known since at least the 1960s that their operations are warming the planet and causing “tens of bns of USD” in damages.

China connects the world’s largest solar farm: The state-owned Power China has connected the world’s largest solar power plant to the grid with a capacity of 5 GW, Reuters reported. The 200k acre farm, located in northwestern Xinjiang, will generate around 6 bn KWh annually. The farm is in the same region as China’s other two largest solar plants, each with a capacity of 3 GW.

ICYMI- China planning more clean energy: China has eased the limits on renewable power installations in energy-rich areas, one of several policies issued last week to promote clean energy. China's National Development and Reform Commission is also requiring provinces to develop energy-efficiency plans for entities responsible for 70% of consumption and carbon emissions by the end of 2025.

REFRESHER- China led renewables growth last year: Renewable energy expansion was led by Asia in 2023, which added 326 GW in capacity, representing 69% of the global increase. This was mainly driven by China, whose capacity increased by 63%, reaching 297.6 GW.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

Wind and solar energy marching on in the EU: Renewable power generation from wind and solar projects in the EU has risen 46% since from 2019. The renewable power sources have displaced a fifth of the EU’s fossil fuel use, which is in line with the ambitious target proposed by the European Commission of achieving a 45% renewable energy share by 2030. (Ember)
Germany off track for 2030 climate targets: Germany will likely fail to meet its 2030 goal to cut emissions by 65% from 1990 levels, the Expert Council on Climate Issues found. The country might not even meet its 2045 climate neutrality target. Sectors including transport and construction have been holding the country back as they struggle to decarbonize. (Reuters)
Japan + EU to collaborate on clean hydrogen development: Japan and the EU have agreed to collaborate on policies to boost demand and supply of clean hydrogen as well as to advance technologies for its development. Japan sees hydrogen as a cleaner alternative to LNG, while the EU views it as a way to reduce reliance on Russian fossil fuels. The EU aims to produce 10 mn tons of hydrogen and import an additional 10 mn by 20203, while Japan plans to spend JPY 3 tn within the next 15 years to subsidize hydrogen production. (Reuters)

Subzero electricity prices on the rise as renewables productivity soars

Europe’s bouts of free electricity spark investor concern: Electricity prices have been dropping into the negative as May’s high productivity from solar parks in Spain and wind turbines in Norway caused supply to exceed demand, Bloomberg reported. Burdened with excess energy, producers gave consumers electricity for free, raising worries amongst investors regarding the profitability of the USD 800 bn renewables market. The phenomenon is not unheard of, but instances increased 12-fold last year.

How can the market adapt? Building more battery storage facilities would allow excess electricity to be preserved for when it is needed and mitigate intermittency such as when the sun isn’t shining. Producers of traditional energy sources can also make room for renewables on the grid by reducing or halting their output, an option taken by Electricite de France, RWE, and Vattenfall. Companies like Vattenfall are turning to flexible investments such as developing batteries alongside wind and solar parks. The rise of sub zero pricing isn’t expected to die down until the mid 2030s, when there are enough energy storage systems in place to deal with the excess, says Modo Energy director Ed Porter.

It’s not just Europe: Australia has dealt with its own periods of negative electricity pricing, with the National Electricity Market falling below zero for 14% of last year. That percentage is expected to rise as more renewables are added to the grid and rooftop solar gains popularity. California experienced 592 hours of below zero electricity this year, already overtaking last year’s total.

Consumers are tapping into the benefits: Some consumers have begun adjusting their energy consumption to periods with lower prices. An app called Tibber, which currently has around 1 mn users, tracks the electricity market hourly.

Finnish researchers make protein powder from thin air

Finnish company Solar Foods has come up with a method of producing food protein from thin air, science news service Phys reports. The process involves feeding microbes air and electricity, creating Solein, a protein-rich powder that can serve as an alternative to traditional animal-based products.

The science behind it: The protein is produced from natural single-cell organisms grown through a fermentation process, according to Solein’s website. Water is split into hydrogen and oxygen using renewable electricity, then the microorganisms are fed with CO2, hydrogen, and mineral nutrients. The organisms then synthesize amino acids, carbohydrates, fats, and vitamins — the building blocks of food. After harvesting, excess water is removed, and Solein is dried into a fine protein powder.

Why does this matter? Livestock farming and production are responsible for 11.1% to 19.6% of global greenhouse gas (GHG) emissions. Cattle also produce methane, one of the stronger GHGs, and their producing their feed also contributes to nitrous oxide emissions.

How can it be used? Solein has emulsification properties, helping ingredients blend smoothly and remain stable. It can also be used to create a meat-like texture, making it an attractive alternative to meat products. Solein also forms a gel in acidic conditions, making it ideal for alternative yogurts and cheeses.

A look forward: Solar Foods' current facility is not large enough for commercial operations, primarily serving to demonstrate the technology's viability to secure regulatory approval in the EU and the US. The company aims to construct an industrial plant 100 times larger than its current one.

CALENDAR

JUNE 2024

4-5 June (Tuesday-Wednesday): Bonds, Loans & Sukuk Middle East, Dubai, UAE.

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

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.

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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Morocco and South Korea agree to cooperate on green transition efforts

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