Good morning, ladies and gents. It’s a calm day on the regional climate news front with a few bits and pieces pooling in from Oman, UAE, and Saudi Arabia. First, across the pond…

THE BIG CLIMATE STORY OUTSIDE THE REGION- US President Joe Biden kicked off a USD 7 bn grant program for residential rooftop solar projects to celebrate Earth Day. The grants — funded through the Environmental Protection Agency's Solar for All competition — are expected to reduce energy costs for low-income families and power nearly 1 mn homes, slashing individual power bills by about USD 400 annually. The announcement coincides with the opening of applications for the American Climate Corps, a new initiative aimed at preparing young people for jobs in climate-related industries. The Climate Corps program is set to begin in June, offering over 20k people the opportunity to work in various environmental roles, from installing solar panels to restoring ecosystems.

The story made headlines in the international press: Reuters | CNN | The Guardian | The New York Times

HAPPENING TODAY-

The Connecting Green Hydrogen event will kick off today in Dubai and run through to Thursday. The event will explore green hydrogen partnerships, policies, and practices in the region, in parallel to a showcasing of the latest in the clean fuel’s technology.

WATCH THIS SPACE-

#1- Masdar + Alpha Dhabi want to develop solar plant in Libya: State-backed renewables giant Masdar and Alpha Dhabi’s W Solar Investment are in talks with the Libyan government to build a 500 MW solar power plant in Libya with the aim of exporting its production to Europe, Chairman of Libya’s Renewable Energy Authority, Abdul Salam Al Ansari told Asharq Business (watch, runtime 5:27). Masdar and W Solar had signed an agreement with the General Electric Company of Libya two years ago to invest in building solar plants in Libya, although no details or specific investments were disclosed at that time.

And a Chinese expansion is in the cards: The company is mulling an expansion into China as it negotiates with partners the “ideal market strategy” for entering the market, COO Abdulaziz Alobaidli told The National last week, adding that “any serious investor who is ignoring China is committing a very strategic mistake.” The potential move is part of the company’s efforts to diversify its supply chain amidst geopolitical tensions impacting interest rates, logistics and supply chains to “ensure that if those challenges start to materialize, we have the right mitigations,” Alobaidli noted.

#2- The Tunisia-Italy 600 MW subsea interconnector will now be operational by 2028, Tunisie Telegraph reports. The project was previously estimated to be operational by 2029. The high-voltage direct current (HVDC) transmission cable connecting the two countries will be operated and jointly owned by STEG and Italian transmission system operator Terna.

REFRESHER- Tunisia recently approved a loan for the project: Tunisia’s House of Representatives approved a USD 268 mn loan extended by the World Bank’s International Bank for Reconstruction and Development (IBRD) to the Tunisian Electricity and Gas Company (STEG) to finance the EUR 1 bn ELMED electric interconnection project it is co-developing with Italy in February.

#3-Egypt is set to announce several new water desalination projects in the coming weeks, Sovereign Fund of Egypt CEO Ayman Soliman told Asharq Business reports. The initial offerings will include stations in the Mediterranean Sea, the Red Sea, and the Suez Canal region. The number of plants to be tendered has not been disclosed and it is not yet clear if they will be powered by renewables. Soliman announced last year Egypt’s intent to sign contracts to build 21 desalination plants as part of the first phase of its large-scale USD 3 bn desalination program.

Egypt already has plants in the works: Three consortiums submitted financial and technical proposals in November to establish five concentrated solar power (CSP) stations on Egypt's North Coast to power desalination plants.

#4-Global talks on eliminating plastic waste will kick off this morning in Canada with negotiators hoping to hammer out an agreement by year’s end on what would be the first-ever global pact setting limits on plastic pollution, Reuters reports. The treaty, if established, would be the first international agreement to regulate the entire lifecycle of plastics, encompassing everything from design and production to waste management and recycling.

Why this matters: The plastic industry contributes to 5% of global carbon emissions, a figure that could rise to 20% by 2050 if current trends persist. The US federal Lawrence Berkeley National Laboratory highlights the urgency of setting production limits to prevent the projected tripling of plastic production by 2060.

So what to expect? Previous discussions have seen countries divided, with some opposing ambitious measures like production limits. The petrochemical industry, represented by the Global Partners for Plastics Circularity, argues against production caps, advocating instead for recycling and reuse initiatives. In contrast, the “High-Ambition Coalition” of 60 nations, alongside more than 200 consumer-facing companies, supports legally binding measures to reduce primary plastic polymer production and phase out hazardous additives.

#5- BlackRock says the energy transition needs way more funds: Some USD 4 tn will be required annually by the mid-2030s to effectively shift away from fossil fuels and towards renewable energy sources according to the world's largest asset manager, CNBC reports. The figure is a significant jump from the previous estimate of USD 2 tn and will require an increase in both private and public investments, BlackRock says.

The funding gap: Despite the investments made to date totaling around USD 19 tn, there remains a USD 18 tn funding gap that must be bridged by 2030 to meet targets. Investments span various risk classes, from low-risk core energy infrastructure to high-risk ventures like late-stage venture capital and private equity.

So what’s needed? BlackRock emphasizes the importance of public-private partnerships, particularly in the Asia-Pacific region, to realize these investments. Further policy changes, including energy pricing and market deregulation, are also necessary. Blended finance is also identified as a crucial driver for making green assets investable within current portfolio structures, tapping into broader capital markets.

DANGER ZONE-

The Middle East is feeling the rising tide: Melting glaciers are causing global sea levels to rise and putting countries in the Middle East — especially those at or below sea level — at greater risk from powerful storm surges, according to a recent report (pdf) by the World Meteorological Organisation and Copernicus Climate Change Service. Glaciers lost a staggering 20% more water in the past year compared to any previous year on record, according to Copernicus’ deputy director Samantha Burgess tells The National. The impact has resulted in floods that devastated parts of Turkey, killing eight people, and the recent severe floods in the UAE, which are likely to become more frequent unless global efforts to reach net zero are successful.

OUR NEXT FORUM IN CAIRO-

Foreign investors are falling in love with Egypt again… Foreign investors we speak with (debt, equity, and strategic alike) have growing appetite for Egypt. They’re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that’s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: It’s a massive consumer opportunity and a regional export hub of tomorrow.

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: Spark conversations about a future that sees Saudi Arabia, Egypt, and the the UAE at the heart of a more vital Middle East economy — and provide an early, actionable roadmap for those who are “long Egypt.”

We’ll be talking with you about the agenda over the coming couple of weeks. It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow’s opportunities — and who aren’t afraid to answer some tough questions.

** Interested in attending? Tap or click here to let us know. Seating is limited.

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CIRCLE YOUR CALENDAR-

Oman will host the Oman Sustainability Week from Sunday, 28 April to Thursday, 2 May in Muscat. The event will focus on exploring investment opportunities and implementing best practices in sustainability within the energy, water, and environmental sectors.

Italy will host the G7 Ministerial Meeting on Climate, Energy and Environment from Sunday, 28 April to Tuesday, 30 April in Piemonte. The meeting will focus on pressing climate, environment, and energy challenges.

Saudi Arabia will host the Saudi Water Forum from Monday, 29 April to Wednesday, 1 May in Riyadh. The forum will facilitate dialogue among water sector leaders, experts, and stakeholders to address challenges and share expertise. It will feature presentations by key entities in the water industry focusing on integrated solutions, showcasing successful water projects, and promoting investment opportunities for sector development.

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.