Oman’s OQ raises USD 489 mn in OQBI IPO

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WHAT WE’RE TRACKING TODAY

TODAY: OQ IPOs methanol unit + Solar-powered drones are landing in Saudi

Good morning, folks. It’s another busy start to the week in our regional climate industry, with lots of updates to unpack this morning. We have a health check on Oman’s OQBI IPO, some green financing news from Morocco, and the latest on Saudi’s venture into solar-powered drones production. Let’s jump right in.

THE BIG CLIMATE STORY OUTSIDE THE REGION- There’s no single story dominating the headlines, but Goldman Sachs has removed itself from the Net-Zero Banking Alliance (NZBA) which aims to align bank lending and investing with climate change mitigation efforts. The decision likely came due to pressure from US Republicans who criticize NZBA membership as a breach of anti-trust rules, but the bank did not confirm any particular reason for the exit and affirmed its still committed to its climate goals in a statement. The NZBA declined to comment to the press.

“It’s a shame to see leading institutions leave these alliances ... But it’s important to note they aren’t repudiating their net zero commitments,” UNEP Finance Initiative's former risk head told Bloomberg.

Not the first time: Goldman Sachs Asset Management withdrew from Climate Action 100+, the world's largest climate alliance for investors in April amid rising attacks from Republicans. The move followed similar defections by other major firms, including AllianceBernstein, JPMorgan Chase's asset management arm, and Pacific Investment Management Co.

REMEMBER- An anti-ESG movement is growing in the US: In June, Republican lawmakers accused Wall Street of “colluding” with climate advocacy groups and forming a “climate cartel” in their bid to shrink corporate America's emissions. Because of the anti-ESG campaign, big asset managers like BlackRock have scaled back their climate commitments. You can read more about the impact in our deep-dive into ESG divestment.

The story grabbed ink over the weekend in Reuters, Bloomberg, and CNBC.

HAPPENING THIS WEEK-

The International Mangrove Conservation and Restoration Conference kicks off tomorrow in Abu Dhabi and will run until Thursday, 12 December. The conference will gather global scientists and conservation experts dedicated to mangrove and coastal ecosystem restoration, seeking to share research, innovative approaches, and best practices for holistic restoration, including habitat diversity, connectivity, and climate resilience. You can find the full program here.

WATCH THIS SPACE-

#1- VinFast’s new EV plant will begin production next year: VinFast Auto is set to commence operations at its new electric vehicle manufacturing plant in Vietnam's Ha Tinh province by July next year, the company told Bloomberg in an email. The facility — which will focus on producing the VF 3 and VF 5 models — is expected to have an initial production capacity of 300k cars per year, with plans to double this target eventually. This new plant will be the company’s fifth automobile assembly facility and will cater to domestic and international markets.

Some struggle: The company has high global ambitions, but faces strong competition from Chinese counterparts and other established producers. It scored a net loss of USD 741 mn in 2Q 2024, a big rise from its 2Q 2023 losses of about c. 528 mn, according to a Bloomberg report earlier this year.

Does the company have regional backing? A consortium led by Emirates Driving Co. has agreed to reportedly funnel at least USD 1 bn of funding into VinFast in October. The funding was reportedly part of an agreement the pair signed that month that included “investment support,” but the official statement did not mention an agreed financing figure. VinFast established its regional headquarters in Dubai with assistance from the Dubai International Chamber as part of the Vietnamese company’s global expansion strategy in June.

#2- Saudi Arabia agrees to pay more for Kenyan carbon credits: Saudi Arabia has reportedly agreed to purchase carbon credits from Kenya at a rate of USD 8, up from a previous USD 3, Nation Africa reported on Friday, citing sources it says have knowledge of the matter. The new rate — negotiated on the sidelines of Riyadh’s COP16 — would be part of carbon credit trades aimed at helping Kenya invest in land restoration and land degradation prevention.

The new rate is too low compared to those from the developed world, sparking concerns over fairness, Nation Africa reports. The price is far below the average of USD 80 recommended by the World Bank and the rate of trades between developed countries, which stands at USD80-100, the World Economic Forum Managing Director Gim Huey Neo told Nation Africa.

ICYMI- It is not the pair’s first carbon credit collaboration: Saudi Arabia’s PIF-backed Regional Voluntary Carbon Market Company (RVCMC) hosted an auction in Nairobi in June 2023, drawing big demand from over a dozen firms — a majority of which were Saudi Arabian firms — who bid on an available 2 mn tons of carbon credit. The auction saw a clearing price of SAR 23.50 (c. USD 6.25) per ton. On the auction’s sidelines, the RVCMC signed an MoU with Kenya’s main dry cell battery maker Eveready East Africa to set up high-quality and impactful carbon projects in June 2023.

#3- Jordan is looking to produce up to 600k tons of green hydrogen per year by 2030, and 3.4 mn tons by 2050 as it seeks to establish itself as a global player in the sector, Petra reported on Thursday, citing comments made by Jordan’s Secretary General of the Ministry of Energy and Mineral Resources Amani Azzam at a ministerial meeting in Brussels. The kingdom also aims to increase solar and wind energy’s share in the electricity mix from 27% to 30% by 2030 by increasing energy storage.

ICYMI- The country is laying the regulatory groundwork for these plans: A new electricity bill is currently advancing in Parliament reportedly designed to attract significant investments in renewable energy, including green hydrogen.

Big hydrogen plans in play: Jordan signed 14 MoUs exploring green hydrogen and ammonia production projects, with the latest agreement signed last month with China’s Hangzhou Huading New Energy (HD Solar) to conduct feasibility studies for a green hydrogen and green ammonia plant. Jordan Green Ammonia — a JV formed between Poland-based Hynfra and Jordan-based Fidelity Group — is also building a USD 1.6 bn green ammonia and hydrogen facility in the Aqaba Special Economic Zone, with a planned annual production capacity of 100k-200k and surplus export plans.

#4- Qatar lists green bonds on the London Stock Exchange: Qatar listed its inaugural USD 1 bn green bond issuance on the London Stock Exchange last Thursday to raise financing for green projects, according to a statement released last week. The blockbuster USD-denominated issuance — its first foreign currency denominated bonds in the past four years – was 5.6x oversubscribed, pulling in USD 14 bn worth orders last May.

Not Qatar’s only recent green bond: Qatar’s Commercial Bank (PSQC) launched a debut three-year CHF-denominated green bond in September. The issuance raised CHF 225 mn (c. USD 1.39 bn) at a coupon rate of 1.707% payable annually. The bond was initially priced at 130 basis points (bps) but was later tightened to 120 bps in response to high demand.

#5- A new player in Egypt’s renewables market? Egypt's infrastructure company Algammal for Contracting is expanding operations across various sectors including renewable energy, the company’s vice president Mohamed Farouk Hafeez told Egypt Daily News last week. Algammal plans to launch a dedicated renewable energy department by 4Q 2025, focusing on solar and wind power.

The company is also working on the Egypt-Saudi Arabia electricity interconnection project, managing three critical work packages. These include the installation of submarine cables, civil works using advanced techniques like tunnel boring, and directional horizontal drilling. It’s also gearing up to establish three industrial complexes in Saudi Arabia, Libya, and Iraq, Hafeez told EnterpriseAM last month.

About the group: Founded in 2003, Algammal initially started its journey with subcontracting for electrical infrastructure projects. Over time, the group expanded into general contracting. By 2008, the company entered the pipes and electrical networks sectors as a certified subcontractor for major contractors, evolving into a prominent general contractor for infrastructure, electrical networks, industrial projects, commercial buildings, and housing projects. The group currently has a branch in Libya and opened its latest branch in Saudi Arabia eight months ago as part of a regional expansion push.

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CIRCLE YOUR CALENDAR-

The UAE will host the World Energy Summit from Tuesday, 14 January to Thursday, 16 January in Abu Dhabi. The summit will host over 350 speakers including energy industry leaders and policymakers with discussions ranging from eco-waste to sustainable cities. An exhibition will also be held for showcasing green products.

Saudi Arabia will host the Future Minerals Forum from Tuesday, 14 January to Thursday, 16 January in Riyadh. The forum will gather stakeholders from over 170 countries to discuss mineral technology and exploration. Speakers will include senior government officials and CEOs from renowned mining companies Vale, Rio Tinto, and Manara.

Bahrain will host the Sustainability Forum Middle East from Tuesday, 28 January to Wednesday, 29 January in Manama. Climate experts and decision-makers will convene to discuss a number of issues ranging from decarbonization to supporting SMEs on their path to net zero. Speakers will include GCC government officials and industry leaders from the banking and industrial sectors.

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

Oman’s OQ raises USD 489 mn in OQBI IPO

Oman’s OQ raised OMR 188 mn (c.USD 489 mn) in its initial public offering of its methanol unit OQ Base Industries, according to a statement published last week. The IPO saw a 49% stake sold at the top end of the price range at OMR 0.111 (c.USD 0.29) per share, valuing the firm at USD 1 bn.

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What we know: The offering attracted significant demand, with institutional and retail investors committing to OMR 387 mn, Bloomberg reported last week. Floated shares will begin trading on the Muscat Stock Exchange around mid-December.

REMEMBER- The company priced its IPO at a range of between 106 bps (USD 0.28) and 111 bps (USD 0.29) per share for its offering of a 49% stake – around 1.7 bn shares – last month. Gulf Investment Corp, US-based Falcon Investments, Saudi Omani Investment Company, and Oman’s Social Protection Fund had previously committed to picking up about 30% of the offer as anchor investors.

ADVISORS- Bank Dhofar, Bank Muscat, and Morgan Stanley were acting as issue managers and joint global coordinators, and BSF Capital and Kamco Investment Co. were acting as joint bookrunners.

REMEMBER- OQ is on an IPO drive: This IPO follows OQ’s recent IPO of its exploration and production arm, which raised around USD 2 bn, making it Oman’s largest-ever IPO despite initial falling on the debut.

AfDB extends EUR 224 mn in financing to shore up Moroccan climate resilience

Morocco and the African Development Bank (AfDB) signed two financing agreements worth EUR 224.7 mn to shore up climate resilience, MAP reported last week. The first agreement earmarks EUR 120 mn to support the country’s climate resilience efforts, and another EUR 104.7 mn agreement will support Morocco’s National Office of Electricity and Drinking Water (ONEE) to implement a project to digitize and secure the production of potable water.

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This has been in the works: The board of AfDB approved EUR 120 mn in financing for the first phase of Morocco's Governance and Climate Change Resilience Support Programme (GCRRP) last July. The program aims to implement reforms to strengthen Morocco's economy and enhance resilience to climate change and other external factors.

AfDB 💚 Morocco: The lender approved EUR 84 mn in funding to support a Moroccan project aimed at boosting economic resilience to climate change and improving the water cycle in June. The project covers four watersheds and national parks and targets 6.5 mn rural residents to promote sustainable natural resource development, forest value chains, and aquaculture entrepreneurship.

France’s XSun to produce solar-powered drones in Saudi

Saudi will produce solar-powered drones: Saudi Arabia’s Qaddiya Air has signed an agreement with France's autonomous drone maker XSun to establish a factory producing solar-powered drones in Riyadh, XSun's CEO Benjamin David told Asharq Business last week. The factory is set to begin operations early next year and XSun will fully transfer the tech to Saudi Arabia within three years, Qaddiya Air’s Mohammed AI Harbi told Ashraq. The initial phase will include making two drones for USD 10 mn, including spare parts for six drones. The agreement includes training local cadres and pilots on the maintenance and operation of the drones, according to David.

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What we know so far: The zero emissions drones — capable of flying for 12 hours during daylight and 4 hours at night — are designed for various applications, including reconnaissance, environmental monitoring, and agricultural surveillance.

A big year ahead for Saudi green aviation: Test flights for the eVTOL aircraft Saudi Airlines purchased from Germany’s Lilium are set for February 2025. The tests will be followed by training pilots and developing infrastructure until deliveries start to trickle in by 2H 2026. Saudi Arabia’s pilotless, two-person EH216 eVTOL — which can fly for up to 40 km — also completed its first trial last June, with more trials scheduled to support the Hajj season next year.

There’s more to come: US eVTOL manufacturer Joby Aviation — backed by Saudi Jameel Investment — inked a partnership agreement with Aramco subsidiary Mukamalah Aviation to deploy eVTOLs in Saudi Arabia last May. Mukamalah and Joby would work with Saudi’s General Authority of Civil Aviation to speed up Joby’s entry into the domestic market and line up direct eVTOL sales to Mukamalah. Brazilian company Eve Air Mobility and German flying taxi maker Volocopter are also active in the Kingdom.

IN OTHER GREEN MOBILITY NEWS-

Abu Dhabi edges closer to launching air taxi operations: US-based eVTOL manufacturer Archer Aviation signed an agreement to launch commercial air taxi operations in Abu Dhabi, according to an Abu Dhabi Media Office statement. This comes after the company signed a framework agreement with the Abu Dhabi Investment Office (Adio) for the operational enablement of air taxis in the country, and to locally manufacture Archer’s aircraft and build vertiports in April. Archer Aviation’s Midnight eVTOL — which will serve as a flying taxi in Abu Dhabi next year — completed a transition flight at over 100 mph during testing in the US last June.

Who’s involved? Parties involved in the new agreement include Adio, Abu Dhabi Airports, Falcon Aviation Services, Etihad Aviation Training, the General Civil Aviation Authority, Global Air Navigation Services, Global Aerospace Logistics, and the Integrated Transport Center (Abu Dhabi Mobility).

Abu Qir Fertilizers to use green hydrogen to produce ammonia

Egypt’s Abu Qir Fertilizers will start using green hydrogen as a partial replacement for natural gas in its production processes, according to an EGC disclosure (pdf) released last week. The initiative would deploy 50 tons of green hydrogen daily to displace an unidentified amount of natural gas in Abu Qir 2 and 3 ammonia plants, while increasing the production capacity of the Abu Qir 1 ammonia plant from 1.1k tons to 1.2k tons. The project is expected to be completed within 12 months.

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Energy optimization is also in the plan: The company and the Swiss ABB Co. will implement an optimization system to reduce gas consumption at the Abu Qir 1 ammonia plant’s boiler by 2-4%. Abu Qir Fertilizers partnered with ABB Co. earlier this year for the supply of green hydrogen and renewable electricity to produce green ammonia.

The rationale: The company said in the disclosure that the move aims to mitigate any future disruption in the natural gas supply chain, which the company had suffered from last June leading to production halts amid unprecedented energy consumption during a heatwave, Asharq Business reported last week. The move also aims to reduce carbon emissions, while preparing for the EU’s Carbon Border Adjustment Mechanism (CBAM).

The company has been preparing: Abu Qir Fertilizers signed an MoU with Swedish-Swiss multinational ABB Group, sustainable infrastructure solutions firm MPS Infrastructure, and Egypt’s state-owned construction firm Petrojet for the supply of green hydrogen and renewable electricity to produce green ammonia earlier this year.

Abu Qir is going big on green fuels: In 2021, the company joined Helwan Fertilizers and Al Ahly Capital Holding to establish a joint venture — Misr Methanol and Petrochemicals — with initial investments of USD 1.6 bn in Egypt’s green fuels sector focused on methanol. The trio is also reportedly considering a USD 1.2 bn investment into the first phase of a green ammonia plant in Egypt’s SCZone, which would produce one mn tons of methanol and 400k tons of ammonia annually once operational. Last year, Abu Qir also signed an agreement with the China International Energy Group (CIEG) to establish a green hydrogen plant at one of its factory sites, but the timeline, investment ticket, and production capacity were not disclosed.

Solar, EV, decarbonization, green hydrogen, and carbon capture updates from around the region

WASTEWATER TREATMENT-

NWC successfully produces clean energy from wastewater treatment: KSA’s National Water Company (NWC) has successfully produced biogas, a form of clean energy, through wastewater treatment at its Heet and Ajyal stations, according to a press release.

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The details: 600 kWh was produced at the Ajyal plant, supplying 30% of its electricity needs, and 2.8k kWh were produced at the Heet station, covering 46% of its electricity needs. This is achieved by using anaerobic technology to digest sludge to produce biogas, where the sludge can also be reused as fertilizer. NWC is working to secure approval to continue generating biogas at more of its stations.

GREEN INFRASTRUCTURE-

Partanna sets up regional office in Abu Dhabi to decarbonize building materials: Bahamian materials science company Partanna has partnered with the Abu Dhabi Investment Office (Adio) to establish a regional headquarters and manufacturing facility dedicated to decarbonized building materials in Abu Dhabi, according to a statement released on Saturday. Under this collaboration, Partanna will produce Verra-certified carbon credits and convert waste brine into carbon-negative cement. The facility will produce up to 3 mn tons of Partanna binder annually which represents 10% of the UAE cement market.

Partanna is active in the region: The King Abdullah University of Science and Technology (KAUST) partnered with Partanna in July to enhance the CO2 removal capabilities of Partanna's concrete products in a 12-month R&D project. The partnership will see the pair integrate Partanna's binder material made from natural and recycled materials with KAUST's Direct Air Capture technology to make Partanna’s product more effective. The company also completed a test run of its carbon-negative concrete technology at Saudi Readymix's facility in Jeddah in April and agreed with Saudi real estate developer Roshn to set up a carbon-negative concrete plant in the kingdom in January. Also in Saudi, the company signed an agreement to supply concrete pavers for Saudi real estate developer Red Sea Global’s (RSG) 1 mn sqm landscape nursery in June 2023.

About Patanna’s concrete: Partanna's concrete product absorbs CO2 from the atmosphere over its lifecycle, and avoids emissions during production by replacing traditional carbon-intensive Portland Cement — the main cementitious component of foamed concrete — with “natural and recycled materials that are available throughout the kingdom, including brine,” the statement added.

SOLAR-

#1- Tunisia breaks ground on two solar projects: Energy companies Qair and Mazarine Energy have broken ground on two new solar projects in Kasserine Governorate, each with a 10 MW capacity, according to a statement on Friday. The projects received EUR 14.5 mn in funding from the European Bank for Reconstruction and Development and are expected to generate enough electricity to power 30k homes, reduce 17k tons of emissions per year, and save around TND 4 mn in costs. Production is set to begin by the summer of 2025.

#2- Jordan’s renewables household program gets another push: Cairo Amman Bank and the Jordan Renewable Energy & Energy Efficiency Fund (JREEEF) have signed a cooperation agreement to support the new phase of the household sector solar installation program, according to a statement published last week. The program — set for 2024/2025 — aims to install solar cells and solar heater systems with a 30% support grant. The program is designed to reduce monthly electricity bills for citizens and promote sustainable energy solutions across various governorates.

ICYMI- JREEEF signed 20 agreements to partner with charitable and cooperative associations in installing 4k solar energy systems and 5k solar heaters around the country by the end of the year in October. Jordan's new electricity law also exempts households who install energy generators of one MW or less from the licensing requirement, effectively encouraging decentralization and in line with the country’s direction in supporting independent self-generation and transmission of electricity.

#3- Omani finance company National Finance has partnered with Sheida Industries to support Oman’s first solar panel manufacturing project, according to a statement published last week. The funding will enable Sheida Industries to procure essential raw materials for solar panel production. Italian solar machinery manufacturer Ecoprogetti launched the 50 MW production line for Shieda in August. The OMR 1.5 mn production line produces 450 W, 550 W, and 590 W panels using its TopCon technology.

ELECTRIC VEHICLES-

PIF-backed Lucid Motors has started the production of its highly-anticipated first GravitySUV at its Arizona facility, according to a statement released last week. The Gravity SUV — whose price ranges between USD 80k and USD 95k — boasts a range of over 440 miles on a full charge and features two electric motors providing 828 horsepower. The company is banking on the new model for a boost in sales volume to help it narrow its recent losses.

ICYMI- Lucid raised USD 1.75 bn earlier in October in a follow-on public offering. The sum included PIF’s Ayar Third Investment — Lucid’s majority shareholder — purchasing an additional 374.7 mn shares in the luxury EV maker via private placement that was part of a follow-on on the company’s public offering.

GREEN HYDROGEN-

Oman + Belgium to collaborate on green hydrogen: Oman’s state-owned hydrogen company Hydrom has signed an MoU with the Belgian Hydrogen Council to collaborate on the green hydrogen supply chain, according to a statement released on Thursday. The collaboration would focus on infrastructure planning for the production, shipping, and storage of green hydrogen production, as well as knowledge sharing. The agreement could pave the way for Hydrom to widen cooperation with other European countries.

REMEMBER- Hydrom has signed agreements with two separate consortiums to develop green hydrogen projects in Dhofar in April and signed an agreement with German gas importer VNG AG back in March to explore the feasibility of establishing a green hydrogen and ammonia value chain between the two countries.

DECARBONIZATION-

#1- Solutions+ to help UAE SMEs decarbonize: Mubadala-backed Solutions+ has launched an initiative titled Project Decarb 2.0 to subsidize decarbonization assessments for SMEs in UAE, according to a statement released on Thursday. The project — starting in 2025 and lasting for two years — will provide qualifying SMEs with decarbonization consulting services, including energy audits, sustainable supply chain evaluations, and carbon emission assessments, covering up to 75% of the costs. Project Decarb — which aims at supporting UAE’s 2050 Net-zero goals — first ran in 2023 with 16 companies benefitting from cost-saving measures, but this round will target smaller enterprises than the first. SMEs can apply through the company’s website.

#2- NWC + KARRDA to plant 3 mn of saplings in KSA by 2030: Saudi’s National Water Company and the King Abdulaziz Royal Reserve Development Authority (KARRDA) have signed an MoU on the sidelines of the Saudi Green Initiative Forum to increase vegetation cover within the KARRDA reserve by planting approximately 3 mn wild saplings by 2030, according to statements here and here released on Thursday. The MoU also covers improving air quality, reducing emissions, exploring the use of sewage sludge as a fertilizer, and optimizing agricultural practices and water consumption.

CARBON CAPTURE-

Aramco has partnered with the UK’s Carbon Clean (CC) and Samsung E&A to demonstrate CC’s new carbon capture technology CycloneCC, according to a press release published last week. The technology captures CO2 from natural gas turbine exhaust streams, including those with CO2 concentration as low as 4%.

The company claims that its CycloneCC tech has a 50% smaller footprint than similar traditional systems, boasting an up to 50% reduction in installment costs while maintaining high performance even at low CO2 concentrations. Samsung E&A will be responsible for engineering, procurement, and construction.

Aramco is on a roll: The company inked a shareholders' agreement with global multinational chemicals company Linde and US-based SLB for their planned Carbon Capture and Storage (CCS) project in Jubail last week. Aramco wants to reduce its Scope 1 and 2 emissions by 15% by 2035 — to offset 52 mn metric tons of CO2 — and reach net zero emissions by 2050. These 2035 targets include plans to store around 14 mn metric tons of CO2 per year from carbon capture and storage projects.

KAPSARC + Climeworks to test direct air capture feasibility in KSA: The King Abdullah Petroleum Studies and Research Center (KAPSARC) and Swiss carbon capture company Climeworks have signed an MoU to jointly explore the feasibility of Direct Air Capture (DAC) technologies in Saudi Arabia, according to a statement released last week. The feasibility studies will examine the availability of natural resources such as subsurface CO2 storage and assess the economic and environmental impacts of DAC tech. The pair hope the study will eventually advance to setting up a “full-scale DAC facility.” Climeworks says its DAC tech is capable of halving the cost of removing a ton of carbon from the air.

Not the only pair exploring DAC in Saudi: In July, Materials science company Partanna Global partnered with Saudi’s King Abdullah University of Science and Technology to enhance the CO2 removal capabilities of Partanna's concrete products, including by using DAC technology. Aramco had also signed an agreement with DAC startup Spiritus to explore investing in DAC in May. Aramoc had also participated in a series A funding round for US-based climate tech company CarbonCapture which ended up raising USD 80 mn.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

COP16 launches REMDY platform to support policymakers: COP16 witnessed the launch of the REMDY system which uses six environmental measures to determine how to best intervene to restore land ecosystems, Spa reports. Under REMDY, a platform called NetZero was launched, and it uses REMDY’s AI, mapping, and geospatial technology to provide insight on soil health, biodiversity, carbon sequestration, water retention, and vegetation quality.
Ma’aden + NCECKSA partner on sustainable development: Ma’aden and Saudi Arabia’s National Center For Environmental Compliance (NCECKSA) have signed an agreement to boost sustainable development in the Kingdom. (Statement)
Saudi Arabia launches first hydrogen bus test run: Saudi Arabia has begun the official test run for its first hydrogen-powered bus with a 45-passenger capacity and 635 km range per charge. The bus will connect Dammam to Al Ahsa. (Statement)

India emerges as a renewables super player, edging out China

India overtakes China as green investment leader: India has surpassed China as a leading destination for green projects, with USD 2.4 bn worth of agreements completed in 3Q — 4x more than China and nabbing the second spot globally after the US, Bloomberg reported on Friday. The country’s heavy renewable push is motivated by an urge to boost local production to limit dependence on China and become a major green tech exporter, the founding partner of GEF Capital Partners Raj Pai told Bloomberg.

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How is India pulling it off? The Indian market has become very attractive for private and public capital interested in green tech and projects, thanks to over a dozen IPOs and a series of favorable government policies to curb pollution and encourage the clean energy sector. Bucking the global trend of reduced venture capital in climate tech, about a quarter of all seed-stage investments flowing in the country went towards climate-related startups, the head of the UK government’s development-finance British International Investment arm Abhinav Sinha told Bloomberg.

Shell is scaling back its new offshore wind investments and low-carbon ventures amid a restructuring of its power division, Reuters reported last week. The decision follows an extensive review aimed at reducing costs and focusing on high-return activities. The company said it will continue developing existing offshore wind projects but has retreated from several, including in South Korea and the US.

An exodus? The offshore wind sector has been struggling with supply chain instability and high interest rates and costs that diminished profitability, reports Reuters. British oil giant BP, for example, said in October it was considering selling a minority stake in its offshore wind business. This came after BP said it was planning to sell its US onshore wind energy business BP Wind Energy and shift focus to developing utility-scale onshore renewable energy and solar power globally through Lightsource BP.

Shell is also downsizing their climate efforts: Shell – which successfully appealed a 2021 ruling that mandated it to cut its carbon emissions by 45% by 2030 – has been reportedly planning to sell a stake in its nature-based carbon projects amid a market contraction and price drop for emissions offsets. The oil giant also halted construction on its Rotterdam biofuels plant and backtracked its pledge to recycle 1 mn tons of plastic waste a year to use in their global chemicals plants by 2025 last July.

CALENDAR

DECEMBER 2024

10-12 December (Tuesday to Thursday): International Mangrove Conservation and Restoration Conference, Abu Dhabi, UAE.

16-18 December (Monday-Wednesday): Saudi Arabia Smart Grid Conference, Riyadh, Saudi Arabia.

22-24 December (Sunday-Tuesday): Renewable & Sustainable Energies And Green Processes Conference, Sousse, Tunisia.

JANUARY 2025

12-15 January (Sunday-Wednesday): World Renewable Energy Congress, Manama, Bahrain.

14-16 January (Tuesday-Thursday): World Energy Summit, Abu Dhabi, UAE.

14-16 January (Wednesday-Thursday): Future Minerals Forum, Riyadh, Saudi Arabia.

18-19 January (Saturday-Sunday): Libya Energy & Economic Summit, Tripoli, Libya.

28-29 January (Tuesday-Wednesday): Sustainability Forum Middle East, Manama, Bahrain.

FEBRUARY

17-19 February (Monday-Wednesday): Egypt Energy Show, Cairo, Egypt.

23-25 February (Sunday- Tuesday): Global Water Energy and Climate Change Congress, Manama, Bahrain.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai, UAE.

24-27 February (Monday-Thursday): Oman Climate Week, Muscat, Oman.

APRIL

7-9 April (Monday-Wednesday): Middle East Energy, Dubai, UAE.

14-15 April (Monday-Tuesday): Istanbul Carbon Summit, Istanbul, Turkey.

21-23 April (Monday-Wednesday): Electric Vehicle Innovation Summit (EVIS), Abu Dhabi, UAE.

MAY

7-9 May (Wednesday-Friday): International Renewable Energy Conference (IRENEC), Istanbul, Turkey.

JUNE

17-20 June (Tuesday-Friday): Mediterranean Water, Irrigation and Photovoltaic Exhibition, Tunisia.

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: 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.

Middle East Electric Vehicle Show, Sharjah, UAE.

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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