QIA sinks USD 180 mn into Dublin-based mining firm

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WHAT WE’RE TRACKING TODAY

TODAY: QIA sinks USD 180 mn into Dublin-based mining firm

Good morning, folks. The week has finally come to an end with news of European mining investments from the QIA and some lofty investment ambitions from Egypt’s Enara, but first, the US presidential race is pinging in climate headlines…

THE BIG CLIMATE STORY OUTSIDE THE REGION- The new US VP contender is a climate champion: Presidential candidate Kamala Harris’s pick for Vice President is bringing much relief to environmentalists. Minnesota governor Tim Walz has a robust climate record including signing one of the strongest green energy bills into law last year mandating the state to fully decarbonize the energy sector by 2040. His tenure also saw the formation of a climate crisis sub-cabinet, increased investment in clean energy projects, and implementing green policies that aim to reduce emissions and boost electric vehicle adoption. Amongst the policies were updating commercial building codes, banning PFAS (forever chemicals) pollutants, and investing in mass transit and environmental justice. Environmentalists argue that the choice to nominate Walz will energize progressive voters and strengthen Harris’ climate credentials during her campaign.

The story grabbed some ink in the press: Bloomberg | The Guardian | The New York Times | Axios | ABC News

WATCH THIS SPACE-

Masdar expands European access by joining Hydrogen Europe: UAE’s renewables giant Masdar has become a member of Hydrogen Europe — an association representing more than 600 Europe-based companies, organizations, and governments working to promote hydrogen as a clean energy source, the company said. The partnership aligns with Masdar's goal to produce 1 mn tons of green hydrogen by 2030 and developing green hydrogen and its related products, such as ammonia, methanol, and sustainable aviation fuel.

Why is this important? Members of the association benefit from a number of services including funding for new technologies, knowledge exchange between top hydrogen players globally, networking events, continuous updates with the latest developments in the sector, and pro-hydrogen lobbying in Europe, according to its website.

Masdar and the EU have a history of hydrogen collaborations: A consortium comprising Masdar, BP, Infinity Power, and Hassan Allam Utilities signed a Joint Development Agreement (JDA) to explore establishing an export focused multi-phase green hydrogen project in Egypt last month. The consortium signed a framework agreement with the Egyptian government at the Egypt-EU Investment conference to begin technical and commercial feasibility studies. Masdar and Verbund Green Hydrogen GmbH signed an agreement to jointly explore the feasibility of establishing a green hydrogen plant in Spain last December. Masdar also inked an agreement with the world’s largest commercial vehicle manufacturer Daimler Truck to explore supplying liquid green hydrogen to power fuel cell rig trucks in Europe by 2030.

Egypt recommends carbon tariff on polluting imports: The Egyptian Cabinet’s Information and Decision Support Center has recommended imposing a carbon tariff on high-emission imported products, Al Mal reports citing a report (pdf) by the center. This comes in efforts to support the transition to clean energy and strengthen local industries, and encourage green industrial partnerships between EU leaders, BRICS countries, and African nations. The report also suggests that Egypt hosts an annual ministerial meeting in Egypt to discuss enhancing clean energy cooperation with the different economic blocs. Additionally, it emphasizes encouraging private initiatives, such as establishing a Clean Energy Forum to increase regulatory cooperation between Egypt, BRICS, and the EU.

EV funds are experiencing USD bns in outflows: Lower growth forecasts for electric-vehicle focused funds have pushed investors to pull back, causing USD 1.6 bn in global net outflows over the past year, according to Bloomberg, citing a report by EPFR Global. The outflows were higher than total redemptions — money chased in from an investment in a fixed-income security once it matures — in 2023, and comes in stark contrast with the sector’s performance in 2022 when it recorded net inflows.

It may only get worse: If re-elected, presidential candidate Donald Trump vowed to get rid of existing EV policies and to increase tariffs on Chinese EV imports to as much as 200%, which is expected to exacerbate losses further, the news outlet added. JPMorgan analysts also expect Inflation Reduction Act subsidies on EVs and related benefits to be rolled back. Despite campaign support from Tesla CEO Elon Musk, Trump has been known to criticize the EV industry for being a small share of the car market, while claiming that gas and hybrid vehicles will continue to take the lead.

WORTH READING-

Ambiguous jargon gets in the way of climate progress: The phrase “hard to abate” — used to classify industries that are hard to decarbonize such as steel, cement, chemicals, shipping, and aviation — allows those industries to remain complacent in the face of climate change, a Bloomberg article argues. The phrase should be switched to “affordable to abate” instead given that the lack of commercialized tech is the most common reason for the difficulty to transition to green energy, rather than the availability of the technology itself, the news outlet writes, citing comment made by head of technology, industry and innovation at BloombergNEF Claire Curry. “There are no longer any so-called hard-to-abate sectors,” Rathi wrote for BloombergNEF earlier this year, adding that the focus should be on how to garner further investment in research, added policy support, and private sector collaboration to bring down the cost of clean tech.

DANGER ZONE-

#1- Turkey’s record high coal-firing puts climate goals at risk: Turkey’s coal-fired power generation reached a record high last year at 118 TWh, getting in the way of the country’s 2050 carbon neutrality goal, Attaqa reported, citing a report (pdf) by climate data think tank Ember. Coal’s share of Turkey’s electricity mix has doubled over the past decade to 36% (22 GW) and its capacity is expected to surpass 24 GW by 2035, pushing it to become Europe’s second largest coal consumer, the report added. Coal-fired electricity production has risen via both domestic production and imported coal.

Rising coal power generation means rising emissions: Coal accounted for 75% of the 148 mn tons of carbon emitted by Turkey’s electricity sector in 2023, the report found. Coal emissions have risen 6.2% on average per year between 2012 and 2023.

#2- The world’s poorest countries need to triple their power production by 2050 to prevent contributing three quarters of the worlds’ total carbon emissions, Bloomberg writes, citing a new report by the Rockefeller Foundation. The 72 energy-poor nations, mostly in Africa, must produce 8.7k TWh of clean energy annually by mid century — twice the US’s current output — to avoid becoming the biggest polluters in the world. This is equivalent to about an additional 5 TW of generation capacity.

As poorer countries gain more access to energy, the need for green sources becomes more pressing. Currently, 3.8 bn people are “living with insufficient electricity to access modern opportunity and prosperity,” the report stated. Most people in these countries, ranging from India to Vanuatu and Liberia, use less than 1k kWh of electricity per year, a fraction of the average American’s consumption. However, demand is expected to rise rapidly, and planning for abundant clean energy is essential to prevent a climate crisis.

The World Bank is stepping in: The report comes ahead of the World Bank’s launch for its Mission 300 initiative aimed at providing funding to help connect at least 300 mn people in Africa to electricity sources by 2030, on the condition that countries will commit to reforms that allow the roll out of green energy. The World Bank will allocate USD 25 bn of concessional finance, with an additional USD 5 bn from the African Development Bank.

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CIRCLE YOUR CALENDAR-

The UAE will host the World ESG Summit from Tuesday, 20 August to Wednesday, 21 August in Dubai. The summit will gather experts and industry leaders to explore new ways to integrate Environmental, Social, and Governance (ESG) principles into business practices.

Turkey will host the International Conference on Clean and Green Energy Engineering from Saturday, 24 August to Monday, 26 August in Izmir. The event will gather researchers and professionals to share advances in clean energy. It will also offer a platform to discuss the latest research, practices, and applications in clean and green energy engineering.

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

Qatar invests in US-backed critical mineral initiative to edge out China

QIA sinks USD 180 mn into Dublin-based mining company: Qatar Investment Authority (QIA) has invested USD 180 mn in Dublin-based critical minerals investment company TechMet, according to a press release (pdf). This investment has helped TechMet close its funding round after reaching its USD 300 mn target, with a USD 50 mn contribution from the US International Development Finance Corporation (DFC) and an additional USD 50 mn from S2G Ventures.

Where are the funds going? Funds will be used to develop existing assets and scale the production of critical minerals such as lithium, nickel, cobalt, and rare earths, which are essential for the clean energy transition, the statement said. The investment will accelerate TechMet's ability to expand its portfolio and enhance the value across critical mineral supply chains.

Knocking China down a peg: This is the first collaboration between a western and Gulf state that aims to reduce China’s dominance in critical minerals for clean energy, according to the Financial Times. The US has been working on reducing China's control over essential minerals like rare earths, lithium, and cobalt, including lobbying wealthy Gulf states such as Saudi Arabia, Qatar, and the UAE to invest in US initiatives for extracting and processing these minerals.

About TechMet: TechMet is a permanent capital vehicle that makes investments across the technology metals value chain, according to its website. TechMet has invested USD 450 mn in various operations to date, with its existing portfolio includes investments in Brazilian Nickel, Cornish Lithium, EnergySource Minerals, US Vanadium, Trinity Metals, Xerion Advanced Battery Corp, TechMet-Mercuria, Rainbow Rare Earths, REEtec, and Momentum Technologies, the statement added.

The US isn’t the only one working to reduce dependence on China: EU members approved the Critical Raw Materials Act (CRMA) aimed at decreasing reliance on imports of essential energy transition minerals including lithium and nickel in March 2023, citing a European Commission statement. The new regulation — which mainly targets Chinese imports that account for 95% of the global supply — sets a target to have the EU domestically produce at least 10% and process at least 40% of strategic materials needed annually by 2030.

Egypt’s Enara eyes big renewable energy investments in African markets

Cairo-based renewables player Enara Group wants to funnel USD 1 bn in renewable energy investments across Egypt and Africa’s markets by 2030, Enara’s founder and CEO Sherif El Gabaly told Al Borsa. Enara and its partners plan to use the funds to develop 2 GW of new and renewable energy production facilities.

What’s the game plan? Investments in medium-sized, decentralized solar power plants will be the company’s focus, which El-Gabaly says are more suitable for boosting renewable energy compared to large central plants. The firm is looking to invest some USD 100 mn in Egypt’s local renewable energy sector through 2027.

Smoothing out supply chain issues: Enara is establishing a silicon factory — a key material in the production of solar panels and semiconductors — in Alamein with an initial investment of USD 130 mn, El Gabaly added. The facility — developed in partnership with Egypt’s Ministry of Petroleum and Mineral Resources Ministry and the Public Business Sector Ministry — aims to produce 40k tons of silicon annually for export to Europe, with operations scheduled to start within 18 months. The company was negotiating with banks and development institutions to finance the project which was estimated to cost USD 150 mn, El Gabaly said back in May.

While expanding in Africa + the Gulf: Enara is also expanding into Africa with ongoing projects in Madagascar and Tanzania, El Gabaly added. The company has signed a contract to supply 200 MW of electricity to the government of Madagascar and is exploring further opportunities in the Gulf region.

REMEMBER- Enara Group plans to dual list on the EGX and a Gulf exchange next year. The company is currently being restructured ahead of the listing and in the process of selecting an investment bank to manage the listing.

Egypt eyes two new hydropower projects in Upper Egypt

More hydropower projects for Egypt? The Egyptian government has reportedly wrapped up studies for two pumped storage hydropower projects in Luxor and Qena with a combined capacity of 2 GW, Asharq Business reports, citing an unnamed government official. The projects could cost up to USD 2.5 bn.

We’ve heard about this before: The news follows reports that the Electricity Ministry plans to carry out USD 4 bn worth of hydroelectric power projects in partnership with private sector players. Among these projects, the ministry is looking to set up a water pumping and storage station with a capacity of 2.4 GW in Egypt’s mountainous Ataka region.

Nile water to power the new projects: Unlike the Ataka project, which will use treated wastewater, the new projects will pump Nile water.

SOUND SMART: Pumped storage hydropower works by using surplus electricity to pump water uphill into a reservoir in periods of low demand or high supply, releasing it downhill through turbines to generate electricity when demand rises or supply falls. This energy storage method allows networks that rely on solar and wind power to keep the lights on even when the wind drops or the sun goes down.

Private sector in focus: The Electricity Ministry plans to offer these projects to investors “over the coming period,” the source told the news outlet.

Rivian’s bottomline dips in 2Q while revenues pick up

Rivian’s 2Q earnings are a mixed tale: Abdul Latif Jameel-backed US EV startup reported a net loss of USD 1.5 bn in 2Q 2024 while revenues increased 3.3% y-o-y to USD 1.2 bn, according to a financial statement.

On a six month basis: Rivian’s net loss deepened 14.1% y-o-y during 2H 2024, reaching USD 2.9 bn. Revenues rose 32.5% to USD 2.4 bn during the same period, up from USD 1.8 bn in 1H 2023.

Behind the numbers: The company produced over 9.6k vehicles and delivered 13.8k during the quarter. Rivian loses USD thousands on every vehicle, standing at around 39% of vehicle price, according to Reuters. The company expected production not to rise this year after one of their factories shut down in April to cut costs, Reuters added. The company said earlier this year that it will lay off 10% of its workforce and expects to shut down production for several weeks in 2Q 2024 to upgrade its production line, improve efficiency, and cut costs.

Rivian will have to dial back its plans: Rivian also announced a production pause of over a month next year to prepare for a smaller vehicle launch in 2026, Reuters added.

REMEMBER- The firm had a tough couple of years: The EV maker has been grappling with financial challenges exacerbated by higher interest rates and softening US demand for electric vehicles, sending Rivian’s shares down about 90% since it went public in 2021. Rivian posted a loss of USD 1.4 bn in 1Q 2024 as it lost around USD 38k on each of its USD 70k vehicles, and was among the EV makers to have missed their annual production targets or experienced record low slumps in stock last year.

Rivian is partnering with other EV makers to cushion the blow: Rivian signed an agreement with German automaker Volkswagen (VW) in June to establish a JV to co-develop EVs before the end of the decade. Under the agreement, VW will invest up to USD 5 bn — starting with an initial USD 1 bn in the company — and receive access to Rivian’s EV software.

Decarbonization, green policy and industry updates from UAE and Bahrain

CARBON CREDITS-

Ewec introduces wind energy certificates: Emirates Water and Electricity Company (EWEC) has launched Clean Energy Certificates (CECs) for energy produced by the UAE’s first utility-scale wind program, according to a press release. These CECs enable companies to certify clean energy consumption and reduce carbon emissions to support their sustainability goals.

REMEMBER- EWEC + Masdar are cooperating under the wind program: The introduction of wind CECs follows EWEC's power purchase agreement with Masdar in Q4 2023. The wind farms, located at Al Sila, Sir Bani Yas Island, and Delma Island, have a combined capacity of 99 MW, powering around 22k homes and slashing 115k tons of CO2 annually.

GREEN POLICY-

DoE issues low-carbon water regulations: The Abu Dhabi Department of Energy (DoE) has introduced a new regulatory policy aimed at promoting low-carbon water production and reducing the impact of water desalination emissions, according to a statement. The policy outlines the framework for issuing low-carbon water certificates, which are expected to incentivize the adoption of cleaner technologies and practices in water production.

Why does this matter? The UAE relies heavily on desalination for its water needs with around 42% of its water requirements coming from desalination plants.

GREEN INDUSTRY-

Alba + Daiki partner on sustainable aluminum production: Aluminium Bahrain (Alba) and Japanese aluminum product manufacturer Daiki Aluminium have partnered to establish a sustainable aluminum dross — a byproduct of the aluminum melting process — recycling facility in Bahrain, according to a statement. The collaboration aims to leverage Alba's industry expertise and Daiki Aluminium's technologies to recover valuable aluminum metal and significantly reduce waste.

Alba is upping its green efforts: Alba is installing a new 680.9 MW turbine — which will be the first of its kind in the world — that will be compatible to run on green hydrogen in the company's fifth power plant. Alba is also working with Mitsubishi to capture CO2 from its aluminum smelter and flue gas plants which could together help capture 500k to 1 mn metric tons per year by 2030.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

Zerova + Muscat Gas to develop EV charging factory in Oman: Taiwan-based EV charger manufacturer Zerova Technologies and Muscat Gas signed an agreement to develop the first electric vehicle charging equipment and supplies manufacturing plant in the Middle East. (Statement)
Mashreq achieves LEED zero carbon status: UAE’s Mashreq Bank has received the LEED Zero Carbon certification from the US Green Building Council for fully offsetting the emissions produced by its building headquarters in Downtown Dubai for a year. (Statement)

Korea’s Hyundai to invest USD 28 mn in Thai EV + battery factory

South Korean automaker Hyundai Motor Company will invest THB 1 bn (USD 28 mn) to set up an electric vehicle and battery assembly facility in Thailand, according to a press release. The Bangkok factory is scheduled to begin production in 2026. Hyundai's facility, developed in partnership with Thonburi Automotive Assembly Plant, will leverage Thailand's supply chain, sourcing at least a third of its raw materials and parts locally.

Part of a bigger plan: This project is part of Thailand’s EV 3.5 program aimed at establishing the country as an EV production hub covering the entire industry ecosystem from manufacturing, to key parts, and charging stations.The package, running from 2024-2027, offers incentives to manufacturers and subsidies to consumers.

UK’s Energy sector risks major losses if it stays out of the EU’s carbon market: The UK’s energy sector could lose as much as EUR 8 bn (USD 10.2 bn) of revenue over the next five years if it does not join the EU’s carbon market, according to a report (pdf) by Frontier Economics. By joining the EU market, the UK’s carbon allowances — currently trading at 36% less than the EU — would rise, thereby increasing government income.

There’s a lot of support for linking the two systems: Prices will most likely jump if the UK government hints at reintegration, the report said. Companies are pushing for the move as the less conservative Labour government sets its agenda, and hope to see it happen before certain EU rules come into play, like a tax on carbon-intensive imports starting in 2026. Linking the markets can “support efficient UK-EU trade and reduce the costs to both the UK and EU of meeting decarbonisation goals,” the report added.

3D printed shapes can remove forever chemicals from water

Ceramic structures could remove dangerous chemicals from water supplies: Researchers from the UK’s University of Bath have found a way to use 3D printed ceramic lattices to remove harmful “forever chemicals” — or perfluoroalkyl and polyfluoroalkyl substances (PFAS) — from water supplies, according to a study (pdf). The ceramics act like magnets for the PFAS and can remove up to 75% within three hours.

How it works: Ceramic indium oxide ink is put through a 3D printer to create 4 cm large shapes which are then dropped into the water where the indium oxide attracts and binds to PFAS. Since the production is simple, the process is expected to be easily scalable. These lattices are compatible with existing water treatment facilities found in the UK.

What’s the danger? PFAS is linked to significant health problems — including reproductive issues, developmental disorders, heart disease, and higher risk of diabetes. They can be found in every-day items such as non-stick pans, paint, and fabrics. They are also essential for clean energy technology which lacks end-of-life standards for waste that mainly ends up in municipal dumps. The greenhouse gas-intensive substances take centuries or even thousands of years to break down.

These aren’t the only researchers working on tackling PFAS: A team of researchers from the Fermi National Accelerator Laboratory demonstrated that high-energy electron beams can break down forever chemicals in water. The researchers used an electron beam accelerator at Fermilab to irradiate water samples containing two of the most problematic PFAS compounds. The electron beam was able to break the strong bonds in the PFAS molecules, effectively eliminating them without releasing harmful byproducts.

CALENDAR

AUGUST 2024

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.

23-25 September (Monday-Wednesday): Powerlec Bahrain 2024, Manama, Bahrain.

25-26 September (Wednesday-Thursday): Green Steel Summit, Dubai, UAE.

OCTOBER 2024

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

1-3 October (Tuesday-Thursday): Cairo Sustainable Energy Week, Cairo, Egypt.

2-3 October (Wednesday-Thursday): World Green Economy Summit, Dubai, UAE.

10-12 October (Thursday-Saturday): The IEEE International Conference on Artificial Intelligence & Green Energy, Yasmine Hammamet, Tunisia.

13-17 October (Sunday-Thursday): Cairo Water Week, Cairo, Egypt.

15-17 October (Tuesday-Thursday): EV Auto Show, Riyadh, Saudi Arabia.

15-16 October (Tuesday-Wednesday): Solar & Storage Live KSA, 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.

6-7 November (Wednesday-Thursday): Renewable Energy Forum Africa, Tunis, Tunisia.

6-7 November (Wednesday-Thursday): Critical Mineral Africa Summit, 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, Abu Dhabi, UAE.

18-19 November (Monday-Tuesday): G20 Summit, Rio de Janeiro, Brazil.

19-22 November (Tuesday-Friday) Aquaculture Africa 2024, Hammamet, Tunisia.

26- 27 November: (Tuesday - Wednesday): World Food Security Summit, Abu Dhabi, UAE.

26-28 November (Tuesday-Thursday): Future Power 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.

3-4 December (Tuesday-Wednesday): MSGBC Oil, Gas & Power 2024 conference, Dakar, Senegal.

JANUARY 2025

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

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

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.

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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