The UAE banking sector to mobilize AED 1 tn in climate finance by 2030

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WHAT WE’RE TRACKING TODAY

TODAY: UAE’s banking sector agrees to mobilize AED 1 tn in climate finance

Good morning, ladies and gents. It’s another busy day on the climate business front as COP28 rolls on. So unless you’ve been living under a rock…

HERE’S THE COP28 GUIDE- Click here to check out handy guide (pdf) for the main thematic days and what to expect. Head to the official events schedule for a full rundown of all the panels, workshops, discussions, debates, and keynote speeches.

DAYS TO LOOK FORWARD TO-

6 December: Transport

10 December: Food, Agriculture, and Water

10-11 December: Final Negotiations

HAPPENING TODAY-Energy and Industry + the Just Transition. Discussions will focus on how to achieve rapid decarbonization and a just energy transition across the wider spectrum of energy and industrial value chains. Key topics will include boosting the deployment of renewable energy, unlocking greater energy efficiency, innovation and action for hard-to-abate sectors including steel and aluminum, and the decarbonization of oil and gas supplies including methane abatement and carbon management tech.

ALSO KICKING OFF TODAY- THE Green Hydrogen Summit is opening its doors and running through to Thursday, 14 December in Muscat. The two-day event will bring together green fuels developers, renewables companies, and policy makers in a bid to chart a course toward carbon-neutrality by 2050. Aside from the conference, the summit will also include masterclasses delving into the specifics of the green hydrogen value chain, from green electricity production to H2 production, distribution and storage. You can register for the event here.

THERE’S A BIG CLIMATE STORY (OTHER THAN COP) OUTSIDE THE REGION- Death toll from Tanzania flooding on the rise: The combined impact of the El Niño and the Indian Ocean Dipole climate phenomena have led to severe seasonal flooding in Tanzania over the weekend, killing at least 57 people as of yesterday and disrupting the lives of over 5.6k people in the country. The ‘ once in a century ’ torrential rains have similarly displaced thousands of people in Kenya, Somalia, and Ethiopia since flooding began in November. Tanzania’s President Samia Suluhu Hassan cut her COP28 trip short yesterday to return and manage the crisis unfolding.

The story grabbed headlines in the international press:BBC | Reuters | Bloomberg | France 24 CNN | The Guardian

THE BRIEF LOOK AT COPLAND- USD 57 bn in climate pledges made so far at COP28: Governments, businesses, NGOs and donors have pledged over USD 57 bn in commitments towards tackling climate change over the first four days of COP28, Wam reports.

Where’s the USD 57 bn going?

USD 30 bn to launch the climate finance vehicle Alterra
USD 725 mn to the recently operational Loss and Damage Fund
USD 3.5 bn to the Green Climate Fund
USD 9 bn from the World Bank to finance climate projects globally
USD 150 mn to water security projects
USD 2.7 bn to climate-health projects
USD 2.6 bn to biodiversity and nature protection
USD 2.6 bn to food systems transformation
USD 2.5 bn to renewable energy
USD 1.2 for methane emission reduction
USD 1.2 for relief, recovery and peace initiatives

And another USD 1.7 bn raised for biodiversity conservation from the UAE: The COP28 presidency said it has raised an initial USD 1.7 bn to fund biodiversity and conservation initiatives in forests and oceans, Khaleej Times reported, citing UN Climate Change High-Level Champion for COP28 Razan Khalifa Al Mubarak.

Global donors also pledged USD 777 mn to put an end to neglected tropical diseases: Global donors and philanthropists pledged over USD 777 mn to support efforts to eradicate neglected tropical diseases (NTDs) in Africa on COP28’s Health Day, according to a statement. The Reaching the Last Mile Forum (RLMF) — a multi-donor fund launched in 2017 to end NTDs — will also expand from USD 100 mn to USD 500 mn, the statement said. Among the donors is the Gates Foundation, which has pledged to contribute USD 100 mn to the fund.

IMF CHIEF CALLS FOR UPPING CARBON PRICING- The International Monetary Fund (IMF) has called for raising the trading price of carbon in efforts to incentivize the world’s biggest polluters to accelerate their decarbonization efforts, Reuters reports, citing comment made by IMF Managing Director Kristalina Georgieva. Raising the price of carbon can help collect alternative funds for climate action without drowning developing countries in green debt, Georgieva argues. The price of carbon needs to more than double to average at least USD 75 / ton by 2030 for global climate goals to succeed, she told Reuters over the weekend.

Carbon prices are slowly picking up, and the EU is heading the way: Georgieva’s call for higher pricing during COP28 comes after the IMF increased its average carbon pricing forecast by 10% to USD 85 a ton by 2030. The ETS registered the largest increases in the price of carbon in 2022, with prices reaching EUR 100 for the first time, according to the World Bank’s State and Trends in Carbon Pricing 2023 report (pdf). Carbon prices were reduced by up to 35% in some countries, and about a third have the same prices, while less than 15% declined. California currently prices carbon allowances at just under USD 30 / ton, Reuters notes.

REMEMBER- Carbon markets have a high potential to cut emissions: At the opening session of the G20 summit in September, Von der Leyen said that the EU’s “Emissions Trading System” (ETS) has helped reduce emission by 35% since 2005, while generating more than EUR 152 bn in revenues, encouraging others to follow suit. There are currently 73 carbon pricing instruments in operation, covering around 23% of global greenhouse gas emissions.

The shipping sector’s new ETS has been a target of calls to raise carbon prices: The EU’s ETS reforms approved earlier this year — which added shipping emissions to the carbon market from 2024 — is likely to be traded at EUR 90 per ton of CO2. This price is too low to “enable clean alternatives like green methanol to compete on price with fossil fuels in the near future,” senior consultant at Drewry Stijn Rubens said. However, the carbon tax is “almost certainly going to rise” after 2024 as the EU updates its climate action strategies, Bloomberg said.

Others call for more investments: Ramping up investments in hydrocarbons is essential if the world is to avoid a “higher pricing environment” in its transition to green energy, Reuters reports, citing the UAE’s Energy Minister Suhail al-Mazrouei. Without lower commodity and energy prices, the green transition efforts will be hampered, the minister warned during an event on the margins of COP28.

JABER ON THE DEFENSE- Al Jaber denies disrespecting climate science: In response to recent criticism for denying the science behind fossil fuel phase-out, COP President Sultan Al Jaber asserted that he “understood and respected” the science of climate change, Reuters reports. Al Jaber said that reports of him saying there is “no science” that proves a phase-out of fossil fuel production is needed to restrict global heating to 1.5 C, was taken out of context and circulated baselessly. “I am quite surprised with the constant and repeated attempts to undermine the work of the COP28 presidency,” Al Jaber said.

AND AL IS NOT A FAN- Al Gore lambasts COP28 host UAE over soaring emissions:Former US Vice President Al Gore called out the UAE over its increasing greenhouse gas emissions, which he said rose by 7.5% in 2022 from the preceding year, compared to an average increase of 1.5% worldwide, Reuters reports. Moreover, Al Gore criticized the COP28 presidency, saying that the UAE is abusing public trust by appointing the CEO of Adnoc — one of the “largest and least responsible” oil companies in the world — as head of the summit.

SPEAKING OF EMISSIONS- GCCA cuts CO2 emissions by 23%: The Global Cement and and Concrete Association (GCCA) has seen a 23% drop in CO2 emission intensity of cement related material compared to levels in 1990, according to their latest report. The drop is due to the development of carbon capture and storage projects (CCS), the increased use of alternative energy sources, and tech development to produce low carbon cement, the report said.

Global decarbonization projects are in the works: The GCCA is looking to CCS to account for 36% of the global cement industry’s CO2 reductions, with plans to develop CCS plants in Breedon in the UK, Heidelberg Materials in Germany, Holcim in Switzerland, Taiheiyo Cement in Japan, and TITAN Cement Group in Greece. The GCCA’s efforts to cut emissions also include increasing solar power in the US, India, and Taiwan, using hydrogen at a cement plant in Honduras, and having an Indian plant utilize bamboo, a source that India plans to use for biofuel production next year. Other advancements involve swapping the carbon intensive element clinker for calcined clay, making use of non-recyclable waste for cement plants, and rehabilitation of local environments.

STAY TUNED FOR THIS- Canada, Egypt, Brazil to crack down on methane emissions: Canada — the world’s fourth largest oil producer — has released its draft regulations for its oil and gas industry aimed at slashing methane emissions, Reuters reports. The proposed rules will target cutting methane emissions from the polluting industry to prevent 217 mn tons of emissions from being released into the air between 2027 and 2040, Canadian Environment Minister Steven Guilbeault said. Egypt and Brazil are expected to follow suit and issue regulations on methane emissions. The three countries — along with over 147 others — are among the 2021 Global Methane Pledge signatories who have vowed to cut methane emissions by 30% by the end of this decade.

THERE’S A LOT OF SAUDI UPDATES- KSA plans to install 20 GW of renewables in 2024: SaudiArabiaplans to launch renewable energy projects with a total capacity of 20 GW next year, Asharq Business reports, citing Minister of Energy Prince Abdulaziz bin Salman.

Major renewable energy projects: KSA is set to tender a new contract for the construction of four high-efficiency gas-powered energy stations with a production capacity of 7 GW. Different projects with a total capacity of 21 GW are also underway as part of the Saudi Green Initiative, which is implementing 80 new initiatives and has achieved over USD 188 bn in investments. The country’s renewable energy production has reached 2.8 GW so far.

Saudi goes all in on carbon capture: KSA has plans to develop two industrial centers, one focused on carbon capture and storage (CCS) with a production capacity of 44 mn tons annually, and the other is a carbon capture and utilization (CCU) facility with a capacity exceeding 1 mn tons yearly.

There’s also news from Neom: Construction work on phase one of Neom’s mega greenhydrogen plant has been completed, Asharq Al Awsat reported, citing statements by Energy minister Prince Abdulaziz bin Salman at the Saudi Green Initiative forum at COP28.

ALSO- The kingdom has allocated investments worth USD 188 bn to address the challenges of climate change, Al Arabiya reports, quoting Foreign Minister and Climate Envoy Adel Al Juber as saying on the sidelines of the Saudi Green Initiative Forum. “We’re working on multiple projects to combat climate change, including carbon capture [projects],” he said.

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CIRCLE YOUR CALENDAR-

Saudi Arabia will host theFuture Minerals Forum from Tuesday, 9 January through to Thursday, 11 January in Riyadh. The event will bring nations and private sectors together to enable the creation of resilient mineral value chains in the resource rich regions of Africa, Western Asia, and Central Asia. The forum will hold a ministerial roundtable with over 60 countries being represented., and delegates will discuss global critical mineral strategies as well as an international exhibition with over 150 exhibitors and industry sponsors.

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

The’s UAE banking sector to mobilize AED 1 tn in climate finance by 2030

Green finance bonanza at COP: Day 5 of COP28 concluded with a smattering of climate finance updates, with USD bns pledged in the financing towards emerging markets and a just energy transition.

UAE banking sector to mobilize AED 1 tn in climate finance by 2030: UAE banking groups have committed to mobilizing AED 1 tn in green funding by the end of the decade, Wam reports. The AED 1 tn (c. USD 270 bn) climate financing pledge channeled by the country’s National Banks Federation (NBF) aims to help meet the UAE’s 2050 net-zero target. The NBF is made up of 56 UAE-based lenders.

Apicorp ups its 2023-2028 decarbonization investment target to USD 1 bn: The Arab Energy Fund — which earlier this week rebranded from Arab Petroleum Investments Corporation (Apicorp) — plans to invest USD 1 bn over the next five years in the green tech sector to support MENA’s decarbonization efforts, according to a statement. The company has allocated 18% of its USD 4.5 bn loan portfolio toward ESG projects.

Why is this important? The company’s planned investment, along with its rebrand, reflects a corporate strategy aimed at positioning itself as a regional player in the energy transition sector, the statement notes. Back in 2021, the company raised USD 750 mn from its maiden green bond issuances. Later that year, the company reopened those bonds for subscription, raising another USD 250 mn. The company has already channeled USD 610 mn of the proceeds toward 11 regional projects.

France + Japan back AfDB’s SDR proposal: France and Japan announced during the roundtable event on leveraging Special Drawing Rights (SDRs) (watchtime, 13:28, 17:50) that they will support the African Development Bank’s breakthrough facility to leverage SDRs for climate and development. The African Development Bank and the Inter-American Development Bank developed a proposal to channel SDRs to multilateral development banks which SDR-rich countries were expected to support at COP28.

AND- Debt clauses garner big support: TheUK, France, the World Bank, AfDB, EBRD, and the IDB have announced they will expand the use of climate-resilient debt clauses in their lending that pause debt when countries are hit by natural disasters, according to a statement. The UK also announced the first climate-resilient debt clauses in Africa with Senegal. Seventy-three countries have also called for the adoption of the debt clauses.

Climate funds are on the hunt for funds: Danish investment firm Copenhagen Infrastructure Partners is looking to secure USD 3 bn for its new Growth Markets Fund II to establish renewable energy projects in emerging and middle-income countries, the head of the fund told Reuters. The fund will focus on wind and solar power and investments in battery storage and projects that turn electricity into carbon-neutral synthetic fuels. As most climate-focused funds target reliable returns in developed countries, the Growth Markets Fund will target investment returns “in the teens” to offer affordable power in developing countries. Emerging and middle-income countries will need USD 2.8 tn by 2030 to meet cleaner energy goals, out of which only USD 550 mn was raised this year.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

Green bonds on the horizon for Kenya: The Kenyan government is mulling sovereign green bond issuances, President William Ruto said in an interview on the sidelines of COP28. Ruto also said that Kenya — which is planting 15 bn trees and restoring 10k wetlands — is looking at issuing debt-for-nature swaps. (Bloomberg)
Italy pledges mns to loss and damage fund: Italy is committing USD 100 mn to the Loss and Damage Fund, which reached a total of USD 725 mn in the first four days of COP28. (Statement)
Asian Development Bank to extend USD 10 bn to the Philippines: The Asian Development Bank (ADB) said it will earmark USD 10 bn in climate financing between 2024 and 2029 to the Philippines. The multilateral lender’s package will be channeled toward carbon market development, green mobility, renewables, food security, and climate adaptation projects. (Statement)
Abu Dhabi will host the Global Climate Finance Centre: Abu Dhabi will host a think tank tasked with developing financial frameworks for investing in the green energy sector. The independent research organization — named Global Climate Finance Centre — is co-founded by the World Bank, HSBC, and asset managers BlackRock and Ninety One. (Reuters)

UAE’s ENEC inks agreements with GE Hitachi and Bill Gates’ Terrapower + Masdar expands in Kazakhstan and Poland

Nuclear was the theme of the day with some big moves emerging from the UAE. The Emirates Nuclear Energy Corporation (ENEC) — co-developer of the UAE’s 5.6 GW Barakah Nuclear Plant — inked agreements with several firms widening its foothold in the industry, and Masdar continued building its international portfolio.

NUCLEAR-

UAE and Bill Gates’ TerraPower partner on nuclear development: ENEC signed an MoU with Bill Gates’ nuclear technologies company TerraPower to explore the use of the latter’s Natrium advanced atomic reactors in the UAE and abroad, Wam reports.

What’s so special about these reactors? Terra Power’s Natrium has a 345 MW electric (MWe) sodium nuclear reactor. The technology is combined with thermal molten salt energy storage that allows the reactor’s capacity to reach 500 MWe for more than five hours, the company explains. For the small reactors, the thermal storage system enables power consumers to take advantage of peaking power windows driven by fluctuations in renewables. TerraPower is working on a pilot project — set to be launched in 2030 — that will use Natrium to retire a coal plant in Wyoming.

For the UAE and beyond: Enec and TerraPower will first collaborate on technical design and study commercial viability of the reactor in the UAE and US, assessing the technology’s applications in nuclear, hydrogen, and green molecule production. Both sides will also partner on engineering, workforce, and supply chain development, with hopes of later expanding further into the Middle East, Africa and the Indian subcontinental regions, Wam notes. Enec would commercialize the Natrium tech regionally under licensing agreements with TerraPower under the US–UAE PACE program.

IN OTHER ENEC NEWS –

The company is also partnering with GE Hitachi: ENEC signed an MoU with GE Hitachi to explore investment in Small Modular Reactor technology to boost the use of nuclear energy in the UAE, Wam reports. In September, GE Hitachi provided ENEC with an enabling framework for developing small modular reactors based on its Nuclear Energy’s BWRX-300 SMR technology, as part of an agreement with Orlen Synthos Green Energy.

And has agreed to source some of its uranium from Kazakhstan: Kazakhstan’s National Atomic Company (NAC) Kazatomprom signed an agreement with ENEC to supply uranium fuel for the latter’s Barakah nuclear energy plant, Wam reports. This marks the first commercial uranium fuel supply contract for the UAE company. Kazakhstan is the world’s largest uranium producer, producing 40% of the world’s uranium supplies.

MASDAR’S SWEEP CONTINUES-

Masdar is making a hydropower debut in Kyrgyzstan: Masdar and France’s EDF signed an agreement with Kyrgyzstan’s Ministry of Energy to establish 3.6 GW of hydropower and renewable energy projects, according to a statement. The agreement marks Masdar’s debut in the hydropower sector and builds on Masdar’s previous agreement with Kyrgyzstan’s energy ministry to develop up to 1 GW of clean energy projects in the Central Asian country.

There’s also a European portfolio expansion happening: Masdar and Finnish renewable energy developer and fund manager Taaleri Energia acquired eight hybrid renewable energy projects totaling 1 GW from Polish renewable energy developer Domrel, according to a statement. The projects include both solar and onshore wind farms expected to come online between 2026 and 2030.

GREEN HYDROGEN-

Bee’ah debuts plans for waste-to-hydrogen plant:Emirati waste management company Bee’ah has signed a joint development agreement with US- and UK-based waste-to-energy focused tech company Chinook Sciences and Japanese gas conglomerate Air Water to develop a waste-to-hydrogen plant in Sharjah, Wam reports. The plant will be the first of its kind in MENA, producing 18k kg per day. The proposed timeframe for the project was not disclosed.

A successful pilot: The agreement builds on a demonstration plant run by the companies, which successfully processed organic waste — including municipal solid waste, non-recyclable plastics, and wood waste — into green hydrogen. The green fuel produced will be used for hydrogen-powered fuel cells made by Toyota, the news outlet added. The fuel cells — called PEM fuel cells — are being developed primarily for a fleet of large trucks and buses.

AND ANOTHER INTERCONNECTION PROJECT-

Morocco and Portugal partner on electricity interconnector: Morocco and Portugal signed a joint declaration on the electrical interconnection project between Rabat and Lisbon, Map reports. The agreement aims to boost cooperation on renewable energy as well as energy exchange between Africa and Europe.

Morocco’s renewables export ambitions are already in play: The Xlinks interconnector project will lay 3.8k km high-voltage direct current (HVDC) subsea cable to eventually transport 3.6 GW of renewable energy — nearly 8% of the UK’s current requirements — from a 10.5 GW solar and wind farm in Morocco’s Guelmim-Oued Noun region to Britain’s power grid in Devon.

IN CLIMATE DIPLO NEWS-

Oman and Morocco signed an agreement to collaborate on the energy transition, Oman News Agency reports. The agreement entails cooperation on climate change, environmental governance, monitoring and environmental assessment, and waste and chemicals management.

Coffee with: Jamie Fergusson, IFC’S Global Director for Climate Business

Coffee with: Jamie Fergusson, IFC’S Global Director for Climate Business: Fergusson (LinkedIn) is responsible for IFC’s climate strategy and policies and the delivery of its ambitious targets to make all investments Paris Aligned and 40% of its investment climate positive. IFC committed a record USD 14.4 bn in climate finance in FY23, representing 46% of all long-term finance investments. Last July, IFC began aligning all investment operations to the Paris Agreement.

We had a brief chat with Fergusson on the opening day of COP28 to discuss the significance of this year’s summit, where the world stands on issues of urgency, what areas IFC will be focusing on, and what needs to be accomplished to achieve the targets set out in the 2015 Paris Agreement.

Edited and condensed excerpts of our conversation follow.

WHERE THE IFC STANDS TODAY-

As the only private sector focused development institution, we’re tackling three dilemmas. One is building a project pipeline — there’s not enough investable opportunities in emerging markets. The next area is making it affordable and mobilizing in emerging markets by bringing in new technologies where they may not be affordable yet and derisking for investors with blended capital, and the third area is mobilizing that capital.

We’re doing that at scale. We have a USD 32 bn pipeline of new projects under development and over the last decade, IFC has invested in 22 GW of renewables. IFC’s role across markets is to do first-of-kind projects — including solar projects in Egypt and wind projects in Jordan — and then scale from multiple small investments and larger wholesale projects.In the last year we invested in the Abydos solar and the Amunet wind projects with UAE’s Amea Power with a USD 770 mn investment.

WHAT’S TOP OF THE AGENDA AT COP28-

This summit is important because we’re at the midway point between the 2015 Paris Agreement and the targets countries undertook under the Paris Agreement for 2030. The focus of this COP is a global stocktake — which should be a shock to everyone’s system — as it is the global report card telling us that we’re off track. The outlook by the end of the century has moved from about 3°C to 2.5°C change, but that’s still way off where we need to be.

For IFC, heading into COP, water is at the top of our agenda and decarbonizing hard-to-abate industries. We’ve got to move to the hard middle — people are stopping financing coal, people are doing more of the green bonds and renewable energy, but there’s the whole of the rest of the economy.

WHAT IS NEEDED-

We need increased pricing on carbon, increased renewable energy procurement, and increased blended finance to get the most from the private sector to move to scale. We need to scale the urgency of action to achieve a 43% reduction in GHGs by 2030 which requires a complete rewiring of the global economy and approximately USD 2. 4 tn of investment per year, specifically in emerging markets. 80% of that has to come from the private sector and we need a tripling of annual investments in renewable energy. At the moment, only 20% of that is in emerging markets.

Adaptation investment requires approximate USD 400 bn a year, which is a sort of 5-10x increase from current levels. The IFC’s strategy in this context is to catalyze and accelerate the transition to a low carbon, resilient, inclusive growth in emerging markets.

Since the Paris agreement, IFC has increased our climate finance threefold and increased our climate mobilization of other private capital six fold. Last year, we committed just shy of USD 15 bn of climate finance accounting for 46% of our own business.

GREEN BONDS-

IFC acts as an issuer and standard setter, but also as a buyer. Last year, we purchased between USD 4.6 bn in labeled bonds across markets. We’ve played a role as an early issuer with IFC’s own capital, issuing USD 13 bn in green bonds over the years to move the market out. We’ve also acted as a capacity builder, training over 285 financial intermediaries in 70 different countries on how to issue green bonds, providing guidance on what green and blue bonds, and in general what biodiversity finance looks like to regulators.

The labeled bond market in emerging markets is now over USD 300 bn per year and last year we helped The Jordan Kuwait Bank issue Jordan’s first USD 50 mn green bond and we’re also active in Egypt and Morocco.

GREEN BUILDINGS-

IFC has committed nearly USD 12 bn of our own capital into the Edge certification program for green buildings, replicated by a third of a further USD 5 bn in private investment. We find this to be vital, because the certification requires a 20% reduction in energy use, a 20% reduction in water use, and 20% reduction in the embodied carbon in the building itself. IFC has a partnership with the Amman municipality in Jordan to drive green buildings growth with Edge, and on a wider scope we’ve built capacity across markets and provided financing to banks for green mortgages and lending and financing directly to real estate developers. As a result, 60 mn square meters across 96 countries is currently certified to be as green as Edge requires. About USD 1.5 tn is needed to invest in green buildings in the next decade.

Adnoc + Tabreed launch operations of region’s first geothermal cooling plant

Operations for the MENA region’s first geothermal cooling plant located in Abu Dhabi’s Masdar City has officially commenced, according to a press release by project co-developer Abu Dhabi National Oil Company (Adnoc). The G2COOL plant will produce chilled water needed by UAE’s National Central Cooling Company (Tabreed) for its district cooling activities. The project will be funded under Adnoc’s USD 15 bn allocation towards developing low-carbon power solutions.

How will it work? The plant will extract water from underground wells at temperatures exceeding 90°C and flow rates nearing 100 liters per second. The water will then be rerouted to an absorption cooling system to chill it before sending it to Tabreed’s district cooling network at Masdar City. The geothermal energy project is set to meet 10% of Masdar City’s cooling needs, the statement notes. In August, Adnoc and Tabreed concluded testing on two geothermal wells in Abu Dhabi’s Masdar City.

REMEMBER- Adnoc and Masdar are teaming up on geothermal energy production: Back in March, Adnoc signed a five-year agreement with UAE renewables giant Masdar to explore potential investment and development in the geothermal power sector, with Adnoc serving as Masdar’s drilling technical expert. In February, Masdar acquired shares in the geothermal unit of Indonesia’s state-owned energy firm Pertamina, which plans to generate 600 MW of geothermal power by 2028.

The rest of the region is trying to catch up: In October,Saudi Arabia’s oil giant Aramco said it is considering tapping into geothermal energy, with three potential areas on the west coast of the kingdom identified and mapped for the technology. KSA’s Industrialization and Energy Services Company (Taqa) signed a joint venture agreement with Iceland’s Reykjavik Geothermal to establish the Taqa Geothermal Energy Company in Riyadh. Countries across the region including Egypt, Oman, and Jordan are similarly stepping up efforts to tap into the clean energy source.

Egyptian companies are reportedly looking to invest USD 1.2 bn in SCZone green ammonia plant

More investment for Egypt’s burgeoning petrochemicals sector: A consortium of three Egyptian companies are considering investing USD 1.2 bn into the first phase of a plant in the Suez Canal Economic Zone (SCZone) to produce ammonia from green hydrogen, Asharq Business reports, citing people with knowledge of the matter.

Who’s investing? Asharq’s sources say the companies are Helwan Fertilizers, Abu Qir Fertilizers and the National Bank of Egypt subsidiary Al Ahly Capital Holding. The three firms established a joint venture called Misr Methanol and Petrochemicals (MMP) in 2021 to invest USD 1.6 bn in a methanol and ammonia plant.

More about the SCZone project: The plant will produce 1 mn tons of methanol and 400k tons of ammonia annually — a portion of which will be exported — in the SCZone’s Ain Sokhna site. Construction of the plant will break ground by the end of 2025 and will take three years to complete, the outlet reports.

Funding the ammonia production: The joint operation will turn to banks to provide 70% of the required investments, with the three shareholders providing the remaining 30%, the sources told Asharq, without detailing which banks could be in line to supply the funds. Asharq’s sources did not confirm if the investments will be made via MMP.

Sonelgaz and John Cockerill to partner on green hydrogen and Faraday Future joins Abu Dhabi’s SAVI cluster

GREEN HYDROGEN-

Sonelgaz + John Cockerill explore a hydrogen collab: Algerian state-owned gas company Sonelgaz and Belgian mechanical engineering group John Cockerill are exploring cooperation agreements on green hydrogen, wind turbines’ maintenance, and storage, according to a statement.

Not the first green project in the region for John Cockerill: The Belgian group signed an agreement with UAE’s Adnoc in June to manufacture hydrogen electrolyzers for local use in the UAE and export. The group also signed an agreement with an unnamed Moroccan energy company to develop a value chain dedicated to undertaking green hydrogen projects in January.

GREEN MOBILITY-

One more addition to Abu Dhabi’s SAVI cluster:California-based global shared intelligent electric mobility ecosystem company Faraday Future (FF) is working with the Abu Dhabi Investment Office (ADIO) to introduce its generative AI and advanced intelligent electric vehicle capabilities to the Smart and Autonomous Vehicles Industry (SAVI) cluster, according to a statement.

Bigger plans for the region? FF is looking to establish its regional headquarters as well as a manufacturing facility and an advanced research and development (R&D) center focusing on next-generation electric vehicle and AI technology in Abu Dhabi to further expand its presence in the market. The company and the ADIO are also developing regulatory frameworks to enhance the creation of advanced smart autonomous vehicle solutions and applications.

CALENDAR

NOVEMBER 2023

30 November – 12 December (Thursday-Tuesday): Conference of the Parties (COP 28), Dubai, UAE.

DECEMBER 2023

1-10 December (Friday-Saturday): Abu Dhabi Sustainability Week COP28 Special Edition, Dubai, UAE.

3-7 December (Sunday- Thursday) International Congress of Engineering and Technology (ICET), Doha, Qatar.

4 December (Monday): Saudi Green Initiative Forum, Dubai, UAE.

4 December (Monday): Abu Dhabi Sustainability Week (ADSW), Dubai, UAE.

4-7 December (Monday-Thursday): International Conference on Global Warming, Ras Al Khaimah, UAE.

6-7 December (Wednesday-Thursday): Reuters’ Energy Transition MENA Conference, Dubai, UAE.

7-8 December (Thursday-Friday): Future Investment Initiative (FII) Priority, Hong Kong.

8 December (Friday): Youth for Sustainability Forum (Y4S), Dubai, UAE.

12-14 December (Tuesday-Thursday): Green Hydrogen Summit Oman, Muscat, Oman.

18-20 December (Monday-Wednesday):Saudi Arabia Smart Grid Conference, Riyadh, Saudi Arabia.

JANUARY 2024

9-11 January (Tuesday-Thursday): Future Minerals Forum, Riyadh, Saudi Arabia.

FEBRUARY 2024

26-28 February (Monday-Wednesday): Management and Sustainability of Water Resources, Dubai, UAE.

MARCH 2024

4-6 March (Monday-Wednesday): International Conference on Sand and Dust Storms in the Arabian Peninsula, Riyadh, Saudi Arabia.

APRIL 2024

16-18 April (Tuesday-Thursday): World Future Energy Summit, Abu Dhabi, UAE.

23-25 April (Tuesday-Thursday): Connecting Green Hydrogen MENA, Dubai, UAE.

MAY 2024

19-21 May (Sunday-Tuesday): Saudi Energy Convention, Riyadh, KSA.

JUNE 2024

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

OCTOBER 2024

10-12 October (Tuesday-Thursday): Autonomous E-Mobility Forum, Doha, Qatar.

DECEMBER 2024

2-13 December (Monday-Friday): Conference of the Parties (COP16) to the United Nation Convention to Combat Desertification, Riyadh, KSA.

EVENTS WITH NO SET DATE

2024

Early 2024: The 2023 US Algeria Energy Forum, Washington DC, USA.

12-14 February (Monday-Wednesday): Sustainable Aviation Futures MENA Congress, Dubai, UAE.

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.

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.

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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