{"id":76014,"date":"2023-02-14T02:03:35","date_gmt":"2023-02-14T02:03:35","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/?post_type=issue&#038;p=76014"},"modified":"2025-12-15T08:31:10","modified_gmt":"2025-12-15T08:31:10","slug":"ems-energy-transition-gets-a-usd-1-5-bn-boost-from-ifc-adfd","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/climate\/issues\/ems-energy-transition-gets-a-usd-1-5-bn-boost-from-ifc-adfd\/","title":{"rendered":"EMs\u2019 energy transition gets a USD 1.5 bn boost from IFC + ADFD"},"content":{"rendered":"<section id=\"76016\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"76016\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING TODAY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/today-emerging-markets-get-a-boost-for-their-energy-transition-from-the-ifc-and-adfd\/\">\r\n                            TODAY: Emerging markets get a boost for their energy transition from the IFC and ADFD                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/today-emerging-markets-get-a-boost-for-their-energy-transition-from-the-ifc-and-adfd\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Let\u2019s jump right in.<\/p>\n<p><strong>THE BIG CLIMATE STORY- <\/strong>The International Finance Corporation signed an agreement yesterday with state-owned Abu Dhabi Fund for Development to jointly co-invest USD 1.5 bn in the energy transition for emerging markets, while Dubai Islamic Bank raised USD 1 bn in its second green sukuk issuance.<\/p>\n<p>^^<strong>We have chapter and verse on these stories and more in the news well below.<\/strong><\/p>\n<p><strong>THE BIG CLIMATE STORY OUTSIDE THE REGION- <\/strong><\/p>\n<p><strong>There\u2019s no single story <\/strong><strong>dominating the global climate conversation this morning<\/strong>, but there are a couple of conversations being had:<\/p>\n<p><strong>#1- The European Commission published rules yesterday that pave the way for some<\/strong><strong> nuclear-derived hydrogen to count towards the EU\u2019s renewable energy generation targets.<\/strong> Hydrogen produced in facilities utilizing low-carbon sources \u2014 potentially including nuclear \u2014 could count towards these targets, as long as producers sign long-term PPAs with renewable energy providers. This follows months of debate between pro-nuclear countries like France and countries seeking to exclude nuclear-based fuels from EU renewables targets, including Germany. (<a href=\"https:\/\/www.reuters.com\/business\/energy\/eu-opens-door-green-nuclear-derived-hydrogen-2023-02-13\/\">Reuters<\/a> | <a href=\"https:\/\/www.euronews.com\/my-europe\/2023\/02\/13\/nuclear-energy-included-in-eus-new-rules-on-green-hydrogen\">Euronews<\/a>)<\/p>\n<p><strong>#2- Net-zero pledges by some of the world\u2019s largest companies will reduce their<\/strong><strong> emissions by just 36%<\/strong> \u2014 a far cry from climate targets required to maintain the 1.5\u00b0C global warming threshold, according to <a href=\"https:\/\/newclimate.org\/resources\/publications\/corporate-climate-responsibility-monitor-2023\">a report<\/a> by Corporate Climate Responsibility Monitor and the <a href=\"https:\/\/newclimate.org\/\">NewClimate Institute<\/a> published yesterday. Some 24 of the world\u2019s biggest companies assessed in the report \u2014 collectively raking in USD 3 tn in revenues in 2021 \u2014 have inadequate climate targets and future carbon neutrality plans that are \u201cexaggerated, false and misleading,\u201d the report concludes. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-12\/the-climate-pledges-of-top-global-companies-fall-short-of-net-zero?srnd=green#xj4y7vzkg\">Bloomberg<\/a> | <a href=\"https:\/\/www.france24.com\/en\/live-news\/20230213-on-climate-most-corporations-more-talk-than-action\">AFP<\/a>)<\/p>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>WATCH THIS SPACE- Will Egypt\u2019s national hydrogen strategy be unveiled soon? <\/strong>The Egyptian government\u2019s national hydrogen strategy could be materializing by the end of 1Q 2023, two sources with first-hand knowledge of the process told <a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/13\/this-morning-egyps-rolls-on-egx-sfe-and-el-sisi-all-in-the-gulf-96637\/\">EnterpriseAM<\/a>. One source revealed the government is expecting to unveil the highly anticipated strategy between the end of February and early March, and another source familiar predicted the strategy to be finalized and released sometime in March.<\/p>\n<p><strong>REFRESHER- <\/strong>The strategy is a key milestone for developers who have signaled interest in Egypt\u2019s world-scale hydrogen program, which would demand the investment of some USD 40 bn in renewable energy alone to generate the 40 GW of power needed if every project now on the drawing board makes it to implementation. The state has inked framework agreements <a href=\"https:\/\/bit.ly\/3AlGPJ0\">worth c. USD 85 bn<\/a> for green hydrogen and ammonia plants.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>     <a href=\"climate\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><p>***<br \/>\n <strong>YOU\u2019RE READING ENTERPRISE CLIMATE, the essential MENA publication for senior execs who care about the world\u2019s most important industry. <\/strong>We\u2019re out Monday through Thursday at 4am Cairo \/ 5am Riyadh \/ 6am UAE.<\/p>\n<p>Were you forwarded this email? <strong>Get your own <\/strong><strong><a href=\"https:\/\/climate.enterprise.press\/subscribe\/\">subscription without charge here<\/a><\/strong> or reach out to us on <a href=\"mailto:climate@enterprisemea.com\">climate@enterprisemea.com<\/a> with comments, suggestions and story tips.<br \/>\n <strong>***<\/strong><\/p>\n<p><strong>THE DANGER ZONE- Some plug-in hybrid electric vehicles (PHEVs) are producing <\/strong><strong>up to 7x the emissions they claim and have less range than advertised<\/strong>, according to <a href=\"https:\/\/www.transportenvironment.org\/discover\/plug-in-hybrids-2-0-still-not-a-solution-for-the-climate\/\">research<\/a> commissioned by European clean transport campaign <a href=\"https:\/\/www.transportenvironment.org\/\">Transport & Environment<\/a> (T&E). A study conducted by Austria\u2019s Graz University of Technology found that some PHEVs \u2014 like the BMW 3 Series \u2014 produced more than 3x as many emissions as they claimed on city and commuter routes even when fully charged. The Peugeot 308 and Renault Megane produced 20% more emissions than claimed on a 55 km commute, and researchers found that all but one of the PHEVs tested had less range on a single electric charge than advertised. When tested on an empty battery, the PHEVs produced 5-7x as much emissions as claimed, T&E said. The study concluded that PHEVs should be taxed for their actual emissions rather than their advertised or claimed emissions.<\/p>\n<p><strong>What are PHEVs?<\/strong> PHEVs use a combination of gasoline and electric motors, allowing drivers to switch between an internal combustion engine and battery-power. They conventionally have large, chargeable batteries that can be charged and provide more mileage than conventional hybrid models.<\/p>\n<p><strong>COME TO OUR NEXT ENTERPRISE FORUM- <\/strong><\/p>\n<p class='web-image'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/681.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>We\u2019re excited to unveil our next C-level event in Cairo: <\/strong>The Enterprise Exports & FDI Forum, where we will take a deep dive into two of the most critical topics affecting our community.<\/p>\n<p><strong>Interested to learn more about how Egypt is planning on drumming up foreign direct investment (FDI) for all these green hydrogen, solar and wind agreements? <\/strong>Exports and FDI have never been more important to Egypt\u2019s economy \u2014 or its businesses \u2014 than in the wake of the float of the EGP and the country\u2019s positioning as a regional renewable energy hub. <a href=\"https:\/\/enterprise.press\/issues\/2022\/10\/18\/am-a-five-step-recipe-to-boost-exports-fdi-and-make-sure-egypt-never-has-to-ask-the-imf-for-another-cent\/\">We think there\u2019s a unique chance to build an export-led economy<\/a> that makes Egypt a magnet for FDI and all the benefits that will come with it.<\/p>\n<p><strong>Want to join the conversation?<\/strong> Drop us a line on <a href=\"mailto:events@enterprisemea.com\">events@enterprisemea.com<\/a>.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR- <\/strong><\/p>\n<p><strong>The UAE will host the <\/strong><strong><a href=\"https:\/\/worldesgsummit.com\/\">World Environment, Social and Governance Summit<\/a><\/strong><strong> from next Tuesday, <\/strong><strong>21 February to Thursday, 23 February <\/strong>in Dubai. The summit will host discussions on reducing carbon emissions and the urgency to incorporate ESG. Stakeholders from various fields will address the financial and strategic implementation of ESG.<\/p>\n<p><strong>Egypt will host the <\/strong><strong><a href=\"https:\/\/www.egyptcsrforum.com\/\">CSR Forum<\/a><\/strong><strong> from 2-5 March<\/strong> at Somabay, Hurghada. The event aims to further discussions put forth during COP27 and boost private and public sector cooperation on climate action. You can register for the event <strong><a href=\"https:\/\/www.egyptcsrforum.com\/#tickets\">here<\/a><\/strong>.<\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/csrawards.co.uk\/?_vsrefdom=p.18862.c.63552&gclid=Cj0KCQiA_bieBhDSARIsADU4zLfzUfPsWrHsDesF4xVT_pp7zGcttJCxvTWsHCsCCIcA3l0joghXxKQaAr1aEALw_wcB\">Arabia CSR Awards<\/a><\/strong> <strong>is accepting applications until Friday, 30 June.<\/strong> The awardwinners will be announced during a ceremony on Wednesday, 4 October.<\/p>\n<p><strong>The first <\/strong><strong><a href=\"https:\/\/mbrsic.ae\/en\/mena-sc\/about-mena-sc\/\">MENA Solar Conference<\/a><\/strong><strong> is accepting applications from published<\/strong><strong> researchers specialized in PV technology until Sunday, 30 April.<\/strong> The Dubai Electricity and Water Authority will be hosting the conference from 15 to 18 November, in conjunction with the Water, Energy, Technology, and Environment Exhibition and the Dubai Solar Show 2023. Researchers can submit their papers <a href=\"https:\/\/mbrsic.ae\/en\/mena-sc\/paper-submission-1\/\">here<\/a>.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/egypt\/\">Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/emissions\/\">emissions<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/what-were-tracking-today\/\">WHAT WE\u2019RE TRACKING TODAY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"76018\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n      <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n        <span class=\"has-primary-color stk-highlight\"> This publication is proudly sponsored by<\/span>\r\n    <\/h4>\r\n\r\n    <div class=\"issue-sponsor-slide issue-sponsor-slide--single-slide mx-auto\">\r\n        <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/25497.png?ssl=1\">\r\n        <div class=\"overlay\"><\/div>\r\n        <div class=\"content\">\r\n            <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/25398.svg\" alt=\"\">\r\n            <\/a>\r\n            <span>Opening up a world of opportunity<\/span>\r\n        <\/div>\r\n    <\/div>\r\n\r\n      <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"76019\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"76019\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">INVESTMENT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/a-shot-in-the-arm-for-emerging-markets-energy-transition\/\">\r\n                            A shot in the arm for emerging markets\u2019 energy transition                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/a-shot-in-the-arm-for-emerging-markets-energy-transition\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Diop made the announcement at the <a href=\"https:\/\/www.worldgovernmentsummit.org\/home\">World Government Summit<\/a>, an annual meet-up of government leaders that kicked off in Dubai yesterday and is running until Wednesday. No details were provided on the timeframe of the USD 1.5 bn co-investment or which economies it will specifically target.<\/p>\n<p><strong>The co-financing will boost IFC investment in green hydrogen in particular<\/strong>, Diop said in an interview with BloombergTV yesterday (<a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2023-02-13\/ifc-md-diop-on-clean-energy-priorities-video\">watch, runtime: 04:32<\/a>). The IFC has been upping its investment in renewables in the last few years and is working with multiple stakeholders \u2014 including the IEA and representatives of capital markets \u2014 to \u201cpave the way for a greener economy,\u201d he added. \u201cWe\u2019ve been accelerating this because we believe that with the challenges we\u2019re facing with climate change, there\u2019s no option but to invest in renewable energy.\u201d<\/p>\n<p><strong>We\u2019ve seen the IFC upping its MENA renewables investment recently: <\/strong>The IFC plans to allocate 35% of its investments to green sectors \u2014 including MENA renewables \u2014 its MENA head of regional operations Sufyan Al Issa <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/933dd9c0-32fa-4e45-bd88-a336d8ef7ced\">said in December<\/a>. Egypt in particular holds significant potential, along with the GCC, Morocco and Jordan, Al Issa noted. This followed news that the IFC is co-financing renewables projects of roughly 1 GW that are being launched by UAE firm Al Nowais\u2019 subsidiary Amea Power in Egypt, also <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/3353d732-aa27-4d6d-95ba-2de58d5edd02\">announced in December<\/a>. The IFC, Dutch development bank FMO and Japan International Cooperation Agency (JICA) will collectively provide USD 500 mn for a 560 MW solar plant, while the IFC, three commercial banks and the Japanese Bank for International Cooperation will provide USD 500 mn for a 505 MW wind farm. The IFC is <a href=\"https:\/\/disclosures.ifc.org\/project-detail\/SII\/43011\/kairouan-solar-plant\">also co-financing<\/a> Tunisia\u2019s 100 MW <a href=\"https:\/\/www.afrik21.africa\/en\/tunisia-amea-obtains-loans-for-the-construction-of-its-solar-park-in-kairouan\/\">Kairouan solar plant<\/a>, along with the <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/tunisia-african-development-bank-group-board-approves-27-million-and-eu10-million-loans-kairouan-solar-plant-57646\">African Development Bank (AfDB)<\/a> and the Clean Technology Fund (CTF), <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/7c5659c7-cf17-4cd6-9d18-c8afb5c643fb\">estimated to cost<\/a> some USD 100 mn.<\/p>\n<p><strong>ADFD has also been supporting growth in renewables:<\/strong> ADFD provides international aid in the form of concessionary loans to economic and social development projects. When it comes to renewables, ADFD is <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/e6167da5-7401-4525-a79d-20e3e0de4124\">an anchor investor<\/a> in the International Renewable Energy Agency\u2019s (IRENA) Energy Transition Accelerator Financing (ETAF) platform, to which it contributed USD 400 mn when ETAF was launched at COP26 in 2021. More recently, it also co-financed Masdar\u2019s 230 MW solar plant in Azerbaijan, which reached financial close <a href=\"https:\/\/news.masdar.ae\/en\/News\/2022\/08\/02\/10\/43\/Masdar-Achieves-Financial-Close-on-Landmark-230-MW-Garadagh\">in August<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/abu-dhabi-fund-for-development\/\">Abu Dhabi Fund for Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/energy-transition\/\">energy transition<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/green-finance\/\">green finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/ifc\/\">IFC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/investment-watch\/\">INVESTMENT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/world-government-summit\/\">World Government Summit<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"76021\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"76021\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/uaes-dubai-islamic-bank-nets-usd-1-bn-in-second-green-sukuk-issuance\/\">\r\n                            UAE\u2019s Dubai Islamic Bank nets USD 1 bn in second green sukuk issuance                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/uaes-dubai-islamic-bank-nets-usd-1-bn-in-second-green-sukuk-issuance\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The 5.5-year notes were sold at 102.4 bps over five-year US treasuries with an annual return of 4.8%. This follows DIB\u2019s <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/6e6ee2c2-c2c7-4f60-93cd-237f2f8b0999\">maiden green bond issuance<\/a> in November when the lender raised USD 740 mn. This is the Middle East\u2019s largest ever green issuance by a financial entity, DIB CEO Adnan Chilwan said, according to <a href=\"https:\/\/www.khaleejtimes.com\/business\/dubai-islamic-bank-prices-1-billion-sustainable-sukuk\">Khaleej Times<\/a>.<\/p>\n<p><strong>There was strong investor appetite: <\/strong>The issuance was a little over 3x oversubscribed, with the sale showing \u201coverwhelming\u201d investor interest, Chilwan said. Appetite was particularly strong from investors in the Middle East, Europe, and Asia, the statement noted. DIB\u2019s maiden sukuk issuance was also a little over 2x oversubscribed, drawing more than USD 1.6 bn in orders from would-be investors, we noted in November.<\/p>\n<p><strong>Where is the money going? <\/strong>No details were revealed about how the funding will be used but it is reasonable to infer that the USD 1 bn will be used to fund projects pertaining to renewable energy, energy efficiency, sustainable transport, and other green projects much like the first issuance.<\/p>\n<p><strong>This follows another important issuance in KSA this week:<\/strong> Over in KSA, Saudi Arabia\u2019s sovereign wealth fund the Public Investment Fund sold <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f45e4349-7d89-40de-8774-5f5b07902e56\">USD 5.5 bn of green bonds<\/a> last week. PIF will use the funds from its second issuance in four months to finance or refinance green investments.<\/p>\n<p><strong>The regional green + sustainable bond market is hot:<\/strong> GCC green and sustainable bond and sukuk issuances saw <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/863f6865-8b4b-4c73-98ac-56c29ff26a80\">massive growth in volume and value last year<\/a>, with some USD 8.5 bn raised from 15 issuances \u2014 a sizable increase from the USD 605 mn raised from six issuances in 2021. And more is expected down the MENA pipeline as \u200b\u200bEgypt wants to roll out USD 500 mn in green bonds before the end of the fiscal year \u2014 which ends in July 2023.<\/p>\n<p><strong>Advisers:<\/strong> Standard Chartered Bank acted as sole sustainability structurer. Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, KFH Capital, Mashreq, Sharjah Islamic Bank, Standard Chartered Bank and the Islamic Corporation for the Development of the Private Sector were named as advisers, the statement notes.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/debt-watch\/\">DEBT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/green-bonds\/\">green bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/green-sukuk\/\">Green sukuk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/sustainability\/\">sustainability<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"76023\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"76023\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">INVESTMENT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/geelys-ev-brand-zeekr-raises-usd-750-mn-in-series-a-fund-round\/\">\r\n                            Geely\u2019s EV brand Zeekr raises USD 750 mn in series A fund round                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/geelys-ev-brand-zeekr-raises-usd-750-mn-in-series-a-fund-round\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/geelys-ev-brand-zeekr-raises-usd-750-mn-in-series-a-fund-round\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/geelys-ev-brand-zeekr-raises-usd-750-mn-in-series-a-fund-round\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Geely\u2019s EV brand Zeekr raises USD 750 mn in series A fund round&url=https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/geelys-ev-brand-zeekr-raises-usd-750-mn-in-series-a-fund-round\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/geelys-ev-brand-zeekr-raises-usd-750-mn-in-series-a-fund-round\/&title=Geely\u2019s EV brand Zeekr raises USD 750 mn in series A fund round\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Geely%E2%80%99s+EV+brand+Zeekr+raises+USD+750+mn+in+series+A+fund+round+https%3A%2F%2Fenterpriseam.com%2Fclimate%2F2023%2F02%2F14%2Fgeelys-ev-brand-zeekr-raises-usd-750-mn-in-series-a-fund-round%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/geelys-ev-brand-zeekr-raises-usd-750-mn-in-series-a-fund-round\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/682.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"76024\" data-permalink=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/geelys-ev-brand-zeekr-raises-usd-750-mn-in-series-a-fund-round\/682-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/682.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"682.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/682.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/682.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-76023\" class=\"content-area-description single-story post-76023 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-automotive tag-china tag-egypt tag-enterpriseclimate tag-evs tag-geely tag-investment-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a><strong> Geely\u2019s EV brand Zeekr raises USD 750 mn in fresh funding:<\/strong> Zeekr \u2014 Chinese automotive manufacturer Geely\u2019s luxury EV brand \u2014 raised USD 750 mn in a series A funding round from five investors, according to a company <a href=\"http:\/\/zgh.com\/media-center\/news\/zeekr-raises-usd-750-million-for-sustainable-future-development\/?lang=en\">statement<\/a>. Zeekr is now valued at USD 13 bn, according to the statement.<\/p>\n<p><strong>Who participated in the round? <\/strong>Investors on board included Chinese-based battery manufacturer and Tesla supplier <a href=\"https:\/\/www.catl.com\/\">Contemporary Amperex Technology Ltd<\/a>, China\u2019s state-owned <a href=\"http:\/\/www.yuexiu-finance.com\/finance1\/cb\/if\/index.html\">Yuexiu Industrial Fund<\/a>, <a href=\"http:\/\/www.tongshang.com\/english\/professionalinfo\/5?id=156\">Tongshang Fund<\/a>, the Xin\u2019an Intelligent Manufacturing Fund, and an angel investor.<\/p>\n<p><strong>Where is the money going?<\/strong> Zeekr will use the proceeds to boost tech research and fuel global expansion plans. The company has plans to launch its all-electric SUV Zeekr X along with an expansion into Europe in 2023, the statement notes.<\/p>\n<p><strong>Gearing up for IPO: <\/strong>Zeekr\u2019s wrap up on this round comes two months after it filed for an initial public offering in the US, which saw it reportedly seeking proceeds in excess of USD 1 bn at a USD 10 bn valuation, <a href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/geelys-premium-electric-car-brand-zeekr-seeks-over-1-billion-us-ipo-sources-2022-12-12\/\">Reuters<\/a> reported last December citing three sources with knowledge of the matter.<\/p>\n<p><strong>About Zeekr: <\/strong>Founded in 2021, the brand currently has an EV inventory comprising 2 entirely electric vehicles \u2014 the <a href=\"https:\/\/www.youtube.com\/watch?v=ZxBJDazXIQg\">Zeekr 001<\/a> and <a href=\"https:\/\/www.youtube.com\/watch?v=E-IQV4gFb1Y\">Zeekr 009<\/a> \u2014 and has sold some 72k EVs in 2022 alone, according to its website.<\/p>\n<p><strong>Hot on the heels of Geely announcing the rollout of new EVs in MENA: <\/strong>Egypt\u2019s Abou Ghaly Motors <a href=\"https:\/\/climate.enterprise.press\/#tldr-story-07\">is introducing<\/a> Chinese automaker Geely\u2019s Geometry C EV to the Egyptian market. No timeline for the rollout in Egypt and MENA was disclosed.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/egypt\/\">Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/geely\/\">Geely<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/investment-watch\/\">INVESTMENT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"76025\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"76025\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">WIND<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/\">\r\n                            Wind energy giants racking up losses \u2014 even as the business grows                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Wind energy giants racking up losses \u2014 even as the business grows&url=https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/&title=Wind energy giants racking up losses \u2014 even as the business grows\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Wind+energy+giants+racking+up+losses+%E2%80%94+even+as+the+business+grows+https%3A%2F%2Fenterpriseam.com%2Fclimate%2F2023%2F02%2F14%2Fwind-energy-giants-racking-up-losses-even-as-the-business-grows%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/683.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"76026\" data-permalink=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/wind-energy-giants-racking-up-losses-even-as-the-business-grows\/683-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/683.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"683.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/683.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/683.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-76025\" class=\"content-area-description single-story post-76025 post type-post status-publish format-standard has-post-thumbnail hentry category-wind tag-earnings tag-enterpriseclimate tag-ma tag-renewables tag-wind tag-wind-energy wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a><strong> Wind giants GE, Vestas and Siemens Gamesa racked up losses last year on the <\/strong><strong>back of rising maintenance costs<\/strong>, <a href=\"https:\/\/reneweconomy.com.au\/wind-turbine-failure-rates-are-rising-has-the-industry-gone-too-big-too-fast\/\">Renew Economy Australia<\/a> reports. Warranty provisions \u2014 compounded by supply chain risks, rising inflation and reduced power installations \u2014 dipped into the revenues of the wind behemoths, with forecasts for the coming year expected to fall short as well.<\/p>\n<p><strong>Offshore and onshore wind losses: <\/strong>GE reported that its renewable energy business GE Vernova had racked up <a href=\"https:\/\/www.reuters.com\/business\/ge-forecasts-weak-2023-profit-2023-01-24\/\">losses of USD 2.2 bn<\/a> in 2022, largely due to warranty provisions from its wind division. The company forecast it would record an additional USD 200-600 mn in losses this year from the division. Similarly, Danish wind turbine manufacturer Vestas <a href=\"https:\/\/www.vestas.com\/en\/media\/company-news\/2023\/vestas-annual-report-2022---a-challenging-year-with-neg-c3710817\">reported<\/a> revenues of <a href=\"https:\/\/www.vestas.com\/en\/media\/company-news\/2023\/vestas-annual-report-2022---a-challenging-year-with-neg-c3710817\">just under EUR 14.5 mn last year<\/a> \u2014 compared to an outlook of EUR 14.5-15.5 bn. Vestas also saw wind turbine orders in GW decline by 19%. Wind turbine manufacturer Siemens Gamesa recorded a <a href=\"https:\/\/press.siemens-energy.com\/global\/en\/pressrelease\/siemens-energy-strengthened-business-challenging-year-integration-siemens-gamesa\">quarterly loss of EUR 884 mn<\/a> at the end of last year, despite increased growth.<\/p>\n<p><strong>Failures and repairs are costing the wind giants:<\/strong> Siemens Gamesa reported additional costs due to \u201cfailures and repairs of components\u201d in legacy onshore wind turbines with warranty provisioning leading to a <a href=\"https:\/\/www.siemensgamesa.com\/newsroom\/2022\/11\/111022-siemens-gamesa-press-release-results-presentation-q4-fy2022\">net loss of EUR 940 mn<\/a>. Similarly, Vestas reported warranty provisions as a continued problem for the company for the twelfth consecutive quarter with <a href=\"https:\/\/energywatch.com\/EnergyNews\/Renewables\/article12333591.ece\">longstanding problems<\/a> with repairs and upgrades to its blades contributing to a lack of profitability. In the US, GE has reported that supply disruptions, rising metal prices as well as the war in Ukraine have made it difficult to turn a profit.<\/p>\n<p><strong>MENA renewables giants are still expanding wind portfolios regardless: <\/strong>Saudi Arabia\u2019s Acwa Power is <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/9908f85e-fa3e-4e75-bc3a-bd1b4aead052\">aggressively expanding<\/a>, growing their renewables portfolio to 58 GW from 1 GW in less than a decade \u2014 including a <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/9928ba0c-825c-418a-8d36-45df5db6fd16\">10 GW wind project in Egypt<\/a>, positioned to be one of the world\u2019s largest wind farms. Emirati renewables giant Masdar is building Asia\u2019s largest wind farm \u2014 a <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/13a804af-a659-4152-82b2-a3c920862f2b\">500 MW facility<\/a> \u2014 in Uzbekistan.<\/p>\n<p><strong>And they\u2019re targeting western acquisitions: <\/strong>Saudi Arabia\u2019s Public Investment Fund <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/1df0a58a-0ffe-41cb-b95d-357a52520b2b\">acquired<\/a> a 9.5% stake in German offshore wind developer and operator Skyborn Renewables in December. <a href=\"https:\/\/www.handelsblatt.com\/unternehmen\/energie\/energietechnik-siemens-energy-prueft-einstieg-von-staatsfonds-60-prozent-kursplus-in-acht-wochen\/28845796.html\">Handelsblatt<\/a> (German) reported that Siemens Energy could get a potential investment from Qatar Investment Authority ahead of its <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/1df0a58a-0ffe-41cb-b95d-357a52520b2b\">full acquisition<\/a> of Siemens Gamesa. Abu Dhabi-based sovereign wealth fund Mubadala Investment Company <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/b3db05e7-faf0-475f-817a-8a0ca1737fef\">acquired an undisclosed stake<\/a> in Skyborn last October, in addition to US offshore project Bluepoint Wind.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/ma\/\">M&amp;A<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/wind\/\">wind<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/wind-energy\/\">Wind Energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"76027\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"76028\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"76028\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/saudi-arabia-is-courting-bidders-on-five-mining-exploration-sites\/\">\r\n                            Saudi Arabia is courting bidders on five mining exploration sites                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/saudi-arabia-is-courting-bidders-on-five-mining-exploration-sites\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The sites are rich in a variety of minerals including gold, copper, zinc, and lead, the statement notes. The qualification stage will be followed by a proposal stage where international bidders will provide pitches for managing the social and environmental impacts. Licensing for the five sites is expected to be completed by 2Q and 3Q 2023, the <a href=\"https:\/\/www.saudigazette.com.sa\/article\/629769\/SAUDI-ARABIA\/MIM-announces-launch-of-pre-qualification-stage-of-licensing-for-5-exploration-sites\">Saudi Gazette<\/a> reports.<\/p>\n<p><strong>Saudi Arabia is pushing its mining industry forward<\/strong>: The kingdom <a href=\"https:\/\/www.spa.gov.sa\/viewfullstory.php?lang=en&newsid=2425355\">signed an MoU<\/a> with Standard Chartered Bank last week to assess the requirements for sustainable investments in its mining sector, with a focus on accelerating projects and investments in mining and mining value chains \u2014 including green metals and battery components. <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/0049dd34-d6c4-4002-a05e-ada72b388e44\">MIM signed an MoU<\/a> last month with the Diriyah Gate Development Authority to regulate the country\u2019s mining businesses and exchange geophysical and geotechnical data, as part of determining locations to mine materials.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Dewa is looking at using hydrogen in the UAE\u2019s mobility sector: <\/strong>Dubai\u2019s Water and Electricity Authority (Dewa) signed an MoU with the Emirates National Oil Company Group to conduct a feasibility study to explore the potential of using hydrogen as a fuel in the UAE\u2019s mobility sector, according to <a href=\"https:\/\/wam.ae\/en\/details\/1395303128223\">Wam<\/a>. Under the agreement both parties will collaborate on the construction of a hydrogen fueling station in Dubai as part of the Dubai Green Mobility Initiative for 2030.<\/p>\n<p><strong>OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n<ul>\n<li><strong>Six Singaporean companies <\/strong>\u2014 including utility company Daily Life Renewable Energy (DLRE) and software developer Graymatics \u2014 have been tapped by Abu Dhabi to develop <strong>smart city pilot projects<\/strong> to increase energy efficiency across the emirate. The pilot for which DLRE was selected will include a focus on using renewables to power public recreation centers. (<a href=\"https:\/\/www.thenationalnews.com\/business\/economy\/2023\/02\/08\/abu-dhabi-to-collaborate-with-singapore-companies-on-smart-city-pilot-projects\/?outputType=amp\">The National<\/a>)<\/li>\n<li><strong>Saudi Telecom (stc) and Ericsson <\/strong>have joined forces to<strong> recycle e-waste in <\/strong><strong>KSA<\/strong>. The partnership falls under the <a href=\"https:\/\/www.ericsson.com\/en\/about-us\/sustainability-and-corporate-responsibility\/environment\/e-waste-management\">Ericsson Product Take-Back Program<\/a> and includes the collection and transportation of stc\u2019s decommissioned equipment to limit its environmental impact through recycling. (<a href=\"https:\/\/www.ericsson.com\/en\/press-releases\/5\/2023\/stc-and-ericsson-cooperate-to-reduce-e-waste-in-saudi-arabia\">Statement<\/a>)<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/mining\/\">MINING<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"76030\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"76030\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">ON YOUR WAY OUT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/can-moondust-or-sunlight-reflection-mitigate-the-effects-of-global-warming\/\">\r\n                            Can moondust or sunlight reflection mitigate the effects of global warming?                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/can-moondust-or-sunlight-reflection-mitigate-the-effects-of-global-warming\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/can-moondust-or-sunlight-reflection-mitigate-the-effects-of-global-warming\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/can-moondust-or-sunlight-reflection-mitigate-the-effects-of-global-warming\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n   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src=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/moondust-sunlight-reflection-1600px.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"76031\" data-permalink=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/can-moondust-or-sunlight-reflection-mitigate-the-effects-of-global-warming\/moondust-sunlight-reflection-1600px-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/moondust-sunlight-reflection-1600px.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"moondust-sunlight-reflection-1600px.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/moondust-sunlight-reflection-1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/moondust-sunlight-reflection-1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-76030\" class=\"content-area-description single-story post-76030 post type-post status-publish format-standard has-post-thumbnail hentry category-on-your-way-out tag-climate-change tag-enterpriseclimate tag-global-warming tag-on-your-way-out wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a><strong> Scientists are exploring if scattering moondust or deviating sunlight can help cool <\/strong><strong>the Earth and mitigate the effects of global warming<\/strong>, according to two separate studies by the <a href=\"https:\/\/www.cfa.harvard.edu\/news\/could-space-dust-help-protect-earth-climate-change\">Center for Astrophysics | Harvard & Smithsonian and the University of Utah<\/a> and <a href=\"https:\/\/www.cnbc.com\/2023\/02\/07\/facebook-co-founder-moskovitz-funds-sunlight-reflection-research.html\">The Degrees Initiative<\/a>.<\/p>\n<p><strong>Chemo for global warming:<\/strong> Nonprofit research organization <a href=\"https:\/\/www.degrees.ngo\/\">The Degrees Initiative<\/a> is working together with the United Nations\u2019 <a href=\"https:\/\/twas.org\/twas-voice-science-south\">The World Academy of Sciences<\/a> to disburse upward of USD 900k to 81 scientists in the Global South to study solar radiation modification. The process \u2014 likened to chemotherapy for global warming \u2014 involves reflecting sun rays back into space by releasing aerosols like sulfur dioxide in the upper atmosphere to reduce the effects of climate change. It\u2019s unclear how or whether solar shields would affect solar energy assets.<\/p>\n<p><strong>Creating a shield with lunar dust: <\/strong>The <a href=\"https:\/\/www.cfa.harvard.edu\/news\/could-space-dust-help-protect-earth-climate-change\">Center for Astrophysics | Harvard & Smithsonian and<\/a><a href=\"https:\/\/www.cfa.harvard.edu\/news\/could-space-dust-help-protect-earth-climate-change\">the University of Utah<\/a> study is exploring the potential of using moondust to create a shield in Earth\u2019s orbit. The idea \u2014 triggered by observing how rings around host stars intercept light from the central star and then radiate it \u2014 posits that scientists could create a sun shield by placing astronomical dust in an orbit between the sun and the Earth, potentially blocking a large amount of sunlight without significant mass.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/climate-change\/\">climate change<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/global-warming\/\">global warming<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/on-your-way-out\/\">ON YOUR WAY OUT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"76032\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/14\/76032\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-76032\" class=\"content-area-description single-story post-76032 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>FEBRUARY 2023<\/strong><\/p>\n<p>21-23 February (Tuesday-Thursday): <a href=\"https:\/\/worldesgsummit.com\/\">World Environment, Social and Governance (ESG) Summit<\/a>, Dubai, UAE.<\/p>\n<p><strong>MARCH 2023<\/strong><\/p>\n<p>7-9 March (Tuesday-Thursday: <a href=\"https:\/\/www.middleeast-energy.com\/en\/home.html\">Middle East Energy Exhibition<\/a>, Dubai World Trade Center, Dubai, UAE.<\/p>\n<p>14-16 March (Tuesday-Thursday): <a href=\"https:\/\/rakcalendar.ae\/events\/arab-aviation-summit-2023\/\">Arab Aviation Summit (AAS)<\/a>, Al Hamra International Exhibition & Conference Centre, Ras al Khaimah, UAE.<\/p>\n<p>15-19 March (Wednesday-Sunday): <a href=\"https:\/\/agriteq.com\/en\/the-conference\/\">Qatar International Agricultural and Environmental Exhibition<\/a>, Doha, Qatar.<\/p>\n<p>22-24 March (Wednesday-Friday): <a href=\"https:\/\/en.keyenergy.it\/k.ey-2023\/about\/discover-the-fair\">K.ey - The Energy Transition Expo<\/a>, Rimini Expo Centre, Emilia-Romagna, Italy.<\/p>\n<p>22-24 March (Wednesday-Friday): <a href=\"https:\/\/sdgs.un.org\/conferences\/water2023\">UN 2023 Water Conference<\/a>, New York, NY, United States.<\/p>\n<p><strong>APRIL 2023<\/strong><\/p>\n<p>6 April (Thursday): Arabia CSR Awards 2022 Clinic (online).<\/p>\n<p><strong>MAY 2023<\/strong><\/p>\n<p>1-4 May (Monday-Thursday): <a href=\"https:\/\/www.wtm.com\/atm\/en-gb.html\">Arabian Travel Market<\/a>, Dubai, UAE.<\/p>\n<p>2-7 May (Tuesday-Sunday): <a href=\"https:\/\/www.agriculture.gov.ma\/ar\/actualites\/tnzym-almltqy-aldwly-llflaht-balmghrb-mn-02-aly-07-may-2023-bmknas\">Salon International de l\u2019Agriculture au Maroc (SIAM)<\/a>, Meknes, Morocco.<\/p>\n<p>16-18 May (Tuesday-Thursday): <a href=\"https:\/\/www.seatrademaritime-middleeast.com\/en\/home.html\">Seatrade Maritime Logistics Middle East<\/a>, Dubai, UAE.<\/p>\n<p>29-31 May (Monday-Wednesday): <a href=\"https:\/\/www.evinnovationsummit.com\">Electric Vehicle Innovation Summit<\/a>, Abu Dhabi, UAE.<\/p>\n<p><strong>JUNE 2023<\/strong><\/p>\n<p><a href=\"https:\/\/www.bloombergneweconomy.com\/news\/bloomberg-announces-inaugural-new-economy-gateway-africa-in-morocco\/\">Bloomberg New Economy Gateway Africa Conference<\/a>, Marrakesh, Morocco.<\/p>\n<p>1-3 June (Thursday-Saturday): <a href=\"http:\/\/www.envirotecener-expo.com\/\">Envirotec and Energie Expo<\/a>, Tunis, Tunisia.<\/p>\n<p>13-14 June (Tuesday- Wednesday) <a href=\"https:\/\/thearabgreensummit.com\/\">The Arab Green Summit<\/a>, Palazzo Versace Dubai, Dubai, UAE.<\/p>\n<p><strong>SEPTEMBER 2023<\/strong><\/p>\n<p><a href=\"https:\/\/www.chariotenergygroup.com\/\">Chariot Limited<\/a> and <a href=\"https:\/\/www.total-eren.com\/\">Total Eren<\/a>\u2019s feasibility study on a 10 GW green hydrogen plant in Mauritania to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f1323428-033c-4ff9-a0b6-716f87613360\">be completed<\/a>.<\/p>\n<p><strong>OCTOBER 2023<\/strong><\/p>\n<p>2-4 October (Monday-Wednesday): <a href=\"https:\/\/www.showsbee.com\/fairs\/84868-WETEX-2023.html\">WETEX and Dubai Solar Show<\/a>, Dubai, UAE.<\/p>\n<p>4 October (Wednesday): Arabia CSR Gala Awarding Ceremony, UAE.<\/p>\n<p><strong>NOVEMBER 2023<\/strong><\/p>\n<p>30 November - 12 December: <a href=\"https:\/\/unfccc.int\/\">Conference of the Parties (COP 28)<\/a>, Dubai, UAE.<\/p>\n<p><strong>EVENTS WITH NO SET DATE<\/strong><\/p>\n<p><strong>End-2022 <\/strong><\/p>\n<p>KSA\u2019s Neom wants to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/41c4acda-ffa5-4e25-ae17-48b53fc7df69\">tender three concrete water reservoir<\/a> projects to up its water storage capacity by 6 mn liters.<\/p>\n<p><strong>2023 <\/strong><\/p>\n<p>Early 2023: Egypt\u2019s <a href=\"https:\/\/www.karmsolar.com\/\">KarmSolar<\/a> to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/afa55bc3-dec6-4f46-b806-25518b05cda1\">launch KarmCharge<\/a>, the company\u2019s EV charging venture.<\/p>\n<p>1Q2023: Oman will award two blocks of land for green hydrogen projects in Duqm, Oman.<\/p>\n<p>Mid-2023: Sale of Sembcorp Energy India Limited to consortium of Omani investors <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/dbe558b6-6166-404f-8aa3-2bd7b56647dd\">to close<\/a>.<\/p>\n<p>Phase C of the 900-MW of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f2f525f9-dc10-477e-a2d5-67e7d6d790c2\">be completed<\/a>.<\/p>\n<p>Saudi Basic Industries Corporation (<a href=\"https:\/\/www.sabic.com\/en\">Sabic<\/a>) steam cracker furnace powered by renewable energy to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/c6bbb030-2107-4aec-bc3c-9dfbe4d55975\">come online<\/a>.<\/p>\n<p>4Q2023: Oman to award four blocks of land for green hydrogen projects in Thumrait, Oman.<\/p>\n<p><strong>2024 <\/strong><\/p>\n<p>End-2024: Emirati <a href=\"http:\/\/ar.ae\">Masdar<\/a>\u2019s 500 MW wind farm in Uzbekistan to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/13a804af-a659-4152-82b2-a3c920862f2b\">begin commercial operations<\/a>.<\/p>\n<p><a href=\"https:\/\/www.qatarenergy.qa\/en\/Pages\/Home.aspx\">QatarEnergy<\/a>\u2019s industrial cities solar power project <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/afa55bc3-dec6-4f46-b806-25518b05cda1\">will start electricity<\/a> production.<\/p>\n<p>First 1.5 GW phase of Morocco\u2019s <a href=\"https:\/\/xlinks.co\/morocco-uk-power-project\/\">Xlinks<\/a> solar and wind energy project to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/52aefc63-82e3-42e3-8afc-960461fa5288\">be operational<\/a>.<\/p>\n<p><strong>2025 <\/strong><\/p>\n<p>Second 1.5 GW phase of Morocco\u2019s <a href=\"https:\/\/xlinks.co\/morocco-uk-power-project\/\">Xlinks<\/a> solar and wind energy project to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/52aefc63-82e3-42e3-8afc-960461fa5288\">be operational<\/a>.<\/p>\n<p>UAE to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/9ec60000-0539-4d85-baf5-5beaf020a34f\">have over 1k<\/a> EV charging stations installed.<\/p>\n<p><strong>2026 <\/strong><\/p>\n<p>1Q 2026: <a href=\"https:\/\/www.qatarenergy.qa\/en\/Pages\/Home.aspx\">QatarEnergy<\/a>\u2019s USD 1 bn blue ammonia plant <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/77469f6c-f938-4a97-8cac-3146b39b6cbe\">to be completed<\/a>.<\/p>\n<p>End-2026: HSBC Bahrain to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/a2ead528-71fb-423b-a6f8-e18b2c9897d8\">eliminate single-use<\/a> PVC plastic cards.<\/p>\n<p>Iraq\u2019s <a href=\"http:\/\/www.massgroupholding.com\/English\/default.aspx\">Mass Group Holding<\/a> wants to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/0239be52-0fa8-43fd-8db9-68f967fb1529\">invest EUR 1 bn<\/a> on its thermal plant Mintia in Romania to have 62% of run on renewable energy, while expanding its energy capacity to at least 1.29k MWh.<\/p>\n<p><strong>2027<\/strong><\/p>\n<p>MENA\u2019s district cooling market is <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/59376411-8296-47dc-87cc-43ddc792bba4\">expected to reach<\/a> USD 15 bn.<\/p>\n<p><strong>2030 <\/strong><\/p>\n<p>UAE\u2019s Abu Dhabi Commercial Bank (ADCB) wants to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/ea65a4f2-e77c-426b-8ad0-9120704954f6\">provide AED 35 bn<\/a> in green financing.<\/p>\n<p>UAE <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/a9c832ed-f423-479e-884d-90cabefe3a0b\">targets 14 GW<\/a> in clean energy capacity.<\/p>\n<p>Tunisia <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/7c5659c7-cf17-4cd6-9d18-c8afb5c643fb\">targets 30%<\/a> of renewables in its energy mix.<\/p>\n<p>Qatar wants to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/7881b1d2-724a-4914-ba85-0545e72901c9\">generate USD 17 bn<\/a> from its circular economy, creating 9k-19k jobs.<\/p>\n<p>Morocco\u2019s <a href=\"https:\/\/xlinks.co\/morocco-uk-power-project\/\">Xlinks<\/a> solar and wind energy project to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/52aefc63-82e3-42e3-8afc-960461fa5288\">generate 10.5 GW<\/a> of energy.<\/p>\n<p><strong>2035 <\/strong><\/p>\n<p>Qatar to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/77469f6c-f938-4a97-8cac-3146b39b6cbe\">capture up to 11 mn tons<\/a> of CO2 annually.<\/p>\n<p><strong>2045 <\/strong><\/p>\n<p>Qatar\u2019s Public Works Authority\u2019s (Ashghal) USD 1.5 bn sewage treatment facility to reach 600k cm\/d capacity.<\/p>\n<p><strong>2060 <\/strong><\/p>\n<p>Nigeria aims to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/ea65a4f2-e77c-426b-8ad0-9120704954f6\">achieve its net-zero<\/a> emissions target.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    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