{"id":76351,"date":"2023-03-07T02:00:00","date_gmt":"2023-03-07T02:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/?post_type=issue&#038;p=76351"},"modified":"2025-12-15T08:37:03","modified_gmt":"2025-12-15T08:37:03","slug":"egypts-500-mw-ras-ghareb-wind-farm-is-getting-a-c-usd-501-mn-syndicated-loan","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/climate\/issues\/egypts-500-mw-ras-ghareb-wind-farm-is-getting-a-c-usd-501-mn-syndicated-loan\/","title":{"rendered":"Egypt\u2019s 500 MW Ras Ghareb wind farm is getting a c. USD 501 mn syndicated loan"},"content":{"rendered":"<section id=\"76353\" 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=\"76353\">\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\/03\/07\/today-egypts-ras-ghareb-wind-farm-gets-c-usd-501-mn-fresh-financing\/\">\r\n                            TODAY: Egypt\u2019s Ras Ghareb wind farm gets c. USD 501 mn fresh financing                        <\/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\/03\/07\/today-egypts-ras-ghareb-wind-farm-gets-c-usd-501-mn-fresh-financing\/\" 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\/03\/07\/today-egypts-ras-ghareb-wind-farm-gets-c-usd-501-mn-fresh-financing\/')\">\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\/03\/07\/today-egypts-ras-ghareb-wind-farm-gets-c-usd-501-mn-fresh-financing\/\">\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=TODAY: Egypt\u2019s Ras Ghareb wind farm gets c. 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USD 501 mn syndicated loan for a 500 MW Ras Ghareb wind farm in Egypt. <strong>We have all the details on this story in the news well, below.<\/strong><\/p>\n<p><strong>HAPPENING TODAY- The <\/strong><strong><a href=\"https:\/\/www.middleeast-energy.com\/en\/home.html\">Middle East Energy<\/a><\/strong><strong> exhibition is kicking off in Dubai today and running until Thursday<\/strong><strong>.<\/strong> The two-day event will gather regional stakeholders and experts including the International Renewable Energy Agency, Siemens Middle East, energy ministers and climate activists to discuss the energy transition.<\/p>\n<hr class=\"grey-line\">\n<p><strong>THE BIG CLIMATE STORY OUTSIDE THE REGION- It\u2019s a quiet day in global <\/strong><strong>climate news, but the hefty price tag of climate change for Germany is getting some attention:<\/strong> Climate-driven extreme weather could cost Germany between EUR 280 and 900 bn by 2050, a <a href=\"https:\/\/www.bmwk.de\/Redaktion\/DE\/Downloads\/M-O\/Merkblaetter\/merkblatt-klimawandelfolgen-in-deutschland-08.pdf?__blob=publicationFile&v=4\">report<\/a> released by economic research firms Prognos AG, GWS, and Germany\u2019s Institute for Ecological Economic Research found this week. Climate change-linked events like the <a href=\"https:\/\/www.dw.com\/en\/the-2021-flood-catastrophe-a-protocol\/a-62467263\">flash floods<\/a> that battered the country in 2021 have already wiped out some EUR 40 bn off the country\u2019s GDP. The newly released report\u2019s damage estimates do not account for the impact crop failures, health impairments, supply chain disruptions, and biodiversity loss would have on Germany\u2019s economy, with the researchers noting that climate change\u2019s price tag \u201cwill be significantly higher\u201d if the government fails to up its climate adaptation capacity. Germany has been dipping into its coffers to mitigate extreme weather, spending an average of EUR 6.6 bn per annum since the year 2000, a <a href=\"https:\/\/www.deutschland.de\/en\/videos\/study-climate-change-costs-germany-billions-annually\">study<\/a> published last year by Germany\u2019s economics affairs ministry details.<\/p>\n<p><strong>The story is getting ink in the international press:<\/strong> <a href=\"https:\/\/www.reuters.com\/article\/germany-politics-climate\/climate-change-to-cost-germany-up-to-900-bln-euros-by-2050-study-idINL8N35E1Q0\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-06\/climate-change-risks-costing-germany-up-to-900-billion-by-2050\">Bloomberg<\/a> | <a href=\"https:\/\/financialpost.com\/pmn\/business-pmn\/climate-change-to-cost-germany-up-to-900-bln-euros-by-2050-study\">Financial Post<\/a> | <a href=\"https:\/\/www.dw.com\/en\/climate-change-could-cost-germany-up-to-900-billion-euros\/a-64894677\">Deutsche Welle<\/a><\/p>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>WATCH THIS SPACE #1- Egypt\u2019s sovereign wealth fund is on track to launch a <\/strong><strong>climate-focused sub-fund:<\/strong> The Sovereign Fund of Egypt (SFE) is planning to set up its <a href=\"https:\/\/enterprise.press\/stories\/2022\/06\/06\/sfe-pushing-ahead-with-stake-sales-to-strategics-courts-gulf-investors-as-it-lines-up-new-hotels-company-for-high-profile-sale-soliman-72818\/\">planned green sub-fund<\/a> dedicated to green and climate-friendly investments \u201csoon,\u201d <a href=\"https:\/\/bit.ly\/3yeqJiL\">Hapi Journal<\/a> quotes SFE CEO Ayman Soliman as saying. Soliman had previously said the green fund would launch in 2023 with minimum initial capital of EGP 2 bn. Priorities include plans to move forward with 23 climate-centered projects signed with several stakeholders, including green hydrogen-focused agreements with India\u2019s Adani Group. Egyptian President Abdel Fattah El Sisi had discussed <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/27fb8a86-6d9f-4993-9f3b-140ba8ba7c03\">stronger renewables collaboration<\/a> during talks with Indian Prime Minister Narendra Modi last January and held green energy-focused discussions with the leaders of India\u2019s <a href=\"https:\/\/renewpower.in\/\">ReNew Power<\/a> and <a href=\"https:\/\/www.adani.com\/\">Adani Group<\/a>. The SFE chief did not disclose the targeted timeline for the new fund\u2019s establishment.<\/p>\n<p><strong>REFRESHER- SFE has big green hydrogen ambitions:<\/strong> SFE <a href=\"https:\/\/enterprise.press\/stories\/2022\/08\/24\/four-global-firms-in-the-running-to-build-anchorages-usd-2-bn-petchem-complex-79007\/\">signed an MoU<\/a> with Australia\u2019s Fortescue to begin conducting feasibility studies on its planned USD 10 bn 9.2 GW green hydrogen project back in August, announcing in December that its plant could become operational as early as 2027, and noting that it is currently in talks with the country\u2019s Suez Canal Authority for land allocation. SFE, Norway\u2019s Scatec, OCI-Adnoc joint venture Fertiglobe, and Orascom Construction <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/952ee209-52e7-435e-860b-caf16ba6251b\">began commissioning<\/a> of the first phase of their <a href=\"https:\/\/enterprise.press\/stories\/2022\/04\/03\/scatec-inks-ain-sokhna-green-hydrogen-pact-with-sfe-and-oc-68181\/\">100 MW green hydrogen<\/a> plant in Egypt\u2019s Ain Sokhna.<\/p>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a><strong> WATCH THIS SPACE #2- Foxconn is eyeing at least 5% of the global EV market: <\/strong>Taiwanese tech firm Foxconn is looking to capitalize on its purchase of a General Motors EV production plant in the US to manufacture customized EVs and snap up no less than 5% of global EV sales by 2025, <a href=\"https:\/\/www.reuters.com\/technology\/foxconn-races-become-an-ev-player-clock-is-ticking-2023-03-06\/\">Reuters<\/a> reports, citing analysts familiar with matter. The company\u2019s acquired Ohio plant has a production capacity totaling 320k cars annually and would need to seal at least one major contract in 2023 to compete with Chinese automakers on costs, industry insiders told the newswire. The company is due to share its EV progress in its 1Q 2023 earnings release on 15 March.<\/p>\n<p><strong>Foxconn may use its MENA EV production hub to fuel a global expansion:<\/strong> Foxconn partnered with Saudi Arabia\u2019s Public Investment Fund <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f1b8a41d-7d82-4769-b677-ea007e244255\">to launch Ceer<\/a>, the country\u2019s first EV company, last November and <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/5ee461e8-e76f-4e4f-bab1-3bf0611dff80\">secured a site<\/a> for its USD 96 mn EV factory in the King Abdullah Economic Center.<\/p>\n<hr class=\"grey-line\">\n<p><strong>WATCH THIS SPACE #3- BP America isn\u2019t scaling back on climate goals despite <\/strong><strong>recently announced plans to increase oil production<\/strong>, BP America Chair Dave Lawle said, according to <a href=\"https:\/\/www.ft.com\/content\/02facf98-e7c3-4973-beda-b1cc6e125d54\">the Financial Times<\/a>. In efforts to mitigate political pressure to accelerate <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/3fec6d47-19d4-4481-bc3f-7bee6077faf1\">its renewable transition strategy<\/a>, Lawle denied claims the company is reversing its plans without providing further clarification. BP CEO Bernard Looney was on a drive <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/946269ad-dc22-49e2-905e-23d72d4bbf92\">last month<\/a> to convince shareholders that maximizing returns in areas like oil and gas is still a higher priority than BP\u2019s decarbonization push.<\/p>\n<p><strong>Oil giants are under fire:<\/strong> Shell is also reviewing its plans to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/1999f7a3-9f3b-4811-915f-b7aaa48b900b\">slash its oil output<\/a> and noted that it may backtrack on its oil slashing target depending on \u201cright market guidance.\u201d BP and Shell are hot to close a valuation gap with rivals ExxonMobil and Chevron, as they shy away from the sizable renewable investments made by European competitors, the FT reports.<\/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>COME TO OUR NEXT ENTERPRISE FORUM- <\/strong><\/p>\n<p class='web-image' ><a href='https:\/\/exportsfdi.enterprise.press\/registration.html'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/708.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p><strong>We are delighted to share with you that the Enterprise Exports & FDI Forum<\/strong> will be taking place on <strong>15 May<\/strong> at <strong>the Four Seasons Hotel at Nile Plaza in Cairo.<\/strong><\/p>\n<p><strong>DO YOU WANT TO ATTEND?<\/strong> The first wave of invites is going out soon. If you\u2019re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please <a href=\"https:\/\/exportsfdi.enterprise.press\/registration.html\">click here<\/a> to request a spot at this exclusive event.<\/p>\n<p><strong>What\u2019s the Enterprise Exports & FDI Forum?<\/strong> It is the latest in our series of must-attend, invitation-only gatherings for C-suite-level business leaders. The Enterprise Exports & FDI Forum will discuss the critical topics of exports and foreign direct investment (FDI) in Egypt.<\/p>\n<p>We will be taking an in-depth look into some of the most vital industry topics, including:<\/p>\n<ul>\n<li>How to effectively break into new export markets<\/li>\n<li>How to leverage domestic trends in order to create export opportunities<\/li>\n<li>What foreign investors are looking for<\/li>\n<li>What the government's role should be<\/li>\n<\/ul>\n<p><strong>Why now? <\/strong>Exports and foreign direct investment (FDI) have never been more important to Egypt\u2019s economy \u2014 or businesses \u2014 than in the wake of the float of the EGP. We think we have a once-in-a-lifetime chance to build an export-led economy that makes Egypt a magnet for FDI, and all the benefits that will come with it.<\/p>\n<p>Think of the Enterprise Exports & FDI Forum as a hands-on lab for how to turn <strong>the devaluation of the EGP into something that will turbocharge your company and our economy.<\/strong><\/p>\n<p><strong>WANT TO SHARE YOUR STORY ON STAGE?<\/strong> Drop a note to <a href=\"mailto:patrick@enterprisemea.com\">Patrick here and let\u2019s talk<\/a>.<\/p>\n<p><strong>WANT TO BECOME A COMMERCIAL PARTNER?<\/strong> Ping a note to <a href=\"mailto:mtaalab@inktankir.com\">Moustafa, our head of commercial, here<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><strong>CIRCLE YOUR CALENDAR- <\/strong><\/p>\n<p><strong>Qatar will host the <\/strong><strong><a href=\"https:\/\/www.earthna.qa\/\">Earthna Summit<\/a><\/strong><strong> tomorrow and Thursday <\/strong>in Doha. The event will bring together industry leaders and policymakers to explore tailored solutions for the energy transition in hot climates. You can register for the event <a href=\"http:\/\/v\">here<\/a>.<\/p>\n<p><strong>Oman will host <\/strong><strong><a href=\"https:\/\/www.omansustainabilityweek.com\/\">Oman Sustainability Week<\/a><\/strong><strong> from 12-16 March <\/strong>in Muscat. The event aims to create discourse amongst leaders to drive change, and movement within businesses and communities towards adopting a sustainable lifestyle.<\/p>\n<p><strong>The UAE will host the <\/strong><strong><a href=\"https:\/\/arabaviationsummit.net\/\">Arab Aviation Summit<\/a><\/strong><strong> from 14-16 March <\/strong>in Ras al Khaimah. The event will bring together global stakeholders to address sustainability in the aviation industry among other topics.<\/p>\n<p><strong>Germany will host<\/strong> <strong><a href=\"https:\/\/giia.net\/events\/infrastructure-investor-global-summit-berlin-2023\">The Infrastructure Investor Global Summit<\/a><\/strong><strong> from 20-24 March<\/strong> in Berlin. The four-day event will gather industry leaders from the global infrastructure sector to map out a course for the industry to upscale its ESG-focused operations and investments. You can register for the event <a href=\"https:\/\/www.peievents.com\/en\/event\/infrastructure-investor-global-summit\/\">here<\/a>.<\/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\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\/evs\/\">EVs<\/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\/renewables\/\">renewables<\/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\/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=\"76355\" 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=\"76356\" 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=\"76356\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/03\/07\/egypts-ras-ghareb-wind-farm-will-receive-a-c-usd-501-mn-syndicated-loan\/\">\r\n                            Egypt\u2019s Ras Ghareb wind farm will receive a c. USD 501 mn syndicated loan                        <\/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\/03\/07\/egypts-ras-ghareb-wind-farm-will-receive-a-c-usd-501-mn-syndicated-loan\/\" 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\/03\/07\/egypts-ras-ghareb-wind-farm-will-receive-a-c-usd-501-mn-syndicated-loan\/')\">\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\/03\/07\/egypts-ras-ghareb-wind-farm-will-receive-a-c-usd-501-mn-syndicated-loan\/\">\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=Egypt\u2019s Ras Ghareb wind farm will receive a c. 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USD 501 mn syndicated loan\">\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=Egypt%E2%80%99s+Ras+Ghareb+wind+farm+will+receive+a+c.+USD+501+mn+syndicated+loan+https%3A%2F%2Fenterpriseam.com%2Fclimate%2F2023%2F03%2F07%2Fegypts-ras-ghareb-wind-farm-will-receive-a-c-usd-501-mn-syndicated-loan%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\/03\/07\/egypts-ras-ghareb-wind-farm-will-receive-a-c-usd-501-mn-syndicated-loan\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/284.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"76357\" data-permalink=\"https:\/\/enterpriseam.com\/climate\/2023\/03\/07\/egypts-ras-ghareb-wind-farm-will-receive-a-c-usd-501-mn-syndicated-loan\/284-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/284.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"284.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/284.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/284.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-76356\" class=\"content-area-description single-story post-76356 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-debt-watch tag-egypt tag-enterpriseclimate tag-renewables 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-01\"><\/a> <strong>Fresh loan for Egypt\u2019s 500 MW Red Sea wind farm:<\/strong> Red Sea Wind Energy (RSWE) \u2014 a JV between leading Egyptian and global stakeholders \u2014 will receive a c. USD 501 mn syndicated loan for a 500 MW Ras Ghareb wind farm in Egypt, according to a <a href=\"https:\/\/www.jbic.go.jp\/en\/information\/press\/press-2022\/0306-017395.html\">statement<\/a>. The Japan Bank for International Cooperation (JBIC) is providing up to USD 240 mn of the loan, while the European Bank for Reconstruction and Development (EBRD), Sumitomo Mitsui Banking Corporation, the Norinchukin Bank, and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale providing the rest of the co-financing.<\/p>\n<p><strong>Who are RSWE:<\/strong> Established in 2020, RSWE is a JV created for the purpose of constructing multiple wind farms in the area, according to its <a href=\"http:\/\/www.rswe.co\/\">website<\/a>. It comprises Orascom Construction (OC), Japan\u2019s Toyota Tsusho Corporation\/Eurus Energy Holdings Corporation, and France\u2019s Engie. Its ownership sees Toyota and Eurus holding an overall 40%, while Engie owns 35% and OC holds the remaining 25% stake.<\/p>\n<p><strong>Plans are already in motion:<\/strong> The loan agreement <a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/01\/oc-breaks-ground-on-ras-ghareb-wind-farm-suez-cement-adds-more-solar-to-its-energy-mix-85774\/\">comes months<\/a> after OC, Toyota Tsusho, and Engie broke ground on the 500 MW wind farm in Ras Ghareb ahead of COP27 in November. The three companies signed a 20-year contract with the Electricity Ministry to develop, construct, and operate the plant in October 2021. OC is responsible for building the farm, which is due to come online in 2025.<\/p>\n<p><strong>And there\u2019s more in the pipeline: <\/strong>OC, Toyota Tsusho, and Engie signed up to build <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/39e55e8c-4fad-48bd-bd4e-2a5d4f2960d1\">another 3<\/a><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/39e55e8c-4fad-48bd-bd4e-2a5d4f2960d1\">GW wind farm<\/a> in Egypt on the sidelines of COP, with no details disclosed on the location or timeline for the project.<\/p>\n<p><strong>COP27 breathed fresh wind into Egypt\u2019s renewables sector:<\/strong> COP saw the revival of Egypt\u2019s wind sector after a pandemic-era slowdown, with the summit <a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/17\/a-lot-of-renewables-a-lot-of-investment-to-drum-up-87965\/\">helping line up<\/a> as much as 29.5 GW of new wind generation capacity worth up to USD 34 bn during the event. That\u2019s nearly half of the country\u2019s total current installed capacity, which stood at 59.5 GW at the end of 2021.<\/p>\n<p><strong>ICYMI-<\/strong> A Japanese banking syndicate led by JBIC will provide a USD 207 mn loan to the Saudi Electricity Company for its side of the <a href=\"https:\/\/enterprise.press\/hardhats\/egypt-saudi-electricity-interconnection-finally-kicks-into-gear\/\">3 GW Egypt-Saudi electricity interconnection project<\/a>, according to a <a href=\"https:\/\/www.jbic.go.jp\/en\/information\/press\/press-2022\/0222-017423.html\">statement<\/a>. The signing of the new loan comes <a href=\"https:\/\/www.sc.com\/uk\/2022\/09\/28\/standard-chartered-arranges-financing-for-saudi-egypt-electricity-interconnection-project\/\">several months<\/a> after Standard Chartered Bank and Sumitomo Mitsui Banking Corporation announced the provision of USD 566.4 mn to the Saudi electric company for the project. Trial operations for the USD 1.8 bn project are <a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/20\/egypt-saudi-electricity-interconnection-finally-has-a-timeline-84594\/\">set to begin<\/a> in May 2025 with an official operational launch set for later in the same year.<\/p>\n\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\/egypt\/\">Egypt<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"76358\" 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=\"76358\">\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\">CLIMATE TECH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/03\/07\/how-ai-startups-are-facilitating-the-regional-energy-transition\/\">\r\n                            How AI startups are facilitating the regional 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\/03\/07\/how-ai-startups-are-facilitating-the-regional-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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Climate tech startups are increasingly using AI to optimize energy, mobility, and waste management, and deliver climate-positive solutions.<\/p>\n<p><strong>Smart mobility startups are banking on it: <\/strong>Filling a niche, smart mobility startups are jumping on the chance to aid governments in helping make roads safer, less congested, and more efficient. Saudi AI traffic security management startup <a href=\"https:\/\/hazen.ai\/\">Hazen<\/a> closed a seven-figure seed round in 2019 from Aramco-backed <a href=\"https:\/\/www.waed.net\/en\/portfolio.html\">Waed Ventures<\/a>, which also committed a follow-on <a href=\"https:\/\/www.arabnews.com\/node\/1811781\/business-economy\">investment<\/a> in 2021. Detroit and Dubai-based startup and MIT-spinoff AI mobility startup <a href=\"https:\/\/en.derq.com\/\">DERQ<\/a>, which uses AI for traffic management and to facilitate AV adoption, <a href=\"https:\/\/en.derq.com\/press-coverage\/artificial-intelligence-start-up-derq-secures-investment-from-wadi-makkah-ventures\">raised<\/a> USD 500k from Wadi Makkah Ventures in 2021. The V2x (vehicle-to-everything) startup allows vehicles to communicate with infrastructure, networks, other vehicles, devices and pedestrians.<\/p>\n<p><strong>And others are using AI to optimize grid-scale energy usage: <\/strong>Even as governments roll out <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/5f5ed1b9-0994-4cbc-84f9-74c6f036e13b\">smart metering<\/a> systems, AI-enabled startups are offering smart metering systems to manage and reduce losses to optimize consumption on energy grids. Egyptian energy-efficiency startup <a href=\"https:\/\/pylonump.com\/\">Pylon<\/a> \u2014 which <a href=\"https:\/\/enterprise.press\/stories\/2022\/04\/13\/pylon-closes-usd-19-mn-seed-round-69151\/\">closed<\/a> a USD 19 mn seed round last year and took part in <a href=\"https:\/\/www.ycombinator.com\/companies\/pylon\">Y Combinator\u2019s accelerator<\/a> \u2014 has over 1 mn smart meters installed and operations in Egypt and the Philippines. The company services water and electricity companies, using data analytics and AI to help distribution companies reduce losses, increase efficiency, and improve their revenues.<\/p>\n<p><strong>Smaller scale energy consumption is also in the mix: <\/strong>Jordan\u2019s <a href=\"https:\/\/algebraintelligence.com\/\">Algebra Intelligence<\/a> \u2014 selected among <a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/10-sustainable-startups-in-the-middle-east\/algebra-intelligence\/\">Forbes\u2019<\/a> top 10 sustainable startups in the Middle East in 2021 \u2014 creates energy monitoring systems for consumers. Their product <a href=\"https:\/\/algebraintelligence.com\/taqtak.html\">TaQTak<\/a> monitors energy usage from solar energy systems, predicts maintenance, and monitors consumption. In May 2021, the startup <a href=\"https:\/\/algebraintelligence.com\/post-1.html\">raised<\/a> USD 310k pre-seed investment in a round led by Oasis500, and was <a href=\"https:\/\/algebraintelligence.com\/news_taqadam.html\">selected<\/a> last year to take part in King Abdullah University of Science and Technology (KAUST) and Saudi British Bank\u2019s (SABB) <a href=\"https:\/\/taqadam.kaust.edu.sa\/\">Taqadam<\/a> Accelerator.<\/p>\n<p><strong>And wastewater treatment and water management: <\/strong>Saudi-based startup <a href=\"https:\/\/www.hydrojeen.com\/\">Hydrojeen<\/a> helps users <a href=\"https:\/\/me.mashable.com\/tech\/13642\/saudi-based-startup-hydrojeen-saves-water-in-the-desert-via-smart-monitoring\">monitor water consumption<\/a> in real-time with an alert system to detect leakages. The company <a href=\"https:\/\/www.wamda.com\/2021\/04\/hydrogen-raises-pre-seed-investment-english\">raised<\/a> an undisclosed pre-seed fund from angel investor Muhammad Abdul Aziz Al-Arifi in 2021. Lebanese startup <a href=\"https:\/\/www.mruna.com\/biomweb\">Mruna<\/a> \u2014 which uses IoT and AI to decentralize water treatment and make it more efficient \u2014 uses biomimicry, copying systems used in nature. Mruna\u2019s decentralized tank-based system uses bacteria, microbes, fungi, insects, and plants in aerobic and anaerobic tanks to treat wastewater and remove toxic metals. The underground tanks are connected to a portal which hosts sensors and software for remote monitoring and central control of the system.<\/p>\n<p><strong>AI for waste management: <\/strong>UAE-based Norwegian startup <a href=\"https:\/\/cycled.no\/\">Cycled Technologies<\/a> launched <a href=\"https:\/\/cycled.no\/smart-bin-dubai\/\">Smart Bin Dubai<\/a> in 2018, which uses AI and image recognition to sort and separate waste. Supported by <a href=\"https:\/\/startad.ae\/\">startAD<\/a>, the company <a href=\"https:\/\/www.thenationalnews.com\/uae\/environment\/abu-dhabi-s-smart-bin-offers-rewards-to-people-who-recycle-1.969604\">informs<\/a> users of their savings in terms of CO2 and offers them incentives, allowing them to accumulate points that can be used to draw prizes. Dubai also <a href=\"https:\/\/www.emirates247.com\/news\/emirates\/dubai-municipality-places-100-smart-waste-containers-on-sheikh-zayed-road-2018-04-09-1.667865\">partnered up<\/a> with US-based waste and recycling startup <a href=\"https:\/\/bigbelly.com\/\">Bigbelly<\/a> in 2018 to introduce smart waste and recycling management with a system that automatically detects and separates waste \u2014 in the bin. Lebanese startup <a href=\"https:\/\/diwama.com\/\">Diwama<\/a> uses AI to help waste sorting facilities optimize processes with three systems: one for waste analysis at material recovery facilities, a second for mobile apps and a third for bins.<\/p>\n\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\/ai\/\">AI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/climate-tech\/\">Climate tech<\/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\/energy\/\">energy<\/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=\"76360\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"76361\" 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=\"76361\">\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\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/03\/07\/uk-energy-giant-pushes-for-reforms-amid-energy-transition-totalenergies-becomes-a-leading-player-in-polands-biogas-market\/\">\r\n                            UK energy giant pushes for reforms amid energy transition + TotalEnergies becomes a leading player in Poland\u2019s biogas market                        <\/a>\r\n             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href=\"https:\/\/enterpriseam.com\/climate\/2023\/03\/07\/uk-energy-giant-pushes-for-reforms-amid-energy-transition-totalenergies-becomes-a-leading-player-in-polands-biogas-market\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/700.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"76362\" data-permalink=\"https:\/\/enterpriseam.com\/climate\/2023\/03\/07\/uk-energy-giant-pushes-for-reforms-amid-energy-transition-totalenergies-becomes-a-leading-player-in-polands-biogas-market\/700-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/700.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"700.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/700.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/700.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-76361\" class=\"content-area-description single-story post-76361 post type-post status-publish format-standard has-post-thumbnail hentry category-around-the-world tag-around-the-world tag-biogas tag-enterpriseclimate tag-renewables tag-waste-management wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>UK energy giant pushes for reforms on energy transition:<\/strong> Urgent reforms in the UK are needed to accelerate the pace of transitioning to renewable energy, leading energy supplier Scottish Power CEO Keith Anderson told <a href=\"https:\/\/www.ft.com\/content\/89ca2e5a-07e1-40d8-8994-48527f996f02\">The Financial Times<\/a>, warning that the government is dissipating a \u201cGod-given\u201d chance for a greener future. \u201cIt only takes us two years to physically build an offshore wind farm but the planning process is fundamentally flawed and means it takes us more like 10 years,\u201d Anderson said. His statements <a href=\"https:\/\/www.theguardian.com\/environment\/2023\/mar\/01\/uk-efforts-to-deal-with-energy-crisis-raise-risk-of-missing-net-zero-target\">come days<\/a> after a warning by the government\u2019s spending watchdog National Audit Office (NAO) of a lack of a clear plan towards the UK\u2019s net zero ambitions.<\/p>\n<p><strong>And energy workers want some assurances:<\/strong> British offshore oil, gas, and renewables workers are demanding a public ownership of the country\u2019s energy companies to ensure that a net zero transition from fossil fuels safeguards their jobs, <a href=\"https:\/\/www.theguardian.com\/business\/2023\/mar\/06\/offshore-energy-workers-call-for-public-ownership-in-uks-net-zero-carbon-transition\">The Guardian<\/a> reports. The demands come on the back of a report surveying over 1k workers on the necessity of government-backed jobs guarantees, an offshore training program to rehabilitate workers along the shift to renewables, and others. The report sees public ownership ensuring a \u201cjust energy transition\u201d in terms of job security and conditions.<\/p>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>TotalEnergies expands its biogas and solar activities in Poland:<\/strong> French energy giant TotalEnergies has become a key player in the Polish biogas market after acquiring the country\u2019s main biogas producer Polska Grupa Biogazowa (PGB) along with a 200 MW development pipeline of six solar projects, according to a <a href=\"https:\/\/totalenergies.com\/media\/news\/press-releases\/poland-totalenergies-invests-renewable-energies-biogas-and-solar-projects\">press release<\/a>. PGB is specialized in generating renewable heat and energy from biogas sourced from organic waste, generating a total capacity of 166 GWh per year. The acquisition of PGB raises TotalEnergies\u2019 biogas production capacity to 1.1 TWh, placing the French company in the fourth place in potential for biogas and biomethane production. The acquired solar projects are located in northern and western Poland, with the first one expected to be operational by 2025.<\/p>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Global energy emissions reached a record high in 2022 but were lower than <\/strong><strong>feared thanks to clean energy deployments<\/strong>, according to a new International Energy Agency (IEA) <a href=\"https:\/\/iea.blob.core.windows.net\/assets\/3c8fa115-35c4-4474-b237-1b00424c8844\/CO2Emissionsin2022.pdf\">report<\/a>. The global energy industry\u2019s carbon emission contributions rose 0.9% \u2014 up 321 mn CO2 tons y-o-y \u2014 in 2022, reaching a record high of 36.8 bn tons. The hike in emissions is largely attributable to extreme weather driving an increase in cooling and heating demand, which alone generated 60 metric tons of CO2, according to the report. Droughts and other extreme weather events also led to widespread nuclear and hydroelectric power plant shutdowns, leading to an increased reliance on carbon-intensive energy sources, and generating an additional 50 mn tons of CO2 last year.<\/p>\n<p><strong>Renewables to the rescue: <\/strong>The deployment of renewable energy projects coupled with increased adoption of electric vehicles and energy-efficient technologies abated some 550 mn tons of GHG, the IEA notes, adding that the y-o-y growth rate for 2022 would have been threefold higher without renewable energy deployments. Europe generated more electricity from wind and solar sources combined than from nuclear and gas in 2022, ultimately pushing down its carbon production levels by 70 tons in 2022, down 2.5% y-o-y, according to the report.<\/p>\n<p><strong>OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n<ul>\n<li><strong>China <\/strong>will streamline its<strong> carbon trading system<\/strong> to <strong>eliminate data fraud<\/strong> and enable an expansion of their national carbon market after inaccuracies were found in power plants\u2019 emissions reports. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-05\/data-fraud-is-focus-to-bolster-china-s-lackluster-carbon-market\">Bloomberg<\/a>)<\/li>\n<li><strong>Adani Green Energy<\/strong>'s operating renewable portfolio reached <strong>8 GW<\/strong> with the opening of the group\u2019s fourth <strong>wind-solar hybrid power plant <\/strong>which yields 600 MW from solar and 510 MW from wind respectively. The company\u2019s hybrid portfolio is now the <strong>world\u2019s largest <\/strong>with over 2 GW production capacity. (<a href=\"https:\/\/economictimes.indiatimes.com\/industry\/renewables\/adani-green-energys-capacity-up-at-8024-mw\/articleshow\/98398772.cms\">The Economic Times<\/a>)<\/li>\n<\/ul>\n\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\/around-the-world\/\">AROUND THE WORLD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/biogas\/\">Biogas<\/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\/waste-management\/\">waste management<\/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=\"76363\" 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=\"76363\">\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\">ON YOUR WAY OUT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2023\/03\/07\/can-towing-icebergs-from-antarctica-be-the-solution-to-freshwater-scarcity\/\">\r\n                            Can towing icebergs from Antarctica be the solution to freshwater scarcity?                        <\/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\/03\/07\/can-towing-icebergs-from-antarctica-be-the-solution-to-freshwater-scarcity\/\" 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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In his <a href=\"https:\/\/www.amazon.com\/Chasing-Icebergs-Frozen-Freshwater-Planet\/dp\/1639363432\">book<\/a> \u201cChasing Icebergs: How Frozen Freshwater Can Save the Planet,\u201d scientist Matthew Birkhold quotes a scientist as saying a \u201crelatively small\u201d iceberg weighing 113 mn tons can supply 20% of Cape Town\u2019s water needs for a year.<\/p>\n<p><strong>So, can frozen freshwater save the planet? <\/strong>Well, \u201cthe planet\u201d may be far-fetched, but Birkhold\u2019s book breaks down the cost of the Cape Town plan to the tune of USD 150 mn, covering the cost of melting the ice and funneling the fresh water to land. While Birkhold spoke to a number of scientists, they all remain doubtful of the new venture, Nature writes in its book review.<\/p>\n<p><strong>Is it more economically feasible than current alternatives to freshwater production?<\/strong> Birkhold argues that desalination is expensive in many places, and using the 100k <a href=\"https:\/\/link.springer.com\/chapter\/10.1007\/978-3-030-90146-2_9\">Arctic and Antarctic icebergs<\/a> that melt into the ocean annually will pay off, especially as most desalination processes use conventional fuels and pollute the ocean with excess salt. Nature\u2019s book review, however, criticizes Birkhold\u2019s lack of comparison to more effective alternatives such as recycling municipal wastewater or tapping brackish water for crop irrigation. Birkhold also did not present data on sources like fog harvesting used by remote communities in Chile, Morocco, and South Africa.<\/p>\n<p><strong>Many unanswered questions remain: <\/strong>How icebergs can be moved effectively and efficiently without melting or falling apart remains a mystery. While there are currently only a handful of scientists working on iceberg towing research, Birkhold also warns that if some of the projects are realized without regulations, profitmaking groups may sweep in and exploit the new freshwater resource.<\/p>\n\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\/on-your-way-out\/\">ON YOUR WAY OUT<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/water\/\">water<\/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=\"76365\" 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\/03\/07\/76365\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-76365\" class=\"content-area-description single-story post-76365 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>MARCH 2023<\/strong><\/p>\n<p>8-9 March (Wednesday-Thursday): <a href=\"https:\/\/www.earthna.qa\/summit\/summit-2023\">Earthna Summit<\/a>, Doha, Qatar.<\/p>\n<p>12-16 March (Sunday-Thursday): <a href=\"https:\/\/www.omansustainabilityweek.com\/visitorregistrationdigital.aspx?utm_source=Google&utm_medium=CPC&utm_campaign=OSW-Search-Registrations&gclid=Cj0KCQiA6fafBhC1ARIsAIJjL8nVf6MjsHitrd765mxjT6ZJdfCVmSDjPW0B2vyvAVfPeqg-76st-GAaAueqEALw_wcB\">Oman Sustainability Week<\/a>, Oman Convention and Exhibition Centre (OCEC), Muscat.<\/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>27-29 March (Monday-Wednesday): First Meeting of the Transitional Committee in Egypt focusing on Adaptation and Loss and Damage.<\/p>\n<p>20-23 March (Monday-Thursday): <a href=\"https:\/\/giia.net\/events\/infrastructure-investor-global-summit-berlin-2023\">The Infrastructure Investor Global Summit<\/a>, Hilton Berlin, Germany.<\/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>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>, Dubai, UAE.<\/p>\n<p>13-14 June (Tuesday- Wednesday) <a href=\"https:\/\/www.bloombergneweconomy.com\/gateway-africa\/\">Bloomberg New Economy Gateway Africa Conference<\/a>, Marrakesh, Morocco.<\/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>31 October \u2013 2 November (Tuesday-Thursday): <a href=\"https:\/\/www.worldhydropowercongress.org\/\">World Hydropower Conference<\/a>, Bali, Indonesia.<\/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\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    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":76352,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-76351","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"13330d26-70d8-4f35-9859-44ce546c07cb","teaser":"","photo_url":"https:\/\/ent.news\/2020\/11\/325.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt\u2019s 500 MW Ras Ghareb wind farm is getting a c. 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