{"id":75600,"date":"2023-01-17T02:00:05","date_gmt":"2023-01-17T02:00:05","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/01\/17\/today-south-korea-will-get-usd-30-bn-worth-of-investments-from-uae-new-details-on-uae-us-pace-agreements-and-funding\/"},"modified":"2023-01-17T02:00:05","modified_gmt":"2023-01-17T02:00:05","slug":"today-south-korea-will-get-usd-30-bn-worth-of-investments-from-uae-new-details-on-uae-us-pace-agreements-and-funding","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/01\/17\/today-south-korea-will-get-usd-30-bn-worth-of-investments-from-uae-new-details-on-uae-us-pace-agreements-and-funding\/","title":{"rendered":"TODAY: South Korea will get USD 30 bn worth of investments from UAE + New details on UAE, US PACE agreements and funding"},"content":{"rendered":"<p><strong>Good morning, wonderful people<\/strong>, we have a slew of updates from all over the region today \u2014 and it\u2019s only Tuesday. Let\u2019s dive in.<\/p>\n<p><strong>THE BIG CLIMATE STORIES- <\/strong>More big ticket details have emerged from South Korea\u2019s blockbuster inaugural state visit. The UAE will direct USD 30 bn towards renewables projects and other sectors in Korea and we have more information about those 13 MoUs that were signed earlier this week. In other UAE news, we know more about what to expect from the UAE and US\u2019 PACE agreement that was inked last November and how the funding mechanism will work. Over in Egypt, Elsewedy Electric subsidiary Elsewedy Electric for Transmission and Distribution has agreed to build a 300 MW solar power station for Saudi Arabia.<\/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- The World Economic Forum (<\/strong><strong><a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/\">WEF<\/a><\/strong><strong>)<\/strong><strong> kicks off in earnest today, <\/strong>bringing attendees together in person for the first time since 2019 and running until Friday. Keep an eye out for several climate-relevant discussions today, including <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/sessions\/philanthropy-a-catalyst-for-protecting-our-planet\">Philanthropy: A Catalyst for Protecting Our Planet<\/a>, which looks at how public and private sector players can bridge the USD 100 tn climate finance gap; <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/sessions\/the-12-billion-decarbonization-market\">Decarbonization: An Insurmountable Challenge?<\/a>; and <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/sessions\/infrastructure-for-a-clean-energy-economy\">Infrastructure for a Clean Energy Economy<\/a>. Tomorrow, sessions to look out for include <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/sessions\/leading-the-charge-through-earths-new-normal\">Leading the Charge through Earth's New Normal<\/a>; <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/sessions\/building-momentum-towards-cop28\">Building Momentum towards COP28<\/a>; <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/sessions\/ai-for-climate-adaptation\">AI for Climate Adaptation<\/a>; and <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/sessions\/open-forum-energy-transition-rush\">Open Forum: Energy Transition Rush<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><strong>WATCH THIS SPACE- Are debt-for-nature swaps the answer? <\/strong>Some USD 2 tn of developing country debt could be eligible for restructuring under debt-for-nature swaps \u2014 where developing nations see a portion of their foreign debt forgiven under a restructured agreement, on the condition that they invest some of the savings in local conservation measures \u2014 <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-12\/bankers-bet-millions-on-sovereign-debt-deals-tied-to-green-goals?srnd=premium-middle-east&leadSource=uverify%20wall\">Bloomberg<\/a> notes, citing data from US nonprofit the Nature Conservancy (TNC). \u201cSerial debt defaulter\u201d Belize inked a debt-for-nature swap worth USD 364 mn in 2021, and Gabon, Ecuador, and Sri Lanka are reportedly considering agreements worth between USD 700 mn and USD 1 bn, the outlet adds. Proponents of the mechanism laud its scalability, saying it effectively uses public funds to de-risk private investment and could plug the multi-USD tn financing gap for nature protection, adaptation, and decarbonization, Bloomberg notes.<\/p>\n<p><strong>But enthusiasm for these swaps among investment banks, institutional investors, and <\/strong><strong>debt-distressed countries may conceal problems<\/strong>, the business information service says. Critics say the loan terms can be unclear and transaction costs are high. Belize\u2019s debt service costs under the restructured agreement add up to an estimated USD 84-86 mn more than what\u2019s being returned to the investors that financed the new debt, Bloomberg cites experts from the United Nations Conference on Trade and Development and TNC saying. These extra costs include ins. premiums for companies involved in the agreement, loan interest, and an array of other financing costs. And at the recent COP15 biodiversity conference in Montreal, dozens of not-for-profits are said to have called for an end to debt-for-nature swaps, Bloomberg notes.<\/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>***<\/p>\n<p><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.<\/p>\n<p><strong>***<\/strong><\/p>\n<p><strong>CIRCLE YOUR CALENDAR- <\/strong><\/p>\n<p><strong>Bahrain will host the <\/strong><strong><a href=\"https:\/\/europetro.com\/esfmena\">Energy & Sustainability Forum<\/a><\/strong> from next Sunday, 22 January to Tuesday, 24 January in Manama. The forum will host panel discussions on how to decarbonize the downstream industry and how to pave the way for regional net zero objectives.<\/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","protected":false},"excerpt":{"rendered":"<p>Good morning, wonderful people, we have a slew of updates from all over the region today \u2014 and it\u2019s only Tuesday. Let\u2019s dive in. THE BIG CLIMATE STORIES- More big ticket details have emerged from South Korea\u2019s blockbuster inaugural state visit. The UAE will direct USD 30 bn towards renewables projects and other sectors in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":75601,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[44],"tags":[11,159,52,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-75600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseclimate","tag-saudi-arabia","tag-uae","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"6704ccb1-c8ac-48f5-951f-c9112e553f88","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2021\/12\/525.jpg","photo_position":"above","related_issue":[75598],"teaser":"","voice_url":""},"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>TODAY: South Korea will get USD 30 bn worth of investments from UAE + New details on UAE, US PACE agreements and funding - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/01\/17\/today-south-korea-will-get-usd-30-bn-worth-of-investments-from-uae-new-details-on-uae-us-pace-agreements-and-funding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TODAY: South Korea will get USD 30 bn worth of investments from UAE + New details on UAE, US PACE agreements and funding\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people, we have a slew of updates from all over the region today \u2014 and it\u2019s only Tuesday. 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