{"id":76292,"date":"2023-03-02T02:00:16","date_gmt":"2023-03-02T02:00:16","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/03\/02\/today-saudi-arabias-neom-secures-usd-8-5-bn-in-financing-for-its-green-hydrogen-plant\/"},"modified":"2023-03-02T02:00:16","modified_gmt":"2023-03-02T02:00:16","slug":"today-saudi-arabias-neom-secures-usd-8-5-bn-in-financing-for-its-green-hydrogen-plant","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/03\/02\/today-saudi-arabias-neom-secures-usd-8-5-bn-in-financing-for-its-green-hydrogen-plant\/","title":{"rendered":"TODAY: Saudi Arabia\u2019s Neom secures USD 8.5 bn in financing for its green hydrogen plant"},"content":{"rendered":"

Good morning, ladies and gents<\/strong>, the news lull is over as we head into the weekend and we have a climate finance heavy issue for you.<\/p>\n

THE BIG CLIMATE STORY- <\/strong> Saudi Arabia\u2019s Neom Green Hydrogen Company has signed several financing agreements worth a collective USD 8.5 bn to fund the development of its utility-scale green hydrogen facility. We have chapter and verse on this story and more in the news well, below.<\/strong><\/p>\n

THE BIG CLIMATE STORY OUTSIDE THE REGION-<\/strong><\/p>\n

The EU established the world\u2019s first green bond standard:<\/strong> The European Parliament, EU Commission and EU member states struck a landmark agreement yesterday to establish a bond issuance rulebook combating greenwashing in line with its 2050 carbon neutrality target<\/a>. Under the new voluntary guidelines, at least 85% of funds raised in any EU-based bond issuance must comply with the bloc\u2019s Taxonomy of Sustainable Activities for it to qualify as a \u201cgreen\u201d security. Issuers looking to use the term \u201cEuropean green bond (EuGB)\u201d would also have to disclose how proceeds from bonds are channeled towards realizing their long-term net zero targets. If a bond fails to fulfill its commitments under the new rulebook, its issuer would be accountable for losses incurred by investors under the EU\u2019s prospectus regulation<\/a>.<\/p>\n

The story is getting coverage in the international press:<\/strong> Reuters<\/a> | Financial Times<\/a> | Bloomberg<\/a> | Financial Post<\/a> | The Guardian<\/a><\/p>\n

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HAPPENING TODAY- Egypt will kick off the <\/strong>Corporate Social Responsibility Forum<\/a><\/strong> today <\/strong>in Somabay, Hurghada. The event will run until Sunday, 5 March and aims to further discussions put forth during COP27 to boost private and public sector cooperation on climate action.<\/p>\n

PSA- Egypt is bringing back daylight savings time to save energy:<\/strong> The Egyptian cabinet has greenlit a draft law to reinstate daylight savings time, rolling Egypt\u2019s clocks forward from April through October, according to a statement<\/a>.<\/p>\n

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<\/a> WATCH THIS SPACE #1- Masdar sinks USD 1.2 bn into UK battery storage projects:<\/strong> UAE renewables company Masdar will invest USD 1.2 bn in UK-based battery storage facility projects, Reuters<\/a> quotes Masdar CEO Jameel Al Ramahi as saying yesterday at the International Energy Week Conference. The scope of the projects Masdar is targeting and the timeframe of its investment plan were not disclosed.<\/p>\n

Not Masdar\u2019s first foray into the British energy playing field: <\/strong>The company acquired UK-based BESS outfit Arlington Energy<\/a> last October<\/a>. Under the agreement, the companies will jointly develop, construct, manage, and finance BESS projects under one Masdar-Arlington platform, enabling Masdar to increase its renewables investments and energy storage operations in Europe.<\/p>\n

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WATCH THIS SPACE #2- The EU aims to crack down on greenwashing giving <\/strong>companies a 10 day window to back up green claims in order to avoid penalties<\/strong>, according to a draft plan seen by the Guardian<\/a>. The proposed law \u2014 due this month \u2014 does not outline the penalties to be imposed by the bloc, but will push companies to comply with a new legal framework. If enforced, the law will prevent up to 7 mn tons of CO2 emissions over a 15 year period.<\/p>\n

Concerns about greenwashing are prevalent worldwide:<\/strong> Seventeen UN experts appointed by UN Secretary General Antonio Guterres at COP26 to review the integrity of corporate climate pledges concluded that net zero emissions pledges by companies, banks and cities are \u201crife with greenwashing<\/a>,\u201d in a report (pdf)<\/a> published last November.<\/p>\n

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WATCH THIS SPACE #3- <\/strong>ESG spending continues to be a source of controversy: <\/strong>US financial companies from asset managers and private equity firms are concerned that turning a blind eye to environmental, social, and governance (ESG) spending or actively upping their ESG spending will hurt their financial performance, the Financial Times<\/a> reports. Split opinions on the matter have led to companies being \u201cperceived negatively by at least some stakeholders and adversely impact our reputation and business,\u201d private equity firm Blackstone said.<\/p>\n

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YOU\u2019RE READING ENTERPRISE CLIMATE, the essential regional publication for senior execs who care about the world\u2019s most important industry. <\/strong>Enterprise Climate covers everything from finance and tech to regulation, products and policy across the Middle East and North Africa. In a nod to the growing geographical ambitions of companies in our corner of the world, we also include an overview of the big trends and data points in nearby countries, including Africa and southern Europe.<\/p>\n

Enterprise Climate is published at 4am CLT \/ 5am Riyadh \/ 6am UAE Monday through Thursday by Enterprise<\/strong>, the folks who bring you Enterprise Egypt, your essential 6am and 3pm read on business, finance, policy and economy in Egypt and emerging markets.<\/p>\n

Subscribe to Enterprise Climate here<\/a><\/strong> or reach out to us on climate@enterprisemea.com<\/a> with comments, suggestions and story tips.<\/p>\n

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COME TO OUR NEXT ENTERPRISE FORUM- <\/strong><\/p>\n

\"enterprise\"<\/a><\/p>\n

We are delighted to share with you that the Enterprise Exports & FDI Forum<\/strong> will be taking place on 15 May<\/strong> at the Four Seasons Hotel at Nile Plaza in Cairo.<\/strong><\/p>\n

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 click here<\/a> to request a spot at this exclusive event.<\/p>\n

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

We will be taking an in-depth look into some of the most vital industry topics, including:<\/p>\n