{"id":76431,"date":"2023-03-13T02:00:16","date_gmt":"2023-03-13T02:00:16","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/03\/13\/today-jordans-gearing-up-for-its-maiden-green-bond-issuance\/"},"modified":"2023-03-13T02:00:16","modified_gmt":"2023-03-13T02:00:16","slug":"today-jordans-gearing-up-for-its-maiden-green-bond-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/03\/13\/today-jordans-gearing-up-for-its-maiden-green-bond-issuance\/","title":{"rendered":"TODAY: Jordan\u2019s gearing up for its maiden green bond issuance"},"content":{"rendered":"

Good morning, friends<\/strong>, and welcome to a stacked issue with regional updates across the board. We have a bit of green finance, renewable energy projects, and an interesting read on the intersection of people\u2019s vaping habits (read: addictions?) and the production of EV batteries. Let\u2019s jump right in.<\/p>\n

THE BIG CLIMATE STORY-<\/strong> The International Finance Corporation is set to invest USD 50 mn in Jordan Kuwait Bank\u2019s planned five-year green bond issuance with the proceeds of the sale going towards the development of energy-efficient buildings, renewables plants, and EV projects in the country.<\/p>\n

THE BIG CLIMATE STORY OUTSIDE THE REGION- A transatlantic bargain on minerals:<\/strong> The EU and US will begin negotiations on the supply of critical minerals essential for EV manufacturing, after EU Commission President Ursula von der Leyen and US President Joe Biden agreed to the talks in a meeting at the White House on Friday. The allies are looking to reach a preliminary limited trade agreement that would see minerals extracted in the EU count toward EV tax credits under Biden\u2019s landmark Inflation Reduction Act as both sides of the Atlantic look to wean themselves off Chinese dependency in the energy transition. The recent diplomatic developments come on the heels of a months-long climate spat over concerns the climate bill would spur clean energy investments across the Atlantic.<\/p>\n

The story got widespread coverage over the weekend:<\/strong> Reuters<\/a> | Bloomberg<\/a> | The Financial Times<\/a> | The Washington Post<\/a> | The New York Times<\/a><\/p>\n

ALSO- <\/strong>UK pension funds Borders to Coast and Britain\u2019s Universities Superannuation Scheme \u2014 two of Britain\u2019s largest pension schemes, overseeing a combined c. GBP 130 bn of assets \u2014 will vote against the reappointment of several incumbent directors at energy giants BP and Shell at annual shareholder meetings unless they commit to stronger carbon reduction targets. BP<\/a> and Shell<\/a> have come under fire for backtracking on commitments to reduce oil and gas outputs in line with their 2050 carbon neutrality targets.<\/p>\n

The story is also getting ink from<\/strong> Reuters<\/a>, Bloomberg<\/a>, and the Financial Times<\/a>.<\/p>\n

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HAPPENING TODAY- The <\/strong>Abu Dhabi-Japan Economic Council<\/a><\/strong> is kicking off today <\/strong>in Tokyo<\/strong>, advancing bilateral cooperation between the UAE and Japan in a number of areas including renewable energy. Adnoc and Masdar will be presenting avenues for cooperation in the renewable energy sector.<\/p>\n

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WATCH THIS SPACE #1- <\/strong>Egypt, Greece move closer to firming up feasibility <\/strong>studies on interconnection project:<\/strong> Egypt and Greece are in talks with 10 international consultants to conduct a feasibility study on their EUR 3.5 bn 3 GW subsea interconnector (GREGY<\/a>), Asharq Business<\/a> reports, citing sources familiar with the matter. French electric utility player EDF, Canada\u2019s Elie Grid, Norwegian DNV, and German firms CESI and Lahmeyer are among the potential firms, along with Greek, Belgian, Chinese, and US consultants. Both countries have been looking to appoint a third party<\/a> to complete the study on the powerline since January.<\/p>\n

<\/a> WATCH THIS SPACE #2- <\/strong>Siemens Energy eyes renewables projects in KSA and Iraq: <\/strong>Siemens is looking to participate in upcoming Saudi wind energy tenders totalling 7 GW as part of its 2050 strategy, Al Arabiya<\/a> reports, quoting company board member Karim Amin. Financial details, a timeline or specific projects targeted were not disclosed. The company is also looking to invest USD 450 mn in Iraq\u2019s flare gas-to-energy<\/a> sector, with the aim of using the captured gas to convert it into 15 GW of clean energy.<\/p>\n

WATCH THIS SPACE #3-<\/strong> UAE r<\/strong>estricts VW EV imports<\/strong>: <\/strong>The UAE\u2019s Economy Ministry restricted the import of Volkswagen electric vehicle models from unauthorized dealerships due to concern over manufacturing specs failing to take the UAE\u2019s climate conditions into consideration, Gulf News<\/a> reported. Volkswagen and Al Nabooda Automobiles \u2014 the only official dealer in Dubai and the Northern Emirates \u2014 published a statement<\/a> in support of the ministry\u2019s decision, saying the move ensures that all VW cars \u201care built and tested to meet UAE market requirements.\u201d<\/p>\n

<\/a> WATCH THIS SPACE #4- KSA mulls mining prospects in Serbia:<\/strong> Serbian Energy Minister Dubravka \u0110edovi\u0107 presented Serbia\u2019s long-term mining and energy strategies to a delegation from the Saudi Fund for Development<\/a>, Balkan News Energy<\/a> reported on Friday. \u0110edovi\u0107 emphasized that the country\u2019s energy sector is about to enter an intensive investment cycle and is drafting a national energy and climate strategy, with the first five-year plan expected to require \u201cinvestments of several bn EUR.\u201d<\/p>\n

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THE DANGER ZONE- Droughts threaten North Africa\u2019s water and food security:<\/strong> An acute drop in precipitation levels owing to climate-induced droughts and warm winters is affecting soil moisture and river flows in the majority of cereal-growing centers in Morocco, Algeria, and Tunisia, with wheat yield potentials expected to plunge between 15-24% compared to the last five-year average in the three countries, according to Global Drought Observatory<\/a> (GDO) forecasts. Barley potentials are also expected to drop between 10-30% below 2017-2022 averages in the region, GDO notes. GDO warns of water stress in Morocco during the coming months as precipitation continues to decrease water reservoir filling rates.<\/p>\n

Algeria is taking urgent measures:<\/strong> Algeria \u2014 which saw output drop below-average volumes across all its major production areas \u2014 approved a water rationing strategy in 2021<\/a> in a bid to shore up its water supplies. More recently, the country, which in January reactivated its Water Police<\/a> force to optimize water management, announced it would take \u201curgent measures<\/a>\u201d in the face of climate-driven water scarcity, including the establishment of new desalination plants and groundwater wells to alleviate its water stress.<\/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