{"id":76896,"date":"2023-04-10T02:00:43","date_gmt":"2023-04-10T02:00:43","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/04\/10\/today-the-ifc-has-greenlit-a-green-loan-worth-eur-100-mn-for-ocps-solar-plants\/"},"modified":"2023-04-10T02:00:43","modified_gmt":"2023-04-10T02:00:43","slug":"today-the-ifc-has-greenlit-a-green-loan-worth-eur-100-mn-for-ocps-solar-plants","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/04\/10\/today-the-ifc-has-greenlit-a-green-loan-worth-eur-100-mn-for-ocps-solar-plants\/","title":{"rendered":"TODAY: The IFC has greenlit a green loan worth EUR 100 mn for OCP\u2019s solar plants"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>It\u2019s a busy start to the week and we have updates from all over the region. Let\u2019s jump right in.<\/p>\n

THE BIG CLIMATE STORIES- <\/strong>The International Finance Corporation approved a green loan worth EUR 100 mn to Moroccan state-owned fertilizer and phosphate giant OCP Group to help finance the development of four solar plants yielding 202 MW, while UAE renewables giant Masdar has achieved financial close on three solar photovoltaic projects in Uzbekistan and an overall capacity of 900 MW.<\/p>\n

^^ <\/strong>We have the details on these stories and more in the news well, below.<\/strong><\/p>\n

THE BIG CLIMATE STORY OUTSIDE THE REGION- There\u2019s not much making headlines <\/strong>internationally<\/strong>, but global ocean temperatures are at an all-time high. The average temperature of the world\u2019s ocean surface peaked at 21.1\u00b0C since the start of April \u2014 the highest level recorded since satellite monitoring began in the 1980s, according to research by the National Oceanic and Atmospheric Administration<\/a>. Up from the previous record of 21\u00b0C in 2016, warming seas would spell disaster for humanity with vanishing polar ice caps, bleaching corals, and swelling sea levels. The story got picked up by The Guardian<\/a> and the BBC<\/a>.<\/p>\n

\n

OVER IN COPLAND- Is a businesslike approach needed to tackle the climate <\/strong>crisis? <\/strong>That\u2019s a yes for COP28 President-Designate Sultan Al Jaber, who told The Guardian<\/a> that the world needs a \u201cbusiness mindset\u201d to combat the climate crisis. Al Jaber said he plans to use the climate summit to lay out a clear roadmap for how the private sector, governments, and other stakeholders can effectively address climate change. \u201cWe need a major course correction and a massive effort to reignite progress. This cannot be done by governments alone,\u201d he said. \u201cWe need partnerships, not polarization, and we need to approach this with a clear-eyed rationale and executable plan of action,\u201d he added.<\/p>\n

Al Jaber hits back at criticism:<\/strong> No one should prejudge Al Jaber\u2019s leadership of the UN talks, he said, stressing that he is committed to the 1.5\u00b0C temperature rise limit and emission cuts by the private sector. Al Jaber\u2019s appointment as COP28 president has received backlash, with activists questioning the decision to allow the head of one of the world\u2019s largest oil companies (Adnoc) to preside over the climate summit. Al Jaber, however, insists that his business background will be an asset for the talks, citing his country\u2019s achievements in renewables and energy transition despite being a key oil-producing nation.<\/p>\n

\n

<\/a> WATCH THIS SPACE #1-<\/strong> More solar in the pipeline for<\/strong> Qatar:<\/strong> Siraj Energy<\/a> is planning on building a 410 MW solar station in Mesaieed and another 470 MW solar plant in Ras Laffan, Doha News<\/a> quotes CEO Mohamad Al Harami as saying. No financial details about the plants, which will take two years to complete, have been disclosed.<\/p>\n

Background: <\/strong>Siraj Energy inaugurated the 800 MW Al Kharsaah<\/a> solar power plant \u2014 the country\u2019s largest solar facility \u2014 in 2022. The plant is jointly owned by TotalEnergies and Marubeni, who own 40%, and Siraj Energy, which holds 60%.<\/p>\n

\n

WATCH THIS SPACE #2- Toyota wants in on EV frenzy:<\/strong> Japan's Toyota Motor Corp plans to bring to market 10 new battery EV models by 2026, the company\u2019s Chief Technology Officer Hiroki Nakajima said at a briefing<\/a> on Friday. The Japanese automaker will also establish a new and specialized unit for battery EVs, aiming for annual production of 1.5 mn battery-powered vehicles by 2026, Nakajima said. The announcement marks a shift from Toyota\u2019s current low production of EVs, CNBC<\/a> notes. The company has pushed back against criticism that it is lagging behind in EV production, saying its gasoline-electric hybrids make more sense for its global customer base.<\/p>\n

<\/a> WATCH THIS SPACE #3- Recycled Egyptian products up for export? <\/strong>Egypt and the United Nations Industrial Development Organization will discuss establishing a mechanism to allow Egyptian export of recycled products, according to a statement<\/a> released on Thursday. Accrediting these products for export requires a license from one of the internationally accredited authorities for recycled goods, Environment Minister Yasmine Fouad said during a meeting with officials from the Egyptian Clothing Bank. Currently, the ministry-affiliated Waste Management Regulatory Authority is the only body in the country licensed to recycle products.<\/p>\n

<\/a> WATCH THIS SPACE #4- G7 countries may endorse new investments in natural <\/strong>gas <\/strong>supply at their upcoming two-day meeting in Japan on 15 April<\/strong>, Reuters<\/a> reported on Thursday, citing a draft document seen by the newswire. The draft statement said that climate ministers would agree that new upstream investments in gas are needed given the energy shortage caused by sanctions on Russia since its invasion of Ukraine last year. The draft is still under negotiation by the G7 countries and may change significantly before it is adopted at the summit. While the International Energy Agency has stated that no new investments in fossil fuel supply should be made if the world is to stay below the 1.5\u00b0C target, the G7 group categorizes natural gas as a \u201ctransitional fuel\u201d to cleaner energy, which it claims could be needed for at least 10 to 15 years.<\/p>\n

WATCH THIS SPACE #5- Investors call for bigger emission cuts from <\/strong>TotalEnergies this decade:<\/strong> A group of shareholders in TotalEnergies \u2014 representing 1.5% of the French oil giant\u2019s shares \u2014 have joined Dutch shareholder activist group Follow This in filing a resolution to make more substantial emission cuts this decade, Reuters<\/a> reported on Thursday. TotalEnergies announced this month that its emissions will not register<\/a> a big reduction by 2030. In December, Follow This filed shareholder resolutions to Shell, BP, ExxonMobil, and Chevron asking them to align their 2030 emissions targets<\/a> with the goals of the Paris Climate Accords by reducing indirect emissions in their value chain. The last time TotalEnergies shareholders voted on a Follow This resolution, the activist group received 17% of the votes. The group of investors co-sponsoring the resolution have USD 1.1 tn in assets under management and will be voting on the resolution on 26 May.<\/p>\n

WATCH THIS SPACE #6- US set to crack down on vehicular emissions: <\/strong>The Biden administration is set to unveil regulations on Wednesday to curb car and truck emissions as part of the government\u2019s target<\/a> to push down the carbon output 65% below 2008 levels by 2030, Bloomberg<\/a> reported last week. The Biden-Harris administration\u2019s new regulations aim to push down emissions generated from 2027 car models, and are expected to govern tailpipe greenhouse gas output through to 2032. The Environment Protection Agency is also expected to lay out a proposal later in April on curbs for industrial carbon output, Bloomberg notes.<\/p>\n

WATCH THIS SPACE #7- Debt write-offs are inevitable to ensure climate goals: <\/strong>Nearly half a tn USD in debt needs to be written off for developing countries suffering from distressed debt burdens to help ensure that climate and sustainability goals are not hindered, according to a report by Boston University<\/a> published last week. Some 61 nations are in or near debt distress and are in need of immediate debt relief, according to the Boston University Global Development Policy Center and the Debt Relief for a Green and Inclusive Recovery Project. These countries are the most susceptible to climate change, and a big chunk of their foreign resources are being used to pay off debt. EM sovereign debt also more than doubled to USD 3.9 tn in 2021, up from USD 1.4 tn in 2008.<\/p>\n

A possible solution? <\/strong>The report suggests some instruments to help provide relief for the current debt crisis, including having remaining debt exchanged for fresh \u201cgreen and inclusive recovery\u201d or sustainability-linked bonds.<\/p>\n

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THE DANGER ZONE- Climate change is spurring the spread of mosquito-borne <\/strong>disease: <\/strong>The World Health Organization (WHO) warned last week that mosquito-borne diseases are spreading at an accelerated rate as warming temperatures provide fertile grounds for critters to spawn and breed in usually cold climes, France 24<\/a> reports, citing WHO research. The WHO sounded the alarm last week that new epidemics of zika virus, dengue, and chikungunya could become more prevalent as global warming spreads.<\/p>\n

\n

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> 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. Attendance is by invitation only.<\/p>\n

WANT TO SHARE YOUR STORY ON STAGE?<\/strong> Drop a note to Patrick here and let\u2019s talk<\/a>.<\/p>\n

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CIRCLE YOUR CALENDAR- <\/strong><\/p>\n

Japan will host The G7 Ministers\u2019 <\/strong>Meeting on Climate, Energy, and Environment<\/a><\/strong> on Saturday, 15 April <\/strong>in Sapporo. The two-day event will see cabinet members from G7 member states discuss solutions for the global power crunch triggered by the Russia-Ukraine war, explore pathways to transition the global economy toward 100% clean energy, further negotiations on the UN\u2019s plastic pollution treaty<\/a> as well as the Kunming-Montreal Global<\/a><\/p>\n

Biodiversity Framework<\/a>, and devise a roadmap for strengthening climate resilience for climate-vulnerable countries.<\/p>\n

The UAE is hosting the International Conference on Green Energy and <\/strong>Environmental Technology (<\/strong>ICGEET<\/a><\/strong>) on 18 and 19 April <\/strong>in Dubai. The event will bring together stakeholders from academia, the healthcare industry, and the private sector to discuss energy conservation among other topics.<\/p>\n

Germany will host the <\/strong>first COP27 transitional committee workshop<\/a><\/strong> from <\/strong>Saturday, 29 April to Sunday, 30 April <\/strong>in Bonn. The workshop will address climate-driven loss and damage impacts, will spotlight the findings of a report prepared by the UN on current funding arrangements for climate mitigation efforts, and bring together a host of international financial institutions to discuss pathways to upping funding capacity for climate-induced loss and damage.<\/p>\n

Turkey is hosting the <\/strong>International 100% Renewable Energy Conference<\/a><\/strong> from 4<\/strong>-6 May<\/strong> in Istanbul. The event will bring together experts to discuss the integration of renewables, renewable energy technologies and applications, and the Roadmap to 2050<\/a>.<\/p>\n

The first <\/strong>MENA Solar Conference<\/a><\/strong> is accepting applications from published<\/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 here<\/a>.<\/p>\n

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":"

Good morning, wonderful people. It\u2019s a busy start to the week and we have updates from all over the region. Let\u2019s jump right in. 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