{"id":77231,"date":"2023-05-04T00:07:16","date_gmt":"2023-05-04T00:07:16","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/05\/04\/today-neom-awards-usd-2-bn-rail-link-project-to-italys-webuild-and-ksas-shibh-al-jazira-contracting\/"},"modified":"2023-05-04T00:07:16","modified_gmt":"2023-05-04T00:07:16","slug":"today-neom-awards-usd-2-bn-rail-link-project-to-italys-webuild-and-ksas-shibh-al-jazira-contracting","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/05\/04\/today-neom-awards-usd-2-bn-rail-link-project-to-italys-webuild-and-ksas-shibh-al-jazira-contracting\/","title":{"rendered":"TODAY: Neom awards USD 2 bn rail link project to Italy's Webuild and KSA\u2019s Shibh Al-Jazira Contracting"},"content":{"rendered":"

Good morning, ladies and gents. <\/strong>The news cycle has picked up as the week comes to a close and we have plenty of climate diplomacy and renewables updates to dive into.<\/p>\n

THE BIG CLIMATE STORIES- <\/strong>Saudi Arabia\u2019s smart city Neom awarded a USD 2 bn rail project contract to Italy\u2019s Webuild and Saudi-based leading contractor Shibh Al-Jazira Contracting, while over in Europe, the Petersberg Climate Dialogue in Berlin came to a close with a flurry of meetings between climate dignitaries.<\/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- The World Bank has a new president:<\/strong> The World Bank Group\u2019s executive board yesterday formally ushered in US candidate Ajay Banga to a five-year presidency term after holding a four-hour interview with the candidate. Ex-Mastercard CEO Banga \u2014 the unopposed shoo-in for the position \u2014 will assume his new role on 2 June, a day after current chief David Malpass makes his exit.<\/p>\n

The story made headlines yesterday:<\/strong> Associated Press<\/a> | Reuters<\/a> | The Washington Post<\/a> | Bloomberg<\/a> | The New York Times<\/a> | Wall Street Journal<\/a><\/p>\n

\n

<\/a> WATCH THIS SPACE #1- Algeria plays both sides of the coin for energy investments: <\/strong>Europe should support investments in both natgas and renewables simultaneously to ensure a comprehensive and fair shift to green energy, Algerian daily El Shorouk<\/a> reports, citing Algerian Energy Minister Mohammed Arkab\u2019s statements at a EU-sponsored forum. Arkab said achieving climate targets and slashing carbon emissions should involve the use of natgas, which he claims is a low-carbon energy source. \u201cIt\u2019s important to point out the critical role played by natural gas in achieving our joint climate objectives, where natural gas allows slashing carbon emissions to a large extent in electricity generation and other sectors,\u201d he said.<\/p>\n

And the EU seems to agree: <\/strong>The EU is looking to source a chunk of its energy needs from Algeria, whether in the form of hydrogen, solar power, or natural gas imports, Attaqa<\/a> quotes EU Ambassador to Algeria Thomas Eckert as saying. The EU will continue to support Algeria as it looks to up its green hydrogen and solar generation, he said, adding Algeria\u2019s target to produce 15 GW of clean energy \u2014 a goal for which state-owned Sonelgaz<\/a> is tapped \u2014 will open the doors to further partnerships.<\/p>\n

REMEMBER- Algeria is earmarking bns for its green hydrogen sector:<\/strong> Algeria said back in March<\/a> it will allocate between USD 20-25 bn to boost its green hydrogen production capacity.<\/p>\n

\n

WATCH THIS SPACE #2- Top fund managers are using green funds to invest in fossil <\/strong>fuel:<\/strong> Green-branded investment funds are being used by some of the world\u2019s top fund managers to invest in fossil fuel companies, the Guardian<\/a> writes, citing research by UK think tank Common Wealth. Asset managers \u2014 at outfits including Blackrock, State Street, and the UK\u2019s Legal and General \u2014 channeled nearly USD 1.5 bn in sustainability-linked funding to subscribe to oil, gas, and coal bonds, according to the news outlet..<\/p>\n

REMEMBER- Sustainability-linked bonds might not be that great either:<\/strong> The majority of<\/a>sustainability-linked bonds<\/a> are tied to weak, irrelevant, or already achieved climate targets. If firms fail to meet the targets they set out for themselves, they repay the capital they amassed from investors with financial penalties on top. Companies get cheaper financing and a green reputation without holding up their end of the bargain.<\/p>\n

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WATCH THIS SPACE #3- TotalEnergies takes Greenpeace to court: <\/strong>French oil company TotalEnergies is suing environmental group Greenpeace and consulting firm Factor-X over a joint report which made claims Total misrepresented its carbon output for 2019, Reuters<\/a> reports. Total says the report \u2014 published in November \u2014 contains \u201cfalse and misleading information,\u201d and called for a judicial ruling to stop the publication\u2019s circulation or face a EUR 2k penalty per day. An initial procedural hearing of the case is scheduled for 7 September at the Paris judicial court, the newswire notes.<\/p>\n

WATCH THIS SPACE #4- A resistance by the world\u2019s top coal consumers? <\/strong>India \u2014 backed by China and South Africa \u2014 is trying to push a proposal within the G20 group to allow countries to opt for a roadmap to slash carbon emissions instead of a deadline to end fossil fuel dependence, Reuters<\/a> reports, citing three Indian government officials. One of the sources said India, which currently has the G20 presidency, wants to propose the phrase \u201cmultiple energy pathways\u201d in a communique at a summit in September. The proposal would allow countries to choose resources, even coal, while working on a plan to reach net zero emissions.<\/p>\n

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\n 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 by 5am 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

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

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

The Enterprise Exports & FDI Forum, our latest industry-specific conference, is taking <\/strong>place on Monday, 15 May.<\/strong> The Enterprise Exports & FDI Forum will give insiders and newcomers alike the chance to talk about how to develop an export-centered business and how their companies can help Egypt build an export-led economy that makes us a magnet for foreign direct investment (FDI). The event will take place at<\/strong> the Four Seasons, Nile Plaza. <\/strong><\/p>\n

Why exports & FDI?<\/strong> In the wake of successive floats of EGP, exports and FDI have never been more important to our economy \u2014 or our businesses. We\u2019re gathering some of the CEOs, top execs from local companies and multinationals, investors, bankers and finance folks to speak on how businesses can adapt their strategies to be export-oriented and what Egypt as a country can do to draw foreign investment and much-needed FX. Expect it to be heavy on lessons learned in Egypt and other global growth markets \u2014 and lots of success stories.<\/strong> You can learn more on our conference website here<\/a>.<\/p>\n

ON THE AGENDA- We have seven panels where we discuss the steps these leaders and companies are taking to pull in FDI and to make their business export-driven.<\/strong> There will be several \u201clessons-learned\u201d panels that include an Egyptian product focused one that looks at white goods, consumer electronics, fertilizers and garments. Another intends to extend the steps taken to create an export and FDI strategy through listening to the advice of other c-suite executives who have successfully made their business move in that direction. More panels include how to identify and pull in the right foreign partner, how to become part of a multinational\u2019s supply chain, how industrial clusters can offer a way for SMEs to be part of our export economy and what industries of tomorrow we can leapfrog into. You can check out the full agenda <\/strong>here<\/a><\/strong>. <\/strong><\/p>\n

Some of the biggest names in business and finance are on board:<\/strong> The Enterprise Exports and FDI Forum is taking place with the generous support of our friends, including:<\/p>\n

Banking partners:<\/strong> Banque Misr | Al Baraka Bank | Emirates NBD | HSBC<\/p>\n

Lead partners:<\/strong> DB Schenker | DP World | East Port Said Development | IDG | IFC | Madinat Masr<\/p>\n

Event partners: <\/strong>Beyti | Concrete | Global Corp | Grant Thornton | Hassan Allam Utilities | Royal Ceramica<\/p>\n

WANT TO BECOME A COMMERCIAL PARTNER?<\/strong> Ping a note to Moustafa, our head of commercial, here<\/a>.<\/p>\n

HAVEN\u2019T REQUESTED AN INVITE YET?<\/strong> If you\u2019re a C-suite exec, business owner, DFI staff, export executive, investor or banker, please fill out the form here<\/a> to signal your interest, letting us know your name, title and where you work.<\/p>\n

\n

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

Turkey is hosting the <\/strong>International 100% Renewable Energy Conference<\/a><\/strong> today through Saturday<\/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 UAE is hosting the <\/strong>Global Green Future Fuel<\/a><\/strong> conference from next Monday, 8 May <\/strong>to Wednesday, 10 May<\/strong> in Dubai. The green energy-focused business event brings together policymakers, renewable energy generators, project developers, and chemical and mobility industry representatives to define a new energy future shaped by hydrogen.<\/p>\n

Egypt is hosting <\/strong>The Solar Show MENA<\/a><\/strong> next Tuesday, 9 May and Wednesday, 10 May<\/strong> in Cairo. The conference brings together policymakers, financiers, and others to develop and futureproof the region\u2019s energy sector as one of the emerging players in developing clean energy solutions and energy infrastructure.<\/p>\n

The UAE is hosting <\/strong>The Airport Show<\/a><\/strong> on Tuesday, 9 May to Thursday, 11 May<\/strong> in Dubai. The forum\u2019s 22nd edition will bring together over 200 aviation companies and more than 100 buyers from 23 countries. It will shed light on leading innovations in airport sustainability, digitalization, and urban air mobility to facilitate the industry\u2019s path towards sustainable and collaborative airport infrastructure development and operational transformations.<\/p>\n

The UAE is hosting the <\/strong>UAE Climate Tech<\/a><\/strong> forum on Wednesday, 10 May and Thursday, 11 May <\/strong>in Abu Dhabi. The event will gather over 1k policymakers, CEOs, experts, and investors to discuss collaboration on innovative technologies and economic opportunities in advancing decarbonization across all sectors.<\/p>\n

The first <\/strong>MENA Solar Conference<\/a><\/strong> is accepting applications from published<\/strong> researchers specialized in PV technology until next 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 and news triggers.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, ladies and gents. The news cycle has picked up as the week comes to a close and we have plenty of climate diplomacy and renewables updates to dive into. THE BIG CLIMATE STORIES- Saudi Arabia\u2019s smart city Neom awarded a USD 2 bn rail project contract to Italy\u2019s Webuild and Saudi-based leading contractor […]<\/p>\n","protected":false},"author":1,"featured_media":77232,"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":[41,11,173,164,88,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-77231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-algeria","tag-enterpriseclimate","tag-eu","tag-green-finance","tag-renewables","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"112d5ad1-babd-4f53-9ff3-8f31aabcc5e1","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/5\/1825.jpg","photo_position":"above","related_issue":[77229],"teaser":"","voice_url":""},"yoast_head":"\nTODAY: Neom awards USD 2 bn rail link project to Italy's Webuild and KSA\u2019s Shibh Al-Jazira Contracting - 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\/05\/04\/today-neom-awards-usd-2-bn-rail-link-project-to-italys-webuild-and-ksas-shibh-al-jazira-contracting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TODAY: Neom awards USD 2 bn rail link project to Italy's Webuild and KSA\u2019s Shibh Al-Jazira Contracting\" \/>\n<meta property=\"og:description\" content=\"Good morning, ladies and gents. 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