{"id":78640,"date":"2023-07-26T01:00:57","date_gmt":"2023-07-26T01:00:57","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/07\/26\/today-egypts-military-affiliated-nspo-acquires-20-stake-in-taqa-arabia\/"},"modified":"2023-07-26T01:00:57","modified_gmt":"2023-07-26T01:00:57","slug":"today-egypts-military-affiliated-nspo-acquires-20-stake-in-taqa-arabia","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/07\/26\/today-egypts-military-affiliated-nspo-acquires-20-stake-in-taqa-arabia\/","title":{"rendered":"TODAY: Egypt\u2019s military-affiliated NSPO acquires 20% stake in Taqa Arabia"},"content":{"rendered":"

Good morning, friends. <\/strong>We have another brisk issue for you this morning as the regional climate updates continue to trickle in.<\/p>\n

THE BIG CLIMATE STORY- <\/strong>The Egyptian military-affiliated National Service Projects Organization (NSPO) acquired a 20% stake in recently-listed Taqa Arabia one day after one of the energy company\u2019s major shareholders executed a block trade and transferred the proceeds to one of its unnamed creditors.<\/p>\n

ALSO IN OUR NEWSWELL- <\/strong>We continue our conversation with Egypt\u2019s climate champion Mahmoud Mohieldin to discuss the emissions and fossil fuel phasedown debate, and what we can expect from COP28.<\/p>\n

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

THE BIG CLIMATE STORY OUTSIDE THE REGION- <\/strong>There\u2019s no single climate story dominating international headlines this morning, but deadly wildfires in the Mediterranean continued to get the international press\u2019 attention. At least 34 people were killed in Algeria as the country tried to contain forest fires amid a sweeping heat wave hitting North Africa and southern Europe. The deadly fires also lead to the closure of two border crossings with neighboring Tunisia. Meanwhile in Greece, two pilots have died after a water-bombing plane fighting wildfires in the country crashed as the country scrambles to contain wildfires that have forced the evacuation of tens of thousands in the past days.<\/p>\n

The Mediterranean region is a \u201cclimate change hotspot\u201d:<\/strong> Greek Prime Minister Kyriakos Mitsotakis said his country was among those severely impacted by climate change. \u201cI will state the obvious: in the face of what the entire planet is facing, especially the Mediterranean which is a climate change hot-spot, there is no magical defense mechanism, if there was we would have implemented it,\u201d Mitsotakis said.<\/p>\n

The deadly wildfires got coverage from:<\/strong> Reuters<\/a> | Bloomberg<\/a> | The Associated Press<\/a> | The Guardian<\/a> | The Financial Times<\/a> | BBC<\/a> | Sky News<\/a><\/p>\n

\n

OVER IN COPLAND- COP28 launches its Food Systems and Agriculture Agenda: <\/strong>The COP28 UAE Presidency launched the Food Systems and Agriculture Agenda and invited governments to sign<\/a> the Leaders Declaration on Food Systems, Agriculture and Climate, which asks governments to align their national food systems and agriculture strategies with their Nationally Determined Contributions, National Adaptation Plans, and National Biodiversity Strategies and Action Plans. The Presidency \u2014 represented by UAE Climate Change and Environment Minister Mariam Almheiri \u2014 stated that it will work alongside the UN Food Systems Coordination Hub and a diverse group of partners to advance the Food Systems and Agriculture Agenda.<\/p>\n

COP28 is gathering the troops: <\/strong>The COP28 Presidency will bring together businesses, farmer and producer organizations, and other non-state actors to drive progress across production, consumption, food loss, and waste. This partnership will work with over 15 leading CEOs and involve actors across each stage of the agriculture process, from production to consumption and finance.<\/p>\n

AND- The EU could lose two of its top climate change negotiators ahead of COP28<\/strong> with the possible exits of Frans Timmermans and Spain\u2019s Climate Minister Teresa Ribera, Reuters<\/a> reports. Timmermans, the European Commissioner tasked with climate and environment policies, is running as a candidate in Dutch national elections. If he secures the vote, he may have to give up his post as climate chief within the bloc as early as next month. Ribera\u2019s role is at risk after snap general elections last Sunday sent the country into political limbo with no clear majority. She has represented Spain at climate talks since 2018.<\/p>\n

\n

<\/a> WATCH THIS SPACE #1- More want in on Egypt\u2019s SCZone\u2019s bunkering services:<\/strong> The Suez Canal Economic Zone (SCZone) received offers from two unnamed global firms for green methanol and gas bunkering services at affiliated ports, Al Mal<\/a> reports, citing people it says have knowledge of the matter. They said the two offers will be reviewed in the coming period by the SCzone and relevant authorities tasked with issuing licenses. The SCZone could try to expand bidders for the sought licenses through inviting them to operate at local ports first and issue licenses for the most fitting later.<\/p>\n

REMEMBER-<\/strong> Egypt awarded four bunkering licenses<\/a> last year to Coral Energy, Minerva Bunkering, and Peninsula companies following a tender under an ambitious plan to become a one-stop ship shop.The SCZone first announced plans<\/a> to launch the new marine services in January 2022, as part of its 2020-2050 strategy.<\/p>\n

All eyes on the canal next month:<\/strong> The world\u2019s first ever green methanol-powered container<\/a>ship<\/a> is set to pass through the Suez Canal next month, the sources said, adding that the SCZone was currently focusing on finalizing related executive procedures. They said the vessel will be refueled at a container terminal at East Port Said Port. The inaugural journey for the vessel leaving from South Korea to Denmark comes under a partnership announced last month<\/a>between Dutch-based chemical producer OCI Global and Denmark\u2019s shipping giant AP Moller-Maersk.<\/p>\n

\n

WATCH THIS SPACE #2- The UAE\u2019s <\/strong>first locally produced electric motorcycle<\/a><\/strong> Sulmi EB-One<\/strong> will hit roads within the next six months<\/strong>, Founder Rashid Al Salmi told Zawya<\/a>. The EV company is looking to provide prototypes of the e-bike to logistics and delivery services firms in the UAE for trials before the bike is rolled out, Al Salmi says. The all-electric motorcycle \u2014 which has not yet been priced \u2014 packs a 10.4 KW battery, can cover 300 kilometers on a full charge, and has a 150 km\/h top speed.<\/p>\n

enterprise<\/p>\n

CIRCLE YOUR CALENDARS- The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo.<\/strong> This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.<\/p>\n

TAP OR CLICK HERE<\/a><\/strong> if you want to express interest in attending. We\u2019ll be sending out the first batch of invitations soon.<\/p>\n

Do you want to become a commercial partner?<\/strong> Ping a note to Moustafa Taalab, our head of commercial<\/a>, or fill out this form<\/a> and we\u2019ll be in touch.<\/p>\n

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DID YOU MISS THE ENTERPRISE EXPORTS AND FDI FORUM? <\/strong>Tune in to the Enterprise Podcast and listen for yourself<\/a><\/strong>:<\/strong> The Enterprise Podcast is back with another installment of our forum series, where we bring you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum, which took place in May.<\/p>\n

WANT TO LISTEN? Head to: <\/strong>Apple Podcast<\/a> | Spotify<\/a> | Google Podcast<\/a> | Anghami<\/a>. We\u2019re releasing a new episode every Sunday morning.<\/strong><\/p>\n

IN THIS WEEK\u2019S EPISODE- <\/strong>We ask some of the biggest multinationals and suppliers operating here \u2014 namely, in logistics, e-commerce, and FMCG \u2014 what it is they\u2019re looking for in a local partner, product or service and what are some of the pain points they\u2019ve had to cope with. We were joined on that panel by Khaled Morsy<\/strong>, CEO of DB Schenker Egypt, Omar Elsahy<\/strong>, General Manager at Amazon Egypt, Tarek Kame<\/strong>l, Chairman and CEO of Nestl\u00e9 Egypt and Sudan.<\/p>\n

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

Sweden will host <\/strong>World Water Week<\/a><\/strong> from Sunday, 20 August to Wednesday, 24 August<\/strong> in Stockholm. Organized by the Stockholm International Water Institute, the event will bring together policy makers, NGOs, and private sector players to discuss innovative solutions to managing water and how to tackle food security, biodiversity, and climate change.<\/p>\n

The US will host the <\/strong>International Conference on Recycling and Waste Management<\/a><\/strong> and <\/strong>the <\/strong>International Conference on Environmental Sustainability and Climate Change<\/a><\/strong><\/p>\n

from Monday, 21 August till Tuesday, 22 August<\/strong> in Philadelphia. The waste management conference will gather environmental engineers, and recycling, wastewater treatment, and climate researchers to discuss trends and innovations in plastics recycling, wastewater treatment, and renewable energy. The sustainability and climate change conference will bring together researchers and industry leaders to spotlight innovations in environmental science, climatology, renewable energy, and pollution control.<\/p>\n

The Dominican Republic will host the <\/strong>COP27 Transitional Committee<\/a><\/strong>from Tuesday, 29 August to Friday, 1 September<\/strong>. The meeting aims to establish institutional arrangements, modalities, governance structures, and terms of reference for the landmark Loss and Damage Fund. It also wants to expand sources for climate funding under the program.<\/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, friends. We have another brisk issue for you this morning as the regional climate updates continue to trickle in. 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