{"id":79468,"date":"2023-09-11T01:00:08","date_gmt":"2023-09-11T01:00:08","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/09\/11\/today-g20-leaders-fail-to-reach-agreement-on-phase-out-yemen-bags-its-first-big-solar-project\/"},"modified":"2023-09-11T01:00:08","modified_gmt":"2023-09-11T01:00:08","slug":"today-g20-leaders-fail-to-reach-agreement-on-phase-out-yemen-bags-its-first-big-solar-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/09\/11\/today-g20-leaders-fail-to-reach-agreement-on-phase-out-yemen-bags-its-first-big-solar-project\/","title":{"rendered":"TODAY: G20 leaders fail to reach agreement on phase out + Yemen bags its first big solar project"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s another busy morning on the climate front as we recap what happened at G20 and catch up on what else happened in the region over the weekend. Let\u2019s dive right in.<\/p>\n

THE BIG CLIMATE STORIES- <\/strong>Yemen is building a solar plant in Aden with a generation capacity of up to 120 MW with support from the UAE\u2019s renewables giant Masdar and KSA\u2019s City Cement Company subsidiary \u2014 Green Solutions for Environmental Services Company \u2014 has set up a new joint venture aimed at producing alternative fuels from waste.<\/p>\n

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

THE BIG CLIMATE STORY OUTSIDE THE REGION- G20 made a splash in the international dailies over the weekend: <\/strong>The highly anticipated two-day meeting of G20 leaders saw governments agree to \u201cpursue\u201d and \u201cencourage\u201d tripling renewable energy capacity globally by the end of the decade, but yet again fail to reach consensus on a fossil fuels phasedown.<\/p>\n

^^ We have all the details on this story in the news well, below.<\/strong><\/p>\n

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ONE WEEK TO GO- There are just seven days until the Enterprise Finance Forum, which takes <\/strong>place 18-19 September <\/strong>(Monday and Tuesday) at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, founders, and corporate leaders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech \u2014 and of their clients.<\/p>\n

What to expect:<\/strong> Join Amr Allam <\/strong>(co-CEO, Hassan Allam Holding), Pakinam Kafafi <\/strong>(CEO, Taqa Arabia), Sherif El Kholy<\/strong> (partner and head of MENA, Actis), Tarek Abdel Rahman<\/strong> (managing partner, Compass Capital), Tarek Assaad<\/strong> (managing partner, Algebra Ventures), Ahmed Sobhy<\/strong> (chief investment officer, Banque Misr), and many others for talks on everything from how PE and VC players are tackling fundraising in a challenging climate to what major corporate customers of banking and finance need to see from their institutions.<\/p>\n

Tap or click here to view the FULL AGENDA with SPEAKERS.<\/a><\/strong><\/p>\n

We are honored to count some of the region\u2019s most important financial institutions as <\/strong><\/p>\n

our partners for this special event. <\/strong>The Enterprise Finance Forum could not take place without the support of our partners including Banque Misr, Al Baraka Bank, FAB Misr, HSBC, Mashreq, CI Capital, Global Corp, Visa, Hassan Allam Utilities, and the IFC.<\/p>\n

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

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OVER IN COPLAND- Private sector involvement in the spotlight: <\/strong>The COP28 Presidency will explore how the private-sector can help global decarbonization under its planned Business and Philanthropy Climate Forum (BPCF), which will run from 1- 2 December in Dubai, Wam<\/a> reported on Thursday. The UAE is hailing the forum as a \u201cfirst-of-a-kind multi-stakeholder strategy\u201d aimed at gathering 500 CEOs, philanthropists, and policymakers from across the world to chart out a cross-sectoral course to derisking green investments, accelerating the transition to net-zero energy sources, stepping up biodiversity protection efforts, and channeling more climate financing toward the global south and climate-focused SMEs and startups. \u201cThe private sector holds the greatest promise to accelerate the accomplishment of our climate and nature global goals,\u201d BPCF chair and COP28 Special Representative for Business and Philanthropy Badr Jafar said.<\/p>\n

ALSO- A big announcement by Mozambique at COP28?<\/strong> Mozambique plans to announce a major energy-transition agreement with rich countries during COP28 in Dubai later this year, Bloomberg<\/a> reported last week. Mozambique plans to benefit from its vast hydro, solar, and wind potential to help meet local power needs and those of neighboring countries as well as to process battery minerals like graphite and lithium, its national director of energy Marcelina Mataveia said. It is currently in talks over funding with Belgium, Germany, the UK, and the UAE.<\/p>\n

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<\/a>WATCH THIS SPACE #1-<\/strong> A global tender for CSP in Egypt is luring big players: <\/strong>Six to eight consortiums have shown interest in bidding for a global tender for the first batch<\/a> of concentrated solar power (CSP) plants to generate electricity and produce potable water on Egypt\u2019s North Coast, a government source told Enterprise Climate. These include Saudi Arabia\u2019s Acwa Power, the UAE\u2019s Amea Power, Spain's Aqualia, Japan\u2019s Toyota Tsusho, and a consortium led by Norway\u2019s Scatec, the source said. He revealed that the government plans to offer three to four plants as a first batch in the tender, estimating an investment cost of USD 270 mn per project. The cost would be scalable according to FX fluctuations, the source said, adding that the winning consortiums would arrange necessary funding for the projects whether from local banks or abroad. The government will invite qualified consortiums for the tender in December, the source added.<\/p>\n

What we know: <\/strong>The CSP plants will be utilized for seawater desalination projects in areas on the western North Coast. They will have a capacity to desalinate over 300k cubic meters of water per day, according to the source.<\/p>\n

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<\/a>WATCH THIS SPACE #2-<\/strong> KSA and India will join forces on the energy transition: <\/strong>India and Saudi Arabia are expected to sign an MoU on energy cooperation today at a meeting between Saudi Crown Prince Mohammed bin Salman and Indian Prime Minister Narendra Modi, Reuters<\/a> reports, citing a source with knowledge of the matter. The pact will focus on energy efficiency, renewable energy, hydrogen, and electricity interconnection.<\/p>\n

We knew something of the sort was in the works:<\/strong> Saudi Arabia and India began last month<\/a> talks on cooperation in green hydrogen with sources saying the talks include exploring investment potential, technology sharing, and joint research and development. The discussions are part of a broader agreement on undersea cable grid connectivity between the two countries, the sources said last month.<\/p>\n

IN OTHER KSA NEWS-<\/strong> T<\/strong>he US and KSA are in talks to secure critical minerals in Africa:<\/strong> The US government is looking to leverage Saudi stakes in African mining projects in a bid to source rare earths critical to EV and renewables production, The Wall Street Journal<\/a> writes, citing people with knowledge of the talks. According to the sources, a state-backed Saudi venture would buy stakes in African mining projects in countries including the Democratic Republic of Congo, Guinea and Namibia, and then allow US companies the rights to buy some of the production from those Saudi-owned stakes.<\/p>\n

ALSO WORTH READING-<\/strong> There\u2019s skepticism over Saudi Arabia\u2019s mining push:<\/strong> A plan by Saudi Crown Prince Mohammed bin Salman to turn his kingdom into a mining holy grail is being met with skepticism as the kingdom tries to lure global mining companies, Bloomberg<\/a> reported on Thursday. Several executives and advisers at some of the world\u2019s leading miners have expressed skepticism over the country\u2019s domestic mining ambitions due to its geology. They describe the kingdom\u2019s uranium reserves as \u201cseverely uneconomic.\u201d They also say that deposits of copper \u2014 the most sought after metal \u2014 are mainly formed by volcanic activity, meaning they are only found in small to medium-sized areas. This makes them less attractive to mine than deposits in regions in Latin America and Central Africa and an untapped copper crescent that runs through Iran and Pakistan.<\/p>\n

The water problem: <\/strong>Water scarcity is also an issue in the desert country, according to experts. \u201cThere is also the challenge of availability of infrastructure, particularly for deposits located in remote desert areas,\u201d said Carole Nakhle, Founder and CEO of London-based consultancy Crystol Energy.<\/p>\n

REMEMBER- The Saudis are going big with energy transition metals:<\/strong> Saudi Arabia aims to become a global hub for metals<\/a> that are critical for the energy transition under efforts to diversify its economy away from oil. This includes tapping into significant amounts of uranium and titanium discovered in the country, according to officials. KSA says it has untapped metals and minerals<\/a>\u2014 including copper, zinc, phosphate, and gold \u2014 collectively worth USD 1.3 tn. KSA\u2019s Manara \u2014 a recently established JV between Saudi Arabia\u2019s sovereign wealth fund and state-owned mining company Ma\u2019aden \u2014 sealed an agreement in late July<\/a> with Brazilian miner Vale to grab a 10% slice of its base metals unit as it eyes a pivotal role in the global energy transition supply chains.<\/p>\n

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WATCH THIS SPACE #3- <\/strong>Sustainability-linked bonds still on track to achieve big:<\/strong> Global issuance of sustainable bonds is still on track to reach USD 900 bn to USD 1 tn this year on the back on increased demand and a continued focus on energy transition, a report (pdf)<\/a> by S&P Global read last week. The report says green, social, sustainable, and sustainability-linked bond (GSSSB) issuance will still account for 14% to 16% of total issuance this year \u201cdespite a stagnating global bond issuance.\u201d It expects green bonds to dominate as sustainability-linked bonds decline. Green bond issuance hit a record first year half of USD 310 bn, S&P Global said, expecting them to continue dominating throughout the year. It sees Europe remaining in the lead for GSSSBs, with North America seeing a slowdown in issuances due to lower supply and demand until the end of the year. Emerging markets may see a rise in issuances next year, it noted.<\/p>\n

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NON-CLIMATE REGIONAL HEADLINES OVER THE WEEKEND:<\/strong><\/p>\n