{"id":79498,"date":"2023-09-12T01:00:17","date_gmt":"2023-09-12T01:00:17","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/09\/12\/today-a-spate-of-renewables-agreements-emerge-from-the-india-saudi-investment-forum\/"},"modified":"2023-09-12T01:00:17","modified_gmt":"2023-09-12T01:00:17","slug":"today-a-spate-of-renewables-agreements-emerge-from-the-india-saudi-investment-forum","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/09\/12\/today-a-spate-of-renewables-agreements-emerge-from-the-india-saudi-investment-forum\/","title":{"rendered":"TODAY: A spate of renewables agreements emerge from the India-Saudi Investment Forum"},"content":{"rendered":"

Good morning, nice people. <\/strong>We\u2019re experiencing a slight pause in the flood of regional climate news as the week rolls on, but there are a few regional updates and international news bits to share.<\/p>\n

THE BIG CLIMATE STORY- <\/strong>Several KSA-based renewables companies including Desert Technologies and Tadawul-listed Al Jomaih Energy and Water company have signed MoUs with Indian companies on the sidelines of the India-Saudi Investment Forum to invest in the region\u2019s renewables sector.<\/p>\n

HAPPENING TODAY-<\/strong> Egypt will kick off the <\/strong>Environmental and Climate Investment Forum<\/a><\/strong> today in the New Administrative Capital.<\/strong> The one-day forum aims to present a number of potential investments for the private sector in several sectors, including sustainable energy, waste recycling, environment tourism, circular economy, sustainable agriculture, food production and others.<\/p>\n

THE BIG CLIMATE STORY OUTSIDE THE REGION- <\/strong>International tribunal to decide if CO2 should be included in ocean pollution laws:<\/strong> The Hamburg-based International Tribunal for the Law of the Sea was asked yesterday to decide whether UN ocean pollution laws backed by 176 countries also apply to CO2 emissions. The case was brought to the tribunal by a group of nine small island nations \u2014 including Tuvalu and Vanuatu \u2014 who face the threat of becoming completely submerged by the end of the century. The tribunal governs the deep sea mining and shipping industries and requires signatories from its members to take measures to prevent and reduce pollution in marine environments. Tuvalu\u2019s capital Funafuti could be flooded by 2050 if climate change is left unchecked, the newswire said. If the tribunal agrees with the small island nations that CO2 is considered a form of pollution, it would put further pressure on signatories to reduce greenhouse gasses. A decision is expected in early 2024.<\/p>\n

REMEMBER- <\/strong>Earlier this year, a wider group of climate vulnerable islands led by Vanuatu<\/a> asked the International Court of Justice to issue its assessment of what countries are obliged to do in order to make sure that global temperature rise is kept below the Paris Agreement target of 2 \u00b0C. Countries will submit input over the next year, and it could take the court around 18 months to issue an advisory opinion to clarify financial obligations countries have on climate change.<\/p>\n

The story grabbed headlines in the international press:<\/strong> Reuters<\/a> | Bloomberg<\/a> | CNN<\/a> | The Guardian<\/a><\/p>\n

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SIX DAYS TO GO until we see some of you at the Enterprise <\/strong>Finance Forum, which takes 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 Sherif El Behery<\/strong> (CEO and managing director, MDI), Mohamed Mounir<\/strong> (deputy CEO, ValU), Tarek Shahin <\/strong>(chief investment officer, CI Asset Management), Himanshu Shrimali<\/strong> (co-founder and CEO, Menthum), Amro Abou<\/strong>esh<\/strong> (founder, Maseera), Kamel Saleh<\/strong> (CEO, Grant Thornton Egypt) and many others for talks on everything from where the talent in our industry can be found, whether NBFIs are a bubble and the state of finance\u2019s professional services firms.<\/p>\n

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

There will be plenty of parking available at the venue<\/strong> for all those attending.<\/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, the IFC, and Post for Investment.<\/p>\n

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

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WATCH THIS SPACE #1- <\/strong>Egypt voices anger over GERD\u2019s final filling:<\/strong> Egypt said Ethiopia\u2019s completion of the fourth<\/a>and final filling<\/a> of its Grand Ethiopian Renaissance Dam (GERD) \u201cplaces a burden on the path of renewed negotiations,\u201d according to a statement<\/a>. It said the \u201cunilateral\u201d move by Ethiopia continues to disregard the interests, rights, and water security of downstream countries Egypt and Sudan, describing it as a \u201cviolation of the Declaration of Principles\u201d signed between the three countries in 2015.<\/p>\n

A continued deadlock: <\/strong>The first round of talks in late August<\/a> between Egypt, Ethiopia, and Sudan in two years ended without a breakthrough. The discussions hosted in Cairo \u201cdid not witness any tangible change in the Ethiopian position,\u201d an Egyptian Irrigation Ministry spokesperson said at the time. The Cairo-hosted round of talks came a few weeks after Egyptian President Abdel Fattah El Sisi and Ethiopian PM Abiy Ahmed said they aim to finalize an agreement<\/a> on the dam within the next four months. Officials from the three countries will reconvene in the Ethiopian capital for a new round of talks this month.<\/p>\n

REFRESHER- <\/strong>The three countries have failed during years-long negotiations to reach a consensus on how to share the Nile\u2019s water. Cairo fears the dam presents an existential threat to its water security as Ethiopia continues to unilaterally fill the reservoir<\/a> without a binding agreement. The unilateral filling pushed Cairo to withdraw in 2021 from African Union-led negotiations.<\/p>\n

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<\/a>WATCH THIS SPACE #2- Qatar plans to launch a green tech investments fund in the UK:<\/strong> Qatar is weeks away from establishing a USD 4 bn research hub for green energy investments in the UK funded by the non-profit Qatar Foundation<\/a>, The Times<\/a> reports. The fund \u2014 called Project Oryx \u2014 aims to encourage UK green startups to remain in the country and scale up their projects through a USD 1.5 bn seed round, with British luxury automaker Rolls-Royce supplying the technical knowledge. The sectors of interest for the fund include green aircraft fuel, carbon capture and storage, and long-term energy storage, the news outlet said. Project leaders are already in conversation with a number of early-stage companies, a fund manager told the Times. As part of the agreement, a research facility will also be set up in Doha.<\/p>\n

WATCH THIS SPACE #3- Jinko-Sembcorp JV heads to the Muscat Stock Exchange:<\/strong> A JV established earlier this year by Singapore\u2019s Sembcorp Utilities \u2014 a subsidiary of Sembcorp Industries \u2014 and China\u2019s Jinko Power has secured approval for its share capital to be listed on the Third Market of the Muscat Stock Exchange, according to an statement (pdf)<\/a> published by the exchange. The JV was issued a license with a share capital of RO 500k (USD 1.3 mn) comprising 500k shares by the Ministry of Commerce, Industry, and Investment Promotion, according to the statement. The bourse\u2019s Third Market is a platform that enables small and emerging companies to publicly trade their shares with less stringent regulations compared to companies listed on the primary stock exchange, the Oman Daily Observer<\/a> notes.<\/p>\n

BACKGROUND-<\/strong> The Jinko-Sembcorp JV was selected to develop<\/a> the 500 MW Manah 2 solar plant in Oman under a build-own-operate model last March. The JV \u2014 80% owned by Sembcorp Utilities \u2014 also signed a 20-year power purchase agreement with Nama Power and Water Procurement company, which was called Oman\u2019s Power and Water Procurement Company (OPWP) at the time<\/a>. The contract was made official in May, at the same time Nama selected Korea Western Power and French EDF Renewables for its Manah 1 solar plant. The project marks Sembcorp\u2019s first direct foray into MENA\u2019s renewables sector.<\/p>\n

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