{"id":79526,"date":"2023-09-13T01:00:49","date_gmt":"2023-09-13T01:00:49","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/09\/13\/today-uaes-enec-will-help-expand-nuclear-in-europe-omans-500-mw-solar-plant-begins-construction\/"},"modified":"2023-09-13T01:00:49","modified_gmt":"2023-09-13T01:00:49","slug":"today-uaes-enec-will-help-expand-nuclear-in-europe-omans-500-mw-solar-plant-begins-construction","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/09\/13\/today-uaes-enec-will-help-expand-nuclear-in-europe-omans-500-mw-solar-plant-begins-construction\/","title":{"rendered":"TODAY: UAE\u2019s ENEC will help expand nuclear in Europe + Oman\u2019s 500 MW solar plant begins construction"},"content":{"rendered":"

Good morning, friends. <\/strong>We have a brisk issue for you as the news cycle slowdown continues, but first\u2026<\/p>\n

FIVE DAYS TO GO until we see some of you at the Enterprise Finance Forum, which <\/strong>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 Todd Wilcox<\/strong> (CEO and deputy chair, HSBC Egypt), Akef El Maghraby <\/strong>(vice chairman, Banque Misr), Tarek El Nahas<\/strong> (group head of international banking, Mashreq), Hazem Hegazy <\/strong>(CEO and vice chairman, Al Baraka Bank),Fadi Abi-Nader<\/strong> (VP \u2014 One Demand, Global Emerging Markets, Mars-Wrigley), Bahaa Alieldean<\/strong> (senior and managing partner, ALC Alieldean Weshahi & Partners) and many others for talks on everything from what\u2019s driving transformation in the banking and finance sector to how a can bank can transact in uncertain times.<\/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, Banque Du Caire, CI Capital, Global Corp, Visa, Hassan Allam Utilities, the IFC, and Post for Investment.<\/p>\n

enterprise<\/p>\n

\n

OUR TOP CLIMATE STORY-<\/strong> The Emirates Nuclear Energy Corporation has signed an MoU with Orlen Synthos Green Energy to look into potential investments in small modular reactors for deployment across Europe.<\/p>\n

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

HAPPENING TODAY- The <\/strong>Hydrogen Egypt Summit<\/a><\/strong> is kicking off today in Cairo. <\/strong>The two-day event will bring together members of the local and global hydrogen industry to discuss optimizing hydrogen and green hydrogen development in MENA, serving as a platform for the local industry to discuss potential investments with global investors, operators, and technology providers.<\/p>\n

THE BIG CLIMATE STORY OUTSIDE THE REGION- <\/strong>EU accelerated renewable energy <\/strong>targets are now binding:<\/strong> EU lawmakers have given their final approval to raise the legally binding renewables energy target to 42.5% by the end of the decade, up from 32%. The bill initially faced some backlash from some member states including France<\/a>, which only agreed to the new law after it received assurances that nuclear energy can be included in renewables targets in some cases, the newswire said. 470 lawmakers voted in favor, 120 voted against, and 40 abstained. The new targets \u2014 which include specific goals to increase renewable use in transport and industry \u2014 aim to significantly increase investments in wind and solar. EU member countries must still approve the final bill before it officially enters into force.<\/p>\n

The approval got ink in the international press:<\/strong> Reuters<\/a> | AP<\/a> | The Financial Times<\/a><\/p>\n

\n

OVER IN COPLAND- More consultations ahead of COP28: <\/strong>COP28 President-Designate Sultan Al Jaber has asked environment ministers from a number of countries to conduct informal consultations on his behalf on mitigation, adaptation, and means of implementation, along with informal consultations on the Global Stocktake<\/a>, according to a letter (pdf)<\/a> by the UNFCCC Secretariat. Egypt\u2019s Environment Minister Yasmine Fouad was among the ministers named in the letter, tasked with the means of implementation pillar. \u201cThe COP28 President Designate encourages all Parties and Groups and constituencies to actively<\/p>\n

engage with these ministers during the informal consultations,\u201d the letter read.<\/p>\n

<\/a>WATCH<\/strong> THIS SPACE- Egypt and the Netherlands are partnering on a green <\/strong>fuels: <\/strong>Head of Egypt\u2019s Suez Canal Economic Zone (SCZone) Walid Gamal El Din signed a cooperation agreement with a consortium of Dutch-based green hydrogen developers to establish a corridor facilitating the export of green fuels from Egypt to the Netherlands, according to a statement<\/a>. The unnamed Dutch developers will invest in setting up several green hydrogen plants in the SCZone with plans to funnel the low-carbon fuels through the Port of Amsterdam for export to the EU market, the statement notes. The green fuels would be transported to export markets through subsea interconnectors, with a portion of the green hydrogen allocated for use for ship refueling operations for vessels transiting through the Suez Canal. Last month, Dutch-based chemicals producer OCI Global completed a six-hour refueling operation<\/a> in SCZone for the world\u2019s first green methanol-powered ship.<\/p>\n

The Dutch are also interested in the UAE: <\/strong>The Port of Amsterdam is similarly eying green fuel imports from the UAE, signing an agreement<\/a> earlier in January with UAE renewables giant Masdar to set up a green hydrogen corridor between the Emirates and the EU.<\/p>\n

\n

WORTH READING- Some aren\u2019t really jumping on the clean hydrogen bandwagon: <\/strong>Some hedge funds are shorting the hydrogen sector pegging it as a losing bet for those looking for a return on their investment in the short term, Bloomberg<\/a> reports, citing an interview with Argonaut Capital Partners founder Barry Norris. \u201cIt\u2019s a complete waste of time, unfortunately,\u201d he said, adding the skepticism arises from a lack of confidence in business models and the amount of capital needed \u2014 especially in building electrolyzers \u2014 to get projects off the ground and running, Norris said, adding that \u201cto pay back on that capital cost, capacity utilization has to be very high.\u201d<\/p>\n

Looking the other way: <\/strong>Norris argues that the only form of hydrogen generation that\u2019s \u201cremotely competitive in terms of cost is that which is produced either by fossil fuels, hydro or nuclear energy,\u201d adding that hydrogen produced by weather-dependent renewable power is risky.<\/p>\n

Give it some time, others argue: <\/strong>Impax Asset Management CEO Ian Simm says that while US President Joe Biden\u2019s climate bill was a \u201cpotential game change changer\u201d for hydrogen, there was still unpredictability about how the subsidies would be implemented on ground. \u201cThere have been times recently when valuations of green hydrogen-related stocks have been priced in an efficient, speedy policy transition to support green hydrogen,\u201d Simm said. \u201cThat\u2019s probably been over-optimistic.\u201d Impax, which is among the world\u2019s largest low-carbon fund managers, remains hopeful about hydrogen in the near future. \u201cWe\u2019re very bullish about hydrogen with a 10- to 15-year horizon because it\u2019s one of the key ways that we will be decarbonizing industrial heat,\u201d he said. \u201cBut in the short term, it\u2019s really hard to see a rapid expansion of demand to a scale that we would invest in\u201d.<\/p>\n

\n

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