{"id":82460,"date":"2024-02-19T00:00:00","date_gmt":"2024-02-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/02\/19\/today-omans-sohar-freezone-inks-lease-agreement-for-battery-recycling-plant-acwa-power-gets-the-green-light-to-secure-financing-for-solar-projects\/"},"modified":"2024-02-19T00:00:00","modified_gmt":"2024-02-19T00:00:00","slug":"today-omans-sohar-freezone-inks-lease-agreement-for-battery-recycling-plant-acwa-power-gets-the-green-light-to-secure-financing-for-solar-projects","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/02\/19\/today-omans-sohar-freezone-inks-lease-agreement-for-battery-recycling-plant-acwa-power-gets-the-green-light-to-secure-financing-for-solar-projects\/","title":{"rendered":"TODAY: Oman\u2019s Sohar Freezone inks lease agreement for battery recycling plant + Acwa Power gets the green light to secure financing for solar projects"},"content":{"rendered":"

Good morning, folks. <\/strong>We have a compact issue this morning with lots of climate industry updates from across the region and beyond. Let\u2019s jump right in.<\/p>\n

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THE BIG CLIMATE STORY OUTSIDE THE REGION- <\/strong>Climate <\/strong>coalition sees mass exodus of big investors: <\/strong>JP Morgan Asset Management and Bond manager PIMCO<\/a> are leaving Climate Action 100+<\/a> \u2014 a coalition of investors that pushes companies to reduce their carbon emissions. JP Morgan said it developed its climate risk engagement framework and no longer needs to participate in the group's engagements while PIMCO claimed that \u201cClimate Action 100+ participation is no longer aligned with the company\u2019s approach to sustainability.\u201d The two are among the latest firms to quit the group, following Loomis Sayles and Walter Scott last year. Several US fund managers have faced backlash from Republican lawmakers and state officials over their environmental investing efforts. Climate Action 100+ has been accused of being \u201canti-oil\u201d and coordinating unlawfully with other investors. Oil states like Texas and Oklahoma have banned financial companies affiliated with the group from doing business with them. <\/p>\n

The story made headlines in the international press:<\/strong>Reuters<\/a> | Bloomberg<\/a> | Wall Street Journal<\/a> | The Financial Times<\/a> | The New York Times<\/a> <\/p>\n

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HAPPENING TODAY- The <\/strong>Egypt Energy Show<\/a><\/strong> is kicking off today and running through to <\/strong>Wednesday, 21 <\/strong>February in Cairo. <\/strong>The event will gather 35k energy industry professionals and host over 80 conferences on energy transition and sustainable production.<\/p>\n

AND MUCH LATER- <\/strong>The World Water Council in Turkey has tapped Saudi to host the 11th World Water <\/strong>Forum <\/strong>in Riyadh in 2027<\/strong>, SPA<\/a> reports. The event gathers policymakers and industry experts every three years with the aim of tackling global water challenges, especially amidst increasing climate-induced droughts. This year\u2019s forum<\/a> is taking place from 18-25 May in Indonesia. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- A new industrial strategy for Egypt including green initiatives will be <\/strong>launched by the end of February<\/strong>, Egypt\u2019s Trade and Industry Minister Ahmed Samir told Asharq Business<\/a> on Saturday. No details on the strategy were revealed but Samir had previously said the new strategy will aim to boost the shift towards green industries and increase the annual growth rate of exports by 18-25% in efforts to reach USD 100 bn in exports, the news outlet notes. <\/p>\n

This has been long in the works: <\/strong>Manufacturers have been waiting for the Egyptian Industry Strategy since it was teased in 2022<\/a>. No draft of the strategy was made available but some are anticipating that it will support mechanisms for industrial production.<\/p>\n

IN OTHER EGYPT NEWS- Egypt is <\/strong>allocating around USD 30 bn to integrate the expected 126 GW of new and renewable energy projects into the national electricity grid<\/strong>, a source at the Electricity and Renewable Energy Ministry told Youm7<\/a> on Saturday. An unknown international consultant was contracted to carry out a feasibility study for the project to upgrade the grid, which includes establishing transmission lines with a voltage of 1k kW, the source added. Egypt is planning to add a total of 142 GW of renewable energy \u2013 50% of its energy consumption \u2013 to its grid by 2040. <\/p>\n

USD 2.5 bn of which will come from foreign investors:<\/strong> Egypt is expecting foreign investments in its renewable energy sector in 2024 and 2025 to reach USD 2.5 bn, most of which will be earmarked for solar projects and will be secured from regional players including Saudi\u2019s Acwa Power and UAE\u2019s Al Nowais, senior officials at the ministry told Al Mal<\/a> on Sunday.<\/p>\n

<\/a> #2- <\/strong>Iran<\/strong> is currently developing five solar parks in its Qazvin and Kerman provinces<\/strong>, Tehran Times<\/a> reported on Friday, citing comments made by the Iran Small Industries and Industrial Parks Organization head Ruhollah Ebrahimi. \u201cThe government has approved the plan for the establishment of 17 solar parks in six provinces, five of which are being constructed,\u201d he added. Iran plans to export any excess electricity generated from the project to neighboring countries including Turkey<\/a>, through their connected grids. The country had planned on installing 4 GW from solar power plants last year, 2.2 GW<\/a> will have tenders issued for their construction later this year, the report added. Iran announced a 1 GW solar farm in Qazvin in January<\/a> and another solar park in Kerman with an undisclosed capacity under construction in August<\/a>.<\/p>\n

<\/a> #3- <\/strong>Iraq <\/strong>and Acwa Power to sign solar plant agreement: <\/strong>Acwa Power is set to sign a contract with Iraq's Ministry of Electricity to build and operate a 1 GW solar power plant in Najaf city located south of the capital, according to a statement<\/a> published last week. The agreement had been delayed for three years<\/a> to ensure the contract\u2019s requirements were met, the statement added.<\/p>\n

This has been in the works: <\/strong>Iraq has been in talks with Acwa Power<\/a> for a 1 GW solar plant and with UAE\u2019s Masdar for another 1 GW project in its western regions. The country plans to sign agreements for 3.7 GW of renewable energy by the end of the year.<\/p>\n

IN OTHER IRAQ NEWS- <\/strong>Baghdad Municipality plans to select an investment firm in March to develop a 80-90 MW waste-to-energy (WtE) project, Al Sabah<\/a> reported on Thursday, citing the Municipality\u2019s Environment and Solid Waste Department assistant director Karim Azab. The project will have a capacity to process 3k tons of waste daily, and will take 24 months to complete. Iraq is also planning a similar project which will be announced once the land for it is secured, Azab added.<\/p>\n

<\/a> #4- Emirati climate tech angel investors prefer African and MENA markets for growth over <\/strong>traditional ones<\/strong>,according to a report<\/a> by Abu-Dhabi based startup accelerator startAD<\/a> and VentureSouq<\/a>. Some 23% of UAE investors prioritize climate investments in Africa (23%), while 19% pick the MENA region, and 15% would go for Asia over their western counterparts, the report found. This bucks the global pattern, where the majority of climate tech venture capital is directed towards the US (40%), China (22%), and Europe (20%), while MENA attracts between 1.5-3% and Africa secures 1-2%.<\/p>\n

Investor demographics:<\/strong> The gender ratio of angel investors in the UAE is 57% male to 43% female, surpassing international averages such as the US, where women account for 22% of angel investors, and the UK, whose ratio of women angel investors is 14%. The average age of angel investors in the UAE (42) is also notably younger than those in the US (57.6 years) and the UK (55 years).<\/p>\n

#5- <\/strong>Automakers <\/strong>prepare for the competitive threat of Chinese EVs: <\/strong>International automakers are exploring options ranging from battery size reduction to forging partnerships in a bid to combat China\u2019s dominance of EVs, Reuters<\/a> reported on Friday. French automaker Renault is exploring reducing EV cost production by halving the battery size of its smaller cars \u2014 which accounts for around 40% of costs \u2014 while other automakers like General Motors and Ford are exploring potential partnerships to lower EV costs.<\/p>\n

Stellanis is eyeing M&As to support its electric transition:<\/strong> Stellantis is looking for potential acquisitions and merger opportunities to shore up supply chains and secure software or battery materials, Reuters<\/a> reported on Thursday, citing comments made by CFO Natalie Knight. The company has EUR 61 bn in liquidity and strong cash flows and intends to be one of the consolidators in the global auto industry.<\/p>\n

And Ford is preparing for the worst:<\/strong> Ford Motor is bracing for a \u201ccolossal strategicthreat\u201d from low-cost Chinese electric vehicles inching closer to the US market, Bloomberg<\/a> reported last week, citing statements by the company's EV unit CEO Marin Gjaja. Chinese automakers are ahead of Ford in EV technology and could build factories in Mexico to avoid tariffs, Gjaja said, adding that Ford should focus on EVs or \u201crisk losing its future as a company.\u201d Ford is working on making low-cost EVs, as EV high prices and inconsistent charging infrastructure are detering the average US consumer.<\/p>\n

#6- <\/strong>EU<\/strong> greenlights USD 7.4 bn aid for green hydrogen: <\/strong>The European Commission has approved a state aid package worth EUR 6.9 bn (USD 7.4 bn) to develop green hydrogen infrastructure projects in Europe, Reuters<\/a> reported on Thursday. The aid \u2014 which will be provided by France, Germany, Italy, the Netherlands, Poland, Portugal, and Slovakia \u2014 will go to 33 projects by 32 companies and will support the production, transport, storage, and use of green hydrogen, which will include large-scale electrolysers, storage facilities, and terminals for liquid hydrogen carriers. <\/p>\n

REMEMBER- Researchers flagged import plans as \u201cunrealistic\u201d:<\/strong> The EU's plans to import 10 mn tons of renewable hydrogen, and produce an equivalent amount locally by 2030 were deemed unrealistic in a new study<\/a> by Ricardo consultancy published last week. The plans expected the EU to import hydrogen from countries including Egypt, Oman, and Morocco, which face their own challenges in meeting the projected demand. The study found that both the import and local production targets are not feasible when compared to legally binding targets and the actual demand for hydrogen in the bloc.<\/p>\n

#7- <\/strong>JETPs<\/strong> are falling behind on pledges: <\/strong>A new report (pdf)<\/a> by the Rockefeller Foundation<\/a> says Just Energy Transition Partnerships (JETP) are struggling to raise capital and fund the green transition in poorer countries, The Financial Times<\/a> reported on Thursday. The JETP framework aims to mobilize USD bns for developing countries to shift from fossil fuels to renewable energy sources, but the report has found that JETPs are stifled by a lack of support from multilateral development banks and insufficient engagement with local stakeholders. The report warned that without a new approach, the JETPs may not be scalable and may fail to deliver on the global climate goals.<\/p>\n

Western backers halted Indonesia\u2019s JTEP: <\/strong>Indonesia's plans for the early retirement of coal-fired power plants under its JETP initiative came to a halt in September<\/a> due to its Western partners reversing its decision to finance the USD 20 bn project. The international partners cited rising borrowing costs as the reason for their delay in extending financing. <\/p>\n

About <\/strong>JETPs:<\/strong> First launched at COP26 by South Africa, JETPs<\/a> represent a funding model created to help emerging economies transition away from fossil energy and toward clean energy. Senegal's renewables sector was expected to get a boost through a EUR 2.5 bn<\/a> in new and additional financing under the Senegal JETP over three to five years last June. Indonesia also launched a USD 20 bn<\/a> green investment strategy under its JETP in November. Other countries announced as partners in the JETP approach include India, Indonesia<\/a>, and Vietnam.<\/p>\n

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WORTH WATCHING-<\/p>\n

The rest of the world can take a page out of Norway\u2019s book: <\/strong>Norway has been able to achieve a 82% EV adoption rate in 2023 on the back of government policies and incentives dating back to the 1990s, while other nations \u2014 including the US and China \u2014 can barely keep up, according to a recently released CNBC documentary (watch, runtime: 36:41<\/a>). The country\u2019s incentives and policy include free parking, the use of bus lanes, no tolls and most importantly, no taxes on zero-emission vehicles, coupled with the fast roll out of EV infrastructure, and the availability of a variety of EV models, are the reasons behind Norway\u2019s success. With nearly 100% hydropower, Norway has made it more affordable to power up EVs compared to gas stations. Watch the full documentary \u2014 which features industry experts, Norwegian government officials, and citizens \u2014 here<\/a>.<\/p>\n

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DANGER ZONE- <\/p>\n

The Amazon rainforest ecosystem faces large-scale collapse by mid-century due <\/strong>to climate stress<\/strong>, a new study (pdf)<\/a> published in Nature journal last week concluded. 10%-47% of the Amazon\u2019s forests will experience multiple simultaneous disturbances by 2050 due to increased drought, high temperatures, deforestation, and wildfires which could cause up to half of the forest to reach a \u201ctipping point,\u201d turning it into a carbon emitter instead of a carbon sink, The Guardian<\/a> said, citing the study. Human activity like land clearance, alongside extreme drought and heat, is decreasing rainfall in parts of the Amazon, negatively impacting the ecosystem\u2019s resilience, the study added.<\/p>\n

Urgent action needed:<\/strong> Some 10% of Earth\u2019s terrestrial biodiversity is in the Amazon, which also stores the equivalent of 15 to 20 years of global CO2 emissions and cools the Earth\u2019s climate through evapotranspiration, the study said. \u201cOnce we pass the tipping point, we will lose control of how the system will behave,\u201d Bernardo Flores, lead author of the study told The Guardian. <\/p>\n

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

The UAE will host the <\/strong>Management and Sustainability of Water Resources<\/a><\/strong> Conference <\/strong>from Monday, 26 February to Wednesday 28 February<\/strong> in Dubai. Water availability in arid and semiarid regions, global water issues, and future water and environmental challenges are all on the agenda.<\/p>\n

Saudi Arabia will host the <\/strong>International Conference on Sand and Dust Storms in the<\/a><\/strong>Arabian Peninsula<\/a><\/strong> from Monday, 4 March to Wednesday, 6 March <\/strong>in Riyadh. The conference will address regional challenges caused by sand and dust storms and discuss monitoring systems, mitigation strategies, economic and infrastructural impacts, and more.<\/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>\n","protected":false},"excerpt":{"rendered":"

What we\u2019re tracking this morning regionally and around the 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