{"id":82790,"date":"2024-03-05T00:00:00","date_gmt":"2024-03-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/03\/05\/today-ega-breaks-ground-on-the-regions-first-first-renewables-powered-data-centers\/"},"modified":"2024-03-05T00:00:00","modified_gmt":"2024-03-05T00:00:00","slug":"today-ega-breaks-ground-on-the-regions-first-first-renewables-powered-data-centers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/03\/05\/today-ega-breaks-ground-on-the-regions-first-first-renewables-powered-data-centers\/","title":{"rendered":"TODAY: EGA breaks ground on the region's first first renewables-powered data centers"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, nice people. <\/strong>It\u2019s a light news day in the regional climate sector as we hit a mid-week slump. We have some M&A news and a new renewables-powered project taking shape in the UAE.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p class=\"tag-border-left\">WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt1\"><\/a>#1- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.alrajhibank.com.sa\/\" style=\"\" rel=\"noopener\">Al Rajhi Bank<\/a><\/strong><strong> \u2014 Saudi Arabia's second-largest lender by assets \u2014 plans to issue <\/strong><strong>sustainable USD-denominated sukuk<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lY_RboIwFIafxQcwPWgs7JKNDVlQUXQqN6aWMyURSkpxc0-_VpYZ3Vxc04ue0-__z39IQhYkKdg-2zCViYLtdL1M6KrnUuj0HRhBf_oAFGKfzqaO5XUomZ8DzsCnMB6641HH7oH_AiT5lx7iqAfjp2jQDWECPtDb9HDluDfMT86RkXtn6wTP934Qul2H2pfALyteDPm5wxH4I2SMxXET-2rUwCJziZWoJUcy2aByi0LUBcccCxVmlfKYYmTMGd9iiHvcRWyDJDajWbrPKiErQ5Fl2zK9CrkS0iuD9LtzyNdiR5bmXUqR1lxNDyU2DSW0_de71MZx9qErCxorJvn2xJr_YZ2vUXprzZjWqxT5yYCZ5NzkbkTWqkmg8F3FR7OGS7UiQpkJnZGU-Wy2gCxoO2-P3dw5v26r9QlTUSX0\/dz\/d5\/L0lHSklna0tDbEVKSUtJS1VRb2dwUkEhIS9vSHdRQUVNSUFBQ0VFaGdDS000emxHWUVLVWxTVUtXdEcwWVdnQSEhLzRKQ2lqc1lwTWhUalVFNWxFbXQyVXR0TlF6VzdLVzFtbzVBIS9aN181QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURRNi9aNl81QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURJMy9jb21wYW55U3ltYm9sLzExMjAvZ2xvYmFsL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzc4NTE3\/\" style=\"\" rel=\"noopener\">Tadawul filing<\/a>. It did not disclose details about the size and terms of the issuance, but a document seen by <a target=\"_blank\" href=\"https:\/\/www.nasdaq.com\/articles\/al-rajhi-bank-plans-to-issue-5-year-sustainable-sukuk-document-says\" style=\"\" rel=\"noopener\">Reuters<\/a> sees the lender selling a benchmark-sized five-year sustainable sukuk under its USD 4 bn Trust Certificate Issuance Programme.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors: <\/strong>Al Rajhi Bank hired our friends at HSBC, along with Al Rajhi Capital, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Citigroup Global Markets, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank as joint lead managers and bookrunners for the transaction. Its advisors list also includes Goldman Sachs, KFH Capital Investment, SMBC Capital Markets, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale and Standard Chartered Bank.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not Al Rajhi\u2019s first sustainable sukuk issuance:<\/strong> Al Rajhi Bank <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/bb05f53f-ddc3-4c17-b2d1-6c8669e7f900\" style=\"\" rel=\"noopener\">raised USD 1 bn<\/a> from its five-year USD-denominated sustainable sukuk issuance in April. The bank issued 5k bonds at a par value of USD 200k, with the sukuk carrying a yield of 4.75% per annum. The bank\u2019s sustainable sukuk plans comes as part of its financial and strategic objectives outlined under its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/237.pdf\" style=\"\" rel=\"noopener\">sustainability financing framework (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt2\"><\/a>#2- The stage is being set for COP29: <\/strong>The EU is preparing to call on the fossil fuel industry to help foot the bill for building climate resilience in developing countries under a UN target, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sustainability\/sustainable-finance-reporting\/eu-wants-fossil-fuel-sector-help-pay-combat-climate-change-draft-shows-2024-03-04\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing a draft document it has seen. The upcoming COP29 in Azerbaijan will see countries decide on a new goal for how much wealthier nations should contribute to offsetting the effects of the climate crisis in poorer countries, the newswire writes. The draft document \u2014 prepared for a EU foreign ministers meeting later this month \u2014 proposes identifying new sources of finance, including contributions from the oil and gas sector to reach its updated climate finance target, which is expected to be much higher than the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/e8c300b5-3a6a-4320-bbf7-69b9148902db\" style=\"\" rel=\"noopener\">USD 100 bn per year<\/a> goal countries have failed to meet since 2020. Climate investment needs in poor countries may reach up to USD 1 tn by 2025. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt3\"><\/a>#3- Google partners with MethaneSAT satellite on methane emissions detection tech: <\/strong>The USD 88 mn MethaneSAT satellite \u2014 developed by the Environmental Defense Fund (EDF) to pinpoint methane emission hotspots around the globe \u2014 was launched into space yesterday, according to an <a target=\"_blank\" href=\"https:\/\/www.nature.com\/articles\/d41586-024-00600-z\" style=\"\" rel=\"noopener\">article<\/a> published in the scientific journal Nature. The satellite \u2014 which will be able to detect methane emissions particularly from oil and gas fields, agricultural facilities, and landfills \u2014 will use technology from Google to provide comprehensive data on methane emissions, enabling companies, regulators and other stakeholders <a target=\"_blank\" href=\"https:\/\/www.methanesat.org\/project-updates\/methanesat-is-launching-today-on-groundbreaking-mission-to-protect-the-climate\/\" style=\"\" rel=\"noopener\">to track progress on their emission<\/a> targets. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why is this important?<\/strong> Methane is the second most abundant anthropogenic greenhouse gas after CO2, and contributes a third of global heating driving the climate crisis. There have been over <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/de85501c-7d60-4090-8cf6-93d25335513c\" style=\"\" rel=\"noopener\">1.25k huge methane leaks<\/a> from landfills globally between January 2019 and June 2023, with Pakistan, India and Bangladesh leading the list of methane emitters.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Methane emissions are finally getting some attention in the climate fight:<\/strong> 50 nations have <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/42eeb848-551d-4de6-86e0-24a4ed860faa\" style=\"\" rel=\"noopener\">signed up<\/a> for the Global Methane Pledge \u2014 first proposed in 2021 to push down methane volumes by at least 30% by 2030 in November. The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/68ac4454-fac9-44a9-88ae-169826f09c50\" style=\"\" rel=\"noopener\">UN unveiled its Methane Alert and Response System (MARS)<\/a> during COP28 in November to identify methane hotspots and their sources. In the same month, EU lawmakers reached a provisional agreement to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/42eeb848-551d-4de6-86e0-24a4ed860faa\" style=\"\" rel=\"noopener\">set methane emission curbs<\/a> for future oil and gas imports into the bloc and the US initiated a \u201cMethane Finance Sprint\u201d to mobilize USD 200 mn to help developing countries curb greenhouse gas emissions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Germany\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.man-es.com\/\" style=\"\" rel=\"noopener\">MAN Energy Solutions<\/a><\/strong><strong> plans to deliver and install its first-ever <\/strong><strong>ammonia-fuelled engine on a new vessel in Japan by the end of the year<\/strong>, CEO Uwe Lauber told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/man-energy-solutions-offer-ammonia-fuelled-ship-engines-after-2027-2024-03-04\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. Trials on the ammonia-fuelled ship will take a year or two and bunkering infrastructure and safety standards have yet to be devised, Lauber added. The company will begin to offer ammonia-powered engines to clients in 2027. The shipping industry accounts for nearly 3% of the world's carbon dioxide emissions, the newswire notes, and ammonia is one of several alternative fuels the industry is exploring.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- Once a booming sector of ESG debt, t<\/strong><strong>he <\/strong><strong>sustainability-linked loan (SLL) market is<\/strong><strong> witnessing a significant downturn<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-03\/a-1-5-trillion-esg-debt-market-has-started-bleeding-clients?srnd=green%5C\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. Corporate clients are retreating due to increased regulatory restrictions, low financial incentives, and the threat of greenwashing allegations, the news outlet explains. Last year saw a 56% drop in SLL issuance to USD 203 bn, with the decline continuing into this year plummeting by 74% so far. The European Union's <a target=\"_blank\" href=\"https:\/\/finance.ec.europa.eu\/capital-markets-union-and-financial-markets\/company-reporting-and-auditing\/company-reporting\/corporate-sustainability-reporting_en\" style=\"\" rel=\"noopener\">Corporate Sustainability Reporting Directive<\/a>, demanding extensive ESG claim documentation, is cited as a major deterrent for companies considering SLLs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reassessment: <\/strong>The SLL market \u2014 valued at USD 1.5 tn and second only to green bonds \u2014 is undergoing a reassessment. The UK\u2019s <a target=\"_blank\" href=\"https:\/\/www.lma.eu.com\/\" style=\"\" rel=\"noopener\">Loan Markets Association's<\/a> updated guideline called for borrowers and bankers doing SLLs to only use key performance indicators that are \u201crelevant, core and material\u201d and to ensure that key perfomance indicators are also \u201cmeasurable and quantifiable,\u201d according to the news outlet. As the market matures, deals from four years ago are now viewed as weak in ESG terms, prompting a reevaluation of what constitutes acceptable sustainability practices in loan agreements.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DANGER ZONE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>H<\/strong><strong>ydrogen <\/strong><strong>fuel could exacerbate climate change if its commercialisation is poorly <\/strong><strong>managed<\/strong>, <a target=\"_blank\" href=\"https:\/\/energynews.us\/2024\/02\/28\/scientists-warn-a-poorly-managed-hydrogen-rush-could-make-climate-change-worse\/\" style=\"\" rel=\"noopener\">Energy News<\/a> reported, citing scientists concerned about the fuel\u2019s rapid and unregulated growth despite its indirect climate risks. Those risks include the potential of leaked hydrogen prolonging the heat-trapping impact of methane, making it act as a greenhouse gas due to the water vapor it creates in the upper atmosphere, the news outlet explains. Burning hydrogen in power plants can also increase nitrogen oxides formation, contributing to smog and warming. The US\u2019 <a target=\"_blank\" href=\"https:\/\/justsolutionscollective.org\/\" style=\"\" rel=\"noopener\">Just Solutions coalition<\/a> and the Institute for Energy and Environmental Research are amongst the institutions that have highlighted the emissions and water use implications of hydrogen reliance. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What can be done? <\/strong>Experts urge a cautious approach including considering hydrogen's full lifecycle emissions, potential leaks during transport and storage, and its effects on other atmospheric elements. The call is for a well-managed hydrogen strategy that prioritizes environmental integrity alongside energy innovation.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"climate\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>YOU\u2019RE READING ENTERPRISE CLIMATE, the essential MENA publication for senior execs who care about the world\u2019s most important industry. <\/strong>We\u2019re out Monday through Thursday by 9am Cairo \/ 10am Riyadh \/ 11am UAE.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EXPLORE MORE OF ENTERPRISE ON THE WEB \u2014<\/strong><a target=\"_blank\" href=\"http:\/\/www.enterprise.news\" style=\"\" rel=\"noopener\">tap or click here<\/a> to read EnterpriseAM, EnterprisePM, Enterprise Climate, Enterprise Logistics, and The Weekend Edition on our powerful new website packed with reader-friendly features. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Were you forwarded this email? <strong>Get your own <\/strong><strong><a target=\"_blank\" href=\"https:\/\/climate.enterprise.news\/climate\/en\/user\/NewsLetters\" style=\"\" rel=\"noopener\">subscription without charge here<\/a><\/strong> or reach out to us on <a target=\"_blank\" href=\"mailto:climate@enterprisemea.com\" style=\"\" rel=\"noopener\">climate@enterprisemea.com<\/a> with comments, suggestions and story tips.<br \/><strong>***<\/strong><\/p>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><strong>CIRCLE YOUR CALENDAR- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.worldfutureenergysummit.com\/\" style=\"\" rel=\"noopener\">World Future Energy Summit<\/a><\/strong><strong> from Tuesday, 16 April to Thursday, <\/strong><strong>18 April <\/strong>in Abu Dhabi. The summit will address solutions for development in the transformation of future energy systems. The summit will also feature discussions on recycling, waste-to-energy, and air-to-water trends and progressions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.mena.gh2events.com\/\" style=\"\" rel=\"noopener\">Connecting Green Hydrogen MENA<\/a><\/strong><strong> event from Tuesday, 23 <\/strong><strong>April to Thursday, 25 April<\/strong> in Dubai. The event will explore green hydrogen partnerships, policies, and practices in the region, in parallel to a showcasing of the latest in the clean fuel\u2019s technology. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oman will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.omansustainabilityweek.com\/\" style=\"\" rel=\"noopener\">Oman Sustainability Week<\/a><\/strong><strong> from Sunday, 28 April to Thursday, <\/strong><strong>2 May <\/strong>in Muscat. The event will focus on exploring investment opportunities and implementing best practices in sustainability within the energy, water, and environmental sectors.<\/p>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><strong>The UAE will host <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.evinnovationsummit.com\/\" style=\"\" rel=\"noopener\">The Electric Vehicle Innovation Summit<\/a><\/strong><strong> from Monday, 20 May to <\/strong><strong>Wednesday, 22 May <\/strong>in Abu Dhabi. The event will see industry leaders come together to discuss sustainable mobility and tapping into groundbreaking advancements in electric vehicles while engaging with key decision-makers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\" style=\"\" rel=\"noopener\">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":"<p>What we\u2019re tracking this morning regionally and around the world<\/p>\n","protected":false},"author":1,"featured_media":82791,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[44],"tags":[97,11,49,159,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-cop29","tag-enterpriseclimate","tag-green-bonds","tag-saudi-arabia","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"143caaaf-5527-4403-aeab-84321ea7f328","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/2\/1152.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: EGA breaks ground on the region's first first renewables-powered data centers","related_issue":[82788],"teaser":"What we\u2019re tracking this morning regionally and around the world","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.9b1f490c-324e-43a5-94f7-8d276f6bf1e2.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>TODAY: EGA breaks ground on the region&#039;s first first renewables-powered data centers - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2024\/03\/05\/today-ega-breaks-ground-on-the-regions-first-first-renewables-powered-data-centers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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