{"id":83095,"date":"2024-03-19T00:00:00","date_gmt":"2024-03-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/03\/19\/today-more-funding-for-egypts-green-transition-masdar-is-reportedly-eyeing-an-indian-acquisition\/"},"modified":"2024-03-19T00:00:00","modified_gmt":"2024-03-19T00:00:00","slug":"today-more-funding-for-egypts-green-transition-masdar-is-reportedly-eyeing-an-indian-acquisition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/03\/19\/today-more-funding-for-egypts-green-transition-masdar-is-reportedly-eyeing-an-indian-acquisition\/","title":{"rendered":"TODAY: More funding for Egypt\u2019s green transition + Masdar is reportedly eyeing an Indian acquisition"},"content":{"rendered":"<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Good morning, nice people. <\/strong>It\u2019s a relatively quiet day on the climate news front, but we have some key updates on developing projects across the board from all corners of the region.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";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 style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\">\n<p class=\"tag-border-left\">WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong><a id=\"wwtt1\"><\/a>#1- Egypt to issue consulting tenders for GREGY soon: <\/strong>The government will soon launch a tender to select an international consulting firm for the development of the 3 GW <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/acbecd89-aadc-4844-85cd-b94743e29330\/egypt-and-greece-explore-ways-to-fund-the%253cmark%253e-gregy-%253c%2Fmark%253einterconnector\" style=\"\" rel=\"noopener\">GREGY<\/a> interconnection project with Greece, CEO of the Egyptian Electricity Transmission Company Sabah Mashaly told <a target=\"_blank\" href=\"https:\/\/awp.net\/ar\/stories\/mswwlt-msryt-l-awp-netzm-trh-mnaqst-liedad-drast-mshrwe-alrbt-alkhrbayy-me-alathad-alawrwby-ebr-alywnan\/\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/awp.net\/ar\/stories\/mswwlt-msryt-l-awp-netzm-trh-mnaqst-liedad-drast-mshrwe-alrbt-alkhrbayy-me-alathad-alawrwby-ebr-alywnan\/\" style=\"\" rel=\"noopener\">Arab World News<\/a>. The move is part of ongoing negotiations to include the project in the EU's final list of mutually beneficial projects, which would expedite the permitting and financial funding processes. The estimated cost of the project stands at EUR 5.5 bn which will be funded by the EU through grants, officials told AWP last November.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>REFRESHER- About the project: <\/strong>The GREGY will <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/acbecd89-aadc-4844-85cd-b94743e29330\/egypt-and-greece-explore-ways-to-fund-the%253cmark%253e-gregy-%253c%2Fmark%253einterconnector\" style=\"\" rel=\"noopener\">run almost 1.5k km<\/a> from Wadi El Natroun directly across the Mediterranean to mainland Greece allowing Egypt to export renewable energy surplus to mainland Greece. Egypt and Greece\u2019s energy ministers met to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/3bdc527f-11e8-45f5-b855-de0dcac1ced9\/egypt-and-greece-talk-additional-renewables-investments-%2B-morocco-eyes-clean-energy-cooperation-with-senegal\" style=\"\" rel=\"noopener\">review the progress of the project<\/a> in January. Infinity Power <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/414aad37-9a32-4305-b52b-01080a56d104\/infinity-power-and-copelouzos-group-ink-an-agreement-on-joint-production-of-renewable-energy\" style=\"\" rel=\"noopener\">signed an agreement<\/a> with Greece\u2019s Copelouzos Group in May to carry out a feasibility study on the proposed 950 km link and as of July, both countries had not secured the EUR 4 bn initial investment required for the project.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong><a id=\"wwtt2\"><\/a>#2- <\/strong><strong>The world should \u201cabandon the fantasy of phasing out oil and gas,\u201d<\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/ceraweek-saudi-aramco-ceo-argues-re-set-energy-transition-timetables-2024-03-18\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported Aramco CEO Amin Nasser as saying at CERAWeek in Houston. \u201cWe should abandon the fantasy of phasing out oil and gas, and instead invest in them adequately, reflecting realistic demand assumptions, as long as essential,\u201d he said during the S&P Global gathering, urging revised energy transition plans.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Nasser believes global oil demand won\u2019t peak soon<\/strong> as he forecast oil demand to hit a new record of 104 mn bpd this year. While renewable energy is becoming more affordable and attracting growing investment, it has yet to take the place of hydrocarbons at scale, he said. \u201cAll this strengthens the view that peak oil and gas is unlikely for some time to come, let alone 2030,\u201d he said.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong><a id=\"wwtt3\"><\/a>#3- EU countries approve law to reduce raw materials dependency: <\/strong>EU members approved the <a target=\"_blank\" href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_23_1661\" style=\"\" rel=\"noopener\">Critical Raw Materials Act<\/a> (CRMA) aimed at decreasing reliance on imports of essential energy transition minerals including lithium and nickel, <a target=\"_blank\" href=\"https:\/\/money.usnews.com\/investing\/news\/articles\/2024-03-18\/eu-gives-final-approval-on-targets-for-raw-materials\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing a <a target=\"_blank\" href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_23_1661#:~:text=the%20net%20zero%20industry%2C%20the%20digital%20industry%2C%20aerospace%2C%20and%20defence%20sectors.\" style=\"\" rel=\"noopener\">European Commission<\/a> statement. The new regulation \u2014 which mainly targets Chinese imports that account for <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/2128d3d7-513a-4e42-8f8f-8d186c0c0a50\/today:-infinity-power-holding-%2B-germany%25e2%2580%2599s-conjuncta-team-up-on-mega-green-hydrogen-plant-in-west-africa\" style=\"\" rel=\"noopener\">95% of the global supply<\/a> \u2014 sets a target to have the EU domestically produce at least 10% and process at least 40% of strategic materials needed annually by 2030. The law adds that at least 25% of annual demand will come from recycled materials, and no more than 65% of the annual consumption of each critical mineral will come from abroad. The law is yet to be approved by the bloc\u2019s parliament and council. <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>REMEMBER- <\/strong>The EU has been working on <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/2128d3d7-513a-4e42-8f8f-8d186c0c0a50\/today:-infinity-power-holding-%2B-germany%25e2%2580%2599s-conjuncta-team-up-on-mega-green-hydrogen-plant-in-west-africa\" style=\"\" rel=\"noopener\">launching a central agency<\/a> that will be responsible for ensuring the targets set out by the CRMA are feasible. The new European Critical Raw Materials Board would streamline permitting procedures for investors looking to launch mining projects in the bloc, and would provide financing for projects it deems strategic. Under the proposed law, the agency would grant permits for companies looking to undertake mining projects within 24 months, with the deadline for minerals processing projects set at 12 months. <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>#4- The world\u2019s largest solar manufacturer LONGi Green Energy Technology is <\/strong><strong>planning to lay off one third of its employees, <\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-18\/world-s-top-solar-firm-longi-plans-thousands-of-job-cuts-on-glut\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing people with knowledge of the matter. The Chinese firm has plans to let go 30% of its 80k employees in efforts to cut costs and recover from a 44% drop in net income in 3Q 2023 amid overcapacity issues stemming from plummeting solar panel prices. Longi had already been ramping up layoffs since November but has refused to comment on any further plans. <\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>There might be a light at the end of the tunnel: <\/strong>The Chinese solar industry might recover by the end of the year if supply and demand evens out and more consolidations are implemented, Bloomberg notes. Longi is already ahead of its competitors with USD 7.4 bn under its belt to support the company throughout the industry's misgivings.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>IN OTHER SOLAR NEWS- France's energy giant TotalEnergies <\/strong><strong>has surpassed 1.5 GW of long-term solar power contracts with over 600 customers globally<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/totalenergies-hails-progress-on-site-solar-generation-contracts-2024-03-17\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. The company's strategy involves developing, financing, constructing, and operating solar panels on rooftops, carports, and vacant industrial lands to supply electricity directly to the customers' premises. The power purchase agreements (PPAs) \u2014 with an average duration of 20 years \u2014 were signed across various sector including agrifoods, construction, and retail, and offer predictable electricity prices for customers, which are estimated to be 20%-45% lower than current market rates.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>Some of the solar power is from the region: <\/strong>A TotalEnergies-led consortium is building a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/0ad08aa7-b135-42e8-b7d5-5b5536dbc523\/%253cmark%253etotalenergies-%253c%2Fmark%253eand-friends-are-building-a-119-mw-solar-farm-in-ksa\" style=\"\" rel=\"noopener\">119 MW solar plant<\/a> in Saudi Arabia. Iraq's government granted land to TotalEnergies last November to establish a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/3e468ba1-7338-4343-81d8-5c117e8ea70a\" style=\"\" rel=\"noopener\">1 GW solar plant<\/a>. The company also inaugurated the USD 470 mn 800 MWp <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/0ad08aa7-b135-42e8-b7d5-5b5536dbc523\/%253cmark%253etotalenergies-%253c%2Fmark%253eand-friends-are-building-a-119-mw-solar-farm-in-ksa\" style=\"\" rel=\"noopener\">Al Kharsaah solar plant<\/a> in Qatar in 2022, and recently <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/5ed4a123-aa66-4838-89e9-e1ff240ff69d\/totalenergies-buys-a-usd-25-mn-stake-in-xlinks-morocco-uk-interconnector-project\" style=\"\" rel=\"noopener\">acquired a minority stake<\/a> worth USD 25 mn in the Xlinks Morocco-UK interconnector project.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong><a id=\"wwtt4\"><\/a>#5- The maritime shipping carbon levy garners <\/strong><strong>support at the IMO:<\/strong> The EU, Canada, Japan, and climate-vulnerable Pacific Island states are among a group of 47 countries pushing for an international shipping emissions charge which could rack up USD 80 bn annually, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sustainability\/climate-energy\/pressure-builds-charge-global-shipping-sectors-co2-emissions-2024-03-18\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing documents it has seen being discussed at an ongoing International Maritime Organization (IMO) meeting. Supporters say the USD bns collected each year could be put towards developing low emissions shipping fuels and fund the energy transition of poorer states, the newswire said. The initiative is facing pushback from countries, including China and Brazil, who believe that a carbon levy would unfairly single out emerging economies that depend on trade. Parallel drives are also calling for the adoption of a global emission standard for fuels to power maritime shipping. An upcoming IMO meeting is scheduled in September to decide on both proposed measures.<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\"><strong>IN OTHER MARITIME NEWS-<\/strong><strong>The IMO looks to implement its revised GHG <\/strong><strong>strategy: <\/strong>The IMO finalized some of its mid-term measures including adopting both a GHG Fuel Standard \u2014 a mandate on GHG intensity of fuel and energy \u2014 as well as a GHG pricing regulation, according to a <a target=\"_blank\" href=\"https:\/\/www.u-mas.co.uk\/imos-2030-and-2040-ghg-reduction-targets-now-explicitly-linked-to-fuel-standard-whilst-momentum-builds-on-a-universal-ghg-price-levy-but-all-options-remain-on-the-table\/\" style=\"\" rel=\"noopener\">UMAS statement<\/a>. The IMO is now tasked with how to transfer the revised GHG strategy into specific and detailed regulation within the next 12 months, the statement notes. <\/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;font-family:\" arial\";line-height:1.15;orphans:2;widows:2;text-align:left\"=\"\">***<\/p>\n<p style=\"padding:0;margin:0;font-family:\" arial\";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;font-family:\" arial\";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;font-family:\" arial\";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;font-family:\" arial\";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;font-family:\" arial\";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;font-family:\" arial\";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;font-family:\" arial\";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;font-family:\" arial\";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;font-family:\" arial\";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":83096,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[40,11,88,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-egypt","tag-enterpriseclimate","tag-renewables","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"3e08a588-1d47-454e-9cb2-a64b30187193","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/1\/1106.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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