{"id":84225,"date":"2024-05-16T00:00:00","date_gmt":"2024-05-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/05\/16\/today-tabreed-is-set-to-issue-usd-1-2-bn-green-bonds-next-year-an-update-on-egypts-10-gw-wind-farm\/"},"modified":"2024-05-16T00:00:00","modified_gmt":"2024-05-16T00:00:00","slug":"today-tabreed-is-set-to-issue-usd-1-2-bn-green-bonds-next-year-an-update-on-egypts-10-gw-wind-farm","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/05\/16\/today-tabreed-is-set-to-issue-usd-1-2-bn-green-bonds-next-year-an-update-on-egypts-10-gw-wind-farm\/","title":{"rendered":"TODAY: Tabreed is set to issue USD 1.2 bn green bonds next year + An update on Egypt\u2019s 10 GW wind farm"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, folks. <\/strong>We have a bumper issue this morning packed with updates across the region in every subsector of the industry as the week comes to a close.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG CLIMATE STORY OUTSIDE THE REGION- No single story is dominating the headlines this morning<\/strong>, but a couple of headlines caught our attention. <strong>US nonprofit <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.edpcal.org\/\" style=\"\" rel=\"noopener\">Environmental Democracy Project<\/a><\/strong><strong> has filed a lawsuit against EV giant Tesla<\/strong>, alleging violations of the <a target=\"_blank\" href=\"https:\/\/www.epa.gov\/laws-regulations\/summary-clean-air-act\" style=\"\" rel=\"noopener\">Clean Air Act<\/a> at its Fremont, California plant. Tesla has been accused of emitting harmful pollutants \u2013 including nitrogen oxides, arsenic, and cadmium \u2013 primarily through its paint shop operations since 2021. The nonprofit is seeking an injunction to stop excess pollution and civil fines of up to USD 121.3k per day per violation. <strong>The story grabbed ink in <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/tesla-is-sued-over-emissions-california-plant-2024-05-14\/\" style=\"\" rel=\"noopener\">Reuters<\/a><\/strong><strong>, <\/strong><strong><a target=\"_blank\" href=\"https:\/\/news.bloomberglaw.com\/environment-and-energy\/tesla-accused-of-clean-air-act-violations-in-new-citizen-suit\" style=\"\" rel=\"noopener\">Bloomberg Law<\/a><\/strong><strong>,<\/strong><strong> and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/05\/14\/tesla-sued-over-air-pollution-from-factory-in-fremont-california.html\" style=\"\" rel=\"noopener\">CNBC<\/a><\/strong><strong>. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also, extreme temperatures are calling India\u2019s response to climate change into question <\/strong>as several regions face 11 heat wave days this month compared to the typical three, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/features\/2024-05-16\/india-election-2024-fatal-heat-waves-are-becoming-a-test-for-modi?srnd=green\" style=\"\" rel=\"noopener\">Bloomberg<\/a> writes in an in-depth feature this morning. The mercury has hit 47.2C in the nation\u2019s east, according to the India Meteorological Department, and inconsistent planning coupled with a lack of investments in climate change readiness has left India\u2019s population of 1.4 bn vulnerable to more frequent, longer heat waves sweeping the country.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p class=\"tag-border-left\">PSA-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UAE introduces the Blue Residency: <\/strong>Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum approved a new ten-year Blue Residency for professionals working in the field of environmental sustainability, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b35yptd-uae-cabinet-approves-national-youth-agenda-2031\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The residency will be granted to anyone who has made \u201cextraordinary contributions\u201d to \u201cenvironment protection, whether in marine life, land-based ecosystems, or air quality, sustainability technologies, the circular economy, or related fields,\u201d Sheikh Mohammed said.<\/p>\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- Saudi Energy Minister Prince Abdulaziz bin Salman signed an energy cooperation roadmap <\/strong><strong>with US Energy Secretary Jennifer Granholm<\/strong>, the Energy Ministry said in a <a target=\"_blank\" href=\"https:\/\/twitter.com\/MoEnergy_Saudi\/status\/1790837299481129060\" style=\"\" rel=\"noopener\">post on X<\/a>. The roadmap outlines a timeline for cooperation in \u201ccritical projects\u201d in renewables, green hydrogen, energy efficiency and more.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Importantly, the roadmap also checks-off mention of nuclear power. <\/strong>A nuclear energy pact is one of three cornerstone agreements (along with one on defense and a third on AI and advanced technologies) that could be part of a grand accord that sees Saudi take steps to normalize relations with Israel. <\/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- <\/strong><strong>QIA <\/strong><strong>is eyeing semiconductor industry investments: <\/strong>The Qatar Investment Authority (QIA) plans to make an anchor investment in France\u2019s <a target=\"_blank\" href=\"https:\/\/www.ardian.com\/news-insights\/press-releases\/ardian-innovates-pioneering-semiconductor-investment-platform\" style=\"\" rel=\"noopener\">Ardian Semiconductor<\/a> fund, according to a <a target=\"_blank\" href=\"https:\/\/www.ardian.com\/news-insights\/press-releases\/qia-announces-intent-anchor-investment-commitment-ardian-semiconductor\" style=\"\" rel=\"noopener\">statement<\/a>. The move is part of QIA's strategy to increase investment in the semiconductor industry, which is crucial for digital and green transformations across sectors like artificial intelligence, mobility, and consumer technology, the statement said. The expected investment ticket was not disclosed. Established by French private equity firm <a target=\"_blank\" href=\"https:\/\/www.ardian.com\/\" style=\"\" rel=\"noopener\">Ardian<\/a> last year, the semiconductor platform aims to boost investment across the semiconductor value chain with a focus on Europe. The initiative will both work to provide capital solutions and operational expertise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>QIA has been expanding its interest in semiconductors: <\/strong>QIA <a target=\"_blank\" href=\"https:\/\/www.qia.qa\/en\/Newsroom\/Pages\/Qatar-Investment-Authority-takes-minority-stake-in-Kokusai-Electric-Corporation.aspx\" style=\"\" rel=\"noopener\">acquired a minority stake<\/a> in Japan-based semiconductor manufacturing giant Kokusai Electric Corporation in June 2023. This came on the back of increasing demand for the tech from high-growth industries such as data centers and AI.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not the first in the region to eye semiconductors: <\/strong>KSA\u2019s King Abdulaziz City for Science and Technology <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/5c98b1bf-6e85-4f70-a5c5-ea4ef047060f\" style=\"\" rel=\"noopener\">signed agreements<\/a> to establish a center of excellence in AI tech and to develop the country\u2019s semiconductor industry in March. The UAE is also seeking support from the US to become a producer of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/148de9d0-5b4f-4477-94f5-5e2ab6976912\" style=\"\" rel=\"noopener\">advanced semiconductors<\/a>, in a bid to position itself as a regional heavyweight in artificial intelligence.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- Semiconductors are also a key component for clean energy sources:&nbsp;<\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/5c98b1bf-6e85-4f70-a5c5-ea4ef047060f\/infinity-partners-with-saicfm-on-charging-infrastructure-and-ewec-lines-up-a-new-battery-storage-project\" style=\"\" rel=\"noopener\">Semiconductor tech<\/a> is crucial in helping national grids maintain stable power delivery as more renewable energy sources like wind, solar, wave, and tidal power \u2014 which are intermittent in production by nature \u2014 are added. By controlling power generation and grid connection, they enable efficient energy conversion in renewable plants and facilitate power transmission to the grid. <\/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- UAE renewables giant Masdar is aiming to \u201cmeet and exceed\u201d <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f7a6affc-396f-4a33-97dc-e8aade87dc87\/masdar-and-daimler-truck-will-explore-the-feasibility-of-shipping-liquid-green-hydrogen-to-europe\" style=\"\" rel=\"noopener\">its target to produce 1 mn<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f7a6affc-396f-4a33-97dc-e8aade87dc87\/masdar-and-daimler-truck-will-explore-the-feasibility-of-shipping-liquid-green-hydrogen-to-europe\" style=\"\" rel=\"noopener\">tons<\/a><\/strong><strong> of green hydrogen by 2030<\/strong>, Masdar\u2019s head of business development for green hydrogen Faye Al Hersh told <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/climate\/2024\/05\/14\/masdar-eyes-green-hydrogen-boom-to-beat-2030-target\/\" style=\"\" rel=\"noopener\">The National<\/a> on the sidelines of the World Hydrogen summit in Rotterdam. The industry is moving from a period of \u201coverhyped expectations\u201d to a point of \u201cmaturation in the market,\u201d Hersh said, adding that this is happening on the back of an expected decline in electrolyzer costs in parallel to an anticipated rise in demand from \u201cearly movers\u201d \u2014 likely from shipping, and aviation sectors which cannot be connected to the national grid. Steelmakers are also predicted to be part of the early transition to hydrogen. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Removing obstacles is critical:<\/strong> Electrolyzers typically use the rare and expensive metals platinum and iridium which adds a large hurdle to its manufacturing. \u201cThe key to this innovation wave, which I believe is going to happen quite quickly, is to get those metals out of the system,\u201d chief executive of metals and energy company Fortescue Mark Hutchinson said at the summit.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ON A RELATED NOTE- Is green hydrogen stuck in a rut? <\/strong>Thyssenkrupp Nucera, the hydrogen arm of the German industrial engineering giant, \u201chas reported a drop in demand for the equipment it supplies to develop green hydrogen, the latest evidence that the nascent technology aimed at cutting emissions risks losing momentum,\u201d <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/85e0e66c-e9c0-4a4e-ab6c-b15adf4d1ff4\" style=\"\" rel=\"noopener\">The Financial Times<\/a> writes this morning. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The issue: <\/strong>Would-be clients in Europe and North America are basically waiting for governments to finalize incentive packages (and, more sustainably, help create a market) that will make their projects commercially viable. They\u2019re looking for a mix of direct subsidies and, in some cases, offtake agreements at set prices that lock in their margins on the still-nascent technology. (Regulatory questions on issues such as mass balancing are also factors, as are national commitments to decarbonization targets.) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt4\"><\/a>#4-<\/strong><strong>Italy-Tunisia interconnector takes a big step forward: <\/strong>Italy's Environment and Energy Security Ministry has officially authorized the Elmed electric interconnection project with Tunisia, according to a <a target=\"_blank\" href=\"https:\/\/www.mase.gov.it\/comunicati\/elmed-il-mase-autorizza-linterconnessione-elettrica-tra-italia-e-tunisia\" style=\"\" rel=\"noopener\">statement<\/a>. The interconnection line will be established by Italian utility company <a target=\"_blank\" href=\"https:\/\/www.terna.it\/en\" style=\"\" rel=\"noopener\">Terna<\/a> and the Tunisian public grid operator Soci\u00e9t\u00e9 Tunisienne de l'\u00c9lectricit\u00e9 et du Gaz (STEG) with an investment of around EUR 850 mn \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/70d69804-6273-49af-b582-5c215e4af3cf\" style=\"\" rel=\"noopener\">EUR 307 mn<\/a> of which will be provided by the European Commission's <a target=\"_blank\" href=\"https:\/\/cinea.ec.europa.eu\/programmes\/connecting-europe-facility_en\" style=\"\" rel=\"noopener\">Connecting Europe Facility<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tunisia recently authorized a loan for the project: <\/strong>Tunisia\u2019s House of Representatives <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/43730095-e262-40f8-9080-8d228d21d883\/\" style=\"\" rel=\"noopener\">approved a USD 268 mn loan<\/a> extended by the World Bank\u2019s International Bank for Reconstruction and Development to STEG in February. The 600 MW subsea interconnector will transport 400-600 MW of clean power generated from hydroelectricity and is targeting an operational launch <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f52c34ef-24ab-4a69-921e-eeb98132df50\/\" style=\"\" rel=\"noopener\">by 2028<\/a>. <\/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\">***<br \/><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 in Cairo and Riyadh and 11am in the 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\"><strong>Get your own <\/strong><strong><a target=\"_blank\" href=\"https:\/\/climate.enterprise.news\/user\/subscribe-details\" 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>Saudi Arabia will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.saudienergyconvention.com\/\" style=\"\" rel=\"noopener\">Saudi Energy Convention<\/a><\/strong><strong> from Sunday, 19 May to <\/strong><strong>Tuesday, 21 May in<\/strong> Riyadh. The convention will see energy and utilities industry leaders advance collaborative decarbonization efforts and identify innovation areas. It will also host the Saudi Utilities Convention and Saudi Hydrogen Convention to address the role and challenges of rolling out hydrogen, water and utility projects that are in line with the global energy transition. Over 10k energy professionals and 200 industry speakers will be present at the event. <\/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>Saudi Arabia will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/futureaviationforum.com\/en\" style=\"\" rel=\"noopener\">Future Aviation Forum<\/a><\/strong><strong> from Monday, 20 May to <\/strong><strong>Wednesday, 22 May<\/strong> in Riyadh. The event, organized by the General Authority of Civil Aviation, will see the Kingdom showcasing some USD 100 bn worth of investment options in the aviation and logistics sector at large.<\/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:\/\/bondsloans.com\/events\/middle-east\" style=\"\" rel=\"noopener\">Bonds, Loans &amp; Sukuk Middle East<\/a><\/strong><strong> event from Tuesday, 4 June to <\/strong><strong>Wednesday, 5 June<\/strong> in Dubai. Billed as the Middle East's largest corporate and investment banking event, it serves as a key meeting point for those active in the region's capital markets. Over 1.4k governments, corporates, investors, banks, law firms, regulators and service providers as well as more than 75 expert speakers will be in attendance. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Turkey will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/eem24.khas.edu.tr\/\" style=\"\" rel=\"noopener\">International Conference on European Energy Market<\/a><\/strong><strong>, from Monday, <\/strong><strong>10 June to Wednesday, 12 June<\/strong> in Istanbul. The three-day event will gather experts from scientific, industry, and policy sectors for discussions on various energy market-related topics. The conference covers themes including energy modeling, market design, regulatory policies, and climate change.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out our full calendar on the web<\/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":84226,"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":[11,39,160,163,88,159,294,52,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseclimate","tag-green-hydrogen","tag-masdar","tag-qatar","tag-renewables","tag-saudi-arabia","tag-tunisia","tag-uae","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"7d024f5d-91ed-461e-8b08-a0ba6af44d4c","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/2\/1155.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: Tabreed is set to issue USD 1.2 bn green bonds next year + An update on Egypt\u2019s 10 GW wind farm","related_issue":[84223],"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\/5\/.763d2b06-5fe1-42b1-bea6-312473c7e391.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: Tabreed is set to issue USD 1.2 bn green bonds next year + An update on Egypt\u2019s 10 GW wind farm - 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\/05\/16\/today-tabreed-is-set-to-issue-usd-1-2-bn-green-bonds-next-year-an-update-on-egypts-10-gw-wind-farm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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