{"id":84722,"date":"2024-06-06T00:00:00","date_gmt":"2024-06-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/06\/06\/today-emirates-islamic-sukuk-head-to-nasdaq-it-was-the-hottest-may-on-record\/"},"modified":"2024-06-06T00:00:00","modified_gmt":"2024-06-06T00:00:00","slug":"today-emirates-islamic-sukuk-head-to-nasdaq-it-was-the-hottest-may-on-record","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/06\/06\/today-emirates-islamic-sukuk-head-to-nasdaq-it-was-the-hottest-may-on-record\/","title":{"rendered":"TODAY: Emirates Islamic sukuk head to Nasdaq + It was the hottest May on record"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">Good morning, folks. <\/strong><span style=\"background-color: transparent;\">It\u2019s a relatively calm news day on the regional climate front as we head into the weekend, but the current sweltering global heatwave is drawing out more electric soundbites from UN Secretary-General Guterres\u2026<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong><a id=\"wwtt1\"><\/a>THE BIG CLIMATE STORY OUTSIDE THE REGION- May rounds out 12 months of record <\/strong><strong>temperatures<\/strong><strong> spelling \u2018climate hell\u2019: <\/strong>Last month was the 12th consecutive month in a row to set a monthly global average heat record in y-o-y comparisons, prompting UN Secretary-General Ant\u00f3nio Guterres to call for urgent action to take \u201can exit ramp off the highway to climate hell\u201d in a speech marking World Environment Day. The average global temperature for the past year was 1.63C above the pre-industrial average, according to the <a target=\"_blank\" href=\"https:\/\/climate.copernicus.eu\/\" style=\"\" rel=\"noopener\">Copernicus Climate Change Service<\/a>. The UN\u2019s World Meteorological Organization has now updated its probability estimate that at least one of the next five years will have average temperatures exceeding 1.5C above pre-industrial levels from a 66% chance last year to an 80% chance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story<\/strong><strong> made headlines in the international press:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sustainability\/world-hits-streak-record-temperatures-un-warns-climate-hell-2024-06-05\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-05\/the-world-has-spent-a-shocking-full-year-breaking-heat-records?srnd=economics-v2\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/06\/05\/climate\/global-warming-outlook.html\" style=\"\" rel=\"noopener\">The New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/weather\/2024\/06\/05\/southwest-heat-wave-temperatures-california-arizona\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/cq55e2de7qgo\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/environment\/article\/2024\/jun\/05\/antonio-guterres-un-chief-fossil-fuels-advertising\" style=\"\" rel=\"noopener\">The Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnn.com\/2024\/06\/05\/climate\/12-months-record-heat-un-speech\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a> | <a target=\"_blank\" href=\"https:\/\/www.lemonde.fr\/en\/environment\/article\/2024\/06\/06\/climate-chaos-planet-breaks-temperature-records-for-twelfth-month-in-a-row_6673940_114.html\" style=\"\" rel=\"noopener\">Le Monde<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- <\/strong><strong>The <\/strong><strong>European Central Bank (ECB) will levy fines on several banks for <\/strong><strong>failing to adequately address climate-related risks to their businesses, <\/strong>ECB's Supervisory Board's Kerstin Jochnick announced. ECB's assessment process is ongoing, with supervisors reviewing documents submitted by the banks to determine the extent of non-compliance. ECB\u2019s supervisory board will decide on the penalties, which could technically amount to up to 5% of a bank's daily revenue. Climate and nature-related risk management are one of 3 main pillars of sustainable finance, according to a recently published report by the Sustainable Banking and Finance Network. We have the full details of the report below, where we flesh out the pillars and how our region is faring across them. <strong>The story grabbed ink in Reuters and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-05\/banks-told-to-brace-for-ecb-fines-after-mismanaging-climate-risk?srnd=homepage-americas\" style=\"\" rel=\"noopener\">Bloomberg<\/a><\/strong><strong>.<\/strong><\/p>\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\"><a id=\"wwtt2\"><\/a> <strong>#1- Italy and<\/strong><strong> G7 allies will develop proposals to support clean energy and food security in Africa<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-04\/italy-readies-g-7-plan-for-food-security-and-energy-in-africa\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing sources with knowledge of the matter. This initiative includes creating new financial instruments to promote growth in Africa and is part of Italian Prime Minister Giorgia Meloni\u2019s broader regional strategy. The proposals may be announced next week at a <a target=\"_blank\" href=\"https:\/\/www.g7italy.it\/en\/summit\/\" style=\"\" rel=\"noopener\">G7 leaders\u2019 summit<\/a> in Italy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know:<\/strong> Rome is working with the African Development Bank (AfDB), the EU, and the G7\u2019s <a target=\"_blank\" href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/05\/20\/fact-sheet-partnership-for-global-infrastructure-and-investment-at-the-g7-summit\/\" style=\"\" rel=\"noopener\">Partnership for Global Infrastructure and Investment<\/a> to create these financial instruments, Bloomberg writes. The plan will likely include structural investments, technical assistance, and insurance. Proposals include an initiative aimed at boosting investments in clean power generation and its supporting infrastructure \u2014 dubbed the Energy for Growth in Africa Initiative \u2014 as well as the Food Systems Initiative that aims to help African nations integrate food provision in their climate plans. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Italy <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/46320dbd-c0fb-45bd-aca0-783219da233d\/italy-pledges%253cmark%253e-eur%253c%2Fmark%253e%253cmark%253e-5.5%253c%2Fmark%253e%253cmark%253e-bn%253c%2Fmark%253e-to-create-energy-hub-%2B-boost-economic-ties-with-africa\" style=\"\" rel=\"noopener\">will invest EUR 5.5 bn<\/a> in Africa to enhance cooperation in the energy sector, EUR 3 bn will come from a climate fund aimed at furthering international environmental projects. The plan includes developing a renewable energy training center in Morocco. The Mattei plan comes in response to the EU's need for alternatives to Russian gas post-Ukraine invasion, according to Bloomberg. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt3\"><\/a>#2- Green fuel scarcity sparks tension between airlines and energy firms: <\/strong>With current supplies of sustainable aviation fuel (SAF) only covering 0.5% of the fuel airlines need, airlines are butting heads over the commercial availability of the clean fuel with energy companies at the annual International Air Transport Association (IATA) meeting, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sustainability\/climate-energy\/airlines-energy-firms-clash-over-green-fuel-supplies-2024-06-04\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported. Airlines complain that they need more support from governments as they compete with other industries for the limited fuel source. IATA Director General Willie Walsh called out fuel companies like TotalEnergies \u201cwho produce the problem\u201d for needing to step up and invest significant sums of money in the development of SAF.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Total stood its ground: <\/strong>TotalEnergies said it already re-invests most of its profit into renewable energy research, said senior VP Louise Tricoire who reaffirmed that the company is doing its part with SAF. He went on to compare the company\u2019s net earnings in 2023 of USD 23.2 bn to the airline industry\u2019s total net earnings of USD 27 bn and pointed out that there are few fuel alternatives for industries like aviation. <strong>You can read all about SAF and the aviation industry\u2019s targets in our <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/30c44249-6337-462d-9ddb-e140aa46be8e\/enterprise-explains:-what-is-holding-back-wider%253cmark%253e-saf%253c%2Fmark%253e-adoption%3F\" style=\"\" rel=\"noopener\">Enterprise Explains<\/a><\/strong><strong> feature published earlier this week.<\/strong><\/p>\n<p class=\"tag-border-left\">WORTH READING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>International consultancy publishes summary of North Africa\u2019s green hydrogen <\/strong><strong>goals:<\/strong> North African countries are poised to become a key player in the global green hydrogen market, leveraging their proximity to Europe and abundant renewable energy resources, according to a new <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/483.pdf\" style=\"\" rel=\"noopener\">report (pdf)<\/a> by consulting agency <a target=\"_blank\" href=\"http:\/\/www.alexec-consulting.com\/\" style=\"\" rel=\"noopener\">Alexec<\/a>. Countries including Morocco, Algeria, Egypt, and Mauritania have sey ambitious hydrogen roadmaps, aiming to transition from fossil fuel dependency to becoming significant exporters of green hydrogen. The region has seen a significant increase in installed solar capacity, with Morocco leading the way in exporting solar energy to Europe. The report also highlights the importance of desalination plants in providing a sustainable water supply for hydrogen production, especially amidst a major water scarcity crisis that has spread across the region.<\/p>\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>#1- UAE's Abu Dhabi National Oil Company <\/strong><strong>(Adnoc) had plans to close around USD 100 bn in fossil fuel agreements during COP28<\/strong>, according to a new <a target=\"_blank\" href=\"https:\/\/www.globalwitness.org\/en\/campaigns\/fossil-gas\/i-hope-the-younger-generations-can-forgive-us-state-oil-company-pushed-100-billion-of-deals-in-uaes-year-as-cop28-host\/#azerbaijan\" style=\"\" rel=\"noopener\">investigation<\/a> by Global Witness. The report reveals that Adnoc, headed by COP28 President Sultan Al Jaber, has expansion plans that include a projected increase in oil and gas output by 42% by 2030. This finding contradicts Al Jaber\u2019s <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/science-environment-67567832\" style=\"\" rel=\"noopener\">denials of using the climate talks<\/a> to seek oil agreements, which came after leaked documents revealed Adnoc\u2019s plans to negotiate fossil fuel deals at COP28.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It might be the same this year:<\/strong> The investigation also highlights concerns about the influence of the fossil fuel industry on future climate talks, with Azerbaijan \u2014 the next COP host \u2014 showing signs of following Adnoc\u2019s lead. US lawmakers have expressed alarm over the potential for COP29 to be similarly compromised. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Climate change pushes sardines out of West Africa: <\/strong>Small pelagic fish \u2014 mainly sardines \u2014 have been pushed northward along the coast of Northwest Africa towards Morocco due to global warming impacting food security in West African countries, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/482.pdf\" style=\"\" rel=\"noopener\">study (pdf)<\/a> published in the Scientific Reports journal. The sardine population has now increased greatly in Morocco\u2019s waters and the changing Canary Current Large Marine Ecosystem (CCLME) \u2014 which spans from the kingdom to Senegal.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why does this matter? <\/strong>The fish stocks of small pelagic fish were recently overexploited which makes sustainable management difficult. Morocco has already been experiencing more severe droughts, desertification, and rising sea levels due to climate change, making protection of its marine ecosystems all the more important. The CCLME has experienced significant warming of sea surface temperature over the past 34 years along with decreases in marine productivity, and changes in wind speed and upwelling intensity. These changes will impact the sustainability of fish stocks, and coastal communities in Morocco and beyond.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong>world\u2019s oceans are facing a serious \u201ctriple threat\u201d from extreme heating, oxygen loss, and acidification exacerbated by human activities like fossil fuel burning<\/strong>, according to separate <a target=\"_blank\" href=\"https:\/\/agupubs.onlinelibrary.wiley.com\/doi\/10.1029\/2023AV001059\" style=\"\" rel=\"noopener\">research<\/a> published in the AGU journal. About a fifth of the ocean surface is highly vulnerable to these threats, which have intensified significantly since the 1960s. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>These extreme events disrupt marine ecosystems and fisheries and cause mass die-offs<\/strong>, the study states. Such events can last up to 30 days, particularly affecting tropical areas and the North Pacific. The unprecedented ocean heat also intensifies hurricane seasons and species migration, while increased CO2 absorption is making oceans more acidic, threatening marine life by dissolving creature\u2019s shells, and depleting oxygen. <\/p>\n<p class=\"tag-border-left\">THE SCORECARD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1-<\/strong> <strong>79% of Middle Eastern companies \u2014 mainly in the GCC \u2014 have formally <\/strong><strong>established sustainability strategies, while 52% set the plans in motion<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.pwc.com\/m1\/en\/esg\/sustainability-in-the-middle-east-2024.html\" style=\"\" rel=\"noopener\">PwC Middle East report<\/a> based on its annual <a target=\"_blank\" href=\"https:\/\/www.pwc.com\/m1\/en\/ceo-survey\/27th-ceo-survey-middle-east-findings-2024.html\" style=\"\" rel=\"noopener\">CEO Survey<\/a>. 48% of the companies have also established or will appoint executive sustainability roles. 50% of the surveyed companies have made net zero commitments while 26% are aiming towards them. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Moving forward: <\/strong>To keep the sustainability efforts going, the Middle East will have to train the workforce, standardize sustainability regulations, and mobilize funding, PwC Middle East Strategy Leader Stephen Anderson said. A focus on technological development is also needed, specifically for AI deployment that is primarily used for data analysis and reporting but should be expanded to optimize supply chains and economic models. Funding is another mechanism in need of expansion with most current green finance coming from self-funding and 34% of respondents showing interest in green loans and capital markets. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Carbon capture must quadruple by 2050 to keep warming below 2 \u00b0C, <\/strong>according to the second edition of The State of Carbon Dioxide Removal <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/488.pdf\" style=\"\" rel=\"noopener\">report (pdf)<\/a>. 2 bn tons of carbon were removed in 2023 via reforestation efforts, but will need to increase to reach 7-9 bn tons by mid-century if the world were to achieve its climate goals, the report found. The market for carbon removal has been growing as corporate demand increases, the report concluded.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But it might not be that easy: <\/strong>It is unclear whether carbon capture technology can be scaled fast enough to meet this goal, the report warned, adding that the market has been slowing down as political and monetary support continue to dwindle. There are also concerns over some removal methods such as direct air capture with carbon storage which the Center for Environmental Law says poses \u201cimmense risks to ecosystems and communities.\u201d The report also acknowledged the risks that \u201cpoorly executed\u201d technologies can pose to biodiversity and food security. So far, no countries have announced financing frameworks for carbon capture except the US allocating USD 3.5 bn for its expansion. <\/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\">Want to subscribe? <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>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>Morocco will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.netzerocircle.org\/event\/morocco-energy-week\" style=\"\" rel=\"noopener\">Morocco Energy Week Summit<\/a><\/strong><strong> from Tuesday, 11 June to <\/strong><strong>Thursday, 12 June<\/strong> in Marrakech. The event will gather Morocco's leading energy players, companies and developers alongside financiers and implementation experts to discuss the country\u2019s green transition.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Spain will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.europe.gh2events.com\/\" style=\"\" rel=\"noopener\">Connecting Green Hydrogen Europe<\/a><\/strong><strong> conference from <\/strong><strong>Tuesday, 25 June to Thursday, 27 June<\/strong> in Madrid. The event will see around 5k attendees including industry leaders, energy ministers, and executives to explore solutions, new technologies, and transformative advancements to advance the hydrogen industry.<\/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":84723,"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":[11,88,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseclimate","tag-renewables","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"882f4e3b-8549-4588-af8c-fde8153c879f","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/2\/1108.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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