{"id":86831,"date":"2024-09-19T00:00:00","date_gmt":"2024-09-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/09\/19\/today-we-have-an-update-on-acwa-huas-mega-wind-farm\/"},"modified":"2024-09-19T00:00:00","modified_gmt":"2024-09-19T00:00:00","slug":"today-we-have-an-update-on-acwa-huas-mega-wind-farm","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/09\/19\/today-we-have-an-update-on-acwa-huas-mega-wind-farm\/","title":{"rendered":"TODAY: We have an update on Acwa + HUA\u2019s mega wind farm"},"content":{"rendered":"

Good morning, nice people. <\/strong>It\u2019s a brisk read this morning as we head into the weekend, with an update on the Acwa Power and Hassan Allam\u2019s 1.1 GW Egyptian wind farm and a big helping of policy updates. <\/p>\n

THE BIG CLIMATE STORY OUTSIDE THE REGION-<\/strong> There\u2019s no single story shaping the <\/strong>climate industry conversation this morning, <\/strong>but a national \u201cbutterfly emergency\u201d has been issued for the UK after the Butterfly Conservation\u2019s annual Big Butterfly Count counted the lowest number of the insects in its 14 year history, a 22% drop further than the last lowest count in 2022. An average of just seven butterflies per 15-minute count were recorded by participants in this summer\u2019s butterfly count, with eight out of the 10 most-seen species in serious decline. The Butterfly Conservation has called on the UK government to ban insect-killing neonicotinoid pesticides outright with no exceptions. The <\/strong>BBC<\/a><\/strong> and <\/strong>The Guardian<\/a><\/strong> picked up the story.<\/strong><\/p>\n

HAPPENING NEXT WEEK- <\/p>\n

<\/a>UAE<\/strong> President Sheikh Mohamed bin Zayed Al Nahyan will make his first official visit to the US <\/strong>next Monday<\/strong>, Wam<\/a> reports. Al Nahyan is scheduled to meet with US President Joe Biden to discuss bilateral ties, including cooperation on economy, investment, technology, AI, space, renewable energy and climate action, Wam said. Al Nahyan is also set to meet separately with Vice President and presidential hopeful Kamala Harris. <\/p>\n

\n

WATCH THIS SPACE-<\/p>\n

<\/a>The UAE plans to review its 2050 energy strategy in five years<\/strong>, focusing on advancements in hydrogen, battery technology and energy storage, UAE\u2019s Undersecretary for Energy and Petroleum Affairs Sharif Al Olama told CNBC Arabia (watch, runtime 2:20)<\/a>. <\/p>\n

The country\u2019s renewable energy production capacity has reached 6 GW<\/strong>, nearly half of its target of 14.2 GW by 2030. The UAE plans to invest more than USD 50 bn in renewable and clean energy over the next six years, building on the USD 45 bn already invested in the past 15 years.<\/p>\n

<\/a>China is calling on Germany to help support a diplomatic solution to EU\u2019s imposition of <\/strong>EV tariffs<\/a><\/strong> on Chinese imports<\/strong>, Reuters<\/a> reports, citing statements from China\u2019s Commerce Minister Wang Wentao. The additional levies will \u201cseriously interfere\u201d with trade and cause friction, Wentao added. China hopes to reach a solution in line with World Trade Organisation rules with Germany\u2019s support in a bid to resolve the dispute, he told German Vice Chancellor and Economic Minister Robert Habeck and Head of the German Chancellery Wolfgang Schmidt during his visit to Europe. <\/p>\n

REMEMBER- There has been some compromise: <\/strong>Earlier this month, the EU said it would reduce proposed final tariffs<\/a> to be imposed on Chinese-made EVs imported by Tesla and other electric vehicle manufacturers. The proposed levies of up to 36.8% will be subject to a vote by the EU\u2019s 27 states before they come into force in November. They will be applied unless a qualified majority of 15 EU members vote against the implementation of the duties.<\/p>\n

ON A RELATED NOTE- <\/strong>China\u2019s <\/strong>dominance in the green technology market is mainly due <\/strong>to substantial state support which has left the US playing catch up<\/strong>, Former US Vice President Al Gore told The Financial Times<\/a>. Despite the US's recent efforts to boost the green industry through the Inflation Reduction Act, it still lags behind China and the EU in shifting investments away from fossil fuels. Gore expressed optimism that the US's investment ratio would improve but stressed the need for a balanced approach that addresses both trade fairness and the acceleration of adopting green energy.<\/p>\n

The trade war is making things worse: <\/strong>Gore also criticized the Biden administration's approach of imposing hefty tariffs on Chinese clean tech products, arguing that it may not be the most effective response. He pointed out that while China has scaled back some green subsidies, significant state support remains, exemplified by the USD 1.8 bn in subsidies received by BYD, China's largest EV maker, in 2022. This support has enabled China to invest heavily in clean energy, outpacing the US in the ratio of clean energy to fossil fuel investments.<\/p>\n

\n

THE SCORECARD- <\/p>\n

The <\/strong>Middle <\/strong>East is set to receive a boost in renewable energy investments with USD <\/strong>75.63 bn allocated for 116 projects by 2030, <\/strong>according to a new report<\/a> by the Energy Industries Council. The projects include solar power, onshore wind, hydro, hydrogen production, carbon capture utilization and storage (CCUS), geothermal energy, and battery and energy storage systems. Despite the surge in clean energy investments, the International Energy Agency notes that only 20% of the region\u2019s energy investments will go towards renewables, with the majority of financing still directed towards oil and gas due to the region\u2019s abundant gas reserves and competitive pricing.<\/p>\n

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YOU\u2019RE READING EnterpriseAM Climate, the essential MENA publication for senior <\/strong>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

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

Tunisia will host the <\/strong>Decarbomed Forum<\/a><\/strong> from Tuesday, 24 September to Wednesday, 25 <\/strong>September<\/strong> in Tunis. The forum will showcase innovative solutions for transitioning to carbon neutrality in Tunisia and the Mediterranean region, focusing on helping businesses take advantage of new tech, renewable energy services, and green financing mechanisms to decarbonize operations.<\/p>\n

The UAE will host the <\/strong>Green Steel Summit<\/a><\/strong> from Wednesday, 25 September to Thursday,<\/strong> 26 September<\/strong> in Dubai. The event will bring together steel industry professionals and decision makers to discuss market intelligence and the latest technological developments in sustainable steelmaking.<\/p>\n

Egypt will host the <\/strong>Portfolio Egypt<\/a><\/strong> conference on Monday, 30 September<\/strong> in Cairo. The event aims to enhance cooperation among Arab stock exchanges and will cover crucial topics including market integration, product diversification, carbon markets, and regional debt markets. It will aim to outline recommendations to strengthen regional financial markets. <\/p>\n

Egypt will host <\/strong>Cairo Sustainable Energy Week<\/a><\/strong> from Tuesday, 1 October to <\/strong>Thursday, 3 October<\/strong> in Cairo. The event will bring together policymakers, companies, and experts to discuss collaboration on the renewable energy transition across 17 Arab countries. <\/p>\n

The UAE will host the <\/strong>World Green Economy Summit<\/a><\/strong> from Wednesday, 2 October<\/strong> to Thursday, 3 October <\/strong>in Dubai. The summit will promote the push for a green economy and will offer a platform for international entities to collaborate on sustainable development, financing, and policymaking.<\/p>\n

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":"

What we\u2019re tracking this morning regionally and around the world<\/p>\n","protected":false},"author":1,"featured_media":86832,"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":[11,88,52,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseclimate","tag-renewables","tag-uae","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"8727c965-08dd-4386-9574-2c341b0d6584","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/9\/1545.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: We have an update on Acwa + HUA\u2019s mega wind farm","related_issue":[86829],"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\/9\/.d2ba4d63-17d1-45ee-986b-9bd97c11088c.mp3"},"yoast_head":"\nTODAY: We have an update on Acwa + HUA\u2019s mega wind farm - 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