{"id":87043,"date":"2024-10-01T00:00:00","date_gmt":"2024-10-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/10\/01\/today-acwa-miahona-ramp-up-uzbekistan-developments\/"},"modified":"2024-10-01T00:00:00","modified_gmt":"2024-10-01T00:00:00","slug":"today-acwa-miahona-ramp-up-uzbekistan-developments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/10\/01\/today-acwa-miahona-ramp-up-uzbekistan-developments\/","title":{"rendered":"TODAY: Acwa + Miahona ramp up Uzbekistan developments"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s another busy day as the news cycle shows no signs of slowing down, with updates pouring in from Saudi Arabia and the UAE. We also have an update on the regional carbon markets playing field, but first, a quick health check on the global EV market\u2026<\/p>\n

THE BIG CLIMATE STORY OUTSIDE THE REGION- Stellantis dampens forecast and <\/strong>causes USD 10 bn drop in European auto stocks: <\/strong>The world\u2019s fourth largest automaker Stellantis cut its 2024 profit forecast yesterday on the back of weakening global demand and Chinese competition, decreasing its market value by USD 6.7 bn. The company said it foresees losses between USD 5 and 10 bn as it plans to slash output and offer up incentives for buyers in a bid to revive US business.<\/p>\n

Stellantis isn\u2019t the only company feeling the heat: <\/strong>Volkswagen and Aston Martin issued similar concerns with the former cutting its annual outlook amidst trade union troubles and factor closures, Reuters<\/a> reports. Aston Martin cut its production volume forecast due to supply chain issues and expects lower annual core profit. Mercedes-Benz and BMW made similar moves earlier this month. <\/p>\n

Stocks tumbled as a result: <\/strong>After issuing its revised profit forecast, European auto stocks dropped almost 4% losing USD 10 bn in market value. Stellantis\u2019 listings in Paris and Milan lost 14%. The company\u2019s operating profit margin is now expected to fall from double digits to between 5.5% and 7% after already falling 40% this year. Volkswagen and Aston Martin\u2019s shares decreased 2.6% and 20% respectively. <\/p>\n

The story grabbed widespread headlines in the int\u2019l press:<\/strong> Reuters<\/a> | Associated Press<\/a> | The New York Times<\/a> | Financial Times<\/a> | The Wall Street Journal<\/a> | Bloomberg<\/a> | CNBC<\/a> | CNN<\/a> | BBC<\/a> <\/p>\n

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HAPPENING TODAY-<\/p>\n

Cairo Sustainable Energy Week<\/a><\/strong>kicks off today and will run until 3 October at the <\/strong>Nile Ritz-Carlton in Cairo. <\/strong>Under the theme Building a World that Sustains, the event will gather ministers and private sector players from across the Arab world to discuss renewable energy, grid interconnection projects, sustainable development, and everything in between.<\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/strong><\/a>#1- Taqa Arabia is looking to set up two new solar plants with investments ranging <\/strong>between USD 25-30 mn<\/strong>, the company\u2019s head of sustainability Sherif Mubarak told Al Borsa<\/a>. In July, chairman Khaled Abu Bakr said that the company is negotiating with clients in the tourism, industrial and agricultural sectors about proposed projects to produce 150 MW of solar energy in Egypt<\/a>.<\/p>\n

<\/a>#2- IHC to boost its investment in South African mining assets: <\/strong>Abu Dhabi-based International Resources Holding (IRH), a subsidiary of the UAE\u2019s International Holding Company, partnered with South Africa\u2019s Public Investment Corporation (PIC) to invest in green energy, rail infrastructure, and mining in South Africa, according to a statement<\/a>. PIC is Africa\u2019s largest asset manager, holding some USD 169 bn in assets across the mining, agriculture, manufacturing, real estate, and financial services sectors. <\/p>\n

The partnership will focus on: <\/strong><\/p>\n