{"id":87152,"date":"2024-10-07T00:00:00","date_gmt":"2024-10-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/10\/07\/today-uaes-taqa-drums-up-green-financing-omans-ffo-details-initial-investments-in-clean-energy\/"},"modified":"2024-10-07T00:00:00","modified_gmt":"2024-10-07T00:00:00","slug":"today-uaes-taqa-drums-up-green-financing-omans-ffo-details-initial-investments-in-clean-energy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/10\/07\/today-uaes-taqa-drums-up-green-financing-omans-ffo-details-initial-investments-in-clean-energy\/","title":{"rendered":"TODAY: UAE\u2019s Taqa drums up green financing + Oman\u2019s FFO details initial investments in clean energy"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s a fairly busy morning of news as we kick off the week, with lots to unpack on the electric vehicle front both at home and abroad. There\u2019s also a bit of green financing and investment ground to cover from the UAE and Oman. Shall we?<\/p>\n

THE BIG CLIMATE STORY OUTSIDE THE REGION- The<\/strong> EU moves forward with Chinese <\/strong>EV tariffs after vote: <\/strong>The European Commission voted to confirm proposed tariffs of up to 45% on Chinese-made EVs, according to a statement<\/a> released Friday. These duties, set to last for five years starting next month, could cost Chinese carmakers bns who wish to stay in the EU market and are designed to counter what the EU considers unfair subsidies provided to Chinese manufacturers.<\/p>\n

The decision was split: <\/strong>10 member states voted in favor, while 17 including major EU players have either voted against or abstained, Reuters<\/a> reported. Countries such as Italy, France, and Poland backed the move, while Germany, Hungary, and Slovakia opposed it. Belgium, Spain, and Sweden were among the nations that abstained from voting.<\/p>\n

Some European carmakers also oppose the move: <\/strong>EV makers in Europe with production embedded in China are opposing the move. Seat, a subsidiary of the German Volkswagen Group, described the tariffs as \u201cpunitive,\u201d and warned some of its models produced in China could be \u201cat risk.\u201d BMW CEO Oliver Zipse called the vote \u201ca fatal signal for the European automotive industry\u201d and called for \u201ca quick settlement between the EU Commission and China to prevent a trade conflict from which no one gains,\" Reuters<\/a> wrote. Mercedes-Benz also views the tariffs as a \"mistake\" and urged the European Commission to delay their implementation for further negotiations.<\/p>\n

Prices may not immediately change:<\/strong> Automakers like MG Motor, a subsidiary of China\u2019s SAIC, and BYD are expected to keep prices unchanged, a few sources told Reuters.<\/p>\n

REMEMBER<\/strong>- China\u2019s EVs are hit by tariffs right and left: <\/strong>China requested<\/a> the World Trade Organization (WTO) to rule on Canada\u2019s recent tariffs on Chinese EVs, steel, and aluminum last week. The move follows Canada\u2019s imposition of a 100% tariff on Chinese EVs<\/a> and a 25% tariff on steel and aluminum. The US has also recently confirmed 100% tariffs<\/a> on Chinese EVs and excluded Chinese-made components from EV subsidies.<\/p>\n

The story grabbed a lot of ink over the week in the int\u2019l press:<\/strong> Reuters<\/a> | Bloomberg<\/a> | Financial Times<\/a> | The New York Times<\/a> | The Wall Street Journal<\/a> | BBC<\/a> | The Guardian<\/a> | Politico<\/a> | CNBC<\/a> <\/p>\n

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HAPPENING THIS WEEK-<\/p>\n

The <\/strong>World Power-to-X Summit<\/a><\/strong> will kick off tomorrow and wrap on Wednesday in <\/strong>Marrakesh.<\/strong> This event will host discussions about green hydrogen and clean fuels as part of the Power-to-X concept. It is supported by Morocco's Ministry of Energy, and positions the country as a key player in the global shift toward sustainable energy. <\/p>\n

The first ever <\/strong>EU-GCC Green Transition Forum<\/a><\/strong> will open its doors on Wednesday in <\/strong>Abu Dhabi.<\/strong> The forum will gather industry leaders, policymakers, and experts to explore netzero emission strategies and host discussions on sustainability across the region. Interested parties can register here<\/a>.<\/p>\n

Later in the week, the <\/strong>EVs Electrify Egypt Summit<\/a><\/strong> will start on Thursday and wrap on Saturday <\/strong>in Cairo. <\/strong>This event will bring together industry players, engineers, and over 300 exhibitors for interactive showcases and EV test drives. <\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a>#1- Rivian slashes production forecast: <\/strong>Abdul Latif Jameel-backed US EV startup Rivian has lowered its annual production forecast by over 14% due to parts shortage and demand slowdown, Reuters<\/a> reported on Friday. Annual production is now down from 57k to 47k-49k vehicles. The company's shares tumbled by almost 9% in reaction to the news. <\/p>\n

Part of a cost-cutting plan? <\/strong>Rivian closed its only manufacturing facility in Illinois for three weeks earlier this year to streamline its manufacturing processes and reassess the costs of building its vehicles as it weathers sluggish EV demand, the newswire writes. The company plans to turn its first profit in 4Q, increasing the production of its R1 models<\/a> and lining up production of its smaller R2 models<\/a> in 2026.<\/p>\n

The company is seeking financing to beef up its production capacity: <\/strong>Rivian applied for a federal loan to fund the construction of its long-planned EV plant in Georgia that had been stalled due to a lack of funds, Bloomberg<\/a> reported on Friday. The Department of Energy has yet to make a decision on whether to greenlight the loan, whose amount was not disclosed. Earlier in 2022, Rivian secured a USD 1.5 bn financing package from state and local incentives to build the facility. The company expects the plant to begin operations by Q3 2027 and reach full production capacity by 2028, according to a DoE disclosure (pdf)<\/a>. <\/p>\n

<\/a>#2- UAE renewable energy developer Masdar is <\/strong>expected to issue its third <\/strong>green bond in 2025 to fund its upcoming global renewable energy projects, <\/strong>the renewables giant\u2019s CFO Maiz Khan told The National<\/a> on Thursday. The exact size of the bond will depend on the project pipeline but is likely to be similar to previous issuances, he added.<\/p>\n

Background:<\/strong> In July<\/a>, Masdar raised USD 1 bn through its second green bond issuance which consisted of two tranches worth USD 500 mn each, with five- and 10-year tenors, carrying yields of 4.875% and 5.25%. The issuance officially went live on the ADX in September. The company\u2019s first issuance<\/a> last year raised USD 750 mn. <\/p>\n

#3- The GCC is in a good position for CBAM: <\/strong>The Gulf\u2019s aluminum producers are reportedly in a favorable position for European exports when the EU\u2019s Carbon Border Adjustment Mechanism (CBAM) comes into effect in 2026 due to their shift towards green and lower-carbon production, Khaula Bhatti from S&P Global Commodity Insights told The National<\/a> on Saturday. The full rollout in 2026<\/a> would require foreign producers to pay the same carbon tax that European firms pick up in Europe\u2019s carbon market based on direct emissions (Scope 1) and indirect emissions (Scope 2) for imported fertilizer, cement and electricity. Nearly a third of the GCC\u2019s current output is exported to the US and EU.<\/p>\n

The EU <\/strong>soft-launched<\/a><\/strong> the CBAM last year: <\/strong>The CO2 levy\u2019s initial phase has required firms importing steel, cement, aluminum, electricity, fertilizers, and hydrogen into the EU to report CO2 levels emitted during the production of such goods. If they fail to report such emissions, companies are exposed to fines of up to EUR 50 per ton of CO2. <\/p>\n

The shift to lower-carbon production has already begun: <\/strong>Emirati aluminum conglomerate Emirates Global Aluminium became the first company in the world to produce aluminum commercially using solar power<\/a> in 2021. The company is also a leader in other sustainability practices in aluminum production, building an aluminum recycling plant<\/a> in 2023 and piloting a first-of-its-kind<\/a> plant in Abu Dhabi to convert bauxite residue \u2014 a waste stream from aluminum refining \u2014 into manufactured soil. In January<\/a>, Saudi state-owned mining company Ma\u2019aden and American renewables developer GlassPoint revealed plans for the first phase of project development for their solar thermal energy power plant in KSA\u2019s Ras Al Khair to decarbonize Ma\u2019aden\u2019s aluminum supply chain.<\/p>\n

<\/a>#4- Toyota increases its backing of Joby: <\/strong>Toyota Motor Corporation is raising its investment in Abdul Latif Jameel-backed electric air taxi manufacturer Joby Aviation by USD 500 mn to USD 894 mn in a bid to support the firm\u2019s commercialization and certification efforts, according to a statement<\/a> released last week. Toyota will channel additional financing in two equal tranches as cash for common stock. Contingent on finalizing regulatory approvals and terms, the first tranche could become available this year and the second in 2025, with the latter expected to support a commercial manufacturing alliance. <\/p>\n

Joby is active in our neck of the woods: <\/strong>Joby plans on launching battery-powered air taxis in Dubai by late 2025<\/a> after applying<\/a> for commercial air transport certification last month. The company will start infrastructure work later this year and kick off initial flights in early 2025, with full commercialization targeted by year-end. Joby also partnered with Aramco subsidiary Mukamalah Aviation in May to deploy eVTOLs<\/a> in Saudi Arabia. Joby Aviation is backed by Jameel Investment Management Company, the investment arm of Saudi Arabia\u2019s Abdul Latif Jameel.<\/p>\n

#5- TotalEnergies eyes entry into copper trading:<\/strong> French energy giant TotalEnergies is exploring the possibility of entering the copper trading market, the Financial Times<\/a> reports, citing remarks made by TotalEnergies\u2019 Senior Vice President of Crude, Fuel and Derivatives Trading Rahim Azouni at a closed-door conference in London on Wednesday. While a final decision is yet to be made by TotalEnergies, the company is studying copper trading due to the metal's growing importance in clean energy infrastructure, including EVs and electricity cables, several sources who heard his remarks told FT. <\/p>\n

The move reflects a broader trend: <\/strong>Driven by declining oil demand and rising demand on essential materials needed for the energy transition, some major oil traders are increasingly shifting to trading in metals like copper, aluminum, and nickel, FT wrote. Other major players, such as Swiss-based Vitol and Mercuria are also expanding into metals, while French hedge fund manager and energy trader Pierre Andurand predicts significant price surges in copper over the coming years to reach USD 40k a ton. <\/p>\n

#6- Climate Investment Funds (CIF) <\/strong>will invest <\/strong>USD 1 bn to support decarbonization of <\/strong>heavy-emitting industries in developing countries, <\/strong>according to a statement<\/a> released on Friday at the conclusion of the 15th Clean Energy Ministerial (CEM15) in Brazil. The industry decarbonization program will use money from the USD 8.6 bn CIF Clean Technology Fund to support the development of emissions reduction technologies with the aim of reducing emissions from energy-intensive sectors by 20% by 2030 and 93% by 2050, Reuters<\/a> reported on Friday. Expressions of Interest are now open until January 17, 2025, the statement notes.<\/p>\n

What is CIF? <\/strong>The CIF<\/a> is one of the world\u2019s largest multilateral funds assembled to help developing countries with climate change mitigation. The group operates in 81 countries and receives funding from governments and the private sector. <\/p>\n

The fund is active in MENA emerging economies: <\/strong>CIF has financed 17 projects in seven countries<\/a>, channeling over USD 860 mn in financing towards investments in solar and wind farms in Egypt and Morocco. The fund is projecting its financing in the region to exceed USD 12 bn in the following years.<\/p>\n

IN <\/strong>OTHER <\/strong>NEWS FROM THE MINISTERIAL- <\/strong>Azerbaijan is touting its Green Energy Zones and Corridors Pledge of COP29 which aims to create zero-emission green energy spaces in regions with abundant renewable energy resources, News.az<\/a> reported on Saturday, citing comments made by Azerbaijan\u2019s Energy Minister Parviz Shahbazov at the CEM15 innovation meeting. The pledge will also aim to support the establishment of transmission infrastructures between energy supply and demand centers to transfer renewable energy over long distances.<\/p>\n

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THE SCORECARD- <\/p>\n

Saudi Arabia is planning to generate 44 GW of its electricity from renewable energy by <\/strong>the end of 2024, <\/strong>Saudi Energy Minister Prince Abdulaziz bin Salman was quoted as saying by SPA<\/a>. The Kingdom plans to establish a hydrogen production facility in Ras Al Khair to support its renewable energy goals, in addition to developing a carbon capture and storage project with an annual capacity of 9 mn tons, bin Salman revealed at the G20 meetings in Brazil<\/p>\n

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

Egypt will host <\/strong>Cairo Water Week<\/a><\/strong> from Sunday, 13 October to Thursday, 17 October <\/strong>in Cairo. The event will explore various themes relating to water and climate and enhancing resilience in communities. <\/p>\n

Egypt will host the <\/strong>World Urban Forum<\/a><\/strong> from Monday, 4 November to Friday, 8 November<\/strong> in Cairo. The forum, established by the UN, will center around the effect of rapid urbanization on communities, economies, climate change, and policies. <\/p>\n

South Africa will host the <\/strong>Critical Mineral Africa Summit<\/a><\/strong> from Wednesday, 6 November to Thursday, 7 November<\/strong> in Cape Town. The summit aims to attract critical minerals investment to the continent. <\/p>\n

Azerbaijan will host the <\/strong>United Nations Climate Change Conference or Conference of the<\/a><\/strong>Parties (COP29)<\/a><\/strong> from Monday, 11 November to Friday, 22 November <\/strong>in Baku. The annual conference brings together governments, world leaders, and other stakeholders to advance the Paris Agreement and negotiate ways to fight climate change. <\/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 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