id: 2024-10-31-05:02:45:777t<\/p>\n
Good morning, friends.<\/strong> It\u2019s a fairly busy news day today, with a slew of clean energy agreements from Morocco and Saudi Arabia\u2019s Acwa. Plus, we finally have some promising developments coming out of COP16. PLUS: We break down Turkey\u2019s 2035 renewable energy roadmap. <\/p>\n ^^ We have the details on these stories and more in the news well, below. <\/p>\n THE BIG CLIMATE STORY OUTSIDE THE REGION- There\u2019s no single story dominating the <\/strong>conversation today, but news of a new coalition setting standards for debt-for-nature swaps<\/strong> at COP16 has garnered some ink. The coalition \u2014 which includes The Nature Conservancy, The Pew Charitable Trusts, Conservation International, and the World Wildlife Fund \u2014 will aim to establish a pipeline of shared projects that could set up the biodiversity finance instrument market for substantial growth. The group was announced earlier this week. <\/p>\n Why is this important? <\/strong>The instrument could tap into up to USD 100 bn in nature and climate finance, which would be helpful to the 60% of developing countries that often find their nature conservation efforts hindered by debt. \u201cWhat this scheme tries to do is work with governments who have signed up to clear commitments for 30x30 and also have debt that needs to be converted,\u201d Nature Conservancy CEO Jennifer Morris said at an event on the sidelines of the biodiversity summit in Colombia.<\/p>\n SOUND SMART- <\/strong>Debt-for-nature swaps<\/a> are a public biodiversity finance product in which governments refinance debt to then put it towards conservation, but the instrument remains at a low volume. Only two major agreements involving Ecuador and El Salvador \u2014 marked at USD 1.6 bn and USD 1 bn \u2014 were reported before, respectively. They provide a \u201cwin-win-win for governments, local communities, and nature by reducing a country's overall debt burden, providing resources for economic development for local communities, and by unlocking funding to conserve a country's most vital ecosystems, \" Wildlife Conservation Society's interim leader Robb Menzi said. <\/p>\n The story made headlines in the international press:<\/strong> Reuters<\/a> | Bloomberg<\/a> <\/p>\n \n HAPPENING TODAY-<\/p>\n Saudi Arabia\u2019s <\/strong>Future Investment Initiative Conference<\/a><\/strong> is set to conclude<\/strong> today.<\/strong> The conference gathers entrepreneurs, political leaders, and decision-makers to explore investment options in AI, sustainability, energy, and more.<\/p>\n \n COP16 WATCH-<\/p>\n <\/a> Colombia + Costa Rica sign biodiversity fund agreement: <\/strong>Colombia and Costa Rica announced a plan to start a fund aimed at the protection of the Choc\u00f3 Biogeographic Region, a Colombia Foreign Ministry statement<\/a> said. The area \u2014 which also includes Panama and Peru \u2014 is described by the UN as having the most plant biodiversity on earth<\/a>, with 25% of its species not found elsewhere, and is currently facing the harms of deforestation, climate change, and illegal mining and logging, The City Paper Bogota<\/a> reports. The fund, announced at COP16, will set a \u201cnew benchmark for regional cooperation in biodiversity protection,\u201d Colombian Foreign Minister Luis Gilberto Murillo said. <\/p>\n Who will be involved? <\/strong>The two countries are looking to involve the CAF Development Bank of Latin America and the Caribbean as a fund administrator and will soon present the fund to neighboring governments to try and garner support, Murillo added. <\/p>\n \n WATCH THIS SPACE-<\/p>\n <\/a>#1-<\/strong> Emirates Driving to back Vinfast: <\/strong>Emirates Driving will also lead a consortium of Emirati investors to provide at least USD 1 bn in funding to Vietnamese automotive company Vinfast<\/a>, Bloomberg<\/a> and Reuters<\/a> report, citing sources. No specific timeline has been set up for the disbursement of these funds, the source said, while the Vingroup statement only confirmed that Emirates Driving will be leading a consortium investing in the company.<\/p>\n What we know: <\/strong>The two companies will work towards developing electric vehicle infrastructure, driver training, and road safety initiatives to support VinFast\u2019s growth efforts, according to Vingroup\u2019s statement.<\/p>\n <\/a> #2- <\/strong>Ewec receives three proposals for Khazna solar plant:<\/strong> The Emirates Water and Electricity Company (Ewec) has received three proposals to set up the 1.5 GW Khazna Solar Photovoltaic (PV) Independent Power Project (IPP), according to a press release<\/a>. Ewec had received 27 expressions of interest, of which 19 qualified for the Request for Proposals (RFP) last April<\/a>, and the final power purchase agreement is set to be inked in 1Q 2025. The plant will generate enough electricity for some 160k homes across the UAE. <\/p>\n Who\u2019s in so far?<\/strong> The proposals came from France\u2019s Engie, a consortium of the UK\u2019s EDF Renewables and Korea Western Power (Kowepco), and a consortium of Jinko Power and Jera. <\/strong>The chosen developer will construct, finance, operate, and maintain the plant. It will also keep a 40% stake, with the rest to be owned by the Abu Dhabi government. <\/p>\n About the solar farm:<\/strong> The Khazna Solar Photovoltaic Power Project is a greenfield solar power project with a generation capacity of 1.5 GW, which is similar in scale and production capacity to Al-Dhafra Solar PV and Al-Ajban Solar PV. Once fully operational, the project is expected to reduce CO2 emissions by over 2.4 mn tonnes per year, which is equivalent to removing about 470k cars from the road.<\/p>\n \n #3- Mubadala-owned Spanish oil company <\/strong>Cepsa<\/a><\/strong> was rebranded<\/strong> as Moeve to <\/strong>signify its new focus on low-carbon operations<\/strong>, Reuters<\/a> reports, citing CEO Maarten Wetselaar. The company is currently investing EUR 8 bn to transition towards sustainable energy and mobility. These transitional steps include a partnership<\/a> with Schwarz Group\u2019s environmental arm, PreZero Spain<\/a>, to build a waste recycling facility to produce 2G biofuels and circular chemical products.<\/p>\n <\/a> #4- Saudi\u2019s Desert Technologies to expand solar manufacturing<\/strong> capacity in Saudi: <\/strong>KSA-based renewable energy solutions company Desert Technologies is establishing a USD 200 mn factory in Jeddah to produce solar panels and cells, according to a company statement<\/a>. The factory will produce equipment with solar capacity of 5 GW per year, marking an increase from the company\u2019s current annual manufacturing capacity of 110 MW, reports Bloomberg<\/a>. <\/p>\n Desert tech is boosting its capacity:<\/strong> The company said last year that it plans to raise its production capacity to 4 GW yearly and inked an MoU with Elsewedy Electric to boost its exports of renewable energy products<\/a> to African markets. <\/p>\n \n #5- KSA defends emissions record + renewables efforts, but will maintain oil capacity:<\/strong> Saudi Arabia will maintain its crude oil capacity at 12.3 mn barrels per day (bbl \/ d), even as it advances renewable energy projects, Arab News<\/a> quotes Energy Minister Abdulaziz bin Salman as saying at the Future Investment Initiative in Riyadh. The minister said that the country\u2019s record of increasing energy efficiency and renewables capacity in a very short amount of time makes them confident and \u201cnot ashamed\u201d of their emissions record despite plans to sustain oil production.<\/p>\n REMEMBER- The Kingdom aims to produce 50% of its power from renewables by 2030<\/strong> and is leading initiatives in hydrogen and circular carbon economy practices, with 44 GW of renewable capacity currently installed.<\/p>\n #6- Aramco\u2019s planned 9 mn carbon storage project in Jubail will begin production by 2027 or<\/strong> 2028<\/strong>, putting it on track to be the world\u2019s largest project of its kind, Aramco CEO Amin Nasser said at the forum<\/a>. The accelerated carbon capture and sequestration project, which Aramco signed the agreement for back in November 2022<\/a>, will see around 6 mn tons of CO2 coming from Aramco, while the rest will come from industrial sources. Scotland-based consulting and engineering firm Wood finalized the front-end engineering and design (FEED) scope for the first phase in June<\/a> .<\/p>\n \n DANGER ZONE- <\/p>\n Around <\/strong>38% of the world's tree species are at risk of extinction<\/strong>, according to the first-ever Global Tree Assessment<\/a> by the International Union for Conservation of Nature (IUCN). With over 16.4k of the 47.3k assessed tree species threatened, trees now represent more than a quarter of all species on the IUCN\u2019s Red List<\/a>of Threatened Species<\/a> \u2014 the world\u2019s most comprehensive list on the conservation status of animal, fungi, and plant species. Island trees face the highest risk due to deforestation, invasive species, and climate change. In South America, home to the greatest diversity of trees, 3.3k out of the continent\u2019s 13.6k species included in the survey are threatened.<\/p>\n More is on the line:<\/strong> The IUCN Red List update also highlights the deteriorating status of the Western European hedgehog, whose population dropped by around 16-33%, effectively changing its listing from a species of Least Concern to Near Threatened. Conservation efforts, such as habitat corridors<\/a> \u2014 designated areas that connect wildlife populations separated by human activities or structures \u2014 and reduced pesticide use, are essential to protect this species.<\/p>\n What can be done?<\/strong> The report calls for conservation strategies, including habitat protection, restoration, and ex situ<\/a>conservation<\/a>, which involves preservation efforts under human supervision in environments outside a species\u2019 natural habitats. Community-led initiatives have already shown positive outcomes in regions like Cuba, Juan Fern\u00e1ndez islands, Madagascar, and Fiji. It also emphasizes the interconnectedness of tree conservation with broader biodiversity and climate resilience, urging action with a synergetic impact. For example, the report highlights that tree planting<\/a><\/a> \u2014 as a fix to climate change \u2014 needs to be done better by diversifying the species used and focusing on threatened ones. <\/p>\n The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n *** EnterpriseAM Climate is available without charge <\/strong>thanks to the generous support of our friends at HSBC and Infinity Power.<\/p>\n Were you forwarded this email? <\/strong>Tap or click here<\/a> to get your own copy of Enterprise Climate.<\/p>\n Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on climate@enterprisemea.com<\/a>.<\/p>\n DID YOU KNOW <\/strong>that we also cover Egypt<\/a>, Saudi Arabia<\/a>, the UAE<\/a>, and the MENA<\/a>logistics industry<\/a> ? CIRCLE YOUR CALENDAR- <\/strong><\/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 and one of its largest non-legislative events, will center around the effect of rapid urbanization on communities, economies, climate change, and policies and will bring together government representatives, academics, business people, urban planners, and more. <\/p>\n South Africa will host the <\/strong>Critical Mineral Africa Summit<\/a><\/strong> from Wednesday, 6 November to <\/strong>Thursday, 7 November,<\/strong> in Cape Town. The summit aims to attract critical minerals investment to the continent and will be held alongside African Energy Week. The summit will be held in partnership with the Southern African-German Chamber of Commerce Partners representing Germany\u2019s increasing investments in southern Africa.<\/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. The United Nations Framework Convention on Climate Change\u2019s objective is to \u201cstabilize greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system.\u201d<\/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":87691,"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":[205,526,11,64,356,50,159,42,52,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-biodiversity","tag-debt-for-nature","tag-enterpriseclimate","tag-evs","tag-ewec","tag-mubadala","tag-saudi-arabia","tag-solar-energy","tag-uae","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"e8dd65c1-1a2a-48d2-a57e-bb06f1836ab3","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/10\/2854.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: Acwa Power inks USD 1.8 bn financing and renewable energy agreements at FII + Morocco, France sign multi-bn clean energy deals","related_issue":[87688],"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\/10\/.65ce3693-d609-4e49-af43-11c24711f27a.mp3"},"yoast_head":"\n
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