{"id":88180,"date":"2024-11-25T00:00:00","date_gmt":"2024-11-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/11\/25\/today-cop29-fizzles-out-with-a-check-in-the-mail-ifc-kicks-in-usd-mns-in-green-financing-to-egypt\/"},"modified":"2024-11-25T00:00:00","modified_gmt":"2024-11-25T00:00:00","slug":"today-cop29-fizzles-out-with-a-check-in-the-mail-ifc-kicks-in-usd-mns-in-green-financing-to-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/11\/25\/today-cop29-fizzles-out-with-a-check-in-the-mail-ifc-kicks-in-usd-mns-in-green-financing-to-egypt\/","title":{"rendered":"TODAY: COP29 fizzles out with a \u201ccheck in the mail\u201d + IFC kicks in USD mns in green financing to Egypt"},"content":{"rendered":"

Good morning, folks. <\/strong>It\u2019s a busy start to the week as we kick off our recap of COP29\u2019s final days, along with a generous helping of debt news emerging from Egypt and Saudi. First, more troubling news from Europe\u2019s EV players\u2026<\/p>\n

THE BIG CLIMATE STORY OUTSIDE THE REGION- <\/strong>Northvolt <\/strong>files Chapter 11: <\/strong>Swedish battery cell manufacturer Northvolt has filed for Chapter 11 bankruptcy protection<\/a> in the US. The company cited a dire liquidity situation after failing to secure rescue funding, leaving it with enough cash to support operations for only a week. Northvolt secured USD 100 mn in new financing from its customer the Volkswagen-owned Swedish truck maker Scania to support the bankruptcy process and has USD 5.84 bn of debt on the books. <\/p>\n

What\u2019s next? <\/strong>The filing will give the company access to USD 245 mn funds worth of new financing available for companies electing to restructuring through Chapter 11. Northvolt plans to continue operations while undergoing the restructuring process, which is set to conclude by 1Q 2025. <\/p>\n

A signal of the times:<\/strong> Northvolt's bankruptcy filing underscores broader difficulties in the EV sector, where demand has not met projections. Production problems, competition with China, the loss of a major customer, and a lack of funding have been cited as major factors that impacted the company. <\/p>\n

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

\n

WATCH THIS SPACE-<\/p>\n

<\/strong><\/a>#1- Infinity Power, UAE\u2019s Masdar, and Hassan Allam Utilities will soon launch a tender for <\/strong>a contractor to carry out their combined 1.2 GW solar projects<\/strong> planned for the Dahkla Oasis and Benban plant in Upper Egypt, Infinity General Manager Hesham El Gamal told Hapi Journal<\/a>. The consortium plans to settle on a contractor soon ahead of breaking ground on the project next month, with the project expected to start feeding the national grid within 12-18 months, he added.<\/p>\n

We also now have a price tag for the project<\/strong>, with the project expected to cost upwards of USD 1 bn to carry out, El Gamal said. <\/p>\n

IN OTHER EGYPT UPDATES- Egyptian Bio-Ethylene Production Company is on the hunt for funds<\/strong>: <\/strong>A consortium of Egyptian banks is reportedly reviewing a possible loan of USD 100 mn to finance the Egyptian Bio-Ethylene Production Company\u2019s planned Damietta bioethanol plant, Al Shorouk<\/a> reported on Saturday, citing sources it says have knowledge of the matter. The production facility is set to have a capacity of 100k tons. <\/p>\n

Who\u2019s kicking in financing? <\/strong>The group of banks \u2014 including the National Bank of Egypt, Banque Misr, Cairo Bank, Kuwait National Bank, Commercial International Bank, and Qatar National Bank \u2014 are awaiting approval from the Central Bank of Egypt (CBE) to provide the funds in foreign currency. Given foreign currency shortages, the sources said Gulf banks could be the next alternative if the CBE does not greenlight the loan for Egyptian banks.<\/p>\n

<\/strong><\/a>#2- UAE\u2019s Masdar and Albania\u2019s state-owned energy company Kesh plan to develop 3 <\/strong>GW worth <\/strong>of clean energy projects<\/strong>, starting with a 100 MW solar plant set to launch soon, state news agency Wam<\/a> reports. Masdar had inked a joint venture term sheet<\/a> with Kesh to develop GW-scale renewable energy projects, focusing on solar, wind, and hybrid technologies with potential battery storage earlier this month during COP29 in Baku. <\/p>\n

ALSO FROM THE UAE- Emirati<\/strong>-backed Alterra fund is struggling to deploy capital amid a lack of viable projects in <\/strong>the energy transition space, the <\/strong>fund\u2019s CEO Majid Al Suwaidi tells Bloomberg<\/a>. Alterra has so far committed USD 6.5 bn to seven strategies managed by BlackRock, Brookfield Asset Management, and TPG, though actual funds spent are significantly less, its CEO said, without disclosing a specific figure.<\/p>\n

Background<\/strong>: The USD 30 bn vehicle was unveiled last year at COP28 to mobilize USD 250 bn globally by 2030 to finance the climate transition. It recently announced plans to direct an additional USD 200 bn to climate investments over the next six years, and said that it will increase its focus on co-investments and direct investments, capping returns in its Transformation unit to attract external investors.<\/p>\n

<\/a><\/strong>#3- <\/strong>Tunisia plans to allocate TND 7.1 bn (USD 2.2 bn) to enhance its power sector in <\/strong>2025<\/strong>, Alchourouk<\/a> reported last week, citing a draft finance law set to be released next year. The country aims to increase its reliance on electricity from renewable sources from 4.3% last year to 35% within the next six years, reducing electricity imports from Algeria and Libya. The government expects solar and wind energy projects to produce nearly 4.85 GW of green electricity by 2030<\/p>\n

#4- EU + China make headway towards an agreement over tariffs on Chinese EVs <\/strong>entering the bloc,<\/strong> Reuters<\/a> reported on Friday, citing remarks by EU Parliament trade committee chair Bernd Lange on German broadcast show n-tv. China could commit to supplying EVs to the EU at a minimum price set by the bloc, thus eliminating \u201cthe distortion of competition through unfair subsidies,\u201d Lange said. The European Commission did not formally comment on the subject when contacted by Reuters. <\/p>\n

Background:<\/strong> The EU increased tariffs on Chinese EVs by up to 45 % in October<\/a> after a multi-month anti-subsidy probe. The duties, designed to counter what the EU considers unfair government subsidies provided to Chinese manufacturers, are set to last for five years and could cost Chinese carmakers who wish to stay in the EU market multi bns. <\/p>\n

#5- <\/strong>HSBC backtracks on carbon credits plan: <\/strong>HSBC is abandoning a plan to establish a unit dedicated to carbon credits trading and funding voluntary market offset projects, Bloomberg<\/a> reported Thursday, citing anonymous sources familiar with the plans. The move comes as carbon market momentum slows down on the back of greenwashing concerns. After a peak in 2022, the voluntary carbon market shrank by around USD 1 bn. <\/p>\n

REMEMBER- Confidence in the instrument has been waning:<\/strong> Carbon credits can be faked<\/a> through various methods, such as overstating emission reductions, creating non-additional projects, and double counting, practices that have driven demand for the offset credits down<\/a>, a Bloomberg analysis<\/a> last month found. Companies that initially led the mantra of carbon offsets like Delta Airlines, Google, and EasyJet, are now shifting focus to the more expensive strategy of decarbonization to bring down their emissions. One market expert points to the lack of \u201caccountability for false statements in the voluntary carbon markets,\u201d saying that addressing this issue and enforcing legal consequences will be critical.<\/p>\n

But some are working to revive confidence in the market<\/strong>:<\/strong> Regulatory bodies have been working to standardize carbon credits to revive confidence in the controversial market<\/a>. For example, the Integrity Council for the Voluntary Carbon Market set up stricter criteria for what qualifies for its Core Carbon Principles<\/a> label. Nations at COP29 also came together to set up rules for a global carbon market<\/a> after many years of deadlock that would enable countries to meet emissions targets by trading credits representing one ton of CO2 reduced or removed, thus fostering faster decarbonization through international cooperation.<\/p>\n

\n

THE SCORECARD- <\/p>\n

Morocco tops MENA again in CCPI 2025: <\/strong>Morocco<\/a> took the regional lead again in the Climate Change Performance Index (CCPI) (pdf)<\/a> as it settled into the eighth spot globally, one rank up from last year<\/a>, according to the detailed country results<\/a>. <\/p>\n

What is CCPI? <\/strong>The index<\/a> ranks 63 countries plus the EU based on their efforts to combat climate change. The five-grade index \u2014 with \u201cvery low\u201d and \u201cvery high\u201d at both ends of its grading system \u2014 assesses countries\u2019 efforts along four main elements: emissions, energy use, climate policies, and renewables development. <\/p>\n

The breakdown: <\/strong>Morocco scored \u201chigh\u201d on both energy use and greenhouse emissions fronts, but its climate policy and renewable energy adoption indicators saw \u201cmedium\u201d and \u201clow\u201d ratings, respectively. The report outlines high initial costs for renewable energy and the need for external funding as barriers to increasing renewables uptake. <\/p>\n

How did the rest of MENA fare? <\/strong>Egypt<\/a> \u2014 moving up two spots to 20th \u2014 was next in the region, with an overall \u201cmedium\u201d rating, scoring \u201chigh\u201d for GHG emissions and energy use but \u201cmedium\u201d for climate policy and \u201cvery low\u201d for renewable energy. The UAE<\/a>, Saudi Arabia<\/a>, and Iran<\/a> were ranked 65th, 66th, and 67th, respectively, all with an overall \u201cvery low\u201d rating. The index highlights what it perceives as weak climate policy activity in the UAE and Saudi Arabia plans on expanding oil and gas production as major issues. Some MENA countries were not included in the index. <\/p>\n

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

Qatar will host the <\/strong>World Energy Storage Conference<\/a><\/strong> from Tuesday, 3 December to <\/strong>Thursday, 5 December <\/strong>in Doha. The event will gather scientists, researchers, engineers, policymakers, and industry experts to discuss advancements and challenges in energy storage technology. The detailed agenda is yet to be announced.<\/p>\n

Saudi Arabia will host the <\/strong>Conference of the Parties (COP16) to the United Nations<\/a><\/strong>Convention to Combat Desertification<\/a><\/strong> from Monday, 2 December to Friday, 13 December <\/strong>in Riyadh. The summit will convene leaders and officials from 196 member-states and territories to advance actions and hold ministerial dialogues on resilience and finance, focusing on policies, tech and innovative funding mechanisms.<\/p>\n

The UAE will host the <\/strong>World Energy Summit<\/a><\/strong> from Tuesday, 14 January to Thursday, 16 <\/strong>January<\/strong> in Abu Dhabi. The summit will host over 350 speakers including energy industry leaders and policymakers with discussions ranging from eco-waste to sustainable cities. An exhibition will also be held for showcasing green products.<\/p>\n

Saudi Arabia will host the <\/strong>Future Minerals Forum<\/a><\/strong> from Tuesday, 14 January to Thursday, <\/strong>16 January<\/strong> in Riyadh. The forum will gather stakeholders from over 170 countries to discuss mineral technology and exploration. Speakers will include senior government officials and CEOs from renowned mining companies Vale, Rio Tinto, and Manara.<\/p>\n

Bahrain will host the <\/strong>Sustainability Forum Middle East<\/a><\/strong> from Tuesday, 28 January to <\/strong>Wednesday, 29 January<\/strong> in Manama. Climate experts and decision-makers will convene to discuss a number of issues ranging from decarbonization to supporting SMEs on their path to net zero. Speakers will include GCC government officials and industry leaders from the banking and industrial sectors.<\/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":88181,"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":[442,98,40,11,64,219,45,88,159,294,52,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-alterra","tag-carbon-markets","tag-egypt","tag-enterpriseclimate","tag-evs","tag-maaden","tag-morocco","tag-renewables","tag-saudi-arabia","tag-tunisia","tag-uae","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"8175b264-aa06-4a34-a99f-96b056b82d08","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/11\/2306.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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