{"id":88410,"date":"2024-12-04T00:00:00","date_gmt":"2024-12-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/12\/04\/today-afdb-approves-usd-170-mn-for-egypt-wind-project-climate-investment-bonds-first-bond-issuance-of-usd-500-mn\/"},"modified":"2024-12-04T00:00:00","modified_gmt":"2024-12-04T00:00:00","slug":"today-afdb-approves-usd-170-mn-for-egypt-wind-project-climate-investment-bonds-first-bond-issuance-of-usd-500-mn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/12\/04\/today-afdb-approves-usd-170-mn-for-egypt-wind-project-climate-investment-bonds-first-bond-issuance-of-usd-500-mn\/","title":{"rendered":"TODAY: AfDB approves USD 170 mn for Egypt wind project + Climate Investment Bond\u2019s first bond issuance of USD 500 mn"},"content":{"rendered":"

Good morning, ladies and gents. <\/strong>It\u2019s another busy morning in the regional climate industry with some wind farm financing news from Acwa and Hassan Allam, a pile of renewable energy updates emerging from Saudi, and an update from CIF\u2019s plans to launch a bond issuance. Let\u2019s get the ball rolling, shall we?<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a><\/strong>#1- Acwa plans to ramp up Chinese investments: <\/strong>Saudi renewables giant Acwa Power is looking to increase investments in China between USD 6 bn and USD 10 bn next year, Acwa Power China CEO Yunhe Lu told Asharq Business<\/a>. Acwa has already invested USD 2 bn in the country, including an R&D partnership<\/a> with China\u2019s Lujiazui Bureau to establish a USD 54 mn (SAR 202 mn) Shanghai research center focused on the development of solar, wind, energy storage, green hydrogen, and desalination technologies.<\/p>\n

We knew this was coming: <\/strong>Back in 2023, Acwa said it would kick off operations<\/a> in China this year as it expands presence in renewables-driven countries. \u201cThe push into China and other Asian markets will focus on developing desalination, green hydrogen, and renewable energy projects,\u201d CEO Marco Arcelli said at the time, adding that the company is also looking into partnerships with European countries to set up shop in the kingdom.<\/p>\n

Acwa Power is aggressively<\/strong> expanding elsewhere in Asia:<\/strong> Acwa Power signed a power purchase agreement (PPA) with Indonesia\u2019s state-owned electricity utility PT Perusahaan Listrik Negara (PLN) for the Saguling 60 MW floating solar PV project in Indonesia last August<\/a>. The company is also very active in Central Asia, considering a number of wind and solar projects<\/a> in Tajikistan and joining a consortium with Masdar and Azerbaijan\u2019s Socar to develop 3.5 GW worth of offshore wind projects<\/a> in Azerbaijan\u2019s Caspian Sea. The company is also developing two 1 GW wind projects, one in each of Uzbekistan<\/a> and Kazakhstan<\/a>. At the moment, 60% of the company\u2019s projects are based in the KSA, Asharq reports.<\/p>\n

IN OTHER SAUDI NEWS-<\/strong> Saudi Arabia plans to draw SAR 400 bn in investments to its mining sector next year<\/strong> under the 2025 draft budget<\/strong>, Mubasher<\/a> reports. The Industry and Mineral Resources Ministry also plans to offer industrial plots for investors in Jubail and Yanbu, with projected investments of SAR 29.9 bn.<\/p>\n

KSA\u2019S Industry and Mineral Resources Ministry earmarked five sites for setting up <\/strong>mining complexes in Riyadh, Makkah, and Asir<\/strong>, according to a post on X<\/a>. The sites are located in Wadi Jawwah (1 sq km), Ad Dilam (2.5 sq km), and South Al Quwaiiyah (23.1 sq km) in Riyadh; Shabarqan (5.3 sq km) in Makkah; and East Al Dahou (2.2 sq km) in Asir.<\/p>\n

<\/a>#2- One step closer to a common Arab electricity market: <\/strong>The Arab League has inked key agreements for the mechanisms and framework for a common Arab electricity market during the Arab Ministerial Council for Electricity held in Egypt's New Administrative Capital, Wam<\/a> reports. <\/p>\n

The unified market aims to connect the energy systems of 22 Arab countries by 2038<\/strong>, with phased implementation starting 2025, Arab League Energy Director Jamila Matar previously said<\/a>. The market is expected to operate on a commercial mechanism, enabling energy exchange by using surplus electricity from member states. The initiative could draw on the Gulf electricity interconnection project as a model for success, Matar added.<\/p>\n

The countries involved:<\/strong> The countries that signed the agreement include the UAE, Saudi Arabia, Kuwait, Palestine, Syria, Egypt, Qatar, Libya, Sudan, Yemen, Morocco, and Jordan.<\/p>\n

#3- Egypt is at risk of losing 2% to 6% of GDP by 2060 without proper climate action, <\/strong>according to a recent World Bank op-ed<\/a>. The cost of air pollution on health alone was estimated at 1.4% of the country\u2019s GDP in 2017. Embracing \u201ceffective and sustainable climate action\u201d could enable the country to unlock growth and investments, while improving the quality of life for the citizens, the multilateral institution added. <\/p>\n

GDP risks are global:<\/strong> Globally, climate risks could cause 14% GDP losses<\/a>, although Sub-Saharan Africa and Asia would be hit hardest with potential economic losses exceeding 30% of GDP by 2050 under current policies and planned clean energy investments, a Moody analysis projected. <\/p>\n

AND- Egypt is working to ramp up climate mitigation and adaptation efforts: <\/strong>Egypt is aiming to up the share of renewable energy in its electricity mix to more than 42% by 2030<\/a> and reduce dependency on fossil fuels. The country also set up the Nexus of Water, Food, and Energy<\/a> platform in 2022 to connect national projects with global climate financing from development finance institutions. It also has plans to increase public green investments to 50% of total investments<\/a> by FY 2024-25, up from 30-40% in 2023.<\/p>\n

<\/a><\/strong>#4- South Africa will center climate finance and debt relief on G20\u2019s agenda as it <\/strong>assumes the <\/strong>bloc\u2019s presidency next year, <\/strong>Reuters<\/a> reports. Mobilizing capital to \"strengthen disaster resilience\" will be one the first items that the country works on during its presidency, South African President Cyril Ramaphosa told reporters yesterday. Other files would also include climate transition issues, such as renewable energy funding, and mining justice for the continent to ensure that nations and communities benefit from their wealth, he said. <\/p>\n

The context: <\/strong>South Africa is the first African country to assume the position and aims to center the continent and the Global South in its agenda, especially on climate and debt. <\/p>\n

#5- <\/strong>China\u2019s <\/strong>oil imports set to peak in 2025: <\/strong>China's decades-long dominance as the country's demand for crude oil imports approaches an expected peak as early as next year, Reuters<\/a> reports citing the Statistical Review of World Energy (pdf)<\/a>. The accelerated peak is powered by slowed-down growth and the rapid shift to EVs and hybrids, which surpassed combustion engine sales for the first time in July. Analysts predict that China's petrochemical sector will continue to drive some demand, but overall crude imports will still see a decline, or, at best, marginal growth in the coming years.<\/p>\n

What comes next for China?<\/strong> While imports are peaking soon, the country\u2019s total oil demand \u2014 including naphtha and LPG \u2014 will peak towards 2030. The country's refinery sector is also set for consolidation due to low refining margins and overcapacity. <\/p>\n

A trend in 2024: <\/strong>Despite a temporary bounce in China\u2019s crude imports in November, the first ten months of 2024 saw a 3.4% annual decline. The slowdown has impacted global crude prices and frustrated OPEC's supply plans. <\/p>\n

\n

DANGER ZONE- <\/p>\n

Fashion Pact members are failing behind their self-led climate targets: <\/strong>14 out of 52 members of the Fashion Pact<\/a> have not yet set 2030 targets, a basic goal five years after the pact\u2019s rollout, according to data from the Science Based Targets initiative (SBTi). This group includes Calzedonia, Geox, Karl Lagerfeld, and two of MF Brands. Even brands that have set targets \u2014 including Nike, H&M Group, and Inditex \u2014 are behind on actual implementation, climate policy analyst at the NewClimate Institute Eve Fraser told the Financial Times<\/a>. <\/p>\n

Some have backed out completely: <\/strong>Nordstrom quietly backed out of the group earlier this year following the likes of Selfridges, Stella McCartney and Hermes. The fashion companies \u2014 whose industry accounts for 8-10% of total greenhouse gas emissions \u2014 did not respond or declined to comment on their exits. Exiting brands either did not respond or declined to comment, the Financial Times reported. <\/p>\n

The pact needs to move \u201cfaster and go further,\u201d <\/strong>says secretary general Eva von Alvensleben, the Financial Times<\/a> reports. To this end, the initiative set up a \u201ccollective science-based targets support strategy\u201d last year to support companies in setting up their long-term emission targets and required that all members finalize their targets by the end of 2025, von Alvensleben said. <\/p>\n

About the Fashion Pact: <\/strong> The pact \u2014 launched by French President Macron during the 2019 G7 summit \u2014 is an industry-led, membership-based sustainability initiative founded to work towards a \u201cnet-zero future\u201d for the fashion industry. The initiative aims to encourage the industry to embrace low-carbon production and material sourcing, adopt renewable energy, and protect biodiversity as it works on three main themes: climate change mitigation, biodiversity restoration, and ocean protection, according to its website<\/a>. <\/p>\n

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

UAE will host the <\/strong>International Mangrove Conservation and Restoration Conference<\/a><\/strong> from <\/strong>Tuesday, 10 December to Thursday, 12 December <\/strong>in Abu Dhabi. The conference \u2014 happening in parallel to Riyadh\u2019s COP16 on desertification \u2014 will gather global scientists and conservation experts dedicated to mangrove and coastal ecosystem restoration, seeking to share research, innovative approaches, and best practices for holistic restoration, including habitat diversity, connectivity, and climate resilience.<\/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":88411,"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":[184,74,40,11,164,501,88,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-acwa-power","tag-decarbonization","tag-egypt","tag-enterpriseclimate","tag-green-finance","tag-mitigation","tag-renewables","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"c1f05907-ceaa-4828-811d-07e54eed1dca","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/12\/388.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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