{"id":89090,"date":"2025-01-24T00:00:00","date_gmt":"2025-01-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2025\/01\/24\/top-stories-green-financing-news-from-egypt-and-uae-updates-on-egypts-solar-panel-factory\/"},"modified":"2025-01-24T00:00:00","modified_gmt":"2025-01-24T00:00:00","slug":"top-stories-green-financing-news-from-egypt-and-uae-updates-on-egypts-solar-panel-factory","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2025\/01\/24\/top-stories-green-financing-news-from-egypt-and-uae-updates-on-egypts-solar-panel-factory\/","title":{"rendered":"TOP STORIES: Green financing news from Egypt and UAE + Updates on Egypt\u2019s solar panel factory"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, folks. <\/strong>Another week has come to an end as January comes to a close. On the docket this week? A pile of green financing, solar, green hydrogen and wind updates as we round up the regional climate industry\u2019s activities over the past seven days. First, as expected, the US climate-denier-in-chief has made his first moves\u2026<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE <\/strong><strong>BIG STORY<\/strong><strong> ABROAD THIS WEEK- <\/strong><strong>Trump pulls<\/strong><strong> the plug on US climate policy:<\/strong> US President Donald Trump issued sweeping executive orders on his first day in the White House, reversing key environmental initiatives and prioritizing fossil production. Trump ordered federal agencies to stop spending from Biden\u2019s flagship climate action programs, putting over <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/fcaf50dc-6779-44d2-a7fa-264df798a4c1\" style=\"\" rel=\"noopener\">USD 300 bn<\/a> of financing contracts under a freeze for review, according to an <a target=\"_blank\" href=\"https:\/\/www.whitehouse.gov\/presidential-actions\/2025\/01\/unleashing-american-energy\/\" style=\"\" rel=\"noopener\">executive order<\/a>. He also ordered the elimination of EV subsidies and asked regulators to revise recent emissions standards. Rewriting the rules could take months to finalize, leaving automakers in <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-01-21\/trump-orders-end-to-electric-vehicle-mandate-subsidies?srnd=phx-green\" style=\"\" rel=\"noopener\">regulatory limbo<\/a>. A freeze on federal permits for wind projects and new offshore leasing was also signed into effect, along with a withdrawal from the \u201c <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-01-20\/trump-to-order-us-exit-from-paris-accord-hobbling-climate-fight?srnd=phx-green\" style=\"\" rel=\"noopener\">one-sided\u201d Paris<\/a> Accords and a rollback on US financial commitments to international climate regimes, according to a separate <a target=\"_blank\" href=\"https:\/\/www.whitehouse.gov\/presidential-actions\/2025\/01\/putting-america-first-in-international-environmental-agreements\/\" style=\"\" rel=\"noopener\">statement<\/a>. The withdrawal is unlikely to materialize until next year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Others are stepping in<\/strong><strong>:<\/strong> Former New York Mayor Michael Bloomberg and other backers pledged to foot the US\u2019 financial obligations to the UN Climate Change Secretariat in response to Trump\u2019s move, according to a <a target=\"_blank\" href=\"https:\/\/www.bloomberg.org\/press\/un-special-envoy-michael-r-bloomberg-announces-effort-to-ensure-u-s-honors-paris-agreement-commitments\/\" style=\"\" rel=\"noopener\">press release<\/a> on Thursday. <a target=\"_blank\" href=\"https:\/\/www.bloomberg.org\/\" style=\"\" rel=\"noopener\">Bloomberg Philanthropies<\/a> made similar commitments in <a target=\"_blank\" href=\"https:\/\/www.bloomberg.org\/press\/bloomberg-philanthropies-commits-15-million-fill-budget-gap-left-trumps-revoking-us-support-un-climate-treaty\/\" style=\"\" rel=\"noopener\">2017<\/a> and <a target=\"_blank\" href=\"https:\/\/www.bloomberg.org\/press\/michael-bloomberg-contributes-additional-5-5-million-united-nations-climate-change-secretariat-fill-united-states-federal-funding-gap\/\" style=\"\" rel=\"noopener\">2019<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reax-<\/strong> Existing wind projects, including Orsted\u2019s, are unlikely to be affected, though the Danish developer\u2019s stock fell 17% after announcing USD 1.7 bn in impairments on its US operations, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-01-20\/orsted-takes-1-7-billion-hit-on-mounting-costs-of-offshore-wind\" style=\"\" rel=\"noopener\">Bloomberg<\/a> wrote on Monday. Italy\u2019s Prysmian has also scrapped plans for a US wind cable plan for weak demand, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/italys-prysmian-ditches-plan-build-us-plant-offshore-wind-parks-2025-01-21\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported on Tuesday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story made headlines in the international press:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/trumps-energy-actions-his-first-day-2025-01-21\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/what-has-trump-done-trump-executive-orders-f061fbe7f08c08d81509a6af20ef8fc0\" style=\"\" rel=\"noopener\">AP<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/fcaf50dc-6779-44d2-a7fa-264df798a4c1\" style=\"\" rel=\"noopener\">The Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2025\/01\/21\/climate\/trump-climate-change-executive-orders.html\" style=\"\" rel=\"noopener\">The New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-01-21\/trump-orders-end-to-electric-vehicle-mandate-subsidies?srnd=phx-green\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2025\/01\/21\/president-donald-trump-executive-orders-list\" style=\"\" rel=\"noopener\">Axios<\/a> | <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2025\/01\/20\/politics\/executive-actions-trump-day-1\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a> | <a target=\"_blank\" href=\"https:\/\/abcnews.go.com\/Politics\/wireStory\/trump-executive-orders-presidency-117986949%5C\" style=\"\" rel=\"noopener\">ABC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/us-news\/2025\/jan\/20\/tump-executive-orders-list\" style=\"\" rel=\"noopener\">The Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/c1ez6313g4po\" style=\"\" rel=\"noopener\">BBC<\/a> <\/p>\n<p class=\"tag-border-left\">HAPPENING NEXT WEEK-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>Bahrain will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/sustainmideast.com\/\" style=\"\" rel=\"noopener\">Sustainability Forum Middle East<\/a><\/strong><strong> from Tuesday, 28 January to <\/strong><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<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> COP WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>Brazil has <\/strong><strong>appointed diplomat Andr\u00e9 Corr\u00eaa do Lago as president-designate of COP30<\/strong>, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/57f82396-3d4d-414b-b0cf-a90a751701ce\" style=\"\" rel=\"noopener\">Financial Times<\/a> reported on Tuesday. The former ambassador to Japan and India will have to work without the support of the world\u2019s largest historical emitter, as his appointment came right after the US announced its withdrawal from the Paris Agreement under Trump. Ana Toni \u2014 Brazil\u2019s climate change secretary \u2014 will serve as chief executive. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">WHAT WE\u2019RE TRACKING REGIONALLY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt1\"><\/a>#1- <\/strong><strong>Egypt plans to issue<\/strong><strong> USD 1-1.5 bn worth of eurobonds or green bonds in international <\/strong><strong>markets as soon as next month,<\/strong> followed by an issuance of sovereign sukuk, to take advantage of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/af876b20-a5dc-43ee-9b6a-da94bbab51b0\/cabinet-economic-team-talks-investment-at-davos\" style=\"\" rel=\"noopener\">rising investor interest in Egyptian debt<\/a>, a senior government official told EnterpriseAM on Wednesday. The Madbouly government is currently in discussions with international offering advisors to identify the best options for debt issuances in the coming period, the source added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sounds familiar? <\/strong>The Madbouly government was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/1787561f-d13d-46a4-b6e8-2b0c76a76b94\/today:-another-lifeline-for-lucid-%2B-abdul-latif-jameel-eyes-fotowatio-sale.\" style=\"\" rel=\"noopener\">looking to issue green bonds and sukuk<\/a> worth between EGP 5-10 bn (USD 99.4 - 198.9 mn) in 3Q-4Q of FY 2024-2025 back in October in a bid to diversify financing sources.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN OTHER EGYPT NEWS- <\/strong><strong>Egyptian-Saudi electricity interconnection is almost ready:<\/strong> The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/81d13a3c-e79f-4ff1-93a2-19049c1eb8c7\/\" style=\"\" rel=\"noopener\">Egypt-Saudi<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/81d13a3c-e79f-4ff1-93a2-19049c1eb8c7\/\" style=\"\" rel=\"noopener\">interconnection project<\/a> is 71% complete, according to a <a target=\"_blank\" href=\"https:\/\/web.facebook.com\/NationalPressAuthority\/posts\/pfbid02YzsKKqEGE8khSeZVaHC8dPPcdShXhWuWSJ3aMML7NYg75p2VHtP47VYBD8yMzYE2l?rdid=HUTo8AAUbeXVaEWi&_rdc=1&_rdr#\" style=\"\" rel=\"noopener\">statement<\/a> released on Wednesday. The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/b0a98f1a-7b6b-489f-b173-f0210d8f8493\" style=\"\" rel=\"noopener\">first phase<\/a> of the project \u2014 which will see 1.5 GW of the planned 3 GW come online \u2014 is set to be completed by June instead of July 2025, with trial operations slated for April.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>We have an investment ticket f<\/strong><strong>or Masdar\u2019s Philippines <\/strong><strong>plans<\/strong><strong>:<\/strong> UAE renewables player Masdar aims to pour some USD 15 bn into scaling up renewables projects in the Philippines up to 10 GW within a decade, according to a <a target=\"_blank\" href=\"https:\/\/doe.gov.ph\/press-releases\/masdar-enters-philippine-renewable-energy-market\" style=\"\" rel=\"noopener\">press release<\/a> published by the Philippine\u2019s Department of Energy last week. Masdar said they intend to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/b0dae305-6ea6-4cb8-b179-f77a1145e46d\/\" style=\"\" rel=\"noopener\">develop 1 GW of solar, wind, and battery energy storage systems<\/a> by 2030, supporting the Southeast Asian country\u2019s goal to reach 35% of renewable energy generation by 2030 and 50% by 2040.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt2\"><\/a><\/strong><strong>ALSO <\/strong><strong>FROM THE UAE- Adnoc subsidiary <\/strong><strong>Fertiglobe <\/strong><strong>is looking for committed Asian buyers before <\/strong><strong>pushing ahead with a <\/strong><strong>USD<\/strong><strong> 1 bn investment in blue ammonia<\/strong><strong>, <\/strong>CEO Ahmed El Hoshy told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-01-21\/uae-plans-to-invest-1-billion-in-blue-ammonia-if-asia-will-buy\" style=\"\" rel=\"noopener\">Bloomberg<\/a> on Tuesday. The company hopes it can secure offtakes from Asian buyers \u2014 particularly Japan and South Korea under their subsidized climate-friendly fuel imports scheme, El Hoshy added. Fertiglobe inked a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/4ea411a5-bbf5-494f-a53a-4fb789df172b\/today:-acwa-power-secures-ebrd-financing-for-green-hydrogen-project-in-uzbekistan\" style=\"\" rel=\"noopener\">EUR 397 mn<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/4ea411a5-bbf5-494f-a53a-4fb789df172b\/today:-acwa-power-secures-ebrd-financing-for-green-hydrogen-project-in-uzbekistan\" style=\"\" rel=\"noopener\">contract<\/a> with Hintco last August to supply Europe with 19.5k tons of green ammonia in 2027. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It also began exporting green ammonia to India back in <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/97515b0e-5e03-4249-b954-f91475deb50d\/today:%253cmark%253e-fertiglobe%253c%2Fmark%253e%25e2%2580%2599s-green-ammonia-heads-off-to-india-%2B-mena-is-well-positioned-for-the-green-steel-boom\" style=\"\" rel=\"noopener\">November 2023<\/a><\/strong><strong>, <\/strong>using production from its Egypt <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f5abf384-29b6-40d9-bc15-0d60974a882e\" style=\"\" rel=\"noopener\">co-development in Ain Sokhna<\/a>, on which it also acts as a sole off-taker after securing a 20-year offtake agreement with the partners. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ON THE LEGISLATIVE SIDE- <\/strong><strong>UAE<\/strong><strong> is pursuing new hydrogen legislation:<\/strong> UAE's Ministry of Energy and Infrastructure is working with the <a target=\"_blank\" href=\"https:\/\/www.iphe.net\/\" style=\"\" rel=\"noopener\">International Partnership for Hydrogen and Fuel Cells (IPHE)<\/a> on new legislation to support the sustainability of hydrogen production in the country, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/bhpw68l-ministery-energy-and-infrastructure-drafts-new\" style=\"\" rel=\"noopener\">Wam<\/a> reported last week. The cooperation is part of IPHE\u2019s push to create hydrogen policies designed for adoption globally. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> The UAE launched the <a target=\"_blank\" href=\"https:\/\/u.ae\/en\/about-the-uae\/strategies-initiatives-and-awards\/strategies-plans-and-visions\/environment-and-energy\/national-hydrogen-strategy\" style=\"\" rel=\"noopener\">National Hydrogen Strategy<\/a> in July 2023, aiming to produce 1.4 mn metric tonnes of low-carbon hydrogen per annum by 2031 and support the country\u2019s commitment to achieving net-zero by 2050.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- France\u2019s TotalEnergies is <\/strong><strong>advancing <\/strong><strong>its 500 MW Sadada solar project in Libya this year, <\/strong>according to a <a target=\"_blank\" href=\"https:\/\/libyasummit.com\/news\/totalenergies-anticipated-commission-500-mw-sadada-project-2025\" style=\"\" rel=\"noopener\">statement<\/a> released on Sunday from the Libya Energy & Economic Summit. The project \u2013 built in partnership with the General Electricity Company of Libya (GECOL) and the Renewable Energy Authority of Libya \u2013 is expected to begin <a target=\"_blank\" href=\"https:\/\/energycapitalpower.com\/lees-2024-500-mw-solar-plant-set-to-enter-commercial-operation-in-2026\/\" style=\"\" rel=\"noopener\">commercial operations by 2026<\/a>. The project \u2013 launched back in 2022 \u2013 was to reportedly deploy around <a target=\"_blank\" href=\"https:\/\/www.saurenergy.com\/solar-energy-news\/construction-begins-on-500-mw-solar-power-project-in-libya\" style=\"\" rel=\"noopener\">1.2<\/a><a target=\"_blank\" href=\"https:\/\/www.saurenergy.com\/solar-energy-news\/construction-begins-on-500-mw-solar-power-project-in-libya\" style=\"\" rel=\"noopener\">mn solar panels<\/a> to produce around 152 TWh annually, making it Libya\u2019s largest renewable energy project.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some regional players expressed interest in Libya before: <\/strong>State-backed renewables giant Masdar and Alpha Dhabi\u2019s W Solar Investment <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f52c34ef-24ab-4a69-921e-eeb98132df50\/today:-green-bonds-incoming-from-ocp-%2B-acwa-and-socar-team-up-on-green-hydrogen\" style=\"\" rel=\"noopener\">were reportedly in talks<\/a> with the Libyan government last April to develop a 500 MW solar power plant in Libya. The two Emirati players had signed an agreement with the General Electric Company of Libya back in 2022 to invest in building solar plants in Libya, but no details or specific investments were disclosed at that time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt3\"><\/a>#4- Manara is scoping out Zambia: <\/strong>Manara Minerals \u2014 a JV between Saudi\u2019s Public Investment Fund and mining giant Ma\u2019aden \u2014 is scanning Zambian minerals projects for potential investments, with a mining agreement likely to happen this year, Zambian Mines and Minerals Development Minister Paul Kabuswe told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/zambia-says-saudis-manara-interested-its-copper-assets-2025-01-16\/\" style=\"\" rel=\"noopener\">Reuters<\/a> last week. Manara has yet to decide which projects it will invest in but has clearly expressed interest, Kabuswe added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Manara was reportedly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f202e7da-7eb3-46c4-ae29-00c7165a7c1f\/ksa%25e2%2580%2599s-manara-minerals-is-reportedly-close-to-snapping-up-a-minority-stake-in-zambia-mines\" style=\"\" rel=\"noopener\">in advanced talks<\/a> with Canada\u2019s <a target=\"_blank\" href=\"https:\/\/first-quantum.com\/\" style=\"\" rel=\"noopener\">First Quantum Minerals<\/a> for a 15-20% stake in its Zambian copper and nickel mines, before Japanese trading house Mitsui <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/2921b35e-35ca-423c-8fea-f3fdbf5c17c8\/today:-a-big-day-for-renewables-in-egypt-%2B-al-ajban-solar-farm-breaks-ground\" style=\"\" rel=\"noopener\">put down USD 2 bn<\/a> to outbid Manara. The Zambian government is aware of ongoing talks between Manara and First Quantum but is not in on the details, Kabuswe told the news agency on Thursday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gulf investors, including Saudi Arabia and the UAE, are expected to play a pivotal role in<\/strong><strong> Zambia\u2019s push to increase its copper output<\/strong> to some 1 mn tons this year, up from the 720k tons it produced in 2024, Jito Kayumba, special assistant for finance and investment to Zambia\u2019s president, was quoted as saying by <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-01-17\/zambia-looks-to-uae-and-saudi-arabia-to-back-copper-expansion\" style=\"\" rel=\"noopener\">Bloomberg<\/a> last Friday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO-<\/strong> Saudi Arabia is on the verge of finalizing its investment in Pakistan\u2019s Reko Diq mine in the next few months after an agreement was approved by both sides to bring foreign exchange earnings into Pakistan instead of an overseas account, Pakistani news outlet <a target=\"_blank\" href=\"https:\/\/www.thenews.com.pk\/print\/1273473-pakistan-ksa-eyeing-reko-diq-deal-in-next-few-months\" style=\"\" rel=\"noopener\">The News International<\/a> reported last Saturday, citing a senior official familiar with the talks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- <\/strong><strong>Oman eyes Saudi <\/strong><strong>ties and copper exports:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.mdo.om\/\" style=\"\" rel=\"noopener\">Minerals Development Oman<\/a> (MDO) is eyeing partnerships with Saudi companies across exploration, extraction, and processing industries as part of its growth strategy, CEO Matar Al Badi told <a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/article\/articledetail\/id\/1784011\" style=\"\" rel=\"noopener\">Argaam<\/a> on the sidelines of the Future Minerals Forum last week. The state-backed miner has already invested over USD 30 mn in exploration, including aerial surveys spanning 16k sqm and more than 7.5k meters of exploratory drilling. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s a lot in the works:<\/strong> MDO\u2019s first project is set to launch this year, with copper exports worth around USD 400 mn expected by 2027. The company plans to begin rare mineral exploration this year, building on promising exploration efforts of at least USD 30 mn over the past two years. MDO is also gearing up for a potential IPO in 2028, aiming for a local or global market debut, Badi said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> Last November, MDO\u2019s subsidiary Mazoon Mining <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/77f5a283-1888-41d5-accc-d36505c39e92\/\" style=\"\" rel=\"noopener\">broke ground<\/a> on its copper project in Wilayat of Yanqul \u2014 Oman\u2019s largest integrated copper concentrate project \u2014 to be operational by 1Q 2027. The company is focusing on the country\u2019s copper reserves in the states of Sohar and Liwa \u2014home to around 2.78 mn tons of reserves \u2014 to raise copper ore\u2019s annual production to 800k tons.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">WHAT WE\u2019RE TRACKING GLOBALLY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>[wwtt4]#1- <\/strong><strong>The Indonesian Carbon <\/strong><strong>Exchange (IDXCarbon) opened trading to foreign <\/strong><strong>participants at the Indonesian Stock Exchange (BEI), <\/strong>according to a <a target=\"_blank\" href=\"https:\/\/www.idx.co.id\/id\/berita\/siaran-pers\/2304\" style=\"\" rel=\"noopener\">press release<\/a> published on Monday. The inaugural trading \u2014 which included carbon units equivalent to 1.78 mn tons of CO2 from five energy projects owned by state-owned PT Perusahaan Listrik Negara \u2014 saw sales reaching 41.8k tons of CO2, with nine international buyers participating, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-01-20\/indonesia-opens-carbon-market-to-global-investors-to-lift-demand\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported. New forest and land-use-based carbon credits will also be added to the offering as soon as March, Environment Minister Hanif Faisol Nurofiq told Bloomberg on Monday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The price tag: <\/strong>Carbon credits were sold at IDR 96k (c. USD 5.9) per ton for energy efficiency projects (gas plants) and IDR 144k (c. USD 8.9) per ton for renewables (a mini hydro plant), Bloomberg reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING OF CARBON MARKETS- <\/strong><strong>Carbon <\/strong><strong>traders eye USD 1.5 bn Amazon <\/strong><strong>conservation project: <\/strong><a target=\"_blank\" href=\"https:\/\/mercuria.com\/\" style=\"\" rel=\"noopener\">Mercuria<\/a> -backed nature and biodiversity investment outfit <a target=\"_blank\" href=\"https:\/\/silvania.earth\/\" style=\"\" rel=\"noopener\">Silvania<\/a> will launch a carbon market scheme to raise USD 1.5 bn for conserving the Amazon rainforest, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sustainability\/carbon-markets-investor-kicks-off-15-billion-amazon-protection-plan-davos-2025-01-22\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported on Wednesday. Silvania has pledged USD 1 for every ton in credits purchased, with a cap of USD 100 mn, in a bid to kickstart the campaign. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- European banks consider NZBA exit as climate alliances face pressure<\/strong>: European banks are rethinking their commitment to the <a target=\"_blank\" href=\"https:\/\/www.unepfi.org\/net-zero-banking\/\" style=\"\" rel=\"noopener\">Net Zero Banking Alliance<\/a> <strong><a target=\"_blank\" href=\"https:\/\/www.unepfi.org\/net-zero-banking\/\" style=\"\" rel=\"noopener\"><\/a><\/strong><a target=\"_blank\" href=\"https:\/\/www.unepfi.org\/net-zero-banking\/\" style=\"\" rel=\"noopener\">(NZBA)<\/a>, with some threatening to join their US counterparts\u2019 exodus unless the coalition relaxes its rules, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/affbf968-b194-43c6-aa83-a2af4e6e27fe\" style=\"\" rel=\"noopener\">Financial Times<\/a> reported on Sunday, citing three people familiar with the matter. Four major Canadian banks also announced their departure from the alliance. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong>Major US financial institutions \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/edition\/climate\/5b4f649d-d3ea-4831-a0cf-d74414fe0696\/\" style=\"\" rel=\"noopener\">Morgan Stanley, JPMorgan Chase<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/edition\/climate\/b21190ec-3feb-4e17-b1f4-1a34cdf456c2\/\" style=\"\" rel=\"noopener\">Goldman Sachs<\/a>, and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/c207ef2e-0181-4db7-ae64-f572d38a7d0b\/\" style=\"\" rel=\"noopener\">Wells Fargo<\/a> \u2014 exited the NZBA. You can read more about the impact in our <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/b46019be-ae7e-4b54-bba2-94e0cb539cc4\/new-deposits-in-esg-funds-plummeted-57%2525-y-o-y-in-2023,-here%25e2%2580%2599s-why\" style=\"\" rel=\"noopener\">deep dive<\/a> into ESG divestment troubles from 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DANGER ZONE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Thawing Arctic is now a source of carbon emissions: <\/strong>Rising global temperatures have caused over one-third of the Arctic\u2019s tundra, wetlands, and forests \u2014 traditionally one of nature\u2019s solid carbon sinks \u2014 to release stored carbon into the atmosphere, <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/environment\/2025\/jan\/21\/third-of-arctic-carbon-sink-now-a-source-of-emissions-study\" style=\"\" rel=\"noopener\">The Guardian<\/a> reported Tuesday, citing a <a target=\"_blank\" href=\"https:\/\/www.nature.com\/articles\/s41558-024-02234-5\" style=\"\" rel=\"noopener\">study<\/a> published in Nature Journal. The study examined data found by 200 studies carried out between 1990 and 2020 which revealed that over 30% of the Arctic region became a net carbon dioxide emitter, with the figure increasing to 40% when wildfire emissions are accounted for. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s at stake:<\/strong> Natural carbon sinks, along with oceans, forests, and soils, absorb about half of man-made emissions, and Arctic soil alone contains \u201cclose to half of the Earth\u2019s soil carbon pool. That\u2019s much more than there is in the atmosphere, the study\u2019s lead author Anna Virkkala told the Guardian. <\/p>\n<p class=\"tag-border-left\">SCORECARD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Iran aims for 30 GW<\/strong><strong> of renewable energy in four years:<\/strong> Iran plans to generate 30 GW of electricity from renewable sources over the next four years, potentially saving 11 bn cbm of fuel annually and cutting costs by USD 5 to USD 7 bn, <a target=\"_blank\" href=\"https:\/\/ar.irna.ir\/news\/85726740\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D8%B7%D8%A7%D9%82%D8%A9-%D8%A7%D9%84%D8%A7%D9%8A%D8%B1%D8%A7%D9%86%D9%8A-%D9%86%D8%AE%D8%B7%D8%B7-%D9%84%D8%A5%D9%86%D8%AA%D8%A7%D8%AC-30-%D8%A3%D9%84%D9%81-%D9%85%D9%8A%D8%BA%D8%A7%D9%88%D8%A7%D8%B7-%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1-%D9%85%D9%86-%D8%A7%D9%84%D8%B7%D8%A7%D9%82%D8%A7%D8%AA\" style=\"\" rel=\"noopener\">IRNA<\/a> reported on Wednesday, citing remarks by the Energy Minister Abbas Aliabadi. Around 2.4 GW of this planned capacity will be online next summer, which will bring new additions in this time frame to 5 GW after including previously planned developments, Aliabadi said. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"climate\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<br \/><strong>YOU\u2019RE READING EnterpriseAM Climate, the essential MENA publication for senior <\/strong><strong>execs who care about the world\u2019s most important industry. <\/strong>We\u2019re out on Fridays by 9am in Cairo and Riyadh and 11am in the UAE.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM Climate is available without charge <\/strong>thanks to the generous support of our friends at HSBC.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email? <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of Enterprise Climate.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on <a target=\"_blank\" href=\"mailto:climate@enterprisemea.com\" style=\"\" rel=\"noopener\">climate@enterprisemea.com<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW <\/strong>that we also cover <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\" rel=\"noopener\">Egypt<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">the UAE<\/a>, and the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\" rel=\"noopener\">MENA<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\" rel=\"noopener\">logistics industry<\/a> ?<br \/><strong>***<\/strong><\/p>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><strong>CIRCLE YOUR CALENDAR- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.egypes.com\/\" style=\"\" rel=\"noopener\">The Egypt Energy Show<\/a><\/strong><strong> will kick off on Monday, 17 February and run through to <\/strong><strong>Wednesday, 19 February <\/strong>in Cairo. The event will bring together over 47k attendees and will highlight Egypt\u2019s role in driving green energy transformation in the region under the theme \u201cBuilding a secure and sustainable energy future.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/events-and-conferences\/environment-authority-to-hold-inaugural-oman-climate-week-february-24-27-2025-uwf3f8c6\" style=\"\" rel=\"noopener\">Oman Climate Week<\/a><\/strong><strong> will begin on Monday, 24 February and run through to Thursday, 27 <\/strong><strong>February <\/strong>in Muscat. The event will facilitate a dialogue on how Oman can align with the Paris Agreement and the goal to reach net zero emissions. Topics of interest include Climate Mitigation, Climate Adaptation, Climate Finance, Carbon Markets, Climate Technologies, Loss & Damage, and Social Inclusion. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>The UAE will host <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.connectinghydrogenmena.com\/\" style=\"\" rel=\"noopener\">Connecting Hydrogen MENA<\/a><\/strong><strong> from Monday, 24 February to Wednesday, <\/strong><strong>29 January<\/strong> in Dubai. The event will be the largest hydrogen event in the region and will bring together over 3k attendees from over 50 countries to discuss collaboration in the sector along with ammonia, manufacturing, and transport. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>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":"<p>What we\u2019re tracking this week regionally and around the world<\/p>\n","protected":false},"author":1,"featured_media":89091,"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":[621],"tags":[80,444,98,40,11,319,49,415,242,219,160,196,92,88,159,620,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-week-in-review","tag-adnoc","tag-blue-ammonia","tag-carbon-markets","tag-egypt","tag-enterpriseclimate","tag-fertiglobe","tag-green-bonds","tag-interconnector-projects","tag-libya","tag-maaden","tag-masdar","tag-mining","tag-oman","tag-renewables","tag-saudi-arabia","tag-the-week-in-review","tag-uae","wpautop","entry"],"acf":{"mongo_id":"7bd5b513-6fd3-4e90-af48-43c0c4fadafb","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/1\/1427.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TOP 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