Good morning, friends. We have another morning of assorted updates from around the region as the news cycle continues its brisk pace this week.
THE BIG CLIMATE STORIES- UAE Vice President and Prime Minister Mohammed bin Rashid Al Maktoum inaugurated the 900 MW fifth phase of the 5 GW Mohammed bin Rashid Al Maktoum Solar Park and the UAE’s Al Fattan Holding Investment is investing USD 20 mn in a 200 MW green hydrogen and ammonia facility in Abu Dhabi.
^^ We have the details on these stories and more in the news well, below.
THE BIG CLIMATE STORY OUTSIDE THE REGION- Europe just keeps getting hotter: Europe, which saw its hottest summer on record in 2022, is the world’s fastest warming continent, a joint report by the World Meteorological Organization and the European Union’s Copernicus Climate Change Service showed on Monday. The report says that Europe warmed to 2.3°C above the pre-industrial average last year. “Summer was the hottest ever recorded: the high temperatures exacerbated the severe and widespread drought conditions, fuelled violent wildfires that resulted in the second largest burnt area on record, and led to thousands of heat-associated excess deaths,” said WMO Secretary-General Petteri Taalas.
But there’s a silver lining: Renewable energy accounted for 22.3% of the EU’s electricity in 2022, which was higher than polluting fossil fuels’ share of 20%, the report said, describing this as a “sign of hope for the future.”
The story grabbed headlines in the international press: Bloomberg | Reuters | AFP | CNN | Forbes
The Enterprise Finance Forum is our flagship gathering — the one so many of you have been waiting for. The two-day event takes place this September and will be the latest in our must-attend series of invitation-only, C-suite-level gatherings. Stay tuned for more information on the location.
TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations just after the 30 June holiday.
Do you want to become a commercial partner? Please click here.
STAY TUNED for more detail about our exciting agenda in the weeks to come.
ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.
We have tons more in the pipeline — come help us build new publications. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.
Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.
That said, we're looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you’re an equities analyst tired of the rat race, we’re a great place to come work.
NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.
During the program you will learn:
- The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
- Business and finance for non-finance people: Whether it's industry jargon or key concepts or simply how to read a balance sheet;
- How to construct an Enterprise story: From idea formulation down to the structure, style and tone of writing;
- How to develop sources that will give you the key insights needed to tell a complete story;
- How to communicate these stories with the confidence and language of an insider.
Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.
Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.
WATCH THIS SPACE #1- Adnoc eyeing carbon credits issuance: The UAE’s state-owned Abu Dhabi National Oil Company (Adnoc) is reportedly exploring the issuance of carbon credits from its emissions-reduction projects to use as offsets to carbon taxes levied on the export of carbon-intensive products, Bloomberg reports, citing sources with knowledge of the matter. The new carbon desk will be run under Adnoc’s wholly owned subsidiary Adnoc Trading. No further information on the timeline or expected value of the carbon credits to be issued was provided.
WATCH THIS SPACE #2- Algeria is allocating DZD 260 bn (c. USD 1.9 bn) to help slash energy consumption by 10% until 2030, Algeria Press Service quoted Merouane Chabane, the general director of the country’s National Agency for the Promotion and Rationalization of Energy Use as saying. The funds will be allocated to implement a national program aimed at rationalizing energy consumption and the energy transition, Chabane said. The program will include financial contributions as compensation for energy-consuming devices, including cooling and heating systems in homes and governmental institutions. It will also include converting vehicles to run on LNG instead of petrol.
WATCH THIS SPACE #3- EU plan to incentivize renewables faces hurdles as countries disagree on coal: An EU meeting aiming to move forward the approval of a reform plan intending to stabilize the price of low-carbon energy was thrown off-course after Sweden submitted a late proposal to extend subsidies for coal plants, Reuters reports. Sweden — with the support of Poland — proposed allowing countries to subsidize coal plants if they are being used as backup generators to generate power, but the proposal sparked strong backlash from Germany, Belgium and Luxembourg as it is incompatible with “national climate protection targets.” The reform plan aims to make power prices more predictable by “putting new state-backed renewables and low-carbon nuclear plants onto fixed-price contracts,” the newswire reports. EU member states will negotiate the final power market upgrade at parliament and lobby to pass the law before the EU parliamentary elections next year.
WATCH THIS SPACE #4- The aviation industry reaching net zero by 2055 is a more realistic target, a survey of 325 industry executives by GE Aerospace has found. Some 46% of respondents told GE the aviation sector can meet its carbon-neutrality target by 2050, while 32% said the sector will be unable to meet a 2050 net zero target, and 22% said they are unsure whether the industry can fully eliminate its emissions by mid century, the survey notes. Most respondents, however, agree that the net zero target for the aviation industry can be realized five years later in 2055. 51% of respondents to the survey say progress toward achieving the 2050 net-zero target is moving at a slow pace, and 30% say the carbon neutrality target is the number one challenge for the sector.
WATCH THIS SPACE #5- MDBs lay out plans to align portfolios with Paris goals: A group of multilateral development banks (MDBs) have laid out the planks of their plans to align their work and portfolios with the goals of the Paris Agreement, according to a joint statement (pdf). The plan rests on six main principles: Alignment with mitigation goals; adaptation and climate-resilient operations; accelerated contribution to the transition through climate finance; engagement and policy-development support; reporting; and alignment of internal activities. The MDBs include the African Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank Group, the Islamic Development Bank, the New Development Bank, and the World Bank Group.
Riyadh Air executive is on board: Riyadh Air — founded in March this year — has vowed to commit to sustainability-driven initiatives and warned airlines that do not follow suit will not overcome the challenges presented by emissions restrictions, CEO Tony Douglas tells Reuters. “Ultimately it will be commercial aviation sustainability that will differentiate the winners and the losers, and anyone who doesn't take it seriously will probably fail for sure,” Douglas said, according to the newswire.
AND- British luxury car manufacturer Rolls-Royce is set to begin testing its new small gas turbine’s ability to advance hybrid-electric flight, it said in a statement. This engine will be tested on sustainable aviation fuels (SAFs) in the next few months as part of a turbogenerator system being developed for the Advanced Air Mobility Market. The system is expected to deliver an on-board power source with scalable power offerings ranging between 500-1.2k kW enabled through an extended range of SAFs with hydrogen combustion at a later stage.
WORTH WATCHING– David Attenborough is back, this time exploring the impact of human activities on animal migration: Our Planet II — a four-part Netflix series narrated by prominent broadcaster and biologist Sir David Attenborough — looks at animal migration and “humanity’s awful consequences for wildlife,” The Guardian writes in a review. The docu-series examines a multitude of species, from albatross chicks to Arctic polar bears, in “unbelievable shots of animals on the move together in staggering numbers,” the news outlet says. Some of the astonishing shots include “a drone camera mimicking a homeless bee swarm’s hunt for a new nesting place, checking out the holes in various trees,” and a shot of a mega-herd of cape buffalos in the Kalahari desert, “filmed from the air and looking like swarming ants.” But the most memorable and heart wrenching scenes are those capturing the impacts of human beings on the environment, including a shot of an albatross chick trying to ingest scraps that its mother mistook for food, a walrus sitting on the only floating glacier within view while “unsure where to go next,” and a polar bear worn out by needing to swim more to hunt a seal due to melting glaciers.
***
YOU’RE READING ENTERPRISE CLIMATE, the essential MENA publication for senior execs who care about the world’s most important industry. We’re out Monday through Thursday by 5am Cairo / 5am Riyadh / 6am UAE.
EXPLORE MORE OF ENTERPRISE ON THE WEB — tap or click here to read EnterpriseAM, EnterprisePM, and The Weekend Edition on our powerful new website packed with reader-friendly features.
Were you forwarded this email? Get your own subscription without charge here or reach out to us on climate@enterprisemea.com with comments, suggestions and story tips.
***
CIRCLE YOUR CALENDAR-
France will host The Summit for a New Global Financial Pact on Thursday, 22 June to Friday, 23 June in Paris. The two-day summit will bring together heads of states and heads of multilateral development banks, international organizations, the private sector and international NGOs to shape a new finance “toolbox” and “pave the way towards a more balanced financial partnership between the north and south.” It will also see new agreements in a bid to relieve debt distress and allow countries to access additional financing to invest in sustainable development and slash emissions.
Thailand will host the second workshop on addressing loss and damage from 15-16 July in Bangkok. The workshop will see discussions on pathways to increasing funding for climate-induced loss and damage. The workshop is being held in preparation for the third meeting of the COP27 Transitional Committee in August. The committee is tasked with operationalizing the Loss and Damage Fund, to be approved during the fourth transitional meeting in October.
Check out our full calendar on the web for a comprehensive listing of upcoming news events and news triggers.