Norway’s Scatec secures land for its 5 GW wind farm from the Egyptian government

Good morning, wonderful people. It’s another busy morning of climate updates from around the region as we slide on into the weekend, so let’s jump right in.

THE BIG CLIMATE STORY- Egypt’s Electricity Ministry signed a land allocation agreement with Norway’s Scatec for a planned 5 GW wind farm in Sohag and the UAE’s leading financial hub Abu Dhabi Global Market has launched a sustainable finance regulatory framework under a bid to boost the country’s sustainable finance ecosystem ahead of COP28.

^^ We have the details on these stories and much more in the news well, below.

HAPPENING TODAY- The International Conference on Water and Climate is kicking off today in Fez, Morocco and wrapping up tomorrow. The conference will bring together state representatives, relevant stakeholders, and UN agencies to discuss water resource management and governance in a five-session programme.

THE BIG CLIMATE STORY OUTSIDE THE REGION- The world experienced its hottest days to date this week: Tuesday, 4 July is believed to have been the world’s hottest day ever recorded, breaking record hot weather a day earlier. According to data from the US National Centers for Environmental Prediction, average global temperatures peaked to 17.18°C on Tuesday, up from 17.01°C recorded a day earlier amid record-smashing heatwaves globally. Experts say Tuesday’s record temperature came partly due to climate change, with global temperatures already above 1.25°C above pre-industrial average. “It’s warming 0.25°C a decade,” Myles Allen, a professor of geosystem science at Oxford University said. “That’s why we see records broken continuously, rather than just as one-offs.”

More to come? Experts believe temperatures are set to soar further unless necessary action is taken against greenhouse gas emissions. “When’s the hottest day likely to be? It’s going to be when global warming, El Niño and the annual cycle all line up together. Which is the next couple months,” Allen said, describing it as a “triple whammy.”

The story is grabbing headlines in the international press: Bloomberg | The Guardian | The Associated Press | The Washington Post | CNN | CNBC

MARK YOUR CALENDARS- The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo. This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.

Day one is our Banking Forum, where we’ll dive deep into topics of interest to commercial and investment bankers, from an outlook on the 12 months to come in M&A, IPO, and debt capital markets to the national, regional, and global trends that are (re)shaping our industry.

Day two is all about Fintech and Non-Banking Financial Services. We’ll take a deep dive into everything from the magic of client acquisition to the prospects of consolidation and the coming of challenger banks.

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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.

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STAY TUNED for more detail about our agenda in the weeks to come.

MISSED THE ENTERPRISE EXPORTS AND FDI FORUM? Tune in to the Enterprise Podcast to hear what went down: The Enterprise Podcast is back with another installment of our forum series, where we bring you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum, which took place last May.

IN THIS WEEK’S EPISODE- We looked at how Egyptian companies can identify and pitch foreign partners and how they can identify them. We asked how do companies figure out what they’re looking for — and whether that dovetails with what they want or need. We were joined on that panel by Hossam Abou Moussa, partner at PE firm Apis, Cheick-Oumar Sylla, director for North Africa and Horn of Africa at the International Finance Corporation, and Hassan Massoud, associate director and head of private equity (Southern Mediterranean) at the European Bank for Reconstruction and Development.

Expect us to drop an episode every Sunday morning. You can listen to the Enterprise Podcast where ever you get your podcasts including: Apple Podcast | Spotify | Google Podcast | Anghami.

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OVER IN COPLAND- COP28 isn’t forgetting the Global South: COP28 President-Designate Sultan Al Jaber said COP28 aims to deliver an ambitious and practical action plan that is “focused on results that address the needs of the Global South,” according to a statement. In a virtual address at the G77+ China meeting of Ministers and High Authorities of Environment, Science, Technology, and Innovation in Havana, Al Jaber said that COP28 will produce an action plan to address each of the pillars of climate action including mitigation, adaptation, climate finance, and the contentious area of loss and damage. “With 80% of the global population, the G77 provides an essential forum for the Global South to deliver a united voice on the critical issue of climate change. That voice is all the more important now in light of the impacts ─ which are being felt the most in the Global South,” he added.

Big Oil doesn’t want to be climate change’s boogeyman during COP: The world’s leading oil and gas companies should outline targets to cut carbon emissions by 2030 at COP28, Reuters reports, citing comments made by France’s TotalEnergies CEO Patrick Pouyanne at an OPEC Seminar conference. “If we can bring something to COP28 as an oil and gas industry … [it] is not only IOCs [international oil companies] but also NOCs [national oil companies] should have some targets,” he said, according to a source in attendance. Pouyanne said oil companies should set targets to help lower emissions from methane and targets to curb pollution from their own operations by 2030. Such targets would help “demonstrate to the world that this industry is able to lower emissions,” he added.

ALSO- The UK may backtrack on its climate funding pledge: The UK government is drawing up plans to drop its GBP 11.6 bn climate funding pledge — its contribution to the global USD 100 bn goal in climate finance for developing countries, The Guardian reports, citing a leaked note it obtained. The note — addressed to the UK’s ministers and Foreign Office — cites “new pressures, including help for Ukraine being included in the aid budget,” as reasons for the potential cut. Given that the UK decided to cut international aid spending budget from 0.7% to 0.5% of GDP in 2020, and have failed to spend most of the money allocated to the climate fund over the past few years, it would now have to spend 83% of the total international aid spending budget to reach its GBP 11.6 bn climate funding pledge by 2026.

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WATCH THIS SPACE #1- Is Masdar eyeing a big stake in a Baltic wind farm? UAE’s state-owned renewables player Masdar is reportedly in talks to acquire a stake of up to 49% in a EUR 1.4 bn Baltic Sea offshore wind farm under an exclusive agreement to develop the project with Spanish utility provider Iberdrola, Reuters reports, citing a report by Spanish newspaper Expansion. The wind farm is currently being built off Germany’s northeastern coast and will have 50 wind turbines, the newswire notes. The project is part of Iberdrola’s strategy to sell advanced renewable projects to raise capital to help finance its EUR 47 bn investment plan. Masdar were among top players vying for the stake in the 476 MW farm with Swiss fund EIP and Australian asset manager Macquarie’s green investment arm GIG.

WATCH THIS SPACE #2- The EU needs many more bns to break up with Russian fossil fuels: The EU will need to invest an additional EUR 700 bn (USD 763 bn) per year to transition to renewables and stop its reliance on Russian fossil fuels, Bloomberg reports, citing a draft of the EU Commission's upcoming Strategic Foresight report. Following Russia’s invasion of Ukraine, EU Commission President Ursula von der Leyen stated that an additional EUR 470 bn — above the already allocated EUR 578 bn — a year would be enough to support the green transition, but the new report reveals that this figure underestimates the escalating costs of reaching net zero goals. The Strategic Foresight report is published every year by the commission to inform its multiannual programs. This year’s report was scheduled for publication yesterday but has not yet been released publicly at the time of dispatch.

Where will the investments come from? According to the report, “the bulk of the new investment will have to come from the private sector given the limited resources of the EU’s budget,” Bloomberg writes. The report warns that “the potential of capital markets for financing the [EU’s] transitions remains underdeveloped,” and would need to catch up with the level of performance in the US.

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WATCH THIS SPACE #3- A UN Climate Alliance is trying to lure new members by looser rules as members flee: Remaining insurers in the UN-convened Net-Zero Ins. Alliance (NZIA) are considering relaxing the alliance’s membership requirements amid an exodus of members, Reuters reports, citing sources with knowledge of the matter. The NZIA is set to abolish a six-month deadline for members to issue greenhouse gas emissions targets in a bid to “steady the ship” and lure ex-members back in the fold. The move comes after NZIA lost over half of its members including AXA, Lloyd’s of London and others after 23 Republican attorney generals sought membership information and threatened legal action on the basis that NZIA’s requirements were in violation of antitrust laws among other claims.

Environmental campaigners aren’t very happy: Looser rules on target setting have been met with criticism by environmental campaigners who argue that insurers are doing little to reduce emissions. “The NZIA has had very minimal requirements and expectations of membership from the start, the target-setting is the only thing left,” coordinator of the Insure our Future campaign Peter Bosshard said. Without such requirements “the NZIA would just become another industry talking shop,” he added.

WATCH THIS SPACE #4- It’s time for the textile industry to pay up: The EU is seeking new rules obliging the textile industry to pay for the processing of its clothing waste, The Financial Times reports. The proposal presented by the European Commission yesterday is part of efforts to improve the recyclability of clothing by fast-fashion retailers and drive an emerging secondary market. “You can’t ban people from buying new things if they can afford it and they feel like it,” the EU’s Environmental Commissioner Virginijus Sinkevičius said. “What I need to ensure is that even if they do, at the end of life of those goods can find a better way than being . . . incinerated or dumped in Africa,” he added. Under the proposal, brands that sell in the EU would pay for the treatment of waste textiles with the sum paid depending on the necessary amount of processing.

What could be in the works: An unnamed EU official said that the companies would pay an equivalent of EUR 0.12 per T-shirt for clothing waste, yet fees would differ depending on the garment and necessary treatment, according to FT. Such fees could even be reduced if clothing was made more sustainably, according to the official.

It’s a big dump: An equivalent of 12 kg of clothes and footwear per each citizen in the EU is dumped annually, with the majority sent up in flames or dumped in landfills, according to cited commission data. Clothing and footwear consumption is set to grow by 63% to 102 mn tons in 2030, up from 62 mn tons reported in 2019, according to data by the European Environment Agency.

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CIRCLE YOUR CALENDAR-

Thailand will host the second workshop on addressing loss and damage from Saturday, 15 July to Sunday, 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.

Egypt will host the Egypt Mining Forum from Tuesday, 18 July to Wednesday, 19 July in Cairo. The event — organized by the country’s Oil Ministry — will gather regional players as well as global mining firms in a bid to attract regional and foreign direct investments in the country’s mining industry.

Check out our full calendar on the web for a comprehensive listing of upcoming news events and news triggers.

Scatec awarded land for its 5 GW wind farm in Egypt: Egypt’s Electricity Ministry signed a land allocation agreement with Norway’s Scatec for a planned 5 GW wind farm in Sohag, according to a statement.

What we know: The plant will require USD 5 bn of investment and will create 8k jobs, 300 of which will be permanent once the plant is operational, according to the statement. Once operational, it will be one of the largest wind farms in Egypt and Africa, Scatec CEO Terje Pilskog said at the signing ceremony yesterday. The statement did not set a timeline for the start or completion of the project or where the generated power will be directed.

This is the second MoU signed at COP27 for wind projects to advance: Yesterday’s agreement comes nine months after Scatec signed an MoU with the Egyptian Electricity Transmission Company and the New and Renewable Energy Authority (NREA) to develop a 5 GW portfolio of wind projects during COP27 in Sharm El Sheikh last year. A similar land agreement was signed last month with the Masdar-Infinity Power-Hassan Allam Utilities consortium for a 10 GW wind plant, advancing another MoU inked at the climate summit.

The Norwegian developer is keen to be part of Egypt’s green ambitions: A Scatec delegation discussed in May progress on its renewable projects in Egypt with President Abdel Fattah El Sisi, including its work with ammonia producer Fertiglobe and Orascom Construction on Egypt’s first green hydrogen facility and its plans to construct a 1 mn ton-per-year green ammonia plant. Scatec also signed an MoU to study an Egypt-Europe electricity interconnection project and inked an agreement to set up a green methanol plant in Damietta alongside several local firms, in May. Egypt wants renewable energy to contribute 42% of the country’s total energy mix by 2030 and 60% by 2040.

Another day, another bid for sustainable finance: The UAE’s leading financial hub Abu Dhabi Global Market (ADGM) has launched a sustainable finance regulatory framework under a bid to boost the country’s sustainable finance ecosystem ahead of COP28, according to a statement. The framework includes rules on sustainability-oriented investment funds, managed portfolios, and bonds, as well as requirements for environmental, social, and governance (ESG) disclosures by the hub’s companies.

What we know: ADGM will introduce a designation to products and services that meet its minimum standards for net zero transition, and introduce a “designation mark” to be used in marketing materials and client communications. “The framework for green and climate transition funds and portfolios, green and sustainability-linked bonds and sukuks is a significant step in enabling capital to be channeled towards financing the transition to net zero,” the statement notes.

What they said: “We believe our regulatory framework for sustainable finance is the most comprehensive in the Middle East and South Asia region, and comparable in scope and content with the most comprehensive regulatory frameworks globally,” ADGM Chairman Ahmed Jasim Al Zaabi said. "Our requirements, particularly those which set minimum standards for sustainability-focused products and services, will help to channel capital into projects and activities that advance the country's transition to net zero.”

REMEMBER– Interest in green and sustainable finance issuance has been on the rise in the region in recent months ahead of COP28 in the UAE. The MENA region reported a 532% y-o-y rise in green and sustainable finance to USD 24.55 bn in 2021, up from USD 3.8 bn a year earlier, a report by consultancy Arthur D Little read. The UAE saw a 32% y-o-y increase in its green and sustainable finance issuance last year.

Oman is upping its green mobility game: Oman plans to fully decarbonize its mobility sector by 2050 through an ambitious three-phase plan by the country’s Transport, Communications, and Information Technology Ministry (MTCIT), Oman Daily Observer reports, citing comments made by officials at a green mobility forum earlier this week.

The first phase: The green mobility plan’s first phase would promote the use of EVs in the country through several initiatives, including setting up electric charging stations, MTCIT Minister Said Al Maawali said. Al Maawali said 145 charging stations will be accessible by the end of the year and a further 250 stations would be operational by 2040. The short-term plan will also include utilizing hydrogen cells for heavy long-distance trucks, promoting the use of biofuels, and setting necessary frameworks and legislation for future mobility.

And there’s more: The second phase would see the government promote the use of public transport by increasing bus routes and carpool lanes for passenger vehicles and buses, Under-Secretary of Transport Khamis Al Shamakhi said. Establishing a link between public transport to the planned Muscat Metro will also commence after the necessary infrastructure is in place. Other aspects of the second phase include using sustainable aviation fuel, establishing a regional green fuel maritime center, adding hydrogen fueling stations to existing gas stations, and slashing port emissions.

What about the third phase? Finally the long-term plan and final phase will see a full transition to environmentally friendly and self-driving vehicles. Passenger vehicles account for c. 60% of emissions from the country’s transport sector in 2021, according to its Net Zero Report 2022 (pdf). The sector itself accounts for 18% of total carbon dioxide emissions in the country, the report shows. Emissions are expected to grow by 41% by 2050 on the back of population growth, it said.

Shell is all in: Shell Oman has signed MoUs with the MTCIT and two Omani SMEs to support the ambitious decarbonization roadmap, according to a statement. Under the first MoU, Shell Oman will partner with Amlaak Energy for the supply and installation of EV chargers for the energy company. The second MoU will see Shell Oman and Hussam Technology Company partner up to establish fully integrated charging point operator capabilities for the first time in the country.

UAE’s Barakah Nuclear plant completes loan refinancing: The Barakah One Company — a JV between Emirates Nuclear Energy Corporation (Enec) and the Korea Electric Power Corporation (Kepco) — has refinanced Abu Dhabi’s 5.6 GW Barakah Nuclear Energy Plant with help from Abu Dhabi Commercial Bank and First Abu Dhabi Bank, Wam reports.

The details: Barakah One has refinanced the full outstanding balance of loans the JV had secured from South Korea’s Export-Import Bank of Korea (Kexim), the news agency notes. In 2016, Kexim extended USD 2.5 bn in credit lines to Barakah One in a bid to help finance the USD 30 bn project, according to Business Korea. Separately, Kexim had also provided c. USD 600 mn to Kepco that year, but Wam does not specify if the debt has also been refinanced.

REMEMBER- Enec is gearing up to bring the final phase of the project online: The Emirates Nuclear Energy Corporation (ENEC) said it began operational readiness procedures for the fourth and final unit of Abu Dhabi’s Barakah Nuclear Energy Plant last month. The fourth phase is set to up the plant’s full production volume to 5.6 GW of clean energy once fully operational — meeting some 25% of the UAE’s total energy needs. The third unit added 1.4 GW to the UAE grid back in February.

Mubadala is acquiring a stake in CoolIT alongside US private equity firm KKR: UAE sovereign fund Mubadala Investment Company and US private equity firm KKR have jointly acquired Canada-based liquid cooling provider CoolIT Systems, The National reports. KKR first announced its acquisition plans in May to support CoolIT’s expansion plans in the global data center market. The financial value and the post-acquisition share structure were not disclosed.

CoolIT has saved a lot of CO2: CoolIT has developed and patented a new technology called DLC that uses “warm liquid rather than cold air to dissipate heat from computer and server components,” according to their website. The company’s patented coolant is designed to reduce operating costs and carbon emissions of data centers and digital infrastructure. By the end of 2021, the tech reduced energy consumption by over 1.1 bn kWh, saving some 780k metric tons of CO2 from being released to the atmosphere, according to a statement released on their website. This is equivalent to emissions released from around 168k cars in one year.

Why is this important? “With the data center industry expected to consume 8% of the world’s energy by 2030, liquid cooling plays a vital role in reducing the digital economy’s emissions footprint,” head of Mubadala’s Impact Investing Abdulla Shadid said.

More about CoolIT: The company has headquarters in both Calgary, Canada and Connecticut, USA, three manufacturing warehouses in Canada and China and sales teams located around the globe. CoolIT conducted a customer case study in Dhahran, Saudi Arabia for an undisclosed project.

New electric Fiat SUV to be produced at Morocco plant: Car manufacturer Stellantis will be producing its new battery-powered Fiat 600 compact SUV at its Moroccan factory, Bloomberg reports. Stellantis already produces some 50k EVs in Rabat for its subsidiaries Citroen and Opel. No details on the production start date or intended rollout were disclosed.

Stellantis’ Morocco and Poland factories are part of its bigger plans to cut its EV production costs, Bloomberg writes. The automaker is putting efforts to compete with its cheaper rivals in China, leading it to rule out EV production in high-cost countries such as France. Stellantis is also considering producing EVs in India.

Stellantis is also eyeing Egypt: Stellantis, Nissan, and Al Mansour Automotive expressed interest in investing a total of USD 145 mn in the nation’s auto industry over the next three years to produce a total of 60k-70k EVs and combustion engine vehicles every year.

Industry giants have already set up shop in Morocco: French automaker Renault will start producing EVs at its Tangier plant this year, Morocco’s Industry and Commerce Minister Ryad Mezzour said back in September. Morocco is also in talks to build an EV-battery ‘gigafactory,’ Mezzour had said, suggesting contracts should be inked by the end of 2023. Citroen also produces around 50k EV buses per year with plans to double that output in two years. The kingdom is targeting the production of around 1 mn EVs in the next three to four years.

About Stellantis: US-European car manufacturing giant Stellantis was established in 2021 as a result of a mega-merger between Italian–American conglomerate Fiat Chrysler and Peugeot’s PSA Group. The company was valued at over USD 51 bn at the time of the merger, with a huge brand portfolio including Jeep, Ram, Peugeot, and Opel to Maserati and Alfa Romeo in the luxury segment.

FAB goes big in Global Finance Magazine’s 2023 Sustainable Finance Awards: The First Abu Dhabi Bank (FAB) came on top at the MENA region’s Sustainable Finance Award, receiving 5 out of 9 awards from host Global Finance Magazine, according to a statement. FAB also came first in the UAE as the top bank leading the way in green financing. The five regional awards FAB earned:

• Outstanding Leadership in Sustainable Finance
• Outstanding Sustainable Financing in Emerging Markets
• Outstanding Leadership in Sustainable Bonds
• Outstanding Sustainable Financing in ESG-Related Loans
• Outstanding Leadership in Transition/Sustainability-Linked Loans

Saudi’s Bena Steel + UK’s Alderley to contribute to KSA’s clean energy transition: Saudi-based steel manufacturer Bena Steel Industries and UK end-to-end energy solutions firm Alderley have signed an MoU to establish supply chains in Saudi Arabia for clean energy technologies including hydrogen, according to a disclosure published on Tadawul yesterday. Details are scant, but Bena says it will cooperate with the UK firm to establish energy sector-related solutions to boost the kingdom’s green energy capacity. The UK firm — which has branches in KSA and the UAE — provides, among other power industry-related services, metering solutions for hydrogen, ammonia, biogas, and flare gas projects in both countries, according to its website. The financials and timeline for the planned projects have not been provided.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• FedEx has rolled out its greenhouse gas-monitoring tool FedEx Sustainability Insight regionally which provides users with real time data monitoring for the carbon footprint of shipments. The tool is available in Kuwait, Egypt, Jordan, Bahrain, and Oman. (Statement)
• Iran’s Industries Ministry has committed to furnish Tehran’s intra-city transport fleet with 50k electric cars and 200k e-bikes by March 2024. (PressTV)
• China’s Trina Solar has delivered 800 MW of solar modules to Abu Dhabi’s 2 GW Al Dhafra solar plant. (Statement)

Norway discovers giant phosphate deposit: Norway’s publicly traded mining company Norge Mining has discovered 70 mn tons of phosphate rock deposit which it says contains enough minerals to meet the global demand for batteries and solar panels for the next 100 years, The Independent reports. Norway may fast-track extraction of a giant mine in Helleland once analysis is completed, slating an operational date by 2028. Phosphate rock is an essential component in lithium-iron phosphate batteries used in electric cars, as well as in the manufacturing of solar panels making them a crucial resource for the energy transition. The discovery is expected to ease concerns of a growing supply crunch and a high dependence on Russian imports.

Our region is currently on the leaderboards for phosphate supply: Currently, the largest phosphate deposit is located in the western Sahara region of Morocco with a capacity of around 50 bn tons. This is followed by China with 3.2 bn tons, Egypt with 2.8 bn tons, and Algeria with 2.2 bn tonnes, Mining Technology said, citing US Geological Survey estimates.

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India is looking to export 10 mn tons of green hydrogen to the EU: India is in talks with the European Union to export some 10 mn tons of green hydrogen to the bloc in exchange for EU investments in its clean energy and carbon credit sectors, Reuters reports, citing people with knowledge of ongoing negotiations. Earlier this week, India said it would seek bilateral agreements aimed at bringing in foreign direct investments for green hydrogen projects in return for carbon credits generated from clean hydrogen ventures in the country.

Italy-based renewables-focused investment firm NextEnergy Capital raised USD 480 mn in its latest solar energy and BESS-centered investment fund, Reuters reports. The company will use the funding to invest in its 14 GW pipeline of solar energy projects in Europe, North America, and Chile over 10 years. The company is in talks with other investors and may raise another funding round later in 2023 as part of its target to unlock USD 1.5 bn in climate financing.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• German solar energy farms generated so much power this week electricity prices fell below zero in the country for a two-hour period. Grid operators paid power consumers to offtake electricity they do not have storage capacity for. (Bloomberg)
• Amazon is rolling out 300 of its Rivian electric vans in Munich, Berlin, and Dusseldorf over the next few years. This comes as part of Amazon’s plan to invest EUR 1 bn in electrifying its transportation network in Europe. (Statement)