Good morning, friends. We have a relatively brisk issue this morning as the weekend nears close, which brings us to a quick programming note:
Enterprise Climate will be taking a publication holiday tomorrow in observance of Islamic New Year. We’ll be back in your inbox at the usual time on Monday, 24 July.
THE BIG CLIMATE STORY- The UAE’s state-owned renewables developer Masdar is expected to raise USD 750 mn after its debut green bond issuance lured in over USD 4.2 bn in demand.
ALSO- Another one of this morning’s must-reads is part two of our explainer on El Niño and what the extreme weather pattern means for our neck of the woods.
^^ We have more details on these stories and more in the news well, below.
THE BIG CLIMATE STORY OUTSIDE THE REGION- The world’s roasting heatwave continues: Parts of southern and eastern Europe saw authorities issuing red alerts as a scorching heat wave globally sent the World Meteorological Organization (WMO) warning of an increased risk of deaths due to the extreme weather. The EU’s emergency response coordination center issued red alerts for most of Italy, northeastern Spain, Croatia, Serbia and others. The baking temperatures have sent wildfires raging in several parts of southern Europe, including mainland Greece, with the EU sending amphibious aircraft to help Greece battle the wildfires.
And the pattern continues: “Temperatures in North America, parts of Asia, and across North Africa and the Mediterranean will be above 40°C for a prolonged number of days this week,” the WMO warned in a statement. It said overnight minimum temperatures are expected to reach new highs, leading to increased cases of heart attacks and death. “Whilst most of the attention focuses on daytime maximum temperatures, it is the overnight temperatures which have the biggest health risks, especially for vulnerable populations,” it said.
The persisting heatwave is still leading coverage in the international press: Reuters | Bloomberg | The Associated Press | The Guardian | BBC | Sky News |
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.
** NEW: MORE NETWORKING TIME- Our agenda includes expanded networking time, including an expanded coffee break and a post-event networking room for you to interact with your peers and speak one-on-one with the team at Enterprise.
TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations shortly.
Do you want to become a commercial partner? Ping a note to Moustafa Taalab, our head of commercial, or fill out this form and we’ll be in touch.
STAY TUNED for more detail about our agenda in the weeks to come.
DID YOU MISS THE ENTERPRISE EXPORTS AND FDI FORUM? Tune in to the Enterprise Podcast and listen for yourself: 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 in May.
WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast | Anghami. We release a new episode every Sunday morning.
WATCH THIS SPACE #1- A mineral exploration bid round by Egypt before year end? Egypt plans to launch a new exploration round for minerals before the end of the year in several areas in its Eastern and Western Desert, Asharq Business reports, citing people with knowledge of the matter. One of the sources said the bid round will include zones for minerals like iron, phosphate, copper, lead, and zinc — minerals that are essential for EV and battery storage production. The bidding will cover over 200 areas of no less than 16 sq km each, they added.
WATCH THIS SPACE #2- The EU may amend its carbon reduction targets ahead of COP28: EU countries are mulling an increase of their carbon reduction targets for 2030 ahead of COP28, Reuters reports, citing a draft document it has seen. The proposed amendment, if approved, would see the bloc up its carbon slashing goal by two percentage points from its current target of reducing carbon levels 55% below 1990 levels by the end of the decade. The UAE urged countries to update their targets last week ahead of the climate summit in a bid to bolster climate action globally.
Pushing updated targets: The uptick in its CO2 removal target would require EU member states to abide by the bloc’s recently updated climate targets. The new target will see the bloc source 42.5% of its power from renewable energy by 2030, and aims to have EU member states expand their individual renewables capacity to 45% of their total energy mix by the same timeframe.
WATCH THIS SPACE #3- World Bank is all in on reform: World Bank President Ajay Banga announced new plans aimed at expanding his bank’s balance sheet and help countries against climate change and other challenges, Reuters quotes Banga as saying during a G20 meeting. “We are making quick progress … we are building a better bank, but eventually we will need a bigger bank,” he added, indicating the necessity of a capital increase to help achieve the plans.
The details: The plans could help generate bns of USD in additional lending by allowing shareholders to back loans if countries are unable to repay them. Such a move would allow the Washington-based lender to generate USD 6 in new lending for every USD 1 in backing over a 10-year period or USD 30 bn for every USD 5 bn. The bank could also launch a new hybrid capital instrument that would pave the way for shareholders to invest in bonds, allowing it to ramp up lending by up to USD 6 bn. Additionally, a new USD 6 bn crisis facility would expand very low or zero-interest lending for the world’s poorest countries through the International Development Association.
ALSO- An additional USD 3 tn is needed each year by 2030 for investments in climate action and other sustainable development goals, Reuters reports, citing a report by a G20 panel. The independent panel was commissioned by the G20 to put forward reforms for multilateral development banks while targeting increased spending for climate change and SDGs and others.
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CIRCLE YOUR CALENDAR-
The UAE will host the International Conference on Solar Power Technology from Saturday, 22 July to Sunday, 23 July in Dubai. The conference will bring together industry leaders as well as academics and researchers to discuss trends and innovations in the solar energy production sector.
The UK will host the London Hydrogen-Africa Green H2 Investment Forum from Tuesday, 25 July to Wednesday 26 July in London. The event will gather green hydrogen developers, investors, and policy makers to discuss challenges, regulatory frameworks, and investments in Africa’s green hydrogen market.
Check out our full calendar on the web for a comprehensive listing of upcoming news events and news triggers.