Acwa Power inks a stack of agreements with Italian companies to boost cooperation on green hydrogen and renewables

Good morning, wonderful people. It’s another busy day on the climate front, but first…

COUNTDOWN- There are just 13 days until the Enterprise Finance Forum, taking place at the St. Regis Hotel in the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, and founders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech.

You won’t want to miss our lineup and agenda: Join Todd Wilcox (CEO and deputy chair, HSBC Egypt), Akef El Maghraby (vice chairman, Banque Misr), Mariam El Samny (head of consumer banking, FAB Misr), Amr Allam (Co-CEO, Hassan Allam Holding), Nivanne Mortagy (North Africa lead, upstream, financial institutions group, IFC), Mounir Nakhla (Founder and CEO, MNT Halan), Leila Serhan (group country manager and senior VP for North Africa, Levant and Pakistan, Visa) and much more for in-depth discussion on everything from investing in uncertain times, to the coming of AI and digital banks. Tap or click here to register or view the agenda.

We are honored to count some of the region’s most important financial institutions as our partners for this special event. The Enterprise Finance Forum could not take place without support from: Banque Misr, Al Baraka Bank, FAB Misr, HSBC, Mashreq, CI Capital, Global Corp, Visa, Hassan Allam Utilities, and the IFC.

---

THE BIG CLIMATE STORY- Renewables giant Acwa Power signed agreements with six Italian partners to explore potential partnerships in key sectors including green hydrogen, water desalination, waste management.

^^ We have more on this story and much more in the news well, below.

THE BIG CLIMATE STORY OUTSIDE THE REGION- There’s no single story grabbing the headlines, but Africa’s first demonstrable emissions reduction platform kicked off to a “continental record” of over 2 mn credits in carbon futures transaction. This “showcases the potential for climate projects and sovereign nations in the Global South,” Nairobi-based CYNK CEO Sudhu Arumugam said. They can “monetize this fast-growing asset class,” he added. The credits will be produced by Kenya’s biggest biomass company Tamuwa. CYNK refused to disclose the buyer’s identity or details related to the pricing of the trade. The story got ink in Reuters and Bloomberg.

---

WATCH THIS SPACE #1- Oman could be bracing for its biggest IPO in two decades: Oman's OQ Gas Networks (OQGN) has announced its plan to proceed with an IPO and listing on the Muscat Stock Exchange in October, according to its website. The plan involves the state oil company OQ’s pipelines business offering up to 49% of its total share capital, OQGN said, with OQ maintaining a minimum ownership stake of 51% following the offering. The IPO could help raise between USD 700 mn and USD 800 mn, Reuters reported, citing a source with knowledge of the matter. This would make the planned IPO the largest in the country since Oman Telecommunications (Omantel) raised OMR 288 mn (c. USD 748 mn) by selling a 30% stake in 2005.

Why is this important? OQGN’s growth strategy includes playing a vital role in the Gulf country’s energy transition by facilitating hydrogen and captured carbon transportation and storage.

---

WATCH THIS SPACE #2- Sweden has its eyes on Egypt’s renewables sector: Several undisclosed Swedish financial institutions are ready to provide financing to renewable energy projects in Egypt, according to a statement, citing comments made by Swedish International Development Cooperation and Foreign Trade Minister Johan Forssell. Sweden is keen to boost the level of cooperation with Egypt, Forssel said, especially in electricity distribution networks and exchanging technical expertise in power transmission and distribution and planned interconnection projects with Europe.

WATCH THIS SPACE #3- Another exit from the energy charter treaty? The UK may pull out of the international energy charter treaty (ECT) if reform attempts fail, The Guardian reports, citing comments made by Energy Minister Graham Stuart. The treaty “will not support those countries looking to make the transition to cleaner, cheaper energy sources and could even penalize our country for being at the forefront of those efforts,” Stuart said. The UK's Climate Change Committee recommended Britain quit the ECT last July due to “continued membership represents risks to both a timely climate transition and to the taxpayer.”

What is the ECT? The ECT is a system of secret courts that enables companies to sue governments over policies that would cut their future profits. Companies have sued over phasing out coal-fired power stations, ending offshore oil drilling, and banning fracking, with some receiving large taxpayer-funded payouts.

Europe is way ahead of the UK: If the UK goes through with its withdrawal, it would be following the EU’s footsteps as the bloc heads towards an “unavoidable exit” due to concerns that staying in the treaty would undermine climate targets, the news outlet said. While Denmark, France, Germany, the Netherlands, Poland, and Spain all announced plans to depart from the agreement over its strong protections of fossil fuel projects, the EU Commission will likely leave room for member states to remain in an “updated version” of the 1998 treaty. The UK and Japan are the only major economies not to have committed to exiting the ECT.

Get Enterprise Climate

***

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-

Egypt will host the Annual Regional Sustainability and Development Forum on Thursday 7 September and Friday 8 September in Cairo. The two-day forum brings together government officials, policymakers, the business community, NGO representatives, and others to discuss challenges to sustainable development in the region. It will also showcase the latest sustainable development technologies and practices, allowing businesses and organizations to present their related work and products.

India will host the G20 Heads of State and Government Summit from Saturday, 9 September to Sunday, 10 September in New Delhi. A G20 Leaders’ Declaration will be adopted at the conclusion of the summit, stating commitment towards priorities discussed and agreed upon during previous ministerial and working group meetings through the year, the organizers note. The last meeting of G20 energy ministers in July failed to reach consensus on a fossil fuel phasedown as several major producing nations, led by Saudi Arabia, blocked the move. Among other expected announcements, the Global Biofuels Alliance is scheduled to be launched at the summit.

Egypt will host the Hydrogen Egypt Summit on Wednesday 13 September and Thursday 14 September in Cairo. The two-day event will bring together members of the local and global hydrogen industry to discuss optimizing hydrogen and green hydrogen development in MENA. The event will serve as a platform for the local industry to discuss potential investments with global investors, operators, and technology providers.

Morocco will host the World Power-to-X Summit from Tuesday 19 September to Thursday 21 September in Marrakech. The event brings together policymakers, industry leaders, and innovators in green hydrogen to showcase success stories in the carbon-free industry. It will also explore scaling-up projects throughout the Power-to-X value chain and hold discussions on harmonizing roadmaps of contiguous countries and adjacent regions.

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

KSA’s Acwa Power inks agreements with Italian investors: Renewables giant Acwa Power signed agreements with six Italian partners to explore potential partnerships in key sectors including green hydrogen, water desalination, waste management, according to a statement.

Who is doing what: Italy’s SME federation Confindustria — with a collective network of 222 associations and more than 150k companies — will assess the potential for green hydrogen and water desalination projects, including the identification of suitable contractors and suppliers, the statement notes. Oil giant Eni will explore prospects for partnerships in green hydrogen, renewables, and R&D in sustainable technologies. Waste management firm A2A will look into green hydrogen projects for export, while engineering firm Rina will investigate hydrogen’s potential use for sea-borne shipping. Industrial solutions provider Industrie De Nora will provide its expertise in electrochemistry and sustainability technologies to advance the operation and maintenance of Acwa Power’s water desalination and green hydrogen projects. Specialty additives manufacturer Italmatch Chemicals will explore the potential for water treatment projects and R&D in Saudi Arabia.

What they said: “We look forward to bringing together Saudi Arabia, home of one of the largest decarbonization programs in the world, with a rapidly expanding and diversifying economy, and Italy, one of the most competitive engineering, manufacturing and technology suppliers globally. The collaboration between Acwa Power and our Italian counterparties will enable the exchange of crucial expertise, products, and equipment,” CEO Marco Arcelli said in the statement.

IN OTHER ACWA NEWS- China in the crosshairs: Acwa plans to kick off operations in China from next year as it expands its presence in renewables-driven countries, Al Arabiya reports, citing comments made by Arcelli. “The push into China and other Asian markets will focus on developing desalination, green hydrogen, and renewable energy projects,” Arcelli said, adding that the company is also looking into partnerships with European countries to set up shop in the kingdom.

Acwa Power is aggressively expanding elsewhere in Asia: The company has been investing heavily in a southeast Asian expansion with projects in Indonesia and Thailand. Acwa Power signed an agreement with Bangladesh’s government last week to build the country’s largest solar project. The company signed a power purchase and investment agreements with Uzbekistan for a 1.5 GW, USD 2.4 bn wind energy farm in 2019. Acwa is also developing a 240 MW wind farm in Azerbaijan with a reported investment of USD 300 mn. In March, Acwa signed an agreement with Kazakhstan to build and manage a 1 GW wind farm and a battery energy storage facility. That same month, the company signed a USD 2.5 bn power purchase and investment agreement with Uzbekistan to develop two solar stations and three storage facilities.

Could green banks make their way to Egypt? The Central Bank of Egypt (CBE) has indicated the possibility of establishing green banks in the country in accordance with the CBE’s rules and the new Banking Law, its recent financial stability report (pdf) showed. The mission-driven institutions would come under legislation allowing for the licensing of such “specialized” banks.

What is a green bank, Enterprise? Green banks are dedicated banking institutions that facilitate private investments to accelerate the transition to clean energy and green sectors such as water and waste management.

What we know: The CBE plans to issue licenses for green banks within a timeframe of two years, an government source told Enterprise Climate. The green banks will be a part of a general framework devised by the state to create a green economy, transforming several planned projects into green initiatives to drum up investments, the source said. The plan will also stimulate private sector projects to incorporate green initiatives in order to benefit from incentives, the source added. The banking sector will complement the plan, which is being outlined by the Finance and Planning Ministries. Per the plan, banks will be providing “green” finance to projects under various systems similar to those provided by banks abroad.

The rationale: Such green banks would help in securing low-cost capital for clean and renewable energy projects and other projects that seek an improvement of environmental quality under suitable prices and terms, the CBE report said.

All part of a sustainability push: The CBE affirmed its support for the state’s efforts in providing sustainable financing due to its low-risk environmental and social nature. This would reflect positively on the stability of the country’s financial system, it added. Sustainable financing could also pave the way for further investments and FX by luring in a new segment of investors that have sustainable finance among their main goals. It could also help bolster the issuance of green bonds on the back of an increased prevalence of social and environmental-focused investments.

REMEMBER- The CBE recently issued the guiding principles for sustainable finance to incorporate Environment, Society, and Governance elements (ESG) into banks’ processes and decisions on credit advancement. It is part of the sustainable finance roadmap, which seeks to develop the capacity of the country’s financial sector for sustainable finance through training programs and education papers to help boost knowledge in the sector.

IN OTHER EGYPT NEWS- Egypt’s Financial Regulatory Authority (FRA) signed a MoU with the Institute of National Planning (INP) to bolster cooperation in sustainable development and sustainable finance mechanisms, according to a statement released last week. The main goals behind the cooperation include raising awareness on sustainable development and development finance and building capacity for financial instruments for the green economy among others, according to the statement.

Some major solar moves are happening in KSA: The Saudi Power Procurement Company (SPPC) has announced the names of shortlisted bidders for the fourth round of solar projects under the country’s National Renewable Energy Program (NREP), according to a statement (pdf). The fourth round covers the 1.1 GW Al Henakiyah and 400 MW Tabrajal solar parks.

Who’s in: The shortlisted bidders for the 1.5 GW solar projects include a consortium of UAE renewables player Masdar, France’s EDF Renouvelables, and Saudi-based Nesma Company. A consortium of China’s Jinko Power, Sun Glare Holding, and Sunlight Energy Holding have also been shortlisted for both solar PV projects, according to the SPPC.

Ironing out the details: Each of the projects will be developed on a BOO basis, with the winning bidder retaining full ownership of the project company. Each project company would enter into a 25-year power purchase agreement with the SPPC, which is the principal buyer. The projects are expected to lure in over SAR 4 bn (c. USD 1.06 bn) in investments and will help power c. 265k homes annually.

About SPPC: The Saudi company is tasked with the predevelopment, tendering, and subsequent offtake of energy from projects under the Saudi Energy Ministry’s supervision. It has awarded over 11 GW of renewable energy capacity under the NREP to date, according to the statement.

Ringing the alarm bell for Africa: A worsening climate change continues to be an increasing threat for Africa, causing harm to food security, ecosystems, and economies in a continent that is responsible for only a fraction of the world’s greenhouse gas emissions, according to a report (pdf) by the World Meteorological Organization (WMO) released during the Africa Climate Summit in Kenya. Such climate-induced threats could trigger displacement and migration as well as aggravate conflicts in the continent over diminishing resources.

By the numbers: More than 110 mn people in Africa were directly impacted by weather, climate and weather-related events in 2022, causing over USD 8.5 bn in economic damages, according to the report. Drought was the main cause of fatalities, while flooding was the primary reason for economic damages. The report said that the real toll of those impacted could even be higher due to underreporting.

A big loss in terms of agriculture: Recent decades of extreme weather and climate events have taken a toll on Africa’s agriculture sector, pushing agricultural productivity growth down by 34% since 1961. This plunge is the highest globally in comparison with other regions, with extreme conditions also impacting grain production — aggregate cereal production in North Africa down 14% y-o-y to 33 mn tons in 2022. However, good rains in West Africa helped bring aggregate cereal production up 7% y-o-y to reach 76.4 mn tons last year. Pastureland and cropland areas in East Africa were hit by continuous drought-stressed conditions, with the number of acute food insecure people up 90% y-o-y to 4.4 mn during the last three months of 2022.

And heavy displacement: The Horn of Africa was hit by its worst drought in 40 years last year, with Ethiopia, Kenya, and Somalia being the most impacted. Almost 1.2 mn people were displaced internally in Somalia due to the extreme drought and over 60k people fled the combined impact of drought and conflict, crossing into Ethiopia and Kenya during the same year. Some 512k were also displaced internally in Ethiopia due to drought. Such displacements led to a funding gap and a spike in food prices, bringing in the number of refugees impacted by food assistance cuts due to the crisis to over 3.5 mn. The crisis in the continent was worsened by some high-impact weather events that left little room for recovery throughout the year. These included a series of cyclones that hit Southern Africa, leaving hundreds of thousands impacted, including pre-existing refugees and people who were internally displaced.

A hefty cost for loss and damage: The level of loss and damage and the costs incurred in Africa will depend on several factors, including the level of ambition of global mitigation actions and adaptation investment levels locally, according to the report. It estimated “residual damages” equivalent to 3% of the continent’s projected GDP could be incurred annually by 2080 in a 4 C warming world with strong regional adaptation. In the case of both low and high warming scenarios, loss and damage costs in Africa are projected to range between USD 290 bn and USD 440 bn from 2020 to 2030.

NDCs are a positive step, however: A total of 53 parties from Africa have submitted their nationally determined contributions (NDCs) as of February this year, with over 90% submitting an updated NDC. Implementing such NDCs will need up to USD 2.8 tn between 2020 and 2030, the report said, highlighting the African Development Bank’s (AfDB) doubling of climate finance to USD 25 bn by 2025. Although most of the submitted NDCs present a quantification of the estimated adaptation costs, the issue of loss and damage remains of little significance in the documents due to what the report described as a “lack of standard methodologies for assessing climate-related risks.” Therefore, it suggested that the United Nations Economic Commission for Africa (UNECA)/African Climate Policy Centre (ACPC) modeling-based assessments on loss and damage be used to bring in practical outcomes related to links between mitigation, adaptation, and loss and damage costs at the national level.

Some innovative financing pathways could be key: Some innovative financing mechanisms could help push the implementation of the NDCs, the report said. These include green and blue bonds and loans, sustainability or sustainability-linked bonds and loans, debt-for-climate swaps, and more feasible and better-priced carbon markets.

Jordan planting mini-forests to cool down Amman: Mini-forests are being planted around Jordan’s East Amman in an effort to make the extreme heat more bearable, increase green cover, and restore endangered plant species, Bloomberg writes as part of its Hot Cities series. Five small, shade-giving forests have been planted so far, and the sixth and biggest project spanning 1k square meters — the area of the first five projects combined — is set to launch soon. The Urban Micro-Lungs initiative (pdf) was brought to life by 39-year-old Jordanian architect Deema Assaf and Japanese forest regeneration expert Nochi Motoharu five years ago. Jordan’s Environment Ministry, the Greater Amman Municipality, and GIZ are partners on the project and funding is supplied by the German Federal Ministry for Economic Cooperation and Development.

The new ecosystem is helping the city adapt to increasing heat waves, floods, and wildfires: “While the trees in Amman’s mini-forests are still young — the oldest has only been around for four and a half years — there’s a perceptible cooling effect of about 14 °C under their canopies compared with open areas,” Assaf told Bloomberg. The mini-forests can also help fight the floods by acting “as a sponge” to soak up water, and can make better wind barriers and are less prone to wildfires, Assaf added, while also fostering a larger ecosystem by attracting different types of birds, butterflies, bugs, and fennec foxes.

The researchers opted for the Miyawaki method of growing forests: Assaf and Nochi employed a method developed by Japanese botanist Akira Miyawaki in the 1970s. The Miyawaki approach involves densely packing indigenous trees close together to provoke competition among young trees for sunlight and soil nutrients, triggering rapid growth in as little as 10 years.

Reviving lost plant species suited for Jordan’s climate: In a bid to find drought tolerant and low maintenance plants, the duo discovered and revived some of Jordan’s endangered species, including the evergreen and deciduous oak, wild pistachio, turpentine tree, wild pear, hawthorns, and eastern strawberry. “Some of these plants have been around for thousands and some for mns of years,” Assaf told Bloomberg.

The campaign is part of Jordan’s wider adaptation methods: Jordan is also working on other adaptation projects, including planting on rooftops, painting old buildings with heat-reflecting white paint, building 7.5k water-harvesting systems to collect rainwater, and treating used water to maintain greenery in the country. The government has set aside JOD 2.5 mn (USD 3.5 mn) over the next three years to plant 10 mn trees across the country by the end of the decade.

Some challenges ahead: Aside from needing financing to maintain the trees and protect them from disruptions such as wildfires, the major challenge will be securing water for irrigation. Jordan is one of the most water-scarce countries globally, with only 97 cbm of available water per capita annually, way below the absolute water scarcity threshold of 500 cbm per capita per year. A surging population and climate change are set to further strain water resource availability by 30% by 2040.

Research shows planting trees can have a major impact on local temperatures: While the Middle East region has been left out of most research into how trees impact the urban climate, a study found that increasing tree cover in some European cities could have prevented 40% of the 6.7k heat-related deaths that occurred in the summer of 2015, Bloomberg said. Other studies from Europe, China, and the US show that areas covered by trees are cooler than those that are not — sometimes by as much as 12 °C on extremely hot days.

And our region will face some of the most extreme temperatures: The Middle East region is warming twice as fast as the global average. Projections show that temperatures above 45 °C will become common in Jordan by mid-century as the country’s arid climate makes it particularly vulnerable to global warming.

EBRD appoints a new director for the Eastern Mediterranean region: The European Bank for Reconstruction and Development (EBRD) has appointed Gretchen Biery as the director for its eastern Mediterranean region, according to a statement. Biery will be based in Jordan and will lead EBRD operations in Jordan, Lebanon and the West Bank and Gaza, leveraging experience from years serving as the head of EBRD in Lebanon since 2018. Prior to joining the Bank, Biery held operational positions at multilateral development banks and the US Treasury, and consulted for bilateral development agencies, the statement added.

KSA’s Tamgo to distribute hydrogen-fuelled generators in the MENA region: London-based Hydrogen fuel cell developer AFC Energy signed a distribution agreement with Saudi Arabia's Tamgo — publicly listed as The Machinery Group — to market and sell the company’s zero-emission hydrogen-fuelled generators to Saudi Arabia and 16 neighboring countries, a statement on the London Stock Exchange said. Tamgo will have exclusive rights to AFC Energy's air-cooled S Series and liquid-cooled S+ Series fuel cell generators currently ranging from 10 kW to 200 kW and built for industrial and off-grid use. The company will also provide local on-the-ground maintenance and servicing along with engineering, design, commissioning, and logistical support. Other countries AFC is eyeing include the UAE, Qatar, Oman, Kuwait, and Kazakhstan. The MENA region’s rental power market is currently worth more than USD 1.6 bn and is projected to increase to USD 3.2 bn by the end of 2030, according to the statement.

About Tamgo: Tamgo — a subsidiary of investment conglomerate Zahid Group — is one of Saudi Arabia’s leading power rental businesses. It has provided power solutions to mega-scale infrastructure and mining projects including Neom, the Red Sea project, and Qiddiya mega entertainment complex. Its clients include Aramco and Altaaqa Alternative Solutions.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• A generous loan from Japan to Jordan: Japan extended a USD 100 mn loan to Jordan to help support its electricity sector reforms. (Reuters)
• Farnek’s transport fleet will run on biodiesel: Dubai-based Neutral Fuels will supply UAE’s smart and green facilities management firm Farnek with B7 blend biodiesel for their transport fleet. The fuel saves 6.14% of CO2 in comparison to using regular diesel. (Statement)
• KSA giant food manufacturer signs PPA with Engie for solar station: Saudi Arabia’s largest agriculture and food manufacturing company Al Jouf selected French utility firm Engie to construct a 8 MW solar plant to supply the company’s olive oil, pickles, and french fries factories with energy under a 25-year PPA agreement. Construction will begin later this month, with operations planned for September of next year. (Saudi Exchange)

Mercedes, BMW accelerate EV efforts to compete with Tesla and the Chinese: Automotive giants Mercedes and BMW are pushing with EV ambitions amid stiff competition from Tesla and China automakers, CNBC reported earlier this week. Mercedes-Benz unveiled its Concept CLA Class — an EV built on new architecture that will promote future battery cars from the German auto player — during the IAA Mobility motor show in Munich. The concept car has a range of 750 km and an ability to reach a 400 km range within just 15 minutes of charging. Rival BMW earlier showcased the Vision Neue Klasse — an EV concept that marks a new architecture for the company. The first vehicles under such a platform will begin production in 2025.

REMEMBER- The global EV market continues to be dominated by Tesla and several Chinese automakers. Tesla held 20% of the global EV market in the second quarter of the year, with Chinese BYD holding 15%, CNBC noted, citing data from Counterpoint Research.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• South Korea has big hydrogen plans for Canada: SK ecoplant — the renewable unit of South Korean conglomerate SK Group — has secured land for a USD 15 bn green hydrogen project in Canada, slated to be among the world’s largest. (Bloomberg)

Cuba’s south coast is facing one of the worst coral bleaching events: Cuba’s once colorful corals are facing widespread bleaching as a result of warming waters, preliminary observations from a first time study on the health of Cuba’s reef, fish, and sea life found, Reuters reports. The two-year “Bojeo a Cuba”' study — still a week from completion — off Cuba’s south-central coast has reached a sweltering 32°C and above, the expedition scientists conducting the study told Reuters in interviews. The recent bleaching has affected 60-80% of corals in the area under study, an expedition biologist and researcher at the park said. The expedition's scientists also noticed a decline in larger specimens of fish like grouper, snapper, and sharks, Cuban marine biologist and expedition co-leader Fabian Pina said.

Not all bad news: Cuba’s corals are known to be among the world's most pristine and resilient, one of the biologists told Reuters. “We are finding natural wonders almost everywhere we go,” the biologist said, noting that many of Cuba's keys and mangrove forests are far more intact than in Florida and some Caribbean neighbors. In Florida, just 145 km from Cuba, temperatures have soared, prompting US scientists to warn of the potential for catastrophic bleaching.

---

Climate scientists launching AI tool to track progress on net-zero pledges: AI company Arboretica, research lab Data-Driven EnviroLab (DDL), and the Net Zero Tracker data collection project will launch the AI platform ChatNetZero to analyze climate data to evaluate the progress of companies and countries who have made net-zero pledges, The National reports. Users of ChatNetZero will also be able to ask the platform about climate policies rolled out by different countries and companies to “help demystify net-zero commitments,” DDL founder Angel Hsu told the news outlet. The tool will help increase accountability of net-zero pledges, putting pressure on institutions to commit to reducing their emissions. Users will eventually be able to upload documents such as new corporate climate plans and run them under Chat Net Zero’s nose. More than a third of the world's biggest firms still have no climate goals in place, Net Zero Tracker found in its 2023 Stocktake.

Cool suits can help us adapt to a warming planet: British startup Techniche UK is designing construction dubbed uniforms StayQool, which can cool skin temperature by as much as 8 °C for up to seven hours, Bloomberg reports. The suits have an outer layer of specially designed mesh and a waterproof layer below to absorb and remove heat through evaporation, and the startup also sells vests, hats, neck bands, and other garments with built-in cooling technology to companies and individual customers in nearly 30 countries.

More in the pipeline: The company is working on a cooling vest equipped with “smart sensors that can monitor workers’ biometrics and predict when they might be at risk of heat stress,” and gear that can absorb heat using phase-change materials, Bloomberg writes. In Techniche’s London office, professor of University of California at San Diego Renkun Chen is designing clothes that come with air-conditioning. Chen has crafted palm-sized thermoelectric devices — powered by rechargeable lithium-ion batteries — that react to a preferred temperature set by the user. The device can cool the skin temperature by up to 10 °C.

Our region can use the help: Construction companies in Qatar have already bought Techniche’s construction suits for their workers, according to Bloomberg. Morocco and Egypt are among the worst regionally for children’s exposure to climate and environmental shocks. Gulf countries are poised to see up to 250 “dangerous heat” days a year by 2050.