UAE pledges USD 4.5 bn to help Africa accelerate clean energy projects + pledges to purchase USD 450 mn in African carbon credits

Good morning, friends. Our busy week of news continues this morning with a spate of climate updates across all corners of the region.

THE BIG CLIMATE STORY- The UAE is committing USD 4.5 bn to help Africa advance clean energy projects. The funds pledged by the upcoming COP host will be provided by the UAE’s renewables giant Masdar, the Abu Dhabi Fund for Development, the country’s export credit agency Etihad Credit Ins., and Dubai-based renewables firm Amea Power.

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

THE BIG CLIMATE STORY OUTSIDE THE REGION- The economic toll of invasive species is at a record-high: The annual impact invasive species have on the global economy has quadrupled from 1970 levels to USD 423 bn. Invasive pests are plants or animals — like malaria and dengue-carrying mosquitoes — that are inadvertently transported by humans to new locations with severe impact on ecosystems. The toll ranges from outcompeting indigenous wildlife, damaging infrastructure, and endangering human health, the newswire notes. Some 3.5k types of harmful invasive alien species contributed to 60% of flora and fauna extinctions over the study’s timeframe.

An impact on climate-driven natural disasters: Invasive grass species brought over to Hawaii over the past three centuries have outstripped non-flammable native species and largely contributed to fanning the flames of the deadly wildfires that ravaged the island in August. Invasive species are expected to grow further in numbers on the back of climate change as global warming enables pre-existing invasive species to expand their range into territories that are presently too cool for them. New shipping routes opening up as a result of sea ice loss will also exacerbate the growth of the pests.

The story grabbed headlines in the international press yesterday: Reuters | CNN | The Guardian | Euronews | France 24 | Deutsche Welle

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COUNTDOWN- There are just 12 days until the Enterprise Finance Forum, taking place 18-19 September (Monday and Tuesday) at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, founders, and corporate leaders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech — and of their clients.

You won’t want to miss this one: Join Todd Wilcox (CEO and deputy chair, HSBC Egypt), Akef El Maghraby (vice chairman, Banque Misr), Tarek El Nahas (group head of international banking, Mashreq), 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 many others for talks on everything from investing in uncertain times, to the coming of AI and digital banks. Stay tuned for the unveiling of our full list of speakers in the coming days.

Tap or click here to REGISTER or view the FULL 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 the support of our partners including Banque Misr, Al Baraka Bank, FAB Misr, HSBC, Mashreq, CI Capital, Global Corp, Visa, Hassan Allam Utilities, and the IFC.

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WATCH THIS SPACE #1- KSA is considering investments in the “Made in Italy” fund: Saudi Arabia is in talks over potential investments in Italy’s strategic “Made in Italy” fund, Reuters reports, citing comments made by Italy's Industry Minister Adolfo Urso. The fund — approved in May — will have an initial endowment of EUR 700 mn in 2023 and an additional EUR 300 mn next year in state cash, the newswire said, adding that the funds will be used to support Italian companies operating in key supply chains as well as boost procurement and reuse of critical raw materials. Urso’s comments came on the sidelines of a signing ceremony for an MoU aimed at increasing the two countries’ economic relations, particularly in energy.

Italy’s new government is seeking closer relations with our region: Italy's Prime Minister Giorgia Meloni has “pursued tighter ties with Gulf countries since taking office last October,” and the country sees itself playing an increasing role in linking the EU with energy suppliers in the MENA region, Reuters said. Saudi Arabia will focus on energy, sustainability, supply chains, and sport to expand its presence in Italy, Investment Minister Khalid al-Falih said at the same event.

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WATCH THIS SPACE #2- Will Egypt offer tax breaks for some green industries? The Egyptian government has identified seven major strategic industries to benefit from tax exemptions announced from the presidency in late August, Asharq Business reports, citing a government source with knowledge of the matter. Industries would include green hydrogen, solar energy, electric vehicles, electronics, petrochemicals, mining and textiles, the source noted. “Seven major industries have been identified primarily and other industries are currently under review. A final list [of the industries] would be finalized by the end of the year,” the source said.

REMEMBER- Egyptian President Abdel Fattah El Sisi instructed in late August the government to implement a fresh package of incentives to support industrial activity and accelerate localization. Those incentives include fresh five-year tax breaks except for VAT, discounts on land prices, and an expansion of the single-approval “golden” license in a bid to accelerate projects in priority sectors, which include chemicals, metals, building materials and textiles, and increase foreign direct investment, according to the Egyptian Presidency.

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WATCH THIS SPACE #3- Greece, Cyprus, and Israel plan to connect their electricity grids: The governments of Greece, Israel, and Cyprus have agreed to strengthen bilateral energy cooperation and are exploring the possibility of establishing a subsea electricity link to connect their national grids, Reuters reports, referencing a meeting between Cyprus President Nikos Christodoulides, Greek Prime Minister Kyriakos Mitsotakis, and Israeli Prime Minister Benjamin Netanyahu. Israel and Cyprus are expected in the next three to six months to set laws on their national gas exporting strategies “We agree that natural gas and renewable energy is a prime pillar of cooperation in the region, especially in light of the recent geopolitical developments. Especially in Europe, (it) dictates the need for energy diversification and increased interconnectivity,” Christodoulides said. Israel is “eagerly pushing” to jump aboard the planned EuroAsia Interconnector, the newswire notes, citing comments by Netanyahu. If approved, the subsea cable would transmit up to 2 GW from Israel to Cyprus and Greece.

REMEMBER- The Cypriot grid may not be ready for the influx of renewables coming its way: Cyprus lacks the power storage capacity to accommodate the inflow of renewable power it will soon receive (partially from Egypt) through the USD 4 bn 2 GW EuroAfrica Interconnector and the 2 GW EuroAsia Interconnector with Greece as network overloads continue to cause power outages in the country. The Transmission System Operator Cyprus (TSOC) — one of the country’s utility providers — noted to parliament that when energy generation peaks to 500 MW, it is forced to turn off 85 MW from its solar energy plants for lack of adequate power storage capacity. Power generation cuts are expected to push down energy production from the country’s PV units by 6-8% in 2023, TSOC executive director Stavros Stavrinos said back in March.

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WATCH THIS SPACE #4- Shipping infrastructure needs expansion to accommodate CCS: With the demand for carbon capture on the rise, a fleet of 55 CO2 carriers and 48 terminals will be needed by 2030 to facilitate shipping to storage locations worldwide, according to Norway-based consultancy Rystad Energy. An estimated 90 mn tons of CO2 per year will be captured by the end of the decade and stored using carbon sequestering. Besides shipping, captured carbon could also be moved through pipes, which is currently the most commonly used method of CO2 land transport, the consulting agency said, adding that 330 CO2 pipelines are expected to be operational by 2030. Underwater pipelines are also expected to play an important role in transporting CO2, especially as prospects for storing the gas beneath the ocean floor have been gaining traction in recent years.

Who will dominate CO2 shipping activities? Despite the sector currently being in its nascent stage, many EU countries are expected to take center stage in the CO2 shipping surge, especially as some have inadequate space to store their CO2 domestically. According to Rystad’s estimates, Norway could account for 30% of global shipped CO2 by 2030 with 26 mn tons per year, followed by the Netherlands with 23 mn tons per year, the UK with about 20 mn, France with 17 mn, and Belgium with 13 mn tons per year. Australia is also set to be an important player in the global market, shipping and storing CO2 from domestic projects and neighboring Asia-Pacific countries, including Japan, the consultancy added. The EU is working on a strategy aimed at stepping up investments in capturing and storing carbon dioxide emissions.

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NON-CLIMATE REGIONAL HEADLINES:

• UAE: The UAE's non-oil private sector has eased to 55.0 in August from 56.0 in July signaling strong improvements in output and new business intakes. (S&P Global, pdf)
• Egypt: Egypt’s non-oil private sector remained at a two-year high in August, showing a “mild” level of contraction. The country’s PMI remained unchanged at 49.2 last month, keeping us “close to the 50.0 neutral threshold,” suggesting that business activity is stabilizing “after a prolonged period of contraction.” (S&P Global, pdf)

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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.

A big one from the UAE to Africa: The UAE is committing USD 4.5 bn to help Africa advance clean energy projects, according to a statement by the COP28 Presidency. The funds pledged by the upcoming COP host will be provided by the UAE’s renewables giant Masdar, the Abu Dhabi Fund for Development, the country’s export credit agency Etihad Credit Ins., and Dubai-based renewables firm Amea Power, it said.

What we know: The Abu Dhabi Fund for Development will be providing USD 1 bn for basic infrastructure, while Etihad Credit Ins. will provide USD 500 mn in credit ins. to help lower risks and make private capital available. Masdar will be committing USD 2 bn of equity and mobilize an additional USD 8 bn in project finance to deliver 10 GW of clean energy capacity in the continent by 2030. Amea Power will mobilize USD 5 bn, with USD 1 bn in equity investments and USD 4 bn from project finance to fund 5 GW of renewable energy capacity in Africa by 2030. Africa50 — an investment platform launched by African governments and the Africa Development Bank (AfDB) — will act as a strategic partner to help identify initial projects, according to the statement.

What they said: "This initiative builds on the UAE's track record of commercially driven, innovative blended finance solutions that can be deployed to promote the adoption of clean energy in emerging and developing nations. This multi-stakeholder partnership approach is designed to accelerate sustainable economic progress, address the challenge of climate change and stimulate low carbon growth,” COP28 President-Designate Sultan Al Jaber said.

REMEMBER- Climate change is a growing threat for Africa, which is responsible for only a fraction of the world’s greenhouse gas emissions. The continent is in need of a 10-fold increase in climate adaptation funding to USD 100 bn annually by 2030 to help boost resilience against the impact of climate change, new research from the Global Center on Adaptation showed.

And that’s not all: The UAE Carbon Alliance has pledged to purchase USD 450 mn in African carbon credits by 2030, Wam reports. The pledge was announced during the Kenya-hosted inaugural Africa Climate Summit, where the UAE alliance signed a non-binding Letter of Intent with the Africa Carbon Markets Initiative (ACMI) for the purchase.

About the alliance: The UAE Carbon Alliance is a coalition tasked with accelerating the development of a carbon market ecosystem. Launched in June, the initiative seeks to set up “national cooperation in decarbonisation efforts, develop innovative standards and frameworks for constructive carbon financing, increase education and knowledge of carbon markets, and support organizations on greenhouse gas emission reduction projects.” Its founding members include AirCarbon Exchange (ACX), First Abu Dhabi Bank (FAB), Mubadala, Abu Dhabi National Energy Company (Taqa), and Masdar, with the UAE Independent Climate Change Accelerator (UICCA) as its secretariat.

More financing in the pipeline: Climate Asset Management — a JV between HSBC Asset Management and specialist climate change investment and advisory firm Pollination — also announced a USD 200 mn investment in projects producing ACMI credits, Reuters reports.

And there are other generous investors: Britain said fresh UK-backed projects worth GBP 49 bn will be announced during the Africa Climate Summit, which concludes today, according to a statement. The projects will focus on “mobilizing finance for climate action and help people manage the impact of climate change across the continent.” Germany will also announce EUR 450 mn in climate finance commitments at the summit, including to help with the construction of a Kenyan fertilizer plant using green hydrogen, Bloomberg writes. It will also abolish EUR 60 mn in debt owed to Kenya in exchange for the funds being spent on green projects.

IN OTHER NEWS FROM THE SUMMIT– Irena launches a fresh renewable energy partnership in Africa: The International Renewable Energy Agency (Irena), in cooperation with Kenya, Denmark, Germany and the UAE launched The Accelerated Partnership for Renewables in Africa (APRA) to promote renewable energy in Africa, according to a statement. APRA will focus on mobilizing finance, providing technical assistance and capacity building and encouraging the private sector to take part, the statement notes. The partnership will also include Ethiopia, Namibia, Rwanda, Sierra Leone and Zimbabwe.

And more climate financing drumming from COP: The COP28 Presidency, the African Union, and Kenya stressed the importance of having a more accessible and affordable climate finance to developing nations, including those in Africa, according to a joint statement. “It is vital that we restore trust in the multilateral process if we are to achieve progress. Developed countries must deliver on their historical commitments, including the USD 100 bn of annual climate finance, doubling adaptation finance and ensuring a strong replenishment of the Green Climate Fund,” they said.

Europe is getting Egyptian electric buses: Egypt’s vehicle manufacturer Manufacturing Commercial Vehicles (MCV) has signed an agreement with Sweden’s carmaker Volvo to manufacture electric buses for export to Europe, according to a statement. The statement did not reveal the size of the investments being pumped into the project or the timeline for the planned production and export.

What we know: The zero-emission buses will have a local component percentage of 50%, the statement notes. The agreement comes under an ongoing partnership between MCV and Volvo that began over 20 years ago to manufacture buses for the British market, Trade and Industry Minister Ahmed Samir said in the statement.

All under a push for clean mobility: Egypt is keen on moving towards the use of clean energy in mass and private transportation by converting vehicles to run on natural gas and electric power, Samir said. He said the government is also working on creating the right environment for a clean energy transition by providing the necessary charging infrastructure for electric vehicles. Egypt has the potential to localize electric vehicles and buses to meet local demand and exports to regional markets and Africa, he said.

REMEMBER- The country’s EV ambitions are high: While Egypt’s EV industry is still nascent, two auto firms and distributors — Misr Helwan Automotive and Abou Ghaly Motors — introduced EVs to the country’s car market this year. Egypt is supporting Abou Ghaly and other private sector players with incentives to get a homegrown EV industry off the ground, with the country’s environment minister expecting the first locally-assembled EVs to roll off production lines in 2024.

Expect more to come: India’s Hinduja Group is expected to sign a final agreement with Egypt to support local EV manufacturing in the country by the end of 4Q 2023, an informed source at Egypt’s Trade and Industry Ministry’s Trade Representation told Enterprise Climate last month. Hinduja will pour USD 500 mn as a potential investor in Egypt’s state-owned El Nasr Automotive Manufacturing Company under a bid to manufacture EVs in the country and turn Egypt into a regional hub for EV manufacturing, the source said, adding that some legal procedures are currently being finalized ahead of signing the contract. The signing would come months after Hinduja representatives visited Egypt in May for talks on setting up a project to manufacture EVs and spare parts.

A push for decarbonization in KSA’s construction sector: Saudi Arabia is set to receive its first low-carbon clinker-free cement next year under an agreement between French firm Hoffmann Green Cement and Saudi conglomerate Shurfah Group, according to a statement (pdf). The planned facility is part of a 22-year exclusive licensing agreement signed with the Saudi company to build several Hoffmann Green units in the country under efforts to decarbonize the construction sector.

What we know: The plant will be a replica of the French firm’s H2, which is the world's first vertical cement plant, according to the statement. The engineering and production process of the facility will be implemented by German contractor IBAU Hamburg. Per the agreement, Hoffmann Green will be given the green light to market the carbon free elements exclusively throughout the Gulf country.

A plus for Hoffmann: Hoffmann Green said it will receive an entry fee and fixed and variable annual royalties based on sales generated from the marketing of its cements in Saudi Arabia. Such payments will be made in return for the industrial and technological transfer and the exclusivity of the agreement.

More to come? The contract allows for the duplication of several H2 plants throughout Saudi Arabia, the statement said, without providing further details.

About Hoffmann Green: Founded in 2014, Hoffmann Green Cement is focused on the design, production, and distribution of cement with a carbon footprint that is five times lower than that of traditional cement, according to the statement. It currently has two production units powered by solar trackers in western France’s Bournezeau. A third plant is planned at the port of Dunkirk in 2024-2025, bringing total production capacity to 550k tons a year, or a 3% share of the market in France. It recently signed contracts in the UK, Belgium, and Switzerland under a global expansion push.

Brazil’s Petrobras is looking to invest in Mubadala’s biofuel project: Mubadala Capital — the USD 20 bn asset management arm of the UAE’s investor Mubadala Investments — signed an MoU with Brazil’s state-owned energy giant Petrobras to explore potential partnership in a Mubadala biofuel project under development in Brazil’s northeastern state of Bahia, Wam reports. The green fuel that will be produced in Bahia will be derived from a native Brazilian crop called Macauba.

Petrobras wants to repurchase the refinery from Mubadala: The new biofuels partnership could open the door to future talks for Petrobras to repurchase the refinery from Abu Dhabi’s Mubadala, two sources told Reuters. Petrobras’ management has been looking to repurchase the refinery this year after selling it under a previous government in 2021 for USD 1.65 bn, the sources said. Petrobras had agreed with Brazil’s regulator Cade to sell its refineries outside the states of Rio de Janeiro and São Paulo.

There are other agreements in place: Abu Dhabi’s Mubadala Capital-backed Acelen said it will invest up to USD 2.4 bn over the next 10 years to produce green diesel and sustainable aviation fuel in Bahia. The new biorefinery will have the capacity to produce up to 1 bn liters per year of hydrotreated vegetable oil (HVO), a diesel-like fuel that can be produced from various vegetable oils and animal fats. Production will start in the first quarter of 2026, the company statement said at the time, adding that the plan will make Acelen one of the largest producers of renewable fuels globally. That project will use infrastructure from Acelen's Mataripe refinery, formerly known as Rlam, which Petrobras sold to Mubadala in 2021.

It's not only Petrobras: Mubadala Capital also plans to acquire a 31.5% stake in Brazilian sugarcane processor Atvos later this year or early next year, Atvos CEO Bruni Serapiao told Reuters last month. He said that his company is under bankruptcy protection, with Mubadala set to pay BRL 500 mn (c. USD 102.8 mn) when it lifts its court debt protection.

The UAE 💚 Brazil: Brazilian President Lula da Silva and UAE President Sheikh Mohamed bin Zayed Al Nahyan are looking to deepen partnerships between the two countries in key sectors including renewable energy, sustainable development, climate action, food security, and agriculture, a joint statement following Lula’s visit to Abu Dhabi said.

And wants to expand its biofuel partnerships even further: The UAE officially joined the newly launched Global Biofuels Alliance founded by India, the UK, and the US last July. The alliance — formed during a G20 clean energy ministerial meeting — aims to “accelerate sustainable biofuels deployment in support of the global energy transition.” The formal launch of the Global Biofuels Alliance is scheduled to take place at the G20 Leaders’ Summit in New Delhi this Saturday.

Why Brazil? Brazil has the capabilities to become among the leading global players in sustainable aviation fuel, Reuters reported last month, citing Boeing's Latin America and the Caribbean head Landon Loomis. “Brazil has the technical capacity, qualified workforce and raw material to post the concrete results and impacts needed for us to solve together this global challenge of how to decarbonize aviation,” Loomis said.

Saudi Arabia is the top contender to become the destination for China-based GCL Technology’s first polysilicon factory abroad, Bloomberg reports. The world’s second-largest manufacturer of polysilicon — a key component in PV cell manufacturing — is looking to build a plant in the kingdom with a capacity of 120k tons a year, joint CEO Lan Tianshi said in an interview with the news outlet. GCL Tech could start operations as early as 2025, he said, adding that the company has already filed for registration and is in talks with local government officials and the royal commission.

GCL technology is still considering other countries: Tianshi and other executives have made visits to Qatar and expressed interest in speeding up implementation of polysilicon plants, according to Bloomberg. The company has also considered potential expansions into Mexico, to serve the North American market, and in Australia, Tianshi said. GCL has also been eyeing Europe and Brics countries, and said it will likely disclose the new factory’s location by the end of the year. The US was excluded from consideration from the start due to its high production costs.

China is looking to diversify investments abroad as margins dwindle: Chinese solar companies are struggling with dwindling margins amid fierce competition, Bloomberg notes. A wave of consolidation and acquisitions in the solar supply chain is a probable outcome of the squeezed margins, Tianshi explained, adding that only five to 10 players are likely to survive in the industry.

Saudi-Chinese diplomatic relations are booming: The Chinese company’s interest is the latest sign of increased energy cooperation between the two countries after President Xi Jinping visited Riyadh last year. At last month’s BRICS forum, China also invited Saudi Arabia to join the group.

KSA is paying it back: Saudi Arabia’s Acwa Power plans to kick off operations in China starting next year as it expands its presence in renewables-driven countries, according to CEO Marco Arcelli. “The push into China and other Asian markets will focus on developing desalination, green hydrogen, and renewable energy projects,” Arcelli said.

ADCB pulls the trigger on green bonds issuance: The Abu Dhabi Commercial Bank (ADCB) — the UAE’s third largest bank — launched USD 650 mn in five-year green bonds, Reuters reports, citing a bank document it has seen. ADCB has given a price guidance of 125 basis points over US Treasuries, down from an initial price guidance of 150 bps over the same benchmark earlier on Tuesday. This comes after the order book surpassed USD 1.9 bn, a document from one of the banks arranging the sale said. The green bonds are maturing on 12 January 2029, the document notes.

Where are the proceeds going? Proceeds from the debt sale will be directed to the finance or refinance of eligible green assets, according to the document.

Advisors: ADCB hired Barclays, Deutsche Bank, Emirates NBD Capital, JP Morgan, Mizuho itself as joint bookrunners to schedule the investor meetings. Barclays has also been hired as sole ESG coordinator.

Not its first: ADCB raised USD 500 mn with its inaugural green bonds last year after luring in over USD 1.8 bn in orders for the issuance.

The UAE wants to partner with Vietnam on renewables: UAE Minister of State for Foreign Trade Thani Al Zeyoudi headed a government delegation to Indonesia yesterday where he met with Vietnam’s Industry and Trade Minister Nguyen Hong Die to discuss progress on establishing a comprehensive economic partnership agreement between both countries that would focus in part on the renewable energy, food security, and green economy sectors, Wam reports. Vice President of Vietnam Vo Thi Anh Xuan met with Masdar CEO Mohamed Al Ramahi last month to discuss potential renewables collaboration. Vietnam plans to more than double its power generation capacity to 150 GW by 2030 by sourcing power from wind energy, among other sources. The country aims to become carbon-neutral by 2050.

Indian motorcycle manufacturer TVS Motor unveiled its all-electric TVS X scooters in the UAE last week, according to a statement. The company — which has reportedly spent the past four years and USD 30 mn developing its flagship EV — plans to launch the TVS X in the UAE in the next fiscal year, which starts in April (watch, runtime, 02:52).

The specs: The EV is powered by a 4.44 KW battery pack that gives it a 140 kilometer driving range and 29 ft-lbs (40 newton meters) of torque, the statement notes. The scooter delivers a 105 km top speed and goes from 0-40 KPH in 2.6 seconds and has three drive modes: Stealth, Xtride, and Xonic.

Remote charging: TVS Motor is also rolling out its portable 950 W smart chargers to enable motorists to recharge up to 80% of its capacity in 3 hours 40 minutes. The price tag for the charger stands at INR 16.2k (c. USD 196), according to the statement. The company also sells its own Smart X Home rapid chargers which restore up to 50% of battery life in around 50 minutes, but has not disclosed the price for the offering.

Safe and light: TVS Motor is getting props for the EV’s exposed aluminum framing, which provides better safety and durability while keeping the e-scooter light, CNBC notes in its review of the EV (watch, runtime 01:26).

And loaded with tech: The EV comes with a tiltable 10.2 inch horizontal screen, which, aside from providing navigational support, has mapping features that notify motorists on the locations of nearby charging stations, enables motorists to surf the internet, stream videos, and even play games while stuck in traffic. The e-scooters’ universal connectivity software helps drivers connect the bike to their smartphones, e-watches, and helmets. TVS X also enables ride sharing status for increased security, among other applications, and has warning systems including anti-theft, fall, and SOS alerts.

The price tag: The EVs retail for INR 250k (AED 11.1k) and offer additional benefits to the first 2k buyers, including a concierge service and a Garmin Smartwatch, the statement adds.

Oman will issue RFPs for two 100 MW onshore wind farms: Omani state-owned oil company Petroleum Development Oman (PDO) will issue requests for proposals (RFPs) for two wind farms with a 100 MW generation capacity each in the city of Qarn Alam, the Solar Quarter writes. PDO is also looking to establish a 100 MW solar energy plant with plans to have it complemented by the country’s first battery energy storage system.

The details: The two wind farms — named Riyah 1 and Riyah 2 — are expected to come online in 2026. PDO also plans to kick off operations on the 100 MW North Solar Storage PV plant in 2025. The solar farm will be coupled with the country's first lithium ion battery energy storage system facility to enable electrical transmission beyond daylight hours, the news outlet writes. The BESS facility will have a 100 MW peak energy capacity during daylight hours.

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Iraq plans to build its first nuclear reactor: Iraq is reportedly eyeing the construction of a nuclear power generator as part of state plans to expand its clean energy generation capacity while minimizing its reliance on oil and gas imports, local publication Al-Forat News reports. The targeted generation capacity of the nuclear project and the expected investment ticket for the plant were not disclosed. The country would leverage the power source to power mega construction projects it has in the pipeline including the USD 17 bn Development Road connecting Iraq’s southern border to Northern Turkey through a 1.2k kilometer rail line and motorway.

A regional trend? Saudi Arabia is reportedly in talks with state-owned company China National Nuclear Corp to set up a nuclear facility in the country’s Eastern Province bordering Qatar and the UAE. Earlier this month, The Egyptian Nuclear and Radiological Regulatory Authority approved the construction of the fourth and final 1.2 GW reactor at the country’s 4.8 GW Dabaa nuclear power plant. Over in the UAE, The Emirates Nuclear Energy Corporation began operational readiness procedures for the fourth and final unit of Abu Dhabi’s Barakah Nuclear Energy Plant in August. The third unit added 1.4 GW to the UAE grid back in February, and the fourth phase is set to increase 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.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Mangroves for everyone at COP28: The Environment Agency – Abu Dhabi (EAD) announced the launch of the "Ghars Al Emarat" (UAE Planting Initiative), which will see ten mangrove trees planted for each COP28 visitor. (Statement)
• KSA tackles water insecurity: Saudi Arabia has announced the formation of its Riyadh-based Global Water Organization to encourage bilateral cooperation in combating water-deficiency challenges. (Saudi Press Agency)
• Masdar strikes CCUS partnership with EtihadWe: Emirati utility company Etihad Water and Electricity is partnering with UAE state-owned renewables company Masdar on upscaling its carbon capture and utilization capabilities. (Statement)