TODAY: Oman’s Rakiza raises USD 1 bn for infrastructure fund
Good morning, wonderful people. We hope you’re all enjoying your last morning cup of joe as the region gears up for a month of fasting.
THE BIG CLIMATE STORY- Muscat-based investment company Rakiza has raised USD 1 bn in its first infrastructure fund to invest in renewables, among other sectors, in Oman and Saudi Arabia. We have more on this story in the news well, below.
HAPPENING TODAY- The UN Water Conference is kicking off today and running until Friday in New York City. The conference is a midterm review of the International Decade for Action on Water for Sustainable Development launched in 2018.
OVER IN COPLAND – The COP28 Presidency called the Intergovernmental Panel on Climate Change’s 6th Assessment Synthesis Report an “ideal” chance to course correct and accelerate climate action while delivering fresh avenues for investment, according to a statement. The presidency stressed the importance of promoting inclusivity, shared accountability, and transparency in climate solutions, and the transformation’s potential to unlock USD tns, as well as to generate jobs and promote growth.
Ireland reiterated its commitment to limit global warming to 1.5C and its support for the UAE to make COP28 a success, Wam quotes Irish Minister of State for Special Education and Inclusion Josepha Madigan as saying. Madigan said loss and damage, mitigation and emission reduction remain a key priority for Ireland and the role of developed countries in “setting global ambition ahead of COP28” and stressed that Ireland’s international climate action includes more than doubling its climate finance by 2025.
ALSO- COP28 will prioritize equity and enhanced adaptation to ensure that the most vulnerable are supported, Sultan Al Jaber said in a conversation with Bangladeshi Minister of Environment, Forest and Climate Change Shahab Uddin, COP28 tweeted.
WATCH THIS SPACE #1- Algeria is presenting its national hydrogen development roadmap tomorrow, according to a statement released this week. The country’s Energy and Mines Ministry will take the lead during a workshop to present the hydrogen development strategy in the presence of a number of stakeholders including the Environment and Renewable Energies Ministry and various national and international organizations.
WATCH THIS SPACE #2- EU commission proposes draft plan to appease Germany: The EU commission and Germany are working on legislation allowing the sale and manufacture of combustion engine vehicles beyond the bloc’s previously agreed termination date of 2035 provided they run on e-fuels, Reuters reports. The new law would, if passed, stipulate that cars manufactured beyond mid-2030 be powered by carbon neutral fuels. A sticking point in the draft legislation is the requirement that the new category of vehicles recognize e-fuels from regular CO2-emitting counterparts, forcing manufacturers to develop new engines catering to green fuels, the news outlet notes, citing sources familiar with the matter.
REMEMBER- Germany postponed the EU’s vote to phase out combustion engine cars by 2035 in February, lobbying for a flexible approach that would not see an outright prohibition of fuel-powered cars. Germany generates some EUR 411 bn per annum as Europe’s top automaker, Bloomberg notes.
DATA POINT- Global renewable generation capacity witnessed a record 9.6% y-o-y growth in 2022, according to the International Renewable Energy Agency’s (IRENA) Renewable Capacity Statistics report. A whopping 83% of all power capacity added last year was produced by renewables, with significant growth in renewable generation capacity concentrated in Asia, the US and Europe. Almost half of all new capacity added in Asia in 2022, with China being the biggest contributor.
The Middle East recorded its highest yearly increase in renewables at 12.8% growth. Hydropower accounted for the largest increase in renewables capacity at 21 GW, followed by solar (191 GW) and wind (75 GW), with slow to modest expansion in bioenergy, geothermal energy, and off-grid electricity.
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CIRCLE YOUR CALENDAR-
Egypt is hosting the first meeting of the COP27 Transitional Committee from next Monday, 27 March to Wednesday, 29 March in Luxor. The event will focus on adaptation and loss and damage. The Transitional Committee’s work will include presiding over COP27’s landmark loss and damage fund created to support climate-vulnerable countries, which will take into consideration the landscape of institutions responding to loss and damage.
The UAE is hosting the International Conference on Green Energy and Environmental Technology (ICGEET) on 18 and 19 April in Dubai. The event will bring together stakeholders from academia, the healthcare industry, and the private sector to discuss energy conservation among other topics.
The first MENA Solar Conference is accepting applications from published researchers specialized in PV technology until Sunday, 30 April. The Dubai Electricity and Water Authority will be hosting the conference from 15 to 18 November, in conjunction with the Water, Energy, Technology, and Environment Exhibition and the Dubai Solar Show 2023. Researchers can submit their papers here.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.