TODAY: Aramco Ventures makes a Singaporean investment in RECs
Good morning, ladies and gents. The lull in the news cycle continues, but we have a few stories making small waves in our region this morning.
THE BIG CLIMATE STORY- Aramco Ventures has invested USD 10 mn in Singapore-based renewable energy certificate service provider Redex to help the company expand into global markets including Saudi Arabia.
^^ We have the details on this story and more in the news well, below.
HAPPENING TODAY- The Forbes Middle East Sustainability Leaders Summit is kicking off today in Abu Dhabi and running through to Friday. The summit will gather international leaders in sustainability, technology, finance, and policy to drive green strategies globally. The agenda includes sessions on climate-smart cities, green mobility, sustainable finance, and sustainable tourism.
THE BIG CLIMATE STORY OUTSIDE THE REGION- There is no single story dominating the headlines, but China is reportedly looking to tighten restrictions on copper production domestically to help meet its climate action targets, Bloomberg writes. The country is reportedly looking to impose curbs on copper smelting by 2035 in a bid to reduce its carbon footprint while minimizing over capacity, according to people with knowledge of the matter. One scenario the country is reportedly mulling would see copper smelters complete projects in the pipeline before curbs come into effect by mid-decade. China’s annual copper output averages some 8.8 mn tons, and the country plans to expand its volume by about 2.4 mn tons by 2026, Bloomberg notes. News of the planned copper restrictions follow Beijing's announcement last week on graphite export curbs, which it said are aimed at strengthening its national security.
WATCH THIS SPACE #1- Masdar’s planned entry into Turkey stalls: An agreement that would have seen UAE state-owned renewables player Masdar acquire a stake in Turkey’s Fiba Yenilenebilir Enerji collapsed over a price dispute, Bloomberg reports, citing people with knowledge of the matter. Neither Masdar nor Fiba have commented on the reports.
Turkey is still looking to attract UAE investments: Abu Dhabi wealth fund ADQ and other undisclosed Emirati companies were interested in developing offshore wind farms and green hydrogen facilities in Turkey, Bloomberg reports Turkish Energy Minister Alparslan Bayraktar as saying last month. In July, the UAE and Turkey agreed to expand cooperation in the renewables and green fuels production sectors as well as nuclear and carbon storage. Abu Dhabi's investment holding company Multiply Group is in discussions to acquire an undisclosed stake in Turkish waste management and renewables firm Biotrend.
And they’re casting a net to KSA as well: In August, Bayraktar said that the country is hoping to secure partnerships with Saudi Arabia to establish renewable energy projects in Turkey that would yield 4-5 GW of clean energy.
WATCH THIS SPACE #2- Iraq is launching a new renewable energy strategy soon: Iraq’s parliamentary energy committee will seek to approve a new electricity and renewable energy new law governing its renewable energy industry with the help of local and foreign experts, Al Iqtisad reports, citing comments made by committee member Dakhel Radi Ali. Iraq has signed several agreements with foreign companies for the development and construction of solar power plants, Ali said. The country’s parliament is yet to debate and approve the draft law before it is sent to the cabinet for final approval.
Iraq has big plans to go green: Earlier this month, Iraq said it is allocating IQD 90 bn (c. USD 68.3 mn) to install solar panel systems on 500 government buildings starting early 2024. French oil giant TotalEnergies is investing in the country’s renewables as part of a USD 27 bn cluster of energy projects, in addition to an already approved 1 GW solar plant. Masdar is planning to establish at least four solar energy plants in Iraq, while PowerChina is building a 750 MW solar power plant in the Middle East country.
With big incentives to do so as GCC-Iraq interconnection continues its expansion: A six-way interconnection project that connects the Gulf countries to Iraq could offer a gatewayfor the latter to increase its revenues through green energy exports. Al-Wafra station in Kuwait will be the main linking point to Iraq and will expand the interconnection capacity with Kuwait from 1.2 GW to 3 GW.
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CIRCLE YOUR CALENDAR-
Turkey will host the GCC-Türkiye Economic Forum from Saturday 11 November to Monday, 13 November in Istanbul. The forum aims to bring together key ministers and state officials from the Gulf countries and Turkey to explore areas of potential investments and commercial ties and to establish a network for joint projects in the energy, defense, banking, retail, and transportation sectors. The event is organized by the Gulf Research Center and Turkey’s International Cooperation Platform.
The UAE will host the MENA Solar Conference from Wednesday, 15 November to Saturday, 18 November in Dubai. The event will focus on all things photovoltaic, with a full programme on PV materials and devices, future technologies, PV reliability, and forecasting for performance assessment. The conference will also touch on how developments in system operations, concentrated solar power, and grid integration are necessary for the green transition. This will be the first scientific and technical conference specializing in solar energy systems in the region.
The UAE will host the Aviation and Alternative Fuels conference from Monday, 20 November to Friday, 24 November in Dubai. The event will bring together senior government officials and international organizations to assess progress in the development and deployment of sustainable aviation fuels (SAFs) and lower-carbon aviation fuel (LCAF) measured according to the targets outlined in the 2050 Vision for SAF, agreed upon at the last Aviation and Alternative Fuels conference in 2017.
The UAE will host the Abu Dhabi Finance Week (ADFW) from Monday, 27 November to Thursday, 30 November in Abu Dhabi. The event will gather government officials, banks, financial institutions, and VCs to delve into today’s economic, technological, and sustainability conversations.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.