TODAY: We have a recommendations text for loss and damage fund ahead of COP28
Good morning, ladies and gents. It’s a busy start to the week with quite a few updates from our region and aboard. Chief among them is a significant update in the run up to COP28, with loss and damage talks coming to an end over the weekend. Let’s dive right in.
THE BIG CLIMATE STORIES- An international consortium led by Denmark’s wind turbine developer Vestas began trial operations on a 250 MW wind farm in Egypt’s Gulf of Suez, a government source told Enterprise Climate. Over in Abu Dhabi, a draft of recommendations on the formulation of a loss and damage fund aimed at assisting climate-vulnerable countries was approved in the transitional committee (TC) meeting on Saturday, with TC members nominating the World Bank to serve as trustee and host of the fund for a four-year term.
The story also got ink the international press over the weekend: Reuters | The Guardian | Washington Post | The Financial Times
^^ We have the details on these stories and more in the news well, below.
WATCH THIS SPACE- Tunisian cabinet greenlights IBRD loan for Elmed project: Tunisia’s Cabinet approved a draft bill that will see the World Bank’s International Bank for Reconstruction and Development (IBRD) provide a USD 268 loan for Tunisia’s planned Elmed electrical interconnection project with Italy, Tunis Africa Press Agency reports. The loan was signed in June with the Tunisian Electricity and Gas Company (STEG). The Elmed project is estimated to cost EUR 850 mn (c.USD 929 mn).
Others are helping: The EBRD is set to sign off in December on a sovereign-backed senior loan of up to EUR 45 mn to STEG for the Elmed project with Italy. The EU’s Connecting Europe Facility (CEF) is contributing a grant of EUR 307.6 mn for the project. Other lenders include the EIB, KfW, and the World Bank.
REMEMBER- The Tunisia-Italy 600 MW subsea interconnector will be operational by 2029, transporting 400-600 MW of clean power generated from hydroelectricity. The project is set to offset emissions by 525k tons of CO2 a year.
HELP SUPPORT GAZANS-
Want to support relief efforts in Gaza, but don’t know how? We’ve got you. More than a mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century. The charities we’re listing below are regional organizations working on Gaza relief that we think you can trust if you want to make a donation.
#1- Egyptian Red Crescent Society is one of the nation’s leading providers of humanitarian and emergency medical services. The Egypt Red Crescent accepts donations in EGP online and is on Fawry with the service code 99981. You can also donate to the organization through this Banque du Caire account: 49/403/30 (EGP) or 1065/601/30 (USD — code: BCAIEGCX030).
#2- The Emirates Red Crescent Authority has launched the Tarahum — For Gaza campaign and is accepting donations online via What’s App, SMS, Apple Pay, credit card, or bank transfer to ADIB (AE370500000000020000417).
#3- The King Salman Humanitarian Aid and Relief Center has launched the Sahem campaign accepting donations via their website, mobile apps on Apple Store and Google Play, or bank transfer to Al Rajhi Bank (SA5580000504608018899998).
#4- UNICEF has been on the ground in Gaza since the start of the crisis, providing urgent supplies and aid. You can donate to the agency directly in your local currency using your credit card here.
ALSO- The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank, Misr El Kheir and the Emirates Red Crescent Authority’s Tarahum campaign. You can make the donation via the Talabat app using your credit card.
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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.