Good morning, lovely people. It’s a busy Monday morning in our neck of the woods with lots of industry updates from across the region and beyond. Shall we?

THE BIG CLIMATE STORIES- Saudi Arabia’s state-owned Saudi Power Procurement Company issued requests for qualifications for four planned solar energy projects with a combined 3.7 GW production capacity as part of the fifth round of projects under KSA’s National Renewable Energy Program and The Abu Dhabi National Energy Company (Taqa) has inked an agreement with the Romanian Power Grid Company Transelectrica, Meridiam, E-INFRA, and Fluor to carry out a feasibility study for a HVDC infrastructure project in Romania.

^^ We have the details on these stories and more in the news well, below.

THE BIG CLIMATE STORY OUTSIDE THE REGION- ‘Once in a century’ flooding batters Somalia: The combined impact of the El Niño and the Indian Ocean Dipole climate phenomenons have led to severe seasonal flooding in Somalia, killing at least 31 people as of yesterday and displacing some 500k people in the country. The United Nations says the ‘once in a century’ downpours could potentially uproot as much as 1.6 mn people and has disbursed USD 25 mn in aid to alleviate the crisis, which it says could destroy as much as 1.5 mn hectares of farming land. The flooding has already disrupted the lives of some 1.2 mn people in the country.

The story made headlines in the international press over the weekend: Reuters | BBC | Washington Post | France 24 | CNBC

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HAT TIP- "The UAE is leading COP by example," Irena director-general says: The UAE is leading the way in the energy transition by eliminating oil subsidies and meeting its domestic target of tripling renewable energy, director-general of the International Renewable Energy Agency (Irena) Francesco La Camera said in an interview with Khaleej Times on Friday. The UAE’s efforts will set the stage for achieving COP28's objective of tripling renewable energy by 2030, the news outlet said. La Camera said that the renewables investment approach adopted by the UAE — which has invested in over 70 countries — should be mirrored globally.

17% of Dubai’s electricity generated in 3Q came from renewables: Dubai’s total installed power capacity reached 15.1 GW in 3Q 2023, of which 17.2% (or 2.6 GW) came from renewable energy sources, Dewa said in its 3Q earnings statement, according to the Government of Dubai Media Office.

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OVER IN COPLAND- EU intends to pressure UAE to pay up for loss and damage: The EU is planning to push the UAE to contribute financially to the loss and damage fund, which adds the COP28 host to a group of heavy emitters — including China and Saudi Arabia — that are receiving pressure from developed countries to pay up for their emissions, Bloomberg reported on Friday. Western countries have been reluctant to agree to a loss and damage text that requires only developed countries put money into the fund, calling for the fund to receive capital from a broad range of sources instead. China and Saudi Arabia have rejected the push, arguing that the countries responsible for the bulk of historical emissions should be the ones to shoulder the responsibility for loss and damage, the news outlet said.

Can the climate fight bring the US and China together? The US and China said they have reached “understandings and agreements” on points of contention with regards to the climate fight, Reuters reported on Friday, citing comments made by US Climate Envoy John Kerry. Kerry’s comments came after four days of meetings with China’s Climate Envoy Xie Zhenhua to ensure progress is made at COP28. Details of the agreements between the two will be disclosed soon, Kerry added.

AND- COP28’s net-zero charter gets its first bank signatory: The UAE’s First Abu Dhabi Bank (FAB) has become the first bank globally to join the COP28 Net-Zero Transition Charter launched last week, Wam reported on Friday. By joining the charter, the bank has agreed to set 1.5°C aligned net-zero 2050 and interim emission reduction targets, committing to an officially recognized (national or international) net zero pledge, establishing a net zero transition plan within one year of COP28, and publicly reporting annual emissions and progress. The charter aims to mobilize the private sector to commit to a 2050 transition plan, which is already defined in the bank's sustainability strategy. The bank also aims to allocate USD 75 bn for sustainable financing by 2030.

OTHER COP28 UPDATES WORTH KNOWING ABOUT THIS MORNING-

• The COP28 Presidency is planning to launch the Declaration on Climate, Relief, Recovery and Peace on 3 December. WFP’s Executive Director Cindy McCain and COP28 president designate Sultan Al Jaber called for urgent action to increase climate action in fragile and conflict-affected areas where “extreme weather events affect three times as many people annually compared to other countries.” (Statement)
• The COP28 Presidency launched a coalition to strengthen the global climate tech ecosystem. The Innovate for Climate Tech coalition — established in partnership with Abu Dhabi’s Masdar City, Chinese internet giant Tencent, and Masdar City-BP greentech JV Catalyst — will support initiatives working on climate technologies to further accelerate their rollout. Other coalition activities will include setting up a knowledge database, introducing members to global climate tech programs, and launching a digital climate tech platform that will connect startups, venture capitalists, corporations and governments together. (Statement)
• EU agrees to new rules to restore and preserve degraded habitats: The EU Parliament and Council have agreed to put in place measures to restore at least 20% of the EU’s land and sea areas by 2030, at least 60% of habitats in poor condition by 2040 and 90% by 2050. This “sends an important positive signal to our global partners ahead of COP28,” the commissioner overseeing the bloc's Green Deal plans Maros Sefcovic told the National. (Statement)

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WATCH THIS SPACE #1- The UN enters a new round of talks to end plastic pollution: Heads of state are gathering in Nairobi today for a weeklong summit ending next Sunday in a bid to reach a globally binding treaty aimed at tackling plastic pollution, Reuters reports. UN delegates will work on a “zero draft” document to determine whether to limit single-use plastic production or contain pollution through waste management efforts, exploring pathways to finalize a global pact on plastic waste by the end of 2024.

Who’s lobbying for what: Countries including Japan, Canada and Kenya are lobbying for a treaty with “binding provisions” on the phaseout of virgin plastic polymers derived from petrochemicals, and other toxic plastics including polyvinyl chloride materials (PVCs). On the other side of the aisle, major oil producing countries like Saudi Arabia are calling for the reuse and recycling of plastics rather than outright production ban, saying the root of the plastic pollution crisis is “inefficient management of waste.”

REMEMBER- The global output of plastic production currently totals some 400 mn tons annually, with 10% of the volume being recycled, exacerbating oceanic plastic pollution and overwhelming landfill capacity. Heads of state had gathered in Paris back in May to hammer out a global treaty that would bring an end to plastic pollution. That same month, the United Nations Environment Programme laid out a strategy aimed at reducing the world’s plastic waste levels by nearly 80% in less than two decades using pre-existing technologies.

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WATCH THIS SPACE #2- Japan and South Korea eye hydrogen supply chain investments in MENA: Japan and South Korea are reportedly planning to launch a cooperation program to establish a clean hydrogen supply chain beyond their domestic markets with both MENA and US as potential targets for investments, Nikkei reported on Friday, citing people with knowledge of the matter. Both countries will leverage government-sponsored financial institutions’ fundraising capacity to develop a sea-based hydrogen corridor by 2030 to source local demands for green fuels, with the Japan Bank for International Cooperation serving as the main capital facilitator for Japan, Nikkei writes. Japan and Korea plan to award subsidies to kickstart the clean fuels market at the end of 2024 and will begin awarding contracts by 2025, with deals expected to begin in 2027.

South Korea already has MENA’s green fuels in play: South Korea’s GS Energy Corporation and Japan’s Mitsui & Co signed a shareholder agreement with Ta’ziz — a joint venture between Adnoc and ADQ — to develop low-carbon ammonia factory in the UAE with an annual capacity of around 1 mn tons back in January. South Korea’s President Yoon Suk Yeol and KSA Crown Prince Mohammed bin Salman activated their joint “Hydrogen Oasis” cooperation initiative last month after Saudi Arabia’s Public Investment Fund signed a USD 6.5 bn agreement in November with Korea Electric Power Corp (Kepco) and four other South Korean firms to build a hydrogen and ammonia production plant in KSA.

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WATCH THIS SPACE #3- Occidental says its DAC tech could bring online 1k carbon capture projects: US-based gas and oil supplier Occidental Petroleum intends to sell direct air capture (DAC) technology licenses to allow clients to build plants with tech that can absorb carbon out of the air, Reuters reported last week, citing comments made by CEO Vicki Hollub. The company plans on charging a licensing fee under a franchising structure that would hand over construction and management to partners, Hollub said. The company estimates it will shell out around USD 600 mn annually through 2026 to build up to 100 facilities in the long term. Last week, BlackRock said it would invest USD 550 mn in developing Occidental's DAC Stratos plant in Texas.

Occidental has its eyes on MENA: The company’s Omani subsidiary Oxy Oman signed an agreement last week with state-owned OQ Gas Networks to conduct studies for establishing carbon capture, usage, and storage (CCUS) projects in the sultanate. Back in August, the company signed an agreement with Adnoc in August to assess the feasibility of establishing what they said could be the first megaton DAC project outside of the US with a 1 mn ton annual carbon sequestration capacity.

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CIRCLE YOUR CALENDAR-

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.