Good morning, wonderful people. It’s been a very short (but busy) week for us at Enterprise Climate and we’re ready for the weekend. But first, there’s a couple of updates from the UAE to delve into.

THE BIG CLIMATE STORIES- The Abu Dhabi National Energy Company will invest GBP 25 mn in UK-based renewables developer Xlinks’ Morocco–UK Power Project and Emirates Steel Arkan is reportedly eyeing a minority stake in leading German conglomerate Thyssenkrupp AG’s steel unit.

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

THE BIG CLIMATE STORY OUTSIDE THE REGION- The Netherlands will spend EUR 28 bn (USD 31 bn) to finance a carbon slashing package aimed at pushing down carbon output at least 55% below 1990 levels by 2030. The government intends to hike taxes for polluting industries in a bid to push them towards clean energy sources and deploy new renewables assets to minimize its reliance on oil and gas imports from the Ruskies. “By putting a lot of effort into our own renewable energy, we make ourselves less dependent on fossil energy from dubious regimes. We have our own clean and sustainable energy supply and therefore no longer have to be blackmailed by types such as (Russian President Vladimir) Putin,” the country’s Climate and Energy Minister Rob Jetten said in an address yesterday.

The story got some coverage in the foreign press: Associated Press | The Washington Post | Reuters

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WATCH THIS SPACE #1- An interconnection link between India and the Gulf could be in the works: India is considering linking its power grid to Saudi Arabia and the UAE through undersea cables, Zawya reports, citing an interview with India’s Power and New and Renewable Energy Minister Raj Kumar Singh in Indian financial daily Mint. Once approved by the cabinet, bilateral agreements will be signed with Riyadh and Abu Dhabi and bidding on detailed project reports will proceed, with each of the involved countries assessing project feasibility.

We heard this before: Singh’s statements come months after he told Reuters that his country and the UAE were close to a "major agreement" on a renewable energy interconnection. The project would come under the One Sun, One World, One Grid initiative by several countries to create renewable energy networks, he said earlier this year.

WATCH THIS SPACE #2- UAE’s teachers set to receive training in climate education: The UAE’s Education Ministry is establishing a national framework for climate action in education to be implemented across schools in the UAE in partnership with UNESCO and UNICEF, Wam reports. The ministry will provide training for 1.4k principals and 2.8k teachers — representing around half of the country’s schools — to provide students with the climate education and green skills necessary to help them adapt to and prepare for the impacts of climate change. Once the training is completed, the schools will be awarded a green accreditation.

WATCH THIS SPACE #3- EU approves measures to boost SAF use: The EU has agreed to set binding targets for the European aviation industry to boost its use of sustainable aviation fuels (SAF) in a bid to decarbonize the industry, according to a European Parliament statement. The proposal aims to increase the use of SAF by ensuring fuel suppliers have 2% of the fuel accessible at EU airports as SAF in 2025, rising to 6% in 2030, 20% in 2035 and 70% in 2050. The EU carbon market is set to provide about EUR 2 bn to help airlines switch to SAF. Some 1.2% of fuels must also be synthetic fuels from 2030, rising to 35% in 2050. Aviation is a difficult sector to decarbonize and net zero aircrafts are not expected for another 10 years, Reuters writes.

WATCH THIS SPACE #4- VCs are banding together to make investment in tech greener: Over 20 VCs, including US-based VC giants Union Square ventures, Tiger Global Management, 2150, and Prelude Ventures launched the Venture Climate Alliance (VCA) to make investment in tech more climate friendly, according to a statement. The VCA members collectively manage USD 62.3 bn in assets, CNBC reports. Members of the UN-backed coalition must disclose their carbon-neutrality targets for 2050 as well as the decarbonization strategies of their portfolio companies. VC members of the group will have the carbon footprint of their startups routinely assessed as part of VCA’s stipulation that members must invest in green tech to effectively offset no less than 100 megatons of CO2 equivalent.

WATCH THIS SPACE #5- ‘Tis the year for EVs: Global demand for electric vehicles is set to rise by 35% this year to 14 mn vehicles as the industry continues to pick up pace, according to an International Energy Agency (IEA) report (pdf). The EV share of the total auto market is forecast to surge to 18% in 2023, up 4 percentage points from 14% in 2022. The growing shift to EVs could help slash global demand for oil by 5 mn barrels a day by 2030, according to IEA projections.

The big three: Most EV sales are currently concentrated in three main markets — China, Europe, and the US. China continues to dominate EV sales, with 60% of global EV sales taking place in the country in 2022, the report notes. Over half of EVs on the road globally are in China. Europe and the US come in second and third, with sales in Europe growing 15% and 55% in the US in 2022.

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THE DANGER ZONE- John Kerry warns against relying on carbon dioxide removal tech: Governments should stop relying on potential advancements in carbon dioxide removal technologies — such as direct air capture and reforestation — to solve the climate crisis, US special presidential envoy for climate John Kerry told the Guardian. Kerry argues that removal of existing CO2 from the atmosphere will not be enough to prevent the world from crossing crucial “tipping points,” adding that governments should instead accelerate investments in renewables and capturing carbon directly from industrial plants, rather from the atmosphere, of which CO2 is a small percentage. A future energy scenario modeled by Shell last month revealed that capturing carbon from the air is too energy intensive for it to play a significant role in reaching global climate goals.

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COME TO OUR NEXT ENTERPRISE FORUM-

The Enterprise Exports & FDI Forum, our latest industry-specific conference, is taking place on Monday, 15 May. The Enterprise Exports & FDI Forum will give insiders and newcomers alike the chance to talk about how to develop an export-centered business and how their companies can help Egypt build an export-led economy that makes us a magnet for foreign direct investment (FDI).

Why exports & FDI? In the wake of successive floats of EGP, exports and FDI have never been more important to our economy — or our businesses. We’re gathering some of the CEOs, top execs from local companies and multinationals, investors, bankers and finance folks to speak on how businesses can adapt their strategies to be export-oriented and what Egypt as a country can do to draw foreign investment and much-needed FX. Expect it to be heavy on lessons learned in Egypt and other global growth markets — and lots of success stories. You can learn more on our conference website here.

And what better place to discuss moving our goods than Egypt’s original logistics zone — the Nile. That’s why we’re looking forward to holding the event by the river’s vistas at the Four Seasons, Nile Plaza.

Some of the biggest names in business and finance are on board — are you? The Enterprise Exports and FDI Forum is taking place with the generous support of our friends, including:

Banking partners: Banque Misr | Al Baraka Bank | Emirates NBD | HSBC

Lead partners: DB Schenker | DP World | East Port Said Development | IDG | IFC | Madinat Masr

Event partners: Beyti | Concrete | Global Corp | Grant Thornton | Hassan Allam Utilities

WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.

HAVEN’T REQUESTED AN INVITE YET? If you’re a C-suite exec, business owner, DFI staff, export executive, investor or banker, please fill out the form here to signal your interest, letting us know your name, title and where you work.

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CIRCLE YOUR CALENDAR-

Germany will host the first COP27 transitional committee workshop this Saturday and Sunday, 29-30 April in Bonn. The workshop will address climate-driven loss and damage impacts, will spotlight the findings of a report prepared by the UN on current funding arrangements for climate mitigation efforts, and bring together a host of international financial institutions to discuss pathways to upping funding capacity for climate-induced loss and damage.

Turkey is hosting the International 100% Renewable Energy Conference from next Thursday-Saturday, 4-6 May in Istanbul. The event will bring together experts to discuss the integration of renewables, renewable energy technologies and applications, and the Roadmap to 2050.

The UAE is hosting the UAE Climate Tech forum on 10 and 11 May in Abu Dhabi. The event will gather over 1k policymakers, CEOs, experts, and investors to discuss collaboration on innovative technologies and economic opportunities in advancing decarbonization across all sectors.

The first MENA Solar Conference is accepting applications from published researchers specialized in PV technology until next 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.