Thursday, 10 November 2022

It was a big day for carbon credits at COP27



Good morning, wonderful people —it’s day five of COP27 and we have a deluge of news for you from Sharm El Sheikh.

The BIG CLIMATE STORY EVERYWHERE: It was a big day for carbon markets and carbon offsetting as Egypt’s Finance Ministry hosted finance day. Egypt’s stock exchange, the EGX, launched Africa’s first regional voluntary carbon market, which will allow companies across the continent to sell certified carbon credits from their emission-reducing projects. US climate envoy John Kerry announced a new carbon offset plan to encourage companies to invest in renewables projects in developing countries and claim carbon credits in return — although the plan is getting heat from some environmental advocacy groups.

^^ We have the full rundown of what went down on Day 4 — and what to look out for over the next few days — in the news well, below.

HAPPENING TODAY- It’s Science Day, where sessions will be focusing on advances in climate science and the impacts of climate change on ecosystems, biodiversity, and global communities in a bid to ensure actionable steps are based on credible science. Youth & Future Generations Day will be happening at the same time, bringing high-level policymakers together with representatives of the Conference of Youth to present the Global Youth Statement underpinning key policy requests to drive forward climate action and resilience.

REMEMBER- The key issues at play (loss and damage, emission reduction targets etc.) are being negotiated by government delegations over the next 10 days so we’ll likely have to wait until 18 November for a final agreement to come out of COP27.

ALSO- The continued detention of Egyptian activist Alaa Abdel Fattah is being widely discussed by COP delegates — and making global headlines — as his family ramps up a campaign for his release. Abdel Fattah, who recently became a UK citizen, began a hunger strike on 2 April and was said on Sunday to have stopped drinking water. The leaders of France, Germany and the UK have called on authorities to release Abdel Fattah this week and Politico reports that US President Joe Biden will raise the issue when he arrives in Egypt tomorrow. Among those picking up the story: Financial Times | AFP | BBC | Washington Post | Foreign Policy | Deutsche Welle | The Hill | The Economist | Vice | The Guardian.


Among the days and themes that we think are most relevant to MENA business leaders:

  • Decarbonization day: 11 November
  • Saudi Green Initiative: 11-12 November
  • Adaptation and agriculture day: 12 November
  • Water day: 14 November
  • Energy day: 15 November

Detailed schedule: Download as a pdf here or check out the website here.

COP27 app for attendees: App Store and the Google Play Store.

Do you have news coming out of COP? A top exec who would like to have a chat? Send press releases, statements, communiques and interview pitches our way on


The Enterprise Climate X Forum, our first industry-specific conference, is taking place on Tuesday, 6 December. The Enterprise Climate X Forum will give insiders and newcomers alike the chance to talk about how to build a climate-centered business — and how to make sure your business continues to have access to the funds it needs to grow. Expect it to be heavy on lessons learned in Egypt and other global growth markets — and lots of success stories.

Stay tuned very soon when we reveal the venue. You’ll love it, we promise.

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

  • Banking partners: HSBC | Mashreq | Attijariwafa Bank
  • Telecom partner: Etisalat by e&
  • Event partners: Hassan Allam Utilities | Infinity

DO YOU WANT TO ATTEND? The first wave of invites are going out. If you’re a C-suite exec, business owner, climate professional, DFI staff, investor or banker, please email us at to signal your interest, letting us know your name, title and where you work.

Want to reach our audience? Ping a note to Moustafa Taalab, our head of commercial, here.

WORTH READING- Fiscal policy is needed to help drive decarbonization in the Middle East, according to a new IMF report (pdf). An investment of USD 770 bn in renewables by countries in the Middle East, North Africa, Afghanistan and Pakistan (MENAP) would achieve the region’s 2030 emission reduction targets if fuel subsidies are reduced by two-thirds and without any carbon tax, the report says.

Fiscal policies should be paired with non-fiscal mitigation policies including raising emissions standards,curbing greenhouse gas emissions, and incentivizing green private investment, the report says.

What else can be done? The report proposes two main strategies that, together, provide a carrot-and-stick approach: Increasing public investment in renewables, along with gradually removing all fuel subsidies and raising the price of energy through a phased carbon tax.

The downsides: Ramping up public investments in renewables would increase debt by 2030, slowing longer-term growth for the region. Removing fuel subsidies and carbon taxation would curb medium-term growth and potentially cause GDP per capita to decline in MENAP and CCA to decline by 5% by 2030.

WATCH THIS SPACE- German developer Lilium sees the GCC as ripe with potential for its flying taxis, the National reports. The development of mega cities in the region makes it an efficient mobility demand hotspot to reduce congestion and reduce carbon emissions. The new markets Lilium is eyeing are Kuwait, the UAE, Bahrain and Oman. KSA’s national airline, Saudia, KSA’s national airline purchased 100 electric Vertical Take-Off and Landing (eVTOL) vehicles from Lilium last month.

YOU’RE READING ENTERPRISE CLIMATE, the essential regional publication for senior execs who care about the world’s most important industry. Enterprise Climate covers everything from finance and tech to regulation, products and policy across the Middle East and North Africa. In a nod to the growing geographical ambitions of companies in our corner of the world, we also include an overview of the big trends and data points in nearby countries, including Africa and southern Europe.

Enterprise Climate is published at 4am CLT / 5am Riyadh / 6am UAE Monday through Thursday by Enterprise, the folks who bring you Enterprise Egypt, your essential 6am and 3pm read on business, finance, policy and economy in Egypt and emerging markets.

Subscribe to Enterprise Climate here or reach out to us on with comments, suggestions and story tips.


THE DANGER ZONE- Little can be done to prevent the thawing of ice sheets, and the world’s coastal cities will feel sharp effects within a decade. That’s according to new research by the International Cryosphere Climate Initiative. The vanishing of sea ice will result in the Arctic Ocean absorbing more heat than it reflects, ultimately raising global temperatures and eating away at coastal cities. The melting of glaciers will inevitably raise global sea levels by more than 25 cm by the end of this century, twice what scientists had previously forecast.

What to expect in MENA: Coastal cities including Alexandria in Egypt and Basra in Iraq, both of which are primed to bear the brunt of climate-induced sea level shifts in our part of the world.


The US, Oman will cooperate on renewable energy and manufacturing, according to a joint statement released by the US Department of State this week, launching the first U.S.-Oman Strategic Dialogue focused on education and cultural exchange, trade and investment, and renewable energy. Through a forthcoming MoU between the Sultanate and the US’s Export-Import Bank, the two parties reiterated their joint commitment to climate action. Oman’s efforts in desalination, emissions reduction and green hydrogen development were noted, including Oman’s regional role in desalination research through its Middle East Desalination Research Centre (MEDRC), its recent commitment to carbon neutrality by 2050, and its USD 150 bn green hydrogen strategy.


The Hawkamah annual conference will kick off next Tuesday, 15 November in Dubai. The conference will address governance from the perspective of investors including expectations and interaction with boards as well as the role of regulators and companies in preparing for IPOs to attract the right investors.

Saudi Arabia’s Education Ministry will host the Global Conference on Sustainable Partnerships on Wednesday, 23 November to Thursday, 24 November in Riyadh, bringing together ministers and senior officials from the private and public sectors.

UAE will host The Big 5 Global Construction Impact Summit on Wednesday, 7 December at the Dubai World Trade Centre, bringing more than 2k exhibitors from 60 countries, as well as regional and global construction industry leaders together to discuss ways to meet local and global net zero and waste reduction targets.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.


Carbon credits in the spotlight on day four

Carbon credits were the big theme of day four in Sharm El Sheikh, with:

  • Egypt kicking off Africa’s first voluntary carbon market
  • US climate envoy John Kerry unveiling a new carbon offset plan
  • S&P Global saying it will offer carbon intensity estimates for transport fuels as of next week.

A handful of (smaller) climate finance pledges also made news at COP27. Here’s the rundown:

#1- EGX unveils Africa-wide regional voluntary carbon market: Egypt’s stock exchange, the EGX, yesterday said (pdf) it would set up a regional voluntary carbon market (VCM) — the first in Africa. The VCM, which the EGX set up in cooperation with the private sector, will allow companies across the continent to sell certified carbon credits from emission-reducing projects. The credits can be bought by other companies wanting to offset their emissions. EnterpriseAM noted back in May that a local carbon trading scheme was in the works.

SOUND SMART- there are two primary types of carbon market: Compliance (which are created as part of a policy or regulatory requirement) and voluntary (where carbon credits are issued, bought, and sold on a voluntary basis).

The structure and regs are still pending: The EGX and Financial Regulatory Authority are still working on the framework, business model, and structure of the VCM. Among the key issues will be governance of certificate creation and registration. Look for announcement later from Egypt’s prime minister, the statement says, without specifying a timeline.

What we still don’t know: The statement didn’t tell us whether participation in the VCM would be limited to specific industries and — if so — how eligibility would be determined. Also TBD is guidance on the pricing, size or time for first issuances and how the EGX sees marketing to buyers (local, regional or global) unfolding. The EGX was unable to reply to requests for comment by dispatch time.

We do know that newly-established Libra Carbon will supply the carbon offsets to the VCM: A subsidiary of the EGX recently signed an agreement with the Agricultural Bank of Egypt and Enara Group’s Libra Capital to establish the Egyptian company Libra Carbon, we reported earlier this week. Libra Carbon “will supply high-quality carbon offsets to the VCM,” head of project development Omar El Nemr tells Enterprise Climate.

…And help to increase the volume of carbon offsets that are eligible for trading: As of now, the supply of carbon offsets being issued in the Egyptian market is relatively low, says El Nemr. “As Libra Carbon, we’ll work towards providing sufficient volume in the new VCM to kickstart trading operations.” Among Libra Carbon’s roles is to work with emissions-reduction projects to assess to what degree they are eligible to be issued carbon offsets by international accreditation bodies — like Gold Standard, Verra or the Global Carbon Council. The company does project assessments and is a link to auditing and accrediting bodies, helping to create a pipeline of carbon offsets that companies will then be able to trade on the national carbon exchange, El Nemr says.

Voluntary carbon markets are gathering steam across the region: Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) last month set up a regional voluntary carbon market company, which auctioned 1.4 mn tons of carbon credits at Davos in the Desert. Singapore is also said to be eyeing the purchase of carbon credits from Morocco, we noted.

And Egypt’s broad emissions reduction market — which includes carbon trading — is expected to “grow considerably,” says El Nemr.

#2- Kerry announces new carbon offset plan to increase investment in emerging markets renewables projects: US climate envoy John Kerry yesterday announced a new carbon offset plan — known as the Energy Transition Accelerator (ETA) — to allow companies to claim carbon credits by investing in renewables projects in global growth markets, according to a statement. The framework of the plan will be further developed in the coming year, with government, company stakeholder and standard-setting organization involvement, Kerry said. Reuters is among the news outlets picking up the story.

Kerry says the plan will help unlock fresh capital for clean energy: “By ensuring a predictable finance stream for energy transition, this approach will increase the bankability of clean energy projects, and it will unlock more concessionary, up-front capital,” Kerry said. Bloomberg and Reuters have more, including the now-standard criticism that voluntary carbon markets don’t guarantee a reduction in emissions.

So what do we know about the plan so far? Eligible projects would involve those aimed at building resilience against the impact of climate change (like infrastructure to limit coastal erosion) or decarbonizing economies, Bloomberg notes. Credits would be tied to government decarbonization plans — meaning countries still investing in coal can’t apply — and companies working in oil, gas and coal won’t be able to participate either. “Credits could only be used to supplement — not substitute for — deep reductions of companies' own emissions,” Bloomberg tells us.

What’s the critique? Kerry promised safeguards to help avoid the mistakes of the UN’s widely-criticized clean development mechanism — where some countries’ baseline emissions models were inaccurately calculated. Voluntary carbon markets also came in for a bashing from global securities regulators yesterday for their “potential vulnerabilities,” and a warning that they should be more closely monitored by regulators, the International Organization of Securities Commissions (IOSCO) noted in a statement (pdf) yesterday, Reuters reports.

Who’s on board? The Bezos Earth Fund and Rockefeller Foundation will develop the program with the US government, “with input from the public and private sectors which would operate through 2030 and possibly be extended to 2035,” Reuters notes. Chile and Nigeria are among the countries to have expressed interest in the ETA, while Microsoft, PepsiCo, Standard Chartered and Bank of America are eyeing involvement, the newswire adds.

#3- WATCH THIS SPACE- S&P Global Commodity Insights will launch the first carbon intensity estimates and daily offset premiums for transport fuels next week, the company said in a statement. S&P will launch carbon intensity estimates for diesel, gasoline and jet fuel in Northwest Europe, the US Gulf Coast and Singapore, with daily carbon offset price premiums.

What is carbon intensity? Carbon intensity is a metric in low carbon commodity pricing. It refers to the number of grams of CO2 needed to make one unit of electricity per KW per hour. Higher carbon intensity means higher greenhouse gas (GHG) emissions.

Why price carbon intensity? Carbon intensity estimates for refined products are meant to provide a more accurate estimate of how much carbon these fuels emit, and by extension, reflect the cost of offsetting them. It is expected that price premiums will soon factor in the carbon intensity attribute, according to the company.


What’s finance got to do with climate action? Everything. The role of financial institutions in driving emissions reduction and helping the world limit global temperature increases to 1.5°C from pre-industrial levels was the driving theme of yesterday’s Finance Day. Former Bank of England Governor Mark Carney and Egypt climate czar Mahmoud Mohieldin were among the bold-face names calling for government and private sector collaboration to unlock the funding that underpins climate action.

The role of governments is key, said Carney: Governments must create frameworks that will boost commitment to emissions reduction by financial markets and “align financial regulation with net-zero” by making transition plans mandatory, Carney said in a panel session yesterday.

While commitment is needed “across the entire financial system,” Mohieldin argues: “Every company, bank, [ins. provider] and investor will have to adjust their business models, develop credible plans for the transition and implement them,” the UN Climate Champion wrote in a LinkedIn op-ed published yesterday.

There’s been progress: Mohieldin hailed “growing ambition and action” from non-state actors, noting that “the world’s largest asset owners and managers” — who collectively control over USD 37 tn — have joined the UN’s Race to Zero campaign, which tracks and verifies pledges and transition plans from the corporate and financial sectors, among other activities. At the start of 2021, “not a single bank had set a science-based 2030 target,” Mohieldin notes. Now, over 500 members of the Glasgow Financial Alliance for Net Zero (GFANZ) — which Carney launched in April 2021 and now co-chairs — “are committed to transitioning the global economy to net-zero greenhouse gas emissions,” Mohieldin adds.

But funds must go where they’re needed most: “Additional finance needs to flow into those countries least responsible for but suffering the most from climate change,” Mohieldin argues, echoing previous conversations he’s had with Enterprise Climate (here and here). Developed economies have provided USD 80 bn of the USD 100 bn they pledged in annual climate finance to developing nations — and Africa saw less than USD 20 bn of this between 2016 and 2019, he noted. In the run-up to COP27, five UN regional finance forums identified a shortlist of fifty projects, ready for investment and being showcased at the summit, he said.

And for financial institutions, abandoning fossil fuels isn’t as easy as all that: Amid the current energy crisis and uneven economic headwinds, banks and investors are struggling to leave fossil fuels behind, Bloomberg notes. “There’s also a legal risk involved in making climate promises that firms don’t live up to,” it adds.

While GFANZ itself may be caught in the middle of conflicting priorities: Although Race to Zero was initially supposed to vet GFANZ members and help direct the decarbonization of their portfolios — to help avert corporate greenwashing — the UN-backed organization was “relegated…to the status of one adviser among many at the end of last month,” the Financial Times notes. This “reflects the difficulties Carney’s team has had keeping this self-governing club of financiers together,” amid banks unwilling to divest from fossil fuels and critics arguing the financial sector’s first priority should be its shareholders, the salmon-colored paper adds.


Half of the World Bank’s USD 32 bn climate financing will be allocated to climate adaptation, president David Malpass said yesterday according to Reuters.

At least USD 24 bn in climate finance is coming from the Arab Coordination Group: The Arab Coordination Group — a “strategic alliance that provides a coordinated response to development finance” and consists of regional development funds and the OPEC Fund for International Development — pledged to provide at least USD 24 bn in climate finance by 2030, in a statement issued yesterday, Reuters reports.

EBRD, EIB, UfM kick off Blue Mediterranean Partnership to help bridge EUR 6 bn investment gap: The European Bank for Reconstruction and Development (EBRD), the Union for the Mediterranean (UfM) and the European Investment Bank (EIB) launched a new partnership for a sustainable ‘blue economy’ in the Mediterranean basin, the EBRD announced on Tuesday at COP27. The new partnership will be supported by a financial mechanism to expedite clean investments in the region through capex spending and technical assistance grants.

The Netherlands will contribute EUR 1.8 bn by 2025 to emerging countries and over EUR 100 mn to the Africa Adaptation Acceleration Program developed jointly by the African Development Bank and the Global Center on Adaptation, according to a statement. The pledge to emerging economies is a 50% increase from 2021 contributions.

UK Export Finance will provide sovereign loans with Climate Resilient Debt Clauses for climate-vulnerable nations, according to a statement. The clauses the export credit agency will introduce into its loan agreements will allow low-income countries and small island developing states the chance to defer debt repayments in the event of severe climate shocks or natural disasters.

South Africa landed concessional policy loans worth USD 300 mn from France and Germany for Just Energy Transition (JET) Plan, according to the European Commission. France and Germany’s loans are “a first step towards the fulfillment of our USD 1 bn commitment” each, French President Emmanuel Macron said. Last year, a handful of wealthy countries pledged USD 8.5 bn in the form of grants, loans, investments, and “risk-sharing instruments” to help South Africa decarbonize its economy.


  • China is willing to participate in loss and damage compensation to climate vulnerable countries, Reuters reports.
  • The Coalition for Disaster Resilient Infrastructure launched a USD 50 mn multi-partner Infrastructure Resilience Accelerator Fund to provide technical assistance and capacity building for emerging economies, according to a statement.


International consortium inks agreement for 3 GW wind farm in Egypt

Another mega wind farm in Egypt: Egyptian contracting firm Orascom Construction’s (OC) consortium with France’s Engie and Japan’s Toyota Tsusho has signed up to build a 3 GW wind farm, just days after breaking ground on their 500 MW wind project in Ras Ghareb, according to an OC statement (pdf). The consortium signed an MoU for the wind farm with Egyptian energy authorities on the sidelines of COP, with the country’s Prime Minister Moustafa Madbouly attending the signing ceremony. There are no details on the location or timeline for the project.

The details: OC is responsible for construction and will take an unspecified equity stake in the wind farm, which will be set up under a build, own, operate (BOO) framework. This will be the OC consortium’s third local wind farm. Its Ras Ghareb project should go live in 2025, and it completed a 262.5 MW wind farm, also in Ras Ghareb, in 2019.

Wind is one of the front runners at COP: The project brings the total new wind-power generation capacity Egypt has locked down in recent days to 28 GW. That’s nearly half of the country’s current installed capacity, which at the end of 2021 stood at 59.5 GW. It is also more than 8x greater than the country’s total renewable-energy generation capacity, which was 3.4 GW at the end of last year. The new projects include two separate 10 GW wind farms that are set to be two of the world’s largest: One from our friends at Infinity Power and Hassan Allam Utilities together with long-time partner Masdar; and the other from Saudi renewable energy developer Acwa Power.


EU and Egypt partner on green hydrogen + Morocco and Israel ink agreement for hydrogen production

Green hydrogen continued to get plenty of attention at COP27 yesterday, with a few more agreements and partnerships moving forward on the sidelines of the summit.

EU + Egypt working on green hydrogen cooperation: The EU and Egypt are currently working on setting up a “long-term partnership on renewable hydrogen” to support the decarbonization of the two sides’ energy systems by relying on renewable hydrogen (including green hydrogen), according to a joint statement (pdf). The partnership will see the two sides facilitating access to finance and investment along the green hydrogen value chain, with an eye to reduce emissions and achieve sustainable economic growth. It will also see them work on setting up policy and regulatory frameworks to support “the development of a hydrogen economy.”

Morocco, Israel ink agreement on green hydrogen: Morocco’s Gaia Energy will use Israeli H2Pro’s electrolyzer tech to accelerate its green hydrogen generational capacity for export to Europe, according to The Jerusalem Post. Details of both parties’ investments for the agreement were not disclosed.

Israel signs adaptation and mitigation agreement with MENA countries: Israeli Environmental Protection Minister Tamar Zandberg signed an MoU with regional countries including Lebanon and Iraq to collaborate on minimizing regional carbon emissions and cooperate on adaptation projects, The Times of Israel reports. Signatories of the agreement committed to meeting again in four years to discuss the agreement’s progress.

The Moroccan Agency for Sustainable Energy signed an agreement to establish a clean energy transport network with Germany, Spain, France and Portugal. The five countries will transport clean energy between North Africa and Europe, according to a statement.


KSA introduces 66 new climate programs

KSA unveils 66 new climate programs to scale climate action: Saudi Arabia presented 66 new initiatives designed to scale climate action as part of the Saudi Green Initiative (SGI) launched at COP26, Arab News reports. The new programs are classified according to four thematic areas, SGI project manager Albaraa Aldhahri told the news outlet: The circular carbon economy; extending vegetation coverage and reducing degraded land; protecting wildlife habitats and biodiversity; and promoting sustainability.

New targets announced: The SGI is aiming to reduce emissions by 278 mn tons/year by 2030, Aldhahri is quoted as saying. It aims to plant 10 bn trees “in the coming decades” and increase protected coastal areas and land by “more than 30% of the total area of Saudi Arabia,” he added. The vast majority of the approved initiatives will extend vegetation coverage or reduce degraded land, he’s quoted as saying.

About the Saudi Green Initiative: The SGI’s overall goal is to promote programs that support environmental protection, energy transition and sustainability, to “rapidly scale climate action,” its website notes. It does this by bringing together Saudi government ministries, the private sector, and non-Saudi players, facilitating collaboration, the website adds.


GHG emissions will be fully tracked: Climate Trace, an online platform monitoring and publishing greenhouse gas emissions for the top 72k polluters worldwide across 20 sectors, will monitor power plants, steel mills, oil and gas fields, cement and aluminum producers, among other contributors to climate change across the world, according to a statement. Founded by a group of research NGOs, backed by former US Vice President and longtime climate activist Al Gore, it is the first platform identifying and tracking the most prominent emission producers, using AI to help its fleet of experts analyze and calculate emissions that previously-used methodologies would have missed. Catch more in EnterprisePM.

Big corporate is on board for carbon neutrality efforts: Bechtel, General Electric, General Motors, Honeywell, Invenergy, and Johnson Controls launched their Corporate Coalition for Innovation & Technology toward Net Zero Initiative to help countries achieve their net-zero ambitions, according to a statement. The initiative will provide nations with a platform for cost-effective tech solutions to realize climate targets and raise awareness on public and private sector partnerships to achieve decarbonization and net zero goals.

  • The clean energy transition is “good for business” with wealthy countries standing to make huge economic, social and environmental gains by relying on cheaper power, UN climate chief Simon Stiell said, according to Reuters.
  • New regulations from the UAE’s Department of Energy will require 60% of Abu Dhabi’s electricity demands be sourced from renewable energy sources by 2035, according to WAM.


China will curb peak building-related emissions in 2030 — years after its cement and building materials industries, Bloomberg reports. The country’s cement and building materials industries have set targets for 2023 and 2025 respectively, allowing China to ensure its growth remains on course even as it makes the transition to clean energy. China invested in expanding its coal-fired power capacity earlier this year as it aggressively expands its renewable capacity in tandem in order to source a third of its electricity from renewables by 2025.


UAE’s Metito will double capacity of Fujairah Port desalination plant

UAE-based Metito will develop phase 2 of the country’s Fujairah Port desalination plant, Zawya reports. The sustainable water management solutions company will lead the engineering, procurement, and construction of a water treatment facility with a capacity of 3.5k cubic meters (cbm) of water per day. No financial details were announced as of yet.

Expansion will double the plant’s current capacity: The project, due to be completed in under a year, will be connected to the first phase of the Fujairah Port desalination plant, which has a capacity of 3k cbm of water per day.

IN CONTEXT- Desalination is growing regionally. The UAE is investing heavily in the industry with several other projects in the pipeline, even piloting a zero-carbon desalination system. Dewa’s solar-powered desalination plant entered the Guinness World Records last month as the world’s largest. Morocco’s Agriculture Ministry issued a tender for a MAD 2.5 bn (USD 233 mn) wind-powered desalination plant in September, and Hassan Allam Holding is looking to invest USD 50-150 mn in renewable energy and desalination plants in the country, the company’s CEO Amr Allam said last month.


Israeli plastic-substitute company Biotic raised EUR 2 mn (USD 2.01 mn) in a seed round, according to a press release. Biotic produces biodegradable plastic by processing extracts of the carbon source of biomass — a macroalgae which grows in the ocean — using saline water. The funds will be used to increase the range of polymer types and build a plant to ramp up production capacity.


  • Google’s flood forecasting program can now provide life-saving forecasts one week in advance, Fortune reports. The tech offering is now available in 18 across Africa, South America, and southeast Asia, Wired reports.
  • German energy company Uniper and Israeli oil and gas firm NewMed Energy signed an MoU that will see both parties collaborate on exporting blue and green hydrogen from Israel to Europe, according to Offshore Energy.
  • UAE-based Farnek launched CarbonTek, an online carbon footprint calculator to assist companies in achieving net zero, according to a company statement.


Global warming is causing insects to decamp to colder pastures: Bees, butterflies, and other pollinating insects critical to our food supplies are migrating to cooler climates to escape rising global temperatures, according to research out of the University of Maryland published in Science Daily. Most insects are ectothermic, which means they are unable to regulate their own body temperatures, leading them to seek out naturally cooler areas as global warming upturns their ecosystems.

Why do insects matter at all? They comprise 80% of all the species that live on land, keep pest populations in check, clean up most of the earth’s biowaste, and have provided significant remedies to many human ailments; bee venom has been utilized to combat multiple sclerosis, osteoarthritis, and chronic fatigue syndrome, according to research from the University of Nebraska-Lincoln.



7-18 November (Monday-Friday): Egypt hosts COP27 in Sharm El Sheikh.

15 November (Tuesday): Hawkamah Annual Conference (Building Investor Confidence Through Governance), Dubai, UAE.

23-24 November (Wednesday-Thursday): Global Conference on Sustainable Partnerships, The Ritz-Carlton, Riyadh, Saudi Arabia.

Deadline of bid submissions for the Ras Mohaisen – Baha – Makkah Independent Water Transmission Pipeline in Saudi Arabia.

COP27 sub-events:

UNFCCC’s capacity building hub.

10 November (Thursday): ClimaTech Run competition’s pitching day.

11-12 November (Friday-Saturday): Saudi Green Initiative event.


7 December (Wednesday): The Big 5 Global Construction Impact Summit, Dubai World Trade Center, Dubai, UAE.

13-15 December (Tuesday-Thursday): International Renewable Energy Congress, Hammamet, Tunisia.

15 December (Thursday): The UN’s 15th meeting of the Conference of the Parties to the Convention on Biological Diversity (COP15), Montreal, Canada.


10-12 January (Tuesday-Thursday): The Future Minerals Forum, Riyadh, Saudi Arabia.

13 January (Friday): The International Renewable Energy Agency’s Youth Forum, Abu Dhabi, UAE.

14-21 January (Saturday-Saturday): Abu Dhabi Sustainability Week, Abu Dhabi, UAE.

16-18 January (Monday-Wednesday): EcoWASTE, Abu Dhabi National Exhibition Center (ADNEC), UAE.

16-18 January (Monday-Wednesday): World Future Energy Summit, Abu Dhabi National Exhibition Center (ADNEC), UAE.

January 2023: Bid submission deadline for green hydrogen projects to Hydrogen Oman (Hydrom).


6-8 February (Monday-Wednesday): Saudi International Marine Exhibition and Conference, Hilton Riyadh, Saudi Arabia.

21-22 February (Tuesday-Wednesday): The Arab Green Summit, Dubai, UAE.

21-23 February (Tuesday-Thursday): World Environment, Social and Governance (ESG) Summit, Dubai, UAE.

MARCH 2023

15-19 March (Wednesday-Sunday): Qatar International Agricultural and Environmental Exhibition, Doha, Qatar.

JUNE 2023

1-3 June (Thursday-Saturday): Envirotec and Energie Expo, UTICA, Tunis, Tunisia.


Chariot Limited and Total Eren’s feasibility study on a 10 GW green hydrogen plant in Mauritania to be completed.


2-4 October (Monday-Wednesday): WETEX and Dubai Solar Show, Dubai World Trade Centre, Dubai, United Arab Emirates.


6-17 November (Monday-Friday): The UAE will host COP28.



KSA’s Neom wants to tender three concrete water reservoir projects to up its water storage capacity by 6 mn liters.


Early 2023: Egypt’s KarmSolar to launch KarmCharge, the company’s EV charging venture.

1Q2023: Oman will award two blocks of land for green hydrogen projects in Duqm, Oman.

Mid-2023: Sale of Sembcorp Energy India Limited to consortium of Omani investors to close.

Phase C of the 900-MW of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai to be completed.

Saudi Basic Industries Corporation (Sabic) steam cracker furnace powered by renewable energy to come online.

4Q2023: Oman to award four blocks of land for green hydrogen projects in Thumrait, Oman.


End-2024: Emirati Masdar’s 500 MW wind farm in Uzbekistan to begin commercial operations.

QatarEnergy’s industrial cities solar power project will start electricity production.

First 1.5 GW phase of Morocco’s Xlinks solar and wind energy project to be operational.


Second 1.5 GW phase of Morocco’s Xlinks solar and wind energy project to be operational.

UAE to have over 1k EV charging stations installed.


1Q 2026: QatarEnergy’s USD 1 bn blue ammonia plant to be completed.

End-2026: HSBC Bahrain to eliminate single-use PVC plastic cards.

Iraq’s Mass Group Holding wants to invest EUR 1 bn on its thermal plant Mintia in Romania to have 62% of run on renewable energy, while expanding its energy capacity to at least 1.29k MWh.


MENA’s district cooling market is expected to reach USD 15 bn.


UAE’s Abu Dhabi Commercial Bank (ADCB) wants to provide AED 35 bn in green financing.

UAE targets 14 GW in clean energy capacity.

Tunisia targets 30% of renewables in its energy mix.

Qatar wants to generate USD 17 bn from its circular economy, creating 9k-19k jobs.

Morocco’s Xlinks solar and wind energy project to generate 10.5 GW of energy.


Qatar to capture up to 11 mn tons of CO2 annually.


Qatar’s Public Works Authority’s (Ashghal) USD 1.5 bn sewage treatment facility to reach 600k cm/d capacity.


Nigeria aims to achieve its net-zero emissions target.

Enterprise Climate is available without charge thanks to the generous support of HSBC (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; and Infinity Power (tax ID: 305-170-682), the leading generator and distributor of renewable energy in Africa and the Middle East. Enterprise Climate is delivered Mon-Thurs before 4 am UAE time. Were you forwarded this copy? Sign up for your own delivery at Contact us on