KSA’s Manara grabs a 10% stake in Vale’s base metals unit

Good morning, friends. It’s another busy start to the week with lots of climate updates from around the region and beyond, but first…

A SOUNDBITE TO KICK OFF THE WEEK? “The era of global warming has ended; the era of global boiling has arrived,” UN Secretary General Antonio Guterres warned on Thursday following confirmation by the EU and the World Meteorological Organization that July is on track to be the hottest month on record. Guterres’ remarks sparked concern over the usage of the term “global boiling,” with researchers cautioning against mistaking sensational wording for scientific terminology. His statement follows historic temperatures recorded last week, which saw the average global temperature climb to 17.18°C. The daily average temperature for the seven-day period ending on Wednesday last week was estimated at 0.04°C higher than any week in the 44 years since records began.

THE BIG CLIMATE STORIES- Saudi Arabia’s Manara — a recently established JV between Saudi Arabia’s sovereign wealth fund the Public Investment Fund and state-owned mining company Ma’aden — will acquire a 10% stake in Brazilian miner Vale’s base metals unit. Closer to home, Swiss renewable power group Smartenergy are in talks to set up a USD 1 bn green hydrogen project in Egypt with agreements set to be signed in 4Q 2023.

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

THE BIG CLIMATE STORY OUTSIDE THE REGION- China on full alert for Doksuri-related flooding: China’s central government has asked officials in the capital and other regions in the north to brace for potential floods from the remnants of Typhoon Doksuri. Flood control officials raised their emergency response order to level two for Beijing and Tianjin yesterday along with the provinces of Hebei, Shanxi and Henan, warning the situation in northern regions was “extremely severe and complex” due to heavy rains and the poor discharge capacity of rivers in the area. Over 20.5k people in the capital of Hebei were evacuated, with thousands also evacuated in Beijing. Though downgraded from a typhoon, Doksuri remains one of the strongest storms to hit China in years. It hit China on Friday after ripping through Philippines and Taiwan, affecting the Fujian province and coastal areas. As of Saturday, it has affected 1.46 mn people in Fujian with over CNY 3.1 bn (USD 430 mn) in direct economic losses.

The warning grabbed headlines in the international press: Bloomberg | Reuters | The Guardian | The Associated Press | CNN

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OVER IN COPLAND- G20 should do more on energy transition at COP28: G20 countries must show clear signals of their commitment for energy transition at the upcoming summit, COP28 President-Designate Sultan Al Jaber and UN Climate Chief Simon Stiell said in a joint statement last Thursday. “We must leave Chennai on the right path and with a clear signal that the political will to tackle the climate crisis is there,” they said, as climate ministers from the G20 left India a week earlier failing to reach a consensus on a fossil fuel phase-down. Al Jaber and Stiell called on the G20 “to lead the way on the basis of both science and equity, laying the path to a strong and credible outcome that provides developing countries with the basis to undertake a just transition” during COP28. The duo also said they aim to define a global goal on adaptation during the summit and kickstart operations on COP27’s landmark loss and damage fund.

ALSO- The G20 is under pressure to commit to coal phase out: Western governments including the UK and Canada have signed an open letter urging the G20 to live up to its commitment to clamp down on the construction of unabated coal plants, as China continues to mine record amounts of the heavily polluting fuel, Bloomberg reported on Thursday. The letter by the Powering Past Coal Alliance refers to pledges made in the Glasgow Climate Pact that aim to end the construction of new unabated coal power plants, which could undermine efforts to stay under the 1.5°C climate warming threshold. China’s new coal plants accounted for over half of global additions last year, causing a net increase in the global coal fleet of 19.5 GW, according to data cited by Bloomberg from the Global Energy Monitors and others.

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WATCH THIS SPACE #1- The EU is lowering carbon market cap to reduce emissions: The European Union is set to cut the number of permits added to its carbon market as it follows through with reforms approved last year to ensure greenhouse gas emissions are gradually reduced, the European Commission said, Reuters reported on Friday. The Commission said that it intends to cut CO2 permits in 2024 to c.1.39 bn, down from c.1.49 bn permits last year. Analysts say carbon prices will rise in the coming years as companies vie over a smaller supply of permits as the cap is lowered every year. The EU will push ships to buy CO2 permits for the first time next year, including a supply of 78.4 mn CO2 permits to bring the shipping sector into the fold, the Commission added.

ALSO- The EU wants to facilitate adaptation policy for member states: The European Commission (EC) has adopted a new set of guidelines aimed at helping member states update and implement its climate adaptation strategies, plans, and policies, according to a statement released last week. The EC wants to help member states adopt a “whole-government approach to climate adaptation policy-making by way of multilevel coordination and mainstreaming, both horizontally at all levels of sub-national authorities,” the statement added. The regulation is expected to help EU countries upgrade their preparation strategies in the face of extreme heat waves, droughts, forest fires, and rising sea levels currently devastating the continent.

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WATCH THIS SPACE #2- AXA won’t cover new gas fields starting 2025: France-based ins. giant AXA says it will stop issuing new stand-alone site-specific ins. policies for gas greenfield exploration and development projects beginning from 1 September, 2025, Reuters reported on Friday. Critics argue that AXA created a loophole and will still grant exemptions to companies with climate transition plans in place, the newswire adds. The latest move by the French firm is part of a widespread shift of ins. firms tightening coverage for fossil fuels explorations in a bid to meet emissions reductions targets and net zero pledges before 2050.

WATCH THIS SPACE #3- Germany is going to need a lot of green hydrogen imports: Germany is turning to hydrogen-exporting allies as it looks to import up to 70% of its hydrogen needs to become climate-neutral by 2045, Reuters reported last week, citing a document it has seen. Despite doubling the country’s electrolysis capacity target to at least 10 GW for 2030, Germany will still need to import around 50% to 70% of its hydrogen to meet demand — which is estimated to be between 95 to 130 TWh in 2030. “A domestic supply that fully covers demand does not make economic sense or serve the transformation processes resulting from the energy transition as a whole,” the strategy document said. The government is working on a separate strategy for hydrogen imports with no clear timeline currently, a spokesperson for the country’s Economy Ministry said.

What does this mean for us? Germany has already signed a number of hydrogen cooperation agreements with several countries, including the UAE. The agreements include four hydrogen cooperation projects and a research cooperation project. Germany also plans to import green ammonia from Saudi Arabia through a green energy import terminal starting 2026. The first test blue ammonia shipment arrived on German shores from the UAE last October, with mining company Aurubis receiving 13 tons of blue ammonia from state oil giant Adnoc.

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DATA POINT- Climate litigation has more than doubled since 2017: North of 2.1k climate change-related lawsuits were filed as of 2022 — more than twice the 884 cases recorded in 2017, according to a report (pdf) by the UN Environment Program (UNEP) and Columbia University. The US recorded the majority of climate court cases with 1.5k suits filed. Developing countries accounted for 17%, with Brazil and Indonesia taking the lead for emerging markets.

REMEMBER- The UN General Assembly passed a historic resolution by consensus in March asking the International Court of Justice (ICJ) to weigh in on the obligations of states in combating climate change, pushing countries to take stronger measures. While not binding, the ICJ’s advisory opinion could have a critical role in future climate negotiations and the upwards of 2k climate-driven cases lawsuits around the world by defining the financial obligations states have and ensuring countries stick to their commitments to cut greenhouse gasses.

CIRCLE YOUR CALENDARS- The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo. This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations soon.

Do you want to become a commercial partner? Ping a note to Moustafa Taalab, our head of commercial, or fill out this form and we’ll be in touch.

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DID YOU MISS THE ENTERPRISE EXPORTS AND FDI FORUM? Tune in to the Enterprise Podcast and listen for yourself: The Enterprise Podcast is back with another installment of our forum series, where we bring you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum, which took place in May.

WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast | Anghami. We’re releasing a new episode every Sunday morning.

IN THIS WEEK’S EPISODE- We look at whether industrial clusters — which have been used to great effect elsewhere — can be a way for SMEs to be part of a potential export-oriented economy. Our speakers shed light on where industrial zones are working for us already, how Egypt can leverage clusters to get a bigger slice of that cross-border trade, and how industrial clusters can bring together SMEs to work with larger firms. We were joined on that panel by Shady Williams, managing director of IDG, Mohamed ElGebely, team leader at USAID Trade, and Nada El Ahwal, CSO of Transmar.

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CIRCLE YOUR CALENDAR-

Sweden will host World Water Week from Sunday, 20 August to Wednesday, 24 August in Stockholm. Organized by the Stockholm International Water Institute, the event will bring together policy makers, NGOs, and private sector players to discuss innovative solutions to managing water and how to tackle food security, biodiversity, and climate change.

The US will host the International Conference on Recycling and Waste Management and the International Conference on Environmental Sustainability and Climate Change

from Monday, 21 August till Tuesday, 22 August in Philadelphia. The waste management conference will gather environmental engineers, and recycling, wastewater treatment, and climate researchers to discuss trends and innovations in plastics recycling, wastewater treatment, and renewable energy. The sustainability and climate change conference will bring together researchers and industry leaders to spotlight innovations in environmental science, climatology, renewable energy, and pollution control.

The Dominican Republic will host the COP27 Transitional Committee from Tuesday, 29 August to Friday, 1 September. The meeting aims to establish institutional arrangements, modalities, governance structures, and terms of reference for the landmark Loss and Damage Fund. It also wants to expand sources for climate funding under the program.

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

Saudi’s minority acquisition in Brazil’s Vale is finalized: KSA’s Manara — a recently established JV between Saudi Arabia’s sovereign wealth fund the Public Investment Fund (PIF) and state-owned mining company Ma’aden — will acquire a 10% stake in Brazilian miner Vale’s base metals unit at an enterprise value of USD 26 bn, it said in a disclosure to Tadawul yesterday. The move comes under the kingdom’s bid to play a leading role in the global energy transition supply chains.

The details: The completion of the transaction, which will be financed through Ma’aden’s own resources, is subject to regulatory approval and other customary conditions. It is expected to close in 1Q 2024. The bid by the Saudis beat other bidders vying for the minority stake, which included Japan’s Mitsui & Co and the Qatar Investment Authority, Bloomberg reported last month.

Why is this important? The investment and acquisition will play a key role in helping Manara boost the production of copper and nickel — critical minerals for EV and battery storage production — across its asset portfolio, the statement notes. Vale has projects in key areas for mining energy transition materials including Canada, Brazil and Indonesia, the statement adds.

And that’s not all from Vale: Separately, Vale said it has entered into a binding agreement with US investment firm Engine No. 1 which will see the latter acquire a 3% stake in the energy transition metals business, Vale said in a statement on Thursday.

Where the money is going: The funds will be poured into Vale’s basic metals unit’s USD 25-30 bn capital program over the next decade, according to the statement from Vale. The program will help boost its production capacity from 350 kt/year to 900 kt/year in copper and 175 kt/year to over 300 kt/year for nickel, it added.

Ma’aden has been busy: The Saudi mining giant and US mineral development company Ivanhoe Electric recently finalized setting up an exploration JV in Saudi Arabia. Under transactions announced earlier this year, Ma’aden has poured in USD 127.1 mn in Ivanhoe Electric to snap up a 9.9% stake in the company.

The Saudis are going big with energy transition metals: Saudi Arabia aims to become a global hub for green metals critical for the energy transition under efforts to diversify its economy away from oil. This includes significant amounts of uranium and titanium discovered in the country, according to officials. KSA says it has untapped metals and minerals — including copper, zinc, phosphate, and gold — collectively worth USD 1.3 tn.

Another green hydrogen project in Egypt? Swiss renewable power group Smartenergy are in talks to set up a USD 1 bn green hydrogen project in Egypt with agreements set to be signed in 4Q 2023, a government source told Enterprise Climate. The news was first reported by Asharq Alawsat, with Smartenergy’s Chief Financial Officer René Cotting confirming the firm is close to signing the agreement with Egypt without providing further details about the project or its timeline.

This would be the firm’s first project outside of Europe: Founded in 2011, Smartenergy invests in solar, wind, and hydrogen projects in Switzerland, Germany, Italy, Spain and Portugal. The company focuses on late stage development, ready-to-build, and operational assets, according to its website.

REMEMBER- Egypt is seeing a green hydrogen bonanza: The Egyptian government signed several framework agreements during COP27 with foreign companies to construct several green hydrogen and ammonia facilities in the SCZone. The facilities would cost a combined USD 83 bn and collectively produce up to 7.6 mn tons of green ammonia and 2.7 mn tons of hydrogen a year. Egypt also approved incentives in May to boost the country’s green hydrogen sector and lure in much-needed foreign exchange inflows.

Morocco’s wind portfolio is expanding: Nareva Enel Green Power (NEGP) — a JV between Morocco’s electricity company Nareva and Italian renewable energy developer Enel Green Power — has kicked off operations on its 300 MW Boujdour wind farm in Morocco, according to a statement released last week by the country's National Office of Electricity and Drinking Water (ONEE). Activation of the Boujdour wind farm brings the number of operational wind farms in the country to 17.

The details: The wind farm — estimated to have cost MAD 3.9 bn (c.USD 401.4 mn) — is expected to generate 1.59 GWh of clean energy and offset some 1.1 mn tons of carbon emissions annually. ONEE will offtake the power generated by the energy plant under a PPA at one of the world’s lowest tariffs, the statement notes, without disclosing the price.

That’s not all: ONEE also announced the commissioning of the Boujdour II 400/225 kV transformer station which aims to improve the electricity transmission capacity from renewable energy projects to the power grid of southern Morocco, according to the statement.

Keeping the supply chain local: Siemens Wind Power — the exclusive supplier of wind turbines for the project — manufactured a large part of the wind turbine components locally at its Tangier blade production plant, according to a separate statement.

Boujdour is part of a much larger plan: The wind farm is part of NEGP’s 850 MW Integrated Wind Project (IWP) which seeks to deploy an additional 100 MW from the onshore Tiskrad wind farm in Laayoune and 270 MW from the Jbel Lahdid onshore wind farm in Essaouira. The Tiskrad wind farm — estimated to cost MAD 1.8 bn (c. USD 185.2 mn) — is expected to begin commissioning in 2024. The Jbel Lahdid wind farm is estimated to cost MAD 2.6 bn (c. USD 267 mn) and should begin commissioning this year. In 2020, NEGP kicked off operations on IWP’s first project, the MAD 2.5 bn (c. USD 257.3 mn) 180 MW Midelt wind farm.

Morocco has big renewables targets: Morocco wants renewable energy to account for 80% of its total power generation by 2050. The country plans to more than triple appropriations for renewables projects to MAD 14 bn (c. USD 1.4 bn) between 2023-2027 as part of a target to have 50-52% of its energy come from renewables by 2030. Morocco’s installed capacity of renewables stood at more than 4 GW as of 2022, according to the country’s Energy Transition and Sustainable Development Ministry.

A slight dip for Tabreed in 2Q: The UAE’s National Central Cooling Company (Tabreed) reported a 1% y-o-y drop in net income in 2Q 2023 to AED 159.4 mn, its financial statements (pdf) for the quarter showed on Friday. Its revenues were up by 8.6% y-o-y during the three months ending in June, recording AED 604 mn.

A solid first half: Tabreed reported a 60.7% y-o-y rise in net income in the first half of the year to AED 386.4 mn on the back of new customers and projects, its earnings release (pdf) showed. Its revenues were up 9.4% y-o-y in 1H 2023 to a little over AED 1 bn, it added.

Driving the success: Tabreed said new customers and projects were added during the first six months of the year, including the commissioning of a new plant in UAE and two new plants in Saudi Arabia. It also delivered 33.4k refrigeration tons in the UAE, Bahrain, Oman, and Saudi Arabia, raising its total connected capacity to 1.3 mn RT.

And one sealed int’l expansion: The first half of the year also saw Tabreed expand its international footprint by making a grand entry in India under a partnership in May with Tata Realty and Infrastructure Limited. It began operating the cooling infrastructure earlier this month, it said, commencing its first operations in the country.

What they said: “Following last year’s strong performance, Tabreed is delighted to report further growth in revenue and [net income] year-on-year for the first half of 2023. The addition of new capacity across the GCC and the launch of our first cooling services in India is not only supplying our growing international customer base with efficient and reliable cooling, but also having a significant impact on preventing carbon emissions,” Tabreed Chairman Khaled Abdulla Al Qubaisi said.

Revived cooperation between UAE, S. Korea on nuclear: The UAE and South Korea held high-level talks to strengthen cooperation in the nuclear sector, Yonhap news agency reported on Friday, citing a statement by Seoul’s Foreign Ministry. UAE Energy and Industry Minister Suhail Al Mazrouei and South Korea’s Second Vice Foreign Minister Oh Young-ju agreed during the meeting to develop a “cooperation model” to export nuclear reactors to a third unnamed country based on Seoul’s completion of construction of four nuclear reactors in Barakah nuclear plant near Abu Dhabi under a USD 20 bn contract. The contract was awarded to a Korea Electric Power Corp (KEPCO) led consortium in 2009. They also agreed to explore new areas of cooperation, including in the small modular reactor sector, according to the ministry.

IN OTHER CLIMATE DIPLO NEWS- Morocco, US expand on renewables tech and innovation cooperation: Morocco and the US have signed a protocol amending and extending an agreement between the two countries on scientific and technological cooperation in the fields of climate change, renewable energies, artificial intelligence and sustainable development, SNRT News reported on Friday. The new agreement extends an earlier 10-year agreement that went into effect in February 2012, which aims to expand opportunities for Moroccan and American institutions and companies to build contacts and strengthen research in the fields of science and technology. The agreement also provides joint protection of intellectual property rights. The agreement will remain in effect until 26 July 2033.

UN’s Intergovernmental Panel on Climate Change picks new chair: The UN’s Intergovernmental Panel on Climate Change has elected British professor of sustainable energy Jim Skea as its new chair at a meeting of the 195-country organization in Nairobi last week, according to a statement. Skea co-chaired the latest report by the IPCC on curbing planet-heating emissions in its most recent round of assessments. Skea, who currently teaches at Imperial College London, was a founding member of the Climate Change Committee and former IPCC co-chair. He succeeds South Korean economist Hoesung Lee, who served as the IPCC head for eight years.

About IPCC: The IPCC is the UN body for assessing the science associated with climate change. It was established in 1988 by the United Nations Environment Programme and the World Meteorological Organization to equip governments with vital scientific assessments and reports on climate change. IPCC reports are published every six to seven years, the organization notes.

British VC firm A/O PropTech launched a EUR 250 mn fund to invest in decarbonization startups focusing on the real estate and construction sectors, according to a statement released on Friday. A/O — which invests across the entire built-world sector — will channel its financing toward companies operating in electrification and the energy transition, new materials, architecture, engineering, construction, automation, and big data management in a bid to digitize and hasten the energy transition of the USD 330 tn real estate industry, which it says accounts for 40% of global emissions.

Malaysia will develop the largest solar hybrid energy plant in Southeast Asia at a cost of USD 1.3 bn, Bloomberg reported on Thursday. Part of the country’s National Energy Transition Roadmap, the solar farm will be developed by the country’s sovereign wealth fund Khazanah Nasional Bhd and is part of a larger planned clean energy portfolio of 10 projects at an investment ticket of c. USD 5.5 bn. Malaysia increased its targeted renewables production capacity for 2050 from 40% to 70% last May.

ISA is shoring up investor confidence with a solar facility: The International Solar Alliance (ISA) aims to raise USD 100 mn for a solar facility that will act as a payment guarantee mechanism to spur investments in solar energy, especially in Africa where investments are perceived as risky, its director general Ajay Mathur told The National on Thursday. Mathur revealed the alliance has already received commitments of up to USD 50 mn, hoping to reach the target of USD 100 mn by the end of October. “In case there is a delay in payments [to the investor], it would be met by cash flow from the facility,” he said.

About the ISA: The ISA is a treaty-based organization launched by India and France in 2015 to scale up investment in and deployment of solar energy, according to their website (pdf). It aims to mobilize USD 1 tn in solar energy investment solutions by 2030.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• EU private sector is not-so-green: Most European companies do not have any revenue that aligns with the EU’s climate-friendly activities list and have no planned green capital expenditure. (Reuters)
• American solar is booming: US solar panel manufacturer First Solar plans to invest USD 1.1 bn on its fifth production plant. The new 3.5 GW factory will increase the company’s US manufacturing capacity by a third in 2026 to 14 GW. (Statement)
• Bad news for Canadian emissions: Canada’s wildfires are expected to at least double the country’s overall greenhouse gas emissions this year. (Bloomberg)
• Reviving Japanese nuclear power: Japan has reactivated its oldest nuclear reactor — the 48-year-old Takahama 1 plant — after a 12 year hiatus. (The Japan Times)
• And more Japanese EV investments: Japanese automaker Nissan will invest EUR 600 mn in Ampere, Renault's EV and software subsidiary. (AP News)
• Thyssenkrupp secures decarbonization funding: German conglomerate Thyssenkrupp AG’s steel unit is set to receive EUR 2 bn in federal and state government funding to finance its tkH2Steel decarbonization project. (Reuters)

Regional suitor no more for Thyssenkrupp Steel: The UAE’s largest steel and building materials company Emirates Steel Arkan is dropping out from an investment in leading German conglomerate Thyssenkrupp AG’s steel unit, Bloomberg reported on Thursday, citing people with knowledge of the matter. The news comes a few months after Emirates Steel, which was the unit’s most serious contender, was said to be considering a minority acquisition in the steel unit as part of a business partnership.

What we know: Emirates Steel Arkan has stopped seeking a deal due to worries over the steel unit’s pension liabilities and other hurdles, the sources told Bloomberg. Interest by another suitor, India’s JSB Steel, has also dwindled, they added.

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A push for mangroves in Saudi Arabia: Red Sea Global (RSG), a global multi-project developer fully owned by Saudi Arabia’s sovereign wealth fund the Public Investment Fund, has opened its first dedicated mangrove nursery and plans to plant 50 mn mangrove trees by 2030, according to a statement released last week. The project is in line with the Saudi Green Initiative and RSG’s plan to deliver 30% net conservation benefit to the Saudi Red Sea coast by 2040.

REMEMBER- Mangroves produce oxygen, protect beaches from erosion, are important for the reproduction of several kinds of fish, and sequester many times more CO2 than most other types of trees.

Mangroves are becoming a regional trend: UAE-based business conglomerate Essa Al Ghurair inked an agreement in April with the UAE’s Climate Change and Environment Ministry to plant 500k to 1 mn mangrove tree seeds and seedlings in the next decade. The scheme comes under the UAE’s National Carbon Sequestration plan in which the country aims to plant 100 mn mangroves by 2030. Qatar also enforced policies last year that have led to a 5k sq km growth in its mangrove swamps.

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Oman kicks off common-use infrastructure scheme for hydrogen: Oman’s hydrogen development entity Hydrom has launched a common-use infrastructure scheme to accelerate the development of the necessary infrastructure for recently signed hydrogen projects, Managing Director Abdulaziz Al Shidhani told The Energy Year in an interview last week. Al Shidhani said Hydrom is working with local players OQ Gas Network, Nama Group for Electricity and Water and other utility companies on the common infrastructure scheme. He said the infrastructure plan is being fast-tracked for the five projects it has already signed in Al Wusta and for another five to six projects targeted for signing for the Dhofar region. He estimated a timeline of six to seven years to construct the common infrastructure.

More blocks to be awarded in early 2024: Hydrom aims to award at least five of the six blocks in the Dhofar region by Q1 2024, Al Shidhani said, adding that the company already launched in June the second round of bidding. The qualification phase has already begun and Hydrom has started receiving registration requests through its auction platform, he added. Collectively, the six offered blocks should produce another 900k tons per year of green hydrogen, he said.

ALSO- Oman is extending investment incentives and benefits to KSA: Saudi Arabia’s sovereign wealth fund the Public Investment Fund (PIF) signed an MoU with Oman’s Investment Authority to increase investments in the sultanate by offering benefits and incentives for PIF and its portfolio companies, according to a statement released on Thursday. The agreement further strengthens the recent establishment of the PIF-owned entity Saudi Omani Investment Company which aims to invest up to USD 5 bn in “promising sectors” in Oman. It is unclear whether this includes Oman’s booming renewables and green hydrogen industry.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Oman’s Royal court welcomes EVs: Oman’s Royal Court Affairs has begun using a fleet of EVs in a bid to increase the use of clean energy transportation. (ONA)
• Algeria pushes forward on EV charging deployment: Algeria’s Energy and Mining Minister Mohamed Arkab launched the first batch of EV charging points in Algiers last week as part of wider plans to deploy 1k EV charging stations by the end of 2024. (Statement)

Climate change may cause a natural circulation system that regulates the Atlantic ocean’s temperature to collapse sometime between 2025 and 2095, according to a study published in Nature Communications last week. The collapse of this ocean circulation system — called the Atlantic meridional overturning circulation (Amoc) — could lead to northern regions such as Scandinavia having a climate similar to that of Alaska, co-author of the study Susanne Ditlevsen told The National. At the same time, tropical areas will face even hotter temperatures on top of the already damaging impacts on global warming, Ditlevsen said, adding that there will also be a greater risk of storms, more extreme weather, and altered precipitation patterns. The study was carried out based on a business-as-usual scenario in which greenhouse gas emissions continue to increase, a scenario in which the UN’s Intergovernmental Panel on Climate Change (IPCC) considers one of the worst possible tracks.

It was not predicted to happen this century: A 2019 report by the IPCC predicted that the Amoc would weaken over this century, but that its full collapse before 2100 was unlikely, CNN reported last week. While the researchers behind the latest study think the collapse will occur between 2025 and 2095, they say it will most likely take place around mid-century.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Asia is the world’s most disaster-stricken region: The continent recorded 81 weather, climate and water-related disasters in 2022 that killed some 5k people and cost more than USD 36 bn in economic damages. The continent’s warming trend between 1991-2022 was double that of the 1961-1990 period. (World Meteorological Organization)
• Ice loss unearths remains of missing mountaineer: The loss of glaciers around Switzerland’s Matterhorn has unearthed the remains of a German mountain climber missing since 1986. (Washington Post)