Good morning, wonderful people. If it’s Tuesday, it must be another GCC acquisition spree.

THE BIG CLIMATE STORY in our corner of the world- UAE’s Masdar is working on a massive global expansion of its portfolio through acquisition. The company is looking at solar, wind, waste-to-energy and geothermal projects.

ALSO- Egypt’s Senate will discuss a bill today establishing a new regulatory body whose purview includes setting policy for the assembly of EVs. This comes as the country’s Interior Ministry issued separate rules that will allow car owners to convert their gas and diesel-powered vehicles to electric or hybrid vehicles.

^^ BWe’ve got chapter and verse on these stories and more in today’s news well, below.

THE GREAT DEBATE- Qatar is not too upset about Europe loosening guidelines on a greener future: “Many countries, particularly in Europe, that had been strong advocates of green energy […] have made a sudden and sharp U-turn,” Energy Minister and QatarEnergy CEO Saad Al Kaabi said on Thursday at a liquefied natural gas (LNG) conference in Japan, Reuters reports. He emphasized that coal burning is again on the rise and at its highest level since 2014.

Al Kaabi stressed the need for more investment in “transition fuels” such as LNG: “The lack of such investment is putting a heavy burden on both producers and consumers. Producers must find supplies that may not exist due to the lack of investment,” he added.

The GCC is playing the long game by keeping renewables as the end goal: While LNG agreements are being signed right and left, Al Kaabi said that more investment has to flow into renewables, pointing to projects in Qatar including the world’s largest blue ammonia plant, investments in solar, and carbon capture innovations, state-run QNA reported.

THE COUNTDOWN TO COP (34 days to go)-

THE BIG CLIMATE STORY OUTSIDE THE REGION- Activist groups are stepping up pressure on business and governments ahead of COP27 — and you can expect that trend to accelerate in the weeks to come.

UP FIRST- Has the World Bank ‘misplaced’ up to USD 7 bn in climate funding? That’s the contention of an Oxfam report (pdf) that’s getting ink from the Guardian this morning. As much as USD 7 bn out of USD 17.2 bn in climate funding disbursed in 2020 could not be accounted for, Oxfam claims, following an independent audit. This is the second time in as many weeks that the World Bank has come under fire over climate, after its president David Malpass refused to acknowledge that climate change is a human-driven phenomenon.

NEXT UP- Are BP’s flaring emissions underreported in Iraq? That’s the claim in Big oil’s dirty secret in Iraq by Unearthed, a report by activist outfit Greenpeace that draws on a recent investigation by the BBC. Iraq’s Rumaila oilfield — one of Iraq’s largest and operated by BP — flared 3.4 bn cubic meters of gas last year, emitting 9.5 mn tons of CO2 equivalent (or “CO2e”), Greenpeace claims. Their report cross-references World Bank flaring figures with those of other organizations.

BP doesn’t count flare gas produced at Rumaila’s oilfield among its emissions. Why not? As the lead contractor at Rumaila, BP does not have a production sharing agreement, which is standard practice in other oilfields. Instead, the report claims, the oil giant is contracted by the Iraqi government annually for extraction services.

SOUND SMART- What’s flare gas? Flare gas is excess gas — primarily consisting of methane — that is emitted and set alight during oil production. Flare gas is common in Iraq, which doesn’t have the resources to process excess gas in flare gas-to-energy projects. Flaring gas is bad for the environment — and for the people who live nearby, the report notes.

Go deeper: Tap or click here for our full explainer on flare-gas-to-energy.

AND FINALLY: The Elders have spoken. Developed economies should go beyond promises of doubling climate adaptation by 2025, leaders of the Elders group said in a statement yesterday. The group — which was founded by the late Nelson Mandela — published a call to action ahead of COP27, urging rich nations to “agree on a roadmap for delivery, provide evidence of action, and be held accountable for their commitments.” They’re also calling, as Egypt recently did, for funding for climate-caused “loss and damage” in developing economies.

Who are The Elders? They include former UN Secretary General Ban Ki-moon, the first female president of Ireland Mary Robinson, and former president of Liberia and Nobel Peace laureate Ellen Johnson Sirleaf, among others.

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 climate@enterprisemea.com with comments, suggestions and story tips.

***

HAPPENING TODAY-

The two-day Green Energy Africa conference will kick off today in Cape Town, South Africa. The event aims to bring together executives, investors, utility firms, and government leaders to drive investment in Africa’s renewable and low carbon sector. You can register for the event here.

CIRCLE YOUR CALENDAR-

UN’s NZAOA to host virtual forum on blended finance for climate investments in EMs: The Net-Zero Asset Owner Alliance (NZAOA) will discuss blended finance for climate investment in emerging markets and developing economies on Wednesday, 5 October, ahead of the IMF-World Bank Annual Meetings next week. (Blended finance = using development finance to leverage private capital for countries’ sustainable development plans.) You can register for the event here.

The IMF and World Bank will hold their annual meetings in Washington, DC, on 10-16 October.

Closer to home, the International Exhibition of Renewable Energies, Clean Energies and Sustainable Development take place from 24-26 October in Oran, Algeria. The event will include panels focusing on energy efficiency and energy saving, startups’ role in the energy transition, and the bankability of renewable energy projects.

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