TODAY: China’s Xi lands in Saudi Arabia + Renewables will overtake coal by 2026
Good morning, wonderful people. Climate news from MENA is then today, but we have plenty of interesting reads this morning.
We talked to EFG Hermes Research Head of Strategy Simon Kitchen at the Enterprise Climate X Forum on Tuesday about how climate is impacting CEOs across emerging markets — and how macro forces are shaping their freedom to invest and act. He talks to us about why the green transition is crucial specifically for emerging countries, what’s driving change for CEOs, where loss and damage funds should be placed, and his outlook for 2023.
^^ We have the rundown on our conversation in the news well, below.
THE BIG CLIMATE STORY- China and KSA are getting ready to talk a whole lotta energy. Chinese President Xi Jinping landed in Saudi Arabia yesterday — along with a delegation of companies — to attend the China-Arab Summit that kicks off tomorrow, with energy talks at the forefront of the visit. The two countries are set to discuss renewables, green hydrogen, and nuclear energy, Saudi Energy Minister of Energy Prince Abdulaziz bin Salman said, according to SPA.
AND- Egypt just gained more momentum on the green hydrogen file.
THE BIG CLIMATE STORY OUTSIDE THE REGION- The EU has a climate bone to pick with the aviation industry. The bloc agreed on a law that would see airlines paying more for the CO2 they emit in a bid to encourage the industry to decarbonize faster, Reuters reports. Domestic flights within Europe currently submit permits from the EU’s carbon market to cover their emissions and most of these permits are given to them by the EU at no cost. The new agreement would will phase out the no-cost permits by 2026.
WATCH THIS SPACE #1- Renewable energy sources are set to account for a larger share of our global energy mix than coal by 2025, according to a new International Energy Agency (IEA) report (pdf). Renewable energy capacity is expected to grow by some 2.4k GW — that’s the equivalent of China’s entire current installed renewables capacity. The IEA’s projection indicates that over the next five years, 90% of electricity expansion projects will be renewables-based.
WATCH THIS SPACE #2- Could EV rentals be coming to Egypt as early as next year? India-based car rental outfit Zoomcar plans to add 100 EVs to its Egyptian fleet by the end of 2023, a company representative told Enterprise Climate. The car rentals firm plans to expand into the Saudi Arabian market by next year, and boost the number of EV rentals in Egypt to some 500 vehicles by 2024.
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CIRCLE YOUR CALENDAR-
Saudi Arabia will host the China-Arab Summit tomorrow. The Chinese delegation — including President Xi Jinping — will discuss and potentially sign dozens of agreements with KSA and other Arab states covering energy, security and investments, according to Reuters.
Tunisia will host the International Renewable Energy Congress from next Tuesday, 13 December to Thursday, 15 December in Hammamet. The event will provide a platform for researchers and industry leaders to showcase trends in the renewable energy sector.
FURTHER DOWN THE LINE- Saudi Arabia will host the Future Minerals Forum on Tuesday, 10 January to Thursday, 12 January at the King Abdulaziz International Conference Center. The forum will discuss the region’s critical minerals supply and creating resilient and responsible minerals value chains for the energy transition.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.