TODAY: Qatar’s QIA lands first green loan + Yemen secures 120 MW solar plant
Good morning, friends, and welcome to the first work week of 2023. We have a packed issue with all regional updates from the past 10 days, so let’s jump right in.
THE BIG CLIMATE STORY- Qatar’s sovereign wealth fund QIA has landed their first green loan worth USD 5 bn to put towards green investments, and Yemen has secured an agreement with UAE’s Masdar to build its largest solar project to date. In another first, Egypt has inaugurated its first trigeneration waste-to-energy facility.
^^ We have chapter and verse on this story and more in the news well, below.
THE BIG CLIMATE STORY OUTSIDE THE REGION- There’s no single story dominating international climate coverage today, but outlets picked up several developments likely to have a bearing on the year ahead. Some 43% of German companies recently surveyed by the German-African Business Association plan to up their investment in Africa this year, with green hydrogen being an area of particular interest, according to a Reuters poll. Further afield,the Biden administration's USD 369 bn Inflation Reduction Act could push European companies to increase their trade links with China, EU Trade Commissioner Valdis Dombrovskis tells the Financial Times.
PSA- Eco-friendly and sustainable projects are eligible for credit lines from Egypt’s Contact Financial Holding, which launched a sustainable financing program to offer credit lines for businesses looking to utilize renewable energy sources and incorporate emission reduction strategies, according to a statement. The non-banking financial services outfit’s Green Finance product will provide financing for projects including solar panels, irrigation systems, and greenhouses. The loans come with monthly and quarterly repayment plans up to five years without a down payment requirement.
WATCH THIS SPACE #1- KSA’s SNB Capital launches sustainability-focused fund: Saudi Arabia-based asset manager SNB Capital raised SAR 1.7 mn from the initial public offering of its Global Megatrends Fund, according to a statement. The offering closed on 18 December, with the fund kicking off operations the following day. The fund will facilitate investments focused on sectors including electric vehicles and renewable energy projects for retail and institutional investors.
WATCH THIS SPACE #2- Oman inks hydrogen-focused agreements with the IEA: Paris-based International Energy Agency will support Oman’s hydrogen production strategy for 2050 through three projects, Ad-Dustour reported. One project will focus on transitioning oil-intensive industries in the country to clean energy sources, another project will address upgrading the Sultanate’s pre-existing natural gas infrastructure to turbocharge green hydrogen production, and the final project will develop a simulation system to help calculate the capital required for Oman’s hydrogen production targets through to 2050 in relation to the country’s GDP figures. No timelines or financial details for the projects were disclosed.
THE DANGER ZONE- Iraq needs mns to combat desertification: Iraq is seeking to raise international aid to the tune of USD 100 mn to launch reforestation efforts and bolster food security, according to an Environment Ministry statement picked up by Sada El Balad. Nearly 70% of the country’s land mass is under threat of climate-induced desertification. Iraq will need some USD 233 bn additional investment by 2040 to pursue its green growth path, we wrote last month citing a World Bank report. The country must diversify its oil-reliant economy in the face of climate change-driven challenges including water shortages and pollution.
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CIRCLE YOUR CALENDAR- Saudi Arabia will host The Future Minerals Forum from Tuesday, 10 January to Thursday, 12 January at the King Abdul Aziz International Conference Center in Riyadh. The event will gather 200 industry leaders and over 50 ministers to discuss attracting investments to the mining industry and decarbonizing mining projects globally. You can register for the event here.
UAE renewable energy firm Masdar will host Abu Dhabi Sustainability Week from Saturday, 14 January to Saturday, 21 January. The event will gather eight presidents and prime ministers and 30k participants in a series of conferences and summits including the Atlantic Council’s Global Energy Forum, the World Future Energy Summit, Masdar’s Green Hydrogen Summit, The International Renewable Energy Agency’s Youth Forum, and the Abu Dhabi Sustainable Finance Forum.
The UAE is hosting the Atlantic Council’s Global Energy Forum on Saturday, 14 January and Sunday, 15 January in Abu Dhabi. The forum will discuss the ongoing global energy crisis and its impact on the green transition, energy security, and decarbonization.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.