Good morning, wonderful people. The first work week of 2023 is winding down and Egypt is gearing up for a three-day weekend in observation of Coptic Christmas. We have a couple of stories from the region to cap a fairly quiet news week down below.

A quick programming note: Enterprise Climate will be taking a publication holiday on Monday, 9 January. We’ll be back in your inboxes at our usual time on Tuesday, 10 January.

THE BIG CLIMATE STORY- Tunisia has unveiled a two-year development plan in which the government will invest USD 12.3 bn to greenify its agricultural sector, partly by supporting startups working on water scarcity and drought and authorizing the use of agricultural land for renewables projects.

^^ We have chapter and verse on this story and more in the news well, below.

THE BIG CLIMATE STORY OUTSIDE THE REGION- No one major climate story is dominating international press coverage today, but there is big news out there. India approved a USD 2.1 bn incentive plan to promote green hydrogen as it hopes to become a “global hub” for green hydrogen, aiming at annual production of 5 mn tons by 2030, Reuters quotes Information Minister Anurag Thakur as saying. It also plans to build 60-100 GW of electrolyzer capacity for green hydrogen production, put in place mandatory targets for green hydrogen consumption for specific industries, and offer incentives for electrolyzer manufacturing and green hydrogen production, Thakur noted. Investment in the sector is expected to total USD 96.6 bn by 2030, he added.

India’s green hydrogen push has expanded to MENA: India’s Adani Group recently signed an agreement to develop and license Australian electrolyzer technology, and has reportedly been exploring the feasibility of hydrogen production in Morocco and Oman. ReNew Power signed an agreement with El Sewedy Electric in November for an USD 8 bn green hydrogen project in Egypt.

PSA- Tunisia slashes customs + VAT on imports of EV charging components: Imports of equipment for electric vehicle charging will be subject to lower customs and value added taxes, after the Tunisian government cut the customs tariff by 10% and the VAT by 7% for these imports, La Presse de Tunisie reports. The tax incentives, which will be valid until 31 December of this year, are meant to accelerate the transition to electric vehicles with hopes of deploying 50k EVs in the North African country by 2025, according to a Tunisian Environment Ministry study cited by the outlet.

WATCH THIS SPACE #1- Saudi Arabia will depend on private sector investments to explore mineral reserves: KSA is looking to its private sector to unlock its full mining potential and will streamline and digitize the license application process under Saudi law, Forbes quotes Saudi’s Vice Minister for Mining Affairs Khalid Al-Mudaifer as saying. The country is currently undertaking a geological survey to confirm the mining potential of minerals which it believes would amount to USD 1.3 tn, Al-Mudaifer told the news outlet.

Roadblocks still stand in the way: The main impediment is that the kingdom lacks a ready supply of water which is key for mining and the transportation of resources from mines in the north to the east of the country, where reserves will be processed and shipped. Saudi Arabia’s 2023 budget may address this, with a portion of its SAR 72 bn earmarked for the kingdom’s economic resource development including environmental infrastructure, energy sources, and desalination.

SIGN OF THE TIMES- Global lending to green projects surpasses fossil fuel ventures for the first time: 2022 saw the amount of money raised for climate-friendly ventures in global debt markets edge out the funds raised for fossil-fuel companies for the first time, according to Bloomberg data shared yesterday. Some USD 580 bn was raised in debt markets last year for green projects, while the oil gas and coal industries secured funds closer to USD 530 bn, Bloomberg notes. Revenue generated in 2022 from the sale of green bonds and loans stood at some USD 3.3 bn in 2022, while the sale of bonds and loans for the highest-polluting energy sectors stood at some USD 2.5 bn, Bloomberg data indicates.

But Big Oil is probably getting more funds from other sources: Last year’s high oil prices likely reduced fossil fuel companies’ dependence on capital markets, and they could also be securing capital from other sources like private equity, research manager at nonprofit Rainforest Action Network April Merleaux tells Bloomberg.

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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.