TODAY: UAE’s Amea Power expands in West Africa + Adnoc inks several partnerships on decarbonization
Good morning, wonderful people. The weekend is within our sights, but the regional news shows no signs of slowing down.
THE BIG CLIMATE STORY- UAE’s Amea Power is expanding its West African portfolio with a new 50 MW solar plant in the Ivory Coast, and Adnoc has teamed up with several international players to launch decarbonization partnerships. Over in Morocco, a factory for the production of solar-powered water heaters broke ground in a bid to curb imports and pave the way for carbon neutrality.
^^ We have chapter and verse on these stories and more in the news well, below.
THE BIG CLIMATE STORY OUTSIDE THE REGION- The EU is preparing its own set of green incentives to rival Biden’s Inflation Reduction Act (IRA) and stop businesses moving to the US. The European Commission (EC) — the EU’s executive arm — is drafting a new law that will focus on boosting investment in green industry in Europe, EC President Ursula von der Leyen said at Davos yesterday. The new legislation will be complemented by state aid and a European Sovereignty Fund, von der Leyen added. This is all designed to make Europe a more competitive place for green industry, especially in light of US President Joe Biden’s IRA, which is set to heavily subsidize US-made products in a bid to boost renewable energy and address the climate crisis. The story is seeing widespread coverage: Reuters | Financial Times | Wall Street Journal | RTE | CNBC | Bloomberg
And at Davos, Kerry calls for “money, money, money” to keep 1.5°C target alive: US climate envoy John Kerry issued a stark warning at Davos yesterday that the world seemed unlikely to transition to a low-carbon economy in time to “avoid the worst consequences of the [climate] crisis,” with dire repercussions for mns of people all over the world. To fulfill emissions-slashing promises and preserve any hope of sticking to the 1.5°C target — which Kerry maintained the US is committed to — money is essential, he added. The story is being widely picked up: Reuters | Wall Street Journal | CNBC
SIGN OF THE TIMES- Is the generational gap around sustainability closing? While past studies have centered around younger generations of investors being more concerned about sustainability and climate change when it comes to making investment decisions, a recent Investcorp survey has proven otherwise. The survey polled global institutional investors and found that both senior and junior investment professionals use concerns about the future of the planet when making investment decisions. The survey found that renewables, energy security, and EV and battery storage ranked high as top trends in investment for both junior and senior investment professionals.
WATCH THIS SPACE #1– Kuwait’s renewable energy ministry is getting a makeover: The Kuwaiti cabinet has approved a plan to transform the Electricity, Water, and Renewable Energy Ministry into an institution with the authority to establish government affiliated companies within the sectors, Times of Kuwait reports. The study still needs another round of approvals required by the country’s Central Agency for Public Tenders for the inclusion of third party foreign consultants to conduct feasibility studies.
WATCH THIS SPACE #2- Renewables drive FDI surge in KSA: Saudi Arabia is expected to surpass the UAE in the amount of FDI this year for the first time since 2012, Arab News reports. Megaprojects like NEOM and others in the renewables sector are a key driver. KSA’s top seven infrastructure projects — which also include sustainability initiatives like the Red Sea Project and Diriyah Gate — will collectively cost USD 690 bn to construct, the outlet added.
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CIRCLE YOUR CALENDAR-
Bahrain will host the Energy & Sustainability Forum from next Sunday, 22 January to Tuesday, 24 January in Manama. The forum will host panel discussions on how to decarbonize the downstream industry and how to pave the way for regional net zero objectives.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.