Good morning, ladies and gents. The weekend is on the horizon and climate news from the region seems to be picking up.

THE BIG CLIMATE STORY- British EV charging outfit EO Charging has received financial backing from EFG Hermes’ clean energy investment platform Vortex Energy and London-based private equity and infrastructure fund manager Zouk Capital which together have made an USD 80 mn equity investment in the company. We have chapter and verse on this story and more in the news well below.

THE BIG CLIMATE STORY OUTSIDE THE REGION-

Fossil fuel companies aren’t doing enough to curb methane emissions, which last year hit the highest levels this decade despite pledges to reduce flaring and other leakages, the International Energy Agency (IEA) said in a report yesterday. The world’s energy industry released nearly 135 mn tons of methane last year, surpassing levels in 2020 and 2021 and just below the record set in 2019, according to IEA data.

No excuse: While some progress has been made, “emissions are still far too high and not falling fast enough – especially as methane cuts are among the cheapest options to limit near-term global warming, IEA Executive Director Fatih Birol said in a statement. “There is just no excuse.”

There’s a cheap and easy fix: The IEA estimates that the global oil and gas industry could reduce emissions by 75% if it invests less than 3% of the USD 4 tn windfall gains it raked in last year on the back of soaring energy prices.

The story is getting coverage in the international press: Reuters | AP | Bloomberg | Financial Times.

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HAPPENING TODAY- The World Sustainable Development Summit kicks off in New Delhi. The event will bring together political figures, policy experts and NGOs to discuss sustainable finance, the green energy transition, and accelerating climate policies. You can find more details on the agenda here.

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WATCH THIS SPACE #1- Japanese delegation set to visit Egypt to scope out green investment opportunities: A delegation from the Japan Overseas Infrastructure Investment Corporation (JOIN) will soon visit Egypt’s Suez Canal Economic Zone (SCZone) to explore potential investments, according to a cabinet statement. SCZone Chairman Walid Gamal El Din met more than 100 companies and financial institutions during a visit to Tokyo last week to drum up interest in Egypt, and told Prime Minister Moustafa Madbouly earlier this week that Japanese companies are mainly interested in planned green energy projects in the zone.

WATCH THIS SPACE #2- EU countries remain divided on the role of nuclear energy in slashing emissions: Debate over whether nuclear-derived hydrogen should be allowed to count towards the EU’s renewable energy generation targets has delayed the finalizing of a text outlining the EU’s diplomatic priorities ahead of COP28 — which was supposed to be agreed on by member countries on Monday, Reuters reports.

The main sticking point? Whether the text should promote low-carbon hydrogen — including nuclear-derived hydrogen — or only hydrogen produced by renewables. This comes after months of debate between pro-nuclear countries and others seeking to exclude nuclear-based fuels from EU renewables targets.

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SIGN OF THE TIMES – The price of EU carbon credits has hit a record high: The cost of polluting in the EU reached a milestone on Tuesday when the benchmark EU Allowance (EUA) contract broke a high of EUR 101 per ton, Reuters reports. EUAs incentivize manufacturers, power companies and airlines to invest in low carbon tech and switch to renewables by making them pay for each ton of carbon emissions. The historic trading value of EU carbon permits comes ahead of a deadline in April stipulating EU-based companies secure enough emissions allowances to offset their greenhouse gas production volumes in 2022.

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COME TO OUR NEXT ENTERPRISE FORUM-

We’re excited to unveil our next C-level event in Cairo: The Enterprise Exports & FDI Forum, where we will take a deep dive into two of the most critical topics affecting our community.

Interested to learn more about how Egypt is planning on drumming up foreign direct investment (FDI) for all these green hydrogen, solar and wind agreements? Exports and FDI have never been more important to Egypt’s economy — or its businesses — than in the wake of the float of the EGP and the country’s positioning as a regional renewable energy hub. We think there’s a unique chance to build an export-led economy that makes Egypt a magnet for FDI and all the benefits that will come with it.

Want to join the conversation? Drop us a line on events@enterprisemea.com.

CIRCLE YOUR CALENDAR-

The UAE will host the Annual Gulf Ins. Forum from Monday, 27 February to Tuesday, 28 February in Dubai. The event will host panel discussions on sustainable ins. for ESG, the role of Gulf ins. companies in securing renewables, the future of ins. for Autonomous Vehicles (AVs), ins. solutions to address climate change and environmental pollution, and the banking sector’s experience in issuing green and sustainability bonds. You can register for the event here.

Qatar will host the International Conference on Climate Change and Human Rights from Tuesday, 21 February to Wednesday, 22 February in Doha. The conference will gather over 300 participants from governments, think tanks, universities, and human rights institutions to discuss and present climate mitigation and adaptation policies from a human rights perspective.

Egypt will host the CSR Forum from 2-5 March at Somabay, Hurghada. The event aims to further discussions put forth during COP27 and boost private and public sector cooperation on climate action. You can register for the event here.

Qatar will host the Earthna Summit from 8-9 March in Doha. The event will bring together industry leaders and policymakers to explore tailored solutions for the energy transition in hot climates. You can register for the event here.

The Arabia CSR Awards is accepting applications until Friday, 30 June. The award winners will be announced during a ceremony on Wednesday, 4 October.

The first MENA Solar Conference is accepting applications from published researchers specialized in PV technology until Sunday, 30 April. The Dubai Electricity and Water Authority will be hosting the conference from 15 to 18 November, in conjunction with the Water, Energy, Technology, and Environment Exhibition and the Dubai Solar Show 2023. Researchers can submit their papers here.

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