Good morning, friends, and welcome to Enterprise Climate’s 100th issue. We hope you’ve enjoyed reading our regional round-up of all things climate industry-related and beyond. It’s been a pleasure so far and we look forward to continuing for years to come.

THE BIG CLIMATE STORY- The US Export-Import Bank could provide Oman with USD 500 mn in financing to purchase a range of US goods and services including in the renewable energy sector under an MoU signed on Thursday. We have chapter and verse on this story and more in the news well below.

THE BIG CLIMATE STORY OUTSIDE THE REGION-

US President Joe Biden’s nomination of ex-Mastercard CEO Ajay Banga as World Bank’s president last Thursday was welcomed with positive fanfare at the G20 meeting over the weekend. Banga will be left to navigate an overhaul of the World Bank’s approach to climate financing and lending priorities after outgoing president David Malpass was criticized for being too ineffectual in financing climate initiatives and for the bank’s continued support for fossil fuel projects. Banga secured a round of endorsements from the world’s top finance leaders on Friday in India, leaving his confirmation in May all but assured. Member countries will have until March 29 to submit their nominations for alternative candidates and the World Bank’s board will announce a choice by early May.

The story attracted widespread coverage in the international press over the weekend: AP | Reuters | Bloomberg | Financial Times | Wall Street Journal | New York Times | Washington Post.

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HAPPENING TODAY- The Annual Gulf Ins. Forum kicks off 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.

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WATCH THIS SPACE #1- Scatec becomes the latest to propose an Egypt-Europe electricity link: The CEO of Norwegian renewable energy developer Scatec proposed a new electricity interconnection project between Egypt and Europe in a meeting with Egyptian Prime Minister Moustafa Madbouly last week, according to a cabinet statement. The project would be backed by the Norwegian government, and would export power generated by renewable energy to Europe via a 3-GW link, according to the plan put forward by CEO Terje Pilskog.

Renewables on the agenda: The Norwegian company plans to sign a joint development agreement for a USD 5.5 bn green ammonia plant in Ain Sokhna with Egyptian Petrochemicals Holding Company (ECHEM) and state fertilizer company Mopco, the statement said, without disclosing a timeline or details on the planned facility.

WATCH THIS SPACE #2- Algeria earmarks USD bns for its green hydrogen sector: Algeria will allocate between USD 20-25 bn to boost its green hydrogen production capacity, Director of Economic Studies at Algeria’s Energy Ministry Miloud Medjelled said in an interview with Algerian Radio (watch, runtime: 17:07). Medjelled did not disclose the time frame of the country’s investment plan. Algeria signed an agreement with German gas firm VNG AG to co-develop a 50 MW solar-powered green hydrogen facility in the country last December and has a target to generate 15 GW from solar power projects by 2035, Medjelled added.

WATCH THIS SPACE #3- The EIB is seeking investors to fund Morocco’s green hydrogen projects: The European Investment Bank (EIB) is in talks with several private sector investors and the Moroccan Agency for Sustainable Energy (Masen) to explore investment opportunities in the country’s green fuel sector, EIB’s Director Lionel Rapaille told Asharq Business. The bank aims to get new green hydrogen production projects off the ground by 2025, though Rapaille notes that the country needs to attract “mns of EUR” in investments to realize that goal.

WATCH THIS SPACE #4- India’s Tata Motors wants Gulf investment for its EV unit: Indian automaker Tata Motors is in discussions with Gulf sovereign wealth funds and investors — including Saudi Arabia’s PIF, the Abu Dhabi Investment Authority, and the Mubadala Investment Company — to raise up to USD 1 bn through the sale of a “significant” minority stake in its EV business, Reuters reports, citing a report by The Economic Times. The company is also reportedly in talks with Singapore’s Temasek Holdings, KKR and General Atlantic. The majority of the proceeds will be used to pay off some of the company’s debt, while a small portion will be “infused” as primary equity in its EV unit, Reuters wrote, adding that the company is eyeing a valuation of about USD 10.5 bn.

Background: The company raised USD 1 bn for its EV arm from Abu Dhabi’s state holding company ADQ and US-based private equity firm TPG at a USD 9.1 bn valuation in 2021, and plans to invest USD 2 bn to advance its EV unit by 2026.

ICYMI- COP28 President Sultan Al Jaber said the UAE will explore “all opportunities” to partner with India to help develop the country’s low carbon infrastructure last week, pointing to India’s goal of bringing 500 GW of renewable energy online within the next seven years as “a powerful statement of intent.”

WATCH THIS SPACE #5- Qatar’s Qafco eyes blue ammonia production: The Qatar Chemical Fertilizer Company (Qafco) will begin producing blue ammonia by the end of 1Q of 2026, company COO Ahmed Rahimi told Asharq Business last week. The investment allocated to the project amounts to USD 1 bn, Rahimi added.

Qafco is the largest integrated producer of ammonia and urea in the world: The company produces 4 mn tons of ammonia and 6 mn tons of urea per year.

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COME TO OUR NEXT ENTERPRISE FORUM-

We are delighted to share with you that the Enterprise Exports & FDI Forum will be taking place on 15 May at the Four Seasons Hotel at Nile Plaza in Cairo.

DO YOU WANT TO ATTEND? The first wave of invites is going out soon. If you’re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please click here to request a spot at this exclusive event.

What’s the Enterprise Exports & FDI Forum? It is the latest in our series of must-attend, invitation-only gatherings for C-suite-level business leaders. The Enterprise Exports & FDI Forum will discuss the critical topics of exports and foreign direct investment (FDI) in Egypt.

We will be taking an in-depth look into some of the most vital industry topics, including:

• How to effectively break into new export markets
• How to leverage domestic trends in order to create export opportunities
• What foreign investors are looking for
• What the government’s role should be

Why now? Exports and foreign direct investment (FDI) have never been more important to Egypt’s economy — or businesses — than in the wake of the float of the EGP. We think we have a once-in-a-lifetime chance to build an export-led economy that makes Egypt a magnet for FDI, and all the benefits that will come with it.

Think of the Enterprise Exports & FDI Forum as a hands-on lab for how to turn the devaluation of the EGP into something that will turbocharge your company and our economy.

Who’s on board? Some of the biggest names in business and finance are on board — are you? If you’d like to partner with us on the conference, ping a note to Moustafa Taalab, our head of commercial, here.

CIRCLE YOUR CALENDAR-

Egypt will host the CSR Forum from Thursday, 2 March to Sunday, 5 March in 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 Wednesday, 8 March to Thursday, 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 awardwinners 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.