TODAY: Tadweer signs partnership agreement on waste management with France’s Sulo
Good morning, lovely people, it’s a light issue on the regional climate news front but there’s quite a few international updates to catch up on. Let’s dive in.
THE BIG CLIMATE STORY- Regional news is at a standstill this morning, but one blip on the radar comes out of UAE where Abu Dhabi Waste Management Company (Tadweer) signed a partnership agreement with France’s Sulo to establish an integrated waste management network in Abu Dhabi. We have all the details in the news well, below.
THE BIG CLIMATE STORY OUTSIDE THE REGION- Climate activist Greta Thunberg is making headlines again after blocking the doors to Norway’s energy ministry, accusing the country of “green colonialism” over plans for a mega wind farm built on indigenous lands. Thunberg and dozens of climate activists from Norway’s Sami community staged a protest in front of Norway’s energy ministry in Oslo yesterday, demonstrating against plans to construct the 1 GW wind project. (AFP | Reuters | Financial Times | Washington Post)
HAPPENING TODAY- The Sustainable Aviation Futures MENA Congress is taking place today in Dubai. The event will bring together some 40 speakers from a range of organizations including airlines, aviation authorities, clean energy startups and banks. Panels will discuss regional airline sustainability strategies, prospects for commercial collaboration, and aviation-focused decarbonization incentives.
WATCH THIS SPACE #1: France is eyeing a pro-nuclear EU alliance: France will attempt to rally support for the inclusion of nuclear power as a low carbon energy source in EU policies in a meeting with 12 other EU countries today, ahead of further EU negotiations, Reuters reports. The meeting will take place on the sidelines of an EU ministerial gathering in Stockholm, where French energy minister Agnes Pannier-Runache is set to make the case once again for nuclear energy to be counted towards the EU’s energy security and clean power generational targets, the news outlet notes.
EU countries remain divided on the role of nuclear energy: 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 last week.
WATCH THIS SPACE #2- The EU is shifting its worries away from US climate subsidies…: Recent assessments ranking EU incentives for clean energy production as equal to or even exceeding benefits from US President Joe Biden’s Inflation Reduction Act (IRA) are assuaging Europe’s anger over the landmark climate bill — which has been the source of heated debate in recent months — Bloomberg reported earlier this week. The IRA’s offering of roughly USD 369 bn in subsidies for clean energy programs in the coming decade had prompted several EU leaders to accuse the US of trying to lure green investment away from Europe. The amount of funding for climate-friendly initiatives put forward by the EU “is at least comparable to the amount of money that the Americans are putting on the table,” EU climate policy chief Frans Timmermans said recently.
…and onto China: Heavy reliance in Europe on Chinese imports for renewables production — including solar panels and batteries — still leaves the bloc vulnerable, while the US is more likely to create its own domestic supply chain, Bloomberg quotes Bruegel think tank representative Alicia Garcia-Herrero as saying. Europe should look at closer collaboration with the US to help mitigate this risk, Garcia-Herrero added.
WATCH THIS SPACE #3- There’s a new ESG bond in town, says the World Bank, and it’s “immune” to greenwashing: The World Bank has raised USD 50 mn through an outcome-based bond linked to voluntary carbon credits — a structure it terms “immune from any greenwashing concern,” Bloomberg reported last week. The five-year bond is set to offer a return some 100 bps above what a typical World Bank bond would offer, and will be used to fund a project to manufacture 300k water purifiers in Vietnam to reduce emissions associated with burning wood to boil (and purify) water.
How does it work? Instead of regular coupon payments, investors will receive semi-annual coupons linked to verified carbon units generated through the project. “We’re completely transparent where the foregone coupon is going, what the risk is and what the outcome measurement metric is,” a World Bank representative said. Normal green bonds, on the other hand, would enable issuers to allocate proceeds to multiple projects.
The new structure will help finance projects that wouldn’t normally attract bond market funding, Bloomberg quotes a World Bank representative as saying, adding that large global asset managers are already showing interest in the new structure. The World Bank is already planning at least one other issuance of the same type this year — possibly of a larger size, Bloomberg added.
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THE DANGER ZONE- Falling wind speeds could require a rethink in renewables infrastructure strategy: Climate change could be causing a notable reduction in annual average wind speeds — which could be on track to fall by up to 10% by 2100, according to the Intergovernmental Panel on Climate Change, the Financial Times noted in a recent video (watch, runtime: 03:00). This could prompt the need for a rethink of renewables infrastructure planning to prevent existing or planned wind power resources from becoming stranded assets.
What’s happening, in a nutshell? The larger the temperature difference between the poles and the tropics, the stronger the speed of global winds. The Arctic appears to have warmed faster than the rest of the world since 1979 — and as its temperature difference with the equator has narrowed, wind speeds have fallen, the FT notes. Proposed measures include increased investment in floating wind turbines — which can be anchored in deep sea waters, where wind is stronger.
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.