TODAY: Four green bonds worth USD 2.2 bn hit the Nasdaq Dubai
Good morning, ladies and gents. Regional climate news continues to crawl at a snail’s pace, but we have a few updates on green finance and decarbonization efforts in the GCC.
THE BIG CLIMATE STORY- The Industrial and Commercial Bank of China listed four green bonds worth USD 2.2 bn on Nasdaq Dubai yesterday, saying proceeds from the bonds will be used for green financing in different jurisdictions and operations without disclosing any more detail. We have more details in the news well, below.
THE BIG CLIMATE STORY OUTSIDE THE REGION- Germany may not back the EU’s plan to ban the combustion engine by 2035, the country’s transport minister said yesterday, urging the bloc to take a more flexible approach that would not see an outright prohibition of fuel-powered cars. (AP | Reuters | Bloomberg)
ICYMI- Egypt’s long-awaited hydrogen strategy — which has been in the works since 2021 — is set to be released within weeks, leading Enterprise to ask private-sector players and industry experts what they hope to see as they plan to establish green hydrogen plants in the local market.
WATCH THIS SPACE #1- Banks need to show renewable projects a bit more love: Global banking needs to invest USD 4 to every USD 1 invested in fossil fuels by 2030 to limit global warming in a 1.5°C scenario, Reuters reports, citing BloombergNEF research. Energy analysts found that banks gave 81 cents in financing support to low carbon energy projects for every USD they provided to fossil fuels in 2021. Financing totalled USD 1.9 tn in 2021, with nearly USD 1 tn being allocated to fossil fuels and just USD 842 bn going to low carbon energy projects and companies, according to the report. The findings are based on compiled data from over 1.1k banks.
Global investments in energy transition technologies reached USD 1.3 tn in 2022, according to a recent report (pdf) by the International Renewable Energy Agency. Despite renewable investments increasing by 16% in 2022, the report stressed that the current pace is not sufficient, with annual investments needing to at least quadruple to stay on track with meeting global climate goals. The increased renewables funding will have to be coupled with divestment of USD 0.7 tn per year globally from fossil fuels to renewable technologies to achieve an energy transition in line with the 1.5°C scenario, the report concludes.
WATCH THIS SPACE #2- Japan is gearing up to champion natgas and LNG alongside renewables during its presidency of the G7, Reuters reports. Investments in natural gas and LNG are also on top of the meeting agenda as Japan scrambles to reduce its reliance on Russian gas. Investments in hydrogen and ammonia will also be on the agenda as the country looks forward to a green transition. The country will hold a ministerial meeting on climate, energy and environment in Sapporo on 15 April ahead of the main G7 summit in Hiroshima on 19 May.
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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.
Oman will host Oman Sustainability Week from March 12 to March 16 in Muscat. The event aims to create discourse amongst leaders to drive change, and movement within businesses and communities towards adopting a sustainable lifestyle.
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.