Good morning, wonderful people, and welcome to a busy start to the week. We have a raft of regional updates to get through so let’s dive right in.

THE BIG CLIMATE STORY- Saudi renewable energy giant Acwa Power has signed a USD 2.5 bn power purchase and investment agreement with Uzbekistan's Energy Ministry to develop two solar stations and three storage facilities, and Italian energy giant Eni inked an agreement with UAE’s Adnoc for cooperation for future energy transition projects including green hydrogen and carbon capture.

^^We have chapter and verse on these stories and more in the news well, below.

THE BIG CLIMATE STORY OUTSIDE THE REGION- UN finalizes historic marine conservation agreement: Over 100 countries struck a landmark agreement over the weekend to protect at least 30% of international waters by 2030. The UN High Seas Treaty reportedly took over 36 hours of negotiations before being hammered out on Saturday. Notable sticking points stalling the consensus included a clause on the share of “marine genetic resources,” with negotiators reportedly locking horns on the division of rewards from new marine resources. The treaty — which would provide a framework for the establishment and management of marine protected regions and set out environmental requirements for deep sea exploration — has been under discussion for 15 years, and would build on the UN’s Law of the Sea convention. 11 mn square kilometers of ocean would need to be placed under protection between now and 2030 to realize the treaty’s target, according to Greenpeace.

The story got widespread coverage in the international press: Reuters | Bloomberg | Financial Times | Financial Post | Bloomberg| Washington Post | The New York Times | BBC | AP News | The Guardian

---

WATCH THIS SPACE #1- Denmark discusses renewables investments in Egypt: Egypt’s Planning Minister Hala El Said met with a delegation from Copenhagen Infrastructure Partners (CIF) to discuss joint cooperation on potential investments in Egypt’s green sector, according to a cabinet statement on Saturday. No information was disclosed on which specific projects were discussed. CIF has approximately EUR 20 bn invested in wind and solar energy around the world, according to the statement.

WATCH THIS SPACE #2- Masdar gets its sustainability ducks in a row: UAE renewables giant Masdar’s inaugural Green Finance Framework (GFF) has received a sustainability score of SQS1 — the highest rating — from Moody’s Investors Service ahead of its first planned green bond offering this year, according to a company statement released on Friday. The GFF will act as a reference for any green financial instruments by Masdar to help finance investments for projects locally or abroad, the statement said. It will provide adequate information to allocate the proceeds from the instruments in a way compatible with the highest ESG investors, it added.

WATCH THIS SPACE #3- UK energy giant Shell is reviewing plans to slash its oil output by 1-2% yearly by the end of the decade, Reuters quotes Shell CEO Wael Sawan as telling The Times on Friday. The company notes that it may backtrack on its oil slashing target depending on “right market guidance.”

WATCH THIS SPACE #4- Aramco inches closer to joining new Renault-Geely JV: Saudi energy giant Aramco signed a non-binding letter of intent last week to obtain an undisclosed minority stake in a new Renault-Geely joint venture, according to a joint statement released last week. Aramco was reported in January to be targeting a 20% stake in the Renault-Geely JV, with Renault and Geely retaining 40% each. The new company will produce vehicles with internal combustion engines and hybrid and hybrid plug-in electric vehicles, targeting a combined annual production capacity of 5 mn cars once operational. Aramco’s planned investment in the project was not disclosed in the statement, but the companies noted it would be channeled toward hydrogen and synthetic-fuel-focused research. The venture will have a network of 17 powertrain plants and five research and development centers across three continents, the statement notes.

WATCH THIS SPACE #5- Egypt established a working group tasked with drafting incentives for green hydrogen production, according to a cabinet statement published last week. The group will submit proposals within two weeks, timed with the expected release date for Egypt’s long-awaited hydrogen strategy. Egyptian Prime Minister Moustafa Madbouly stressed that the incentive policies are crucial for activating the preliminary agreements already signed, while also attracting more investments to the nascent sector.

Get Enterprise Climate

***

YOU’RE READING ENTERPRISE CLIMATE, the essential MENA publication for senior execs who care about the world’s most important industry. We’re out Monday through Thursday at 4am Cairo / 5am Riyadh / 6am UAE.

Were you forwarded this email? Get your own subscription without charge here or reach out to us on climate@enterprisemea.com with comments, suggestions and story tips.
***

CLIMATE DIPLOMACY- Egypt and Hungary discussed renewables cooperation: Egypt’s International Cooperation Minister Rania Al Mashat and Hungary’s Foreign Affairs Minister Péter Szijjártó discussed renewable energy and transportation among other areas of cooperation during a meeting last week, according to a cabinet statement. The meeting took place at the Egyptian-Hungarian Business Forum, two days after President Abdel Fattah El Sisi and Hungarian Prime Minister Viktor Orbán focused on boosting economic ties between the two countries — including boosting Hungarian investments in the country, especially in the Suez Canal Economic Zone. Egypt and Hungary signed several agreements to forge closer economic ties at the first meeting in four years of a joint economic committee in Budapest last month.

---

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-

The UAE will host the Middle East Energy exhibition from Tuesday, March 7 to Thursday, March 9 in Dubai. The two-day event will gather regional stakeholders and experts including the International Renewable Energy Agency, Siemens Middle East, energy ministers and climate activists to discuss the energy transition. 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 UAE will host the Arab Aviation Summit from March 14 to March 16 in Ras al Khaimah. The event will bring together global stakeholders to address sustainability in the aviation industry among other topics.

Germany will host The Infrastructure Investor Global Summit from March 20 to March 24 in Berlin. The four-day event will gather industry leaders from the global infrastructure sector to map out a course for the industry to upscale its ESG-focused operations and investments. 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.