TODAY: Tunisia is getting a new 75 MW wind farm
Good morning, wonderful people. We have a deluge of regional updates across all sectors to kick off the week, so there’s no time to waste: Unleash the news.
But first, a quick programming note: Due to Egypt bringing back Daylight Savings Time (DST) after a lengthy hiatus, Enterprise Climate will now be landing in Egypt-based inboxes at 5am CLT. Countries in our region who (thankfully) don’t have DST will remain unaffected.
THE BIG CLIMATE STORY- Saudi investment group Swicorp and Spanish infrastructure group Acciona signed the technical and financial offer and lease commitment to build a 75 MW wind farm in Tunisia and Saudi-based recycling company Tadweeer has expanded its recycling production lines to include an iron production facility.
^^ We have the details on these stories and more in the news well, below.
A SOUNDBITE FOR THE AGES- US Republican Senator Ron Johnson praised the “beneficial” side of climate change during a Senate Budget Committee hearing last week, Newsweek reported. He argued that Americans should “take comfort” in climate change, citing part of a 2022 study that predicts an increase in deaths globally due to the economic impacts of climate change. “In terms of excess deaths, a warming globe’s actually beneficial,” he said while addressing the author of the study during the Senate hearing. “In my own state, your study shows that we would have a reduction in mortality of somewhere between 54 and 56 people per, I guess, it’s 100k. Why wouldn't we take comfort in that?”
Missing the point: Michael Greenstone, the study’s author, responded by saying that the senator was “misreading” the study, explaining that “the effects of climate change are going to be very unequal” and that “there's large swatches of the country where the damages will be much larger.”
OVER IN COPLAND- Stakeholders should work together “to ignite a transformational COP28 agenda that is pro-growth, pro-climate, and leaves no one behind,” COP28 President-designate Sultan Al Jaber said in statements picked up by Wam. He said that the summit will work with stakeholders to advance a business-oriented approach that strikes a balance between climate action and sustainable economic and social development. Al Jaber made the statements at a meeting with Sheikh Abdullah bin Zayed, the head of the COP28 Higher Committee that is tasked with preparations for the November summit.
Al is central to mitigating climate change: Artificial intelligence will have a key role in channeling global potential for advancing climate progress, Al Jaber said during a visit to the Mohamed bin Zayed University of Artificial Intelligence, according to Wam. “Technologies being developed today have the potential to increase energy efficiency, reduce emissions, and ensure that economic growth and climate progress go hand-in-hand while advances in technologies like artificial intelligence, analytics and robotics will enable us to better decarbonize high emitting sectors, and measure and reduce energy consumption and emissions,” he said.
WATCH THIS SPACE #1- The first COP27 transitional committee workshop wraps: The first two-day COP27 transitional committee workshop addressing climate-driven loss and damage impacts concluded in Germany yesterday, bringing together panelists from the World Meteorological Organization, the United Nations Development Programme, the United Nations Convention to Combat Desertification, the International Panel on Climate Change, the Caribbean Climate Risk Ins. Facility, the UNHCR, and the African Risk Capacity to discuss the shortcomings of institutions tasked with offering support to address extreme weather and slow onset events and discuss pathways to upping funding capacity for climate-induced loss and damage. The second day of the event saw panelists and speakers provide insights from the UNFCC’s existing work, with a spotlight on the current funding landscape for financing, and highlight innovative financial instruments going forward. You can watch the first day here (watch, runtime: 8:49:40) and the second day here (watch, runtime: 8:40:00).
WATCH THIS SPACE #2- Zero flare projects have helped Egypt save EGP 2.8 bn annually, Oil Minister Tarek El Molla said in a statement released on Saturday. He said 12 projects run by companies fully or partially owned by the government helped in lowering carbon emissions resulting from gas flaring and saving volumes of natural gas for reuse in other fields and activities, he said. Five other gas flaring projects are underway, the statement added, with others to follow.
WATCH THIS SPACE #3- EU carbon prices set for a boost after ETS reforms: A Reuters poll of seven analysts released on Friday sees the average price for EU carbon permits over the next three years rising on the back of the European nations’ approval of reforms overhauling the bloc’s Emissions Trading System. Analysts predict EU allowances will average EUR 86.17 per ton in 2023 (a 5.9% upwards revision from January forecasts) and EUR 96.19 in 2024 (up 2.2% from January predictions). Prices will average EUR 104.84 per ton in 2025, the analysts expect. The forecasts come days after EU countries gave the final approval to EU carbon market reforms aimed at making it costlier for industries to pollute and slashing carbon dioxide emissions. The new climate policy cracks down on European countries’ access to gratis CO2 permits by 2034 and adds shipping emissions to the carbon market starting 2024. It also includes a plan to phase in a levy on the import of high polluting goods including steel, cement, aluminum, fertilizers, electricity, and hydrogen by 2026.
WATCH THIS SPACE #4- Another climate finance advocacy campaign? France, Spain, Barbados, and Sierra Leone are backing a new coalition seeking more climate funds to help poor and vulnerable countries fight climate change, Reuters reported on Thursday. Led by Australia-based nonprofit group Global Citizen, the Power Our Planet campaign demands “nothing short of global systemic change to advance the mission to tackle climate change and end extreme poverty.” Co-chaired by Barbados Prime Minister Mia Mottley, the campaign will call on the world’s wealthiest countries to honor USD 16 bn in climate finance that was due in 2020 as part of the USD 100 bn climate finance pledge annually for vulnerable countries. The campaign will be promoted during the G7 summit this month, the New Financing Pact Summit in Paris in June, the G20 and UNGA in September, and COP28 in November, according to Global Citizen.
WATCH THIS SPACE #5- An international H2 trade body could be forming: Panama plans to launch an intergovernmental organization to open the door for global trade in renewable hydrogen and its derivatives, the country’s Energy Undersecretary Rosilena Lindo told Argus last week. She said her country’s plans for the Hydrogen International Trade Organization will be announced during COP28 later this year, adding that she has held informal talks with “more than 16 countries” on the proposal and “everybody is on board.” Panama wants to have at least 10 countries ratify and approve a treaty outlining the organization’s goals within a year of its launch, she added. The countries Panama is courting to join the body have not been disclosed.
Could the MENA region be tapped to join? MENA is emerging as a potential green hydrogen hub, with Morocco, Egypt, KSA, and Oman having the most advanced hydrogen strategies, according to an Irena report (pdf) last year. Morocco and KSA are among five countries best placed to become major clean hydrogen producers by 2050, Irena notes. Egypt is also a potential hub with the capacity to produce 20 mn tons of green hydrogen per year, with 12.5 mn tons earmarked for export, according to a recent report (pdf) supported by the European Investment Bank.
WATCH THIS SPACE #6- Some 65% of carbon emissions reduction in the aviation industry will come from the switch to sustainable fuels, according to a statement from the International Air Transport Association. Production of those fuels, however, remains low, Brendan Sullivan, IATA’s Global head of Cargo said, adding that the right set of incentives could help production reach 30 bn liters by 2030 — which would be seen as a tipping point towards the net zero goal. (Arab News | MENA FN)
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The Enterprise Exports & FDI Forum, our latest industry-specific conference, is taking place on Monday, 15 May. The Enterprise Exports & FDI Forum will give insiders and newcomers alike the chance to talk about how to develop an export-centered business and how their companies can help Egypt build an export-led economy that makes us a magnet for foreign direct investment (FDI).
Why exports & FDI? In the wake of successive floats of EGP, exports and FDI have never been more important to our economy — or our businesses. We’re gathering some of the CEOs, top execs from local companies and multinationals, investors, bankers and finance folks to speak on how businesses can adapt their strategies to be export-oriented and what Egypt as a country can do to draw foreign investment and much-needed FX. Expect it to be heavy on lessons learned in Egypt and other global growth markets — and lots of success stories. You can learn more on our conference website here.
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CIRCLE YOUR CALENDAR-
Turkey is hosting the International 100% Renewable Energy Conference this Thursday, 4 May to Saturday, 6 May in Istanbul. The event will bring together experts to discuss the integration of renewables, renewable energy technologies and applications, and the Roadmap to 2050.
The UAE is hosting the Global Green Future Fuel conference from next Monday, 8 May to Wednesday, 10 May in Dubai. The green energy-focused business event brings together policymakers, renewable energy generators, project developers, and chemical and mobility industry representatives to define a new energy future shaped by hydrogen.
Egypt is hosting The Solar Show MENA next Tuesday, 9 May and Wednesday, 10 May in Cairo. The conference brings together policymakers, financiers, and others to develop and futureproof the region’s energy sector as one of the emerging players in developing clean energy solutions and energy infrastructure.
The UAE is hosting The Airport Show on Tuesday, 9 May to Thursday, 11 May in Dubai. The forum’s 22nd edition will bring together over 200 aviation companies and more than 100 buyers from 23 countries. It will shed light on leading innovations in airport sustainability, digitalization, and urban air mobility to facilitate the industry’s path towards sustainable and collaborative airport infrastructure development and operational transformations.
The UAE is hosting the UAE Climate Tech forum on Wednesday, 10 May and Thursday, 11 May in Abu Dhabi. The event will gather over 1k policymakers, CEOs, experts, and investors to discuss collaboration on innovative technologies and economic opportunities in advancing decarbonization across all sectors.
The first MENA Solar Conference is accepting applications from published researchers specialized in PV technology until next 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.