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Wednesday, 21 June 2023

TODAY: UAE’s Taqa acquires water solutions firm SWS Holding for USD 463 mn + CYVN Holdings invests USD 739 mn in Chinese EV maker Nio

Good morning, lovely people. We have an M&A and EV heavy issue for you this morning as we slide into the weekend.

THE BIG CLIMATE STORIES- The Abu Dhabi National Energy Company will acquire water solutions firm Sustainable Water Solutions Holding Company for AED 1.7 bn (USD 463 mn) and Abu Dhabi-backed investment firm CYVN Holdings is investing USD 738.5 mn in Chinese electric vehicle automaker Nio.

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

THE BIG CLIMATE STORY OUTSIDE THE REGION- There’s no single climate story dominating international headlines this morning, but the Summit for a New Global Financial Pact, which is kicking off today in Paris and concluding tomorrow, is getting attention. The two-day summit will bring together heads of states and heads of multilateral development banks, international organizations, the private sector, and international NGOs to shape a new finance “toolbox” and “pave the way towards a more balanced financial partnership between the north and south.” It will also see new agreements in a bid to relieve debt distress and allow countries to access additional financing to invest in sustainable development and slash emissions.

What we can expect to see from the talks: US President Joe Biden and 11 other heads of state urged in a statement published in France’s Le Monde yesterday the necessity of a “just and inclusive” transition aimed at backing the most vulnerable nations to tackle development obligations and fight against climate change and poverty. US Treasury Secretary Janet Yellen is also taking part in the summit, where she is expected to “rally world leaders to take concrete actions to partner with developing and emerging economies … to address challenges that threaten all of us, like climate change, pandemics, and fragility”, Reuters reported, citing a senior Treasury Department official.

PSA- It’s time to stop playing with the AC remote: The UAE’s Emirates Central Cooling Systems Corporation (Empower) began its annual “Set and Save 24°C” summer campaign to curb energy consumption, it said in a disclosure (pdf). The campaign encourages customers to control their district cooling consumption by setting the air conditioner thermostat at 24°C on auto mode, which results in lower bills and lower energy consumption.


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OVER AT COPLAND- COP28’s Al Jaber wants more tapping into Africa’s renewables potential: COP28 President-Designate Sultan Al Jaber stressed the importance of making climate finance more accessible to allow countries in Africa to realize their renewables potential, Wam reports. During a meeting with Kenya’s President William Ruto on the sidelines of the Africa Energy Forum in Nairobi, Al Jaber agreed on having COP28 and Kenya work together to advocate for tripling the installed renewable energy capacity by 2030. They will also work on policy and scaling finance. A joint working group was also launched through the Africa Climate Summit and COP28 to shed light on a fair energy transition and tapping climate finance to boost green growth in the continent. Clean energy investments account for only 2% of global investments and less than 10% of the USD 120 bn “baseline requirement” needed annually, Al Jaber said.

WATCH THIS SPACE #1- The Indians want to invest big in Egypt: Egypt’s Suez Canal Economic Zone (SCZone) head Walid Gamal El Din held extensive talks with leading Indian corporations operating in renewable energy and electric motorcycles about making investments in the country, according to a statement. Gamal El Din met with representatives from Ocior Energy, which signed a framework agreement in December to develop green hydrogen and green ammonia facilities in the SCZone. Ocior Energy CEO Ranjit Gupta expressed his company’s desire to establish the project in line with the world’s shift to a green economy.

More coming? Indian two-wheeler maker Hero MotoCorp expressed interest in expanding its activities in the SCZone through investments and setting up projects to manufacture electric motorcycles to meet local demand, the statement added. It plans to export some of its output from the zone to African and European markets. The delegation also held talks with representatives from Ador Power to discuss investments by the company in manufacturing electrolyzers and electric vehicle charging station equipment.

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Thailand will host the second workshop on addressing loss and damage from 15-16 July in Bangkok. The workshop will see discussions on pathways to increasing funding for climate-induced loss and damage. The workshop is being held in preparation for the third meeting of the COP27 Transitional Committee in August. The committee is tasked with operationalizing the Loss and Damage Fund, to be approved during the fourth transitional meeting in October.

Check out our full calendar on the web for a comprehensive listing of upcoming news events and news triggers.

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