TODAY: KSA’s Acwa Power secures land for its 10 GW wind farm in Sohag.
Good morning, friends. It’s another busy morning of climate news across the region, with the news cycle showing no sign of slowing down.
BESIDES ALL THE NEWS, one of this morning’s must-reads is our explainer on El Niño and what the extreme weather pattern means for our neck of the woods.
THE BIG CLIMATE STORY- Renewables giant Acwa Power inked an agreement with Egypt’s New and Renewable Energy Authority to allocate 3k sqm of land in Sohag for its 10 GW wind project.
^^ We have more details on this story and much more in the news well, below.
HAPPENING TODAY- Egypt is kicking off the Egypt Mining Forum today in Cairo. The event — organized by the country’s Oil Ministry — will gather regional players as well as global mining firms in a bid to attract regional and foreign direct investments in the country’s mining industry.
THE BIG CLIMATE STORY OUTSIDE THE REGION- Another week, another scorching heatwave: The world continues to reel from extreme high temperatures engulfing the Mediterranean, with scientists indicating that the 1.5°C global warming threshold is moving beyond reach. As a heatwave persists in North Africa, temperatures in Europe are expected to come close to or even surpass the continent’s record high temperature of 48.8°C recorded in 2021, the European Space Agency has warned. Italy, Spain and Greece have been hit with soaring temperatures for days, while a Chinese township in the northwest recorded temperatures of over 52°C as a record heatwave persists in the coming days.
Extreme weather will continue to rewrite records in the coming days: The World Meteorological Organization (WMO) has warned that soaring temperatures affecting the Mediterranean would intensify on Wednesday and would continue in some regions in Europe next month. “A further continuation into August is likely,” WMO said, stressing the necessity of climate action.
The persisting heatwave grabbed headlines all over the international press: Reuters | Bloomberg | The Associated Press | CNN | BBC | The Guardian
MARK YOUR CALENDARS- The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo. This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.
Day one is our Banking Forum, where we’ll dive deep into topics of interest to commercial and investment bankers, from an outlook on the 12 months to come in M&A, IPO, and debt capital markets to the national, regional, and global trends that are (re)shaping our industry.
Day two is all about Fintech and Non-Banking Financial Services. We’ll take a deep dive into everything from the magic of client acquisition to the prospects of consolidation and the coming of challenger banks.
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STAY TUNED for more detail about our agenda in the weeks to come.
DID YOU MISS THE ENTERPRISE EXPORTS AND FDI FORUM? Tune in to the Enterprise Podcast and listen for yourself: The Enterprise Podcast is back with another installment of our forum series, where we bring you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum, which took place in May.
WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast | Anghami. We release a new episode every Sunday morning.
WATCH THIS SPACE- Tunisia secures EU financing for its green transition: The EU signed a preliminary economic cooperation agreement with Tunisia to offer “budget support” for the country’s green energy transition, according to a statement. While the value of the financial support to Tunisia is yet to be announced, EU Commission President Ursula von der Leyen said in June that the Commission was considering up to EUR 900 mn in macro-financial aid, plus “up to EUR 150 mn in budget support” directly, according to Politico. The agreement is yet to be ratified by the European Commission, which is scheduled to happen before the end of this year, according to Tunis Africa Press Agency.
Tunisia has been on a fundraising spree: The USAID-backed Tunisian Private Sector Energy Transition Support Program (Power Tunisia) signed an agreement last week to offer subsidies and technical assistance to private companies in the country to help back their green transition. Last month, the World Bank Group signed off on a USD 268.4 mn loan to help Tunisia finance its planned electrical interconnection project with Italy, and a EUR 113.6 mn loan agreement to back the country’s Sanitation Public-Private Partnership (PPP) Support project. The Global Environment Fund is also providing Tunisia with USD 13 mn to increase the country’s EV charging points.
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CIRCLE YOUR CALENDAR-
The UAE will host the International Conference on Solar Power Technology from Saturday, 22 July to Sunday, 23 July in Dubai. The conference will bring together industry leaders as well as academics and researchers to discuss trends and innovations in the solar energy production sector.
The UK will host the London Hydrogen-Africa Green H2 Investment Forum from Tuesday, 25 July to Wednesday 26 July in London. The event will gather green hydrogen developers, investors, and policy makers to discuss challenges, regulatory frameworks, and investments in Africa’s green hydrogen market.
Check out our full calendar on the web for a comprehensive listing of upcoming news events and news triggers.