TODAY: Masdar eyes a 2 GW renewables expansion into Malaysia
Good morning, wonderful people. We have a relatively brisk issue for you this morning to mark the midpoint of the week, with a couple of key updates on renewables and EVs emerging from the GCC.
THE BIG CLIMATE STORY- UAE renewables giant Masdar has signed an MoU with Malaysia-based investment holding company Citaglobal Berhad to jointly develop 2 GW worth of renewable energy projects in Malaysia.
^^ We have more details on this story 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 at least two people were killed in China's capital Beijing yesterday as the remnants of Typhoon Doksuri flooded the city of nearly 22 mn people. Heavy flooding also hit the neighboring city of Tianjin and the Hebei province, with three of the five rivers that make up the Hai river basin rising to critical levels yesterday. Though downgraded from a typhoon, Doksuri remains one of the strongest storms to hit China in years, with the Beijing observatory maintaining its red alert for heavy rainfall. Tens of thousands of people were evacuated from their homes on the back of the extreme rain.
WATCH THIS SPACE #1- UAE’s Adnoc shaves five years off its net zero plan: The UAE’s state oil giant Abu Dhabi National Oil Co (Adnoc) plans to achieve its net zero ambitions in 2045 instead of an initial plan of 2050, according to a statement. Adnoc also plans to achieve zero methane emissions by 2030. The company allocated USD 15 bn to advance and accelerate low-carbon solutions, new energy investments, and decarbonization technologies earlier this year to help achieve its net zero goals.
WATCH THIS SPACE #2- The Saudis continue to snap up mining projects abroad: Saudi Arabia’s sovereign wealth fund the Public Investment Fund (PIF) is in talks with Canadian miner Barrick to acquire a stake in its Reko Diq copper project in Pakistan, Bloomberg reported earlier this week, citing people with knowledge of the matter. They said having the PIF as an investor would help alleviate the Canadian miner’s funding burden and bring in a partner known to have political influence in the South Asian country.
Big expansion plans: The interest by the Saudis in Pakistan comes as the PIF sealed an agreement last week with Brazilian miner Vale to grab a 10% slice of its base metals unit as it eyes a pivotal role in the global energy transition supply chains. It aims to become a global hub for green metals that are critical for the energy transition under efforts to diversify its economy away from oil. This includes significant amounts of uranium and titanium discovered in the country, according to officials. KSA says it has untapped metals and minerals — including copper, zinc, phosphate, and gold — collectively worth USD 1.3 tn.
THE DANGER ZONE- Heat stress will put a dent in economic growth: Increasing heatwaves across the globe pose a major threat to workers, business productivity, and sustainable economic growth, International Labour Organization occupational heat stress expert Nicolas Maître told UN News. Occupational heat stress happens when it is too hot to work safely or productively, leading to heat exhaustion, heat cramps, or heat stroke, which, in severe cases, can be fatal. When temperatures reach 33-34°C, worker performance can drop up to 50% in physically demanding jobs, Maître said, adding that the agricultural and construction sectors are the most affected.
CIRCLE 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.
TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations soon.
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.
IN THIS WEEK’S EPISODE- We look at whether industrial clusters — which have been used to great effect elsewhere — can be a way for SMEs to be part of a potential export-oriented economy. Our speakers shed light on where industrial zones are working for us already, how Egypt can leverage clusters to get a bigger slice of that cross-border trade, and how industrial clusters can bring together SMEs to work with larger firms. We were joined on that panel by Shady Williams, managing director of IDG, Mohamed ElGebely, team leader at USAID Trade, and Nada El Ahwal, CSO of Transmar.
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Sweden will host World Water Week from Sunday, 20 August to Wednesday, 24 August in Stockholm. Organized by the Stockholm International Water Institute, the event will bring together policy makers, NGOs, and private sector players to discuss innovative solutions to managing water and how to tackle food security, biodiversity, and climate change.
from Monday, 21 August till Tuesday, 22 August in Philadelphia. The waste management conference will gather environmental engineers, and recycling, wastewater treatment, and climate researchers to discuss trends and innovations in plastics recycling, wastewater treatment, and renewable energy. The sustainability and climate change conference will bring together researchers and industry leaders to spotlight innovations in environmental science, climatology, renewable energy, and pollution control.
The Dominican Republic will host the COP27 Transitional Committee from Tuesday, 29 August to Friday, 1 September. The meeting aims to establish institutional arrangements, modalities, governance structures, and terms of reference for the landmark Loss and Damage Fund. It also wants to expand sources for climate funding under the program.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.