TODAY: Masdar inks roadmap agreement for solar projects in Ethiopia
Good morning, wonderful people. We’re experiencing a slight lull in the news cycle, but we have a few updates for you from the region and beyond.
THE BIG CLIMATE STORY- UAE renewables giant Masdar inked a roadmap agreement with the government of Ethiopia to develop two solar farms with a total generation capacity of 500 MW.
^^ We have all the details on this story and more in the news well, below.
THE BIG CLIMATE STORY OUTSIDE THE REGION- Fukushima’s radioactive water disposal is happening: Japan will begin the disposal of over 1 mn metric tons of treated radioactive water from the tsunami-hit Fukushima into the ocean tomorrow. It will initially be discharged in smaller portions, with the first discharge totalling 7.8k cubic meters for 17 days starting tomorrow. The announcement comes a day after the Japanese government said it reached “a degree of understanding” from the fishing industry after months of opposition on how it would impact their livelihood.
Some still see it as “selfish”: China has described the move as “extremely selfish” and filed a formal complaint, saying it “will take all necessary measures to protect the marine environment, food safety, and public health” without disclosing which measures would be taken. Hong Kong has also described the disposal as “irresponsible” and said it would “immediately activate” import controls on Japanese seafood coming from Tokyo and Fukushima starting tomorrow.
The disposal is dominating coverage in the international press: Reuters | Bloomberg | The Guardian | BBC | The New York Times | The Washington Post | The Associated Press | The Wall Street Journal
OVER IN COPLAND- We have an official thematic schedule: COP28 has released a two-week program with key themes including Health; Relief, Recovery, and Peace; Nature, Land Use, and Oceans; Food and Water Systems; Just Energy Transition; Industry; Trade; Youth, Education, and Skills; Finance; Gender Equality; Cities, Regions, and Urbanization; and Transport.
When are the major days happening? The World Climate Summit — which will bring together world leaders and heads of state to discuss the climate crisis and related issues — is set to be held on 1-2 December, and the final days of negotiations will take place between 11-12 December.
ALSO- Irena will announce outcomes of its accelerator platform at the summit: The International Renewable Energy Agency (Irena) will announce the results of its Energy Transition Accelerator Financing platform (ETAF) at COP28, Wam reports, citing statements by UAE Permanent Representative to Irena Nawal Al Hosany. The UAE-backed multi-stakeholder climate finance platform has attracted some USD 1.25 bn in pledged resources to back energy transition under a target to provide financing for 5 GW of projects by 2030. Last month, the Inter-American Development Bank (IDB) committed USD 100 mn in financing for renewables projects in Latin America and the Caribbean.
WATCH THIS SPACE #1- Will Vestas’ 250 MW Egyptian wind farm come online in December? An international consortium led by Denmark’s wind turbine developer Vestas is set to begin trial operations on a 250 MW wind farm in Egypt’s Gulf of Suez next month before bringing the project online in December, Masrawy reports, citing a source from Egypt’s New and Renewable Energy Agency (NREA). The project — owned by NREA and implemented by a Vestas-led consortium — is expected to cost c. EUR 220 mn, and will be funded through an agreement between Egypt and European partners, including the French Development Agency, the EU, the European Investment Bank, and the KfW Development Bank.
WATCH THIS SPACE #2- Lithium ion BESS prices set for a dramatic drop by 2050: Prices for lithium-ion battery energy storage systems (BESS), which are essential for electrified transportation and the transition to clean energy, are expected to drop 16-49% by 2030 and 28-67% by 2050, according to a report (pdf) by the US National Renewable Energy Laboratory. BESS costs could fall by 47% by 2030 and by 67% by 2050, the report notes.
Why is this happening? Market demand, material costs and availability, and supply chain expansions are all expected to contribute to the drop in lithium ion battery cell price tags, the report notes. Between January and March 2023, lithium prices dropped 20% to return to 2022 levels, which stood at USD 151/KWh, according to the International Energy Agency. An anticipated 40% uptick in global lithium supplies coupled with a slow down in demand for 1Q contributed to the trend, IEA noted, adding that if the drop in prices is sustained, a drop in EV battery costs will follow.
REMEMBER- A giga-scale lithium ion battery plant is coming to our neck of the woods: UK-based renewables company Xlinks — the project developer of the GBP 18 bn Morocco-UK Xlinks interconnector — plans to build a 20 GWh lithium ion battery storage facility in Morocco.
THE DANGER ZONE- Egypt’s acute water scarcity is ringing the alarm bell: Egypt is nearing acute water scarcity with an annual share of water per person of 500 m3, according to a statement. Irrigation and Water Resources Minister Hani Sewilam said several measures are underway to help deal with the crisis, including a new law managing the use of water and adaptation solutions in several parts of the country.
REMEMBER- Addressing water challenges has been a top priority for Egypt, as concern continues over the impact of the Grand Ethiopian Renaissance Dam (GERD) on water supply. In efforts to diversify its water resources, Cairo has announced plans to help ensure its water security, including the EGP 18 bn Bahr El Baqar wastewater treatment facility and a USD 2.5 bn plan to build 17 solar-powered desalination plants. Egypt’s USD 50 bn water plan could even grow to cost EGP 1 tn (around USD 66 bn) by 2037, President Abdel Fattah El Sisi previously said.
MISSED OUR PREVIOUS FORUMS? The Enterprise Podcast has you covered: The Enterprise Podcast’s forum series has been bringing you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum and Enterprise Climate Forum.
WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast | Anghami | Omny.
IN THIS WEEK’S EPISODE- In our second panel from the Enterprise Climate Forum, We dive deep into what the business leaders in the climate industry in Egypt and the region have to say about how the private sector is adopting greentech, where they see the opportunities and what they’d like policymakers to do to encourage further participation. We were joined by Amr Allam, co-CEO of Hassan Allam Holding, Mohamed Ismail Mansour, CEO and co-founder of Infinity, and Sherif El Kholy, longtime partner and head of MENA private equity at Actis.
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CIRCLE YOUR CALENDAR-
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.
Saudi Arabia will host the Sustainable Maritime Industry Conference from Monday, 4 September to Wednesday, 6 September in Jeddah. Organized by KSA’s Transport and Logistic Services Ministry, the event will feature over 50 speakers to spotlight sustainability, new technologies, and digitization efforts in the maritime industry. Speakers will include International Maritime Organization Secretary General Kitack Lim and World Ocean Council CEO Paul Holthus.
Kenya will host the Africa Climate Summit from Monday, 4 September to Wednesday, 6 September in Nairobi. The event will bring together government leaders and investors to share pathways to increasing Africa’s climate resilience and serve as a platform to inform and frame commitments, pledges, and outcomes, ultimately leading to the development of the Nairobi Declaration on Climatic Change.
India will host the G20 Heads of State and Government Summit from Saturday, 9 September to Sunday, 10 September in New Delhi. A G20 Leaders’ Declaration will be adopted at the conclusion of the summit, stating commitment towards priorities discussed and agreed upon during previous ministerial and working group meetings through the year, the organizers note. The last meeting of G20 energy ministers in July failed to reach consensus on a fossil fuel phasedown as several major producing nations, led by Saudi Arabia, blocked the move. Among other expected announcements, the Global Biofuels Alliance is scheduled to be launched at the summit.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.