TODAY: Acwa Power 💚 Italian investors + Green banks are in the works for Egypt
Good morning, wonderful people. It’s another busy day on the climate front, but first…
COUNTDOWN- There are just 13 days until the Enterprise Finance Forum, taking place at the St. Regis Hotel in the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, and founders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech.
You won’t want to miss our lineup and agenda: Join Todd Wilcox (CEO and deputy chair, HSBC Egypt), Akef El Maghraby (vice chairman, Banque Misr), Mariam El Samny (head of consumer banking, FAB Misr), Amr Allam (Co-CEO, Hassan Allam Holding), Nivanne Mortagy (North Africa lead, upstream, financial institutions group, IFC), Mounir Nakhla (Founder and CEO, MNT Halan), Leila Serhan (group country manager and senior VP for North Africa, Levant and Pakistan, Visa) and much more for in-depth discussion on everything from investing in uncertain times, to the coming of AI and digital banks. Tap or click here to register or view the agenda.
We are honored to count some of the region’s most important financial institutions as our partners for this special event. The Enterprise Finance Forum could not take place without support from: Banque Misr, Al Baraka Bank, FAB Misr, HSBC, Mashreq, CI Capital, Global Corp, Visa, Hassan Allam Utilities, and the IFC.
THE BIG CLIMATE STORY- Renewables giant Acwa Power signed agreements with six Italian partners to explore potential partnerships in key sectors including green hydrogen, water desalination, waste management.
^^ We have more on this story and much more in the news well, below.
THE BIG CLIMATE STORY OUTSIDE THE REGION- There’s no single story grabbing the headlines, but Africa’s first demonstrable emissions reduction platform kicked off to a “continental record” of over 2 mn credits in carbon futures transaction. This “showcases the potential for climate projects and sovereign nations in the Global South,” Nairobi-based CYNK CEO Sudhu Arumugam said. They can “monetize this fast-growing asset class,” he added. The credits will be produced by Kenya’s biggest biomass company Tamuwa. CYNK refused to disclose the buyer’s identity or details related to the pricing of the trade. The story got ink in Reuters and Bloomberg.
WATCH THIS SPACE #1- Oman could be bracing for its biggest IPO in two decades: Oman's OQ Gas Networks (OQGN) has announced its plan to proceed with an IPO and listing on the Muscat Stock Exchange in October, according to its website. The plan involves the state oil company OQ’s pipelines business offering up to 49% of its total share capital, OQGN said, with OQ maintaining a minimum ownership stake of 51% following the offering. The IPO could help raise between USD 700 mn and USD 800 mn, Reuters reported, citing a source with knowledge of the matter. This would make the planned IPO the largest in the country since Oman Telecommunications (Omantel) raised OMR 288 mn (c. USD 748 mn) by selling a 30% stake in 2005.
Why is this important? OQGN’s growth strategy includes playing a vital role in the Gulf country’s energy transition by facilitating hydrogen and captured carbon transportation and storage.
WATCH THIS SPACE #2- Sweden has its eyes on Egypt’s renewables sector: Several undisclosed Swedish financial institutions are ready to provide financing to renewable energy projects in Egypt, according to a statement, citing comments made by Swedish International Development Cooperation and Foreign Trade Minister Johan Forssell. Sweden is keen to boost the level of cooperation with Egypt, Forssel said, especially in electricity distribution networks and exchanging technical expertise in power transmission and distribution and planned interconnection projects with Europe.
WATCH THIS SPACE #3- Another exit from the energy charter treaty? The UK may pull out of the international energy charter treaty (ECT) if reform attempts fail, The Guardian reports, citing comments made by Energy Minister Graham Stuart. The treaty “will not support those countries looking to make the transition to cleaner, cheaper energy sources and could even penalize our country for being at the forefront of those efforts,” Stuart said. The UK's Climate Change Committee recommended Britain quit the ECT last July due to “continued membership represents risks to both a timely climate transition and to the taxpayer.”
What is the ECT? The ECT is a system of secret courts that enables companies to sue governments over policies that would cut their future profits. Companies have sued over phasing out coal-fired power stations, ending offshore oil drilling, and banning fracking, with some receiving large taxpayer-funded payouts.
Europe is way ahead of the UK: If the UK goes through with its withdrawal, it would be following the EU’s footsteps as the bloc heads towards an “unavoidable exit” due to concerns that staying in the treaty would undermine climate targets, the news outlet said. While Denmark, France, Germany, the Netherlands, Poland, and Spain all announced plans to depart from the agreement over its strong protections of fossil fuel projects, the EU Commission will likely leave room for member states to remain in an “updated version” of the 1998 treaty. The UK and Japan are the only major economies not to have committed to exiting the ECT.
|
***
YOU’RE READING ENTERPRISE CLIMATE, the essential MENA publication for senior execs who care about the world’s most important industry. We’re out Monday through Thursday by 5am Cairo / 5am Riyadh / 6am UAE.
EXPLORE MORE OF ENTERPRISE ON THE WEB — tap or click here to read EnterpriseAM, EnterprisePM, and The Weekend Edition on our powerful new website packed with reader-friendly features.
Were you forwarded this email? Get your own subscription without charge here or reach out to us on climate@enterprisemea.com with comments, suggestions and story tips.
***
CIRCLE YOUR CALENDAR-
Egypt will host the Annual Regional Sustainability and Development Forum on Thursday 7 September and Friday 8 September in Cairo. The two-day forum brings together government officials, policymakers, the business community, NGO representatives, and others to discuss challenges to sustainable development in the region. It will also showcase the latest sustainable development technologies and practices, allowing businesses and organizations to present their related work and products.
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.
Egypt will host the Hydrogen Egypt Summit on Wednesday 13 September and Thursday 14 September in Cairo. The two-day event will bring together members of the local and global hydrogen industry to discuss optimizing hydrogen and green hydrogen development in MENA. The event will serve as a platform for the local industry to discuss potential investments with global investors, operators, and technology providers.
Morocco will host the World Power-to-X Summit from Tuesday 19 September to Thursday 21 September in Marrakech. The event brings together policymakers, industry leaders, and innovators in green hydrogen to showcase success stories in the carbon-free industry. It will also explore scaling-up projects throughout the Power-to-X value chain and hold discussions on harmonizing roadmaps of contiguous countries and adjacent regions.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.