Good morning, wonderful people. We have a compact issue for you this morning after a very busy start to the week with some big news emerging from KSA…

THE BIG CLIMATE STORY- Saudi sovereign wealth fund the Public Investment Fund and Hyundai Motor Company signed a JV agreement to establish a highly automated vehicle manufacturing plant in the kingdom.

^^ We have the details on this story and more in the news well, below.

HAPPENING TODAY- The Future Investment Initiative is kicking off today in Riyadh and running through to Thursday. The event will gather state leaders, policymakers, executives, academics, NGOs, entrepreneurs, and scientists and host panels on how to scale green technologies, mining, AI’s role in the energy revolution, and how geoeconomics will impact critical minerals among other topics.

THE BIG CLIMATE STORY OUTSIDE THE REGION- 100+ companies demand a fossil fuels axing deadline: Ikea, Volvo, Unilever, Vodafone, and 130 other global conglomerates with a combined annual book value of over USD 1 tn signed an open letter ahead of COP28 calling for a timeline on scrapping fossil fuels. The unified front said that corporations are “feeling the effects and cost of increasing extreme weather events resulting from climate change,” the letter read. “We call on all parties attending COP28 to seek outcomes that will lay the groundwork to transform the global energy system towards a full phaseout of unabated fossil fuels and halve emissions this decade,” the letter added. Back in July, a meeting of G20 energy ministers at the Energy Transitions Ministerial Meeting in India failed to reach consensus on a fossil fuel phasedown as several major fossil fuel producers led by Saudi Arabia and Russia blocked the move. Western nations including the EU remain divided on how hard to push for a global agreement to fully phase-out fossil fuels at COP28.

The story got coverage in Reuters and the Financial Times.

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WATCH THIS SPACE #1- It’s official for KSA’s hydrogen oasis: KSA Crown Prince Mohammed bin Salman and South Korea’s President Yoon Suk Yeol attended the signing ceremony for the previously announced “Hydrogen Oasis” cooperation initiative, the Saudi Ministry of Energy said yesterday. The joint initiative will work on establishing bilateral committees managing each step of the clean hydrogen value chain from production to storage and distribution, and facilitate partnership agreements between developers from both countries. The statistics agencies of both countries are also expected to ink a knowledge transfer agreement on “material on statistical production” of clean hydrogen.

ALSO- PIF is looking to partner up with the EU on clean energy: Saudi Arabia’s Minister of Investment Khalid Al-Falih says KSA’s sovereign wealth fund The Public Investment Fund (PIF) is seeking partnerships with EU-based companies in the green hydrogen and renewables markets, Asharq Business reports. The kingdom is looking to leverage strong economic cooperation between both sides — as well as the kingdom’s green hydrogen infrastructure — to expand bilateral development, Al-Falih said. The European Commission's Vice President Maroš Šefčovič inked an agreement to establish an EU Chamber of Commerce in KSA to expand cooperation with the kingdom and the wider GCC region, the news outlet notes. Germany’s foreign ministry opened a hydrogen-focused diplomacy office in Riyadh back in 2022 in a bid to provide electrolyzers for Neom’s USD 8.4 bn green hydrogen plant in exchange for green fuel exports to the EU country.

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CIRCLE YOUR CALENDAR-

Tunisia will host the International Fair of Energy Transition from Wednesday, 25 October to Friday, 27 October in Tunis. The event will host global stakeholders in the energy sector and will focus on promoting financing energy transition and discussing the challenges of renewables, energy efficiency and storage, and electric mobility.

Cairo Water Week is taking place from Sunday, 29 October to Thursday, 2 November. This year’s event will focus on global green developments in the water sector with sessions discussing the development of scientific solutions, practical tools, policies, and concrete measures to overcome today’s water challenges. The five-day event is organized by Egypt’s Ministry of Water Resources and Irrigation, in partnership with the EU and FAO.

India will host the International Solar Alliance from Monday, 30 October to Thursday, 2 November in New Delhi. Some 96 member countries will participate and discuss mobilizing funds to accelerate solar deployments, the universalization of energy access through solar mini-grids, and diversifying manufacturing and supply chains for solar energy production.

The UAE will host the Forbes Middle East Sustainability Leaders Summit from Wednesday, 1 November to Saturday, 3 November in Abu Dhabi. The summit will gather international leaders in sustainability, technology, finance, and policy to drive green strategies globally. The agenda includes sessions on climate-smart cities, green mobility, sustainable finance, and sustainable tourism. The summit is expected to set the tone for international and regional dialogue and decision-making, including COP28 which will kick off in late November.

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