Good morning, wonderful people. We hope the final days of summer are being kind to you as many of us across the region look ahead to the start of school over the coming days and weeks.

THE BIG CLIMATE STORY in our part of the world- Egypt has at last released its national hydrogen strategy, tabling the document more than a year and a half after it was originally expected.

THE BIG CLIMATE STORY OUTSIDE THE REGION- The world’s largest copper mine is back at work: The workers’ union at Australian mining firm BHP’s Escondida copper mine in Chile have accepted the company’s latest wage proposal, ending a strike that had disrupted operations at the world’s largest copper mine. The majority of the 2.4k union members ratified a preliminary agreement, Bloomberg and Reuters report.

How could this impact copper prices? Copper prices were on track to post its first weekly gain in six weeks. Concerns the strike would be long-lived had pushed up global prices after a period of softness on the back of weak demand from China. The union went on strike last Tuesday. The Escondida workers’ 44-day strike in 2017 had a significant impact on global copper prices.

WATCH THIS SPACE-

#1- Saudi is planning big renewables investments: Saudi Arabia is set to invest around USD 235 bn in clean energy — especially renewables — by 2030, up from an earlier estimate of USD 148 bn, according to a report by Goldman Sachs Research published last week. Saudi will invest a total of USD 1 tn in six sectors including minerals and transportation by the end of the decade, with approximately 73% of the funds allocated to the non-oil sector, up from a previously forecast of 66% says Faisal AlAzmeh, who leads on natural resources, chemicals, and infrastructure for Goldman in the Middle East.

The renewables push: Saudi has c. 11 GW of solar photovoltaic capacity in the execution pipeline and some 16.7 GW of solar or wind capacity in the planning stages, the report adds. The Saudi government has revised its solar energy target for 2030 — increasing it to 100-130 GW, compared to the previous 58.7 GW — while also investing heavily in mining to help supply the materials for the energy transition. The country aims to award over 30 new exploration licenses this year.

While the oil sector is predicted to shrink, Saudi still plans to invest in fossil fuels: The Saudi Energy Ministry has mandated a USD 40 bn cut in oil sector capital expenditures between 2024 and 2028, the country still plans to invest USD 190-220 bn in upstream oil and gas. “Natural gas remains crucial for Saudi’s decarbonization and economic plans,” AlAzmeh says.

#2- Kuwait opens call for solar panel production bids: Kuwait’s Ministry of Electricity, Water, and Renewable Energy has approved the budget to construct a solar panel production facility in FY 2024-2025, sources from the ministry told the Arab Times last week. The Central Agency for Public Tenders has opened the bid for companies to submit their proposals after they gave financial backing for the project. The manufacturing facility will be developed under the ministry’s oversight.

The plant will help supply Kuwait’s solar energy plans: Kuwait asked for expressions of interest for its USD 3.9 bn, 4 GW Shagaya solar power project last year. The Kuwait Authority for Partnership Projects also invited global and local developers to bid on the 1.1 GW third phase of the Al Dibdibah Power and the Shagaya project in January. Kuwait’s government wrapped two weeks of discussions with an undisclosed Chinese state-owned firm earlier this year for the development of a planned solar energy farm at the Al Shagaya Renewable Energy Park.

#3- US will back global plastics reduction treaty: The US has declared its support for a global treaty that aims to reduce how much plastic is produced every year, a source familiar with the matter told Reuters last week. Washingotn had previously said decisions on production volume should be left to each individual country. The policy shift puts the US in opposition to China and Saudi Arabia and in line with the European Union, Canada, and South Korea.

The new stance: Countries that support the treaty are also calling for the elimination of certain harmful chemicals used in plastic production, with the US going even further to support the creation of a global regulatory framework for those chemicals in efforts to avoid varying national requirements, the source added. Environmentalists praised the move, while some industry groups criticized it.

REMEMBER- Discussions went into overtime in Ottawa: Delegates from United Nations 170 member states and over 480 observer organizations convened to refine the international legally binding draft text on plastic pollution this past May. During the meetings, a group of 28 countries issued a pledge to include production caps in the final treaty text. Over 50 countries supported a proposal to assess the measures for what a sustainable level for plastic production would entail, and countries across the board also agreed to set forth a plan for how to identify hazardous plastic chemicals and wasteful plastic products including single-use plastic.

What’s next? A final summit is set to get underway on 25 November in Busan, South Korea.

#4- China scrambles for new export markets as EU biodiesel tariffs bite: The European Union (EU) has begun enforcing anti-dumping tariffs ranging from 12.8% to 36.4% on China’s biodiesel exports, Reuters reported on Friday. With sales to its biggest market drying up, Chinese biodiesel producers have been seeking new markets in Asia and exploring producing other biofuels since the announcement was first made in July. The move affects over 40 Chinese companies, including major producers whose exports to the EU were valued at USD 2.3 bn last year. Chinese biodiesel exports to the EU fell 51% by volume in 1H 2024.

The tariff’s impact: The tariffs have led to a significant drop in biodiesel prices and production, with plants operating at less than 20% of their capacity in July, the report adds. Chinese biodiesel producers are also increasing their exports of used cooking oil, which surged by two-thirds in the first half of 2024. Larger producers are looking to the marine fuel market and planning sustainable aviation fuel plants, anticipating a new SAF mandate in China by the end of 2024.

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CIRCLE YOUR CALENDAR-

The UAE will host the World ESG Summit from Tuesday, 20 August to Wednesday, 21 August in Dubai. The summit will gather experts and industry leaders to explore new ways to integrate environmental, social, and governance principles into business practices.

Turkey will host the International Conference on Clean and Green Energy Engineering from Saturday, 24 August to Monday, 26 August in Izmir. The event will gather researchers and professionals to share advances in clean energy. It will also offer a platform to discuss the latest research, practices, and applications in clean and green energy engineering.

The UAE will host the World Utilities Congress from Monday, 16 September to Wednesday, 18 September in Abu Dhabi. The event will gather global energy leaders, policymakers, and other industry professionals from the power and water utilities value chain to discuss industry trends and challenges.

Saudi Arabia will host the EV Auto Show from Tuesday, 17 September to Thursday, 19 September in Riyadh. The show offers a platform for participants to learn about the latest EV technologies and services.

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

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