Good morning, ladies and gents. As we await any action on the COP29 front, there’s a bucket of news to get through this morning starting with a fresh heap of renewables agreements in Egypt. But first…

THE BIG CLIMATE STORY OUTSIDE THE REGION- US prosecutors formally charged Adani — one of the richest people in the world — and seven others with being involved in a “massive” bribery and fraud scheme. The defendants allegedly planned to pay USD 265 mn in bribes to officials in the Indian government to facilitate being awarded solar energy supply contracts, including for India’s largest solar power plant. The contracts were forecasted to reel in USD 2 bn in net income over two decades.

The defendants are also being charged with raising capital “on the basis of false and misleading statements,” including USD 2 bn in syndicated loans “comprised of international financial institutions and US-based investors” and another USD 1 bn from bond offerings that were also “marketed and sold to investors in the US.”

The story grabbed headlines in the int’l press: Reuters | Financial Times | CNBC | Bloomberg

ALSO- Negotiations at COP29 have reached a critical stage, with the focus shifting to the contentious issue of financing climate action in developing countries. Azerbaijan’s chief negotiator Yalchin Rafiyev said the COP29 presidency would deliver a fresh draft text overnight, but as we head to dispatch there is no sign of updates. Negotiators are hammering away at what is said to be a lengthy draft text with multiple options, whittling it down to a two page document that can be revised and then adopted tomorrow. Countries had so far failed to agree on language that would make COP28’s landmark deal move forward.

The developing vs. developed debate: Differentiating between developed and developing nations in terms of financial contributions is also a key point of contention. Developed countries are emphasizing the need for private sector involvement and innovative finance structures to meet climate finance goals while developing countries are wary of lending-based financing given their debt burdens. They also worry that the final finance commitments may rely on vague sources, undermining the effectiveness of the pledged amounts.

The story grabbed ink in Reuters and Bloomberg.

WATCH THIS SPACE-

#1- Green Core + EERC to set up battery recycling in Egypt: Local e-waste recycling solutions providers Green Core and Egyptian Electronic Waste Recycling Company (EERC) are looking to build a EGP 400 mn battery recycling plant, Green Core CEO Hatem Youssef told Al Arabiya. The project is currently undergoing studies, expected to be completed in 1Q 2025.

KSA expansion ahead: The two companies are also looking to expand their regional footprint by stepping into the Saudi market and setting up an e-waste recycling facility there.

ALSO- Egypt and Japan Bank for International Cooperation (JBIC) talk hydrogen sector cooperation: JBIC is interested in investing in Egypt’s green hydrogen sector by financing interested Japanese companies and forging partnerships with regional investment funds, according to a statement from the General Authority for Investment and Free Zones. Possible cooperation with JBIC could double Japanese clean energy investments in Egypt, the statement added.

#2- Manara’s plans to snap up stakes in Zambian mines have fallen through: Japanese trading house Mitsui has outbid PIF-backed Manara Minerals for a minority stake in First Quantum Minerals’ Zambian copper mines, putting down USD 2 bn for 20% of First Quantum’s Sentinel and Kansanshi mines, Bloomberg reports, citing sources in the know.

BACKGROUND- Manara Minerals — a JV between the Public Investment Fund and mining giant Ma’aden — was reportedly in advanced talks for the acquisition in mid-October, with Ma’aden CEO and Manara Vice Chairman Robert Wilt later telling Reuters that he expected an agreement to wrap up before the year was out. Manara was widely viewed as the leading contender for the acquisition before being outbid by Mitsui, Bloomberg said.

IN OTHER SAUDI NEWS- SEC + Kaust explore carbon-freezing sequestration: The Saudi Electricity Company (SEC) and the King Abdullah University of Science and Technology (Kaust) have launched a research project — a first of its kind — that will test using freezing technology to sequester carbon and other pollutants at the Rabigh Power Plant, reported SPA. The carbon capture will be executed using a mobile platform that can sequester up to a quarter of a ton of carbon daily, SPA said.

COP WATCH-

#1- Twenty-five nations and EU pledge to end new coal power in climate plans: The EU and 25 countries — including Canada, UK, and Germany — have committed to include zero new coal power pledges in their next national climate plans (NDCs), Bloomberg reports. Key coal users like China, India, and the US were notably absent.

#2- Indonesia aims for accelerated net zero, phase-out of fossil plants by 2050: Indonesia plans to achieve net zero emissions before 2050, a decade earlier than previously targeted, Reuters reports, citing comments made by President Prabowo Subianto in G20. The country also intends to add 75 GW of renewable power and retire all coal and fossil-fuel power plants within the next 15 years, almost 16 years ahead of schedule of previous targets. Currently, over half of Indonesia’s 90 GW power capacity comes from coal, with renewables accounting for less than 15%.

THE SCORECARD-

MDBs are ramping up their climate financing: MDBs had a big year in 2023 after raising their climate lending to a record-high of USD 75 bn for low and middle-income countries and USD 50 bn for high-income countries, according to an EBRD press release on Tuesday. Estimates for future mobilized climate funding in 2030 also went up 60%, reaching USD 120 bn for low and middle-income countries.

Other notable efforts: The banks also expanded their efforts in mobilizing private finances, nearly doubling what they raised y-o-y in 2023 to USD 101 bn. The banks also jointly launched a “co-financing” portal that outlines over 125 projects worth over USD 95 bn that have promising collaborative investment prospects.

But there’s still a long way to go: A G20 Roadmap (pdf) warns that only 17% of SDG targets are on track and that progress is waning. Greenhouse gas emissions are also on the rise, and climate finance is falling short with the gap expanding. A USD 4 tn per year is needed for clean energy funding by 2030 to meet the 2050 net-zero goal, and USD 5.8-5.9 tn is needed to meet the goals of the Paris Agreement.

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CIRCLE YOUR CALENDAR-

Qatar will host the World Energy Storage Conference from Tuesday, 3 December to Thursday, 5 December in Doha. The event will gather scientists, researchers, engineers, policymakers, and industry experts to discuss advancements and challenges in energy storage technology. The detailed agenda is yet to be announced.

Saudi Arabia will host the Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification from Monday, 2 December to Friday, 13 December in Riyadh. The summit will convene leaders and officials from 196 member-states and territories to advance actions and hold ministerial dialogues on resilience and finance, focusing on policies, tech and innovative funding mechanisms.

The UAE will host the World Energy Summit from Tuesday, 14 January to Thursday, 16 January in Abu Dhabi. The summit will host over 350 speakers including energy industry leaders and policymakers with discussions ranging from eco-waste to sustainable cities. An exhibition will also be held for showcasing green products.

Saudi Arabia will host the Future Minerals Forum from Tuesday, 14 January to Thursday, 16 January in Riyadh. The forum will gather stakeholders from over 170 countries to discuss mineral technology and exploration. Speakers will include senior government officials and CEOs from renowned mining companies Vale, Rio Tinto, and Manara.

Bahrain will host the Sustainability Forum Middle East from Tuesday, 28 January to Wednesday, 29 January in Manama. Climate experts and decision-makers will convene to discuss a number of issues ranging from decarbonization to supporting SMEs on their path to net zero. Speakers will include GCC government officials and industry leaders from the banking and industrial sectors.

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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