Good morning, ladies and gents. It’s finally the last weekend of the year, and the news cycle has nearly slowed to a halt. We have significant developments on the Egyptian renewables front this morning, along with a deep-dive into agritech with the CEO of Dubai-based Crysp Farms. First, there’s an environmental catastrophe taking shape on Russian shores…

[wwtt3]THE BIG CLIMATE STORY OUTSIDE THE REGION- Russia declares state-of-emergency after oil spill: Russia’s southern Krasnodar region declared a region-wide emergency as oil continues to wash up on its Anapa and Temryuk coastlines 10 days after two oil tankers were damaged by a storm and leaked tons of heavy fuel oil into the Black Sea. The pollution has affected the surrounding ecosystems including seabirds, dolphins, and porpoises. The leaked fuel oil was expected to gather at the bottom of the sea to then be collected, but instead warmer temperatures allowed it to rise and wash ashore Russia’s beaches. So far 35 tons of oil-water sludge have been collected after 256 sq km were surveyed, according to a crisis centre involved in the clean up. The clean-up efforts made headlines in Reuters and The Guardian.

WATCH THIS SPACE-

Saudi Arabia extends exploration license bidding to 2025: The deadline for submitting bids for Saudi Arabia’s five exploration licenses in the Jabal Sayid and Al-Hajjar mineralized belts has been extended to 21 January 2025, according to a statement. The new deadline is a response to requests from qualified companies for more preparation time. Companies who qualify will now be announced on 16 February 2025.

REFRESHER- Last month, the Saudi Industry and Mineral Resources Ministry announced the list of local and international companies that passed the pre-qualification process. The qualified bidders included three consortiums and 11 companies, including Hancock Prospecting, Noring Ajlan & Bros, IGO, Silver Crop Metals, Vedanta, First Quantum Minerals, Golden Smelter, McQueen Mining, Grand Mining Limited, and K92.

ICYMI- The mineralized belts cover a total area of 4.8k sq km. Three licenses are located in the Jabal Sayid belt, covering 2.9k sqkm and containing base and precious metals such as copper, zinc, lead, gold, and silver. The two other licenses are located in the Al Hajar site within the Wadi Shawas belt, spanning 1.9k sqkm and containing copper, zinc, and gold.

DANGER ZONE-

The world is set to experience another massive volcanic eruption that could cause major “climate chaos,” climate professor Markus Stoffel told CNN. The occurrence is not a matter of if but when, with geological modeling predicting a 1 in 6 chance of such an eruption happening this century, he added. It could happen anywhere, but the exact timing and location are very difficult to predict. While such an event cannot be prevented, the world can prepare for a mitigation plan, but currently, “humanity does not have any plan,” he warned.

A warmer world could mean more aggressive cooling in case of a massive eruption, NYU professor Michael Rampino told CNN. Today’s world is much warmer and “unstable,” he added. Climate change also raises the probability of volcanic eruption events, as melting ice causes lower pressure, which, in turn, would cause volcanoes’ magma to rise faster.

There would be devastating effects: In addition to the immediate impact in which massive cities could be wiped out, a massive eruption could also have major long-term repercussions. Such an event sends big quantities of sulfur dioxide into the stratosphere. This material blocks the sunlight by reflecting it back into space, effectively cooling the planet, climate professor Alan Robock said. Over the last millennium, eruptions of this magnitude temporarily cooled the planet by about 1 to 1.5 degrees Celsius. The resulting cooling may dry up monsoon systems, leading to less rainfall Rainfall and high risks of major droughts, Robock said.

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CIRCLE YOUR CALENDAR-

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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