Good morning, nice people. We have a brisk issue this morning with a few key updates coming in from Egypt and Oman, and an interesting read on how cleaning up scummy algae off ships could make them more fuel-efficient. First, let’s imagine an unpleasant scenario…

THE BIG CLIMATE STORY OUTSIDE THE REGION- It’s quiet on the international climate newsfront, but The Guardian poses the question of whether global climate goals can withstand another Trump presidency. Climate goals set out in the Paris Agreement will be even less likely to be achieved if former US President Donald Trump returns to office, the news outlet argues, and Trump’s opposition to climate action could significantly impact the US, the world’s second largest emitter of greenhouse gases and biggest oil and gas exporter. Trump is predicted to withdraw from the Paris Agreement, cancel President Joe Biden’s climate legislation under the Inflation Reduction Act, and boost oil and gas drilling. “I worry [about the potential election of Trump] because it would have very strong consequences, if we see a regression regarding climate policies in the US,” former executive secretary of the United Nations Framework Convention on Climate Change Patricia Espinosa warns.

WATCH THIS SPACE-

#1-Egypt allocates land for green energy projects: Egypt has allocated 3 sqm of land near Gargoub to the Electricity and Renewable Energy Ministry for a green hydrogen and ammonia plant, according to a statement. The Ministry also allocated a plot of land in Abu Rawash for a new waste-to-energy plant, nearly 10k square km in the New Valley governorate to establish renewable energy projects, and 46.7 square km next to the Benban solar energy site for the Ministry of Electricity and Renewable Energy.

ALSO- Egypt opens up electricity market to private sector: The board of the Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egyptera) approved rules regulating bilateral agreements between private sector players in the energy production, distribution, and sales markets, including renewables, according to a statement, citing a report by Minister of Electricity and Renewable Energy Mohamed Shaker. This comes in efforts to increase private sector participation, investment, and competition in the renewables sector, Shaker said in the report. The next steps will be activating pending agreements in the private sector, with support from the European Bank for Reconstruction and Development (EBRD).

REMEMBER- EBRD has supported private sector projects in Egypt for a while: EBRD completed the review for a potential USD 75 mn equity investment into Egypt’s renewables sector in January, which included a 2.5 GW wind project near Sohag.The European bank also greenlit investments aimed at helping ACC develop its decarbonization roadmap with a focus on accelerating low-carbon cement production in Egypt in November.EBRD and its subsidiary TotalEren signed an agreement for a 300k ton green ammonia facility in Ain Sokhna alongside SME investor Enara Capital in 2022. The bank invited businesses from Tunisia, Jordan, Lebanon, Morocco, and Egypt to apply for its new Climate Change Innovation Programme earlier this month.

#2- Green Energy Oman’s giant hydrogen project will begin operations by the beginning of the next decade, according to Shell’s Energy Transition Strategy 2024 report (pdf). The Green Energy Oman (GEO) clean fuels hub — backed by a multinational consortium led by Shell including Hong Kong’s InterContinental Energy, Kuwait’s EnerTech, and OQ Alternative Energy — is one of the biggest green hydrogen projects Oman is planning. GEO will aim for a production capacity of 1.8 mn tons of green hydrogen annually, supplemented by 25 GW of renewables. Shell purchased a 35% stake in the project in January 2023.

REMEMBER- The GEO consortium secured some land for the megaproject from Hydrom in June: Oman’s state-owned hydrogen company Hydrom granted 320 sq km to the Green Energy Oman consortium in June for a hydrogen plant that is powered by 4 GW of renewable energy, and with the capacity to generate c.150k tons of the green fuel. Hydrom said in March of last year that GEO will cover an area of 337 sq km and will generate volumes at around 3.3 GW of electricity and 150k tons of green hydrogen.

IN OTHER OMAN NEWS-Oman issues bonds and sukuk regulations: Oman’s Financial Services Authority (FSA) has issued new bond and sukuk regulations, including green and sustainable bonds and sukuks, according to a statement. Under the new regulations, issuers will be obliged to adhere to specific disclosure rules for green and sustainable bonds and sukuk in efforts to further attract investments.

#3- Jordan approves amendment of renewable energy law: Jordan’s House of Representatives approved an amendment to the renewable energy and energy conservation law aimed at regulating the sale and purchase of electricity generated from businesses and residences with renewable energy stations, according to a statement (pdf). The amendment — which comes in efforts to expand investments in green projects — outlines the systems, devices, and equipment needed to install renewable plants that are exempt from customs duties and subject to a zero-rated general sales tax. The new law adopts the net billing principle, which allows power producers to sell excess energy onto the national grid. Under the amended regulation, power producers will receive a credit of JOD 40 piasters for every 40 kW added to the grid, Addustour reported, citing Energy Minister Saleh Kharabsheh.

#4- Iraq’s first WtE facility nabs 15 bids: Iraq’s first waste-to-energy (WtE) project has received 15 bids from local and international companies to design, build, own, and operate the facility, Zawya Projects reports, citing a National Investment Committee statement. The facility — located in the Nahrawan area in Iraq’s Diyala Governorate — will have the capacity to process 3k tons of waste daily, and is expected to be completed within 24 months under a public-private partnership. The plant is also expected to have a generation efficiency higher than 30% and a landfill rate less than 5%. Iraq is also planning a similar project to be revealed once the land for it is secured, the authority noted in February.

#5- Voluntary carbon credits markets, including the UAE’s Carbon Alliance, are expected to play a “pivotal role” in global decarbonization efforts and slashing carbon and greenhouse gas emissions worldwide, according to a report (pdf) published by the International Energy Forum (IEF). The report highlighted the role of the alliance as it “underscores the significance of carbon markets in achieving net-zero goals” and looks to support private and public sector decarbonization initiatives.

The IEF named the alliance along with several other national carbon markets, including Saudi Arabia’s Regional Voluntary Carbon Market Company, China’s Emission Trading System and India’s Carbon Credit Trading Scheme and Green Credit Program, which “when designed well, facilitate the transfer of capital and technologies to the most impactful emission reduction activities, achieving important co-benefits,” the report reads.

#6- BYD targets 1 mn EV sales by 2025: Chinese automaker BYD is targeting 500k in EV sales overseas in 2024 and 1 mn in 2025, Reuters reports, citing sources with knowledge of the matter. The expansion strategy comes after BYD experienced its slowest quarterly bottomline growth in two years as EV sales momentum slowed down leading to a 6.1% drop in the company’s Hong Kong shares. BYD has recently overtaken Tesla as the world’s largest EV seller.

REMEMBER- BYD is already rolling out its EVs globally: Al-Futtaim Electric Mobility Company introduced three new BYD electric vehicle models in the UAE last month. BYD also started unrolling its EVs in Indonesia in January.

***

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 9am Cairo / 10am Riyadh / 11am UAE.

EXPLORE MORE OF ENTERPRISE ON THE WEB —tap or click here to read EnterpriseAM, EnterprisePM, Enterprise Climate, Enterprise Logistics, 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-

The UAE will host the World Future Energy Summit from Tuesday, 16 April to Thursday, 18 April in Abu Dhabi. The summit will address solutions for development in the transformation of future energy systems. The summit will also feature discussions on recycling, waste-to-energy, and air-to-water trends and progressions.

The UAE will host the Connecting Green Hydrogen MENA event from Tuesday, 23 April to Thursday, 25 April in Dubai. The event will explore green hydrogen partnerships, policies, and practices in the region, in parallel to a showcasing of the latest in the clean fuel’s technology.

Oman will host the Oman Sustainability Week from Sunday, 28 April to Thursday, 2 May in Muscat. The event will focus on exploring investment opportunities and implementing best practices in sustainability within the energy, water, and environmental sectors.

The UAE will host The Electric Vehicle Innovation Summit from Monday, 20 May to Wednesday, 22 May in Abu Dhabi. The event will see industry leaders come together to discuss sustainable mobility and tapping into groundbreaking advancements in electric vehicles while engaging with key decision-makers.

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

Leave a comment

Your email address will not be published. Required fields are marked *