Good morning, nice people. The news cycle remains sluggish, but we have big news emerging on the UAE electric vehicle front and a significant step in carbon emission slashing efforts from the EU…

THE BIG CLIMATE STORY OUTSIDE THE REGION- Denmark has become the first country to impose a CO2 tax on agriculture. After months of deliberation, the country has approved a carbon tax on every ton of greenhouse gas emitted by livestock. The headline tax rate will be DKK 300 (USD 43.16) per ton in 2030, increasing to DKK 750 (USD 107.68) in 2035. Farmers will be given a 60% income tax deduction that makes the actual rate DKK 120 (USD 17.23) per ton in 2030 and subsidies will be implemented to support the transition. Danish cows produce an average of six tons of CO2 equivalent per year which would mean an annual charge of almost USD 107.10. The story grabbed ink in Reuters, Bloomberg and The Financial Times.

WATCH THIS SPACE-

#1- Turkey’s EV sales are on a rapid rise: Turkey’s electric vehicle sales rose 257.3% to 27.6k during the first five months of the year compared to the same period last year, placing it in sixth place for Europe overall, local news outlet Daily Sabah reported, citing data from the Automotive Distributors and Mobility Association. During the same five months, the market share of EVs has increased 7%. Gasoline-powered vehicles still lead the car sector with 247.8k units sold, but diesel car sales decreased by 33.1%.

#2- Blue World tests green methanol maritime fuel cell system: Danish cell manufacturer Blue World has successfully completed testing of the first ever 20 kW high temperature polymer electrolyte membrane (PEM) maritime fuel cell system that runs on green methanol, according to a press release. The module will allow 20-30% in fuel savings with its 55% electrical efficiency, and 100% of the system can be used for carbon capture. It is set to be installed on one of Maersk’s large dual fuel-enabled methanol vessels in 1H 2026. The trial comes after Maersk’s venture arm Maersk Growth had participated in an EUR 11 mn pre-C round venture investment alongside other shareholders at the end of last year.

Why is this important? These new large fuel systems provide a promising alternative to the shipping industry that is notoriously hard to decarbonize with its strong dependence on fossil-based technologies. Blue World will first supply the systems for auxiliary power at a commercial level in 2027, before working on expanding to multi MW propulsion systems for global shipping.

DANGER ZONE-

EU-regulated “sustainable” funds have pumped USD 18 bn into the world’s 200 biggest polluters — including fast fashion labels, fossil fuel companies, and SUV-makers, an investigation by The Guardian and media partners reveals. This represents around 20% of the total USD 87 bn that the sustainable funds — disclosed under environmental and social sections of EU sustainable finance rules — holds.

The details: Most investments in these big polluters came from funds that fall under article 8 of the EU’s Sustainable Finance Disclosure Regulation requiring companies to demonstrate that their investment products favor environmental and/or social characteristics and goals. USD 2 bn were invested under article 9 which focuses on funds for which sustainability is the primary objective. USD 11.7 bn in investments to polluting stemmed from funds branded as ESG-friendly, and another USD 1.1 bn were described using greenwashed terms such as “clean,” “transition,” “net zero,” and “Paris,” the Guardian writes.

Critics call for private funding to be redirected towards the green transition: “We need private capital to accelerate the green transition rather than hinder it,” Xavier Sol from campaign group Transport and Environment told the Guardian. “Only investments earmarked for green activities should be given a sustainable label,” he said. The European Securities and Markets Authority recently revealed stricter rules for how asset managers can use ESG labels for funds, but these rules are not currently legally binding.

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CIRCLE YOUR CALENDAR-

Turkey will host the Nuclear Power Plants Summit & Expo from Tuesday, 2 July to Wednesday, 3 July in Istanbul. The event will gather utility companies, independent power producers, government officials, and industry leaders to explore nuclear power projects, plans, products and tech solutions.

Egypt will host the Egypt Mining Forum from Tuesday, 16 July to Wednesday, 17 July in Cairo. The event will convene decision-makers from government, industry experts, new exploration firms, financiers, and investors to explore the challenges and advantages to establish Egypt as a leading global mining hub by 2040.

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

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