Good morning, ladies and gents. The news cycle has slowed significantly, but we have green and blue bond updates from Turkey as well as an update on Saudi’s latest round of solar tenders.

WATCH THIS SPACE-

#1- UAE’s Tadweer is investing USD 200 mn in a waste-to-energy plant in Uzbekistan as part of a country-wide USD 1.3 bn investment push, according to a statement by the Uzbekistani Presidential office. The plant — set to serve the Bukhara and Navoi regions — will process 1.5k tons of waste daily and generate 363 mn kWh of electricity annually.

Tadweer is not alone: Other companies including China’s CAMC Engineering, Shanghai SUS Environment, and South Korea’s Sejin are investing in similar projects across the country.

By 2027, these projects will process 4.7 mn tons of waste annually, generating 2.1 bn kWh of electricity.

We knew this was coming: Tadweer signed an agreement with Uzbekistan’s Ecology, Environmental Protection, and Climate Change Ministry to establish a waste-to-energy plant and conduct feasibility studies for waste collection last December.

#2- UAE’s Masdar plans to focus its renewables efforts across the Middle East, Europe, Asia, and the US with a fairly equal split as it looks to increase its wind and solar capacity to 100 GW by 2030, the company’s CEO Mohamed Jameel Al Ramahi told the Financial Times in an interview. The move would place Masdar above rivals like Spanish Iberdrola, French Engie, and German RWE.

The breakdown: The company sees 30-35% of its power generation coming from the Middle East, 20% from Europe, and 20-25% from the US, in addition to Asia, Al Ramahi said, adding that the company seeks an equal split between solar and wind projects.

REMEMBER- The Abu Dhabi-based company has been doubling down on global expansion. Earlier this year, it agreed to acquire a 50% stake in Spanish power firm Endesa’s solar power installations subsidiary EPGE Solar for AED 3.3 bn. It also agreed to acquire Greek renewables giant Terna Energy. In the US, Masdar acquired a 50% stake in Terra-Gen, a significant player in the renewable sector. It also owns a 49% stake in the UK’s Dogger Bank South project, set to be the world’s largest offshore wind farm upon completion.

#3- Tunisia issues solar tender: Tunisia’s Ministry of Industry, Mines, and Energy has launched requests for proposals to build 200 MW solar energy projects, according to a statement. The winners of the tenders would be required to sell the generated power to the state-owned Tunisian Electricity and Gas Company via long-term PPAs. The deadline for applications is 31 January 2025.

Tunisia’s solar sector has been active: Tunisia broke ground on a TND 135 mn, 50 MW solar plant in Tozeur developed by Norway’s Scatec and Toyota subsidiary Aeolus last month. The country has set a national strategy to develop solar plants with an installed capacity of 4 GW and increase its share of renewable electricity to 35% by 2030. Tunisia also has an unconditional emissions reduction target to drop 27% — 35 mn tons of CO2 — by 2030 compared to 2010 levels.

#4- Aramco says energy transition policies for developing nations need to be reset to balance their goals and needs ahead of increased oil demand, Reuters reports, citing comments made by Saudi Aramco CEO Amin Nasser at the Singapore International Energy Week conference. Oil demand would likely increase in the Global South, predicts Nasser, adding that “more than 100 mn barrels per day would realistically still be required by 2050.” Developing countries should have a greater say in climate policy-making and should focus on improving energy efficiency and developing carbon capture technologies, he added.

ICYMI- Egypt just cut its targets again: Egypt revised down its 2040 renewable energy target from 58% to 40%, setting its sights on more natural gas explorations instead.

ALSO- Increased costs of wind energy projects are also on the government’s mind, with the Electricity and Renewable Energy Minister Mahmoud Esmat saying that the country needs investments of nearly USD 1 bn to generate 1 GW of electricity from wind energy, significantly higher than the USD 600 mn required for solar energy.

#5- Hedge funds are betting against green energy sectors despite global efforts to promote clean energy, Bloomberg reports, citing data disclosed by around 500 hedge funds to Hazeltree. Stocks in sectors like batteries, solar, electric vehicles, and hydrogen are increasingly becoming targets for shorting bets, whereas fossils and coal are seeing net favorable bets. The S&P Global Clean Energy Index has lost around 60% of its value since its 2021 high, while S&P’s Global Oil Index took off by over 50%. This trend has persisted despite substantial green stimulus packages in the US, Europe, and China.

The reasoning: Hedge fund managers cite several reasons for their cautious stance on green investments. The dominance of China in the green tech supply chain, coupled with the risk of trade wars, has made investments in sectors like solar and EVs less appealing. Additionally, higher interest rates have made capital-intensive projects like offshore wind farms less viable. Political opposition to green initiatives, particularly in the US, is another challenge, with Donald Trump’s possible return to the White House threatening to escalate trade wars and cut US climate funding.

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CIRCLE YOUR CALENDAR-

Saudi Arabia will host the Future Investment Initiative Conference from Tuesday, 29 October to Thursday, 31 October, in Riyadh. The conference will gather entrepreneurs, political leaders, and decision-makers to explore investment options in AI, sustainability, energy, and more.

Egypt will host the World Urban Forum from Monday, 4 November to Friday, 8 November, in Cairo. The forum, established by the UN and one of its largest non-legislative events, will center around the effect of rapid urbanization on communities, economies, climate change, and policies and will bring together government representatives, academics, business people, urban planners, and more.

South Africa will host the Critical Mineral Africa Summit from Wednesday, 6 November to Thursday, 7 November, in Cape Town. The summit aims to attract critical minerals investment to the continent and will be held alongside African Energy Week. The summit will be held in partnership with the Southern African-German Chamber of Commerce Partners representing Germany’s increasing investments in southern Africa.

Azerbaijan will host the United Nations Climate Change Conference or Conference of the Parties (COP29) from Monday, 11 November to Friday, 22 November, in Baku. The annual conference brings together governments, world leaders, and other stakeholders to advance the Paris Agreement and negotiate ways to fight climate change. The United Nations Framework Convention on Climate Change’s objective is to “stabilize greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system”.

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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