TODAY: Ma’aden + GlassPoint reveal first phase of solar thermal plant

Good morning, friends. We have another brisk read for you this morning as we inch closer to the weekend.

THE BIG CLIMATE STORY- Ma’aden and US renewables developer GlassPoint have kicked off the the first phase of project development for their solar thermal energy power plant in the kingdom

^^ We have the details on this story and more in the news well, below.

THE BIG CLIMATE STORY OUTSIDE THE REGION- EU’s largest asset manager joins coordinated push to curb Shell emissions:Europe’s largest asset manager Amundi joined 26 other of Dutch oil giant Shell’s shareholders in pushing for the company to align its 2030 investment strategy with the Paris-agreed 1.5 °C warming threshold. The move is part of coordinated efforts led by activist group Follow This — who have carried similar actions against France’s TotalEnergies, BP, ExxonMobil, and Chevron — to pressure oil companies to accelerate their emissions cuts by 2030.

The story grabbed some ink in the international press:The Financial Times | Reuters | The Guardian | Bloomberg

WATCH THIS SPACE-

#1- Mubadala-backed Investcorp is doubling down: Mubadala-backed Bahrain-based alternative asset manager Investcorp — which oversees a combined USD 53 bn portfolio including green projects — is planning to double its infrastructure assets over the next five years to USD 10 bn, co-CEO Hazem Bin Jassim told Asharq Business in an interview on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland. The firm — which recently publicly listed on the ADX — was amongst several mega corporations that signed the WEF’s joint communique pledging net zero and near-term emission reductions last month.

The breakdown: Investcorp is looking to channel between USD 500 mn to USD 1 bn annually in private equity, infrastructure and real estate investments. The company — which is looking to raise USD 1 bn in debt capital to fuel investments in the EU and US — is planning to earmark a total of USD 1.5 bn toward global investments.

Investcorp is taking its first steps in green sector investments: In December, the company launched a USD 750 mn climate-focused investment platform — backed by Bahrain’s sovereign wealth fund — focused on developing emission-reducing tech. Investcorp also acquired a controlling stake in China’s renewable energy critical components manufacturer Shandong Jianuo Electronics last May.

ALSO FROM THE DAVOS SIDELINES- Acwa Power lays out its 2024 map: Saudi Arabia’s Acwa Power will work on developing around 70% of the 20 GW annual green hydrogen production quota set by the kingdom’s sovereign wealth fund the Public Investment Fund, company CEO Marco Arcelli told Bloomberg Asharq. The company will also work on building “its share in battery storage,” Arcelli added, without specifying the capacity of the projects. Some unannounced projects are in their advanced stages of talks and will be finalized soon, Arcelli said, adding that one of the main goals during the coming period is to enter the Chinese market. 60% of the company’s total projects are based in Saudi Arabia, while the remaining percentage is distributed among 12 countries led by Morocco, South Africa, Uzbekistan and Indonesia.

#2- Morocco and the World Bank will explore the feasibility of building green hydrogen storage, ship refueling, and export-dedicated facilities across four ports, Asharq Business reported, citing Moroccan Equipment, Transport, Logistics and Water Minister Nizar Baraka. Details on a targeted timeline on completion were not disclosed.

What we know: The Jorf Lasfar, Mohammedia, Tanger-Med, and Tan-Tan ports are under consideration within the feasibility study. The study is primarily aimed at assessing the technical and economic potential for green fuel production at Moroccan ports in a bid to help decarbonize the shipping sector, which accounts for 2.9% of global greenhouse gas emissions.

REMEMBER- Morocco is looking to establish green corridors with the EU: Earlier this month Italy approved financing of a study on a planned green hydrogen corridor extending from Morocco, to the port of Trieste in Italy, and then extending to Central and Eastern Europe.

Earlier in June, Italy and Morocco said they are partnering together with Spain on a green fuels transport corridor which is planned to go through the entire EU region. Last year, the European Hydrogen Backbone initiative submitted an updated version of its vision for the infrastructure map where hydrogen is set to be transported on the project.

#3- Kuwait is speeding up its renewables roll out: Kuwait needs more solar plants to prevent an ongoing electricity shortage crisis, unnamed official sources told AlQabas. The country’s plans include constructing an undisclosed capacity of solar plants within 2 years, building 500 MW of battery storage, and securing agreements for 900 MW of floating wind projects within 3 months. The shortage can see Kuwait face a 1 GW power deficit this summer which is expected to increase to 2 GW in 2025 and 2.5 GW in 2026. The sources also attributed the delay in implementing power projects to the Kuwait Authority for Partnership Projects’s refusal to grant the Electricity Ministry permission to target foreign investors.

DATA POINT-

Emirati sukuk issuances made up 40% of total sustainable sukuk issuances worldwide in 2023, with AED 15.45 bn green and sustainable sukuk issuances in the first 11 months of the year, according to S&P Global’s sukuk outlook 2024 report. S&P attributed the UAE’s market contribution to the hosting of COP28 in November, and the Securities and Commodities Authority’s (SCA) decision to waive registration fees from sustainable bonds.

DANGER ZONE-

Saudi Arabia is responsible for half of the world’s food waste: Saudi Arabia accounts for 50% of global food waste, Gulf News reports, citing Chef Layla Fathalla, a United Nations Environment Programme advocate for reducing food waste. Fathalla revealed that the world produces 1.3 bn tons of food waste per year, with KSA being the top offender. With the rate of food waste surpassing 33%, it costs the kingdom about SR 40 bn annually to keep up, Saudi Minister of Environment, Water, and Agriculture (Mewa) Abdul Rahman Al Fadhli said, according to Gulf News.

REMEMBER- KSA is trying to tackle the issue:Mewa recently announced its intention to recycle up to 95% of its waste compared to its current rate of 3-4% — one of the lowest in the world. The new targets will see the ministry recycling c. 100 mn tons of waste annually and is forecast to add SAR 120 bn to the GDP, according to the ministry. The operational timeline and allocated budget were not disclosed.

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CIRCLE YOUR CALENDAR-

The UAE will host the Management and Sustainability of Water Resources Conference from Monday, 26 February to Wednesday 28 February in Dubai. Water availability in arid and semiarid regions, global water issues, and future water and environmental challenges are all on the agenda.

Saudi Arabia will host the International Conference on Sand and Dust Storms in the Arabian Peninsula from Monday, 4 March to Wednesday, 6 March in Riyadh. The conference will address regional challenges caused by sand and dust storms and discuss monitoring systems, mitigation strategies, economic and infrastructural impacts, and more.

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