Good morning, folks. The news cycle doesn’t appear to be slowing down as we inch closer to the weekend, with huge mining investment news from Saudi and the latest on Jordan’s new electricity bill. Let’s dive right in.

WATCH THIS SPACE-

#1- Jordan’s EV imports should start rolling in: 12k EVs are expected to clear customs in Jordan by the end of the year after the government moved to cut its September tax targeting the vehicles, Al Mamlaka reports, citing freezone authority rep Jihad Abu Nasser. The government halved recent taxes imposed on EV imports exceeding JOD 10k, which represented as much as 80% of the EV market in the Kingdom, Jordan News Agency (Petra) reported.

The breakdown: EVs valued at JOD 10-25k will see their tax rates go down from 40% to 20%, whereas those above JOD 25k will be taxed at 27.5% instead of 55%. The exemption is valid until the end of the year and applies to EVs stuck in warehouses and free zones before the decision was announced, while those who had already cleared their cars past customs can apply for a refund.

REMEMBER- EV sales were slowing in Jordan: No EVs priced above JOD 10k (c.USD 14.15k) had been cleared for sale since the government’s decision to progressively increase taxes on luxury EVs. The tax hike — announced in September — created a financial crisis for traders, with most unable to sell vehicles due to the significantly hiked costs. The decision left many vehicles stuck at ports, as cars priced above JOD 10k saw price increases of around 60%.

Importers saw the impact of the September tax coming: Jordan’s Council of Ministers’ decision to lower a tax on gasoline vehicles and progressively increase taxes on EVs was criticized by EV importers as “unjustified” and “unfair,” which warned it would lead to a “state of paralysis in the free zone and the automobile sector.”

#2- The UAE mulls pollution-charging system: The UAE is considering rolling out a pollution-charging mechanism to incentivize companies to reduce greenhouse gas emissions, Bloomberg cites Eva Torreblanca, a director at the Abu Dhabi’s Environment Agency’s policy and planning division, as saying. The Climate Change Ministry is currently reviewing proposals from the agency, including…

  • A cap-and-trade system similar to the European Union’s Emissions Trading System;
  • A carbon tax for companies emitting over 25k tons of CO2 annually;
  • An auction-based mechanism inspired by Germany’s system for heating and transporting fuels.

The caveat? Officials outside the agency are worried that these measures could deter companies from establishing operations in the UAE, the business news information service reports, citing people it says are in the know.

Meanwhile, the Environment Agency is working on a system to measure and certify emissions, expected to be operational by January 2025, to address pitfalls in cap-and-trade systems, Torreblanca said.

#3-The wind turbines at Amea Power’s 500 MW Amunet wind farm in Egypt’s Ras Ghareb are expected to be installed by the end of the year, Al Mal reports, citing sources it says have knowledge of the matter. The plant — initially set for mid-2024 completion — is expected to be completed in 1Q of 2025, with a two-phase launch of 250 MW each, the sources added. Amea installed the first turbine in April and will have 77 total installed by China’s Envision Energy, with a capacity of 6.5 MW each. The plant has combined investments of around USD 800 mn.

Amea has more in the pipeline for Egypt: Amea has a 2 GW of renewables portfolio in the country under development, including the 500 MW Abydos solar plant which was connected to the grid earlier in October.

FROM THE DEPT. OF GOOD NEWS-

The electricity sector is undergoing a profound transformation driven by decentralization, digitalization, and decarbonization, according to a new report (pdf) by the IFC. More competitive market structures are associated with better sector outcomes, including increased access to electricity, higher renewable energy adoption, and greater private sector participation, the report finds, as countries with competitive markets tend to attract higher levels of financing. However, effective market reforms require stable governance and policy environments ensuring sustained impact.

How is this happening? To ensure universal access to clean, affordable, and reliable energy by 2030 – UN Sustainable Development Goal 7 (SDG7) – the report says that countries must adapt their power market designs to mobilize private capital. It specifically encourages countries to transition from the state-owned vertically integrated utilities (VIU) to more competitive models, such as single-buyer models (SBM) and the fully-liberalized retail market structures (RMU).

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CIRCLE YOUR CALENDAR-

Qatar will host the World Energy Storage Conference from Tuesday, 3 December to Thursday, 5 December in Doha. The event will gather scientists, researchers, engineers, policymakers, and industry experts to discuss advancements and challenges in energy storage technology. The detailed agenda is yet to be announced.

Saudi Arabia will host the Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification from Monday, 2 December to Friday, 13 December in Riyadh. The summit will convene leaders and officials from 196 member-states and territories to advance actions and hold ministerial dialogues on resilience and finance, focusing on policies, tech and innovative funding mechanisms.

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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