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Morocco plans to invest MAD 220 bn in electricity, renewables, and water security over next five years
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Subscribe hereTHE WEEK IN REVIEW
TOP STORIES: Morocco’s MAD 220 bn investment plan + Emicool gets its first AED 2 bn in green financing
Good morning, friends. We have a brisk read this week, with an update from Morocco’s green investment plans, along with green debt and M&A news from the district cooling sector, leading the pack. But first, an update on Tesla’s chief dialing back his daily involvement in US politics…
THE BIG STORY ABROAD THIS WEEK- Tesla slump forces a Musk retreat from politics?
Tesla CEO Elon Musk has decided to take a step back from his role as head of the newly-minted Department of Government Efficiency (Doge) to focus on his EV company after his foray into politics caused “massive brand damage.”. The move comes after Tesla reported a staggering 70%y-o-y drop in 1Q profits on Tuesday, triggering investor backlash.
What Musk said: “I think starting probably next month, May, my time allocation to DOGE will drop significantly,” Musk said this week in a call with analysts, but he emphasized he would still be supporting the Trump administration, to whom he has already committed over USD 250 mn.
The slump: Musk’s unpopular political endeavors — including mass layoffs in essential federal agencies and the elimination of whole departments — have contributed to a massive customer backlash, with protests at Tesla dealerships and mass boycotts becoming a feature of the last few months. The backlash contributed to a mass slump in Tesla’s earnings, with the EV maker reporting its lowest quarterly profits since 4Q 2020 and losing USD 800 bn in market capital.
Seizing the opportunity: Competitors like Ford, Cadillac, and Polestar have picked up some of Tesla’s market shares, with their EV sales rising by a robust 32%, Bloomberg reports. PIF-backed luxury EV maker Lucid also saw its 1Q deliveries jump 58% y-o-y in 1Q. The shift away from Tesla is also reportedly driven by a rise in EV affordability and new models availability.
The story grabbed a lot of ink in the int’l press: Reuters | Associated Press | Bloomberg | Financial Times | Washington Post | New York Times | CNN | CNBC | CBS | BBC | The Guardian
COP WATCH-
Brazil pushes for ambitious NDCs ahead of COP30: COP30 host Brazil is planning a major push to convince nations to set ambitious emissions targets that would keep the world’s warming temperatures below 2 degrees Celsius, Reuters reports, citing three people familiar with the matter. The host has also reportedly called on nations to submit their new Nationally Determined Contributions (NDCs) by September after most countries missed a February deadline, Reuters reports, citing three people familiar with the matter. Brazil’s calls were made during a virtual meeting organized by UN Secretary-General António Guterres and President Luiz Inácio Lula da Silva that was attended by 17 other government leaders — including Small Island Nations head of states, the Chinese President Xi Jinping and European Commission President Ursula von der Leyen.
China to step up? China — the world’s biggest polluter — has yet to present its goals, but agreed to submit its NDCs before COP30 takes place in November, and Lula will meet with Xi at least twice before the September deadline for follow-ups. Xi Jinping also called out the US for its “protectionism” as Donald Trump’s tariff policies wreak havoc on supply chains that are necessary for climate progress. Representatives from the US were notably absent from the call, having not received an invitation, Bloomberg reported on Wednesday.
HAPPENING NEXT WEEK-
Qatar will inaugurate two solar power plants in Ras Laffan and Mesaieed on Monday, Al-Sharq reported last Monday. With a QAR 2.3 bn investment ticket, the combined generation capacity of the two plants stands at 875 MW — 417 MW at the Mesaieed plant and 458 MW at the Ras Laffan facility. The projects — expected to cut 28 mn tons of direct CO2 emissions over their lifecycle — will partially power QatarEnergy’s industrial operations in Mesaieed and Ras Laffan.
IN CONTEXT- Siraj Energy — a JV between QatarEnergy and Qatar Electricity and Water Company — announced the projects in 2023, following the launch of the 800 MW Al Kharsaah solar plant in 2022. Around 35 MW of electricity needed to power the under-construction USD 1.2 bn blue ammonia plant in Mesaieed will be sourced from the nearby solar facility.
Towards a goal: Qatar is looking to reach 4 GW of renewables power capacity by 2030 as part of its renewable energy strategy, which estimates that some USD 7.6 bn in capital expenditures will be needed to achieve this goal.
WHAT WE’RE TRACKING REGIONALLY-
#1- Morocco’s 580 MW Noor Ouarzazate III solar power plant has resumed operations after a hiatus of over a year, according to a statement issued on Thursday. The country is currently building a second energy storage unit for the facility, targeting completion date of 2026. The concentrated solar power (CSP) plant at Noor Ouarzazate had stopped working due to technical issues and disagreements with the operator over the tech deployed, with the government hinting it may abandon CSP technology due to high costs and maintenance issues.
IN OTHER MOROCCO NEWS- Rabat-based EV-maker Neo Motors is eyeing exports to US and Europe after it launches a new model this year, CEO Nassim Belkhayat told Asharq Business last week. The company is currently working on securing the certifications needed to enter both markets, and now produces and sells a small number of the EV model — around 30 units per month — to individuals, companies, and government agencies since June 2024. Production is expected to be ramped up next year to reach 20-30 EVs daily.
Exports outlook: US tariffs may play to Morocco’s advantage, Belkhayat said, noting that they position the country as a competitive manufacturing and exporting hub. On the other hand, the United Nations Economic and Social Commission for Western Asia expects Morocco to take a 0.32% y-o-y hit in exports if the tariffs go ahead, as they are set to dampen demand for goods everywhere.
Remember the IPO plans? The company said in 2023 it was planning a public offering on the Casablanca Stock Exchange by 2026 to ramp up its production.
#2- UAE eyes USD 6 bn India grid link to export surplus clean power: The UAE is pushing ahead with plans to export electricity to India via a subsea high-voltage direct current (HVDC) cable that could cost up to USD 6 bn, the Energy Ministry’s director of electricity and trade Adnan Al Hosani told AGBI on Wednesday. The two countries have been in talks since 2023 over the interconnector project, which is now undergoing feasibility studies.
In context: The link is part of a broader strategy to monetize the Emirates’ growing spare generation capacity — currently around 50% — driven by major solar and nuclear investments. The country’s clean energy output is also expected to nearly double by 2030, Al Hosani said, backed by large-scale projects like the 5.6 GW Barakah nuclear plant and the Noor Abu Dhabi solar project. The country has emerged as a regional leader in renewables, with 6.3 GW of installed capacity, as well as 3.5 GW in under-construction projects.
IN OTHER UPDATES FROM UAE- Masdar is reportedly preparing a USD 1 bn green bonds issuance, three sources told Reuters on Monday. If the plans are finalized, the green issuance will be Masdar’s third to date after its USD 750 mn green bond debut in 2023 and its latest issuance of USD 1 bn from last September.
In context: Masdar plan is the latest among Gulf players who are marshalling ahead with debt issuances despite the global market turmoil. “In the Middle East, the main concern is oil prices, but both corporates and governments have very strong fundamentals, reserve increase, everything's doing well,” co-head of fixed income at Amwal Capital Partners Zeina Rizk told Reuters.
#4- Jordan’s cabinet is gearing up to launch a new tender for the development of battery energy storage systems (BESS), according to a statement issued on Monday. The new BESS will be connected to the country’s grid and comes as part of an effort to ensure grid reliability amid a push to increase renewables’ uptake in the country.
REMEMBER- Jordan’s Cabinet approved the 2025 electricity law draft in February, including provisions to attract investments in green hydrogen and energy storage. The draft was set to include provisions facilitating the ability of companies and households to establish and manage their own energy storage facilities.
#5- Algerian Group Elec and Chinese solar cell manufacturer Longi are close to inking a protocol to launch an Algeria-based solar panel production venture, according to a statement issued on Monday. The announcement came during Longi’s regional president James Jin visit to Algeria where he also discussed potential collaborations in green hydrogen and energy storage with Algerian officials, according to a separate statement published on Monday.
WHAT WE’RE TRACKING GLOBALLY-
#1-China seeks cross-border enforcement on its minerals export controls: The Chinese Commerce Ministry reportedly sent letters to multiple South Korean companies to warn them of exporting products containing its critical minerals to US companies and military contractors, government sources familiar with the matter told Korea Economic Daily on Tuesday. The letters — sent to firms spanning the EV, battery, display, aerospace, and medical device sectors — have threatened the firms with sanctions and other regulatory actions in cases of violations.
IN CONTEXT- China restricted exports of seven categories of medium and heavy rare earths two weeks ago as part of a countermeasure against renewed tariffs by US President Trump. Exports have ground to a halt since then, and exporters must now apply to the Commerce Ministry for licenses to ship materials, with approvals typically taking between six weeks and several months. This adds to a long list of export controls that China introduced in the past two years, including on graphite, gallium and germanium products, antimony, and the technology to make, extract, and separate rare earths.
#2- A leading competitor in the race to develop small modular nuclear reactors (SMRs) — Terra Innovatum — is going public after a merger with GSR III Acquisition Corp, according to a statement released on Tuesday. The merger — which gave the company a pre-money equity valuation of USD 475 mn — is set to close in 2H 2025 will see the company listed on Nasdaq under the NKLR ticker, Bloomberg reported on Monday. The transaction will generate up to USD 230 mn in gross proceeds.
Part of a trend: Several competitor startups have made moves to go public via special purpose acquisitions, including NuScale Power, and Sam Altman-backed Oklo, Bloomberg reported.
Commercialization ahead? The US-based company has finalized the design of its trademark SMR in 2024 and is currently in the process of securing regulatory approvals from the US’ Nuclear Regulatory Commission. The company — now targeting 2028 for its first commercial deployment — is claiming a versatile SMR design that can be used for many applications, including hospitals, data centers, industrial sites, and mining operations, according to its website.
The design: Terra’s reactor — trademarked under the name SOLO — is designed to be exceptionally small, coming in the form of a cube with about 33-foot sides. The reactor will be enclosed in concrete, with helium gas used for cooling instead of water, which is usually associated with risks of hydrogen explosions. SOLO is planned to deliver one MW of electricity.
#3- US hits again with new duties on solar imports: The US has finalized antidumping and countervailing duties of up to 3,521% on solar cells imported from Cambodia, Malaysia, Thailand, and Vietnam, according to a Commerce Department statement on Monday. The update caps a year-long probe that began under the Biden administation into alleged dumping that distorted the US solar market, with a final vote on the duties planned for 2 June.
On top of other tariffs: The solar duties will be in addition to the separate set of tariffs imposed by Trump. They vary depending on the company and country, however the average effective rate for each country would be 651% for Cambodia (with four firms slapped with rates as high as 3,403%), 34% for Malaysia (reaching 168.9% in some cases), 375% for Thailand (reaching 799.5%), and 395 for Vietnam (reaching 542.6%). China’s Jinko Solar and Trina Solar are among the highly affected firms.
But the decision did not catch the industry off guard, with several Chinese companies already in process of shifting operations to nations outside the scope, such as Indonesia and Laos.. But that safe haven status could be short-lived, as these locations could face scrutiny in a possible new round of duties later this year, Bloomberg reported on Monday, citing a note by Roth Industries.
US’ solar industry to take a major blow: The US imported about USD 12.9 bn in solar equipment last year from the four targeted countries, making up roughly 77% of its total module imports, according to BloombergNEF. While expected to boost US domestic production, the duties also challenge local renewable developers relying on foreign supplies as they could face higher costs and extended supply chain disruptions.
THE SCORECARD-
The global wind power capacity has hit 1.1 TW after adding 117 GW of new capacity in 2024, according to a Global Wind Energy Council (GWEC) report (pdf) issued on Wednesday. Of the new additions, 109 GW came from onshore wind and 8 GW from offshore. The GWEC expects a compound annual growth rate of 8.8% for the industry over the next five years, pushing global wind capacity up by another 981 GW by 2030.
Who’s leading? China once again dominated the market, contributing 80 GW of new capacity — two-thirds of the global total. The US came second, followed by Germany and India in the third and fourth place, and Brazil rounded up in the top five.
What about our region? The Middle East and Africa remained the smallest wind markets, contributing some 2% to the overall increase. However, the region’s capacity jumped 107% y-o-y, with 794 MW coming from Egypt and 390 MW from Saudi Arabia.
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CIRCLE YOUR CALENDAR-
Turkey will host the International Renewable Energy Conference from Wednesday, 7 May until Friday, 9 May in Istanbul. The conference facilitates a dialogue between industry professionals on renewables policy, hydrogen in the energy transition, renewable energy solutions, and others.
Oman will host the Oman Sustainability Week from Sunday, 11 May until Thursday, 15 May in Muscat. The exhibition, bringing together policymakers and stakeholders from the energy and sustainability sectors, will serve as a premier knowledge-sharing platform, where thought leaders will explore policies and strategies to advance Oman’s journey toward a net-zero future.
Saudi Arabia will host the International District Cooling Conference from Tuesday, 13 May until Wednesday, 14 May in Jeddah. The conference will spotlight district cooling solutions for the Kingdom, with a focus on policy, regulation, digital transformations, asset management, optimization, networking, and investment opportunities.
Saudi Arabia will host its first Green Energy Week from Wednesday, 14 May until Thursday, 15 May in Riyadh. Over 450 attendees, 50 speakers, and 15 exhibitors will come together to discuss solar PV, energy storage and green hydrogen.
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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Opening up a world of opportunity
Morocco to invest MAD 220 bn in water and electricity: Morocco has launched a five-year plan to invest MAD 220 bn (c. USD 23.7 bn) in its electricity and water sectors, with MAD 177 bn (c. USD 19 bn) going towards electricity and MAD 43 bn (c. USD 4.6 bn) going towards water, according to a statement from Monday. Some 72% of the investments are planned to be financed by the private sector, with about MAD 100 bn earmarked for the development of 12.5 GW of renewables projects, according to the statement.
Water security also in focus: The government is also planning to invest big in water security projects, including in drinking water projects, networks supplying villages, and desalination projects. The investments are essential for the drought-striken Kingdom — now in its fifth year of drought, with water inflows declining from 2.5k cbm per capita annually in 1960 to 620 cbm in 2020. In 2023, the country approached the absolute water scarcity threshold of 500 cbm per capita per year.
REMEMBER- Morocco needs some MAD 30 bn in investments to boost its national electricity grid by 2030, with MAD 27 bn grid investments already planned to accommodate the increasing share of renewable energy, which already account for 45% of the country’s energy mix. The country is planning to add 9+ GW between 2023 and 2027 at a cost of MAD 90 bn.
MORE REGIONAL INVESTMENT UPDATES-
Kuwait-based Capital Edge will invest USD 1 bn in Indian green energy company NexGen Energia to scale up its compressed bio-gas (CBG) infrastructure across India, The Economic Times reported on Monday. The investment — made through an equity uptake — will support the installation and operation of new CBG plants as the company looks to expand deployment nationwide.
SOUND SMART- CBG is a renewable fuel produced by purifying biogas, primarily methane and CO2, generated from organic wastes. The purification process removes impurities like hydrogen sulfide and moisture, resulting in methane-rich gas (over 90% methane) that is then compressed to be used as a cleaner alternative to fossil fuels like natural gas to power vehicles or generate electricity. CBG is considered green since it captures methane from waste.
About NexGen Energia: NexGen is a private energy company specializing in the engineering, construction, and procurement of CBG plants. NexGen plans to establish 1k CBG plants by 2026, according to the Economic Times..
About the investor: Kuwait’s Capital Edge is an investment firm focusing on high-impact infrastructure projects across Asia, Africa, and the Middle East. The firm provides long-term equity commitments for large-scale projects, including those in the renewables sector.
Emicool secures AED 1.95 bn in first-ever green financing: District cooling firm Emicool — a joint venture between Dubai Investments and London-based infrastructure-focused private equity giant Actis — has landed its first green financing worth just short of AED 2 bn, as part of a broader AED 2.3 bn syndicated facility, Asharq Business reports citing a statement. The financing will support energy-efficient district cooling projects.
More details: The green financing is part of a broader AED 2.3 bn syndicated facility backed by Dubai Islamic Bank and Abu Dhabi Commercial Bank, and the 12-year facility includes a five-year grace period.
BACKGROUND- Actis acquired a 50% stake in Emicool from Dubai Investments in 2022, forming a joint venture aimed at expanding sustainable district cooling services in the MENA region. This transaction was highlighted as one of the largest in the district cooling industry in the region.
Not the sector’s first green issuance: UAE district cooling company Tabreed’s wrapped a USD 700 mn green sukuk issuance last month that was 2.6x oversubscribed.
All part of Actis’ 2025 regional push: Actis was reported last November to be eying investments in the region’s green sector — including in power generation, distribution, district cooling, and solar rooftop assets — with at least at least four transactions expected to reach financial close in 2025. Actis’ energy fund’s global pipeline was valued at USD 33 bn at the time, with plans to allocate 20% of it to the Middle East and Eastern Europe.
More bidders eye Pal Cooling buyout: US-based PE firms KKR and I Squared Capital, along with the Middle East’s biggest alternative investor Investcorp, are said to be weighing bids for Multiply Group’s district cooling unit Pal Cooling Holding (PCH), Reuters reported on Friday, citing sources it says are familiar with the matter. The sale — announced early last month — could fetch around USD 1 bn, with binding offers expected next month.
Not the only eyes on Pal: The move sees KKR and I Squared Capital join a growing pool of suitors for the Abu Dhabi asset — including state utility firm Taqa, state cooling business Tabreed, and Dutch PE firm CVC, which is working with Tabreed, the sources said.
District cooling acquisitions history in UAE: Big district cooling players in the UAE have been expanding their market share through acquisitions. Mubadala-backed Tabreed acquired an 80% stake in Emaar Properties’ district cooling unit in 2020, and DFM-listed Dubai-based Empower snapped up the Dubai International Airport’s district cooling assets in 2023 and has recently been on an acquisition spree for more district cooling units across the country.
Alkhorayef secures contracts for wastewater systems in KSA: Saudi-based Alkhorayef Water and Power Technologies (AWPT) inked two contracts worth SAR 353.9 mn with the Saudi Irrigation Organization to construct treated wastewater reuse systems, it said in two separate disclosures to Tadawul here and here.
The details: The first contract valued at SAR 223.8 mn will see AWPT build water transmission and distribution systems in Al Rass Sewage Treatment Plant (Phase one), while the second SAR 130.1 mn contract concerns the Wadi Al Dawasir Sewage Treatment Plant (Phase one). The two projects — aimed at irrigating agricultural areas — are set to be completed in two years.
REMEMBER- AWPT landed a slew of contracts this year with the National Water Company, including a SAR 1.7 bn operation and maintenance agreement for four Al Ahsa sewage treatment plants and a SAR 1 bn project for three Manfouha plants.
ALSO ON OUR RADAR
Green mobility, finance, and infrastructure updates from UAE, Qatar, and Saudi Arabia
GREEN MOBILITY-
#1- Zayed Port to see UAE’s first hybrid heliport: The UAE’s General Civil Aviation Authority (GCAA) granted design approval for the country’s first hybrid heliport at the Abu Dhabi Cruise Terminal in Zayed Port, Wam reports. AD Ports Group, Falcon Aviation Services, and Archer Aviation will collaborate on developing the site, which will have a unified platform to serve both helicopters and electric vertical take-off and landing (eVTOL) aircraft, including Archer’s Midnight model.
Just in time: The facility will be a launch point for Abu Dhabi’s air taxi service, set to be rolled out by 2026, and the site was chosen for its strategic location and high passenger volume. GCAA’s proposed regulations for eVTOL infrastructure are expected to be finalized by July 2025.
ICYMI- Archer Aviation is set to launch test flights of its eVTOL aircraft in Abu Dhabi this summer, before full commercial rollout later. Archer and Falcon Aviation are also developing a “vertiport” network across Dubai and Abu Dhabi, while in Dubai, the Road and Transport Authority (RTA) partnered with electric aircraft developer Joby Aviation last year to launch air taxi services in the UAE by early 2026.
#2- Ajman to get EV charging hub, Dubai to follow: The UAE’s state-owned EV charging network UAEV will launch the country’s largest EV recharging station to date in Ajman by the end of 2025, the National reported on Wednesday, citing comments made by CEO Hicham Ezzahid. The flagship hub will be capable of servicing 20 EVs simultaneously, and a second hub is planned to open in Dubai in 2026, Ezzahid said. The move comes within UAEV's broader goal to install 1k public charging stations across all seven emirates by 2030. It recently signed an MoU with AWR to support EV charging infrastructure.
#3- UAEV + AWR to boost UAE’s EV charging experience: Emarat EV Charging Stations Company (UAEV) — a JV between the UAE’s Ministry of Energy and Infrastructure and Etihad Water and Electricity — and AW Rostamani (AWR) Group have signed a strategic agreement to support electric vehicle (EV) charging infrastructure in the UAE, according to a statement issued Tuesday. Zeekr exclusive distributor AWR Group will provide charging credits to customers of those vehicles for use across UAEV’s charging network. The partnership will launch in the coming months
REMEMBER- UAEV plans to install 500 EV chargers by 2025 and to expand this to 10k chargers by 2030, and 30k by 2050. The UAE is the second highest in the Middle East for EV usage, with EVs accounting for 13% of total car sales in 2023. The UAE has already installed over 100 EV chargers in 2024.
#4- More electric taxis to launch in Dubai: Dubai Taxi Company has partnered with Al Futtaim Electric Mobility to deploy 200 all-electric BYD SEAL taxis in Dubai, according to a Press Release issued on Monday. The move aligns with Dubai Taxi’s goal to convert its entire fleet to electric vehicles by 2040 and with Al Futtaim Automotive’s goal to make hybrid and electric cars account for at least 50% of its UAE sales by 2030.
#5- SkyCargo taps hydrogen-powered trucks: Emirates Skycargo has partnered with UAE-based land freight cargo firm Allied Transport Company to integrate five hydrogen-powered trucks into its fleet by 1Q 2026, according to a statement released last week. The new trucks will have a carrying capacity of 28 tonnes of cargo each, with a full tank offering a range up to 700 km. Hydrogen fueling will be available in Dubai Expo City and Al Qudra Dewa Station,
Trucking in numbers: Skycargo currently boasts over 60 trucks in its trucking fleet, which serves as a crucial link between Dubai World Central (DWC), Dubai International Airport (DXB), and the wider region.
SOLAR-
#1- ADFD brings Comoros solar plant online: The Abu Dhabi Fund for Development (ADFD) has inaugurated its AED 25.7 mn (c. USD 7 mn), 6.3 MW solar power plant in Comoros, according to a press release issued on Tuesday. The plant will provide energy to the capital, Moroni, and other surrounding regions.
ADFD has a green portfolio abroad: ADFD finalized an AED 92 mn loan agreement with Rwanda’s government to enhance water systems at the Karenge Water Treatment Plant last December. ADFD-backed UAE-Caribbean Renewable Energy Fund inaugurated Masdar’s hurricane-resistant hybrid solar-diesel plant in the Caribbean’s Antigua and Barbuda last year.
#2- Iran readies 100 MW of solar panels for launch: Iran’s Energy Ministry has installed 15 solar panels with a total capacity of 100 MW across the country, Tehran Times reported last week. The panels are installed in the provinces of Isfahan, Yazd, Razavi Khorasan, South Khorasan, Kerman, Markazi, and Alborz.
GREEN FINANCE-
Qatar Central Bank issues Sustainable Finance Framework: The Qatar Central Bank has issued its Sustainable Finance Framework as part of the country’s Third Financial Sector Strategic Plan and broader ESG strategy, according to a statement issued on Sunday. The framework will focus on enhanced transparency, revenue management, mandatory reporting, and external audits. It also aims to integrate sustainable Islamic finance instruments.
GREEN INFRASTRUCTURE-
Saudi receives bids for Mawqaq substation: The Saudi Electricity Company (SEC) has received bids for the construction of the 380 kV Mawqaq substation in central Saudi Arabia as well as several overhead transmission line (OHTL) projects, including a 380 kV OHTL from Mawqaq to the national grid, Trade Arabia reported last week. The lowest bidder for the substation — which is being set up to support new renewable energy projects under the government’s National Renewable Energy Program (NREP) — was Trading & Development at SAR 592 mn (c. USD 158 mn), while the lowest bidder for the OHTL project was Alfanar Projects at SAR 159.3 mn (c. USD 42 mn).
REMEMBER- The SEC invited bids to develop 380 kV substations and overhead transmission lines in Afif, Khurma, Tabarjal, Qirah, and Ash Shayyit for in-progress renewable energy projects last month. The Saudi Power Procurement Company has already prequalified a total of 22 utility project developers for the sixth round of wind and solar projects under the NREP. This round will add a combined capacity of 4.5 GW to Saudi Arabia's renewable energy portfolio.
AROUND THE WORLD THIS WEEK
NY pension fund ups green investments + NGOs file complaint against EU sustainability rules overhaul
The New York State Common Retirement Fund is boosting its investment in the FTSE Russel TPI Climate Transition Index fund with an additional USD 2 bn, Bloomberg reported on Monday. The new investment in the climate index is part of the pensions fund’s effort to increase its green investments to USD 40 bn and achieve net-zero emissions across its portfolio by 2040. The USD 273.4 bn fund — the US’ third largest pensioners’ fund — currently have USD 25.6 bn invested in climate-related equity.
A trend? Cambridge University and the UN Joint Staff Pension Fund announced earlier this month they were reallocating up to USD 750 mn into a new climate bond index expected later this year — dubbed “The Bloomberg Cambridge University Fixed Income Index.” The index is planning to filter out firms increasing oil and gas output and financial institutions that continue to lend them.
NGOs file complaint against EU sustainability law overhaul: Legal NGO ClientEarth, along with seven other campaign groups, submitted a complaint to the European Ombudsman — the EU’s independent watchdog — against an EU proposal that would ease its sustainability laws, according to a press release issued last week. The group claims that the Commission bypassed public consultation and failed to assess the environmental and social consequences of its proposed changes. The complaint also accuses the Commission of “enabling a small group of industry interests to take control” of the deregulation push, pointing to closed-door meetings with industry representatives that took place ahead of publishing the proposal.
Do the claims have solid ground? Oil majors such as Eni, ExxonMobil, and TotalEnergies attended a Commission session in February, according to a meeting invitation list reviewed by Reuters, which showed that NGOs including the World Wildlife Fund and Human Rights Watch were also invited.
REFRESHER- The Commission proposed scaling back ESG rules for most businesses in Europe to cut red tape and boost competitiveness last February. The changes — still to be negotiated and formally approved by the European Parliament — affect four key pillars of the European Green Deal: the Corporate Sustainability Reporting Directive, the EU taxonomy on sustainable investment, the Corporate Sustainability Due Diligence Directive, and the Carbon Border Adjustment Mechanism.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- Nissan to pour USD 1.4 bn into China: Nissan will invest USD 1.4 bn in China’s automotive sector by the end of 2026, with a focus on supporting its EV operations. It plans to launch 10 new models by mid-2027, with all models intended for export, excluding to the US. (Bloomberg)
‘De-extinction’ biotech firm has done what Game of Thrones fans only dreamt of: Dallas-based biotech firm Colossal Biosciences has successfully bio-engineered and birthed three genetically modified dire wolf pups — a species not seen on Earth in more than 12k years, Bloomberg reported earlier this month. The trio pups — two males, Remus and Romulus, and one female, Khalees – now roams a secretive preserve somewhere in the US.
Apparently it’s possible…with dog moms: The pups were born using gray wolf cells tweaked with 20 gene edits to mimic dire wolf traits, then implanted into hound dog surrogates. The company sourced ancient DNA from museum specimens, sequenced the genome, and essentially reverse-engineered the animal.
The ice age is pouring some hot money: The startup reported a valuation of about USD 10 bn after a funding round from TWG Global in January, and has raised USD 435 mn from names like Lord of the Rings’ filmmaker Peter Jackson and the CIA-backed non-profit IQT.
There’s more: The firm even more sci-fi targets on its list — think of extinct animals as the dodo and the Tasmanian tiger. It has also spun off two startups working on biodegradable plastics and computational biology.
But some criticism remains: Critics have called the animals genetically edited lookalikes, rather than true de-extinct species, but that hasn’t swayed off investors, including Paris Hilton and the Winklevoss twins, who are already seeing good returns from the company, Bloomberg said.
MAY
5-6 May (Monday-Tuesday): Energy Regulators Regional Association Conference, Muscat, Oman.
6-8 May (Tuesday-Thursday): Autonomous e-Mobility Forum, Ar-Rayyan, Qatar
7-9 May (Wednesday-Friday): International Renewable Energy Conference, Istanbul, Turkey.
11-15 May (Sunday-Thursday): Oman Sustainability Week, Muscat, Oman.
13-14 May (Tuesday-Wednesday): International District Cooling Conference, Riyadh, Saudi Arabia
14-15 May (Wednesday-Thursday): Saudi Arabia Green Energy Week, Riyadh, Saudi Arabia
JUNE
9-13 June (Monday-Friday): UN Ocean Conference, Nice, France.
15-17 June (Sunday-Tuesday): G7 Summit, Kananaskis, Canada.
16-26 June (Sunday-Saturday): Bonn Climate Change Conference, Bonn, Germany.
17-20 June (Tuesday-Friday): Mediterranean Water, Irrigation and Photovoltaic Exhibition, Tunisia.
30 June-3 July (Monday-Thursday): International Conference on Financing for Development, Seville, Spain.
SEPTEMBER
8-9 September (Monday-Tuesday): Sustainable Buildings and RetrofitTech Qatar Summit, Doha, Qatar.
9-11 September (Tuesday- Thursday): Global Water Energy and Climate Change Congress, Manama, Bahrain.
9-23 September (Tuesday-Tuesday): UN General Assembly, New York City, USA.
OCTOBER
14-15 October (Thursday-Wednesday): Egypt Energy, Cairo, Egypt
20-21 October (Monday-Tuesday): Sustainable Buildings and RetrofitTech Saudi Summit, Riyadh, KSA
28-30 October (Tuesday-Thursday): EV Auto Show, Riyadh, Saudi Arabia
NOVEMBER
4-6 November (Tuesday-Thursday): World Social Summit, Doha, Qatar.
10-21 November (Monday-Friday): UN Climate Change Conference (COP30), Belém, Brazil.
22-23 November (Saturday-Sunday): G20 Leaders’ Summit, Johannesburg, South Africa.
24-27 November (Monday-Thursday): HVACR World, Dubai, UAE.
25-26 November (Tuesday-Wednesday): Sustainable Buildings and RetrofitTech Bahrain Summit, Manama, Bahrain.
EVENTS WITH NO SET DATE
2024
End-2024: Emirati Masdar’s 500 MW wind farm in Uzbekistan to begin commercial operations.
QatarEnergy’s industrial cities solar power project will start electricity production.
November: Arab Forum for Renewable Energy and Energy Efficiency, Amman, Jordan.
2025
International Union for Conservation of Nature World Conservation Congress, Abu Dhabi, UAE.
UAE to have over 1k EV charging stations installed.
Middle East Electric Vehicle Show, Sharjah, UAE.
2026
26-29 October (Monday-Thursday): World Energy Congress, Riyadh, Saudi Arabia.
UITP Global Public Transport Summit, Dubai, UAE.
Annual Meetings of the World Bank and the International Monetary Fund, Bangkok, Thailand.
1Q 2026: QatarEnergy’s USD 1 bn blue ammonia plant to be completed.
End-2026: HSBC Bahrain to eliminate single-use PVC plastic cards.
2027
MENA’s district cooling market is expected to reach USD 15 bn.
World Water Forum, Riyadh, Saudi Arabia.
2030
UAE’s Abu Dhabi Commercial Bank (ADCB) wants to provide AED 35 bn in green financing.
UAE targets 14 GW in clean energy capacity.
Tunisia targets 30% of renewables in its energy mix.
Qatar wants to generate USD 17 bn from its circular economy, creating 9k-19k jobs.
Morocco’s Xlinks solar and wind energy project to generate 10.5 GW of energy.
2035
Qatar to capture up to 11 mn tons of CO2 annually.
2045
Qatar’s Public Works Authority’s (Ashghal) USD 1.5 bn sewage treatment facility to reach 600k cm/d capacity.
2050
Tunisia’s carbon neutrality target.
2060
Nigeria aims to achieve its net-zero emissions target.