Fusion energy is hard to create and it’s hard to explain. Brian gives a great background here. International design and innovation office CRA-Carlo Ratti Associati and architect Italo Rota, together with Italy’s energy company Eni, present a project dedicated to magnetic confinement fusion, one of the most innovative technologies for the decarbonization of energy systems. The project showcases the mock-up of a Tokamak reactor, built within a former gasholder in Rome, Italy, in order to inform visitors about this breakthrough technology with Italian flair.

It was released in 2022. 

The project by CRA and Italo Rota is part of Maker Faire Rome, Europe’s leading event for the community of Makers. It is situated in the site of Gazometro Ostiense, one of the foremost symbols of the Italian capital’s modern industrial heritage, located just three kilometers southwest of the Colosseum. Inside a 50-meter-high, 40-meter-wide gasholder, visitors can explore the conceptual model of a Tokamak, a fundamental component in magnetic confinement technology processes. After an ascending path, people can access inside the Tokamak. Here, within a red-lit circular corridor, a series of multimedia content narrates the technology and its ongoing scientific investigations.

 “Magnetic confinement fusion is a clean technology that has the potential to be one of tomorrow’s key decarbonization solutions,” comments Carlo Ratti, founder of CRA and Director of the MIT Senseable City Lab. “With the project, we wanted to start an open-design process to imagine how fusion power plants will be integrated in sub-urban areas – prompting makers and architects alike to join a discussion on our future energy landscape.” 

“We have the chance to explore new forms of storytelling about energy,” adds Italo Rota, co-designer of the installation. “We believe that design is a powerful tool to turn a narration into an experience, allowing visitors to sense the energy while being surrounded by a unique atmosphere.”

The project follows Eni’s work on magnetic confinement, which has been unfolding in the last few years through a series of academic collaborations – most notably, with the MIT Plasma Science and Fusion Center (PSFC) – and the energy company Commonwealth Fusion Systems (CFS). During the process of magnetic confinement, the fusion of two hydrogen nuclei releases an enormous amount of energy, similarly to how it happens inside the sun and other stars. The most substantial advantage of this technology is that it does not emit greenhouse gases or highly polluting or highly radioactive substances. Furthermore, it is safe and virtually inexhaustible. 

In the past years, CRA has been developing several energy-related projects on different scales: from the Helsinki Hot Heart, a series of islands with the dual function of thermal energy storage – currently the largest urban decarbonization project in the world – and recreational public spaces, to the masterplan for MIND (Milan Innovation District) to CapitaSpring, a 280-meter-tall high-rise oasis in Singapore designed together with BIG – Bjarke Ingels Group.

Over the past years, CRA and Eni have been collaborating to promote new forms of circularity and sustainable energy production. Their projects have been showcased at international events such as the Maker Faire in Rome, Milan Design Week, and Expo Dubai 2020.

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SOCAR, an Azerbaijani state owned energy company continues to acquire stakes in strategic assets in foreign countries in line with its strategy to expand production footprint. It has bought a 10% stake in Israel’s natural gas fields in the Mediterranean Sea called Tamar.

Lebanon too could be energy independent if it were to stop the Hezbollah and develop peaceful energy pursuits. Lebanon’s Exclusive Economic Zone is a part of the Levant Basin: according to the USGS estimates, Lebanon could hold 850 bcm of offshore natural gas reserves and 660 million barrels of oil.

The US oil and energy giant Chevron already operates and holds a 25% stake in the Tamar gas field in the Med Sea. Other partners in the Israeli gas reservoir include Isramco, Tamar Investment 2, Tamar Petroleum, and Dor Gas.

Since Israel first found natural gas fields off its Mediterranean coast more than a decade ago, and since the country has emerged as a gas exporter. The natural gas operations have put the country on a path to energy independence in a region with few natural resources.

Israel has been exporting gas from the Tamar field to its neighbor Jordan since 2017.

This is not the first attempt by SOCAR to enter the Israeli natural gas market but this is SOCAR’s first major investment in the Mediterranean Sea. The oil firm’s vision moving forward it so continue seeking strategic assets around the world to expand its energy portfolio.

In 2023, SOCAR joined a consortium including British multinational oil and gas firm BP and NewMed Energy to bid for licenses to explore and discover offshore natural gas fields in areas adjacent to Israel’s Leviathan field, one of the world’s largest deep-water gas discoveries.

Within the new framework, on January 31, 2025, an agreement was signed with Union Energy for the acquisition of 10% effective ownership in the Tamar field, located offshore of Israel, one of the largest and most strategically important gas fields in the Mediterranean basin.

“With this step, SOCAR has begun implementing investment in upstream projects in the Mediterranean region. The agreement was signed subject to certain conditions being met, including customary regulatory and other approvals,” announced the Azerbaijani government.

SOCAR will continue its efforts to acquire stakes in strategic assets in foreign countries in the future. It is a major source of income for the authoritarian regime in Azerbaijan.

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The Gulf Petrochemicals and Chemicals Association (GPCA), the voice of the chemical industry in the Gulf region, is pleased to announce the launch of its brand-new networking platform – the “GPCA Startup Nexus” – which will debut during the Annual GPCA Forum from 3 to 4 December 2024 at the Oman Convention and Exhibition Centre, in Muscat, Oman. 

For the first time, “GPCA Startup Nexus” will provide young startup companies with a stage to present their unique and forward-looking technologies to a broad audience of investors, experts and decision-makers from chemical companies and international players.

During the forum10 young and motivated startups engaged in advancing the circular economy and climate action will showcase their technologies in Shark Tank-style presentations and take questions from the audience.

During the forum, they will have the invaluable opportunity to forge new connections with large established companies and international investors and promote their solutions. The aim is to create a network of mutual exchange that catalyzes collaboration and to stimulate investments.

The deadline to submit applications and become part of the GPCA Startup Nexus has now been extended until October 7, 2024. Startups established less than seven years ago and with a Technology Readiness Level (TRL) higher than 4 will have the opportunity to apply for one of the coveted places in the two technology fields – circular economy and climate action.

The top five companies in each of the two categories will be shortlisted by an Expert Panel, comprising seven esteemed industry veterans with significant leadership experience in research and innovation at chemical and petrochemical firms.

GPCA will provide eight more startups, which have not been established yet or whose technology has not progressed beyond TRL 4, with the opportunity to apply, connect with potential investors and promote their brand through short “elevator pitch” presentations.

Dr. Abdulwahab Al-Sadoun, Secretary General, GPCA, commented: “In line with our effort to stimulate collaboration and innovation in the chemical ecosystem, we are providing a unique opportunity to emerging and established startups from around the region to take part in the “GPCA Startup Nexus” and present their successful innovations and technologies in the field of circular economy and climate action on the sidelines of the 18th Annual GPCA Forum. We truly believe that the solution to climate innovation depends on cross-sector collaboration, where stakeholders from across the board come together, share their experiences and knowledge and collaborate for a cleaner, more resource-efficient and smarter future.”

Apply here.

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As Germany shut its last nuclear plant last year, the oil-rich country the United Arab Emirates has completed firing up its first.

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The Just Stop Oil (JSO) activists who vandalized Vincent Van Gogh‘s Sunflowers (1888) painting with a can of soup are waiting to be sentenced, according to JSO press material.

The 22-year-old activists Phoebe Plummer and Anna Holland,  “came within the width of a pane of glass of destroying one of the most valuable artworks in the world,” said Southwark Crown Court Judge Christopher Hehir.

It’s been 2 years since the incident and Holland and Plummer were remarkably only sentenced from visiting any museums or galleries, or for carrying glue, paint or adhesive materials in a public setting.

Holland and Plummer launched a can of tomato soup on the glass of the centuries-old painting, stating: “What is worth more, art or life? Is it worth more than food? Worth more than justice? Are you more concerned about the protection of a painting, or the protection of our planet and people?

“The cost of living crisis is part of the cost of oil crisis.”

Plummer and a third activist, Jane Touil, were imprisoned after painting Heathrow airport a few days ago. Just Stop Oil says they are working to defend them and with groups internationally to demand governments establish a fossil fuel treaty, to end the extraction and burning of oil, gas and coal by 2030.

Phoebe Plummer and Jane Touil appeared before Judge Neeta Minhasat at Westminster magistrates court this afternoon, after taking action at Terminal 5, Heathrow Airport yesterday. They have been remanded to HMP Bronzefield until August 28th at Isleworth Crown Court, where they will appear for a case management hearing.

Yesterday, the pair used fire extinguishers to spray water-based paint at the departure boards in the terminal. The Crown is alleging £50,000 worth of damages.

Plummer said at the hearing: “Sending peaceful protestors like me to prison isn’t going to prevent us from resisting. You’re upholding an abysmal system. And you’re doing that to maintain business as usual. You won’t be protected from the climate emergency.”

Speaking before the hearing Jane Touil said: “I have become increasingly terrified about climate breakdown and increasingly appalled by politicians’ failure to take appropriate action. Convinced that the most effective thing I could do as an ordinary person was to take direct action to highlight the catastrophic situation we’re in, I became a Just Stop Oil supporter.”

“I was arrested for the first time in April 2022 and have been arrested several times since. I spent a short time on remand in prison after climbing an M25 gantry in November 2022. I will continue to act on my conscience to protect life and to challenge the greed, corruption and cowardice that are killing people right now. I refuse to die for fossil fuels.”

The two must be “prepared in practical and emotional terms to go to prison” when their case is heard on September 27 by Judge Hehir, who has sentenced five JSO activists who committed similar offenses to a prison sentence of up to five years:

“The government continuously proves that they have little to no interest in attempting to curb climate change,” said Holland’s lawyer, adding: “They have proven that they have a great deal of interest in investing time and money into prosecuting young people trying to fight for the future of themselves and their children.”

Activists from various countries have targeted art and public spaces and private businesses over the past few years to raise awareness to the climate emergency. The tone was set by Greenpeace in the 70s when it started taking over whaling boats.

While it may seem heroic, Green Prophet does not support acts of violence and vandalism as a means to justify the end. Educating the next generation creatively might develop the next zero-energy super-fuel. Just Stop Oil activists are banging on an old drum that creates divisiveness and hate.

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Saudi Arabia’s energy minister announced Aramco‘s discovery of seven new oil and gas deposits in the Kingdom’s Eastern Province and Empty Quarter.

Prince Abdulaziz bin Salman said that Saudi Aramco found two unconventional oil fields, a light Arabian oil reservoir, two natural gas fields, and two natural gas reservoirs.

In the Eastern Province, the “Ladam” unconventional oil field was discovered, producing very light Arabian oil at 5,100 barrels per day, along with 4.9 million standard cubic feet of gas daily. The “Al-Farouk” oil field produces 4,557 barrels per day of ultra-light oil and 3.79 million cubic feet of gas per day.

The “Unayzah B/C” reservoir in the Mazalij field produces 1,780 barrels of light oil and 0.7 million cubic feet of gas daily.

In the Empty Quarter, the “Al-Jahaq” field produces 5.3 million cubic feet of gas from the “Al-Arab-C” reservoir and 1.1 million cubic feet from the “Al-Arab-D” reservoir.

The “Al-Katuf” field flows at 7.6 million cubic feet of gas and 40 barrels of condensate per day.

The “Hanifa” reservoir in the Asikra field yields 4.9 million cubic feet of gas per day, with the “Al-Fadhili” reservoir adding 0.6 million cubic feet of gas and 100 barrels of condensate daily.

Does that mean the price of gas will go up? Or go down? What about Saudi Arabia’s so-called sustainability vision for the year 2030? Looks like business as usual.

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Texas has been called the “Energy Capital of the World” for good reason. According to the EIA, the state is the country’s top crude oil and natural gas producer, accounting for 27 percent of its natural gas production and 42 percent of its crude oil production. The state also houses the majority of the nation’s oil refineries.

Texas has many energy sources. However, it is also the country’s primary energy consumer. The industrial sector accounts for over half of the state’s energy consumption. However, Texas is determined to harness different energy sources, including wind and solar. Let’s explore how Texas plans to achieve its goal of fully transitioning to renewable energy.

Current Trends on Energy Consumption in Texas

Since Texas is a major energy producer, its energy consumption is changing significantly. The state uses solar and wind power as sustainable energy sources. Increasing electricity demands and a call for energy efficiency are also steering the trends in the state. Some of these critical trends include:

Primary sources of energy

Natural gas is Texas’s predominant energy source, generating most of its electricity. It’s also cost-effective and cost-efficient compared to coal, giving Texas more reason to focus on natural gas as an energy source. 

Local power plants are shifting from coal to natural gas, significantly reducing carbon emissions. This shift helps decrease the negative impact on the environment.

Population growth and urbanization

Texan cities, such as Houston, Dallas, and Austin, are seeing rapid population growth. The state also has a robust industrial sector, including manufacturing, petrochemicals, and technology. These sectors continuously grow and create a surge in energy consumption and demand.

Electricity and natural gas usage have become apparent in residential and commercial areas. As such, there’s an increasing demand for better infrastructure and diversified energy sources. Consumers primarily shape the energy landscape in Texas. Meeting their needs and ensuring sustainability and reliability remain priorities.

Technological advancements

Advances in energy storage technologies are now evident. These advancements are more viable. They address the unpredictability that could result from using renewable energy sources.

Innovations in grid management are also noted. Real-time data analytics and automated controls are crucial. They enhance the energy system’s overall stability and efficiency.

Environmental policies and regulations

As the world’s eyes shift to climate change awareness, the need for environmental sustainability becomes greater. Energy policies are influenced and modified with these environmental changes in mind. A great emphasis has been placed on reducing carbon emissions and the shifting to cleaner energy sources. They are at the forefront of the new policies and regulations being made.

Federal and state regulations are now changing to support the adoption of renewable energy. They’re also aiming to improve grid reliability and encourage energy efficiency.

Market trends and consumer behavior

Global market trends and technological changes affect the fluctuating energy prices. Even policy shifts have influenced the masses’ energy consumption patterns and investment decisions.

As investments in energy infrastructures in Texas increase, so does the hope for a better future for the state’s energy landscape. Transmission lines and renewable energy projects are currently under construction. These developments can all contribute to much-needed environmental change.

Decentralization and Distributed Energy Resources (DER)

The decentralization of energy systems is an emerging trend in Texas. Many homes and companies have recently chosen to install rooftop solar panels and home battery systems. This shift in systems has contributed to a well-distributed energy grid.

Another trend gaining popularity is the development of microgrids. Localized energy solutions have emerged that improve energy efficiency, resilience, and reliability. The development of microgrids is evident in remote or critical infrastructure locations.

Expansion of Renewable Energy

As mentioned, Texas is renowned for its oil and natural gas resources. At present, they’re also expanding their horizons to renewable energy sources. You can expect nothing less from the country’s leader in wind energy production and solar power generation. 

These developments are driven by many factors, primarily technological advancements and reduced costs. Supportive environmental policies and regulations also play a role.

Development of wind and solar power

Texas’s efforts in developing wind and solar power are exceptional. These movements have reinforced Texas’s national leadership in renewable energy. The state houses the largest installed wind capacity in the country, and this ingenuity takes advantage of the favorable wind conditions in Texas.

Texas has been investing heavily in wind farms, specifically those located in West Texas. At present, wind energy generated in the state accounts for over 26 percent of all wind-sourced electricity in the USA.

Solar power has also become widespread, mainly because it has become readily available to the masses. In fact, the costs of solar panels have decreased. Large-scale solar projects have become commonplace in the state, creating an abundant energy mix.

The state has plenty of wind and solar power, further diversifying energy sources. This leads to significant economic growth, job creation, and a reduction in carbon emissions.

Innovations in renewable energy technologies

Texas is spearheading the clean energy revolution. The state continually supports breakthroughs in photovoltaic (PV) technology and innovates wind turbine efficiency. These advancements promote the efficiency and reliability of wind and solar power systems.

Innovations in renewable energy source technology make these goals doable and cost-effective. They also cement Texas’s position as the 100 percent renewable energy source movement leader.

Investment in renewable infrastructure

Texas has invested in smart grid technologies as a proponent of shifting to renewable energy. These technologies boost the power grid’s efficiency, reliability, and resiliency. Additionally, these advancements help manage demand and integrate renewable energy sources effectively.

The standards for energy efficiency for appliances and buildings have improved. At present, these changes are being implemented to help reduce energy consumption. They’re also targeting the reduction of consumers’ utility bills.

Government and private sector initiatives

Texas aims to make the transition to renewable energy more appealing. Policy incentives have been implemented to encourage people to show their support for the state’s environmental goals.

Texas is offering a 100 percent tax exemption on the appraised value of wind, on-site solar, or biomass power generators. Additionally, a franchise tax exemption is being offered to specific groups, including sellers, installers, and manufacturers of solar energy devices. 

Texas also permits a deduction on the margin allocated to the state. This is permissible within Texas’s use and purchase of specific solar energy products.

The private sector also takes initiatives to further these environmental projects and goals. Companies like Rhythm Energy offers Texas energy plans to help with the transition. These energy plans are fully powered by renewable sources. They allow individuals and businesses to contribute to Texas’s vision of a renewable energy future.

Trajectory of renewable energy in Texas

While Texas’s goal for the future is clean and bright, obstacles must be overcome. Fortunately, alongside these challenges are opportunities. It’s possible to fully realize and achieve the goal of running purely on renewable energy.

Challenges ahead

Many are scrutinizing environmental, social, and governance (ESG) initiatives. The quest for a future for renewable energy has also been scrutinized. Unfavorable reactions have risen on a state level across the country as a response to popular ESG trends. Policies with goals that don’t align with ESG’s visions are also currently being pursued.

Opportunities to look out for

Although some policies might be made to counter the ESG-related efforts, Texas still shows promise. The local policymakers actively support ESG-related initiatives and industries. They’re encouraging companies to explore renewable energy as part of their energy strategy. As soon as more people and businesses join this movement, the goal of a total renewable energy transition will be possible.

Conclusion

Texas has always shown great promise as the Energy Capital of the World, and it’s taking that name to new heights with its recent endeavors. By staying committed to using renewable energy sources, Texas encourages sustainability. Hopefully, this goal will be fully realized for the betterment of the country and the world.

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Emirates airline and Neste, a Finnish oil refining and marketing company, have expanded their partnership by strengthening their collaboration for the supply of over 3 million gallons of blended Neste MY Sustainable Aviation Fuel in 2024 and 2025.

The sustainable aviation fuel (SAF), which will be blended with conventional jet fuel, will be supplied over the course of 2024 and 2025 for Emirates’ flights departing from Amsterdam Schiphol and Singapore Changi airports.

Finland is a leader in sustainable technologies that the country actually implements. Green Prophet was invited on a press tour to Finland 13 years ago where we visited biofuel companies, green servers, and heat pump manufacturers.

Neste Oyj is an oil refining and marketing company located in Espoo, Finland. The company produces, refines and markets bioful oil products, and provides engineering services and operations in 14 countries. Neste shares are listed on the Nasdaq Helsinki.

Biggest sale of biofuels to the Middle East to date

Emirates’ expanded partnership with Neste represents the largest volume of SAF to be uplifted of any airline based in the Middle East and Africa to date. The blended SAF will comprise over 1 million gallons of neat SAF. This represents a blended ratio of over 30% neat SAF combined with conventional Jet A-1 fuel.

By the end of 2023, the airline used SAF for the first time from its Dubai hub. SAF reduces carbon emissions of air travel by up to 80% over the fuel’s life cycle when compared to using conventional jet fuel.

“It’s also one of the many initiatives we are focused on to reduce our carbon emissions, which includes operating fuel-efficient aircraft, stepping up our fleet renewal from 2024, in addition to driving operational fuel efficiency,” said Tim Clark, President, Emirates Airline.  “Our ongoing partnership with Neste also demonstrates our active engagement and support of the rapidly developing SAF industry, and we hope that the robust demand coming from Emirates and other airlines encourages the scaling up of SAF and other emerging clean propulsion technologies.”

Alexander Kueper, Vice President EMEA from the Renewable Aviation business unit at Neste said: “Sustainable aviation fuel is a readily available solution for reducing the greenhouse gas emissions from air travel. We are proud to expand our existing cooperation with Emirates into 2024 as we are ramping up our global SAF production and continue to support their commitment to reduce emissions by supplying our Neste MY Sustainable Aviation Fuel.”

Earlier in 2023, Emirates, in partnership with Neste and other industry stakeholders, successfully completed the first 100% SAF-powered demonstration flight in the region, utilising a Boeing 777-300ER operating on 100% SAF in one engine.

The airline has made significant strides along with its industry partners around the technical analysis and certification requirements that support standardization and future approval of 100% SAF flying.

Last month, Neste employees went on strike for labor reforms. In Decemeber, 2023, Neste partnered with Coleman Oil Company in the US to enable cities and businesses to have easier access to Neste MY Renewable Diesel in the state of Washington in the US. Neste  has also completed the strategic study and begins a gradual transformation of its crude oil refinery in Porvoo into a renewable and circular solutions refining hub.

“The COP28 declaration is a strong signal to all of us, and we want to be in the forefront of accelerating the green transition with our renewable and circular solutions,” says Matti Lehmus, the President and CEO of Neste. “The long term transformation of the Porvoo refinery is a key element in our renewables growth strategy, completing Neste’s journey to a 100% renewable and circular solutions provider when finalized.”

New Jersey blew up its last coal-fired plant this month. We welcome the transformation to renewable energy and hope progress is made faster, with people working in these industries earning a fair wage.

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The Arab Energy Fund, previously known as the Arab Petroleum Investments Corporation (APICORP), has announced a significant commitment of $1 billion to drive energy transition and decarbonization efforts. APICORP is wholly owned by the ten member states of the Organization of Arab Petroleum Exporting Countries (OAPEC).

The Organization of Arab Petroleum Exporting Countries is a multi-governmental organization headquartered in Kuwait which coordinates energy policies among oil-producing Arab nations. Member countries include Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, and the United Arab Emirates. (Egypt’s membership was suspended in 1979, but it was readmitted in 1989. Tunisia ceased to be a member in 1987.) The headquarters are in Kuwait.

This investment, revealed at COP28 in Dubai, is what the oil and gas companies say is part of a strategic shift towards environmentally and socially responsible initiatives, including technological advancements for enhanced energy efficiencies and developing new value chains in the region.

APICORP focused on the MENA energy sector  planned investment of up to US $1 billion over the next five years towards advancing energy transition with a focus on decarbonization and related technologies. These could include hydrogen energy and storage breakthroughs and carbon sequestration technologies.

The Arab Energy Fund will rebalance its overall portfolio with continued loan growth and an enhanced focus on equity investments while continuing to innovate to expand its range of financing and direct equity solutions and expert advisory services.

Khalid Ali Al-Ruwaigh, CEO of The Arab Energy Fund announced at COP28: “The Arab Energy Fund transformative strategy marks the institution’s next chapter, deeply rooted in our 50-year legacy and our distinctive role in the MENA energy sector.

“It highlights our commitment to impact-driven solutions, leveraging our deep industry expertise and regional access to enable the evolving energy landscape towards a net-zero world. Our strategy involves diversifying investments by championing technological advancements for enhanced energy efficiencies and driving sustained decarbonization efforts. Additionally, we are extending our investment scope beyond the core value chain, actively cultivating and shaping value chains within the region.”

He added: “Our new strategy and name signify not only our dedication to empowering the region’s energy ecosystem but also resonate with our mission to create a meaningful impact by promoting economic growth, boosting local value chains and local content, through skill development, and fostering knowledge creation.”

Following the establishment of its green bond framework in 2021, the institution set a precedent in sustainable finance by issuing the first-ever green bond issuance by an energy-focused financial institution in the MENA region. The US-denominated five-year benchmark issuance raised an impressive US $750 million, over US $610 million of which has already been allocated to 11 projects in the region.

Currently, 18% of the institution’s US $4.5 billion existing loan portfolio, is dedicated to supporting environmentally and socially responsible initiatives, fostering collaboration between the public and private sectors, and pioneering a path toward more sustainable financing.

The Arab Energy Fund is also in the process of enhancing its ESG Policy Framework, also introduced in 2021, demonstrating the institution’s strong commitment to incorporating responsible business practices into its operations. This effort reflects the institution’s leadership in shaping a more sustainable and responsible future for all.

As the MENA region’s only multilateral impact financial institution, The Arab Energy Fund is also committed to backing the 2050 net zero commitments made by its member countries. The institution has publicly affirmed the imperative need for collective climate action to align with the significant goals laid out in the UN Paris Agreement.

In line with this commitment, the institution introduced several innovative financial solutions that are considered regional firsts, including its pioneering US $75 million Murabaha facility for voluntary carbon offsets and financing of distributed power portfolios.

The Arab Energy Fund stands among the highest-rated financial institutions in the MENA region, boasting ‘AA’ rating from Fitch, alongside ‘Aa2’ from Moody’s and ‘AA-‘ from S&P. This strong endorsement from the rating agencies and the robust regional support from member countries, along with substantial backing from the region’s energy ministries, underpinned by strong liquidity and credit profiles, positions the institution as a key player in championing a pragmatic and sustainable energy future.

The Arab Energy Fund – formerly the Arab Petroleum Investments Corporation (APICORP) – is a multilateral impact financial institution focused on the MENA energy sector established in 1974 by the ten Arab oil-exporting countries.

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America’s President Biden is sending a message to corporate America by not sending high profile US government officials to Saudi Arabia’s business conference this week, the Future Investment Initiative. The 3-day event, nicknamed Davos of the Desert, is opening Tuesday today, but US officials will be absent.

The theme this year of the Future Investment Summit (FII) is “impact on humanity”, more double-speak for the Saudi regime who has killed protestors against the new mega architecture project, Neom, which includes the 150-mile long vertical megacity known as The Line. 

As we speak, protestors against The Line, Bedouins who belong to the land, are in jail facing a life sentence or the death penalty. A Bedouin brother was killed in 2020 protesting the construction of the boondoggle that’s supposed to bring “sustainability” and a renewable future to the world, care of Saudi Arabia –– known for its carbon impacts from oil, environmental destruction and gross violations of human rights. 

What is Davos in the Desert?

Saudi Arabia and the US have some disagreements on energy, and Saudi Arabia and its oil cartel OPEC Plus, led by Russia and Saudi Arabia, has cut oil and gas exports to America, benefitting Russia. This decision will hurt Americans even more, as prices rise at the pumps and the invasion of the Ukraine by Russia continues. Biden has said to the Saudis that there will be “consequences”. 

Meanwhile, where US officials fear to tread, investment banks Chase, JPMorgan, Goldman Sachs and Wells Fargo will be there along with Blackstone Group and Bridgewater. Former Trump officials like Jared Kushner is expected to be there too.

If your mother, father or grandparents are attending the event, send them this link about The Line and the Bedouin who live there. Associating with regimes and taking their oil money makes you complicit in their crimes. 

White House press secretary Karine Jean-Pierre told American companies to consider “reputational concerns that can arise from public policy choices made by host countries” when investing.

She says, “the decisions that OPEC+ made just last week is — was, we believe, sided with the Russians and was against the interests of the American people and the families around the world.  We believe that decision is going to hurt and harm low- — you know, low- — lower-income economies.  And it is a — it was a misguided — and it was a mistake and a short-sighted decision.”

Meanwhile, I highlight the problems with large and multinational corporations and research groups. The head does not know what the tail is doing, or does, and doesn’t care: HEC Paris (claiming solidarity with the Ukraine people on its website), Springer/Nature and Stanford University, California are partners at the event. Why? Saudi Arabians are freaking wealthy and people, universities and companies want their money as we continue living a carbonised life on oil.

The same idea rings true for American companies who invest in or do business with companies that pollute or damage the climate. Social media has showed how easily reputations can be compromised.

Saudis also respect and listen to western advice. 

The Trump administration meanwhile set a different tone with Saudi Arabia: it encouraged business between the superpowers and it led peace efforts among Middle East countries.

Meanwhile conference organizer Richard Attias told the press that he was turning down American businesses eager to attend due to lack of space.

Also on the Biden Administration’s mind: tensions are still flaring from the 2018 killing of Saudi journalist Jamal Khashoggi, an American resident at the time of his death. Jamal Ahmad Khashoggi was a Saudi journalist, dissident, author, columnist for Middle East Eye and The Washington Post, and a general manager and editor-in-chief of Al-Arab News Channel who was assassinated in Turkey. Khashoggi had been sharply critical of the Saudi rulers, King Salman and Crown Prince Mohammed bin Salman.

Not all money is the same. The people that come with it and who are behind it matter. That has always been the case and remains the case and we are reminded of it from time to time. Like right now.

— Fred Wilson, Union Square Ventures

We don’t like to preach doom and gloom. And Saudi Arabia is doing some good things too. It’s investing in hydrogen and replanting millions of mangroves trees.

Want to be part of Saudi Arabia’s growth while not damaging the planet future? It’s an in-depth study, and difficult to read but this Nature study’s author Haider Mahmood and associates invested much time and research on how Saudi Arabia can achieve its sustainability goals, sustainably.

Also globetrotting investment bank executives: a couple of weeks from now superpowers will be meeting across the Red Sea to the UN Sharm el Sheik Climate Change Conference in Egypt. Consider bringing your investment bank there to see how money can drive the world in a positive way for people and climate. 

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