New alliance forged to accelerate net-zero ambitions
7 November 2022
Published in partnership with
The immense challenge posed by global warming and the pressing need to reduce carbon emissions cannot be overcome by one single policy, nation or group. Action by every segment of society, from individuals to companies and governments, is essential.
Historically, the main impetus in the drive toward net zero has come top down from policymaking, laws and strategies at a government or international level.
Global treaties such as the 1997 Kyoto Protocol, the 2016 Paris Agreement and the annual Conference of the Parties (COP), all held under the United Nations Framework Convention on Climate Change (UNFCCC), have provided the frameworks and targets to which each member state must bind itself.
In turn, each nation has implemented its own laws and strategies to ensure these targets are met. Regulatory examples include banning new combustion-engine-car sales, green building codes, and subsidies and incentives for renewable energy expansion.
While countries have coordinated policies through intergovernmental organisations such as UNFCCC and the International Renewable Energy Agency (IRENA), companies have often operated in silos as they seek to follow regulations or enact their own decarbonisation agenda.
Corporates are critical to the net-zero process because they directly or indirectly contribute a large percentage of global emissions. According to IRENA, the industrial sector alone accounts for 28 per cent of total global greenhouse gases, of which four segments in particular – iron and steel, chemicals and petrochemicals, cement and lime, and aluminium – account for almost three-quarters.
Therefore, a situation where companies act in isolation and at different paces is far from ideal.
Industrial decarbonisation alliance
But this is changing. In early September, IRENA and Siemens Energy announced the formation of the Alliance for Industry Decarbonization. The new alliance, which launched with 13 other international energy and industrial members, aims to speed up net-zero ambitions and the decarbonisation of industrial value chains in pursuit of the Paris Agreement climate goals.
“Climate action needs industry leaders,” says Francesco La Camera, IRENA's Director General. “This Alliance stands for the growing commitment of global industry to act on decarbonisation and unlock opportunities that come with a green industrialisation through renewables and other transition-related technologies like green hydrogen.
“By standing together, we send a clear signal of solidarity ahead of COP27 and we invite new partners to join our common vision.”
The new industry grouping aims to achieve country-specific net-zero goals faster by encouraging action to decarbonise industrial value chains and enhance the understanding of renewables-based solutions and their adoption by industry. It will also work toward strengthening dialogue among key industrial stakeholders.
Coordinated and facilitated by IRENA, the Alliance will hold its first meeting during COP27 in Egypt in November. Siemens Energy, the principal driver behind its formation next to IRENA, will chair the Alliance together with Tata Steel.
“We need to slash greenhouse gas emissions urgently to tackle climate change,” says Karim Amin, a member of Siemens Energy's executive board. “Accounting for more than a quarter of global emissions, the industrial sector is the second-largest emitter and requires rapid decarbonisation. In this endeavour, partnerships are crucial.
“With our technologies, we at Siemens Energy constantly seek to create value with our partners toward a low-carbon future. I am convinced the Alliance for Decarbonization will accelerate decarbonisation by installing a first-class exchange forum for industry, technology and knowledge partners.”
By standing together, we send a clear signal of solidarity ahead of COP27 and we invite new partners to join our common vision
Francesco La Camera, IRENA
Collective potential
The Alliance's founding members cover a wide range of industrial players. They comprise two regional firms – Abu Dhabi-based energy and water company, TAQA, and Egyptian energy and utility provider TAQA Arabia – oil giants Eni, Equinor and Repsol, engineering, procurement and construction contractor Technip Energies, energy firms Enel Green Power, Tatanga Power and EDF Renewables, steelmakers Tata Steel and JSW, Zimbabwean fertiliser producer Sable Chemicals, and consultancy Roland Berger.
“We all know we need innovative approaches to achieve net zero by the middle of this century. No single company or sector can get there alone,” says Jasim Husain Thabet, TAQA Group’s CEO and Managing Director, explaining why his company joined the Alliance.
“Only by harnessing the power of partnerships can we unlock our collective innovation potential … the world urgently needs us to act.”
By bringing together renewable energy providers, manufacturers and technology companies, the hope is that industrial firms will benefit from low-carbon solutions to their energy requirements, harness industrial electrification technologies and better understand what their peers are doing to meet their own net-zero commitments.
Over time, more companies and industry stakeholders are expected to join the alliance as it gains momentum and the benefits of its collaborative approach become clear. Since its launch, a further eight companies have joined, bringing its total number of members up to 22
New members include Omani global integrated energy company OQ, Cairo-based energy, digital and infrastructure group, El Sewedy, the KIS Group, VALE, ATC Development, Subsea 7, FLSmidth and Petronas.
Energy-intensive heavy industry players – under pressure to transition from coal and other carbon-intensive fuels to renewables and further clean energy sources such as green hydrogen – have been playing a prominent role in the alliance.
But any private or public industrial company with the ambition to reduce its carbon output or with experience and expertise in deploying energy transition technologies is welcome to join.
The Alliance for Industry Decarbonization will not be a magic wand to reduce global warming. But it is a significant first step in encouraging industry stakeholders to work together.
Climate change represents an existential challenge to humanity. Ultimately, companies have an obligation to act now to play their part in mitigating its impact, and the Alliance’s vision is set to help achieve that.
Related reads:
- The journey towards net zero
- Solving Europe’s energy challenge
- Africa's energy trilemma
- Region primed for global green hydrogen leadership
Exclusive from Meed
-
Webuild wins $600m Diriyah Square project deal
14 July 2025
-
-
Penspen to expand workforce in Neutral Zone
14 July 2025
-
Eni signs $1.35bn Algerian oil and gas deal
14 July 2025
-
All of this is only 1% of what MEED.com has to offer
Subscribe now and unlock all the 153,671 articles on MEED.com
- All the latest news, data, and market intelligence across MENA at your fingerprints
- First-hand updates and inside information on projects, clients and competitors that matter to you
- 20 years' archive of information, data, and news for you to access at your convenience
- Strategize to succeed and minimise risks with timely analysis of current and future market trends

Related Articles
-
Webuild wins $600m Diriyah Square project deal
14 July 2025
Italian contractor Webuild has announced that it has won a $600m contract from Diriyah Company for a package for the Diriyah Square project.
The contract relates to construction works on package three of the Diriyah Square project. It involves the finishing and mechanical, electrical and plumbing works on more than 70 buildings and public spaces within Diriyah Square.
These assets cover a total area of about 365,000 square metres.
Webuild is already working on the underground multi-storey car park at Diriyah Square.
The three-floor underground car park will serve the mixed-use Diriyah Square district, which will include leisure and entertainment, hotels, retail, grade A offices, the King Salman Grand mosque and residential units designed in the traditional Najdi architectural style.
The car park has a floor area of 1 million square metres, with underground roads and tunnels below Diriyah Square, and a capacity for 10,500 cars.
The parking facility will directly connect commuters with all of Diriyah’s destinations, including Wadi Hanifah, the Western Ring Road and a national motorway. It will be a key component of the City of Riyadh Arterial Road system.
In an official statement on its website, Webuild said that the construction works on the car park are 55% completed.
MEED reported in January 2021 that Diriyah Company had selected Webuild for the super basement car park at the Diriyah project in Riyadh.
Diriyah gigaproject
The Diriyah masterplan envisages the city as a cultural and lifestyle tourism destination. Located northwest of Riyadh’s city centre, it will cover 14 square kilometres and combine 300 years of history, culture and heritage with hospitality facilities.
The company awarded several significant contracts last year, including three contracts worth over SR21bn ($5.5bn). These included an estimated $2bn contract awarded to a joint venture of El-Seif Engineering & Contracting and China State to build the North Cultural District.
In July last year, Diriyah also awarded a $2.1bn package to a joint venture of local contractor Albawani and Qatar’s Urbacon to construct assets in the Wadi Safar district of the gigaproject.
Then in December, Diriyah Company awarded an estimated SR5.8bn ($1.5bn) contract to a joint venture of local firm Nesma & Partners and the local branch of Man Enterprise for its Jabal Al-Qurain Avenue cultural district, located in the northern district of the Diriyah Gate project.
Once complete, Diriyah will have the capacity to accommodate 100,000 residents and visitors.
READ THE JULY 2025 MEED BUSINESS REVIEW – click here to view PDF
UAE and Turkiye expand business links; Renewed hope lies on the horizon for trouble-beset Levant region; Gulf real estate momentum continues even as concerns emerge
Distributed to senior decision-makers in the region and around the world, the July 2025 edition of MEED Business Review includes:
> AGENDA: UAE-Turkiye trade gains momentum> INTERVIEW 1: Building on UAE-Turkiye trade> INTERVIEW 2: Turkiye's Kalyon goes global> INTERVIEW 3: Strengthening UAE-Turkiye financial links> INTERVIEW 4: Turkish Airlines plans further growth> CURRENT AFFAIRS: Middle East tensions could reduce gas investments> GCC REAL ESTATE: Gulf real estate faces a more nuanced reality> PROJECTS MARKET: GCC projects market collapses> INTERVIEW 5: Hassan Allam eyes role in Saudi Arabia’s transformation> INTERVIEW 6: Aseer region seeks new investments for Saudi Arabia> LEADERSHIP: Nuclear power makes a global comeback> LEVANT MARKET FOCUS: Levant states wrestle regional pressures> GULF PROJECTS INDEX: Gulf projects index continues climb> CONTRACT AWARDS: Mena contract award activity remains subdued> ECONOMIC DATA: Data drives regional projects> OPINION: A farcical tragedy that no one can endTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/14259832/main.jpg -
August deadline for Diriyah Pendry superblock package
14 July 2025
Saudi gigaproject developer Diriyah Company has asked firms to submit commercial proposals by 13 August for a contract to build the Pendry superblock package in the second phase of the Diriyah Gate development (DG2).
MEED understands that the tender was issued in June, with the technical bid submission deadline set for 6 July.
The Pendry superblock encompasses the construction of a hotel, known as the Pendry Hotel, along with residential and commercial assets.
The project will span an area of 75,365 square metres and is located in the northwestern district of the DG2 area.
Earlier this month, MEED exclusively reported that Diriyah Company is preparing to tender more superblock packages this quarter, following the receipt of prequalification statements from interested firms.
Notices were issued in mid-June for packages that include the Waldorf Astoria superblock and the Edition superblock, both located in DG2.
The Waldorf Astoria superblock is a mixed-use development featuring the Waldorf Astoria Residences & Hotel, commercial and residential facilities and office spaces.
The Waldorf Astoria Hotel is a 200-key property, while the Waldorf Astoria Residences will offer around 46 branded residences.
The project is located along the Grand Boulevard South and the Northern Arterial Road in the Boulevard Northwestern district at DG2.
The prequalification documents for this package were submitted on 29 June.
Prequalification documents for the Edition superblock were submitted on 2 July.
This package comprises a mix of residential, commercial and office spaces, including the 200-key Edition Hotel and 150-key Equinox Hotel.
The project is situated between King Khalid Road and the Grand Boulevard within the Boulevard East district in DG2.
Diriyah Company has also received prequalification statements from firms interested in constructing the upcoming Radisson Red superblock in DG2.
The Radisson Red superblock comprises a hotel, residential apartments, retail facilities, commercial office spaces and a park.
The project is situated in the Boulevard East district, between King Khalid Road and the Grand Boulevard in Diriyah.
Diriyah also tendered a contract in April to build the new iconic museum in the DG2 area.
Diriyah gigaproject
The Diriyah masterplan envisages the city as a cultural and lifestyle tourism destination. Located northwest of Riyadh’s city centre, it will cover 14 square kilometres and combine 300 years of history, culture and heritage with hospitality facilities.
The company awarded several significant contracts last year, including three contracts worth over SR21bn ($5.5bn). These included an estimated $2bn contract awarded to a joint venture of El-Seif Engineering & Contracting and China State to build the North Cultural District.
In July last year, Diriyah also awarded a $2.1bn package to a joint venture of local contractor Albawani and Qatar’s Urbacon to construct assets in the Wadi Safar district of the gigaproject.
Then in December, Diriyah Company awarded an estimated SR5.8bn ($1.5bn) contract to a joint venture of local firm Nesma & Partners and the local branch of Man Enterprise for its Jabal Al-Qurain Avenue cultural district, located in the northern district of the Diriyah Gate project.
Once complete, Diriyah will have the capacity to accommodate 100,000 residents and visitors.
READ THE JULY 2025 MEED BUSINESS REVIEW – click here to view PDF
UAE and Turkiye expand business links; Renewed hope lies on the horizon for trouble-beset Levant region; Gulf real estate momentum continues even as concerns emerge
Distributed to senior decision-makers in the region and around the world, the July 2025 edition of MEED Business Review includes:
> AGENDA: UAE-Turkiye trade gains momentum> INTERVIEW 1: Building on UAE-Turkiye trade> INTERVIEW 2: Turkiye’s Kalyon goes global> INTERVIEW 3: Strengthening UAE-Turkiye financial links> INTERVIEW 4: Turkish Airlines plans further growth> CURRENT AFFAIRS: Middle East tensions could reduce gas investments> GCC REAL ESTATE: Gulf real estate faces a more nuanced reality> PROJECTS MARKET: GCC projects market collapses> INTERVIEW 5: Hassan Allam eyes role in Saudi Arabia’s transformation> INTERVIEW 6: Aseer region seeks new investments for Saudi Arabia> LEADERSHIP: Nuclear power makes a global comeback> LEVANT MARKET FOCUS: Levant states wrestle regional pressures> GULF PROJECTS INDEX: Gulf projects index continues climb> CONTRACT AWARDS: Mena contract award activity remains subdued> ECONOMIC DATA: Data drives regional projects> OPINION: A farcical tragedy that no one can endTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/14258798/main0303.jpg -
Penspen to expand workforce in Neutral Zone
14 July 2025
UK-based engineering and project management company Penspen is expanding its headcount in the Neutral Zone, which is shared by Saudi Arabia and Kuwait, according to a senior executive.
Penspen currently has 130 employees working in the Neutral Zone, also known as the Divided Zone. The company expects to increase the headcount to 200 by the end of the year, according to Neale Carter, the company’s executive vice-president for the Middle East, Africa and Asia-Pacific.
“It’s a challenging environment, but we’re very pleased to be there,” he said.
Penspen was invited to join the tendering programme for a range of projects for state-owned Kuwait Gulf Oil Company (KGOC), which is a partner in Al-Khafji Joint Operations (KJO) alongside Saudi Arabia’s Aramco Gulf Operations Company (AGOC).
Penspen was previously the project management consultant for KJO in the Neutral Zone from 2006 until 2017, when US-based Jacobs replaced them in the role.
Penspen then went through the tendering process in 2022 and won the contract back in 2023.
The current contract is a five-year project management consultancy services contract.
The Neutral Zone has seen an uptick in oil and gas activity in the past couple of years.
In May, MEED reported that KJO has more than 20 projects currently ongoing to develop the Khafji field, which is located in the shared territory.
Additionally, KJO is currently in the tendering phase with engineering, procurement and construction (EPC) works on the Dorra gas field development project, which is also located in the Divided Zone.
KJO has divided the scope of work on the Dorra gas field development project, which is estimated to be valued at up to $10bn, into four EPC packages – three offshore and one onshore.
In May, Saudi Arabia and Kuwait announced a new oil discovery in the shared territory.
The oil was discovered in the North Wafra Wara-Burgan field, located five kilometres north of the onshore Wafra field, within Wafra Joint Operations – a 50:50 joint venture of Kuwait Gulf Oil Company and US energy company Chevron.
READ THE JULY 2025 MEED BUSINESS REVIEW – click here to view PDF
UAE and Turkiye expand business links; Renewed hope lies on the horizon for trouble-beset Levant region; Gulf real estate momentum continues even as concerns emerge
Distributed to senior decision-makers in the region and around the world, the July 2025 edition of MEED Business Review includes:
> AGENDA: UAE-Turkiye trade gains momentum> INTERVIEW 1: Building on UAE-Turkiye trade> INTERVIEW 2: Turkiye's Kalyon goes global> INTERVIEW 3: Strengthening UAE-Turkiye financial links> INTERVIEW 4: Turkish Airlines plans further growth> CURRENT AFFAIRS: Middle East tensions could reduce gas investments> GCC REAL ESTATE: Gulf real estate faces a more nuanced reality> PROJECTS MARKET: GCC projects market collapses> INTERVIEW 5: Hassan Allam eyes role in Saudi Arabia’s transformation> INTERVIEW 6: Aseer region seeks new investments for Saudi Arabia> LEADERSHIP: Nuclear power makes a global comeback> LEVANT MARKET FOCUS: Levant states wrestle regional pressures> GULF PROJECTS INDEX: Gulf projects index continues climb> CONTRACT AWARDS: Mena contract award activity remains subdued> ECONOMIC DATA: Data drives regional projects> OPINION: A farcical tragedy that no one can endTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/14254527/main.jpg -
Saudi Arabia signs deals for $8.3bn of renewables projects
14 July 2025
Register for MEED’s 14-day trial access
A consortium of Acwa Power, Water & Electricity Holding Company (Badeel) and Saudi Aramco Power Company (Sapco) has signed power purchase agreements (PPAs) with Saudi Power Procurement Company (SPPC) for seven renewable energy projects that will require $8.3bn of investment.
The projects, which have a total capacity of 15,000MW, include five large-scale solar photovoltaic plants with a total capacity of 12,000MW and two large-scale wind energy plants with a total capacity of 3,000MW.
Financial closes are expected by the third quarter of 2025. The projects are scheduled to start operating in the second half of 2027 and the first half of 2028.
The projects are part of Saudi Arabia’s National Renewable Energy Programme (NREP), which is led and supervised by the Energy Ministry. PIF has committed to developing 70% of Saudi Arabia’s renewable energy target capacity by 2030.
With the addition of these new projects, Acwa Power's solar and wind portfolio in Saudi Arabia now comprises 21 projects, representing more than 34GW of combined renewable capacity. Acwa Power's total renewable capacity portfolio, which includes projects in other countries, totals 51.9GW.
The Public Investment Fund (PIF) is the largest shareholder in Acwa Power; it is listed on the Saudi Stock Exchange (Tadawul) with a 44% stake. The PIF wholly owns Badeel. The PIF holds a 16% stake in Aramco, which is also listed on the Tadawul.
Acwa Power recently said it is raising SR7.1bn ($1.9bn) with a rights issue to finance its equity contributions in its growing portfolio of domestic and international energy and water projects, as part of its plan to triple managed assets by 2030.
According to the prospectus for the rights issue, between 75% and 85% of the proceeds will go towards funding its share in current and upcoming projects, while up to 20% may be used for mergers and acquisitions. The remainder will support corporate activities and early-stage project development to accelerate delivery timelines.
https://image.digitalinsightresearch.in/uploads/NewsArticle/14258744/main.jpg -
Eni signs $1.35bn Algerian oil and gas deal
14 July 2025
Algeria’s state-owned oil and gas company Sonatrach and the Italian company Eni have signed a production-sharing hydrocarbons contract (PSC) estimated to be worth $1.35bn.
The contract covers the exploration and exploitation of the Zemoul El-Kebir concession area, located in the Berkine Basin, approximately 300 kilometres east of Hassi Messaoud, according to a statement by Sonatrach.
The deal with Eni is the latest in a string of high-profile agreements that Sonatrach has announced with international oil and gas companies.
The contract with Eni was signed under Hydrocarbons Law No 1913 and extends for a period of 30 years, with an extendable option for an additional 10 years.
It includes a seven-year exploration period, with $110m of the estimated $1.35bn investment budget expected to be used in the exploration phase.
In its statement, Sonatrach said: “The work programme associated with this contract includes the use of innovative technological methods, including the latest digital solutions related to exploitation, in addition to the use of modern technologies to improve production and recover reserves.
“It is worth noting that, within the framework of implementing this contract, preference is given to the use of local content and the use of subcontracting services from national operators.”
Expected production from the area covered by the deal has been estimated at 415 million barrels of oil equivalent, including 9.3 billion cubic metres of gas, over the contract period.
The signing of the final PSC with Eni follows a provisional deal that was signed between Sonatrach and Eni on 19 May 2024.
As well as signing the PSC relating to the Zemoul El-Kebir concession area, the two parties also signed a gas agreement aimed at defining the terms of the hydrocarbons contract relating to the marketing of dry gas quantities from the operating area, intended for export.
A framework agreement was also signed between Sonatrach and Eni Corporate University, aiming to develop the skills of Sonatrach employees and transfer knowledge through the Eni Corporate University training institution, for a period of three years.
In June, Algeria awarded five out of the six oil and gas exploration licences it offered during its 2024 bidding round, a move viewed as a success by stakeholders in the country’s energy sector.
The companies that were awarded blocks included France’s TotalEnergies, state-owned QatarEnergy, Eni and PTTEP of Thailand.
The latest licensing round was followed by meetings between Algeria’s President Abdelmadjid Tebboune and delegations from US-based oil and gas companies ExxonMobil and Chevron.
Project activity across Algeria’s energy, industrial and manufacturing sectors is steadily building as the country focuses on a vertically-integrated strategy that leverages the exploitation of its natural resources.
READ THE JULY 2025 MEED BUSINESS REVIEW – click here to view PDF
UAE and Turkiye expand business links; Renewed hope lies on the horizon for trouble-beset Levant region; Gulf real estate momentum continues even as concerns emerge
Distributed to senior decision-makers in the region and around the world, the July 2025 edition of MEED Business Review includes:
> AGENDA: UAE-Turkiye trade gains momentum> INTERVIEW 1: Building on UAE-Turkiye trade> INTERVIEW 2: Turkiye's Kalyon goes global> INTERVIEW 3: Strengthening UAE-Turkiye financial links> INTERVIEW 4: Turkish Airlines plans further growth> CURRENT AFFAIRS: Middle East tensions could reduce gas investments> GCC REAL ESTATE: Gulf real estate faces a more nuanced reality> PROJECTS MARKET: GCC projects market collapses> INTERVIEW 5: Hassan Allam eyes role in Saudi Arabia’s transformation> INTERVIEW 6: Aseer region seeks new investments for Saudi Arabia> LEADERSHIP: Nuclear power makes a global comeback> LEVANT MARKET FOCUS: Levant states wrestle regional pressures> GULF PROJECTS INDEX: Gulf projects index continues climb> CONTRACT AWARDS: Mena contract award activity remains subdued> ECONOMIC DATA: Data drives regional projects> OPINION: A farcical tragedy that no one can endTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/14254529/main.png