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Pattabi, Marco, welcome.
Pattabi, to you first.

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Tell me about the opportunities
and challenges when it comes to

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renewable project development.

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Georgie, the renewable project
development challenges are about

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the same worldwide.

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Generally speaking, it is
getting access to land and

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sites.

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Second one, being
interconnection: being able to

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actually connect to transmission
lines, and then everything

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around the supply chain has been
upside down these days.

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To that, I would probably now
add financing as well because

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interest rates are up and so
project costs have gone up

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overall, as a result of it.

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So, all of those are the big
challenges today

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on renewable development.

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Marco, what is ACWA Power's
vision for the future of the

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energy sector and what are you
doing to play your part in that

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future?

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We're very excited about
everything that is going on.

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I always say that renewables
today are not developed out of

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ideology.

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They're developed because it's
the cheapest, fastest, most

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secure energy form.

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And so everybody wants to build
a lot of that, and we are right

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there.

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We're an enabler.

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For every dollar that we invest,
we mobilize ten dollars of

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equity and financial partners.

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So we really believe that we
bring together technology

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partners and everything, all the
ecosystem that is needed to

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develop these renewables.

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So that's what we're doing for
the environment today.

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We're doing more on green
hydrogen and water desalination

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because those can also be
integrated with renewable energy

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in order to achieve a greater
decarbonization of the energy

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sector.

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What are you doing with those?

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Tell me a bit more.

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So, in green hydrogen or green
ammonia, we are the first mover,

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I think,

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together with our partners, Air
Products and NEOM in Saudi

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Arabia, we're developing an $8.5
billion project where we already

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invested more than a billion and
a half, is going to come to

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production by the end of 2026.

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It's the largest in the world
fully dedicated for export.

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To give you an idea, 600 tons
per day of capacity.

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The largest green hydrogen
project in the United States,

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three, so it's 200 times bigger.

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We just broke ground on the
second project in Uzbekistan to

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decarbonize the fertilizer
sector for export into Europe,

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which is very relevant now with
CBAM coming up.

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You need to decarbonize the
system if you want to continue

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to import into Europe.

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On water desalination, we just
launched at Red Sea Global where

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we are providing the utilities
to the Red Sea Global Company,

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basically the big tourist
destination.

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All the utilities in water
desalination, there is 100%

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fueled by renewables.

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In other projects in Saudi
Arabia and the Emirates, 30% of

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the capacity of the energy
demand is renewable energy.

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Pattabi, so much innovation
happening in this space.

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What is exciting you the most?

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Well, what excites me the most
is the scale of the projects

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that are going on.

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You know, I come from Texas, we
say everything is big in Texas.

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Yeah, everything is bigger in
the Middle East it looks like.

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So the sheer scale of what we're
looking at and then the level of

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innovation that's happening from
a technology standpoint, all

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exciting.

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Not to put a damper though on
things, but what are some of the

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challenges that you're facing at
the moment, Marco, and I

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suppose, what are some of the
challenges you're foreseeing in

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the future?

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So, it's different country from
country.

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I would say here in the Gulf,
the returns tend to be quite

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low.

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So you have to be extremely
efficient on your supply chain.

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That is because the scale we
have here in the region is

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massive, and there's a lot of
competition to reach and achieve

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basically a position in this
market. For other markets, in

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emerging markets,

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I'm talking and thinking now
about Africa, Southeast Asia,

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the problem there is scale.

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So it's very difficult to
achieve really the scale that we

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have in Saudi Arabia, or the
Emirates, or Central Asia now

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for us.

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And so what we're trying to do
is to work with the local

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governments on-site, trying to
see how we can accelerate the

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pace of development.            
                                

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  Finally and overall, what are
you hoping that will come out of

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this COP, with regards to this
sector and what it addresses?   

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Yeah, let me start off.

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I'd love to hear Marco's
perspectives as well.

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Energy Day is coming up on
Tuesday, but there's a lot of

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obviously discussions and
negotiations that have been

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happening over the course of the
last six to nine months.

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The big things remain the big
things.

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So tripling renewables, doubling
energy efficiency, near-zero

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methane in the oil and gas value
chain, and then Scope 1 and 2 

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net zero by the oil and gas
players across their full value

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chain.

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And then there's some new and
exciting things hopefully that

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come out around getting clarity
on hydrogen trade and having,

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you know, the ability to be able
to move hydrogen derivatives

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around the world in a consistent
way.

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So, those are some of the big
things that are needed and of

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course hard-to-abate sectors and
their role in how they

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reformulate their energy value
chains.

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So those are my hopes and
expectations.

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I'd love to hear your thoughts.

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I think I concur on the role of
green hydrogen in hard-to-abate

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sectors.

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As I mentioned, you know there's
no debate today on renewable

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energy for power generation.

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That's happening.

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I think where we need to focus
is the hard-to-abate where you

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need a green hydrogen or green
ammonia as a solution on a

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global trade that is something
that is emerging.

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So we need to work together both
on the regulation, the

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definition, and try to find the
scheme that is best to basically

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achieve export projects from the
most competitive market here in

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these areas, from North Africa,
Middle East, but also Southeast

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Asia into the final demand that
is mainly we see Europe, Japan,

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Korea.

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Marco, Pattabi, thank you so
much for your time.

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Thank you.