Infinity and Sodic partner on charging stations, EBRD gives Arabian Cement Company a decarbonization boost, and the UAE aims to halve its food waste by 2030

ELECTRIC VEHICLES-

Infinity + Sodic partner on EV charging stations: Our friends at Infinity inked an agreement with Egyptian real estate developer Sodic to build EV charging stations across all of Sodic's developments in Egypt, according to a statement. No specific timeline was disclosed for when the charging stations will roll out. As of last February, Infinity has built at least 115 charging stations in the country as part of a plan with the government to set up 6k vehicle charging points at 3k stations across Egypt.

GREEN FINANCE-

EBRD will help decarbonize Egypt's cement: The European Bank for Reconstruction and Development (EBRD) and UAE-based consulting firm A³&Co will provide green investments to the Arabian Cement Company (ACC) in Egypt to develop a decarbonization roadmap, according to a statement. The roadmap will pave the way for ACC to produce low-carbon cement and reduce costs. The cement company is already decarbonizing its operations, as it signed an agreement last year for a 13.2 MW second phase of its solar plant in Suez, which, along with phase 1, aims to generate 10% of its operational energy needs.

EBRD ? Egypt's energy transition: The lender and Egypt’s gov’t are studying the feasibility of a green hydrogen project in the country, the investment amount and timeline for which were undisclosed. It also said it would review plans to extend a EUR 165 mn green loan to help enhance Egypt’s electricity distribution grid.

SUSTAINABILITY-

Central Bank of Bahrain issues new ESG framework: The Central Bank of Bahrain has issued an Environmental, Social and Governance (ESG) framework outlining new required reporting guidelines to be implemented by all publically listed companies, banks, financing companies, and investment firms starting FY 2024, according to a central bank statement. The bank emphasized the importance of addressing ESG-related risks in efforts to achieve the kingdom's 2030 Economic Vision and UN sustainability goals.

GREEN INVESTMENTS-

Etihad Credit Ins. discusses green projects with UK Export Finance: The UAE's Federal export credit company Etihad Credit Ins. (ECI) reviewed potential trade and investment partnerships in the green economy with UK Export Finance during a visit to London, Wam reports. ECI and UK Export Finance also discussed boosting sustainable development, climate action, green finance for climate resilience, and renewable energy projects ahead of COP28. During its visit, ECI also engaged with multiple reins. companies — companies that provide ins. to ins. companies — to establish a secure foundation in its efforts to diversify the UAE's economy.

Egypt and Morocco will establish green banks to step up climate finance capacity: African countries including Egypt, Morocco, Benin, and the Ivory Coast will establish green banks under supervision of the African Development Bank (AFDB) to work around delays in mobilizing climate financing for mitigation and adaptation efforts, Bloomberg reports, citing comments made by AFDB Climate Finance Officer Audrey-Cynthia Yamadjako. A timeline on when the green finance institutions would be established was not provided, but Yamadjako noted Rwanda would get its first such bank as early as 2024 after receiving USD 142 mn support from the Green Climate Fund, the UK government, and other lenders. The annual USD 100 bn loss and damage fund, which was first proposed in 2009 to support climate vulnerable countries, was not met until last year. The Organisation for Economic Co-operation and Development, and countries including Canada and Germany, contributed to mobilizing the USD 100 bn package.

WASTE MANAGEMENT-

UAE to cut food waste in half by 2023: The UAE’s Minister of Climate Change and Environment Mariam Almheiri revealed a nationwide action plan — dubbed the Ne’ma Food Loss and Waste Reduction Roadmap — to reduce food loss and waste by 50% by the end of the decade, Wam reports. The goal to halve food waste by 2030 was set by UAE's food loss and waste initiative Ne'ma established last year. The initiative works on coordinating with government agencies, the private sector, non-government organizations and civil society to achieve its goal.

What’s in the roadmap: The UAE will build a system for food loss and waste monitoring, facilitate public private partnerships for food loss and waste projects, leverage innovative approaches to build a circular economy, and introduce new mandates and policies, Almheiri said.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• DP World slashes emissions: Global port operator DP World halved CO2 emissions from its UAE operations this year. The company reached a 47% reduction by accessing renewable power from the Dubai Electricity and Water Authority, which issued more than 200k International Renewable Energy Certificates to DP World this year. (The National).