GREEN FINANCE-

Egypt taps several projects for GEF funding: Four national projects in the renewables, green hydrogen, environmental restoration, and livestock production sectors have been selected for funding under the Global Environment Facility (GEF) co-financed by the World Bank and the United Nations, according to a statement released on Saturday. GEF’s expected funding package, the developers of the green power plants, and the expected investment tickets and targeted generation capacities for the projects were not disclosed.

A few from many: 44 national projects had applied for funding under GEF, the statement notes, adding the government will look to other capital raising routes to secure financing for the unselected projects. GEF has provided more than USD 23 bn and mobilized another USD 129 in co-financing toward 5k projects globally focused on tackling the climate crisis, biodiversity loss, and land and oceanic degradation. The facility has channeled more than USD 48 mn in financing toward development projects in Egypt to date.

EIB establishes new hub in Cairo + eyes more green partnerships: The European Investment Bank (EIB) inaugurated a new regional hub in Cairo to further its investment — including green investments — in the MENA region, according to a statement released last week. The investment bank has previously financed local projects in climate-related projects, Egypt’s International Cooperation Minister Rania Al Mashat said in the statement. Green transition advocate Guido Clary (LinkedIn) will serve as the new head of the regional hub, after having worked as the head of unit for the EIB for 6 years.

REMEMBER- EIB is a big green funder for Egypt: EIB allocated EUR 4 bn for funding Egyptian development projects until 2030 under thegovernment’s Nexus for Water, Food and Energy (NWFE) climate adaptation program earlier this year. The Bank of Alexandria also received a USD 15 mn loan from EIB to finance green projects in May.

Mashreq partners with Visa + Ecolytiq launch climate banking platform: UAE banking group Mashreq, global payments leader Visa and German sustainability services firm Ecolytiq have launched the MENA region’s first personal banking platform offering carbon emissions insights, according to a statement released last week. Visa and Ecolytiq launched their joint project The Eco Benefits Bundle earlier this year before partnering with Mashreq for regional implementation.

How does it work: The new platform overlays carbon emissions calculations onto transaction data, offering Mashreq customers more transparency on their spending habits’ environmental impact. It also uses advanced analytics to personalize climate insights for customers.

RECYCLING-

Gal Ammroc + 360-DMG partner on aviation upcycling: UAE-based aerospace services provider Gal Ammroc and British recycling firm 360-DMG signed an agreement to establish the world’s first upcycling, revert processing, and aftermarket spare parts sale program in the UAE, according to a statement released on Thursday. The companies will develop a military-industrial recycling plant for the aviation industry. Gal Ammroc is among the companies partnering with the UAE to launch their eVTOL-based air taxi services in the country.

ELECTRIC VEHICLES-

It was abusy week for the region’s EV sector: Danish transport and logistics company DSV will roll out a fully electric long-range truck fleet in the UAE, according to a statement released last week. Manufactured by Chinese heavy equipment manufacturer Sany and its UAE agent EGME, the electric trucks are digitally integrated with a battery range of 250 to 800 km. Saudi’s Naqel Express by SPL also announced the launch of its first fleet of electric transport trucks in Saudi, SPA reported last week. KSA’s vehicle rental firm Budget Saudi Arabia also partnered with Jeddah-based motor vehicle manufacturer Electromin to establish EV charging points across the former’s key facilities in the country, Saudi Gazette reported last week. This comes after Electromin rolled out KSA’s largest fleet of all-electric trucks to date last month in partnership with German automaker Quantron AG.

ALSO- KSA launches its first hydrogen-powered truck: Saudi Arabia’s Transport General Authority rolled out the kingdom’s first heavy-duty hydrogen-fuelled truck in collaboration with Almajdouie logistics, SPA reported on Tuesday. The alternative fuel-powered cargo car will have a 400 km drive range.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • 1.7 GW worth of Tunisian renewable projects in play: Tunisian has renewable energy projects with a total capacity of 1.7 GW currently in the process of accepting bids from developers. The country is set to save TND 800 mn with the use of renewable energy. (Tunis Africa Press Agency)
  • UAE supports Somalia’s solar sector: The Abu Dhabi Fund for Development financed the recently inaugurated 3.5 MW solar plant in Puntland State of Somalia’s economic capital, Bosaso city. Puntland is an autonomous region of Somalia in northeast Africa.(Wam)
  • UAE to cut power + water consumption in public buildings: The UAE launched an initiative to slash electricity consumption by 20% and water consumption by 30% in over 400 public buildings across the Emirates. The project will last until 2036 with plans to expand further after the first phase is completed. (Zawya)
  • Egypt allocates two land plots for renewable energy projects: The Egyptian cabinet approved an allocation of 10k sqkm of land in the New Valley governorate and 46.7 sqkm near Aswan governorate’s Benban region to the New and Renewable Energy Authority to build new renewable energy plants. (Statement)
  • The region’s first net-zero commercial building is open for business: Abu Dhabi’s Masdar City inaugurated its award-winning net-zero commercial building last Thursday. NZ1 is designed to consume 53% less power than conventional buildings, and on-site PV panels will generate 101% of its energy demand. Excess power will be transmitted to Abu Dhabi’s electricity grid. (Wam)
  • Dubai’s Expo City is going 100% green: Dubai Electricity and Water Authority (Dewa) and Expo City Dubai — the official COP28 host — signed an agreement to fully power the city with solar energy during the summit and beyond. Dewa will provide the renewable energy from Mohammed Bin Rashid Solar Park. (Wam)
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