BATTERIES-

Honeywell + Volts to construct Abu Dhabi’s first battery storage gigafactory: US-based conglomerate Honeywell and the UAE's energy storage system manufacturer Volts will partner on the UAE’s first gigafactory for the production of battery cells for Residential Energy Storage Systems (RESS) in Abu Dhabi, according to a press release. Honeywell will support Volts with factory automation, digitalization, and closed loop control systems.

Not the first partnership for Volts: Volts signed an MoU with Schneider Electric to build the BESS facility last December. The project is set to be completed by the end of 2026.

DEBT WATCH-

Tunisia’s parliament greenlights USD 300 mn food security loan: Tunisia’s Assembly of People's Representatives has approved the USD 300 mn loan agreement between Tunisia and the World Bank’s International Bank for Reconstruction and Development, Tap reports. Through the Tunisia Emergency Food Security Response Project, the loan will support wheat imports, provide barley for milk production, and distribute climate-resilient seeds for wheat producers. The loan was first approved by the WB in March.

The details: The loan — which will be granted to Tunisia’s Grain Office — aims to secure grain supply from 2024 to 2026, and will be repaid over 28 years with an 8-year grace period at a 6.87% interest rate, Tap added. The Grain Office will distribute the funds over 3 years, with USD 145 mn going to provide urgent support to farmers, and the other USD 155 mn to ease the impact of drought on small farmers and securing more wheat supply. The project will also focus on helping farmers integrate project management methods that take into account food security shocks.

DECARBONIZATION-

UAE breaks ground on Mangrove Research Centre in Indonesia: The UAE has broken ground on the Mohamed bin Zayed-Joko Widodo International Mangrove Research Centre in Bali, according to Wam. The UAE has committed to investing USD 10 mn into the project. “The Center will be an ideal platform for scientists and researchers to join forces and exchange knowledge to improve our ability to counter current and future environmental challenges,” said UAE Minister of Energy and Infrastructure Suhail Mohamed Al Mazrouei. Indonesia is home to the most extensive mangrove ecosystems in the world.

REMEMBER- The UAE and Indonesia joined forces at COP27: The Mangrove Alliance for Climate was established by both countries at COP27 with the aim of promoting nature-based solutions for climate change. The research center was launched at COP28 and will be used for capacity-building, collaborative research on mangrove innovations and biotechnology, biodiversity conservation, and rehabilitating degraded mangrove forests.

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