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Inovartic Investment to establish a graphene facility in Abu Dhabi

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WHAT WE’RE TRACKING TODAY

TODAY: A new UAE graphene facility + Masdar has more acquisitions coming

Good morning, folks. The news cycle has slowed considerably as we hit mid-week with a smattering of news coming in the UAE and Egypt, but first, a wastewater update from the Olympics…

THE BIG CLIMATE STORY OUTSIDE THE REGION- The Seine is too polluted for Olympic athletes: The men's triathlon at the Paris Olympics has been postponed to tomorrow after pollution levels in the Seine remain too high. Heavy rains over the weekend dirtied the river, potentially increasing the concentrations of bacteria like E. coli and enterococci. Paris spent EUR 1.4 bn on wastewater infrastructure to make the Seine a centerpiece of the games and clean up spillage into the river. The men's and women's races, scheduled for tomorrow, could be further postponed to Friday, the contingency day reserved for the events.

The athletes themselves don’t seem to care: “I'd swim in anything to try and get a medal," Australian triathlete Matt Hauser told the Sydney Morning Herald ahead of the games earlier this year. The story grabbed ink in Reuters, CNN, The Independent, NBC News as we head for dispatch.


WATCH THIS SPACE-

#1- Masdar’s acquisition hunt isn’t slowing down: UAE renewable giant Masdar is expanding its focus on Europe's green energy sector with the continent set to be a crucial part of its plan to reach its 100 GW target capacity by 2030, its CFO Mazin Khan told Reuters. "We're not solely looking at them to add gigawatts to our portfolio... We're also putting a lot of emphasis on future pipelines and how we are effectively going to use those acquisitions to further expand within the region," Khan said.

Just the start of a wider plan for Europe: The acquisition of a stake in Endesa’s portfolio is just the start of Masdar’s ambitious plan for Europe, Khan said. His statements come days after Masdar secured a transaction that would see it acquire a 50% stake in Spanish power firm Endesa’s solar power installations subsidiary EPGE Solar for AED 3.3 bn (c. EUR 818 mn). The acquisition will make Masdar a partner in 2.5 GW of renewable energy assets in Spain with the transaction set to close in 4Q 2024.

And there’s more to come: Masdar also signed an MoU with Endesa to potentially develop an additional 3 GW of solar capacity, Khan said, without providing further details.

#2- Egypt could tap into floating solar power: Egypt plans to develop floating solar power plants to raise its power generation capacity and improve grid stability, Egyptian Minister of Electricity and Renewable Energy Mahmoud Esmat said in a statement. The ministry is also moving forward with the planned 2.4 GW Attaqa Mountain pumped storage power plant in Suez. The USD 2.7 bn hydroelectric power plant will be the first in the country to generate electricity using water storage and pumping during peak periods.

The ministry has more plans up its sleeves: It also plans to implement energy storage systems to optimize the use of renewable energy during peak times and reduce operational costs, according to the statement.

IN OTHER EGYPT NEWS- More investments from Enara? Cairo-based renewables player Enara Group is looking to invest some USD 100 mn in Egypt’s local renewable energy sector through 2027, CEO Sherif El Gabaly told Al Borsa. The company plans to increase investments in existing organic and biofuel companies.

ICYMI- Enara Group plans to dual list on the EGX and a Gulf exchange next year, El Gabaly said in May, without providing further details. The company is currently being restructured ahead of the listing and in the process of selecting an investment bank to manage the listing.

#3- COP29 host Azerbaijan’s gas flaring activity hit a decade high last year, the Financial Times reports, citing analysis by campaign group Global Witness. Using satellite data, Global Witness found that the volume of gas flared at oil and gas facilities increased by 10.5% since 2018— the last year Azerbaijan reported its emissions. The rising practice was mainly concentrated at several installations operated or run by British oil giant BP and state-owned oil company Socar despite “numerous pledges” by both firms to stop the activity by the end of the decade. The practice in Azerbaijan had “gone largely unnoticed” because it “hasn’t bothered to report its emissions in six years”, Patrick Galey, a senior investigator at Global Witness, said.

REMEMBER- Azerbaijan has faced criticism for hosting COP29: There has been widespread criticism over Azerbaijan being chosen to host COP29 as a country dependent on oil production. Some 90% of Azerbaijan’s export revenues, and between 30-50% of its GDP come from its oil and gas sector. BP and other oil giants have also been investing in the country, transferring some USD 35 bn worth of oil and gas production to Azerbaijan since 2020, according to Global Witness.

#4- Another global initiative to scale up climate finance: The International Renewable Energy Agency (Irena) announced a “strategic cooperation” with the Global Climate Finance Center to accelerate climate finance and renewable energy initiatives globally, Wam reports. The partnership aims to improve the scale, accessibility, and affordability of climate finance especially in regions lacking adequate financial resources. No further details were provided.

THE ENTERPRISE FINANCE FORUM-

Are you planning to be in Egypt on 24 September? You may be interested in attending our 2024 Enterprise Finance Forum. Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders.

Why attend? We’re in the early days of a generational realignment of power in our industry — in our region and beyond — and on the cusp of the biggest intergenerational transfer of wealth the world has ever seen. With that as the backdrop, we’re going to take stock of where we stand six months after the float of the EGP and ask what’s next for finance in Egypt and the wider region. Among the questions we’ll be asking:

  • What roles will Egypt, Saudi and the UAE play in the regional industry going forward?
  • What are foreign investors looking for right now?
  • Is real estate the only asset class in Egypt?
  • What does the next generation of leaders think as they take over established family businesses?

Do you want to request an invitation? Tap or click the image below.

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CIRCLE YOUR CALENDAR-

The UAE will host the World ESG Summit from Tuesday, 20 August to Wednesday, 21 August in Dubai. The summit will gather experts and industry leaders to explore new ways to integrate Environmental, Social, and Governance (ESG) principles into business practices.

Turkey will host the International Conference on Clean and Green Energy Engineering from Saturday, 24 August to Monday, 26 August in Izmir. The event will gather researchers and professionals to share advances in clean energy. It will also offer a platform to discuss the latest research, practices, and applications in clean and green energy engineering.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

This publication is proudly sponsored by

Opening up a world of opportunity
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GREEN MANUFACTURING

Inovartic Investment to establish a graphene facility in Abu Dhabi

Tech firm Inovartic Investment has signed an MoU with the Abu Dhabi Department of Economic Development to establish a graphene factory in the emirate, according to a press release. The facility will also produce graphene-supported products needed for biotechnology and environmental conservation industries. No financial details or timeline for the project were revealed.

Uh, Enterprise, what is graphene? Graphene is a monolayer structure of carbon atoms, which is used in several industries, including the manufacturing of electronics, semiconductors, batteries, and solar panels.

About Inovartic Investment: It is a UAE-based investment firm focused on technological and financial advancements across the Middle East. The firm invests in sectors such as next-generation mobility, fintech, cybersecurity and AI.

Graphene is making appearances regionally: British climate tech firm Levidian intends to establish a manufacturing center in Abu Dhabi for its patented Loop technology, which can help decarbonize hard-to-abate industries by capturing carbon from methane and producing clean hydrogen and high-quality graphene. The Abu Dhabi Waste Management Company (Tadweer), Masdar City, the UAE Energy and Infrastructure Ministry, and GIGA Graphene Technologies also partnered to develop graphene-enhanced concrete made with recycled plastic in the UAE last year.

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CLIMATE CHANGE

Climate change is the culprit behind the displacement of mns of refugees

Climate refugees are a growing phenomenon: Over 376 mn people have been displaced globally since 2008 due to extreme weather, including 32.6 mn in 2022 alone — equating to one person displaced every second or the entirety of Australia being pushed out of their homes every year. There has been an average increase of 41% of climate refugees since the last decade. More people are being displaced due to climate change than internal conflicts, with 60% of 30.6 mn people displaced in 2017 across 135 countries due to climate-related disasters, according to the Climate Refugees organization.

It will only get worse: The World Bank puts its forecasts for internal migration to over 140 mnpeople across Sub-Saharan Africa, South Asia and Latin America by 2050 due to extreme weather, rising sea levels, and food insecurity. In the worst-case scenario, a Institute for Economics and Peace report (pdf) predicts 1.2 bn people displaced by 2050 globally. Migration due to droughts in particular will rise by at least 200% throughout the rest of the century, according to a study by the International Migration Review (pdf).

A look at the causes: Rising temperatures increase the frequency and severity of extreme weather disasters such as floods, droughts, hurricanes which lead to widespread famine and migration. Most people are displaced within their country’s borders but climate change’s growing impact has been making certain areas uninhabitable for refugees to return to.

There’s a lack of climate resilient infrastructure: Climate resilient infrastructure has been hailed as one of the most effective ways to adapt to climate related disasters, especially in developing countries where the impacts are felt disproportionately. Some USD 6.9 tn in investments are needed for climate-resilient infrastructure globally if countries were to achieve their climate goals. However, governments are currently failing to factor in the impact of climate shocks in its planning and decision making. You can read more about climate resilient infrastructure in our Enterprise Explainer here.

MENA is at high risk of forced climate migration: The MENA region continues to be among the most affected areas by climate change, with forced migration set to particularly affect the region, according to national security news outlet Lawfare. The region’s geographical position, and geopolitical and socioeconomic status makes it more susceptible to the effects of climate change, with the UAE and Egypt particularly the most vulnerable. MENA temperatures have risen an average of 0.46°C per decade in the last 45 years compared to the world average of 0.18°C per decade, according to the International Energy Agency. Annual temperatures in East and North Africa could rise over 2°C by 2100 and even possibly reach 6°C in some cases.

We’ve already seen it happen: Storm Daniel hit Libya hard last year, destroying two dams and heavily flooding the neighboring coastal city of Derna killing 4.3k people and displacing nearly 34k people. Yemen’s population has also experienced major internal displacement due to food insecurity with the crisis exacerbated by the depletion of water sources and desertification in the war-torn country.

There’s more to come: Global sea levels rose an average of 1.7 meters annually during the twentieth century and the MENA region is predicted to be severely affected, particularly at port cities like Alexandria where approximately 100 mn people are at risk of flooding. Around 24% of the region’s coastal GDP and 20% of coastal urban areas are vulnerable which is double the global average. The average increase in sea levels by the end of the century is expected to be 29 to 110 cm and Egypt, Libya, Morocco, and Tunisia are the most vulnerable.

And yet the concept often goes forgotten: The concept of a climate refugee isn’t formally recognized in international refugee law, meaning those displaced from their homes due to climate change do not qualify for protection, according to Climate Refugees. The 1951 Refugee Convention only covers people with a fear of racial, religious, national, and political persecution, according to a European Parliament briefing (pdf). The only protection a climate refugee might be granted results from laws with a general application, including the 1984 Cartagena Declaration that protects refugees fleeing from conditions that “seriously disturb public order.”

This leaves climate refugees in “legal limbo”: Due to a lack of recognition, climate induced displacement places migrants in need of humanitarian assistance in “legal limbo”. The void makes it difficult to collect precise data that could be used to implement an international legal framework to address the crisis.

More is now being done to bring the pressing issue to light: The EU’s 2012-2015 NansenInitiative for disaster-induced cross-border displacement was the first to bring the issue to the international stage. The European Commission recognized climate change as a trigger for migration and instability through its 2019 European Green Deal Initiative. However, there remains no official legal status or protection for climate refugees.

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ALSO ON OUR RADAR

Ghafa + Atsuya to work on sustainability solutions

SUSTAINABILITY-

Ghafa Sustainability + Atsuya ink energy and water agreement: Abu Dhabi-based Ghafa Sustainability and Energy Solutions and Indian sustainability startup Atsuya Technologies signed an MoU to cooperate on sustainable energy solutions in the UAE, according to a statement. The pair will work together on implementing AI and IoT solutions to improve energy efficiency and sustainability. The agreement was signed on the sidelines of the Investopia Global talks in India's Chennai.

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AROUND THE WORLD

300 new renewables projects for Spain + Cosco partners with Fortescue on green shipping

Spain approves renewable energy projects worth EUR 17 bn: The Spanish government has approved nearly 300 renewable energy projects totaling over 28 GW, with an investment ticket exceeding EUR 17 bn, Reuters reports. The projects — which include primarily photovoltaic plants along with wind farms and a hydropower plant — come under the country’s efforts to raise its share of renewables in power generation to 81% by 2030 from a current 50%.


A green fuel supply chain, courtesy of Cosco Shipping and Fortescue: China's Cosco Shipping Corporation and Australian green energy firm Fortescue have signed an MoU to jointly build a green fuel supply chain to help reduce pollution in the shipping industry, Reuters reports, citing a statement by the Chinese firm. The agreement explores the construction and deployment of green ammonia-fuelled vessels, either owned by Cosco or jointly owned by both firms, to transport iron ore and other minerals with a focus on the China-Australia iron ore green shipping corridor.

Fortescue has bigger plans: Fortescue has been exploring similar partnerships with executives in China, and the company conducted the first ever trial using ammonia as shipping fuel in Singapore earlier this year.


Ghana is getting a helping hand from the IFC: The World Bank’s private investment arm International Finance Corporation (IFC) extended a USD 130 mn loan to Ghanian conglomerate LMI Holdings for a planned USD 1 bn solar energy project, LMI Group CEO Kojo Aduhene told Bloomberg. The IFC has provided part of the funds needed to build 1 GW of solar installations worth USD 1 bn in the next six years, Aduhene said. The aim is to increase Ghana’s solar generation sevenfold by 2030 from an installed capacity of 5.6 GW by the end of 2023 with the project already set for 16.8 MW of solar power in the first phase. The second phase of the project will see 150 MW while 833.2 MW is set to be generated in the final phase, according to Aduhene.

What they said: “This is just the first phase and the biggest single-roof solar project in Africa, and a significant milestone in our journey toward energy independence and environmental stewardship,” he said. “With the funding from the IFC, our own funds and other private investors we are raising more than USD 1 bn” for the project, he added.


French utility Suez extends GBP 1 bn waste-recycling contract in the UK: French-based utility company Suez has extended its waste-recycling contract with the Greater Manchester Combined Authority (GMCA) in an agreement worth over GBP 1 bn until 2034, according to a statement. Under the extended agreement, Suez will upgrade an existing energy-waste-recycling facility with more households covered under the plan. Suez manages 1.03 mn tons of waste annually from over one mn households across nine boroughs, according to the statement.

All under a plan for global expansion: With France generating about 60% of its sales, Suez plans to increase its UK revenue by 50% by 2030 and expand into markets in Southeast Asia, Australia, the Middle East, and Central Europe, Suez CEO Sabrina Soussan told Bloomberg.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Xiaomi to expand EV production with USD 116 mn site in Beijing: Chinese tech company Xiaomi’s subsidiary Xiaomi Jingxi Technology bought a plot of land in Beijing for CNY 842 mn (USD 116 mn) to expand electric car production. The move follows Xiaomi’s successful launch of its debut sedan in March. (Bloomberg)
  • Centrica CEO urges UK to diversify renewables mix: The UK will need to target a mix of technologies to decarbonize its energy sources or otherwise run a “real risk" if it focuses solely on wind energy, Centrica CEO Chirs O’Shea warned. Centrica is Britain's largest energy supplier. (Statement)
  • Arclight launches new investment vehicle to accelerate renewable projects: US investment firm ArcLight Capital Partners has launched a new unit with a capital of USD 500 mn to acquire and upgrade wind and solar projects, starting with a 160 MW wind farm in Texas. The investment vehicle — dubbed SkyVest Renewables — will focus on meeting growing electricity demand from data centers. (Bloomberg)
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CLIMATE IN THE NEWS

Warming waters put Galapagos Islands’ wildlife at risk

Galapagos Islands face dual threats: Wildlife in the Galapagos Islands is increasingly threatened as climate change disrupts the food sources and nesting areas for endemic species like marine iguanas and sea turtles and ocean temperatures rise, AP reports. The crisis at sea is being exacerbated by the El Nino phenomenon which has further strained these populations by causing food shortages for some species.

Warmer oceans are changing the food cycle for some species, including marine iguanas which are finding it difficult to find the red and green algae their diet consists of. Nesting is also hard for sea turtles in warmer temperatures.Algae die-offs, exacerbated by El Nino, also reduce food availability for other species like birds and sea lions.

Meanwhile, on land… Invasive species like feral pigs, cats, and dogs pose a serious threat to native animals, according to AP. These non-native species, some abandoned by residents, compete with or prey on native wildlife. Feral pigs can devastate giant tortoise nesting sites, while feral cats prey on marine iguana hatchlings.

Plastic pollution also adds to strain: Microplastics have been found in the digestive systems of various marine species, including penguins, indicating the pervasive nature of this pollutant, according to AP. The presence of microplastics in the food chain raises concerns about the long-term health of the islands' ecosystems and the species that inhabit them.

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ON YOUR WAY OUT

UAE startup tackles plastic waste with plant-based alternatives

Plant-based plastic from the UAE: Dubai-based startup Emirates Biotech is making bioplastics from plants — polylactic acid (PLA) — to serve as a greener alternative to traditional plastics which contribute significantly to plastic waste pollution, The National reported.

But first, what is PLA? It is a biopolymer made from plants that absorbs CO2, making it a more sustainable material than other plastics, according to the company’s website. It can be used for appliances, electronics, packaging, food service ware, 3D printing, and textiles. It is recyclable and compostable, breaking down into natural elements without leaving microplastics behind.

A lower carbon footprint + compostable within 90 days: PLA – which is typically derived from corn and sugar – is expected to have a 30% to 50% lower carbon footprint than fossil fuel-based plastic, Emirates Biotech CEO Marc Verbruggen told The National. It is also compostable within 90 days under proper conditions. “What a product like PLA does is that rather than just looking at recycling and hopefully reuse, you actually add another way of ultimately recycling the product by looking at composting. We call it organic recycling,” Verbruggen said.

Exports are in the pipeline: The company plans to make PLA in the UAE and export the product to India, Turkey, and Europe, Verbruggen told The National.

PLA is already taking off in the region: Dubai-based polymer supplier Gulf Biopolymers Industries (GBI) announced plans earlier this year to build the region’s first biodegradable PLA polymers production facility in the Khalifa Economic Zones Abu Dhabi (Kezad). The facility — for which GBI signed a 50-year lease agreement— will span 135k sq meters and is planned to have an annual 30k ton PLA production volume.


AUGUST 2024

12-16 August (Monday-Friday): Mastering Renewable & Alternative Energies, Dubai, UAE.

20-21 August (Tuesday-Wednesday): The World ESG Summit, Dubai, UAE.

24-26 August (Saturday-Monday): International Conference on Clean and Green Energy Engineering, Izmir, Turkey.

24-26 August (Saturday-Monday): International Summit on Non-Renewable and Renewable Energy, Valencia, Spain.

SEPTEMBER 2024

16-18 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi, UAE.

17-19 September (Tuesday-Thursday): EV Auto Show, Riyadh, Saudi Arabia.

23-25 September (Monday-Wednesday): Powerlec Bahrain 2024, Manama, Bahrain.

25-26 September (Wednesday-Thursday): Green Steel Summit, Dubai, UAE.

OCTOBER 2024

1-3 October (Tuesday-Thursday): Water, Energy and Environment Technology Exhibition, Dubai, UAE.

1-3 October (Tuesday-Thursday): Cairo Sustainable Energy Week, Cairo, Egypt.

2-3 October (Wednesday-Thursday): World Green Economy Summit, Dubai, UAE.

10-12 October (Thursday-Saturday): The IEEE International Conference on Artificial Intelligence & Green Energy, Yasmine Hammamet, Tunisia.

13-17 October (Sunday-Thursday): Cairo Water Week, Cairo, Egypt.

15-17 October (Tuesday-Thursday): EV Auto Show, Riyadh, Saudi Arabia.

15-16 October (Tuesday-Wednesday): Solar & Storage Live KSA, Riyadh, Saudi Arabia.

NOVEMBER 2024

4-8 November (Monday-Friday): World Urban Forum, Cairo, Egypt.

4-8 November (Monday-Friday): AfricanEnergy Week, Cape Town, South Africa.

6-7 November (Wednesday-Thursday): Renewable Energy Forum Africa, Tunis, Tunisia.

6-7 November (Wednesday-Thursday): Critical Mineral Africa Summit, Cape Town, South Africa.

11-22 November (Monday-Friday) United Nations Climate Change Conference or Conference of the Parties (COP29), Baku, Azerbaijan.

11-14 November (Monday-Thursday): Abu Dhabi International Petroleum Exhibition & Conference, Abu Dhabi, UAE.

18-19 November (Monday-Tuesday): G20 Summit, Rio de Janeiro, Brazil.

26- 27 November: (Tuesday - Wednesday): World Food Security Summit, Abu Dhabi, UAE.

26-28 November (Tuesday-Thursday): Future Power Expo, Riyadh, Saudi Arabia.

26-28 November (Tuesday-Thursday): Egypt Energy Show, Cairo, Egypt.

27-28 November (Wednesday-Thursday): RAK Energy Summit, Ras Al Khaimah, UAE.

DECEMBER 2024

2-13 December (Monday-Friday): Conference of the Parties (COP16) to the United Nation Convention to Combat Desertification, Riyadh, Saudi Arabia.

3-4 December (Tuesday-Wednesday): MSGBC Oil, Gas & Power 2024 conference, Dakar, Senegal.

JANUARY 2025

12-15 January (Sunday-Wednesday): World Renewable Energy Congress, Manama, Bahrain.

14-16 January (Tuesday-Thursday): World Energy Summit, Abu Dhabi, UAE.

28-29 January (Tuesday-Wednesday): Sustainability Forum Middle East, Riyadh, Saudi Arabia.

FEBRUARY 2025

23-25 February (Sunday- Tuesday): Global Water Energy and Climate Change Congress, Manama, Bahrain.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai, UAE.

24-27 February (Monday-Thursday): Oman Climate Week, Muscat, Oman.

EVENTS WITH NO SET DATE

2024

End-2024: Emirati Masdar’s 500 MW wind farm in Uzbekistan to begin commercial operations.

QatarEnergy’s industrial cities solar power project will start electricity production.

November: Arab Forum for Renewable Energy and Energy Efficiency, Amman, Jordan.

2025

International Union for Conservation of Nature World Conservation Congress, Abu Dhabi, UAE.

UAE to have over 1k EV charging stations installed.

Middle East Electric Vehicle Show, Sharjah, UAE.

2026

26-29 October (Monday-Thursday): World Energy Congress, Riyadh, Saudi Arabia.

UITP Global Public Transport Summit, Dubai, UAE.

Annual Meetings of the World Bank and the International Monetary Fund, Bangkok, Thailand.

1Q 2026: QatarEnergy’s USD 1 bn blue ammonia plant to be completed.

End-2026: HSBC Bahrain to eliminate single-use PVC plastic cards.

2027

MENA’s district cooling market is expected to reach USD 15 bn.

World Water Forum, Riyadh, Saudi Arabia.

2030

UAE’s Abu Dhabi Commercial Bank (ADCB) wants to provide AED 35 bn in green financing.

UAE targets 14 GW in clean energy capacity.

Tunisia targets 30% of renewables in its energy mix.

Qatar wants to generate USD 17 bn from its circular economy, creating 9k-19k jobs.

Morocco’s Xlinks solar and wind energy project to generate 10.5 GW of energy.

2035

Qatar to capture up to 11 mn tons of CO2 annually.

2045

Qatar’s Public Works Authority’s (Ashghal) USD 1.5 bn sewage treatment facility to reach 600k cm/d capacity.

2050

Tunisia’s carbon neutrality target.

2060

Nigeria aims to achieve its net-zero emissions target.

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