{"id":74224,"date":"2022-10-05T02:06:28","date_gmt":"2022-10-05T02:06:28","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/10\/05\/today-saudi-ev-plans-push-ahead-lebanons-solar-scammers-90-country-leaders-are-coming-to-cop27\/"},"modified":"2022-10-05T02:06:28","modified_gmt":"2022-10-05T02:06:28","slug":"today-saudi-ev-plans-push-ahead-lebanons-solar-scammers-90-country-leaders-are-coming-to-cop27","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/10\/05\/today-saudi-ev-plans-push-ahead-lebanons-solar-scammers-90-country-leaders-are-coming-to-cop27\/","title":{"rendered":"TODAY: Saudi EV plans push ahead + Lebanon\u2019s solar scammers + 90 country leaders are coming to COP27"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>It was a slow news day yesterday, but we\u2019re not complaining. It gave us plenty of time to discuss how the UK government is working on climate change in Egypt. Among those with whom we had the chance to speak was UK Ambassador to Egypt Gareth Bayley.<\/p>\n

*** <\/strong>Take our EV survey<\/a><\/strong>:<\/strong> Are you an ex-petrolhead shopping around for your first electric vehicle? EV-curious and wondering what all the fuss is about? Or are you not ready to say goodbye to that sweet smell of benzene as you wait at the gas station?<\/p>\n

We want to hear from you:<\/strong> We\u2019re taking the pulse on how the nation feels about Egypt\u2019s nascent EV transition. Take a few minutes to fill out our short survey<\/a>. We\u2019ll be back with the results in a couple of weeks.<\/p>\n

<\/a> MEANWHILE- The<\/strong> British Embassy in Egypt launched its Climate Finance Accelerator <\/strong>(CFA) program <\/strong>yesterday. <\/strong>The GBP 10.8 mn, four-year technical assistance program will build a pipeline of bankable low-carbon projects and give them access to financing. Piloted in Colombia, Mexico and Peru, the CFA is now looking to expand in Egypt, Nigeria, Pakistan, South Africa and Turkey. The program \u2014 which is looking to select 8-12 projects \u2014 is currently accepting proposals for projects seeking USD 1 mn in funding. You can apply here through 16 October<\/a>.<\/p>\n

Who is involved?<\/strong> The program is funded by International Climate Finance (ICF) through the UK government\u2019s Department for Business, Energy and Industrial Strategy. It is being delivered locally by PricewaterhouseCoopers UK, and implemented by Genesis Analytics and Acumen Consulting Egypt.<\/p>\n

Egypt\u2019s FRA and UK\u2019s FDS Africa also signed an MoU on environmental ins. at the <\/strong>ceremony: <\/strong>Egypt\u2019s Financial Regulatory Authority and the UK\u2019s Financial Sector Deepening Africa signed an MoU to explore ins. products for issues pertinent to the environment. More on all of this in the embassy\u2019s press release (pdf)<\/a> on the event, out overnight.<\/p>\n

We also sat down with UK Ambassador to Egypt Gareth Bayley<\/strong> for a talk about King Charles III not attending COP27 in person and how newly-appointed UK Prime Minister Liz Truss will tackle climate development finance for Egypt.<\/p>\n

We\u2019ll have the complete story for you in tomorrow\u2019s issue of Enterprise Climate.<\/strong><\/p>\n

\n

THE BIG CLIMATE STORY- It\u2019s got to be UAE\u2019s Multiply Group acquiring an 80% stake in <\/strong>UAE-based International Energy Holding Company. <\/strong>The conglomerate, which is involved in several businesses ranging from media to mobility, is moving forward with its plan to expand its investments in clean energy globally.<\/p>\n

ALSO- The GCC has the potential to collect almost 90% of solid waste and recycle 75% of <\/strong>it by 2040<\/strong>, but to achieve this, the region would require a whopping USD 130 bn in investment.<\/p>\n

^^We\u2019ve got chapter and verse on these stories in the news well below.<\/strong><\/p>\n

<\/a> W<\/strong>ORTH READING- Lebanon\u2019s transition to renewables is stifled by rampant <\/strong>scamming: <\/strong>Lack of developed solar energy infrastructure and high installation costs In Lebanon are giving way to fraudsters who are duping households into buying defunct and defective solar panels, Reuters wrote<\/a> yesterday. Additionally, low-quality solar energy parts and installation have also been spreading throughout the country. This is particularly sad considering how many in Lebanon have been turning to solar panels<\/a>to combat the ongoing energy crisis in the Levantine country.<\/p>\n

<\/a> WATCH THIS SPACE-<\/strong> Saudi and Lucid continue to get closer: <\/strong>The Saudi Industry Minister met with Peter Rawlinson, the CEO of US EV manufacturer Lucid<\/a>, in the US to discuss investment and trade, state news agency SPA reported<\/a>. Back in February, Lucid Motors and Saudi Arabia signed an agreement<\/a> to build a full production plant in the kingdom that could possibly earn the EV manufacturer USD 3.4 bn over 15 years. Construction of the facility, which targets producing 150k vehicles per year, began in May, according to a statement<\/a>. In April, Lucid and Saudi Arabia also signed an agreement<\/a> for the purchase of 100k vehicles over a ten-year period.<\/p>\n

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\n Get Enterprise<\/b> daily
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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

\n *** YOU\u2019RE READING ENTERPRISE CLIMATE, the essential regional publication for senior execs who care about the world\u2019s most important industry. <\/strong>Enterprise Climate covers everything from finance and tech to regulation, products and policy across the Middle East and North Africa. In a nod to the growing geographical ambitions of companies in our corner of the world, we also include an overview of the big trends and data points in nearby countries, including Africa and southern Europe.<\/p>\n

Enterprise Climate is published at 4am CLT \/ 5am Riyadh \/ 6am UAE Monday through Thursday by Enterprise<\/strong>, the folks who bring you Enterprise Egypt, your essential 6am and 3pm read on business, finance, policy and economy in Egypt and emerging markets.<\/p>\n

Subscribe to Enterprise Climate here<\/a><\/strong> or reach out to us on climate@enterprisemea.com<\/a> with comments, suggestions and story tips.<\/p>\n

\n

THE COUNTDOWN TO COP (33 days to go)- <\/strong><\/p>\n

<\/a> 90 country leaders have confirmed attending COP27 so far<\/strong>, Reuters reported<\/a> on Monday. The heads of state will join six roundtables in addition to traditional plenary meetings, the news agency quotes Egypt\u2019s special representative for the COP27 presidency, Wael Aboulmagd, as saying. The roundtables, which will be held on 7-8 November, will include the development of green hydrogen, water, food security, the energy transition and vulnerable communities.<\/p>\n

Bezos wants to establish a land restoration coalition: <\/strong>Jeff Bezos\u2019 environmental fund Bezos Earth Fund (BEF) wants to build a European-African coalition around COP27 to increase land restoration efforts in Africa by 2030, BEF\u2019s chief executive Andrew Steer said<\/a> during the Reuters Impact conference last week. The initiative \u2014 AFR100<\/a> \u2014 is led by an African Union agency and aims to reverse deforestation and land degradation on 100 mn hectares of African soil. BEF, the African Development Bank, Germany and other stakeholders called<\/a> at COP26 to mobilize USD 2 bn by COP27.<\/p>\n

HAPPENING TODAY- <\/strong><\/p>\n

UN\u2019s <\/strong>NZAOA<\/a><\/strong> hosts its virtual <\/strong>forum<\/a><\/strong> on blended finance for climate investments in <\/strong>emerging markets today: <\/strong>The Net-Zero Asset Owner Alliance (NZAOA) will discuss blended finance for climate investment in emerging markets and developing economies, ahead of the IMF-World Bank Annual Meetings<\/a> next week. (Blended finance = using development finance to leverage private capital for countries\u2019 sustainable development plans.) You can register for the event here<\/a>.<\/p>\n

CIRCLE YOUR CALENDAR- <\/strong><\/p>\n

The IMF and World Bank will hold their annual meetings<\/strong> in Washington, DC, on 10-16 October.<\/p>\n

The <\/strong>Cairo Water Week 2022<\/a><\/strong> will kick off on Sunday, 16 October<\/strong> and run for four days. Discussions will revolve around climate change strategies and development plans, sustainable financing solutions, as well as water recycling, among other topics.<\/p>\n

The <\/strong>International Exhibition of Renewable Energies, Clean Energies and<\/a><\/strong>Sustainable Development will take<\/a><\/strong> place from 24-26 October in Oran, Algeria.<\/strong> The event will include panels focusing on energy efficiency and energy saving, startups\u2019 role in the energy transition, and the bankability of renewable energy projects.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people. It was a slow news day yesterday, but we\u2019re not complaining. It gave us plenty of time to discuss how the UK government is working on climate change in Egypt. Among those with whom we had the chance to speak was UK Ambassador to Egypt Gareth Bayley. *** Take our EV […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[44],"tags":[994,280,995,993,998,997,659,844,11,351,172,992,971,996,473,42,78,43],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-74224","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-afr100","tag-africa","tag-african-union-development-agency-nepad","tag-bezos-earth-fund","tag-climate-finance-accelerator","tag-cop26","tag-cop27","tag-deforestation","tag-enterpriseclimate","tag-europe","tag-germany","tag-jeff-bezos","tag-king-charles","tag-land-degradation-african-development-bank","tag-lebanon","tag-solar-energy","tag-uk","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"bdae2218-0ed2-4490-8ef8-51b6adaf097c","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[74222],"teaser":"","voice_url":""},"yoast_head":"\nTODAY: Saudi EV plans push ahead + Lebanon\u2019s solar scammers + 90 country leaders are coming to COP27 - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2022\/10\/05\/today-saudi-ev-plans-push-ahead-lebanons-solar-scammers-90-country-leaders-are-coming-to-cop27\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TODAY: Saudi EV plans push ahead + Lebanon\u2019s solar scammers + 90 country leaders are coming to COP27\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people. 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