{"id":79692,"date":"2023-09-25T02:00:10","date_gmt":"2023-09-25T02:00:10","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/09\/25\/egyptsat-auto-gets-golden-license-for-ev-manufacturing-bdc-ifc-work-on-climate-finance-framework-oman-inks-mous-on-white-hydrogen-exploration\/"},"modified":"2023-09-25T02:00:10","modified_gmt":"2023-09-25T02:00:10","slug":"egyptsat-auto-gets-golden-license-for-ev-manufacturing-bdc-ifc-work-on-climate-finance-framework-oman-inks-mous-on-white-hydrogen-exploration","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/09\/25\/egyptsat-auto-gets-golden-license-for-ev-manufacturing-bdc-ifc-work-on-climate-finance-framework-oman-inks-mous-on-white-hydrogen-exploration\/","title":{"rendered":"EgyptSat Auto gets golden license for EV manufacturing + BdC, IFC work on climate finance framework + Oman inks MoUs on white hydrogen exploration"},"content":{"rendered":"

<\/a> EgyptSat Auto <\/strong>lands golden<\/strong> license to locally manufacture EVs<\/strong>: The Egyptian Cabinet has granted a golden license to private company EgyptSat Auto<\/a> to build and operate a EGP 300 mn EV production plant in 10th of Ramadan City, according to a statement<\/a> on Wednesday. The 50k sqm factory is set to start producing electric passenger cars, buses, motorcycles, and charging stations by the end of 2024, and is expected to create 500 jobs, the statement read.<\/p>\n

Golden license? <\/strong>A golden license effectively serves as one single approval covering everything from project establishment, including land allocation and building licensing, through to project operation and management. Check out our explainer on it here<\/a>.<\/p>\n

This isn\u2019t the first we\u2019re hearing of EV incentives: <\/strong>Last year, Egyptian Prime Minister Moustafa Madbouly launched a national strategy to support the emerging industry. The Egyptian Automotive Industry Development Program<\/a> (AIDP) encourages EV localization with the aim of enhancing the country\u2019s existing assembly and manufacturing capabilities, and of encouraging new investment into the sector.<\/p>\n

Egypt\u2019s state-owned <\/strong>Banqe du Caire is teaming up with the International Finance<\/strong> Corporation (IFC) to <\/strong>develop a new climate <\/strong>finance framework<\/strong>, according to an IFC statement<\/a>. The framework is designed to help protect Banque du Caire from climate risk, promote green investment options and accelerate the decarbonization of Egypt\u2019s economy. This comes in line with the Egyptian government\u2019s Nationally Determined Contributions (NDCs<\/a>), which hope to see GHG emissions reduced by 37% within the next seven years.<\/p>\n

About the partnership:<\/strong> IFC will conduct an internal assessment of Banque du Caire\u2019s operations, which will include reviewing its portfolio of existing climate finance assets and screening its portfolio against climate risk, with the aim of transforming the lender\u2019s current finance strategy into an actionable climate-friendly workplan, the statement read.<\/p>\n

Oman signs 2 MoUs to explore geological hydrogen<\/strong>:<\/strong> Oman\u2019s Energy and Minerals Ministry signed two MoUs with Eden GeoPower and Earth Sciences Consultancy Centre to facilitate scientific discussions on conducting preliminary studies on exploring geological white hydrogen and identifying sites for conducting experimental research, Oman News Agency<\/a> reports. Oman is among the countries to have found deposits of geological hydrogen<\/a> this year. The gas can be found in abundance in layers of continental and oceanic crusts, geysers, and hydrothermal systems and can supply vast amounts of net zero energy.<\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n