{"id":86504,"date":"2024-09-04T00:00:00","date_gmt":"2024-09-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/09\/04\/today-pif-launches-a-tap-sale-of-10-year-maiden-green-bond-egypts-carbon-market-heats-up\/"},"modified":"2024-09-04T00:00:00","modified_gmt":"2024-09-04T00:00:00","slug":"today-pif-launches-a-tap-sale-of-10-year-maiden-green-bond-egypts-carbon-market-heats-up","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/09\/04\/today-pif-launches-a-tap-sale-of-10-year-maiden-green-bond-egypts-carbon-market-heats-up\/","title":{"rendered":"TODAY: PIF launches a tap sale of 10-year maiden green bond + Egypt\u2019s carbon market heats up"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, folks. <\/strong>We have a steady stream of bits and pieces to delve into this morning as the weekend draws closer, with news emerging from PIF on a green bond tap issuance and an update on Egypt\u2019s carbon market. First, some good news from the UK renewables market\u2026<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG CLIMATE STORY OUTSIDE THE REGION- The UK secures a record 131 <\/strong><strong>renewable energy projects <\/strong><strong>in latest<\/strong><strong> auction:<\/strong> The UK has awarded 131 subsidy contracts in its latest renewable energy auction \u2014 the sixth of its kind \u2014 which will back nearly 10 GW of capacity. The projects, primarily offshore wind and solar, are enough to power 11 mn homes. Danish renewables developer <a target=\"_blank\" href=\"https:\/\/orsted.com\/\" style=\"\" rel=\"noopener\">Orsted<\/a> and Spanish utility provider <a target=\"_blank\" href=\"https:\/\/www.iberdrola.com\/home\" style=\"\" rel=\"noopener\">Iberdrola<\/a> emerged as major winners. Orsted secured the largest contract by capacity at 70% of the traditional offshore capacity for its Hornsea 4 offshore wind project, while Iberdrola also snagged contracts for its East Anglia Two and East Anglia Three offshore wind projects. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- The wind sector has been calling for more support: <\/strong>The UK\u2019s renewables industry wanted the Labour government to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/4111e3d1-10b8-47fd-ba3e-cab3621841eb\/uk-labour-government-lifts-rules-halting-onshore-wind-farm-development\" style=\"\" rel=\"noopener\">increase the country\u2019s renewable auction budget<\/a> after its 2023 auction failed to incentivize new wind projects. The budget of the government backed price guarantees \u2014 called Contracts for Difference \u2014 was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/502e4e63-3198-48f5-a137-9ebbc00ab988\/uk-to%253cmark%253e-auction%253c%2Fmark%253e-gbp-1-bn-of-renewable-projects\" style=\"\" rel=\"noopener\">GBP 1 bn<\/a> with 800 mn earmarked for offshore wind, but was raised in July to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/66f22e3a-282a-45c5-ad51-814dd9bd44c8\/gaia,-helios-raise-usd-400-mn-in-funds-for-africa%25e2%2580%2599s-climate-drive\" style=\"\" rel=\"noopener\">GBP 1.5 bn<\/a> after industry pressure. Around GBP 1.1 bn will be dedicated to offshore wind, with GBP 185 mn going to established technologies and GBP 270 mn channeled towards emerging technologies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story made headlines in the international press:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sustainability\/climate-energy\/orsted-iberdrola-among-winners-british-renewable-power-auction-2024-09-03\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-03\/orsted-dominates-uk-offshore-wind-auction-as-prices-rise\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/c0ca95ce-ffcf-4c10-b789-174e359e16ef\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/business\/article\/2024\/sep\/03\/renewable-energy-auction-windfarms-tidal-power\" style=\"\" rel=\"noopener\">The Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/c86ldzve4neo\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.france24.com\/en\/live-news\/20240903-uk-announces-record-green-energy-auction\" style=\"\" rel=\"noopener\">France 24<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p class=\"tag-border-left\">WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt1\"><\/a><\/strong><strong>#1- Masdar\u2019s secondary listing of its USD 1 bn green bond issuance is now <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f4d769bf-6827-41d3-8cde-6c17b91b2df8\/today:-a-new-2-gw-solar-plant-for-qatar-%2B-hyport-duqm-takes-a-step-forward-in-green-ammonia-certification\" style=\"\" rel=\"noopener\">live on the ADX<\/a><\/strong>, featuring two tranches worth USD 500 mn each \u2014 one with a five-year tenor and a 4.875% yield, and the other with a 10-year tenor and a 5.25% yield, the energy giant <a target=\"_blank\" href=\"https:\/\/x.com\/Masdar\/status\/1830851276441055591\" style=\"\" rel=\"noopener\">said<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where\u2019s the money going? <\/strong>The energy giant plans to invest the raised money \u201cexclusively in new greenfield renewable energy projects under Masdar\u2019s Green Finance Framework,\u201d Masdar's CFO, Mazin Kahn said. Kahn highlighted that Masdar is making progress on achieving an \u201cequitable energy transition by increasing energy access in emerging markets and the Global South.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER-<\/strong> Masdar sold the green bonds <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/96458802-251b-4281-839e-3e0a99e234c3\/masdar-raises-usd%253cmark%253e-1-bn%253c%2Fmark%253e-in-second-green-bond-issuance\" style=\"\" rel=\"noopener\">in July<\/a>, after booking USD 4.6 bn in orders with a 4.6x oversubscription rate. Some 70% of the allocation went to international investors, with the remainder going to MENA investors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Adia-backed Indian solar cell manufacturer <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.premierenergies.com\/\" style=\"\" rel=\"noopener\">Premier Energies<\/a><\/strong><strong> saw its share price <\/strong><strong>more than in its trading debut on the Bombay Stock Exchange<\/strong>, closing at INR 838.90 (AED 36.70) each, <a target=\"_blank\" href=\"https:\/\/www.livemint.com\/\" style=\"\" rel=\"noopener\">Live Mint<\/a> reports. That\u2019s an 86% jump from the offer price of INR 450 apiece. The company\u2019s IPO drew INR 28.30 bn worth of overs as investors flocked to the share, generating a 74x oversubscription rate.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>Adia invested INR 379.5 mn (AED 16.61 mn) in Premier Energies <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/3fb7a637-0ab5-4e4f-942e-458f43c715e5\/\" style=\"\" rel=\"noopener\">last month<\/a> as an anchor investor ahead of its IPO, acquiring a 4.5% stake in the company. Adia acquired the shares at a share price of INR 450 (AED 19.7).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><\/strong><strong><a id=\"wwtt2\"><\/a>#3- <\/strong><strong>J<\/strong><strong>ordan<\/strong><strong> launches feasibility studies exploring green hydrogen development: <\/strong>Jordan\u2019s Energy and Mineral Resources Ministry signed an MoU with China's <a target=\"_blank\" href=\"https:\/\/www.ctgi.cn\/ctgi\/index.html\" style=\"\" rel=\"noopener\">CTGI Renewable Energy Partners<\/a> to conduct feasibility studies to develop green hydrogen projects in the kingdom, <a target=\"_blank\" href=\"https:\/\/www.petra.gov.jo\/Include\/InnerPage.jsp?ID=290217&lang=ar&name=news\" style=\"\" rel=\"noopener\">Jordan News Agency<\/a> reports. Under the agreement, the parties will explore the feasibility of developing a green hydrogen project with a capacity of 200k tons of green ammonia annually. The agreement marks the country's 13th partnership in green hydrogen and ammonia production, according to Petra. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Jordan has big hydrogen plans: <\/strong>The ministry received the technical and economic studies for establishing a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/84107379-e44d-4107-8f28-f4025ca70e3a\" style=\"\" rel=\"noopener\">USD 1.6 bn green ammonia and hydrogen production plant<\/a> in Aqaba in May. Depending on the outcomes of the study, the ministry will enter into a framework agreement followed by a final agreement to kickstart the project\u2019s development.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">WORTH READING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Japan <\/strong><strong>is struggling to keep up with Chinese EV competition:<\/strong> Japan\u2019s government needs to increase support towards local companies \u2014 particularly in the automotive sector \u2014 to combat the growing influence of Chinese firms in Southeast Asia, Mitsubishi's CEO Katsuya Nakanishi told <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ce8a5bb1-a786-44d2-a22c-0f38f772ba48\" style=\"\" rel=\"noopener\">The Financial Times<\/a> in an interview. Japanese manufacturers are losing market share to Chinese companies, which could negatively impact Japan\u2019s economy. A comprehensive government strategy is needed to counter China\u2019s dominance in battery materials and EV sales, Nakanishi explains, while stressing the importance of state intervention in providing a competitive edge against China\u2019s substantial financial support for its local companies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mitsubishi\u2019s efforts alone aren\u2019t enough:<\/strong> Mitsubishi \u2014 backed by Warren Buffett\u2019s <a target=\"_blank\" href=\"https:\/\/www.berkshirehathaway.com\/\" style=\"\" rel=\"noopener\">Berkshire Hathaway<\/a> \u2014 is adapting its business model to reduce reliance on resource trading and focus more on investments. Despite Mitsubishi\u2019s diversified portfolio, the company still faces challenges in proving its ability to execute its evolving strategy. <\/p>\n<p class=\"tag-border-left\">DANGER ZONE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><\/strong><strong><a id=\"wwtt3\"><\/a>#1- North Africa has warmed at the most rapid pace out of all six African <\/strong><strong>subregions over the past six decades<\/strong>, experiencing an increase of 0.4\u00b0C per decade, according to a new <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/206.pdf\" style=\"\" rel=\"noopener\">report (pdf)<\/a> by the World Meteorological Organization (WMO). The region measured 0.84\u00b0C above the 1991 to 2020 average and 1.68\u00b0C above the 161 to 2002 average. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The North-West was the most impacted:<\/strong> North-Western Africa \u2014 particularly Morocco, coastal Mauritania, and North-West Algeria \u2014 recorded the highest temperature anomalies in 2023, the report found, noting that Morocco showed the most significant anomaly, with temperatures rising 1.25\u00b0C above the 1991 to 2020 average. North-West Africa also suffered from significant rainfall declines, particularly in Morocco, Algeria, Tunisia, and Western Libya, where deficits exceeded 150 mm last year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Extreme heat waves swept across the region:<\/strong> North Africa saw record-breaking temperatures in July and August, including 49\u00b0C in Tunis, Tunisia, and 50.4\u00b0C in Agadir, Morocco. Multiple countries in North, East, and Central Africa experienced over 14 heatwave events, surpassing the climatological average of 10. These heat waves, along with drier conditions, heightened fire risks in North Africa, where wildfires in Algeria resulted in 44 deaths, the evacuation of over 1.5k people, and the destruction of 32k hectares of forest.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Agriculture + food security were put at risk:<\/strong> Cereal production in North Africa was estimated at 33 mn tons in 2023, about 10% below the five-year average. Tunisia saw the most significant decline on the back of the severe drought, with cereal output dropping 80% below the five-year average to 300 mn tons.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2-<\/strong> <strong>Cleantech businesses are struggling to stay afloat or shuttering as they struggle to <\/strong><strong>secure investments and grapple with high interest rates and delayed subsidies<\/strong>, according to the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/25a98c20-59d9-4393-94b8-e5abfaa85826\" style=\"\" rel=\"noopener\">Financial Times<\/a>. Big renewable energy companies Moxion \u2014 which had previously raised money from Amazon\u2019s Climate Pledge Fund \u2014 and SunPower filed for bankruptcy this year along with two other companies, marking the highest rate since 2014, according to Bloomberg data. Residential solar company Lumio filed for bankruptcy yesterday and plans to be sold to its primary lender, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-03\/residential-solar-firm-lumio-files-bankruptcy-plans-to-sell\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Growth in competition:<\/strong> \u201c[Cleantech] companies have struggled to grow revenues at margins that would chart a path to profitability,\u201d Lux Capital\u2019s Bilal Zuberi told the FT, adding that the complication led venture capitalists to pivot investments towards other sectors like AI, life sciences, and defense tech. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- Cleantech has been dealing with a \u201cvalley of death\u201d: <\/strong>Funding for climate tech startups dropped <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/478d82a4-af04-4c7b-a055-4944618300fc\/today:-veolia-offloads-entire-stake-in-lydec-%2B-lots%253cmark%253e-of%253c%2Fmark%253e-financing-updates\" style=\"\" rel=\"noopener\">20% in 1H 2024<\/a> compared to the same period last year. The climate tech industry received USD 11.3 in funding but only USD 2.8 bn went towards Series B (growth-stage) startups compared to the USD 4.2 bn they received in 1H 2023. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"climate\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<br \/><strong>YOU\u2019RE READING EnterpriseAM Climate, the essential MENA publication for senior <\/strong><strong>execs who care about the world\u2019s most important industry. <\/strong>We\u2019re out Monday through Thursday by 9am in Cairo and Riyadh and 11am in the UAE.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM Climate is available without charge <\/strong>thanks to the generous support of our friends at HSBC and Infinity Power.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email? <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of Enterprise Climate.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on <a target=\"_blank\" href=\"mailto:climate@enterprisemea.com\" style=\"\" rel=\"noopener\">climate@enterprisemea.com<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW <\/strong>that we also cover <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\" rel=\"noopener\">Egypt<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">the UAE<\/a>, and the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\" rel=\"noopener\">MENA<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\" rel=\"noopener\">logistics industry<\/a> ?<br \/><strong>***<\/strong><\/p>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><strong>CIRCLE YOUR CALENDAR- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.worldutilitiescongress.com\/\" style=\"\" rel=\"noopener\">World Utilities Congress<\/a><\/strong><strong> from Monday, 16 September to Wednesday, <\/strong><strong>18 September<\/strong> in Abu Dhabi. The event will gather global energy leaders, policymakers, and other industry professionals from the power and water utilities value chain to discuss industry trends and challenges.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Arabia will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/evautoshowonline.com\/\" style=\"\" rel=\"noopener\">EV Auto Show<\/a><\/strong><strong> from Tuesday, 17 September to Thursday, 19 <\/strong><strong>September<\/strong> in Riyadh. The show offers a platform for participants to learn about the latest EV technologies and services. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/steel.apexevents.cn\/\" style=\"\" rel=\"noopener\">Green Steel Summit<\/a><\/strong><strong> from Wednesday, 25 September to Thursday,<\/strong><strong> 26 September<\/strong> in Dubai. The event will bring together steel industry professionals and decision makers to discuss market intelligence and the latest technological developments in sustainable steelmaking.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.almalgtm.org\/portfolio\/the-7th-portfolio-egypt-conference-2024\/\" style=\"\" rel=\"noopener\">Portfolio Egypt<\/a><\/strong><strong> conference on Monday, 30 September<\/strong> in Cairo. The event aims to enhance cooperation among Arab stock exchanges and will cover crucial topics including market integration, product diversification, carbon markets, and regional debt markets. It will aim to outline recommendations to strengthen regional financial markets. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt will host <\/strong><strong><a target=\"_blank\" href=\"https:\/\/csew.net\/\" style=\"\" rel=\"noopener\">Cairo Sustainable Energy Week<\/a><\/strong><strong> from Tuesday, 1 October to <\/strong><strong>Thursday, 3 October<\/strong> in Cairo. The event will bring together policymakers, companies, and experts to discuss collaboration on the renewable energy transition across 17 Arab countries. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.wges.ae\/\" style=\"\" rel=\"noopener\">World Green Economy Summit<\/a><\/strong><strong> from Wednesday, 2 October<\/strong> <strong>to Thursday, 3 October <\/strong>in Dubai. The summit will promote the push for a green economy and will offer a platform for international entities to collaborate on sustainable development, financing, and policymaking. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What we\u2019re tracking this morning regionally and around the 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