{"id":577847,"date":"2022-12-07T04:00:27","date_gmt":"2022-12-07T04:00:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/what-business-leaders-think-of-the-business-of-climate-in-egypt\/"},"modified":"2022-12-07T04:00:27","modified_gmt":"2022-12-07T04:00:27","slug":"what-business-leaders-think-of-the-business-of-climate-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/what-business-leaders-think-of-the-business-of-climate-in-egypt\/","title":{"rendered":"What business leaders think of the business of climate in Egypt"},"content":{"rendered":"<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a><strong> We held our inaugural Climate X forum yesterday<\/strong>, which saw 300 CEOs, business owners, investors, bankers and development finance folks gather together under the roof of the brand new Grand Egyptian Museum to discuss the opportunities in the climate industry as our global green transition conditions. Discussions covered everything from how to build a (potentially bn USD) climate-centered business to how to access climate finance and what is needed at the policy and regulatory levels to move the green economy forward.<\/p>\n<p><strong>We had on stage yesterday three guys who are building large-scale climate businesses right here in Egypt <\/strong>to discuss everything from hydrogen and renewables to EVs<strong>. <\/strong>The panel brought together some of the biggest industry players in the region, including:<\/p>\n<ul>\n<li>Amr Allam, CEO, Hassan Allam Holding<\/li>\n<li>Mohamed Ismail Mansour, co-founder and CEO, Infinity<\/li>\n<li>Sherif El Kholy, partner and head of MENA, Actis.<\/li>\n<\/ul>\n<p><strong>Amr and Mohamed\u2019s <\/strong><strong>companies are working together \u2014 and separately \u2014 on some of Egypt\u2019s most interesting climate opportunities.<\/strong> Together, they\u2019re developing a total of 10 GW of wind and 4 GW of electrolyzer capacity for green hydrogen production. Hassan Allam is separately working on a 1.1 GW wind project in Egypt, which is one of the largest onshore wind farms in the world, and the largest in the Middle East, as well as almost 70 MW solar PV projects.<\/p>\n<p><strong>Infinity is gearing up to become the largest African renewable energy company by 1Q 2023<\/strong> after having signed agreements to acquire Lekela Power\u2019s portfolio of operational wind power projects, which have a combined installed capacity of over 1 GW (in South Africa, Egypt and Senegal). They\u2019ve also developed more than 440 EV charging points across 11 governorates in Egypt.<\/p>\n<p>Sherif El Kholy is a longtime partner and head of Middle East and Africa Infrastructure as well as MENA private equity at Actis, a leading investor in sustainable infrastructure in global growth markets. <strong>Actis has owned and developed 15 GW of renewable power<\/strong> by investing in successful platforms including Lekela Power, in pioneering commercial and industrial businesses such as Yellow Door Energy, and climate adaptation-focused businesses including Emicool.<\/p>\n<p><strong>KEY TAKEAWAYS-<\/strong><\/p>\n<p><strong>There is plenty of appetite from the private sector for climate-focused projects<\/strong>, El Kholy said, to the extent that limited partner appetite is now seeing private equity firms set up specific vehicles and funds to focus on the green energy transition, El Kholy said. LPs including sovereign wealth and pension funds are convinced of the financial returns \u2014 and they want to invest in climate opportunities because their mandates now demand it, he said. They want to do good while doing well.<\/p>\n<p><strong>The private sector wants a piece of the adaptation pie: <\/strong>Private investors are already getting in on mitigation \u2014 dominated largely by investment in green energy projects with a view to reducing carbon emissions. But there\u2019s plenty of reason for the private sector to be interested in adaptation: Investments that will help businesses, consumers and nations adapt to a warming world. \u201cI think going forward, there are going to be increasing shifts to deploy capital more creatively in the sector, with investments becoming more diversified as more capital becomes available,\u201d El Kholy said. He emphasized the need to focus on energy-efficient technologies, rather than just on power generation, name-checking industries like district cooling, which has taken off across the GCC but is still undeveloped in Egypt.<\/p>\n<p><strong>Few countries anywhere in the world are setting out build as much renewable power in the coming years as Egypt<\/strong>, which we estimate will need 40 GW of green energy to power just the hydrogen plants for which the Madbouly government inked framework agreements at COP27.<\/p>\n<p><strong>The way the electricity market works today: <\/strong>Folks operating solar and wind facilities generate electricity and sell it to the state under a long-term offtake agreement. The assumption is that the state will continue to do this with energy for the hydrogen plants: Buying from the renewables players and selling the the plant operators at a markup. (In this case, through a special \u201cgreen corridor\u201d: You can think of it as something resembling a point-to-point grid separate from the national network that links producers with the hydrogen plants. That ensures eventual buyers of the green hydrogen that only green energy was used to make it.)<\/p>\n<p><strong>The way the private sector wished it worked: <\/strong>Energy producers wish they could effectively \u201crent\u201d the state\u2019s grid: Use it, for a fee, to sell green electricity directly to their end clients. In industry speak, that\u2019s called \u201cwheeling.\u201d<\/p>\n<p><strong>Mansour and Allam say producers \u2014 like all businesses \u2014 want visibility. <\/strong>They want a wheeling tariff that makes sense, and they want the tariff for each project they do to be set for the lifetime of the offtake agreement. The state\u2019s role needs to be that of a regulator rather than a market participant, El Kholy added, suggesting that public funding can go towards expanding and developing the national power grid and on distribution, rather than generation, which should be the private sector\u2019s purview.<\/p>\n<p><strong>One key to making this happen: <\/strong>Look at having the state divest some of its transmission infrastructure to the private sector, possibly through a program involving the Sovereign Fund of Egypt (SFE), which already \u201cspeaks the language of the private sector,\u201d Allam said.<\/p>\n<p><strong>GREEN HYDROGEN-<\/strong><\/p>\n<p><strong>The green hydrogen sector remains young, but it\u2019s a risk many are willing to take <\/strong>as industry players look at the rapidly forming market for the green fuel in Europe. Hydrogen Europe CEO Jorgo Chatzimarkakis, who was on stage just before this panel, called the 2020s the \u201cdecade of hydrogen.\u201d The private sector agrees, despite it being an embryonic sector in which European regulations and incentives are still no clear.<\/p>\n<p><strong>Is hydrogen a viable business today? No. <\/strong>Allam notes that while the green hydrogen sector right now is not economically attractive, neither was solar or wind 10-15 years ago. \u201cWe believe in the next 10 years, green hydrogen will be one of the key sources of energy in the world,\u201d Allam said. \u201cBeing a first mover in this would pay off for us.\u201d<\/p>\n<p><strong>When could we see companies breaking ground on planned green hydrogen plants?<\/strong> Masdar, Hassan Allam, and Infinity could begin commissioning the pilot phase of its 480k-ton green hydrogen facility within five years, Mansour said. Several of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f2251cd-82db-4ba9-9ef9-b1287b0bef1f\">hydrogen facilities<\/a> for which framework agreements were signed during COP27 are slated to go online in 2025 or 2026.<\/p>\n<p><strong>EXPORTS, EXPORTS, EXPORTS-<\/strong><\/p>\n<p><strong>All three of our panelists agreed that with Egypt undertaking a world-scale green energy program, we need to push hard to localize manufacturing <\/strong>of components from solar panels to wind turbines, blades and electrolyzers for hydrogen. Don\u2019t just buy components from big Chinese, German and other players \u2014 we need to have them come and manufacturing plants here to serve our booming renewables industry, setting us up to become a key export hub to Europe, Africa, the Levant and the GCC not just of green electricity and hydrogen, but also of components for the industry.<\/p>\n<p><strong>OTHER TAKEAWAYS-<\/strong><\/p>\n<p><strong>When it comes to Egypt\u2019s EV industry, we still have a long way to go<\/strong>, Mansour says. Only some 2.5k electric cars are currently on our roads, he noted. We could see the transition to EVs take form within the next 5-8 years, he predicts, as more and more brands roll out EVs here.<\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/d460233f-0537-4064-be8c-f0dbadbbed3d\">landmark loss and damage fund<\/a><\/strong><strong> coming out of COP27 could be key to advancing these industries forward<\/strong>, especially given the turbulent global macroeconomic backdrop and higher interest rates, El Kholy said. Subsidized finance will be key, and the loss and damage fund could be a major source of funding, he added.<\/p>\n<p><em>Our thanks to <\/em><em>CairoScene and StartupScene<\/em> for images from the event<\/p>\n<div class=\"story__body\">\n<p><strong>** The Enterprise Climate X Forum is proud to be supported by\u00a0<\/strong>USAID, HSBC, Mashreq, Attijariwafa Bank, Etisalat by e&, Hassan Allam Utilities, and Infinity.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>We held our inaugural Climate X forum yesterday, which saw 300 CEOs, business owners, investors, bankers and development finance folks gather together under the roof of the brand new Grand Egyptian Museum to discuss the opportunities in the climate industry as our global green transition conditions. Discussions covered everything from how to build a (potentially [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":577848,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","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":[7545],"tags":[922,7286,6355,72,254,890,334],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-climate","tag-actis","tag-climate","tag-climate-x-forum","tag-enterpriseam","tag-green-hydrogen","tag-hassan-allam-holding","tag-infinity","wpautop","entry"],"acf":{"mongo_id":"acf9e732-3e75-41ef-a9a1-f85c4f27fea0","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/124.jpg","photo_position":"above","related_issue":[577842],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What business leaders think of the business of climate in Egypt - EnterpriseAM Egypt<\/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\/egypt\/2022\/12\/07\/what-business-leaders-think-of-the-business-of-climate-in-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What business leaders think of the business of climate in Egypt\" \/>\n<meta property=\"og:description\" content=\"We held our inaugural Climate X forum yesterday, which saw 300 CEOs, business owners, investors, bankers and development finance folks gather together under the roof of the brand new Grand Egyptian Museum to discuss the opportunities in the climate industry as our global green transition conditions. 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It\u2019s hump day, and with COP27 well in the swing of things, it is most definitely a news dump day. THE BIG STORY TODAY There\u2019s a whole lot of renewable and green energy news coming out of COP27: Another 10 GW wind farm: The UAE\u2019s Masdar,\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549237,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/ebrd-could-commit-usd-1-3-bn-to-egypt-clean-energy-projects\/","url_meta":{"origin":577847,"position":1},"title":"EBRD could commit USD 1.3 bn to Egypt clean energy projects","author":"enterpriseam admin","date":"8 September 2022","format":false,"excerpt":"There was a whole lot of climate and green energy news coming out of Egypt yesterday as climate negotiators from around the world landed in Cairo for the opening day of the Egypt-International Cooperation Forum (Egypt-ICF). Officials from more than 20 African nations, global policymakers, international financial institutions and climate\u2026","rel":"","context":"In &quot;Climate&quot;","block_context":{"text":"Climate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/climate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/162.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577085,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/09\/this-morning-its-official-egypt-is-the-eastern-meds-energy-hub-its-finance-day-at-cop27\/","url_meta":{"origin":577847,"position":2},"title":"THIS MORNING: It\u2019s official: Egypt is the Eastern Med\u2019s energy hub + It\u2019s Finance Day at COP27","author":"enterpriseam admin","date":"9 November 2022","format":false,"excerpt":"Good morning, friends, and welcome to a massive day for both Egypt\u2019s green economy as well as our export ambitions. To quote John \u201cHannibal\u201d Smith: \u201cI love it when a plan comes together.\u201d For years now, top Egyptian players including Hassan Allam, Infinity and OCI (among others) have been laying\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":580093,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/this-evening-seven-companies-and-consortiums-to-begin-feasibility-studies-on-green-hydrogen-plants-china-is-scrapping-covid-zero-policies\/","url_meta":{"origin":577847,"position":3},"title":"THIS EVENING: Seven companies and consortiums to begin feasibility studies on green hydrogen plants + China is scrapping covid-zero policies","author":"enterpriseam admin","date":"7 December 2022","format":false,"excerpt":"Good afternoon, friends, and happy almost-THURSDAY to us all. It\u2019s a busy news day here at home \u2014 a theme we expect to carry through until the typical end-of-December lull. THE BIG STORY TODAY More green hydrogen momentum: Egypt signed MoUs with seven companies and consortiums to begin conducting feasibility\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/652.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544674,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/cop-prep-a-national-climate-dialogue-green-hydro-talks-with-fortescue\/","url_meta":{"origin":577847,"position":4},"title":"COP prep: A \u201cnational climate dialogue\u201d + green hydro talks with Fortescue","author":"enterpriseam admin","date":"15 March 2022","format":false,"excerpt":"Egypt continues preparations for COP27: The government will launch a \u201cnational climate dialogue\u201d later this month to help spread environmental awareness ahead of the COP27 summit, which will take place in Sharm El Sheikh in November, the Environment Ministry said yesterday. Under the initiative, training programs will be introduced at\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576984,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/06\/its-cop-oclock-heres-everything-you-need-to-know\/","url_meta":{"origin":577847,"position":5},"title":"It\u2019s COP o\u2019clock \u2014 here\u2019s everything you need to know","author":"enterpriseam admin","date":"6 November 2022","format":false,"excerpt":"Everything you need to know as COP27 kicks off: Today is the first day of the two-week UN climate summit and Sharm El Sheikh is glowing green as it welcomes over 40k participants who registered to take part in the event.More than 120 world leaders will attend this year\u2019s COP,\u2026","rel":"","context":"In &quot;COP WATCH&quot;","block_context":{"text":"COP WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/cop-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/84.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577847","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=577847"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577847\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/577842"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/577848"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=577847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=577847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=577847"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=577847"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=577847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}