The UAE’s Amea Power finalizes feasibility studies for Egyptian green hydrogen plant

Good morning, friends. It’s a busy start to the week with a lot of ground to cover and some key updates emerging from Egypt. Let’s jump right in.

OUR TOP STORY- Emirati renewables company Amea Power — a subsidiary of Abu Dhabi-based investment company Al Nowais — has finalized the feasibility studies for its planned green hydrogen plant in Egypt’s Suez Canal Economic Zone, Amea Power’s Senior Director of Business Development Hussein Matar tells us.

^^ We have all the details on this story and much more in the news well, below.

HAPPENING TODAY- The Sustainable Maritime Industry Conference is kicking off today and running until Wednesday in Jeddah, Saudi Arabia. The event will feature over 50 speakers to spotlight sustainability, new technologies, and digitization efforts in the maritime industry. The Africa Climate Summit is also beginning today and running through to Wednesday in Nairobi, Kenya. The event will bring together government leaders and investors to share pathways to increasing Africa’s climate resilience, with a focus on how to finance environmental priorities and shift the focus from Africa as a victim of floods and famine. The summit will serve as a platform to inform and frame commitments, pledges, and outcomes, ultimately leading to the development of the Nairobi Declaration on Climatic Change.

ALSO- Angola, Ethiopia, and possibly Djibouti will join The Africa Green Hydrogen Alliance (AGHA) at the Africa Green Hydrogen Forum — part of the Africa Climate Summit — in Nairobi today, according to their website. By joining the alliance, the new members will gain support and knowledge from the international community in developing their green hydrogen roadmaps and strategies. Egypt, Mauritania, and Morocco — all members of the AGHA — will be attending the summit to present their national agendas for green hydrogen projects.

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THE BIG CLIMATE STORY OUTSIDE THE REGION- Hurricane aftermath in Florida: Biden’s visit to Florida to survey the destruction left behind in the wake of Hurricane Idalia grabbed headlines over the weekend. Biden’s visit comes on the heels of the category 3 storm leaving a trail of damage on the state’s Gulf Coast including devastating floods, fallen buildings and downed trees and power lines. The US President pointed to a series of extreme weather events and disasters happening across the globe by remarking that “nobody can deny the impact of the climate crisis. There’s no real intelligence to deny the impacts of the climate crisis anymore.”

The story grabbed headlines over the weekend in the international press: Reuters | CNN | BBC | The Guardian | The New York Times | Bloomberg

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OVER IN COPLAND- EU to push for fossil fuel phase out agreement at COP28: EU countries are preparing to push for a global pact on phasing out fossil fuels at COP28, Reuters reports, citing a draft of the EU's negotiating position it obtained. “The shift towards a climate neutral economy will require the global phase-out of [unabated] fossil fuels and a peak in their consumption already in the near term,” the draft said, with “unabated” referring to fossil fuels burned without using carbon capture technologies.

Still being debated: Having the word “unabated” in brackets in the draft text indicates that countries have not yet agreed on whether to include it, the newswire notes, with the EU document said the global energy sector should be largely free of fossil fuels “well ahead of 2050” given that cost-effective, emission-free energy sources are already available. Oil-based economies are expected to push back against the EU proposal, which is still being negotiated and could change before it is due to be finalized in October.

If it’s non-binding, why does it matter anyways? The idea behind a global pact to gradually quit fossil fuels is to create a powerful “north star” to guide future climate negotiations, government policies, and investments towards energy sources and technologies that do not contribute to heating the planet, Reuters said.

REMEMBER- Countries have never before agreed in UN climate negotiations to gradually stop burning all CO2-emitting fossil fuels. Despite a proposal to phase out CO2-emitting fossil fuels getting backing from more than 80 countries at COP27, Saudi Arabia and other oil and gas-rich nations blocked it, similar to what happened at the G20 energy ministers meeting in July. Whether COP28 will be able to deliver a more tangible action plan for phasing out fossil fuels has been questioned by some groups who say the UAE has conflicting interests as both the summit host and a top oil producing country. These critics say President Delegate Sultan Al Jaber is already using vague language when referring to a phase-out agreement, which the UN’s former climate chief Christiana Figueres has called “dangerous.”

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WATCH THIS SPACE #1- Taqa’s USD 1.5 bn in green bonds are hitting the ADX: The Abu Dhabi National Energy Company (Taqa) is listing its USD 1.5 bn dual-tranche green bond issuance on the Abu Dhabi Securities Exchange on Thursday, according to a disclosure (pdf) to the ADX. Both the 10-year and five-year tranches — issued in April and 10x oversubscribed — will be traded publicly on the exchange. Taqa sold a USD 1 bn 10-year tranche issued at a coupon rate of 4.696% that will mature on 24 April 2033. Taqa also sold USD 500 mn in five-year notes — issued as conventional bonds at a coupon rate of 4.375% — with a maturity date of 24 January 2029. The proceeds from these notes will be used to finance, refinance, and invest in green projects outlined within Taqa’s green finance framework, including renewable energy, energy efficiency, sustainable water and wastewater management, clean transportation, and terrestrial and aquatic biodiversity.

WATCH THIS SPACE #2- Germany’s Scholz takes a stance against nuclear energy: German Chancellor Olaf Scholz expressed his opposition to a nuclear power option in the country calling it “a dead horse in Germany," Reuters reported on Saturday, citing an interview with the German leader by local radio station Deutschlandfunk. His comments come in response to recent suggestions by a junior coalition partner, the Free Democrats (FDP), to keep the nuclear option open. Scholz argued that significant time and investments would be needed to build new nuclear power plants, estimating at least EUR 15 bn for each power plant over the next 15 years would be needed. Germany shut down the last three of its nuclear power plants in April, retiring the energy source after six decades of operation.

IN OTHER EU NEWS- Ports in Europe are vying to have a vital role in the EU’s Clean Energy Gateway Plan as demand for clean-energy industrial clusters grows, Bloomberg reported on Saturday. Port authorities and leading energy companies at the Port of Rotterdam are working on a large-scale network that will include clean energy from offshore wind farms and hydrogen production and pipelines to deliver the fuel to manufacturers on-site and inland. The Dutch port seeks to provide the EU’s northwestern region with at least 4.6 mn tons of hydrogen by the end of the decade, representing a quarter of the bloc’s overall goal. The Port of Antwerp-Bruges is also showing interest in clean energy through talks on hydrogen projects with investors, its CEO Jacques Vandermeiren said.

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DATA POINT– Global wind turbine orders reach record highs: Global wind turbine order intake rose 12% y-o-y in the 1H 2023 to reach 69.5 GW, according to analysis from consultancy firm Wood Mackenzie. The increase came on the back of orders from outside China, reaching a 47% y-o-y increase during the time period and accounting for over 25 GW.

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NON-CLIMATE REGIONAL HEADLINES OVER THE WEEKEND-

• Egypt: Egypt’s net foreign liabilities narrowed by USD 800 mn in July, driven by a slight easing in FX liquidity in the banking sector, according to central bank figures released last week. (Enterprise)
• UAE: The UAE increased prices of petrol and diesel between 9.5-15.3% at the beginning of September. (Statement)
• Saudi Arabia: Saudi Aramco is considering selling shares worth USD 50 bn in a secondary listing on the Saudi stock exchange, in what would be the largest offering in the history of capital markets. (Wall Street Journal)

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CIRCLE YOUR CALENDAR-

Egypt will host the Annual Regional Sustainability and Development Forum on Thursday 7 September and Friday 8 September in Cairo. The two-day forum brings together government officials, policymakers, the business community, NGO representatives, and others to discuss challenges to sustainable development in the region. It will also showcase the latest sustainable development technologies and practices, allowing businesses and organizations to present their related work and products.

India will host the G20 Heads of State and Government Summit from Saturday, 9 September to Sunday, 10 September in New Delhi. A G20 Leaders’ Declaration will be adopted at the conclusion of the summit, stating commitment towards priorities discussed and agreed upon during previous ministerial and working group meetings through the year, the organizers note. The last meeting of G20 energy ministers in July failed to reach consensus on a fossil fuel phasedown as several major producing nations, led by Saudi Arabia, blocked the move. Among other expected announcements, the Global Biofuels Alliance is scheduled to be launched at the summit.

Egypt will host the Hydrogen Egypt Summit on Wednesday 13 September and Thursday 14 September in Cairo. The two-day event will bring together members of the local and global hydrogen industry to discuss optimizing hydrogen and green hydrogen development in MENA. The event will serve as a platform for the local industry to discuss potential investments with global investors, operators, and technology providers.

Morocco will host the World Power-to-X Summit from Tuesday 19 September to Thursday 21 September in Marrakech. The event brings together policymakers, industry leaders, and innovators in green hydrogen to showcase success stories in the carbon-free industry. It will also explore scaling-up projects throughout the Power-to-X value chain and hold discussions on harmonizing roadmaps of contiguous countries and adjacent regions.

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

UAE’s Amea Power moves forward with its green fuel project in Egypt: Emirati renewables company Amea Power — a subsidiary of Abu Dhabi-based investment company Al Nowais — has finalized the feasibility studies for its planned green hydrogen plant in Egypt’s Suez Canal Economic Zone, Amea Power’s Senior Director of Business Development Hussein Matar told Enterprise Climate.

REMEMBER- Amea signed an agreement with the Egyptian government to set up a 1 GW green hydrogen plant — expected to be up and running by 2027 — on the sidelines of COP27 last November. The company will use the green hydrogen it produces as feedstock to produce green ammonia for export markets.

Gearing up for electrolyzer imports: Amea Power is in advanced talks with several international technology companies for the supply of electrolyzers that will power its plant, including Longi, John Cockerill, Peric, Envision, Nel Hydrogen, and ThyssenKrupp, according to Matar. “The selection of the supplier for the hydrogen electrolyzer, which is one of the major components of the project, is expected to be concluded by 2Q 2024,” he said.

Preliminary offtake agreements are also in place: Amea has already secured five green ammonia offtake letters of intent from several global companies, Matar told us.

Why Egypt? The most crucial factor for developers in determining where to set up green hydrogen projects is the cost of electricity, Matar said. Electricity investments make up 60% of total project costs for green hydrogen developers, as opposed to common assumptions that electrolyzer costs make up the bulk of green fuel investment tickets, he adds, noting that Egypt is particularly enticing on that front. The country’s proximity to global markets also made it a logical choice. “We are very keen to be close to the export markets, and we see the export market being Europe and Asia,” Matar told us.

Amea has a strong foothold in the country: The company has in excess of 1 GW of renewable power projects in Egypt in the pipeline with investment tickets totalling USD 1.1 bn. Amea is developing the 500 MW Abydos solar energy plant and the 505 MW Amunet wind farm in Egypt, with a collective USD 500 mn in financing provided by the International Cooperation Agency, the International Finance Corporation, and Dutch development bank FMO ahead of project launch.

IN OTHER AMEA NEWS- Amea is eyeing a mega green hydrogen plant in Djibouti: Amea Power submitted a feasibility study last week to develop a 1 GW green hydrogen project in Djibouti, Matar told us. The project will rely on wind and solar energy projects with a 2.2 GW generation capacity, and Amea will build the battery energy storage facilities, desalination plants, and transport infrastructure for its planned green fuel hub. Amea plans to use the green hydrogen it generates as feedstock to produce 700k tons of green ammonia annually. The company is looking to leverage Djibouti’s wind and solar resources as well as its strategic location to export the green fuels to international markets, he said. The price tag for the 1 GW project — on which Amea is projected to break ground by 2025 — is expected to be in excess of USD 2 bn.

And finalized a PPA for its 25 MW solar farm in the country: Amea also inked a 25-year power purchase agreement with the government of Djibouti to offtake electricity from its 25 MW solar power plant in the Grand Bara region, according to a statement released last week. The project is expected to have an annual 55 GWh energy capacity, and be complemented with a battery energy storage facility to ensure the supply of clean power beyond daylight hours and during inclement weather, Amea notes.

Egypt and Maersk ramp up green plans: Egypt’s Suez Canal Authority (SCA) signed an agreement with Danish shipping giant AP Moeller-Maersk to extend cooperation in the green transition, according to a statement released on Thursday. The SCA and Maersk also discussed development plans for the Suez Canal Container Terminal (SCCT) in East Port Said and transforming it to a smart and environmentally friendly terminal, the statement added.

What we know: SCA Chairman Osama Rabie said the agreement involves exchanging expertise in training and the green transition in a bid to develop the climate-friendly work mechanisms needed to achieve an ambitious strategy to declare the Suez a “green canal” by 2030, the statement notes. A potential cooperation between the authority’s arsenals and Maersk in ship recycling will also be examined, the statement added.

And potential green hydrogen cooperation? Rabie also discussed with representatives from Danish green investment company Copenhagen Infrastructure Partners (CIP) setting up green hydrogen related projects, the statement said, without providing further details.

REMEMBER- The world’s first ever green methanol-powered container ship transited the Suez Canal in August. A six-hour refueling of the vessel by Dutch-based chemical producer OCI Global was completed with 500 tons of the green fuel in East Port Said. The refueling operation took place under a partnership with Maersk.

OCI and Maersk have big plans for Egypt: OCI and Adnoc joint venture Fertiglobe began in November commissioning of their 100 MW green hydrogen plant in Egypt’s Ain Sokhna, which will generate feedstock for green ammonia production once operational in 2024. Maersk said it would cooperate with Egypt on a USD 15 bn project to produce clean fuel for ships back in September last year.

Sabic sells Hadeed to PIF in a bid to expand other business: KSA’s leading petrochemical company Saudi Basic Industries Corporation’s (Sabic) has sold steels subsidiary Saudi Iron and Steel Company (Hadeed) to Saudi Arabia’s sovereign wealth fund the Public Investment Fund (PIF) at an enterprise value of SAR 12.5 bn (c. 3.3 bn), according to a statement.

The rationale: The divestment will allow Sabic to “optimize its portfolio and focus on its core business,” Sabic said in a statement (pdf), adding that it would also bring it closer to being the world’s preferred chemicals company. It would align with the PIF’s efforts to progress the country’s industrial development and meet growing local demand for steel. It will also contribute to the growth of several sectors including renewables and mining, Sabic said.

Could part of that focus include low-carbon ammonia? Saudi chemical manufacturer Sabic Agri-Nutrients — an agri-nutrients business in which Sabic holds a 50.1% stake — has been tapping the low-carbon ammonia market. In June, it shipped its first 5k metric ton load of low-carbon ammonia to Taiwan. The shipment in June followed another 5k ton load of low-carbon ammonia to India in May, an undisclosed quantity to Japan in April, and 25k tons of low-carbon blue ammonia to South Korea last November.

Keep an eye on early 2024: The transaction, which is subject to customary conditions and regulatory approvals, is expected to close before the end of the first quarter of 2024. The final sales price will be disclosed before the mentioned period next year.

About Hadeed: Sabic’s steels unit focuses on manufacturing steel products, including reinforcing bar, coiled wire, billets, slabs, sections, hot and cold rolled coil, galvanized coil, preprinted coil and hot film laminated coil.

A new wind farm in Egypt’s Gulf of Suez? The Egyptian government approved a proposal by an Orascom Construction-led consortium including Japan’s Toyota Tsusho and France’s Engie to build a new wind energy plant in the Gulf of Suez, according to a statement last week. Egypt has yet to begin talks with the companies on land allocation agreements, a government source at Egypt’s New and Renewable Energy Agency (NREA) told Enterprise Climate.

The details are still scant: The consortium is eying a farm with a generation capacity between 150-200 MW. The companies have yet to determine the exact generation capacity, investment ticket, or launch date for the project, Orascom Construction Vice President and Group Treasurer Nader Ragheb told us, adding that the specifics will be determined upon completion of the project feasibility studies.

The consortium has a whopping 3 GW pipeline in the country: The Orascom-led consortium finalized a land allocation agreement last month to build a 3 GW wind farm in Sohag that is expected to come online in 2028. The consortium also achieved financial close on the 500 MW Gulf of Suez wind plant in March, raising USD 501 mn in syndicated loans from the Japan Bank for International Cooperation (JBIC), the European Bank for Reconstruction and Development (EBRD), Sumitomo Mitsui Banking Corporation, the Norinchukin Bank, and Société Générale.

Egypt is on a wind energy streak: The Egyptian government signed a land allocation agreement in July with Saudi renewables developer Acwa Power for its planned 10 GW wind energy plant in West Sohag. It also inked another land allocation agreement with Norway’s Scatec in the same month for its planned 5 GW Sohag wind farm. The announcement followed a similar agreement in June with a consortium comprising Infinity Power, Masdar, and Hassan Allam Utilities for their planned 10 GW wind farm.

And NREA just secured fresh capital to advance clean energy targets: The agency has secured EUR 500 mn from undisclosed financiers in a bid to achieve its target of having renewables comprise 42% of its energy mix by 2030 before upping generation capacity to account for 60% of the country’s electricity needs by 2040, the NREA source told us.

Regulator approves fourth reactor at Egypt’s Dabaa: The Egyptian Nuclear and Radiological Regulatory Authority (ENRRA) has granted permission for the construction of the fourth and final 1.2 GW reactor at Egypt’s 4.8 GW Dabaa nuclear power plant, according to a statement released last week. The approval comes a few months after the nuclear regulatory body approved the construction of the third 1.2 GW reactor in March. Permission to construct the first and second reactors was granted in June 2022 and October 2022 respectively, it said. Construction on the second reactor started in November and the third reactor in May.

All safe and sound: The ENRRA said it has verified the safety of the fourth reactor, determining that it poses no risk to humans, the environment, or property, according to the statement.

REMEMBER- Egypt and Rosatom began construction on the USD 30 bn plant in July 2022, kicking off an eight-year construction timeline that will see it come online at the beginning of the next decade. The plant’s construction saw delays in recent years due to the COVID-19 pandemic. Rosatom was contracted in 2015 to handle the construction and provide fuel for the plant. 85% of the facility’s financing is through a USD 25 bn loan from Russia, with Egypt scheduled to begin repaying the sum in October 2029.

A CEPA between UAE, NZ is happening: UAE Minister for Foreign Trade Thani bin Ahmed Al Zeyoudi discussed with New Zealand’s Trade and Export Growth Minister Damien O'Connor deeper economic collaboration through a Comprehensive Economic Partnership Agreement (CEPA) between the two countries, Wam reported on Friday. Al Zeyoudi said that the two countries share a vision for boosting cooperation across key sectors including agriculture, renewable energy, and healthcare.

And two UAE CEPAs have already come into force: Two of the UAE’s CEPAs with Turkey and Indonesia came into force on Friday, Wam reports. Both CEPAs will help eliminate or lower tariffs on several goods, remove trade barriers, and pave the way for investments in priority sectors like energy, logistics, food production, e-commerce, and others. The CEPAs with Turkey and Indonesia mark the third and fourth by the UAE after the roll-out of CEPAs with Israel and India.

One more coming up? The UAE and Vietnam are also expected to sign a CEPA this year, Vietnam’s Ambassador to the UAE Nguyen Manh Tuan told Wam in an interview. “Vietnam and the UAE are accelerating the negotiation of CEPA, which shall give great impetus to two-way trade between the two countries,” he said.

SDX Energy is divesting its assets in Egypt: UK-based SDX Energy said it has entered into a non-binding heads of terms with an unnamed multinational operator to divest its assets in Egypt, it said in a disclosure to the London Stock Exchange last week. The disposal of its Egyptian assets will help the company focus on planned diversification in Morocco's energy transition sector. "SDX, re-energised with new management, will focus on monetising … Moroccan assets and related energy transition sector-plays in order to reward and deliver capital growth to our shareholders in the near term,” SDX Energy’s Managing Director Daniel Gould said.

The sale could be happening before the end of this year: The transaction with the leading multinational operator, which has existing Egyptian interests, is expected to be finalized by the end of the fourth quarter of 2023. The completion of the disposal of the assets will still be subject to a negotiation of final transaction documentation and necessary approvals for the sale by Egypt.

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Alantra is coming to Dubai: Spanish investment bank Alantra said it has been granted approval from the Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC), according to a statement last week. The bank will focus on healthcare, real estate, and consumer goods, a spokesperson for the company told Reuters separately. It will be led by Saad Ashraf (LinkedIn), who has been appointed as Senior Executive Officer and managing partner of Alantra DIFC.

Alantra has a green history: The Spanish investment bank has focused on green industries in recent years as energy transition accelerates. In July, it created an Energy Transition Advisory business to provide consultations to corporates, energy companies, and others focused on energy transition. Its energy transition record includes c. 70 sustainable and green agreements advised in investment banking in the past five years, including the structuring and closing of a market access partnership with Shell Energy Europe and a recap financing of two solar PV projects for Spanish solar panel maker Solaria. The newly-formed unit complements Alantra’s Energy Transition Group, which was launched earlier this year to provide advisory, asset management, and other services for businesses aiming to boost energy efficiency by decarbonizing operations and investing in clean energy and renewable energy infrastructure in Southern Europe.

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Dewa is patenting a new electrode solution for battery storage: The R&D unit of the Dubai Electricity and Water Authority (Dewa) has filed a new patent for an electrode (battery conductor) that can be used in lithium-ion, sodium-sulfur, and electrolyte distribution batteries, Wam reported last week. The newly developed electrode uses a polymer to increase the number of active groups on the surface of the electrodes. The novel method requires low temperatures and ensures stable battery performance.

REMEMBER- Electrodes sourced from polymers instead of metallic alternatives have a high discharge voltage, are more heat-resistant, and do not expand when in contact with electrodes, leading to a power storage capacity that is 1k% higher than its lithium counterparts. The use of polymer materials in electrodes offers “high rate capabilities, cheap starting materials, and are less environmentally challenging compared to metal-based batteries as they can be more easily recycled,” according to a study (pdf) published in Advanced Energy Materials journal.

The new tech may be piloted at the giant Al Maktoum solar park: The patent supports the pilot 1.2 MW storage project that Dewa inaugurated in 2021 at the Mohammed bin Rashid Al Maktoum Solar Park using Tesla’s lithium-ion battery, the news outlet writes. The project has an energy capacity of 8.6 MWh with a lifespan of up to 10 years.

Not the first storage endeavor: In 2019, Dewa developed the first utility-scale energy storage pilot project in the region in collaboration with Amplex Emirates and NGK. The two partnered to install and test a sodium-sulfur storage solution with a capacity of 1.2 MW/7.5 MWh that has been deployed across 10 different locations, adding up to a total of 108 MW/648 MWh.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• KSA taps Tawzea to operate and maintain wastewater plants: Saudi Arabia’s National Water Company has selected Tawzea — a JV between the Saudi Arabian Amiantit Company and Saudi Industrial Services Company — to operate and maintain its Dammam and AlKhobar wastewater plants. The contract signed is worth SAR 34.5 mn (USD 9.2 mn). (Saudi Exchange)
• Lafargafe gets serious about carbon emissions reduction: Construction heavyweight Lafarge Egypt has set a target to slash 50% of its carbon emissions relative to its 2018 baseline by 2030, and said it will further hike its carbon reduction target to 60% by 2050. (Daily News Egypt)
• UAE’s Ewec tenders a BESS project: The Emirates Water and Electricity Company (Ewec) has announced the start of a tender process for a battery energy storage system (BESS) project to complete the development, financing, construction, operation, maintenance, and ownership of the greenfield facility with a power capacity of 400 MW. (Zawya Projects)
• Jordan and the US work on mining: Jordan’s Energy and Mineral Resources Ministry has signed a MoU with the United States Geological Survey for scientific and technological cooperation in geosciences and geology as the country looks to develop its mining sector. (Statement)
• Sinopec inaugurates China’s largest green hydrogen plant: China’s leading state oil firm Sinopec launched the country’s biggest solar-powered green hydrogen project last Wednesday. The plant will produce 20k tons of green hydrogen per year for Sinopec’s refining and petrochemical subsidiary Tahe. Tahe previously used natural gas-generated hydrogen. (Statement)
• Abu Dhabi airport dips its toe into solar: Abu Dhabi International Airport’s new Terminal A — home to a 3 MW solar PV at its car park roof — will open early November. (Khaleej Times)

Hyundai to buy 5% stake in world’s largest zinc smelter: South Korea’s giant automaker Hyundai Motor Group will buy a 5% stake — worth KRW 527.2 bn (USD 398 mn) — in Korea Zinc to ensure access to key metals used in making EV batteries, Bloomberg reported last week. The group also signed an agreement with Korea Zinc to jointly procure, process, and recycle zinc, with a target to purchase 50% of the metal through the partnership by 2031 to meet Hyundai’s EV battery demand. This comes under efforts to meet regulations set by the US’ Inflation Reduction Act incentivising automakers to produce EV components outside of China. Hyundai plans to be one of the world's top three EV makers by the end of the decade by producing 3.64 mn vehicles annually.

REMEMBER- KSA has signed an MoU with Hyundai for the construction of an electric vehicle and internal combustion engine manufacturing plant in Saudi Arabia. Hyundai is investing USD 2.45 bn over 10 years in expanding its electric vehicle production in Tamil Nadu, India, and has announced plans to equip its future vehicles with LFP batteries.

Its time fungi gets included in conservation talks: UN Biodiversity is calling for fungus to be “recognised and protected on an equal footing with animals and plants in legal conservation frameworks,” the organization said last week. The UN is pushing for conservation institutions to include the word “funga” — a term coined by Latin American mycologists five years ago — alongside the phrase flora and fauna when discussing conservation issues to reflect the importance of fungi to ecosystem health, The Guardian writes. Focusing on fungal conservation can protect whole habitats and allows the ability to “look at nature as an interdependent set of ecosystems,” chief executive of the Fungi Foundation Giuliana Furci told the news outlet. Government agencies in Australia, Brazil, Iceland, and elsewhere have already adopted use of the term.