Mega trade corridors struck at G20, but leaders fall short on commitments to fossil fuel phase-out

Good morning, friends. It’s another busy morning on the climate front as we recap what happened at G20 and catch up on what else happened in the region over the weekend. Let’s dive right in.

THE BIG CLIMATE STORIES- Yemen is building a solar plant in Aden with a generation capacity of up to 120 MW with support from the UAE’s renewables giant Masdar and KSA’s City Cement Company subsidiary — Green Solutions for Environmental Services Company — has set up a new joint venture aimed at producing alternative fuels from waste.

^^ We have more on these stories and others in the news well, below.

THE BIG CLIMATE STORY OUTSIDE THE REGION- G20 made a splash in the international dailies over the weekend: The highly anticipated two-day meeting of G20 leaders saw governments agree to “pursue” and “encourage” tripling renewable energy capacity globally by the end of the decade, but yet again fail to reach consensus on a fossil fuels phasedown.

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

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ONE WEEK TO GO- There are just seven days until the Enterprise Finance Forum, which takes place 18-19 September (Monday and Tuesday) at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, founders, and corporate leaders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech — and of their clients.

What to expect: Join Amr Allam (co-CEO, Hassan Allam Holding), Pakinam Kafafi (CEO, Taqa Arabia), Sherif El Kholy (partner and head of MENA, Actis), Tarek Abdel Rahman (managing partner, Compass Capital), Tarek Assaad (managing partner, Algebra Ventures), Ahmed Sobhy (chief investment officer, Banque Misr), and many others for talks on everything from how PE and VC players are tackling fundraising in a challenging climate to what major corporate customers of banking and finance need to see from their institutions.

Tap or click here to view the FULL AGENDA with SPEAKERS.

We are honored to count some of the region’s most important financial institutions as

our partners for this special event. The Enterprise Finance Forum could not take place without the support of our partners including Banque Misr, Al Baraka Bank, FAB Misr, HSBC, Mashreq, CI Capital, Global Corp, Visa, Hassan Allam Utilities, and the IFC.

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OVER IN COPLAND- Private sector involvement in the spotlight: The COP28 Presidency will explore how the private-sector can help global decarbonization under its planned Business and Philanthropy Climate Forum (BPCF), which will run from 1- 2 December in Dubai, Wam reported on Thursday. The UAE is hailing the forum as a “first-of-a-kind multi-stakeholder strategy” aimed at gathering 500 CEOs, philanthropists, and policymakers from across the world to chart out a cross-sectoral course to derisking green investments, accelerating the transition to net-zero energy sources, stepping up biodiversity protection efforts, and channeling more climate financing toward the global south and climate-focused SMEs and startups. “The private sector holds the greatest promise to accelerate the accomplishment of our climate and nature global goals,” BPCF chair and COP28 Special Representative for Business and Philanthropy Badr Jafar said.

ALSO- A big announcement by Mozambique at COP28? Mozambique plans to announce a major energy-transition agreement with rich countries during COP28 in Dubai later this year, Bloomberg reported last week. Mozambique plans to benefit from its vast hydro, solar, and wind potential to help meet local power needs and those of neighboring countries as well as to process battery minerals like graphite and lithium, its national director of energy Marcelina Mataveia said. It is currently in talks over funding with Belgium, Germany, the UK, and the UAE.

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WATCH THIS SPACE #1- A global tender for CSP in Egypt is luring big players: Six to eight consortiums have shown interest in bidding for a global tender for the first batch of concentrated solar power (CSP) plants to generate electricity and produce potable water on Egypt’s North Coast, a government source told Enterprise Climate. These include Saudi Arabia’s Acwa Power, the UAE’s Amea Power, Spain’s Aqualia, Japan’s Toyota Tsusho, and a consortium led by Norway’s Scatec, the source said. He revealed that the government plans to offer three to four plants as a first batch in the tender, estimating an investment cost of USD 270 mn per project. The cost would be scalable according to FX fluctuations, the source said, adding that the winning consortiums would arrange necessary funding for the projects whether from local banks or abroad. The government will invite qualified consortiums for the tender in December, the source added.

What we know: The CSP plants will be utilized for seawater desalination projects in areas on the western North Coast. They will have a capacity to desalinate over 300k cubic meters of water per day, according to the source.

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WATCH THIS SPACE #2- KSA and India will join forces on the energy transition: India and Saudi Arabia are expected to sign an MoU on energy cooperation today at a meeting between Saudi Crown Prince Mohammed bin Salman and Indian Prime Minister Narendra Modi, Reuters reports, citing a source with knowledge of the matter. The pact will focus on energy efficiency, renewable energy, hydrogen, and electricity interconnection.

We knew something of the sort was in the works: Saudi Arabia and India began last month talks on cooperation in green hydrogen with sources saying the talks include exploring investment potential, technology sharing, and joint research and development. The discussions are part of a broader agreement on undersea cable grid connectivity between the two countries, the sources said last month.

IN OTHER KSA NEWS- The US and KSA are in talks to secure critical minerals in Africa: The US government is looking to leverage Saudi stakes in African mining projects in a bid to source rare earths critical to EV and renewables production, The Wall Street Journal writes, citing people with knowledge of the talks. According to the sources, a state-backed Saudi venture would buy stakes in African mining projects in countries including the Democratic Republic of Congo, Guinea and Namibia, and then allow US companies the rights to buy some of the production from those Saudi-owned stakes.

ALSO WORTH READING- There’s skepticism over Saudi Arabia’s mining push: A plan by Saudi Crown Prince Mohammed bin Salman to turn his kingdom into a mining holy grail is being met with skepticism as the kingdom tries to lure global mining companies, Bloomberg reported on Thursday. Several executives and advisers at some of the world’s leading miners have expressed skepticism over the country’s domestic mining ambitions due to its geology. They describe the kingdom’s uranium reserves as “severely uneconomic.” They also say that deposits of copper — the most sought after metal — are mainly formed by volcanic activity, meaning they are only found in small to medium-sized areas. This makes them less attractive to mine than deposits in regions in Latin America and Central Africa and an untapped copper crescent that runs through Iran and Pakistan.

The water problem: Water scarcity is also an issue in the desert country, according to experts. “There is also the challenge of availability of infrastructure, particularly for deposits located in remote desert areas,” said Carole Nakhle, Founder and CEO of London-based consultancy Crystol Energy.

REMEMBER- The Saudis are going big with energy transition metals: Saudi Arabia aims to become a global hub for metals that are critical for the energy transition under efforts to diversify its economy away from oil. This includes tapping into significant amounts of uranium and titanium discovered in the country, according to officials. KSA says it has untapped metals and minerals — including copper, zinc, phosphate, and gold — collectively worth USD 1.3 tn. KSA’s Manara — a recently established JV between Saudi Arabia’s sovereign wealth fund and state-owned mining company Ma’aden — sealed an agreement in late July with Brazilian miner Vale to grab a 10% slice of its base metals unit as it eyes a pivotal role in the global energy transition supply chains.

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WATCH THIS SPACE #3- Sustainability-linked bonds still on track to achieve big: Global issuance of sustainable bonds is still on track to reach USD 900 bn to USD 1 tn this year on the back on increased demand and a continued focus on energy transition, a report (pdf) by S&P Global read last week. The report says green, social, sustainable, and sustainability-linked bond (GSSSB) issuance will still account for 14% to 16% of total issuance this year “despite a stagnating global bond issuance.” It expects green bonds to dominate as sustainability-linked bonds decline. Green bond issuance hit a record first year half of USD 310 bn, S&P Global said, expecting them to continue dominating throughout the year. It sees Europe remaining in the lead for GSSSBs, with North America seeing a slowdown in issuances due to lower supply and demand until the end of the year. Emerging markets may see a rise in issuances next year, it noted.

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NON-CLIMATE REGIONAL HEADLINES OVER THE WEEKEND:

• UAE: German polymer materials manufacturer Covestro will enter into formal open-end discussions with Adnoc over a takeover, with the interest in Adnoc underlining the company’s strong position as a world leading polymer material manufacturer, CEO Markus Steilemann commented. (Statement)
• Egypt: Egypt’s annual urban inflation accelerated to a new all-time high of 37.4% in August, coming above July’s record of 36.5%. (Capmas, pdf)

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CIRCLE YOUR CALENDAR-

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.

Saudi Arabia will host the MENA Climate Week from Sunday, 8 October to Thursday, 12 October in Riyadh. The four-day summit will discuss climate solutions ahead of COP28. It aims to provide a platform for policymakers, businesses, and others to exchange climate solutions as well as discuss obstacles and avenues in different regions. It considers four major systems-based tracks: energy systems and industry, cities, urban and rural settlements, infrastructure and transport, land, ocean, food and water, societies, health, livelihoods, and economies. You can register here.

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

G20 agree on on massive renewables push, renewables push, but fail to agree on phase-out: The highly anticipated two-day meeting of G20 leaders saw governments agree to “pursue” and “encourage” tripling renewable energy capacity globally by the end of the decade, but yet again fail to reach consensus on a fossil fuels phasedown, Reuters reported on Saturday. While the declaration (pdf) — signed on the first day of the summit on Saturday — reiterated the group’s commitment to achieving net zero emissions by 2050 while acknowledging the need to phase-down unabated coal, it fell short of including commitments to reducing crude oil use or cutting emissions, the newswire added. The proposal to cut greenhouse gas emissions by 60% by 2035 was blocked by Russia, China, Saudi Arabia, and India during the drafting of the declaration, three officials told Reuters.

India and the EU announce giant India-Middle East-Europe corridor: A US-backed plan to establish an economic corridor linking Europe with tfhe Middle East and India via rail and sea is currently being drafted, Indian Prime Minister Narendra Modi and European Commission President Ursula von der Leyen announced on Saturday, The Guardian writes. ffThe planned corridor — called the Partnership for Global Infrastructure Investment — would link India, Saudi Arabia, the UAE, Jordan, and Israel to make trade quicker and cheaper. Von der Leyen describes the trade route as a “green and digital bridge across continents and civilisations,” the news outlet said. US President Joe Biden also emphasized the importance of the project and its ability to compete with China’s Belt and Road corridor. The project will assess the potential of electricity and clean hydrogen exports to enhance regional supply chains, Wam reports. The project could speed up trade between India and Europe by 40%, according to the Guardian. A working group will lay out more details on the timeline of the project within a couple of months.

KSA and the US agree to develop Asia-Europe green corridor: Saudi Arabia and the US signed an MoU to develop a protocol for building a transit corridor that connects Asia and Europe by railway and transmits renewable electricity and clean hydrogen via cables and pipelines, the Saudi Press Agency reports. The project also aims to support the development of clean energy and fiber optic cable networks while strengthening commercial trade by linking railways and ports, the news agency said.

The Global Biofuels Alliance was officially launched during the leaders summit: The Global Biofuels Alliance — founded by India, the UK, and the US, and later joined by the UAE — was officially launched during the summit in the presence of the UAE’s Foreign Affairs Minister Abdullah Al Nahyan, Wam reports. The alliance aims to boost biofuel production among its members.

Africa is joining G20 as a permanent member: The group of 20 agreed to grant the 55-member African Union — including Algeria, Egypt, Libya, Mauritania, and Tunisia — permanent membership status, Wam reports. The move gives the union — currently classified as an “invited international organization” — the same status as the EU, providing it with a stronger voice on climate change, Bloomberg wrote ahead of the summit.

EU invites G20 to join plans to set up a global carbon pricing mechanism: European Commission Von der Leyen asked G20 leaders on Saturday to join a proposal to set up global carbon pricing, Reuters reports. Speaking at the opening session of the G20 summit, Von der Leyen said that the EU's “Emissions Trading System” has helped reduce emission by 35% since 2005, while generating more than EUR 152 bn in revenues, encouraging others to follow suit. According to a World Bank report, there are currently 73 carbon pricing instruments in operation, covering around 23% of global greenhouse gas emissions. The declaration signed by the G20 group highlights the importance of regulatory mechanisms that use carbon pricing incentives to achieve net zero emissions.

A “document of the Global South”? According to the final declaration issued by world leaders, USD 4 tn of low-cost financing is needed annually for the global energy transition to ensue, and developing countries need USD 5.9 tn before 2030 to implement plans to combat carbon emissions, Bloomberg Asharq reports.

The UK will provide USD 2 bn to the UN’s Green Climate Fund: The UK will commit to provide USD 2 bn to the UN-backed Green Climate Fund (GCF) to facilitate financing to developing countries impacted by climate change, British Prime Minister Rishi Sunak said at the summit, Reuters reports. The pledge represents a 12.7% increase on the UK’s previous contribution to the GCF from 2020. Britain has already committed to spend GBP 11.6 bn (USD 14.5 bn) on international climate finance between 2021 and 2026, which government officials calculated represents 83% of the total aid budget. Several MENA countries have received funding for climate projects from the GCF, including for Egypt’s 200 MW Kom Ombo solar project and 3 GW Sohag wind farm project.

REMEMBER- The G20 member countries together account for over 80% of global emissions, making a cumulative effort by the group to decarbonise an essential element in the global fight against climate change.

A helping hand for solar for the Yemenis from Masdar: Yemen is building a solar plant in Aden with a generation capacity of up to 120 MW with support from the UAE’s renewables giant Masdar, Yemen’s Electricity Minister Mana bin Yemeen told Erem news agency on Thursday.

What we know: The facility in southern Yemen is in its final stages and includes a 9 km transmission line, Bin Yemeen said. The country is also planning to set up two solar projects in South-Central Shabwa Governorate and the Eastern Hadramout province, he added. International engineering and consulting firm ILF, which has been hired by Masdar, is currently working on final technical studies related to the projects.

REMEMBER- Solar is proving to be a lifeline for the Yemenis: A shift to solar power continues to lead the way in the war-torn country, which is home to 32 mn people. Over 50% of homes in the country depend on the sun as their main source of energy, according to the International Finance Corporation (IFC).

A push for waste management for KSA: Saudi Arabia’s City Cement Company said its subsidiary — Green Solutions for Environmental Services Company — has set up a new joint venture aimed at producing alternative fuels from waste, according to a disclosure to Tadawul. The new JV — Innovative Solutions for Environmental Services Company — will have capital of SAR 6.7 mn and aim to slash dependency on fossil fuels by promoting alternative fuel locally and globally, the disclosure said.

What we know: The JV will be co-owned by KSA’s Tadweer Environmental Services Company — which is owned by the KSA’s sovereign wealth fund the Public Investment Fund and Saudi Investment Recycling Company — with a 51% stake and a 29.4% stake by Green Solutions for Environmental Services. Lechtenberg Middle East will hold a 19.6% stake in the company, according to the disclosure.

The UAE is exploring Kenya’s hydrogen sector: UAE-based renewables company Amea Power — a subsidiary of Emirati investment company Al Nowais — is looking to establish a 1 GW green hydrogen plant in Kenya’s Mombasa port, Bloomberg writes, referencing statements by company Chair Hussain Al Nowais. The UAE developer could increase its green hydrogen production capacity in the country provided market demands prove the project feasible.

Part of Amea’s wider African expansion: The UAE company committed to mobilizing USD 5 bn to finance development of several renewable energy projects in Africa that would yield a 5 GW power capacity by 2030 last week. Earlier this month, Amea Power finalized feasibility studies for two 1 GW green hydrogen projects in Djibouti and Egypt. The investment ticket for Amea’s planned Djibouti project — which will rely on wind and solar energy projects with a 2.2 GW generation capacity — is expected to exceed USD 2 bn. Amea plans to use the green hydrogen it generates in each plant as feedstock to produce 700k tons of green ammonia annually, which would be used for export to international markets.

Kenya’s hydrogen sector is moving along: Kenya President William Ruto inked an agreement with the EU to bolster national green hydrogen generation capacity on the sidelines of the three-day Africa Climate Summit in Nairobi last week, according to a statement. The agreement will see the EU provide EUR 12 mn (c. USD 13 mn) in green financing grants to support the country’s development of a national green hydrogen roadmap. Kenya wants to develop infrastructure necessary for clean hydrogen production under state targets to source 100% of its energy from clean energy by 2030, and ultimately become carbon-neutral by 2050. The country — whose population is battling acute food deficiency — is looking to tackle food insecurity via net-zero energy sources. “The green hydrogen economy will enhance food security, including the expansion of Kenya’s green production of tea, coffee, horticulture, floriculture and cereals. It will also facilitate the decarbonisation of our industries and indeed the economy,” Ruto said.

DP World launches its maiden green sukuk: UAE port operator DP World’s has launched a USD 1.5 bn from a 10 year USD-denominated green sukuk issuance due sometime this month, Reuters reports, citing document from one of the arranging banks. The allocation and pricing have yet to be announced by the port operator.

The details: The issuance was nearly 2.3x oversubscribed netting over USD 3.4 bn in orders, the newswire reports. The sukuk — launched by subsidiary DP World Crescent under its USD 5 bn Trust Certificate Issuance Programme — was offered at a 5.5% yield.

More to come? The UAE port operator is also reportedly eying another USD 1 bn green sukuk issuance under the same program, depending on market conditions, according to a bank document from one of the arranging banks picked up by Reuters earlier.

Advisors: Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, and Standard Chartered Bank are acting as the bookrunners for the issuance, while HSBC is serving as the sole ESG structurer.

The UAE and India partner up on district cooling: The UAE’s National Central Cooling Company (Tabreed) has signed an agreement with the regional government of India’s Telangana state to explore investments in the district cooling sector of Hyderabad, Wam reported on Friday. Tabreed — which partnered with the IFC on a USD 400 mn, five-year expansion into India back in 2021 — is looking to set up infrastructure to reduce 200 MW of electricity demand in the Indian city. The project also aims to push down carbon emissions from the city’s cooling sector by 600k tons annually and ultimately 18 mn tons over the project’s expected 30-year lifecycle, the news agency notes. Cooling and air conditioning systems, which utilize refrigerants that end up in the atmosphere, contribute over 7% of global greenhouse gas emissions, with estimates indicating that emissions will double by 2050, according to forecasts by the United Nations Environment Programme. Telangana has set a target to become carbon-neutral by 2047.

Not Tabreed’s first Indian venture: Tabreed secured its first district cooling transaction in India in May under an agreement with Tata Realty and Infrastructure Limited (TRIL). The agreement with the real estate and infrastructure development arm of Indian conglomerate Tata Sons includes a AED 44.34 mn investment in TRIL’s Intellion Park special economic zone development in Gurugram. Tabreed officially kicked off operations in the country last month, and was also named the preferred bidder for a long-term district cooling concession for the Hyderabad Pharma City in Telangana. Its AED 36.2 mn Telangana project will initially supply 2.5k refrigeration tons (RT), with plans to later up capacity depending on cooling demand to up to 125k RT.

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EDB joins renewables bandwagon: The Emirates Development Bank (EDB) will offer a new first-of-its-kind Solar Energy Finance Programme to back MSMEs through a AED 100 mn allocation for the adoption of solar energy initiatives, Wam reported on Thursday. The new program aims to support a clean energy source transition and overcome cost obstacles related to the shift. It offers medium and long-term loans and working capital of up to AED 5 mn with a focus on solar energy projects. The new programme comes under the EDB’s offerings of up to eight years-long tenor loans for structured finance projects and solar panels with grace periods of up to six months.

All under an ambitious plan: The new programme comes under EDB’s mandate to approve AED 30 bn in financing support for 13.5k companies within five priority sectors — renewables, food security, manufacturing, technology and healthcare — by 2026.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Egypt’s new green hydrogen council gets green light: Egypt’s Prime Minister Moustafa Madbouly has issued a decision to set up the council for green hydrogen that was approved by the cabinet late last month. (Official Gazette)
• Oman is courting KSA for green hydrogen investments: A delegation from Oman’s state-owned hydrogen company Hydrom landed in Riyadh last week to promote the country’s green fuel sector and facilitate Saudi investments in the hydrogen market. (Statement)
• ADX officially lists Taqa’s USD 1.5 bn bonds on its main market: The Abu Dhabi Securities Exchange (ADX) listed the USD 1.5 bn dual-tranche bond issuance by the Abu Dhabi National Energy Company (Taqa) on its main stock exchange on Thursday. The issuance comprises a USD 1 bn, 10-year green note with a 4.696% coupon as well as five-year, USD 500 mn conventional bonds priced at a 4.375% coupon. The green tranches will mature in 2033, while the conventional bonds have a 2029 maturity date . (Statement)
• The UAE is teaming up with Kazakhstan on clean energy infrastructure: The UAE’s Energy and Industry Minister Suhail Al Mazrouei met with the Governor of the Astana Financial Center Renat Bekturov to explore upscaling bilateral investments in sustainable energy production and transport. (Statement)

Sweden’s H2 Green Steel raises funding for mega green steel plant: Sweden’s H2 Green Steel has raised EUR 1.5 bn (c. USD 1.6 bn) in equity to fund what is slated to be the world’s first large-scale green steel plant and a giga-scale electrolyzer to provide the facility with hydrogen, according to a statement released on Thursday. The private placement — the biggest in Europe this year — was co-led by French hydrogen investor Hy24, along with existing investors including Altor Equity Partners AB and Just Climate. A final investment decision is expected in the coming two to three months pending final paperwork related to debt funding by banks, H2 Green Steel’s CEO Henrik Henriksson told Bloomberg in an interview. He acknowledged that the cost of the project has soared due to rising inflation and the price of construction materials, yet said that 70% of capex has been locked in earlier. H2GS plans to begin operations at the facility in northern Sweden’s Boden in late 2025, Henriksson said, adding that construction has already begun at the site.

Airbus, Easyjet, and Rolls-Royce launch hydrogen program: French aerospace company Airbus, British low-cost air carrier Easyjet, and luxury carmaker Rolls-Royce have launched their Hydrogen in Aviation (HIA) program in a bid to position the UK as net-zero aviation hub, according to a statement released last week. HIA — which includes British supplier GKN Aerospace and Denmark’s Orsted — will work on ensuring the infrastructure, policy, regulatory and safety frameworks to get the world’s first hydrogen-powered flights off the ground. Airbus plans to roll out its first hydrogen-powered commercial flight by 2035, while Rolls- Royce began testing the use of hydrogen-powered jets back in November.

REMEMBER- Just last month, UAE renewables giant Masdar inked an agreement with California-based hydrogen-electric aircraft developer ZeroAvia to explore hydrogen production and supply projects for aircrafts. Under the agreement, ZeroAvia will refuel its zero-emission aircrafts at commercial airports by 2030, with plans for a first hydrogen-fueled commercial flight by 2025.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Mission EV for PetroChina: Chinese oil major Petrochina has fully acquired EV charging company Potevio New Energy as demand on investments in low-carbon businesses grows. (Reuters)
• AfDB launches USD 1 bn climate fund: The African Development Bank (AfDB) has launched a USD 1 bn fund to support climate-focused, youth-led SMEs and startups in a bid to accelerate climate adaptation efforts in the continent. Proceeds from the new fund will be channeled towards supporting Africa’s YouthAdapt accelerator program, a joint venture between AFDB and the Global Centre on Adaptation. (Statement)
• Singapore is expanding its ocean CO2 removal project: Singapore said it plans to add to a pilot project that enhances the ocean’s capacity to absorb carbon dioxide emissions using electricity to extract CO2 from seawater. (Reuters)
• China’s Trina Solar had a good 1H: Trina Solar raked in revenues totalling USD 7.1 bn in 1H 2023 on the back of an uptick in global solar cell demands. The company delivered 75 GW worth of its 210 mm solar panel modules by the end of June, and it is supplying PV panels for Abu Dhabi’s 2 GW Al Dhafra solar plant. (Statement)
• IFC channels more support for African climate adaptation: The International Finance Corporation is earmarking USD 50 mn in equity investments towards Denmark’s Africa-centered, climate-focused Emerging Markets Infrastructure Fund II. The capital will be funneled toward upscaling transport infrastructure for the clean energy transition on the continent and tackling food insecurity. (The East African)
• Fresh financing for African climate mitigation: Belgium will commit EUR 24 mn toward financing biodiversity restoration, smart city, and agritech projects in Burundi, Guinea, Mali, Senegal, and Tanzania. The projects are set to be launched between 2023 and 2024. (Belga News Agency)