Good morning, wonderful people. It was a slow news day yesterday, but we’re not complaining. It gave us plenty of time to discuss how the UK government is working on climate change in Egypt. Among those with whom we had the chance to speak was UK Ambassador to Egypt Gareth Bayley.

*** Take our EV survey: Are you an ex-petrolhead shopping around for your first electric vehicle? EV-curious and wondering what all the fuss is about? Or are you not ready to say goodbye to that sweet smell of benzene as you wait at the gas station?

We want to hear from you: We’re taking the pulse on how the nation feels about Egypt’s nascent EV transition. Take a few minutes to fill out our short survey. We’ll be back with the results in a couple of weeks.

MEANWHILE- The British Embassy in Egypt launched its Climate Finance Accelerator (CFA) program yesterday. The GBP 10.8 mn, four-year technical assistance program will build a pipeline of bankable low-carbon projects and give them access to financing. Piloted in Colombia, Mexico and Peru, the CFA is now looking to expand in Egypt, Nigeria, Pakistan, South Africa and Turkey. The program — which is looking to select 8-12 projects — is currently accepting proposals for projects seeking USD 1 mn in funding. You can apply here through 16 October.

Who is involved? The program is funded by International Climate Finance (ICF) through the UK government’s Department for Business, Energy and Industrial Strategy. It is being delivered locally by PricewaterhouseCoopers UK, and implemented by Genesis Analytics and Acumen Consulting Egypt.

Egypt’s FRA and UK’s FDS Africa also signed an MoU on environmental ins. at the ceremony: Egypt’s Financial Regulatory Authority and the UK’s Financial Sector Deepening Africa signed an MoU to explore ins. products for issues pertinent to the environment. More on all of this in the embassy’s press release (pdf) on the event, out overnight.

We also sat down with UK Ambassador to Egypt Gareth Bayley for a talk about King Charles III not attending COP27 in person and how newly-appointed UK Prime Minister Liz Truss will tackle climate development finance for Egypt.

We’ll have the complete story for you in tomorrow’s issue of Enterprise Climate.

THE BIG CLIMATE STORY- It’s got to be UAE’s Multiply Group acquiring an 80% stake in UAE-based International Energy Holding Company. The conglomerate, which is involved in several businesses ranging from media to mobility, is moving forward with its plan to expand its investments in clean energy globally.

ALSO- The GCC has the potential to collect almost 90% of solid waste and recycle 75% of it by 2040, but to achieve this, the region would require a whopping USD 130 bn in investment.

^^We’ve got chapter and verse on these stories in the news well below.

WORTH READING- Lebanon’s transition to renewables is stifled by rampant scamming: Lack of developed solar energy infrastructure and high installation costs In Lebanon are giving way to fraudsters who are duping households into buying defunct and defective solar panels, Reuters wrote yesterday. Additionally, low-quality solar energy parts and installation have also been spreading throughout the country. This is particularly sad considering how many in Lebanon have been turning to solar panels to combat the ongoing energy crisis in the Levantine country.

WATCH THIS SPACE- Saudi and Lucid continue to get closer: The Saudi Industry Minister met with Peter Rawlinson, the CEO of US EV manufacturer Lucid, in the US to discuss investment and trade, state news agency SPA reported. Back in February, Lucid Motors and Saudi Arabia signed an agreement to build a full production plant in the kingdom that could possibly earn the EV manufacturer USD 3.4 bn over 15 years. Construction of the facility, which targets producing 150k vehicles per year, began in May, according to a statement. In April, Lucid and Saudi Arabia also signed an agreement for the purchase of 100k vehicles over a ten-year period.

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THE COUNTDOWN TO COP (33 days to go)-

90 country leaders have confirmed attending COP27 so far, Reuters reported on Monday. The heads of state will join six roundtables in addition to traditional plenary meetings, the news agency quotes Egypt’s special representative for the COP27 presidency, Wael Aboulmagd, as saying. The roundtables, which will be held on 7-8 November, will include the development of green hydrogen, water, food security, the energy transition and vulnerable communities.

Bezos wants to establish a land restoration coalition: Jeff Bezos’ environmental fund Bezos Earth Fund (BEF) wants to build a European-African coalition around COP27 to increase land restoration efforts in Africa by 2030, BEF’s chief executive Andrew Steer said during the Reuters Impact conference last week. The initiative — AFR100 — is led by an African Union agency and aims to reverse deforestation and land degradation on 100 mn hectares of African soil. BEF, the African Development Bank, Germany and other stakeholders called at COP26 to mobilize USD 2 bn by COP27.

HAPPENING TODAY-

UN’s NZAOA hosts its virtual forum on blended finance for climate investments in emerging markets today: The Net-Zero Asset Owner Alliance (NZAOA) will discuss blended finance for climate investment in emerging markets and developing economies, ahead of the IMF-World Bank Annual Meetings next week. (Blended finance = using development finance to leverage private capital for countries’ sustainable development plans.) You can register for the event here.

CIRCLE YOUR CALENDAR-

The IMF and World Bank will hold their annual meetings in Washington, DC, on 10-16 October.

The Cairo Water Week 2022 will kick off on Sunday, 16 October and run for four days. Discussions will revolve around climate change strategies and development plans, sustainable financing solutions, as well as water recycling, among other topics.

The International Exhibition of Renewable Energies, Clean Energies and Sustainable Development will take place from 24-26 October in Oran, Algeria. The event will include panels focusing on energy efficiency and energy saving, startups’ role in the energy transition, and the bankability of renewable energy projects.

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