Daily Digest for

Egypt has embarked on a significant transformation in its energy landscape, aiming for 42% of electricity generation from renewables by 2030. The country plans to invest $40 billion in green hydrogen and intends to have renewable energy account for 60% of its total energy mix. Notably, the Egyptian government has initiated the Nexus of Water, Food, and Energy program, with an investment of $10 billion to boost renewable capacity by 10 GW by the end of the year.

The Agency for the Cooperation of Energy Regulators (ACER) has initiated a consultation on inter-temporal cost allocation mechanisms specifically aimed at financing hydrogen infrastructure in the European Union. This step is significant as it seeks to support the development of hydrogen as a key energy source in the EU’s transition to a low-carbon economy.

The UK government is convening an Investor Taskforce to increase private investment for climate and development in global markets. They announced up to £100 million of additional funding for the MOBILIST initiative, aimed at mobilizing $250 million for climate-focused projects. Furthermore, the World Bank’s recent bond issuance on the London Stock Exchange is expected to raise $7.5 billion over ten years for clean energy investments in developing countries.

The European Investment Bank (EIB) signed a loan of up to €35 million with GreenLight Biosciences España to support research and production of RNAi-based biocontrols. This funding will assist in developing innovative RNA-based agricultural solutions that provide an alternative to traditional chemical pesticides. The loan aims to enhance biodiversity protection and support the agricultural sector in Europe.

Mali-based Hydroma extracts white hydrogen at an estimated cost of $0.5 per kilogram. In ongoing projects in Spain and Australia, companies aim for a cost of about $1 per kilogram to solidify white hydrogen’s price competitiveness. Researchers have discovered significant accumulations of natural hydrogen in locales such as Bourakebougou and the Lorraine region of France, potentially becoming a substantial contributor to sustainable energy production.

UK-based Carbon13 has introduced its SEIS Fund VII, aimed at deploying capital into deeptech startups focusing on climate innovation. With £8 million already invested across six funds in 51 startups since 2021, the fund targets a potential decarbonisation impact of 500 million megatonnes of CO2e per year by 2040. The fund offers investors significant tax benefits including a 50% income tax relief and capital gains tax exemptions, encouraging investment in high-potential climatetech ventures.