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The initiative aims to shut down 5,000MW of existing and inefficient gas-based power generation capacity and support 10,000MW of new renewables in Egypt
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The financing will be received by a leasing company to invest in green projects
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Once commissioned, it will generate 558GWh of green electricity and help reduce 265,000 tonnes of carbon emissions annually
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The bank has agreed to assess green hydrogen production and storage in the North African country
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Throughout the last decade, MDBs have jointly given $257bn of climate finance to accelerate global decarbonisation
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They will work together on the development of renewable energy and the carbon market, the enhancement of the electrical grid and the decommissioning of old thermal capacity, among other things
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Two programmes worth €220 million will offer sub-loans to businesses for green investments in energy, water and resource-efficient solutions
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Corporates can navigate through a range of offerings to find solutions to improve energy efficiency and increase their use of renewable energy
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The funding will support the refurbishment of 40 buildings in the capital of Bosnia and Herzegovina
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The bank says an updated climate plan would further its climate and environmental finance and support a ‘green, low carbon and resilient future’
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The €2.8bn LG Chem facility in Wrocław is expected to have a total production capacity of around 65GWh to 70GWh a year by 2022
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They will cover investments in technologies such as thermal insulation, solar panels, geothermal heat pumps and water-efficient irrigation systems
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