Infinity Energy in talks with Sovereign Fund of Egypt over electric taxi project

Egypt’s Infinity Energy is in talks with the Sovereign Fund of Egypt (TSFE) about implementing an electric taxi project to cut climate changing emissions, said its CEO on Monday.

Speaking at the Egyptian Economic Conference 2022 (EEC 2022), Mohamed I. Mansour said the project underpins Egypt’s ambitious plans to adopt environmental sustainability standards and carry out climate action policies.

Transport is the fastest-growing source of climate-warming greenhouse gases, according to a report by the Asian Development Bank (ADB). For instance, a U.S. study made in 2020 showed that the ride-hailing services are increasing carbon emissions, with such trips creating more pollution than comparable private car rides and drawing passengers away from public transportation. The Union of Concerned Scientists that examined the impact on seven U.S. cities, has called companies that provide ride-hailing services to electrify their fleets.