Analysis Renewable Energy Middle East on track to triple renewables capacity Middle East and North African countries are on track to triple their renewable capacity by 2030, mainly due to expansion of solar photovoltaic projects, the International Energy Agency has said. Renewables are forecast to increase from 53GW in 2023 to almost 150GW by the end of the decade, in which solar PV is expected to […] October 10, 2024
Opinion Agriculture Vertical farms have failed to live up to the hype If its success relies on heavily subsidised fossil fuels, can it really claim to be sustainable? October 8, 2024
Agriculture UAE pledges $30m for Ghana’s biodiversity push The UAE and Ghana have signed a $30 million partnership for nature-based community development and climate initiatives. The agreement covers six areas of investment, including biodiversity corridors, which allow animals to travel from one patch of native forest to another, reforestation and agroecology – sustainable farming that works with nature. The partnership aims to deliver […] September 30, 2024
Industry EGA buys majority stake in US aluminium recycler Emirates Global Aluminium (EGA), the biggest non-oil industrial company in the UAE, has acquired an 80 percent stake in US-based aluminium recycling company Spectro Alloys Corporation. The owner-managers of Spectro will hold 20 percent. The funding will be in line with EGA’s green finance framework, launched in June, to support decarbonisation projects and enable the […] September 30, 2024
Analysis Renewable Energy Egypt looks to Gulf investors to end power blackouts Egypt’s energy blackouts have created new opportunities for Gulf investors, as the cash-strapped Cairo government tries to end the crisis and plug the gap in its electricity supply before next summer. Prime minister Mostafa Madbouly announced on September 19 that there would be no more power cuts over the coming period, potentially marking an end […] September 27, 2024
Sustainability Altérra-backed climate fund raises $2.4bn A climate-focused fund backed by Altérra – a $30 billion UAE-based climate investment company – has raised $2.4 billion, nearly half of its target, to support clean energy projects across emerging markets. Launched at Cop28 in Dubai last year, the catalytic transition fund includes a foundational $1 billion commitment from Altérra. NYSE-listed Brookfield Asset Management […] September 24, 2024
EXCLUSIVE Renewable Energy Masdar ‘on the lookout’ for deals in China, says CFO Masdar, Abu Dhabi’s state-owned clean energy company, is looking to acquire assets in China as part of its strategy to expand its portfolio of renewable energy projects. Mazin Khan, its chief financial officer, told AGBI that “macroeconomic conditions, with high interest rates and renewable players looking for capital” were opening the door for mergers and […] September 5, 2024
Analysis Sustainability Egypt launches Africa into carbon trading market The first three trades were made on Egypt’s new carbon trading platform on Tuesday, the first of its kind in Africa. Two local food companies, Daltex and ISIS Organic, became the first Egyptian buyers of the instruments, purchasing a combined 2,000 carbon credits. Each credit represents a tonne of carbon reduced or removed from the […] August 16, 2024
Infrastructure UAE company involved in $1bn project in Uzbekistan A consortium, which includes an Abu Dhabi state-owned company, is set to develop a $1 billion wastewater treatment plant in Uzbekistan. The group, comprising Abu Dhabi Sustainable Water Solutions Company, Japan’s Marubeni Corporation and France’s Suez, signed a development agreement with Uzbekistan’s investment, industry and trade ministry and state-run Uzsuvtaminot JSC. The project, located in […] August 15, 2024
Sustainability Saudi Aramco and Kaust to invest $100m in R&D Saudi Aramco, the world’s largest oil producer, and King Abdullah University of Science and Technology (Kaust) are to invest $100 million in research and development projects. The 10-year investment will support projects focused on energy transition, sustainability, materials innovation, upstream technologies and digital solutions, aiming for both environmental and commercial benefits. The partnership will also […] August 12, 2024
Opinion Aviation The Gulf will play a major role in sustainable aviation GCC airlines are leading the charge to make flying greener August 12, 2024
Sustainability Lucid taps PIF backer for $1.5bn cash injection Saudi-backed US electric vehicle maker Lucid is to receive a cash injection of $1.5 billion from its majority stockholder Ayar Third Investment Company, an affiliate of Saudi Arabia’s Public Investment Fund. “The additional $1.5 billion commitment by an affiliate of the PIF announced today is expected to provide sufficient liquidity into at least the fourth […] August 6, 2024
Opinion Economy Trump redux could bring in the law of unintended consequences Gulf states need to expect the unexpected as an 'America First' agenda could fragment global trade August 5, 2024
Opinion Finance Climate finance moves to the top of the Cop29 agenda The world is still a long way from raising the $2 trillion-plus needed annually to achieve climate goals July 23, 2024
Opinion Artificial Intelligence AI and blockchain can support UAE carbon credit goals Carbon credits have become a critical instrument in mitigating greenhouse gas emissions July 22, 2024
Analysis Sustainability Morocco lures manufacturers to avoid EU carbon taxes Morocco is looking at investing in carbon dioxide capture and storage to attract manufacturers to the country who want to avoid the EU’s upcoming carbon tax on imports. The European Union’s Carbon Border Adjustment Mechanism (CBAM), which will come into effect in 2026, will tax imports of goods such as steel, cement and fertilisers into […] July 22, 2024
Opinion Economy The GCC must tackle climate risk to protect credit lines Climate premium costs could manifest as a silent tax burden and hamper economic development July 16, 2024
Sustainability Amazon fund invests in Omani startup Amazon is among a group of investors backing the Omani CO2 mineralisation startup 44.01 with $37 million in fresh funding. 44.01 won the 2022 Earthshot Prize for its development of a technique that harnesses the natural power of mineralisation in peridotite, a mineral that is found in abundance in the sultanate. The Series A funding […] July 15, 2024
Sustainability Bahrain signs ship recycling deal with Maersk Bahrain has signed an agreement with Danish shipping and logistics company A.P. Møller-Mærsk to create a ship recycling plant in the country. Maersk – the parent company of APM Terminals Bahrain and operator of Khalifa Bin Salman Port (KBSP) – will supply old vessels to the Arab Shipbuilding and Repair Yard Company, which will dismantle […] July 15, 2024
Sustainability Fertiglobe to supply renewable ammonia to Europe Abu Dhabi-listed fertiliser maker Fertiglobe has won the first global bid to supply renewable ammonia to the European Union (EU) as the trade bloc ramps up decarbonisation efforts. The company, a partnership between UAE oil giant Adnoc and Netherlands-based OCI, will supply 19,500 tonnes of renewable ammonia in 2027, with volumes potentially rising to 397,000 tonnes by 2033 […] July 12, 2024
Sustainability Forests in the desert: more than just a pipe dream Planting trees in the sand has been done before and can be done again, but when water is so scarce it is a remarkable challenge, says Valentina Pasquali July 8, 2024
Sustainability Adnoc secures $3bn to advance decarbonisation plan State-backed oil company Adnoc will use an AED11 billion ($3 billion) green financing facility from Japan Bank for International Cooperation (JBIC) to accelerate its decarbonisation and energy transition initiatives. The deal follows a heads of agreement signed between the two entities in January, the UAE state-run Wam news agency reported. The facility is part of […] July 5, 2024
