Energy Arab Energy Fund pledges $1bn for energy transition The Arab Energy Fund, formerly known as Apicorp, is planning to invest up to $1 billion over the next five years in energy transition, including decarbonisation technologies. Based in Saudi Arabia, Apicorp – the Arab Petroleum Investments Corporation – was founded in 1975 by the ten Arab oil-exporting states. The latest investment announcement is part […] December 5, 2023
Sustainability $92bn plan to make Riyadh greener for Expo 2030 Saudi Arabia will invest $92 billion to make Riyadh one of the world’s most sustainable cities by 2030, the kingdom’s tourism minister has said. Riyadh was awarded hosting rights for the 2030 World Expo, an event Dubai staged to widespread acclaim in 2021-2022 following a one-year delay due to the pandemic. Princess Haifa bint Mohammed […] December 5, 2023
Energy Al Jaber promises Cop28 is focused on ‘the science’ Dr Sultan Al Jaber defended his work as president of Cop28 on Monday, after criticism of remarks he made about climate science. “Everything this presidency has been working on, and continues to work on, is focused and centred around the science,” he told reporters in a press briefing at the UN summit. The Guardian newspaper […] December 4, 2023
Energy No transition without fossil fuels, says GCC energy chief As Cop28 negotiators tussle over the future of fossil fuels, a senior GCC official has suggested there will be no energy transition without them. Dr Mohammed Al Rashidi, director of energy and economic affairs at the GCC’s general secretariat, told AGBI at the climate summit: “If fossil fuels were gone from tomorrow, everything would shut […] December 4, 2023
Banking & Finance UAE banks to increase green financing to $272bn Major national banks in the UAE are to boost their green financing commitments, aiming to exceed a collective AED1 trillion ($272 billion), sources have told AGBI. The banks aim to accelerate financing in areas such as assisting businesses in transitioning to zero carbon emissions, particularly in harder to abate and small and medium-sized enterprise sectors. […] December 4, 2023
Sustainability Dubai businesses stepped up sustainability ahead of Cop28 Dubai companies accelerated their sustainability initiatives in the run-up to the UAE’s hosting of the Cop28 summit, which commenced on Thursday. According to a survey of Dubai companies conducted by AGBI and the British Business Group (BBG), more than one quarter (26 percent) of the BBG’s 72 members said they had ramped up their sustainability initiatives in the […] December 4, 2023
Sustainability Abu Dhabi fund launched to conserve Amazon rainforest The One Amazon Impact Fund, which will be headquartered in Abu Dhabi and was officially launched on the sidelines of Cop28 in Dubai, expects to launch its first offering in Q1 2024, raising funds to preserve the 750 million-hectare Amazon rainforest. The fund will sell digital tokens representing the perceived value of one hectare of […] December 4, 2023
Sustainability Business and philanthropy forum mobilises $5bn The Cop28 business and philanthropy climate forum mobilised $5 billion in funding to advance transformative climate and nature initiatives. The forum saw the participation of over 1,300 key stakeholders assembled to help showcase and accelerate progress on climate targets and industry transitions. “To fix climate finance, we must leverage the knowledge, resources and power of […] December 3, 2023
Sustainability Climate negotiator highlights gaps in loss and damage fund A climate negotiator has raised concerns about substantial structural and operational gaps in the United Nations-administered “loss and damage fund” announced on Thursday at the Cop28 climate conference in Dubai. The first big deal of the event, negotiators officially agreed to set up a $100 billion fund that aims to provide financial support to developing […] December 3, 2023
Sustainability Carbon capture and storage not a ‘miracle’ climate cure A new study has strongly criticised fossil fuel-producing states for incorporating carbon capture and storage (CCS) in their climate strategies, claiming the technology is being used to extend the shelf life of oil companies rather than as a climate action tool. As Cop28 kicked off in Dubai, analysis by US-based non-profit environmentalist organisation Oil Change […] December 2, 2023
Economy UAE pledges to kickstart ‘new climate economy’ The UAE has announced a package of funding initiatives aimed at mobilising finance reform to create a “climate economy” – one of the main aims of Cop28. In a speech to delegates of the UN climate summit, Cop28 president Sultan Al Jaber launched the official UAE Declaration on a Global Climate Finance Framework – an […] December 1, 2023
Sustainability World leaders unite after UN secretary general’s warning United Nations general secretary António Guterres has issued a call to arms for hydrocarbon producers across the world and appealed for them to “lead the transition to renewables”. In his address at the opening ceremony of the UN Cop28 in Dubai on Friday morning, Guterres likened the climate challenge to a sickness that only global […] December 1, 2023
Opinion Sustainability Heat, thirst and famine: lessons from Day 1 of Cop28 Dubai's Expo 2020 site pulled it off on opening day, despite some logistical challenges December 1, 2023
Sustainability BlackRock targets ‘repair and prepare’ climate investments BlackRock, one of the largest fund managers in the world, has identified investment opportunities in companies that are preparing for or repairing climate-related damage. UAE President Sheikh Mohammed Bin Zayed has also announced that the government is to launch a $30 billion climate-related investment fund with asset management companies BlackRock, TPG and Brookfield announced as inaugural […] December 1, 2023
Sustainability Bahrain anchors Investcorp’s $750m climate fund Bahrain’s sovereign wealth fund, Mumtalakat Holding Company (Mumtalakat), will anchor Manama-based alternative asset manager Investcorp’s $750 million climate fund. The launch comes as Cop28 kicks off in the UAE, with negotiators striking the first deal of the summit – agreeing to set up a fund to help vulnerable countries recover from damage caused by climate […] December 1, 2023
Cop28 Sustainability Businesses view recycling and water as climate priorities Recycling, water conservation and protecting nature are the top priorities for tackling climate change, according to a survey of Dubai companies conducted by AGBI and the British Business Group to coincide with the Cop28 climate summit. Of the 72 BBG member businesses asked, more than three quarters (79 percent) plan to prioritise recycling over the […] December 1, 2023
Economy UAE’s $100m leads climate disaster fund Cop28 pledges Negotiators at Cop28 in Dubai struck the first deal of the summit on Thursday evening, officially agreeing to set up a fund to help vulnerable countries recover from damage caused by climate change. The plan to create a United Nations-led “loss and damage” fund was hailed as a breakthrough for negotiations at Cop27 in Egypt […] November 30, 2023
Energy Al Jaber flags ‘strong views’ and calls for collaboration Cop28 president Sultan Al Jaber told delegates at the opening of the global climate change conference in Dubai that he was aware that there were “strong views” about the inclusion of fossil fuel companies in the discussions. In his opening remarks, the Emirati head, who is also chief executive of the state oil company Adnoc, […] November 30, 2023
Agriculture RedSea to dig further into Egypt’s agricultural market RedSea, an agtech business based in Saudi Arabia, is prioritising Egypt to transform the North African nation’s agricultural industry. The company has also announced the appointment of Bruno De Oliveira as vice president of Egypt and East Africa as a result of increasing customer demand for its products. RedSea has already installed heat-blocking roofing materials […] November 30, 2023
Renewable Energy Emissions-only focus will ‘fail’, clean energy expert says Efforts to tackle the climate challenge will be a “failure” if they continue with an emissions-only focus, delegates were told at the opening panel discussion at this year’s Cop28 in the UAE. Dennis Pamlin, a Swedish senior adviser at clean energy think tank Mission Innovation, said focusing solely on carbon emissions was a decades-old view […] November 30, 2023
Sustainability ‘Those who pledged, must act,’ says Al Jaber as Cop28 begins The United Nations’ Cop28 – the world’s biggest climate change conference – started today, with host country the UAE reiterating calls to accelerate climate action. Cop28 president Sultan Al Jaber rejected claims the UAE intended to use the event to strike commercial oil and gas deals. The BBC and UK-based Centre for Climate Reporting reported […] November 30, 2023
Sustainability Al Jaber dismisses Cop28 oil deal allegations as ‘false’ Cop28 president Sultan Al Jaber has firmly rejected allegations that the UAE, the host of Cop28, intended to use climate talks to strike commercial oil and gas deals. The BBC and the UK-based Centre for Climate Reporting this week reported that leaked briefing documents revealed Al Jaber’s plans to discuss fossil fuel deals with 15 […] November 30, 2023
