Sustainability Al Jaber says keeping 1.5C goal ‘alive’ top priority for Cop28 Sultan Al Jaber, the UAE’s climate envoy and designated president of the Cop28 climate summit, has said his main priority is to keep alive the goal of limiting global warming to 1.5 degrees Celsius as the world falls behind on the target. He brushed off criticism over his appointment as Cop28 president given his role […] February 16, 2023
Analysis Energy Gulf ‘needs to pick up pace’ to hit 2030 solar energy goals The Middle East’s solar power industry has come a long way, but it needs to work faster if the region is to meet its energy transition targets, according to the Mesia Solar Outlook Report 2023. Romain Riche, international development director at Mesia (Middle East Solar Industry Association), told AGBI that the key challenges were accelerating the […] February 15, 2023
Banking and Finance PIF’s $5.5bn green bond sets tone for ‘strong pipeline’ in Mena Saudi Arabia’s sovereign Public Investment Fund has raised $5.5 billion through its latest green bond issuance, supporting expectations of a strong year for sustainable bonds in the Middle East. The issuance was more than six times oversubscribed – with books exceeding $33 billion – and will be used to finance or refinance eligible green projects, […] February 13, 2023
Construction UAE’s Masdar City breaks ground on new net-zero energy project Abu Dhabi’s Masdar City has started construction on “The Link,” a 30,000 square metre sustainable community that includes the region’s first net-zero energy shared living and working facility. The project will include four low-carbon buildings with event spaces, retail options, recreational facilities, and outdoor plazas. It is expected to create over 2,000 jobs in the […] February 5, 2023
Energy GCC ‘must impose carbon tax’, says clean energy chief GCC countries should introduce a carbon tax and reduce subsidies for fossil fuels as part of the fight against climate change, Dr Nasser Saidi, chairman of the Clean Energy Business Council (CEBC), has said. Speaking at the 10th annual CEBC summit, Dr Saidi said: “Subsidies in our part of the world are among the highest […] February 3, 2023
Energy Luxembourg firm commits $50m investment to Saudi mining A Luxembourg-based natural resources group is set to enter Saudi Arabia with an initial $50 million investment as the kingdom looks to attract more foreign companies to its burgeoning mining sector. Eurasian Resources Group (Erg) said there is potential to grow its Saudi investment year-on-year, adding that it will prioritise large scale, early-stage exploration for […] January 31, 2023
Banking and Finance Investcorp to set up ‘multi-billion dollar’ sustainability platform Investcorp has revealed plans to establish a “multi-billion dollar” sustainability platform to capitalise on what co-CEO Rishi Kapoor described as “the most attractive opportunity from an investment perspective that we have seen in a generation”. A report from consultants McKinsey estimates $250 trillion of cumulative spending on physical assets is needed over the next three […] January 30, 2023
Real Estate Sustainable towers ready for lift-off with a little help from Nasa A real estate developer in Dubai is introducing Nasa technology to its latest project as it takes sustainable property to a new dimension. Fakhruddin Properties aims to provide homeowners with the cleanest air in Dubai when it launches the AED700 million ($190.5 million) Maimoon Gardens, a twin-tower development in the Jumeirah Village Circle. Despite completion […] January 30, 2023
Banking and Finance UAE tops international ranking for green finance commitment The UAE has been recognised for its commitment to financing a green and sustainable future. The Gulf state recorded the highest scores among several key markets in the Financial Services: State of the Nation Survey 2022, which spoke to 758 managers at financial institutions and banks across France, Germany, Hong Kong, Singapore, the UK, the […] January 25, 2023
Energy Rolls-Royce plans to bring its factory-built nuclear plants to Gulf Rolls-Royce is eyeing opportunities to bring its nuclear reactors to the Middle East as part of the region’s efforts to combat climate change. The UK industrial company is developing a small modular reactor (SMR) that uses pressurised water reactor technology, with the reactor components built in factory conditions and assembled on site. Nine-tenths of a […] January 23, 2023
Opinion Sustainability UAE must deliver tangible results at Cop28 to quiet the critics Host nation faces intense scrutiny but has credentials to come up with the goods January 23, 2023
Analysis Retail Diamonds (from a lab) are the Gulf’s best friend Basma Chaieri began her business after watching the season two finale of Netflix’s hit series Explained. The November 2019 episode, which explored the growing popularity of lab-grown diamonds, prompted the Dubai resident to quit her travel job and enrol in gemology school to study the trade. “I thought why would anyone buy a real diamond […] January 20, 2023
Sustainability UAE plans to build its first electric vehicle battery recycling facility Beeah Recycling has signed an agreement with the UAE Ministry of Energy and Infrastructure and the American University of Sharjah with a view to setting up the country’s first recycling plant for end-of-life batteries from electric vehicles (EVs). The facility will be added to Beeah Recycling’s integrated waste management complex, which currently has 10 specialised […] January 20, 2023
Energy West ‘unfair’ to stop Africa using fossil fuels, says Qatari minister Barring Africa from exploiting its fossil fuel riches is “very, very, very unfair” despite the urgency to cut global greenhouse gas emissions, Qatar’s energy chief has said. Saad Al Kaabi, Qatar’s minister of energy and CEO of state-owned QatarEnergy, told a panel at the Atlantic Council Global Energy Forum that people needed to be realistic […] January 18, 2023
Energy Masdar chief: Everyone is on board with climate change Once viewed with scepticism, the discussion around climate change and securing a sustainable energy pathway to net zero has now become the accepted mainstream view, according to the CEO of Masdar. Founded 16 years ago, the UAE-owned renewable energy firm has a presence in 40 countries, with a capacity of 20gw, made up of operational […] January 18, 2023
Sustainability BlackRock US inflows dwarf $4bn lost in ESG backlash BlackRock, the world’s biggest asset manager, lost around $4 billion in assets under management as a result of a political backlash against environmental, social and governance (ESG) investing in the United States, its chief executive said. Republican-run Florida, Louisiana and Missouri have all said they plan to pull investment mandates from the company, citing concerns […] January 18, 2023
Energy UAE-UK Business Council unveils blueprint for energy transition The UAE and UK must step up co-operation on clean energy if they are to meet their decarbonisation targets, the UAE-UK Business Council has said. The council’s energy transition white paper, published on January 17, said there was “an untapped commercial opportunity to be exploited from closer collaboration between both countries in terms of developing […] January 17, 2023
Sustainability $100bn ‘a drop in the ocean’ for climate action, says Cop27 host The world still urgently needs to address the “elephant in the room” in the climate crisis, which is financing action for vulnerable developing countries, officials from Cop27 host nation Egypt said. In 2020 combined adaptation and mitigation finance flows fell at least $17 billion short of the $100 billion pledged annually to developing countries, according […] January 17, 2023
Sustainability Adnoc calls on Earthshot Prize winner for decarbonisation pilot Abu Dhabi National Oil Company (Adnoc) announced on Tuesday a partnership to pilot technology that permanently mineralises carbon dioxide within rock formations found in the emirate of Fujairah. Adnoc is partnering with the Fujairah Natural Resources Corporation, Abu Dhabi Future Energy Company (Masdar) and Oman-based 44.01. The project, announced at the Abu Dhabi Sustainability Week, […] January 17, 2023
Opinion Economy Unravelling the Gulf’s energy conundrum The region gained wealth and political clout last year. Now, as the UAE prepares to host Cop28, it will be expected to find – and fund – climate solutions January 16, 2023
Analysis Energy GCC poised for starring role in global hydrogen market The GCC is set to play a key role in the global hydrogen market, with the UAE, Saudi Arabia and Oman looking to become leaders in the export of clean fuel. As industry experts come together in Abu Dhabi this week for the World Future Energy Summit, a report from Frost & Sullivan paints a […] January 16, 2023
Cop28 Cop28 chief sets out UAE’s vision for climate finance The UAE intends to make financing for climate change projects “more affordable [and] much more accessible”, the country’s oil chief and Cop28 president has said. Dr. Sultan Al Jaber said finance reforms were needed because the world was “way off track” the goals of the 2015 Paris climate accord, during a speech to the Atlantic […] January 16, 2023
