Opinion Cop28 Everyone needs a seat at the Cop28 table, including oil CEOs Sustainability, security and stability must be carefully balanced as we move towards net zero. The energy industry can and should take a leading role January 26, 2023
Opinion Environment 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
Environment Clean energy investment may be hit by economic slowdown The global economic downturn could have serious implications on investment into clean energy and cause climate change targets to be pushed back, experts have warned. Elias Hajj, senior partner at McKinsey & Co, said during Abu Dhabi Sustainability Week that an estimated $6 trillion is needed annually to fund the transition to clean energy. But […] January 19, 2023
Environment $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
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
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
Analysis Energy Adnoc chasing global growth with latest venture Abu Dhabi National Oil Company (Adnoc) is creating a dedicated unit for low carbon solutions and international business. It is an attempt to monetise the decarbonisation strategy mandated to it by its board and the wider UAE government. But the company must ensure that any future overseas work does not cannibalise that of the Abu […] December 7, 2022
Analysis Energy UK minister stresses commitment to GCC’s clean energy transition The UK is committed to remaining a “steadfast friend and partner” to Gulf countries as they continue to drive the clean energy transition and one of the most rapid economic transformations in history. British foreign secretary James Cleverly also hailed the development of “spectacular cities” rising from empty deserts in a speech at the Manama […] November 23, 2022
Cop28 Cop27 deal delivers landmark on ‘loss and damage’, but little else Countries adopted a hard-fought final agreement at the Cop27 climate summit early on Sunday that sets up a fund to help poor countries being battered by climate disasters – but does not boost efforts to tackle the emissions causing them. After tense negotiations that ran through the night, the Egyptian Cop27 presidency released the final […] November 20, 2022
Cop27 Cop28 Dispute over ‘loss and damage’ may extend talks for days Backroom disagreements on what should have been the final day of Cop27 have ensured that talks would spill over into Saturday and possibly beyond. Delegates have for the last few days been predicting that the talks would be extended. It was only on Friday morning that the conference presidency released the first official draft of […] November 19, 2022
Opinion Environment The dark side of a renewables future With solar panel and wind turbine production absorbing resources and causing waste, the renewables sector must find recycling solutions to establish a circular economy that truly helps decarbonise energy footprints November 18, 2022
Banking & Finance Mena VC firm VentureSouq to set up climate-focused fund Middle East and North Africa-based Venture capital firm VentureSouq is to launch a new climate-focused fund to support companies developing solutions for the green economy. Achieving net zero carbon emissions by 2050 globally will require as much as $173 trillion in investments in the energy transition, according to BloombergNEF’s (BNEF) New Energy Outlook 2021 (NEO), […] November 18, 2022
Cop27 Cop28 ‘Blame game’ and tension over lack of final proposal Cop27 attendees are preparing for a long weekend as it appears increasingly likely that talks in Sharm el-Sheikh will be extended. Speaking on Thursday evening at a press conference that was due to begin the process of wrapping up the summit, Cop27 president Sameh Shoukry told reporters that “there are still a number of issues […] November 18, 2022
Environment New Egyptian fund to invest in projects issuing carbon certificates Egypt has launched the first domestic fund to invest in projects that issue carbon certificates (EgyCop), Egypt Today newspaper reported. The Egyptian fund for investment in projects that issue EgyCOP has an authorised capital of EGP1 billion ($40.78 million). It funds projects of local companies that reduce emissions in the country and issues them internationally […] November 18, 2022
Environment Time ‘not on our side,’ warns Cop27 chief as draft deal released The president of the Cop27 climate summit, Egypt’s Sameh Shoukry, has urged delegates in Sharm El Sheikh to come to a deal by Friday, warning them about the amount of work still needed to reach agreement. “Time is not on our side, let us come together now and deliver by Friday,” he wrote in a […] November 17, 2022
Environment Lula arrives at Cop27 to deliver message that ‘Brazil is back’ Bringing the message that “Brazil is back” in the fight against global warming, Luiz Inacio Lula da Silva arrived at Cop27 in Egypt on Tuesday – his first foreign trip since his presidential election victory. Brazil’s president-elect planned to hold meetings with envoys from Washington and Beijing on Tuesday, an aide said, as he seeks […] November 15, 2022
Opinion Environment Mena investment community is moving to fund climate action With a concerted effort, Mena investors can stimulate conversation and fund technological solutions to help bring about real climate outcomes November 15, 2022
Environment Sticking points slow crunch talks to agree final deal at Cop27 Government ministers and negotiators from nearly 200 countries began working towards a Cop27 final deal on Tuesday, with the summit host Egypt issuing assurances that the slow-moving talks remain on track. On the conference floor in Sharm El Sheikh, however, some delegates have begun to speculate that the UN talks could run over time into […] November 15, 2022
Opinion Environment Sharm El Sheikh: Good cop, bad cop The practical plans of the Saudi oil producers at Cop27 compared favourably with the more heated debates and protests at the climate summit November 14, 2022
Cop27 Environment $186bn needed for Mena to achieve Paris Agreement goals The Middle East and North Africa (Mena) need an estimated $186 billion to help countries achieve their goals under the Paris Agreement, Vivek Pathak, director and global head for climate business at International Finance Corporation (IFC), told the UAE state-owned WAM news agency. Between 2020 and 2030, a green recovery in the region could generate […] November 14, 2022
Environment Slump in plastic bag usage as Dubai tackles carbon footprint Plastic bag use has plummeted at UAE retail outlets operated by Majid Al Futtaim following the emirate’s introduction of a mandatory AED25 ($6.81) bag charge. In a small, but notable step towards reducing the UAE’s vast carbon footprint, Majid Al Futtaim said plastic bag use fell 85 percent in the three months since charges began […] November 12, 2022
Environment World Bank tells rich countries to give more cash for climate The World Bank is ready to step up financing of action to tackle climate change in the world’s poorest countries, but needs fresh funds from wealthy donor countries to do so, its managing director of operations told Reuters. Axel van Trotsenburg made his comments on the sidelines of the Cop27 climate talks in Sharm El-Sheikh. […] November 11, 2022
