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
Energy UAE among nations vowing to treble global nuclear capacity Leaders from 21 countries have pledged to treble global nuclear capacity by 2050, in a bid to advance the transition towards net zero. Nine heads of state endorsed the declaration to triple nuclear energy capacity by 2050 during the Cop28 summit, the UAE state-owned Wam news agency reported. Canada, Czechia, Ghana, Finland, Hungary, Japan, Moldova, […] December 4, 2023
Exclusive Energy Shift fossil fuel subsidies to renewables, says lobby chief Ramping up renewables while increasing oil output “sends the wrong signal” and is not the best way to tackle climate change, says the chief executive of Global Renewables Alliance, a policy group representing the clean energy industry. “Yes, the two can be done in parallel,” Bruce Douglas told AGBI at Cop28 in Dubai. “But we […] December 4, 2023
Health UAE president expands fund to fight tropical diseases Reaching the Last Mile – a global philanthropic health initiative by UAE president Sheikh Mohamed bin Zayed al Nahyan – has increased the size of its flagship fund five-fold to $500 million, with $340.2 million raised to date, following donations made during Cop28. The 10-year RLM Fund was set up in 2017, in partnership […] December 4, 2023
Health Climate funding for health needs to scale up tenfold Levels of climate funding directed towards global health must be multiplied tenfold in order to address the “devastating” risks associated with global warming, according to Maria Neira, director for environment, climate change and health at the World Health Organization (WHO). Currently just 0.5 percent of climate funds are reaching the health system, despite pollution claiming […] December 3, 2023
Energy Exxon Mobil hits back at IEA carbon capture criticism Exxon Mobil CEO Darren Woods on Saturday rejected the International Energy Agency’s (IEA) recent claim that using wide-scale carbon capture to fight climate change was an implausible “illusion,” saying the same could be said about electric vehicles and solar energy. “There is no solution set out there today that is at the scale to solve […] December 3, 2023
Renewable Energy Masdar strikes project deals in Angola and Kazakhstan Abu Dhabi state clean energy company Masdar has continued to announce new projects on the sidelines of Cop28 summit in Dubai, focusing on Angola and Kazakhstan. The UAE’s clean energy company signed a concession agreement with Angola’s ministry of energy and water to build and operate a ground-mounted solar power project in the Quipungo region, […] December 3, 2023
Energy 50 oil companies pledge to speed up climate action Cop28 president Sultan Al Jaber has launched the oil and gas decarbonisation charter (OGDC), a global industry initiative designed to speed up climate action across the oil and gas sectors. To date, 50 companies, representing more than 40 percent of global oil production, have signed the OGDC, with national oil companies (NOCs) representing over 60 […] December 3, 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
Energy US launches plans to curb methane emissions The United States has announced a comprehensive plan to target methane emissions from the country’s oil and gas sector – a critical step in the global effort to curb emissions contributing to climate change. The US Environmental Protection Agency (EPA) introduced policies banning routine flaring of natural gas from new oil wells, mandating leak monitoring […] December 2, 2023
Energy Masdar strikes $14bn UK offshore wind farm deal UAE renewables company Masdar has agreed to acquire a 49 percent stake in Germany-based RWE’s twin Dogger Bank South offshore wind projects in the UK, representing an £11 billion ($14 billion) investment, the parties said. The deal was announced at Cop28 in Dubai, as UK prime minister Rishi Sunak pledged £1.6 billion in funding towards […] December 2, 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
