Sustainability Just 12% of Mena businesses have net zero target Businesses in the Middle East and North Africa (Mena) “lag behind” their global peers in terms of net zero targets, according to a report by the World Economic Forum and US consultancy Bain & Company. WEF evaluated the disclosure and sustainability measures of around 200 publicly listed and private companies across Mena’s nine biggest economies. […] October 20, 2023
Opinion Sustainability Seven steps to reducing the Gulf’s emissions All GCC nations are in the top 10 of global polluters. This is what they can do about it October 19, 2023
Tourism Saudi Arabia launches sustainable tourism research centre Saudi Arabia has launched a research centre aimed at making tourism more sustainable and giving the travel and tourism industry the knowledge, tools and resources required to hit net zero. The Global Solutions Hub will be overseen by the Sustainable Tourism Global Centre (STGC) and has partnered with academic institutions including Harvard University, Stanford University, Les […] October 18, 2023
Opinion Sustainability Lessons for Cop28 from Tunisia’s water crisis The Arab region is home to the majority of economies that will face absolute water scarcity by 2040 October 17, 2023
Finance Rich nations can’t pay for entire world, says hedge fund guru The founder of the world’s largest hedge fund has told a UN investment conference that the governments of developed countries cannot be expected to take care of the rest of the world. Ray Dalio of Bridgewater Associates, the US-based fund with $124 billion of assets under management, said those nations’ financial burdens were too big […] October 17, 2023
Agriculture Dubai’s Expo City to open ‘urban farm’ at Cop28 Expo City Dubai plans to open an urban farm at Cop28, demonstrating agricultural technologies being adopted in the UAE. The farm – more details of which will be unveiled in the coming weeks – is one of several decarbonisation initiatives planned for the climate change summit and beyond, Matt Brown, Expo City’s sustainability chief, told […] October 17, 2023
Renewable Energy Miral’s Yas Bay waterfront to run on renewable energy Abu Dhabi-based property developer Miral has awarded a contract to run Yas Bay waterfront on clean energy as part of achieving the Emirate’s goal of net zero emissions by 2050. The company has signed an agreement with Emerge, a joint venture between the UAE’s Masdar and France’s EDF, to establish a 524-kilowatt peak (kWp) solar […] October 17, 2023
Opinion Sustainability Middle East banks must prove net zero commitment New standards will hold to account banks proffering their climate change credentials October 16, 2023
Sustainability Cop28 and UN unveil $72 billion ocean conservation plan The UN, Cop28 and the International Union for Conservation of Nature (IUCN) have jointly launched a $72 billion initiative to protect at least 30 percent of the world’s oceans. The Oceans Breakthrough strategy was announced by Razan Al Mubarak, president of the IUCN and one of the UAE’s UN climate change champions for Cop28. As […] October 13, 2023
Energy UAE to produce nuclear-powered pink hydrogen The UAE is investigating the production of pink hydrogen, which is generated through electrolysis powered by nuclear energy. “We are conducting studies to produce pink hydrogen by capitalising on the heat from our nuclear plants,” said Sharif Salim Al Olama, undersecretary for energy and petroleum affairs in the energy and infrastructure ministry. The country already […] October 12, 2023
Agriculture UAE bank invests $196m in food security projects State-owned Emirates Development Bank (EDB) has approved over AED721 million ($196.29 million) in financial support for food security projects since the launch of its new strategy in April 2021. The bank has allocated AED30 billion to support 13,500 small and medium-sized enterprises (SMEs) in five priority sectors: manufacturing, renewables, technology, healthcare, and food security. Bank […] October 11, 2023
Energy Masdar’s $8bn to add 10GW to Malaysia’s renewable goal Abu Dhabi state clean energy company Masdar will invest $8 billion for producing up to 10 gigawatts (GW) of renewable energy projects to help Malaysia realise its sustainable energy goal. The collaboration with state-owned Malaysian Investment Development Authority (Mida) will facilitate Masdar to develop up to 10GW by 2035 through ground mounted, rooftop and floating […] October 10, 2023
Opinion Sustainability In Riyadh, the Middle East rehearses for Cop28 The oil producers' message is clear: we'll change in our own time October 9, 2023
Video length: 05:10 VIDEO Finance Explained: Green bonds and how they work The aggregate listing value of green bonds and sukuks on Nasdaq Dubai stands at around $24 billion, according to Christian Kunz, DIFC’s chief strategy, innovation and ventures officer. Regional conglomerates, as well as global companies, have recently used the exchange to raise funds to finance their green projects. Retail giant Majid Al Futtaim raised $500 […] October 6, 2023
Exclusive Energy FAB says it has traded $84m of carbon credits since May First Abu Dhabi Bank (FAB), one of the UAE’s largest lenders, has traded around €80 million ($84 million) of carbon credits since launching its carbon trading desk five months ago. The bank told AGBI it wants to develop the carbon trading market in the Middle East and North Africa (Mena). This is an emerging type […] October 6, 2023
Renewable Energy UAE adds wind to its energy mix The UAE has inaugurated its first large-scale utility wind power project, as the Gulf state strives to boost its renewable energy capacity ahead of hosting the Cop28 climate summit later this year. Abu Dhabi’s state clean energy company Masdar has developed four wind farms, which have a total combined capacity of 103.5MW and will power […] October 6, 2023
Analysis Sustainability Middle East air pollution among worst in the world Air pollution levels in the Middle East and North Africa region (Mena) are among the highest globally, and concentrations of harmful particulates are increasing in many of the region’s cities as economic activity returns to pre-pandemic levels. Measurements and definitions can vary, so Switzerland’s IQAir created a standardised air quality app to monitor and compare […] October 6, 2023
Sustainability Taiwan’s Miniwiz to build UAE upcycling plant A Taiwanese architect who co-founded the business Miniwiz is looking to turn the UAE’s rubbish into riches with the opening of an upcycling plant in Abu Dhabi. Arthur Huang, who is also Miniwiz CEO, promotes the concept of a circular economy, upcycling consumer and industrial waste into usable products. The circular economy involves breaking from […] October 5, 2023
Finance UAE entities explore green finance prospects An Abu Dhabi sovereign fund and Dubai’s largest listed bank are working on promoting and exploring green finance as part of their commitment to a sustainable future. Emirates NBD Bank, Dubai’s largest lender, intends to raise $750 million from its first five-year green bonds. The spread for the debt sale has been set at 120 […] October 5, 2023
Finance Finance invitees dominate Cop28 thematic programme The finance sector dominates a list of those invited to attend the thematic programme of Cop28 in Dubai later this year, AGBI can reveal. The presidency of the UN Climate Change Conference has unveiled a two-week agenda of topics to deliver on a four-pillar climate action plan. It will run alongside the negotiations process and […] October 4, 2023
Sustainability Cop28 launches hub to help Mena SMEs cut carbon The Cop28 presidency has set up a dedicated programme to help small and medium-sized enterprises in the Middle East and North Africa (Mena) to cut their carbon emissions. The team behind the climate conference, which is being held this year in Dubai, has joined forces with the global not-for-profit SME Climate Hub and the We […] October 4, 2023
Renewable Energy Renewables workforce nearly doubles in a decade Employment in the renewable energy sector has almost doubled over the past decade, the International Renewable Energy Agency and International Labour Organization have found. There were 13.7 million jobs in the global industry in 2022, up from 7.3 million in 2012, the agencies said in the report Renewable Energy and Jobs: Annual Review. Employment growth […] October 3, 2023
