Oil & Gas Opec pours cold water on IEA’s ‘peak’ for oil demand Opec, the group of oil-producing countries, has taken issue with assumptions by the International Energy Agency that demand for fossil fuels would peak before 2030, saying they present a danger to economies and billions of people. “Such narratives only set the global energy system up to fail spectacularly. It would lead to energy chaos on […] September 15, 2023
Sustainability UAE companies offered free emissions assessments ImpactGulf, a carbon accounting and sustainability consultancy, is offering 71 UAE-registered businesses a complimentary assessment of their greenhouse gas emissions over the past five years. The ‘71 Climate Heroes’ initiative – named to reflect the year the UAE was established – is open to the first companies and institutions that register by December 2. Any […] September 14, 2023
Sustainability Cop28 unveils first round of sponsors Mashreq, Emirates NBD, Investcorp and DP World have been announced as among the first round of official sponsors for the Cop28 climate change summit, to be held in Dubai later this year. Sponsors have been selected by the Cop28 Sponsorship Committee, which comprises seven internal Cop28 departments and an independent third party, professional services company […] September 13, 2023
Agriculture Resilient foxtail millet could aid Gulf food security Researchers in Abu Dhabi have identified what they claim is a highly climate-resilient cereal crop – never farmed at scale before in the Middle East – that could pose a solution to the region’s escalating food security problem. Michael Purugganan, professor of biology at NYU Abu Dhabi, and his team published a study this summer […] September 12, 2023
Opinion Media & Advertising Mena brands see green values as good business The advertising industry is taking its clients’ climate concerns seriously September 12, 2023
Sustainability UAE to train climate diplomats of the future Abu Dhabi has launched a research initiative aimed at preparing regional leaders for diplomatic discussions about climate change, as the UAE prepares to host the Cop28 summit in late November. The Centre for Climate Diplomacy at the Anwar Gargash Diplomatic Academy (AGDA), established in partnership with the national oil company Adnoc and Abu Dhabi sovereign […] September 12, 2023
Sustainability UK commits $2bn to UN-backed climate fund Britain will commit to provide $2 billion to the Green Climate Fund (GCF) to help developing countries cope with climate change, Prime Minister Rishi Sunak said on Sunday at the G20 leaders summit in New Delhi. The pledge would be the biggest single funding commitment the UK has made to date to help the world […] September 11, 2023
Sustainability Al Jaber responds to first UN global climate stocktake Cop28 president designate Sultan Al Jaber has urged nations to “urgently disrupt business-as-usual” to meet climate change goals, as the UN warned in its first global climate stocktake that progress made to date has been “inadequate”. The stocktake is a comprehensive review of countries’ progress on cutting emissions since the Paris Agreement was signed in […] September 8, 2023
Finance Taqa lists $1.5bn green bonds on Abu Dhabi exchange Abu Dhabi National Energy Company (Taqa) has listed its dual-tranche $1.5 billion bonds on the Abu Dhabi Securities Exchange (ADX). The order book was nearly 10 times oversubscribed, with regional and international investors placing total orders of over $15 billion, the energy major said in a statement. The five-year $500 million notes, maturing in 2029, […] September 8, 2023
Banking & Finance UAE development bank in $27m SME solar energy drive State-run Emirates Development Bank has launched a solar energy finance programme to support micro, small, and medium enterprises (SMEs) in the UAE to overcome cost barriers. The initiative will allocate AED100 million ($27.22 million) to support the adoption of green energy solutions, focusing on solar energy initiatives, the UAE state-owned Wam news agency reported. The […] September 8, 2023
Banking & Finance Emirates NBD to expand sustainable finance offering Dubai’s largest lender Emirates NBD plans to increase its provision of sustainable finance, including directly issuing green debt and other instruments to support social and environmental aims. The bank previously issued ESG-linked debt instruments via its investment banking arm, EmCap (Emirates NBD Capital), in 2019 for what it claims was the region’s first corporate green […] September 7, 2023
Opinion Energy Gulf energy systems must be more climate resilient Intense heatwaves and flash floods challenge energy supplies in the region September 7, 2023
Renewable Energy Next $1.5bn phase of Dubai’s solar park to be ready in 2024 Dubai Electricity and Water Authority and Masdar have signed an agreement to build and operate the 1,800-megawatt sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park. The next phase of the world’s largest single-site solar park will cost AED5.5 billion ($1.49 billion). “This phase will power over half a million residences while reducing […] September 7, 2023
Sustainability African leaders to propose new global taxes at Cop28 African leaders on Wednesday proposed new global taxes and reforms to international financial institutions to help fund climate change action in a declaration that will form the basis of their negotiating position at November’s Cop28 summit. The Nairobi declaration capped the three-day Africa Climate Summit in Kenya, which was dominated by discussions of how to […] September 7, 2023
Energy Adnoc approves project to triple its carbon capture capacity Abu Dhabi National Oil Co (Adnoc) has approved a new carbon capture, utilisation and storage project that will triple its annual carbon capture capacity. The project at its Habshan gas processing plant will be able to permanently store 1.5 million tonnes a year (mpta) of CO2 in subterranean rock below the site. On completion in […] September 6, 2023
Opinion Energy Gulf must ease fossil fuel subsidies to be climate pioneers An incentive structure to move away from fossil fuel dependence is missing September 6, 2023
Video length: 03:55 Renewable Energy Cop28 to invest billions in African clean energy A UAE finance initiative led by Cop28 will put $4 billion direct investment and has pledged billions more into clean energy projects in Africa, the climate change summit’s president-designate Sultan Al Jaber said this week. Al Jaber told the inaugural African Climate Summit in Nairobi on Monday that the initiative – involving high-profile UAE-based investors […] September 5, 2023
Sustainability UAE companies pledge $450m to buy African carbon credits The UAE Carbon Alliance, a coalition of UAE companies aiming to develop a carbon market in the emirates, has pledged to buy $450 million of African carbon credits by 2030. The alliance signed a non-binding agreement with the Africa Carbon Markets Initiative (ACMI), which was launched last year at Cop27 in Egypt to harness potential […] September 5, 2023
Sustainability EU to seek Cop28 deal on phasing out fossil fuels European Union (EU) countries are preparing to push for a global deal on phasing out fossil fuels at the United Nations Cop28 climate summit ,which begins in the UAE in November-end, a draft of the EU’s negotiating position showed. Diplomats from the bloc’s 27 member states are drafting their position for the summit in Dubai, […] September 3, 2023
Oil & Gas Saudi Arabia has highest fuel subsidies per capita in G20 Saudi Arabia is by far the highest provider of fuel subsidies per capita among the G20 advanced economies, the IMF said this month as it called for fossil fuel price reforms to reduce carbon emissions. The IMF Fossil Fuel Subsidies Data: 2023 Update working paper said Saudi Arabia spent almost $7,000 per person in 2022. […] August 30, 2023
Construction Saudi Arabia plans zero carbon industrial park Plans for a zero carbon industrial park at King Abdullah Economic City, the megacity being developed on Saudi Arabia’s Red Sea coast, are under way following an agreement with green investment company Skytower. Saudi Press Agency said that King Abdullah Economic City’s organising body signed the deal with Skytower on Monday. It reported that the […] August 29, 2023
Analysis Agriculture Inside the $100m plan to transform desert farming Total cropland in Mena countries decreased by 2.4 percent between 2003 and 2018 – the sharpest drop in the world – according to satellite imagery. In response, a Beirut-based multilateral is seeking $100 million for a new programme to enhance innovation to increase farming productivity in a region that already had the lowest cropland […] August 29, 2023
