Renewable Energy Total signs deal to expand Turkey’s green energy output France’s TotalEnergies and Turkey’s Ronesans Holding have entered into a partnership to expand renewable power generation capacity in Turkey. TotalEnergies will take a 50 percent stake in Ronesans Enerji and jointly develop 1,000 megawatt (MW) of wind and solar farms over the next three years, the Daily Sabah newspaper reported, citing Ronesans Holding president Erman […] July 24, 2023
Energy G20 fails to reach deal on cutting fossil fuels The Group of 20 (G20) major economies meeting in India failed on Saturday to reach consensus on phasing down fossil fuels following objections by some producer nations. Scientists and campaigners are exasperated by international bodies’ foot-dragging on action to curb global warming even as extreme weather from China to the United States underlines the climate […] July 23, 2023
Banking & Finance Middle East wealth funds wary of greenwashing Almost three-quarters of sovereign wealth funds in the Middle East are investing in renewable energy, although most have concerns about potential greenwashing. The latest Invesco Global Sovereign Asset Management Study found that 71 percent of Middle East sovereign wealth funds were investing in renewables. Many funds are doing so as part of a commitment to […] July 21, 2023
Opinion Agriculture Cop28 must advance urban agriculture to cut emissions The summit in Dubai should advance agricultural technology to mitigate climate change July 20, 2023
Banking & Finance Abu Dhabi’s Masdar to raise $750m in green bonds Abu Dhabi renewable energy company Masdar is set to raise $750 million from a debut sale of green bonds that fetched more than $4.2 billion in demand, a bank document showed on Tuesday. The bonds launched at a spread of 115 basis points (bps) over US Treasuries from initial guidance of around 150 bps over […] July 19, 2023
Banking & Finance Abu Dhabi’s Masdar hires banks for green bonds sale Abu Dhabi renewable energy company Masdar has hired banks to arrange a debut sale of green bonds, a bank document showed on Monday. Citi and First Abu Dhabi Bank are joint global coordinators, joined by BNP Paribas, HSBC, SMBC Nikko, Societe Generale and Standard Chartered as joint lead managers and joint bookrunners, a document from […] July 18, 2023
Energy Saudi firm agrees deal for 10GW wind farm in Egypt Acwa Power, a Saudi-listed company and the world’s largest private water desalination company, has signed a memorandum of understanding with Egypt’s New and Renewable Energy Authority to allocate land for a 10 gigawatt wind project. The agreement allocates approximately 3,000 sq km of land west of Sohag, an urban centre on the Nile, for the […] July 18, 2023
Renewable Energy Cop28 action plan unveiled by Al Jaber With the world in the grip of extreme weather events, Cop28 president-designate Sultan Al Jaber has announced a four-pillar climate action plan ahead of the forthcoming summit. The UAE’s climate envoy went on to issue a rallying cry to delegates to build the “energy system of the future”. “We need everyone to play their part […] July 18, 2023
Analysis Sustainability Huge gap in sustainability funding for developing countries Developing countries including those in the Middle East face a combined annual $2.2 trillion investment shortfall in meeting sustainability and energy transition goals set by the United Nations. The UN Conference on Trade and Development (Unctad)’s World Investment Report 2023, published this month, says that globally an annual $4 trillion of investment is needed to […] July 17, 2023
Opinion Sustainability The UAE has a difficult path to negotiate As Cop28 host and a major oil exporter the Emirates faces a tricky balancing act July 17, 2023
Sustainability Jordan gets $250m funding to tackle water crisis Jordan has received $250 million funding from the World Bank to improve its water services efficiency. The funds will be used to rehabilitate water distribution networks, improve energy efficiency and strengthen the country’s drought management system, the World Bank said in a statement. An estimated 1.6 million people are set to benefit from the improved […] July 17, 2023
Analysis Renewable Energy ‘A long way to go’ to reduce the Gulf’s carbon emissions As some of the world’s largest emitters of carbon dioxide, big exporters of hydrocarbons and beneficiaries of high per capita incomes, the spotlight is on the Gulf states’ efforts to reduce their carbon emissions. Expectations are high – and likely to become higher – as the UAE prepares to host Cop28 in November. “There is […] July 17, 2023
Opinion Energy UAE roadmap for Cop28: high energy, low impact There are constraints imposed by life in a maritime desert, however July 14, 2023
Banking & Finance Climate finance ‘not fit for purpose’, says Al Jaber Sultan Al Jaber, who is due to preside over the Cop28 conference later this year, has said climate finance in its current form “is not fit for purpose.” He called for the financial architecture’s “comprehensive transformation” instead of “piecemeal reform”, adding that special focus is needed to support “climate-positive development” across the global south. “Climate […] July 14, 2023
Trade India expects EU carbon tax to hit steel and iron exports Already facing subdued demand from developed nations, India’s exports are likely to be hit by the European Union’s 20-to-35 percent tariffs on high-carbon goods such as steel, iron ore and cement, the finance ministry said in a report released on Thursday. In April, the EU approved the world’s first plan to impose a levy on […] July 6, 2023
Energy Masdar and Spain’s Iberdrola to develop $1.5bn wind farm Spanish utility Iberdrola has signed an exclusive deal with Abu Dhabi’s Masdar to develop a 476 megawatt offshore wind farm in German waters in the Baltic Sea, Expansion newspaper reported on Wednesday, citing unidentified market sources. The Baltic Eagle wind farm being built off Germany’s northeastern coast will have 50 wind turbines and is part […] July 6, 2023
Sustainability Dubai opens $1bn waste-to-energy centre The first phase of the AED4 billion ($1.09 billion) Dubai Waste to Energy Centre has become operational. Two of the plant’s five lines have been launched and are currently processing about 2,300 tonnes of solid waste daily, the UAE state-run WAM news agency reported. At present, the facility in the Warsan area generates about 80 […] July 5, 2023
Renewable Energy UAE pledges $54bn for renewable energy The UAE has vowed to treble its renewable energy investment over the next seven years, investing up to AED200 billion ($54 billion) as climate experts warn the world is losing the race to reduce global warming. The Emirati cabinet – chaired by Sheikh Mohammed bin Rashid Al Maktoum, the UAE prime minister and ruler of […] July 4, 2023
Opinion Sustainability Wanted: more action and less hot air In the "Year of Sustainability" every area of Gulf society must play their part now June 27, 2023
Opinion Sustainability The Gulf can spearhead sustainability through football The beautiful game is a formidable tool for increasing Arab soft power June 21, 2023
Renewable Energy Gulf is worst performer for investment in renewables The Middle East is the worst-performing region for investment in renewable electricity sources, new research has found. Africa and the Middle East combined represented just 1.6 percent of worldwide investment last year, according to the Renewables 2023 Global Status Report. China accounted for 55 percent of total investment, followed by Europe at 11 percent and […] June 21, 2023
Video length: 1:57 EXCLUSIVE Sustainability UAE’s Al Suwaidi backs Al Jaber after Cop28 criticism Dr Sultan Al Jaber’s record “speaks for itself”, a senior UAE official has told AGBI. The Emirates government is facing fresh criticism from international media and lawmakers over the oil chief’s appointment to oversee the Cop28 climate summit later this year. Al Jaber oversees UAE oil giant Adnoc, is minister of industry and advanced technology […] June 6, 2023
