Browsing: COP28

Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, has unveiled the ‘Ne’ma Food Loss and Waste Reduction Roadmap,’ a robust plan aimed at reducing food loss and waste in the country by 50 percent by 2030.

Fitch Ratings reports that the UAE holds a 19% share of the global sustainable bonds market. The agency believes COP28 will be instrumental in raising awareness about sustainability issues in the region, steering investments towards environmentally responsible practices. Bashar Al Natoor, Global Head of Islamic Finance at Fitch Ratings, is optimistic about COP28’s potential to boost sustainable bond issuance. He notes the substantial growth of ESG bonds in the UAE, reaching $6.4bn by Q3 2023, a 41% increase from the previous quarter.

Rebuilding a greener economy and fostering a sustainable world for future generations has been a global policy focus since emerging from the pandemic-induced recession. For Vivek Tripathi, an industry veteran in oil and gas, this is not just a policy statement but a call to action, one that he passionately embraces. In 2021, Tripathi founded Olive Gaea, a venture dedicated to assisting businesses in narrowing their climate action gap, driven by a personal commitment to contributing to a more sustainable world.

Abu Dhabi’s clean energy firm, Masdar, in collaboration with EDF Renewables and Saudi Arabia’s Nesma Company, has entered into a power purchase agreement with the Saudi Power Procurement Company to oversee a $1B solar project in the Al Madinah province of Saudi Arabia. The consortium secured the Al Henakiyah solar power project, boasting 1,100-megawatt capacity, by submitting the lowest bid at $16.84 per megawatt hour. The project will be constructed, owned, and operated by the consortium under a 25-year agreement with SPPC.

Schneider Electric, in advancing the digital transformation of energy management and automation, has introduced the “UAE Youth Green Challenge” in collaboration with the Arab Youth Center (AYC). The objective of this initiative is to inspire university students in the UAE to devise inventive approaches for decarbonizing the building sector

Emirates made history with its first flight powered by a blend of sustainable aviation fuel (SAF) from Dubai International Airport last month, a part of the airline’s sustainability efforts. Under a supply agreement with Shell Aviation, the flight to Sydney, EK 412, departed on October 24. Shell Aviation supplied 315,000 gallons of blended SAF to Emirates in Dubai, allowing the airline to operate multiple flights using this sustainable fuel.

Abu Dhabi Global Market (ADGM) is set to host the sixth edition of the Abu Dhabi Sustainable Finance Forum (ADSFF). Adssf will take place on December 4, which is the thematic day focused on ‘Finance, Trade, and Gender Equality’ during COP28, held from November 30 to December 12 at Expo City in Dubai.

Masdar signs 1 GW clean energy deal in Azerbaijan, marking its first project in the country with the inauguration of the 230MW Garadagh Solar Park.

Air Arabia intensifies sustainability efforts in the lead-up to COP28, acknowledging significant fuel efficiency improvements, with a new fleet of 120 aircraft.

The 2023 Future Sustainability Forum in Dubai highlighted the city’s role in global sustainability. With 1,500 industry leaders and over 70 speakers from 30 countries, the event focused on sustainable finance, ESG regulations, and setting credible net-zero targets. Notable speakers included H.E Mariam Bin Mohammed Saeed Hareb Almheiri and Amal Larhlid. This forum showcased Dubai’s commitment to a greener future and global sustainability through collaboration and innovation.