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Luberef net profit falls 7% in Q1

A fall in by-products sales leads to profit dip.

SABIC net loss $322 million

The company's net profit was $66m in Q1 2024

PureHealth posts $137m Q1 net profit

The Group's revenue increased 8 percent YoY.

Borouge Q1 net profit $281 million

The total dividend paid to shareholders in 2024 $1.3bn.

Emirates expects first 777X delivery in H2 2026

Boeing had pushed back the first delivery to 2026 from 2025.

People-positive approach needed in clean power transition: WEF paper

Dubai, UAE -- Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
  • The white paper calls for a dialogue between the industry and community groups and NGOs to define common standards for a people-positive energy transition.
  • It also urges governments to not only focus on the lowest price but also the wider societal value creation in their transition plans.

UAE banks align with global sustainability standards

“The pledge made by our UBF Chairman, Abdulaziz Al Ghurair, to mobilize over AED 1 trillion in sustainable finance, represents...
  • UBF pledges over AED 1 trillion ($272 billion) for sustainable finance by 2030.
  • The pledge reflects collective efforts of national banks towards a sustainable future.

Saudi Electricity Company targets net zero emissions by 2050

Dubai, UAE - The Saudi Electricity Company (SEC), the largest producer, transmitter, and distributor of electrical energy in the Middle...
  • The announcement was made during a special event SEC organized on the sidelines of the United Nations COP28 climate-change summit in Dubai
  • The SEC said it has signed seven agreements with leading local and international companies, including LUCI, Al-Fanar, Sal Italy, CHINT Saudi Arabia, Siemens, etc

UAE launches Industrial Decarbonization Roadmap at COP28

Dubai, UAE - The UAE announced the launch of the Industrial Decarbonization Roadmap at COP28 on Tuesday with the aim...
  • The ministry and its partners have examined and evaluated the feasibility of more than 50 advanced technologies and innovative solutions
  • These include clean electricity, carbon capture, utilization and storage, manufacturing efficiency, alternative fuels, recycling, clinker substitutes, and hydrogen

Mashreq commits $30bn to UAE banking sector’s sustainable finance by 2030 pledge

DUBAI, UAE -Mashreq bank has been announced as one of the top contributors to the UAE Banks Federation’s (UBF) pledge,...
  • UAE Banks Federation had pledged to mobilize US$272 billion (AED 1 trillion) in sustainable finance by 2030 at COP 28 meeting.
  • Mashreq’s commitment to facilitating US$30 billion by 2030 builds on years of sustainable finance deployment in the MENA region.

‘Unintended consequences’: friction at COP28 over green trade

Inside the negotiating rooms and on the sidelines of the COP28 climate talks, simmering tensions over wealthy countries' "green trade"...
  • WTO has received about 18,000 complaints over green policies yet trade was still often overlooked by climate policymakers, director general Ngozi Okonjo-Iweala said
  • Concerns have also been raised that these kind of climate policies may make it harder for another nation to sell their goods or access clean energy technology

‘COP28 makes significant strides in climate action’

"COP28 is a very important conference because what it's doing is not just bringing people together, but it provides certainty...
  • World Bank President Ajay Banga emphasizes COP28's significant progress in climate action, lauding its establishment of definitive deadlines for climate commitments.
  • The ALTÉRRA fund, with a $30 billion capital, will enhance global climate action, alongside the World Bank's commitment to solar projects in Africa and methane reduction.

Biodiversity credits demand may rise to $180bn annually by 2050

The transformation hinges on nearly all major companies adopting nature-related goals, with biodiversity credits playing a major role.
  • Biodiversity credits are a novel financial instrument that could play a major role in contributing to a nature-positive future, explains the WEF report
  •  The WEF’s Global Risks Report 2023 has ranked biodiversity loss and ecosystem collapse as one of the top five threats to humanity over the next ten years

Masdar City to construct region’s first net-zero energy mosque

Abu Dhabi, UAE - Masdar City, an Abu Dhabi, UAE-based sustainability and innovation hub dedicated to making all cities a...
  • The mosque’s total energy requirements were reduced by 35 percent compared to international baselines using passive design
  • Low-flow water fixtures, drought-resistant landscaping, and the use of recycled water for irrigation will reduce water use by 55 percent

We respect climate science, says COP28 head

DUBAI, UAE - The Emirati president of the UN's COP28 talks said on Monday he respects climate science, after a leaked...
  • Sultan Al Jaber also repeated his past statements that a phase out of fossil fuels was "inevitable".
  • He acknowledged that global greenhouse gas emissions must be cut by 43 percent by 2030.

COP29: Why new climate pledges need ambition, finance and action to succeed

Major emitters must take the lead, but every nation has a role in addressing the climate crisis. Success hinges on...

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World sees first 12 months above 1.5C warming level, says climate monitor

PARIS, FRANCE -  Earth has endured 12 consecutive months of temperatures 1.5C hotter than the pre-industrial era for the first time...

EU seeks 90 percent drop in greenhouse emission by 2040

Strasbourg, France - The EU on Tuesday urged a 90-percent cut to its greenhouse gas emissions by 2040, even as the...

Paris Olympics’ organizers worry heatwave can spell trouble for games

A new study presenting "climate simulations to anticipate worst-case heatwaves during the Paris 2024 Olympics" has focused minds after it...

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France flooded with applications for electric car leasing scheme

Paris, France - The French government has been flooded with applications from low-income households to lease a subsidized electric car from...
  • Some 90,000 people have applied to the scheme since the start of the month, French Environment Minister Bechu said.
  • President Emmanuel Macron unveiled the plan on social media in December as part of efforts to reduce carbon emissions in France.

Saudi Arabia to highlight role in dealing with global challenges at WEF meet

RIYADH, SAUDI ARABIA – Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef said that the Kingdom’s participation in the...
  • Saudi Arabia’s participation in the annual meet underscores its pivotal role in the transition toward carbon neutrality.
  • The Kingdom’s engagement provides an opportunity for communication with key players in the private sector globally.

2023 hottest recorded year as Earth nears critical threshold

PARIS, FRANCE - The year of 2023 was the hottest on record, with the increase in Earth's surface temperature nearly crossing...
  • Climate change intensified heatwaves, droughts and wildfires and pushed the global thermometer 1.48 C in 2023 above the preindustrial benchmark.
  • Nearly half of 2023 exceeded the 1.5C limit, beyond which climate impacts are more likely to become self-reinforcing and catastrophic, said scientists.