Big firms with $7trn exit climate investment pressure group
Launched in 2017, Climate Action 100+ aims to work with companies to halve their greenhouse gas emissions by 2030, through...
Scientists in UK create new fusion record
LONDON, UK - Scientists in Britain announced on Thursday they had smashed a record for generating fusion energy in the final...
Science
Business
Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park
DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of...
- Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park.
- The fifth phase of the project will provide clean energy will reduce 1.18 million tonnes of carbon emissions annually.
UN to adopt high seas treaty Monday
The treaty, officially known as the treaty on "Biodiversity Beyond National Jurisdiction" or BBNJ, also introduces requirements to carry out...
- The landmark high seas treaty would establish a legal framework to extend swathes of environmental protections to international waters
- Following four years of official negotiations, UN member states finally agreed on the text for the treaty in March after a flurry of final, marathon talks
Business
GCC ramps up ESG efforts amid green investment push
Businesses are getting ready for COP28 by moving from starting ESG programs to growing them, and those who know the...
- Businesses are getting ready for COP28 by moving from starting their ESG programs to growing them, and those who know the benefits of ESG Reporting may gain a lot, say experts
- Companies in the region have also been cautioned against viewing ESG as synonymous with Corporate Social Responsibility or merely as a "tick the box" obligation
Business
Greenpeace denounces UK energy firm over coal-fired power station
LONDON, UK - Greenpeace slammed Britain's power grid operator on Monday after it requested the reactivation of a coal-fired power station...
- National Grid ESO has asked energy firm Uniper to fire up a coal unit of its power station in Ratcliffe-on-Soar, central England.
- Temperatures in Britain could exceed 30 degrees Celsius (86 degrees Fahrenheit) on Monday and remain high this week, forecasters say.
Geostrategy
SEWA, US delegation explore collaboration in innovation, sustainability
Sharjah, UAE - Abdullah Abdul Rahman Al Shamsi, Director-General of SEWA Sunday discussed the authority's initiatives to reduce emissions and...
- The two discussed the authority's initiatives to reduce carbon emissions and combat climate change and its vision for the upcoming COP28 conference.
- They also explored potential collaborations between the authority and American companies in innovation and sustainable development.
The phase down of fossil fuels is inevitable: Emirati COP28 chief
Al-Jaber, who runs the Abu Dhabi National Oil Company (Adnoc), defended a COP28 roadmap that includes a "global goal to...
- "The phase down of fossil fuels is inevitable," Sultan al-Jaber said on the sidelines of technical climate talks six months ahead of the summit
- On Wednesday, al-Jaber signed a statement with EU Commission chief calling for  “a transition towards energy systems free of unabated fossil fuels"
Business
Saudi Arabia’s RVCMC to hold biggest carbon credit auction in Nairobi
The event on Jun 14 aims to sell more than 2 million tons of high-quality CORSIA carbon credits registered with...
- An auction held by RVCMC last year at Future Investment Initiative (FII) in Riyadh was then the largest-ever auction with 1.4 million tons of carbon credits sold.
- RVCMC was established by PIF and Tadawul Group to help MENA businesses play their role in the global transition to zero neutrality.
Geostrategy
US official meets UAE diplomats to discuss climate change
DUBAI, UAE - US special climate envoy John Kerry has met senior Emirati officials in Abu Dhabi, including the head of...
- Oil producers have for year touted carbon capture as a potential global warming solution.
- With little investment, carbon capture technology is nowhere near the scale needed to make a significant difference.
Science
How chocolate could counter climate change
Biochar, a substance produced by heating the cocoa husks in oxygen-free environment, could be used to capture 2.6 billion of...
- While the biochar industry is still in its infancy, the technology offers a novel way to remove carbon from the Earth's atmosphere, experts say.
- Across Europe, biochar projects have begun to multiply. The biochar industry federation says production is set to almost double to 90,000 tons this year compared with 2022.
Business
US firms to pay $1.2bn to clear claims of contaminating water sources
Three major chemical manufacturers announced that they will pay nearly $1.2 billion to settle claims that they contaminated water sources...
- Chemours would contribute $592 million, DuPont $400 million and Corteva $193 million to the settlement fund.
- The group of chemicals known as PFAS, per- and polyfluoroalkyl substances, have been found to cause cancer and other health problems.
Big firms with $7trn exit climate investment pressure group
Launched in 2017, Climate Action 100+ aims to work with companies to halve their greenhouse gas emissions by 2030, through...
Company News
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Mumtalakat, Investcorp ink pact
Business
People-positive approach needed in clean power transition: WEF paper
Dubai, UAE --Â Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
Business
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...
Business
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...
COP28 UAE
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COP28 UAE
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.
COP28 UAE
‘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
Economy
‘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.