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ADNOC shifts OMV stake to XRG

XRG is ADNOC's wholly-owned international investment company.

SIB H1 net profit $189m

The bank's total assets increased by $1.49 billion.

TSMC’s H1 revenue up 40 percent

Robust demand for AI technology behind the surge.

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

G7 climate ministers pledge to end plastic pollution by 2040

A statement put out by G7 said the phase-out will be achieved by "promoting sustainable consumption and production of plastics,...
  • The G7 statement said the group remains committed to end plastic pollution, with the resolve to lower additional pollution to zero by 2040
  • According to the OECD group of developed countries, during the last 20 years plastic waste has doubled globally and only nine percent is recycled

Nuclear power reactors to shut down in Germany

BERLIN, GERMANY - Germany will switch off its last three nuclear reactors on Saturday, exiting atomic power even as it seeks...
  • The exit decision was popular in a country with a powerful anti-nuclear movement, stoked by lingering fears of Cold War conflict and atomic disasters.
  • The challenge caused by Russia's invasion of Ukraine put an end to cheap gas imports and has upped calls in Germany to delay withdrawal from nuclear power.

G7 starts ‘difficult’ climate talks on fossil fuel commitments

Sapporo, Japan--G7 allies kicked off two days of "difficult" climate talks in northern Japan on Saturday, facing pressure to show progress...
  • Differences have deepened among the group as the energy crisis caused by the Ukraine war squeezes G7 countries
  • The G7 climate statement draft, seen by AFP, recognizes the primary need to accelerate the clean energy transition

‘Flash drought’ frequency increasing due to climate change: study

For the study, published in the journal Science, researchers analyzed a combination of satellite data and ground moisture readings from...
  • Researcher of the study used climate modeling to forecast how flash droughts will change under several possible greenhouse gas emission scenarios
  • A commentary piece by two professors in Netherlands, said the study's warning "should be taken seriously" as the threat may be even greater than they suggest

No climate action is possible without climate finance

Dr Al Jaber noted that climate finance is essential for each workstream of the Paris Agreement, from mitigation to adaptation,...
  • Dr Al Jaber emphasised the need to increase the affordability, availability, and accessibility of climate finance to accelerate climate action and a just energy transition
  • He noted that climate finance is essential for each workstream of the Paris Agreement, and that these resources are particularly needed in Global South

Fossil fuel pledges divide G7 in ‘critical decade’ for climate

The world's leading developed economies are all targeting net-zero emissions by 2050 or sooner after signing the Paris Agreement to...
  • Britain has proposed new targets on the phase-out of domestic coal power in a draft statement ahead of the minister-level talks, which kick off in Sapporo
  • Governments around the world will also be looking for action on resilience funding for the developing nations most affected by climate change

Tunisia farmers stare at poor harvest as drought imperils food security

Even before the roasting summer months, the soil is dry and dusty in the small Mediterranean country, whose water resources...
  • At a time when the global cereals market has been disrupted by Ukraine war, Tunisia's domestic grain production has also withered under a lack of rainfall that has killed off crops
  • UTAP has called on the government to urgently announce a drought and state of water "emergency" and has demanded a "clear strategy" to boost Tunisia's water reserves

Environment Agency – Abu Dhabi launches strategic environmental assessment program

ABU DHABI, UAE - The Environment Agency - Abu Dhabi (EAD) has introduced the Strategic Environmental Assessment (SEA) planning program...
  • Strategic Environmental Assessment will promote sustainable development and a healthy environment for future generations.
  • SEA will aid in evaluating environmental impacts and guiding the investigation of alternatives and potential mitigation efforts.

World warms to Bridgetown Initiative on climate change ahead of WB, IMF meetings

Experts say developing nations are struggling to find the funds needed to stop burning planet-heating fossil fuels and prepare for...
  • The IMF has created a new loan-based Resilience and Sustainability Trust to help poorer or vulnerable countries boost sustainable growth
  • The World Bank says it delivered a record $31.7 billion last year to help countries tackle climate change and has started to draft a roadmap for change

WMO urges more investment in integrated weather, climate services

GENEVA, SWITZERLAND - The global transition to renewable energy will require greater investment in integrated weather and climate services, the...
  • This investment is critical to ensure that energy infrastructure is resilient to climate-related shocks.
  • WMO is stepping up its activities to promote tailored weather and climate information, and forecasts.

Women, rural poor most affected by climate change, says UN

PARIS, FRANCE – Heatwaves and floods inflict greater economic pain on rural women than men because climate change intensifies existing inequalities,...

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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,...

‘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"...

‘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...

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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.

Saudi energy minister calls Western climate pledges ‘small change’

"Unlike the small change offered for loss and damage from our partners in developed countries, the Kingdom through its South-South...
  • The loss and damage fund for vulnerable nations, a major win at COP28, has attracted about $655m so far, a sum criticized as insufficient by campaigners.
  • The prince's remarks were the latest sign of sharp differences around tackling the climate crisis as negotiators from around the world attempt to hammer out an agreement in Dubai.