Iranians told to use less water as heatwave worsens shortages
Tehran, Iran - Iranian authorities have urged residents to limit water consumption as the country grapples with severe shortages amid...
Economy
Eight-country coalition aims to tax luxury air travel
Seville, Spain -- Countries including France, Kenya, Barbados and Spain on Monday launched a coalition to push for taxes on...
Business
Geostrategy
Sheikh Hamdan issues resolution regulating single-use products in Dubai
DUBAI, UAE - Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive...
- The aim of the resolution is to protect the environment, encourage people to adopt an eco-friendly lifestyle.
- The move also aims to encourage the private sector to promote the use of recycled products.
Business
GCC forges ahead in sustainable tech initiatives
In 2023, the Gulf countries made a strong push towards renewable energy and pioneering green hydrogen projects, signaling a significant...
- In 2023, the Gulf countries made a strong push towards renewable energy and pioneering green hydrogen projects, signaling a significant green transition in the region.
- The GCC's commitment to sustainable technology initiatives, including advancements in renewable energy, green hydrogen, and smart city solutions, make it a global leader.
Business
IsDB, SWCC sign agreement
The collaboration will involve efforts from both parties.
- The agreement includes a mechanism for exchanging knowledge and experiences.
- It would involve transferring the experience of SWCC to the member countries of IsDB.
Economy
Sustainable mobility rises as GCC turns to hydrogen
MENA countries, adopting ambitious clean energy and transportation strategies, aim for significant hydrogen production by 2050, led by UAE's National...
- MENA countries, adopting ambitious clean energy and transportation strategies, aim for significant hydrogen production by 2050, led by UAE's National Hydrogen Strategy.
- The BMW Group's innovative electric and hydrogen vehicles, showcased at COP28, underscore a pivotal shift in the GCC and MENA regions towards a greener, cleaner future.
Economy
ADDED, Siemens Energy to support sustainable industrial development in Emirate
ABU DHABI, UAE - Abu Dhabi Department of Economic Development (ADDED), represented by Industrial Development Bureau (IDB), and Siemens Energy...
- The collaboration supports Abu Dhabi Industrial Strategy's vision to establish the Emirate as the most competitive industrial hub in the region.
- Siemens Energy will support IDB to localize the manufacturing capabilities in Abu Dhabi and provide technological solutions.
Business
Oman to expand production of green hydrogen to boost non-oil economy
Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as...
- The government aims to raise renewable energy-based hydrogen production to at least one million metric tonnes (mt)/year by 2030.
- Local state-owned enterprise Hydrogen Oman (Hydrom) signed six investment agreements, worth over US$38 billion, with partners in 2023.
Business
TAQA, GS Inima and EWEC seal deal
Abu Dhabi's Shuweihat 4 desalination project secures $444 million.
- The S4 RO project is primarily funded 71 percent through debt financing from both local and international banks.
- The financial closing comes after TAQA and GS Inima signed the water purchase agreement with EWEC in August 2023.
Economy
Climate threats haunt GCC’s economy and finance
The GCC faces a critical challenge as climate risks like extreme heat and water stress rise, potentially impacting the region's...
- The GCC faces a critical challenge as climate risks like extreme heat and water stress rise, potentially impacting the region's economic stability and financial health.
- A new S&P Global report underscores the urgency for adaptation and resilience investments to mitigate risks such as climate-induced flooding.
Geostrategy
Turkmenistan worried as Caspian Sea continues to shrink
Turkmenbashi, Turkmenistan - On the Caspian Sea coast in Turkmenistan, Batyr Yusupov can no longer ferry his passengers between two ports....
- It is still not entirely clear why that is happening, but scientists say it is down to naturally occurring processes exacerbated by climate change
- Turkmenistan, a former Soviet republic, is one of five countries on the Caspian Sea together with Azerbaijan, Kazakhstan, Iran and Russia
Business
London’s transport shifts gears with TfL’s cargo bike action plan
London, United Kingdom - On a busy north London street, plumber Ben Hume-Wright zipped through the heavy rush-hour traffic to his...
- Transport for London (TfL), the local government body responsible for most of the British capital's transport network, launched its first "Cargo Bike Action Plan" earlier this year
- The use of cargo bikes also increased during lockdown and encouraging their use chimes with Mayor Sadiq Khan's aim of a carbon net-zero city by 2030
Iranians told to use less water as heatwave worsens shortages
Tehran, Iran - Iranian authorities have urged residents to limit water consumption as the country grapples with severe shortages amid...
Economy
Company News
Latest News
Divided G20 fails to agree on climate action, Ukraine war escalation dominates Rio summit talks
G20 leaders in Rio failed to resolve UN climate talks deadlock, merely stating funding for developing countries battling global warming...
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...
World leaders meet for climate talks, but big names missing raising concerns over global climate commitment
The small group of developed countries that currently contributes the money wants the donor pool expanded to include other rich...
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UN biodiversity conference in Colombia: what’s at stake?
Paris, France - The world's pledges to halt humankind's destruction of nature will be put to the test when the 16th...
- The COP16 is the first meeting of the international community since the adoption two years ago of an unprecedented roadmap to stop humankind's destruction of nature
- But putting that agreement into practice risks not moving fast enough to stop the destruction of land, oceans and species by a 2030 target date
Can biodiversity credits unlock billions for nature?
Paris, France - For supporters, biodiversity credits could unlock billions in much-needed funding for nature, but critics fear a repeat of...
- Brazilian President Luiz Inacio Lula da Silva has mooted a global fund for rainforest conservation that considers paying countries for forest areas that are protected or restored
- Many environment groups are wary, fearing money generated from biodiversity credits will not benefit conservation or indigenous communities living closely with nature
World Bank boosts climate financing by 10 percent
Washington, United States - The World Bank announced Thursday that it delivered a record $42.6 billion in climate change financing in...
- In December, the Bank committed to raising the proportion of its annual financing that goes to climate change adaptation from 35 percent to 45 percent
- This figure included lending, along with other financial instruments such as grants and guarantees, a World Bank official told AFP by email