INSEAD Day 4 - 728x90

Climate Change

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings
  • COP28 summit targets 68% cooling emissions cut by 2050

    "Without policy intervention, direct and indirect emissions from air conditioning and refrigeration are projected to rise 90 percent above 2017 levels by the year 2050," a UN report warned in 2020.
  • QFZ, Samsung C&T ink MoU

    The two will collaborate in green, sustainable technologies.
  • Tropical cyclone kills two, displaces 10,000 in Yemen

    Tropical cyclone TEJ made a landfall over the coast of Al Mahra governorate, in the country's southeast, late on Monday and continued to churn northwest. Telecommunications are down, badly hampering rescue efforts. "Initial reports indicate that two deaths have been recorded, as well as 150 injuries... and the displacement of...
  • Diversification remains crucial for oil-rich nations

    Combating climate change demands global collaboration and collective action, European Commissioner for Cohesion and Reforms Elisa Ferreira tells TRENDS in an interview.
  • World ‘failing’ on pledge to stop deforestation by 2030: NGOs

    Deforestation last year was over 20 percent higher than it should have been to meet the leaders' pledge, with 6.6 million hectares of forest lost, much of it primary forest in tropical regions. The Forest Declaration Assessment, overseen by more than two dozen environmental groups and research organizations, also warns...
  • Sustainable finance part of UAE’s climate action plan

    "The UAE's financial markets are proactively broadening sustainable finance options. The Dubai Financial Market has rolled out regulatory frameworks for environmental, social, and governance reporting, urging listed companies to enhance ESG information disclosure and adopt ESG reporting practices," she adds.
  • Red Sea Global builds largest off-grid EV charging network in Saudi Arabia

    RIYADH, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, Amaala and The Red Sea, has completed the installation of the largest off-grid electric vehicle (EV) charging network in Saudi Arabia. The network includes more than 150 charging stations spread across...
  • Collaboration crucial for renewable energy transition

    "World peace and security, along with social, economic, and political stability, hinge on two pivotal factors: addressing climate issues and investing in clean and renewable energy sources through a just and responsible energy transition, and leveraging advanced technologies to combat the effects of climate change," Ghobash adds.
  • Dubai’s sustainable vision beyond skyline

    Dubai is prioritizing renewable energy, sustainable design, water conservation, and biodiversity protection. Its commitment to a sustainable future showcases its dedication to preserving the environment.
  • Pro-business policies make UAE global investment hub

    "While the world has abundant funds, there's a need for innovative strategies to channel them into vital sectors like sustainable development, renewable energy, and the blue economy," she adds while sharing her optimism for the World Investment Forum (WIF) in Abu Dhabi, scheduled between October 16 and 20, 2023.
  • Yellen urges more IMF, World Bank reforms for climate, poverty fight

    Benguerir, Morocco - US Treasury Secretary Janet Yellen said on Tuesday she backed efforts to boost the lending firepower of the IMF and World Bank to combat poverty and climate change. Speaking on the sidelines of the IMF-World Bank annual meetings in Morocco, Yellen said the global lending system had already...
  • Saudi Arabia launches mechanism to advance global climate goals

    RIYADH, SAUDI ARABIA - The Clean Development Mechanism Designated National Authority (CDMDNA) announced on Monday the operation of Saudi Arabia's domestic market mechanism, Greenhouse Gas Crediting and Offsetting Mechanism (GCOM), at MENA Climate Week 2023 here.  This step reflects the Kingdom’s role in addressing climate challenges and enabling institutions to...
  • Saudi Arabia, India ink MoU on electrical interconnectivity, green hydrogen

    RIYADH, SAUDI ARABIA - India and Saudi Arabia signed a Memorandum of Understanding (MoU) here in electrical interconnection, green/clean hydrogen, and supply chains. The MoU was signed by Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud and India’s Minister of Power and New and Renewable...
  • World can’t ‘unplug’ existing energy system: COP28 head

    Riyadh, Saudi Arabia - The president of the upcoming COP28 climate talks in Dubai called on Sunday for governments to abandon the "fantasy" of hastily ditching existing energy infrastructure in pursuit of climate goals. "We cannot unplug the energy system of today before we build the new system of tomorrow. It...
  • Drought caused major global hydropower drop in early 2023

    BANGKOK, THAILAND - Dry conditions, particularly in China, caused a "historic" global drop in hydropower in the first half of 2023, a new analysis shows, highlighting the effects of climate change. The research by renewable energy think tank Ember argues the drop is a "warning shot that hydro output could negatively...
  • Tens of millions of children uprooted by climate disasters: UNICEF

    In a sweeping report on the issue, the United Nations agency detailed the heart-wrenching stories of some of the children affected, and co-author Laura Healy told AFP the data only revealed the "tip of the iceberg," with many more likely affected. According to the prediction of UNICEF report, Floods linked...
  • Largest climate fund seeks new funding for vulnerable

    The Green Climate Fund (GCF) was set up as part of the landmark 2015 Paris Agreement to funnel grants and loans to developing countries for adaptation and mitigation projects in a warming world. The fund plays a part in the promise by rich countries to supply $100bn of climate finance...
  • Geopolitical changes derailed shift towards green energy, says IMF

    Washington, US - Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to renewable energy as the world looks to combat climate change, the International Monetary Fund said on Tuesday. The fractures have led to a doubling in new trade restrictions on commodities...
  • Countries pledge to raise $12 billion to help coral

    The pledge comes with coral around the world under particularly acute stress because of record warm seas this year.
  • Oil industry is an integral part of climate solutions, says COP28 head

    President of the upcoming COP28 climate talks Sultan Al Jaber, also the head of UAE state-owned oil firm ADNOC, told an oil conference that the fossil fuel industry would play an essential role in addressing the crisis. "This industry has been viewed as part of the problem, that it's not...
  • ADB capital reforms unlock $100bn to support Asia and the Pacific region

    MANILA, PHILIPPINES - The Asian Development Bank (ADB) approved capital management reforms that unlock US$100 billion in new funding capacity over the next decade to address the region’s overlapping crises. The expansion of available funds will be further leveraged through mobilizing private and domestic capital to move from the billions...
  • IMF approves $1.3bn for Morocco to help transition to a greener economy  

    WASHINGTON, US - The International Monetary Fund (IMF) Executive Board approved a Resilience and Sustainability Facility (RSF) for Morocco of about US$1.3 billion. The arrangement will support Morocco’s transition to a greener economy and help strengthen its preparedness and resilience against natural disasters, including from climate change, the Washington-based institution...
  • BRICS group poised to shape global economy’s future

    “This potential is further amplified by its vast human resources, and cutting-edge technological and industrial capabilities,” he adds, emphasizing that BRICS could shift global focus to urgent matters like climate change, energy security, innovation, and the promotion of investments in emerging technologies.
  • US to auction three new oil and gas leases in the Gulf of Mexico

    WASHINGTON, US - President Joe Biden's administration on Friday announced it would auction three new oil and gas leases in the Gulf of Mexico, triggering a furious reaction from environmental groups who said the move would accelerate climate change. Biden, who faces re-election next year, has repeatedly broken his promise made...
  • 1bn tons of food wasted every year while 783m people face hunger: FAO

    Rome, Italy - The UN Food and Agriculture Organization (FAO) and the UN Environment Program (UNEP) said one billion tons of food are wasted every year, while up to 783 million people around the world are facing hunger. Ahead of the International Day of Awareness on Food Loss and Waste...
  • Europe should move faster on energy transition, say IEA, ECB

    PARIS, FRANCE - Europe must invest more quickly and massively in its energy transition if it wants to remain a global industrial power, top policymakers warned on Friday. The plea was made at a conference on the clean energy transition hosted by the International Energy Agency, the European Central Bank and...
  • Politicians fail to understand scientific facts of climate, says expert

    PARIS, FRANCE - Wavering ambition by governments and a growing belief that science is politically subjective are great causes for concern in a rapidly escalating climate crisis, an expert told AFP. A cascade of extreme weather events have inflicted devastation in 2023, which the European Union's climate monitor says is likely...
  • Antarctic sea ice hits lowest winter maximum on record, says data

    WASHINGTON, US -  The sea ice around Antarctica likely had a record low surface area when it was at its maximum size this winter, a preliminary US analysis of satellite data showed.  As the southern hemisphere transitions into spring, the US National Snow and Ice Data Center (NSIDC) said in a statement...
  • ADNOC, TAQA complete financial closing on sustainable water supply project

    ABU DHABI, UAE - ADNOC and Abu Dhabi National Energy Company (TAQA) have completed the financial closing of their $2.2 billion (AED8.3 billion) strategic project to provide sustainable water supply for ADNOC's onshore operations. This strategic investment between two Abu Dhabi energy giants entails developing and operating facilities to sustainably...
  • UAE minister calls for climate action by promoting nature-based solutions

    NEW YORK, US – UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri called upon the global community to utilize the opportunity offered by COP28 in the Emirates to drive climate action by focusing on food systems transformation and promoting nature-based solutions. She made the comments during...
  • ‘Protect the planet, natural resources and heritage’

    "The UAE is steadfast in its efforts to mitigate tensions and advocates for dialogue and diplomacy as means of resolution. We're committed to fostering a new paradigm to bolster economic collaboration among regional countries, benefiting both their economies and their people, and enhancing regional stability and prosperity," she adds.
  • King Charles urges joint French-English effort on climate change

    "Just as we stand together against military aggression, so must we strive together to protect the world from our most existential challenge of all -- that of global warming, climate change and the catastrophic destruction of nature," said the king, known for campaigning on environmental issues for the past decades.
  • UK to revoke plan to attain net zero emissions by 2050

    LONDON, UK- The UK looked set to backtrack on Wednesday on policies aimed at achieving net zero emissions by 2050 with Prime Minister Rishi Sunak expected to water down some of the government's green commitments. The move comes amid growing concern over the potential financial cost of the government's policies to...
  • There’s a link between health and climate change

    “As we prepare for the groundbreaking Health Day at COP28, we are resolute in our determination to address the challenges posed to health by climate change and encourage ambitious investment in the health sector. Our goal is to build resilient, equitable health systems,” adds the COP28 President-Designate.
  • Three firefighters die in Turkey helicopter crash

    ISTANBUL, TURKEY - Turkish divers searched on Sunday for the bodies of three firefighters who died when their helicopter crashed into a water reservoir near the western resort city of Izmir. The helicopter went down while picking up water to douse a forest fire on Saturday night. The team included three...
  • California sues oil giants, alleges environment, climate-risks deception

    The US state of California sued five of the world's largest oil companies, alleging the firms caused billions of dollars in damages and misled the public by minimizing the risks from fossil fuels, according to a court filing. The case was filed in superior court in San Francisco against ExxonMobil,...
  • Seven dead as clashes resume in Lebanon Palestinian camp

    The Ain al-Helweh refugee camp, on the outskirts of the southern city of Sidon, has been rocked by violence since last week. The clashes have pitted members of the Fatah movement, which controls the camp, against hardline Islamist militants, excluding Hamas.
  • Drought, fires threaten Lebanon’s northern forests

    In the wake of a blistering and dry summer, residents of the mountainous Akkar region near the Syrian border are voicing fears about climate change and water scarcity. Akkar was already one of Lebanon's most disadvantaged regions before the national economy imploded in late 2019, plunging much of the population...
  • COP28 to boost climate resilience and agri innovation

    Chaired by UAE Envoy for Climate Change Sultan Al Jaber, the global climate summit will focus on a four-pillar strategy for a sustainable future.
  • EU chief wants global experts panel to confront AI challenges

    Von der Leyen said the proposed AI group should be similar to the UN's IPCC panel, whose reports establish scientific consensus on climate change. "I believe we need a similar body for AI –- on the risks and its benefits for humanity. Yes, with scientists, but also tech companies and...
  • Red Cross warns death toll may surge as 10,000 missing in Libya floods

    The death toll from freak floods in eastern Libya is expected to soar dramatically, with 10,000 people reported missing, the Red Cross warned. Officials in Libya have said at least 150 people were killed in the sudden flooding on Sunday afternoon after storm Daniel swept the Mediterranean, lashing Bulgaria, Greece...
  • IEA forecasts energy demand to reach record high this decade

    The IEA's annual World Energy Outlook, due out next month, will show that "the world is on the cusp of a historic turning point," executive director Fatih Birol wrote in the FT.
  • 150 dead in Libya after storm Daniel results in floods

    "At least 150 people were killed as a result of flooding and torrential rains left by storm Daniel in Derna, the Jabal al-Akhdar region and the suburbs of Al-Marj," Mohamed Massoud, a spokesman for the Benghazi-based administration in Libya, said. "This is besides the massive material damage that struck public...
  • ENEC inks MoU with OSGE

    Aim is to help in decarbonization of the Polish power sector.
  • UN rights chief urges international probe into Beirut port blast

    "Climate change is pushing millions of people into famine. It is destroying hopes, opportunities, homes and lives. In recent months, urgent warnings have become lethal realities again and again all around the world," Turk said. "We do not need more warnings. The dystopian future is already here. We need urgent...
  • G20 summit ends with India, Brazil and Russia boasting success

    G20 leaders have been deeply riven over the Ukraine war since Moscow's invasion last year, with Russian President Vladimir Putin skipping the summit entirely to dodge political opprobrium. Leaders of the Group of 20, which brings together Russia and China as well as some of Ukraine's most ardent backers, have...
  • Countries must cooperate to battle sandstorm threat, say UN, Iran

    Countries in the Middle East, Africa and Asia must work together to combat sand and dust storms made increasingly severe by climate change, the United Nations and Iran said. “I urge you to use your time in Tehran to build partnerships, increase cooperation and commit to practical action,” UN chief...
  • G20 treads lightly on Ukraine war, climate issues

    The African Union joined the G20, boosting Africa's voice, while a new initiative aims to connect Europe, the Middle East, and India through infrastructure.
  • G20 adopts Leader’s Summit declaration, says Indian PM Modi

    NEW DELHI, INDIA- Indian prime minister and G20 host Narendra Modi said on Saturday the body had reached consensus on its leaders' declaration and announced its adoption. "Because of our team's hard work, and with your support, there is a consensus on the New Delhi G20 Leaders' Summit declaration," he...
  • ‘Qatar leads the charge in food security initiatives’

    Several ministers of agriculture and food security from UN's Food and Agriculture Organization member states at the event discussed key innovative solutions to transform food systems in a way that contributes to accelerating the implementation of the 2030 Agenda for Sustainable Development, in addition to reviewing the challenges.