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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...
Rising demand for critical metals pose dilemmas for investors
PARIS, FRANCE - Soaring demand for the raw materials needed for the transition towards renewable energy is creating dilemmas for investors weighing the economic, environmental and human rights risks of such projects. With demand for fossil fuels expected to peak by the end of the decade, the focus is shifting towards...
Green initiatives, SWFs drive M&A growth across GCC
Saudi Arabia emerges as an appealing market for foreign corporations interested in M&A deals due to rising global crude oil demand, Vision 2030, and private sector development.Dubai conference explore ways to nullify environment challenges
This is especially important with the ongoing preparations for the UAE to host the 28th Conference of the Parties by the United Nations Framework Convention on Climate Change (COP28).WTO urges countries to lift green trade barriers
The World Trade Organization urged countries to abolish trade barriers in environmental goods and services to help fight climate change. In its annual World Trade Report, the WTO says global commerce should not be pitted against the climate crisis and said trade could enable the spread of green innovations and...
Commercial operations begins at Al-Zour Refinery project in Kuwait
Kuwait City, Kuwait - The Kuwait Integrated Petroleum Industries Company (KIPIC) has started commercial operations of the first phase of Al-Zour Refinery project. The project started last month to produce and sell primary quantities of fuel oil and supply it to local electric power stations. Acting CEO of KIPIC Waleed...By 2030, TAQA targets a 25% reduction in greenhouse gas emissions
The strategy includes the national low-carbon power and water champion’s interim greenhouse gas (GHG) emissions reduction goals.
Ban on single use plastic bags in Sharjah to begin from Jan 2024
Sharjah has banned single-use plastic bags and materials in the Emirate of Sharjah as of 1st January 2024. It follows Sharjah’s efforts of making an environment-friendly emirate and its supportive plans of conservation, said reports. The ban was decided during a meeting of the Sharjah Executive Council (SEC) Tuesday morning...
GCC insurers adopting sustainable finance practices
Even as only half of the significant insurers in the region are disclosing ESG information, sustainability has gained significant traction in financial services in last few years.
Emerge, Miral to install solar energy at Abu Dhabi theme park
Emerge and Miral signed an agreement to deploy on-site solar energy systems at the SeaWorld Abu Dhabi theme park on Yas Island. Emerge is a joint venture between UAE’s Masdar and France’s EDF, while Miral is Abu Dhabi’s leading creator of immersive destinations and experiences The project will have a...
Shipment value of Saudi cargo trains increases by 25 percent
The shipment value of cargo trains of the Saudi Railway Company (SAR) has increased by 25 percent at the end of Q1 2022, compared to Q1 2021. The trains transported in excess of 5.5 million tons of minerals and goods, which reflects SAR’s role in enhancing national industries and logistics...
Global ESG assets could reach $50 trillion by 2025 : PIF Governor
Global environmental, social, and governance assets are expected to hit $41 trillion by the end of this year, and $50 trillion by 2025, Yasir Al-Rumayyan, governor of the Saudi sovereign fund said. The growth in assets is due to the fact that Public Investment Fund continues to enhance ESG integration...
Environment Agency says 60 sq km of UAE’s marine critical habitats protected
Environmental assessment and permitting operations carried out by the Environment Agency – Abu Dhabi (EAD) in 2021 reveal that 60 square kilometers of marine critical habitats and 850,000 meters square of terrestrial critical habitats have been protected. This is in addition to a reduction of more than 2800 cubic meters...
USA to ease limitations on E-15 gasoline sale as oil demand surges
In an effort to ease Americans' pain at the gas pump, President Joe Biden has announced his administration will ease restrictions on the sale of E15 -- gasoline that includes 15 percent ethanol -- and new investments in biofuels as a whole. But the decision hasn't pleased scientists who study...Earth Hour: ENOC group stresses on lesser energy consumption
All service station forecourts including Service Station of the Future at Expo 2020 Dubai remained dark for an hour.Crisis a chance to green Lebanon: environment minister
Lebanon's economic meltdown presents an opportunity to improve the country's environmental policies and tackle its festering waste management crisis, says its Environment Minister.
HSBC offering Saudi’s first climate-focused investment fund
DUBAI: HSBC Saudi Arabia has said it is offering the first environmental initiative investment fund in the kingdom, which will provide eligible investors exposure to renewable energy, clean transport, sustainable water management and climate change adaptation. The company said the HSBC Global Equity Climate Change Fund will provide interested customers...
