The Middle East is undergoing a significant energy transition, with several countries investing heavily in renewable energy, particularly solar energy, as part of their strategies to reduce dependence on fossil fuels.

The region is expected to play a pivotal role in the global energy transition, with renewable energy investments accounting for 34% of electricity investment in MENA by 2026.

The UAE, Saudi Arabia, and Egypt are leading the way in renewable energy investments, with the UAE aiming to reach 50% clean energy by 2050, Saudi Arabia aiming for 50% renewable energy by 2030, and Egypt targeting 42% renewable energy by 2035.

The Arab countries have increased their renewable energy capacity by 57% recently, with Egypt aiming to be a regional energy hub by 2030.

The region has seen significant investments in solar energy, with Saudi Arabia investing around $3 billion in solar projects, and the total investment in Middle East solar energy nearing $100 billion.

The UAE has invested $54.5 billion in renewable energy, while Saudi Arabia is transitioning to a circular carbon economy, and Bahrain has refinanced a $2.2 billion sustainability-linked finance facility.

The energy transition in the Middle East is expected to have a positive impact on both the local economy and climate goals, with the potential to reduce carbon emissions and create new opportunities for economic growth.

The region is expected to source 10-20% of the global hydrogen market by 2050, with hydrogen generating $120-200 billion in annual revenues.

Green finance is playing a crucial role in supporting the energy transition in the Middle East, with mechanisms such as green bonds and sustainable financing frameworks in place to ensure investments are both environmentally sustainable and economically viable.

The UAE has launched a capacity building training program for climate action, collaborating with the private sector to achieve climate neutrality by 2050.

The Middle East needs significant investment in renewable energy, with the UAE needing $1.2 trillion for decarbonization, and the region's energy transition efforts expected to have a positive impact on both the local economy and climate goals.

The implementation of smart grid technologies and energy storage systems is expected to support the energy transition in the Middle East, by providing a stable and efficient grid, and enabling the integration of more renewable energy sources.

The region is home to some of the world's largest sovereign wealth funds, providing a significant source of financing for the energy transition.

Overall, the energy transition in the Middle East is underway, with countries such as Saudi Arabia, the UAE, and Egypt leading the way in investing in solar and wind energy, and working to address the technical and financial challenges associated with integrating these sources into the grid.

The region's energy transition efforts are expected to have a positive impact on the environment, with the potential to reduce carbon emissions and mitigate the effects of climate change.

The Middle East is expected to grow its solar capacity by 500% by 2023, with Arab countries aiming to double their renewable energy capacity by 2030.

The UAE aims to achieve zero emissions by 2050, with an investment need of $36 billion to meet its climate goals.

Saudi Arabia aims to achieve zero emissions by 2060, and plans to get 50% of its energy mix from renewable energy by 2030.

The Arab Coordination Group has allocated $10 billion for green transformation by 2030, highlighting the region's commitment to sustainable development.

Investments in renewable energy reached $1.7 trillion in 2022, with the International Finance Corporation (IFC) estimating $10.2 trillion in investment opportunities in low-carbon sectors by 2030.

The UAE is a catalytic model for private sector participation in sustainable projects, with the green finance sector growing 37% in the Middle East and North Africa in 2021.

APICORP has launched a guide to green bonds for energy projects, which aligns with the UN Sustainable Development Goals and ensures environmentally sustainable investments.

The guide follows International Capital Market principles and has been awarded an "Advanced" rating by Viggio Eris, demonstrating the region's commitment to green finance.

Green finance is helping to achieve climate agreements, with the UAE aiming to reduce carbon emissions through sustainable finance, and Abu Dhabi hosting a Sustainable Finance Conference.

The UAE Framework for Sustainable Finance was launched in 2022, and the Abu Dhabi Global Market's (ADGM) Sustainable Finance Agenda promotes green investments, while the Dubai Declaration on Sustainable Finance supports the green economy.

The Middle East requires significant investment in renewable energy, with the UAE needing $1.2 trillion for decarbonization, and the region's energy transition efforts expected to have a positive impact on both the local economy and climate goals.

The Middle East is undergoing a significant energy transition, with several countries investing heavily in renewable energy, particularly solar energy, as part of their strategies to reduce dependence on fossil fuels.

Title:

Content: A new era of climate action
Good luck, Mr. Adele.
The 28th Conference of the Parties to Climate Change (COP 28) concluded in Dubai last December with a landmark agreement between the 198 parties, ushering in a new era of climate action.
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The final negotiations saw several landmark commitments on their agenda, including an unprecedented reference to switching away from fossil fuels in energy systems and tripling the capacity of renewables as part of the UAE agreement.
The World Bank has played a key role in moving the agenda forward, completing country climate and development reports for a total of 42 economies, pledging 45% of its annual funding for climate-related projects during fiscal year 2025, and being tasked with hosting the Losses and Damage Fund.
Some of the world ’ s largest oil producers have also made important announcements about their commitments to clean energy.
The event was a unique opportunity for GCC countries to reaffirm their commitment to green growth and the climate change adaptation agenda.
The Arab Coordination Group, a strategic alliance of regional and international development institutions, announced its intention to allocate US $10 billion until 2030, in line with the group ’ s previous pledge of US $24 billion to support the green transformation.
In recent years, GCC countries have announced national targets and ambitious regional initiatives to address climate change.
These include the UAE and Oman ’ s commitment to achieve zero emissions by 2050; Saudi Arabia ’ s commitment to achieve zero emissions by 2060; and the Green Middle East Initiative.
Many have also joined the Global Methane Pledge (an international effort to reduce methane emissions by a minimum of 30% by 2030) and invested in programs that support low-carbon technologies such as green hydrogen, a circular carbon economy, increased participation in carbon markets, and local energy efficiency initiatives, to name a few.
The private sector plays a crucial role in the success of climate initiatives in the GCC by pushing for a low-carbon transition and attracting green investments.
Transforming resource consumption, energy production, manufacturing processes and other economic systems will require significant investment to meet climate targets.
For example, the UAE ’ s Nationally Determined Contributions (NDCs) estimate its investment needs to be close to $36 billion between 2023 and 2030 to meet the climate goals.
The International Energy Agency (IEA) estimates that investments in renewable energy reached a record $1.7 trillion in 2022, up from $530 billion in 2021, with a large portion coming from the private sector.
Sustained public sector commitment is also needed in tandem, with concrete policy interventions to drive change at the speed and scale needed to address environmental challenges and support a low-carbon transition.
Among the first of these actions, green growth must be integrated as a national policy that contributes to shaping the future in all relevant sectors; energy, water, food security, urban planning and services, among others.
Rapid green growth across sectors – including renewables, energy storage, electric vehicles, green buildings, the circular carbon economy and waste recycling – provides opportunities for skilled jobs, productivity growth and economic diversification and transformation.
IFC estimates that supporting low-carbon investments in 10 key sectors in 21 emerging markets will generate $10.2 trillion in investment opportunities, create 213 million jobs and reduce greenhouse gas emissions by 4 billion tons by 2030.
In order to fully benefit from these benefits, GCC countries will need sustainable national commitments to these priorities, climate strategies, access to finance for businesses, and an enabling environment for green investment.
The World Bank estimates that if GCC countries continue to operate as usual, their combined GDP will reach $6 trillion by 2050.
However, implementing a green growth strategy would accelerate its economic diversification and possibly contribute to increasing its GDP to more than $13 trillion by 2050.
The Gulf Cooperation Council (GCC) countries are pursuing ambitious targets to generate electricity from renewable sources.
For example, Saudi Arabia aims to get 50% of its energy mix from renewable energy by 2030, while Oman aims to secure 30% of its electricity from renewable sources by 2030.
The UAE, which already has three of the world ’ s largest and least expensive solar plants, has announced a roadmap for hydrogen leadership, and Abu Dhabi National Oil Company (ADNOC) plans to sequester 10 million tonnes of carbon dioxide annually, in addition to ambitious investments in renewable energy.
In addition, the GCC is moving towards development strategies geared towards the use of public transport with the opening of mass transit systems in Dubai and Doha, which are nearing completion in Riyadh.
The GCC countries are well positioned to contribute to the global transition to a low-carbon economy, balancing energy security and the deployment of renewable energy sources for a zero-carbon future.
It is able to become a leader in the Middle East and North Africa region and the world, by investing its resources and capabilities towards a better climate and a livable planet.
Safaa Al-Tayeb Al-Koogli, World Bank Director in the Gulf Cooperation Council.
Syed Adil Abbas, Regional Climate Change Coordinator for the Middle East and North Africa at the World Bank

The region is expected to play a pivotal role in the global energy transition, with renewable energy investments accounting for 34% of electricity investment in MENA by 2026.

Title:

Content: Global News
The World Today - A pivotal and promising role for the countries of the region in the transition to renewable energy
You are now following the news of a pivotal and promising role waiting for the countries of the region in the transition to renewable energy from the news section of the world and now we leave you with full details
MARCH 3, 2023 02: 16 AM - The Middle East and North Africa (MENA) region has always played a pivotal role in the oil and gas markets, but this role will not stop if the world decides to move to low-emission sources of energy.
According to APRICORP, renewable energy investments are expected to account for 34 percent of electricity investment in the Middle East and North Africa between 2022 and 2026.
According to McKinsey & Company, the Middle East and North Africa receives 22 to 26 percent of the solar radiation energy on Earth, due to its geographical location.
Solar energy is not the only thing that distinguishes the region, as countries in this region are likely to be the source of 10 to 20 percent of the global hydrogen market by 2050, according to Roland Berger.
Hydrogen is likely to generate annual revenues of $120 billion to $200 billion by 2050, and many countries in the region have already started projects to transport and export hydrogen to energy-consuming countries.
The region has about 10 percent of global carbon capture and storage capabilities.
Despite the many challenges that countries in the region must face in this regard, the Middle East and North Africa (MENA) region has the potential to play a pivotal role in the global energy transition.
The most prominent question about green finance comes in this promising region.
Nael Amin, senior director of financial services at Arthur D. Little, said on this week ’ s episode of Dot Gulf ’ s World of Energy program that green finance in the Middle East and North Africa, including green bonds, had reached $3.8 billion in 2020.
This amount, according to Amin, has grown significantly during the year 2022, specifically in 4 countries, Turkey, the Arab Emirates, Egypt and Saudi Arabia, due to the development in the region and increased investments in this sector, as well as providing some important requirements in this sector.
Amin explained that besides financing, the region is witnessing progress in many areas in terms of dealing with environmental factors, which is an attractive factor for investors.
Over the past two years, banks have significantly increased their legislation in this area, as each of the Gulf countries has implemented the necessary standards and requirements to support the business environment in the field of green energy.
There are challenges, according to Amin, the most prominent of which is the data challenge, as he pointed out that banks are approaching the activities of customers to know the necessary data on funded projects, for example, in the case of financing the construction of a building, you must know the amount of energy that will be consumed by this building.
The Gulf States are working and collaborating with each other to understand the framework that must be adopted to develop infrastructure in the field of renewable energy and promote sustainability, which will positively impact and support green investment in general in the region.
We hope that we have succeeded in conveying the full details of a pivotal and promising role that awaits the countries of the region in the transition to renewable energy.
In God ’ s care and protection.
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The UAE, Saudi Arabia, and Egypt are leading the way in renewable energy investments, with the UAE aiming to reach 50% clean energy by 2050, Saudi Arabia aiming for 50% renewable energy by 2030, and Egypt targeting 42% renewable energy by 2035.

Title:

Content: General Supervision
Elham Aboul Fath
Editor-in-Chief
Thank you for your patience.
General Supervision
Elham Aboul Fath
Editor-in-Chief
Thank you for your patience.
Arab Monetary Fund: Growing interest of Egypt and countries in the region in renewable energy
The Arab Monetary Fund (AMF) has confirmed the increasing interest of Arab countries in renewable energy with the aim of diversifying the national mix of energy sources and working to reduce harmful emissions to the environment through the adoption of clean energy technologies and the safe disposal of carbon.
In the 55th issue of its series of introduction booklets entitled “Renewable Energy ”, the Fund stated that the UAE aims to triple its renewable energy production capacity by 2030 and increase the contribution of clean energy in total energy production to 30% by 2030, reaching 38% by 2035.
He pointed out that the Arab Republic of Egypt aims in its integrated energy strategy until 2035 to reach 42% of the total electricity produced in 2035, where the current contribution of renewable energy including hydropower in the total electricity produced is about 12%.
The IMF pointed out that within the framework of Saudi Arabia ’ s National Renewable Energy Program, which is a strategic initiative launched within the Kingdom ’ s Vision 2030, and the Custodian of the Two Holy Mosques Renewable Energy Initiative, the Kingdom aims to increase its share in renewable energy production, balance the local energy mix and meet its commitments to avoid emissions.
The IMF pointed out that Oman ’ s Vision 2040 includes goals related to achieving energy security through diversifying energy sources, increasing reliance on renewable energy, and rationalizing consumption, and aims to increase the proportion of renewable energy consumption in total energy consumption to reach 20% in 2030, rising to between 35% and 39% in 2040.
Qatar National Action Plan for Climate Change 2030
According to the IMF, the Qatar National Action Plan for Climate Change 2030 stressed the importance of expanding renewable energy projects and the integration of renewable energy sources in the energy mix in Qatar is an opportunity to liberalize energy production for export, reduce the amount of oil and gas consumed in desalination and power generation, and reduce greenhouse gas emissions.
The IMF pointed out that the energy management strategy in Tunisia aims to enhance energy efficiency by reducing the national consumption of primary energy by 30%, and the development of renewable energy sources by raising the contribution of renewable energy in electricity production to 30% by 2030, while in Algeria the government ’ s action plan aims to achieve a production capacity of 15,000 GW by 2035 based on renewable energy sources, especially solar energy.
In its comprehensive energy sector strategy for the years 2020-2030, Jordan aims to increase the contribution of renewable energy to electricity generation to 31% in 2030 compared to 21% in 2020, while Morocco ’ s energy strategy aims to increase the share of renewable energies in electricity generation from 20% to more than 52% in 2030.
The IMF pointed out that the rest of the Arab countries such as Iraq, Bahrain, Libya and the United States are working to enhance their use of renewable energy sources, especially solar energy, which Arab countries rely on a lot in light of the Arab region's advantages related to the solar belt that surrounds it, which is characterized by the availability of bright sunlight and heat that extends for long periods during the year.
The Arab Monetary Fund pointed out that the global interest in expanding the use of renewable and clean energy sources, in light of the ongoing challenges related to achieving energy security that have emerged clearly globally on the one hand, and the increasing demand for energy on the other hand, in addition to the growing environmental challenges that push towards the transformation of energy systems to clean, sustainable and affordable energy.
The IMF pointed out that despite the increasing interest in renewable energy, its contribution to the global energy mix remains modest, with several challenges related to the ability of renewable energy to meet the requirements of reliability and sustainability in relation to the availability of certain weather and climate conditions such as intensity and longevity of sunlight and heat, wind speed and water flow strength.

The Arab countries have increased their renewable energy capacity by 57% recently, with Egypt aiming to be a regional energy hub by 2030.

Title:

Content: Chairman of the Board of Directors and Editors
I'm sorry.
Mohamad Elbaz
Chairman of the Board of Directors and Editors
I'm sorry.
Mohamad Elbaz
Economist: Egypt is linked to 2030 strategy and will be an energy hub
Dr. Walid Jaballah, an economist, said that the Arab countries ’ increase in renewable energy capacity by 57% is a medium increase and is concentrated in Egypt, Saudi Arabia, Oman and Morocco.
During a telephone interview with Extra News, Jaballah said that these countries are taking the approach of economic diversification in the Gulf, Egypt and Morocco, while other Arab countries are still not concerned with this file and are suffering from problems related to exporting the necessary financing in order to move to the path of renewable energy.
He added that Egypt is linked to its 2030 strategy and to be a regional energy hub with real projects on the ground, where he issued a solar power plant in Biban and wind power plants on the Red Sea coast.
The expert pointed out that Egypt, Saudi Arabia, the UAE, Oman and Morocco account for more than 72% of the total renewable energy growth in the MENA region until 2027.

The region has seen significant investments in solar energy, with Saudi Arabia investing around $3 billion in solar projects, and the total investment in Middle East solar energy nearing $100 billion.

Title:

Content: Land solar energy investment set off the "Middle East fever" total amount of nearly 100 billion
China's new energy investment set off the "Middle East fever", solar industry giants Jingke Energy, TCL Central almost at the same time announced cooperation with Saudi Arabia (Saudi Arabia) sovereign fund solar projects, a total investment of about 3 billion US dollars (about NT $97.5 billion).
In addition, inverter giant Sunlight Power announced the successful signing of the world's largest energy storage project with Saudi company ALGIHAZ, with a capacity of up to 7.8GWh.
Analysts pointed out that the above case means that in addition to the continued investment of Middle East funds in the mainland, in the solar industry is subject to overcapacity criticism, mainland funds choose to go to the Middle East to develop the solar industry.
Founded in 1971, PIF is one of the largest and most influential sovereign renewable wealth funds in the world. Its wholly-owned subsidiary, RELC, is one of the largest and most influential renewable wealth funds in the world. and a leader in green energy technology manufacturing.
Founded in 2021 by two major conglomerates, Abunayyan and Al Muhaidib, VI aims to build a new energy industry chain manufacturing capacity in Saudi Arabia to meet the huge demand for new energy in the Middle East and the world, and is an investor and developer of green energy industrial projects to support the localization of supply chains.
Among them, JinkoSolar ’ s joint venture company plans to set up a joint venture company in Saudi Arabia to build 10GW of high-efficiency batteries and components, with a total investment of 7.157 billion yuan.
JinkoSolar has a market share of more than 50% in the Middle East in 2023, including more than 70% in Saudi Arabia.
The joint venture company of TCL Central has an annual output of 20 GW of solar wafer projects in Saudi Arabia, with a total investment of about RMB15.1 billion.
It is also TCL ’ s first overseas solar wafer factory in Central.
After the project is launched, it will become the first solar wafer project in Saudi Arabia and the largest wafer factory in the world.
Vision Group ’ s joint venture will manufacture wind turbines and critical components locally. Helping Saudi wind power value chain achieve 75% localized production by 2030.
And Vision is the global wind power leader, overseas wind orders for two consecutive years accounted for 70% of the orders of mainland China's wind power enterprises.
At the same time, Sunlight Power also announced three sites in the Middle East energy storage project, in the Najran, Madaya and Khamis Mushait regions of Saudi Arabia, with deliveries starting in 2024 and full capacity grid operation in 2025.
However, Sun Power did not disclose the contract amount in the announcement.
TCL Middle East Wealth
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The UAE has invested $54.5 billion in renewable energy, while Saudi Arabia is transitioning to a circular carbon economy, and Bahrain has refinanced a $2.2 billion sustainability-linked finance facility.

Title:

Content: Environmental, Social, and Governance (ESG) issues have become increasingly prominent on the global stage as organisations recognise the need to integrate sustainability into their operations.

As the Middle East moves towards a low carbon future, sustainability has become a top priority for organisations and governments across the region.

Sheikh Mohammad bin Rashid, Prime Minister and Ruler of Dubai announced while launching the National Hydrogen Strategy that the UAE is to invest up to AED 200 billion ($54.5 billion) in renewable energy.

The launch of a AED 4 billion renewable energy plant in Dubai,  and the world’s largest waste-to-energy plant are proof of sustainability climbing the agenda.

With COP 28 being held in the UAE this year, there is a renewed sense of urgency on climate change action, and the net-zero carbon target is being prioritised through policies and actions.

After all, sustainability will boost the UAE’s economic competitiveness, drive innovative policy and improve investment opportunities.

The region has seen notable sustainability innovations, including Saudi Arabia’s rapid transition to a circular carbon economy, Bahrain’s state oil company refinancing a $2.2 billion sustainability-linked corporate finance facility, and Oman’s exploration of green hydrogen as a clean energy source.

However, the Middle East faces its own unique challenges in implementing ESG practices, especially around accurate sustainability reporting and implementing early regulations to fill in previous gaps.

Other challenges that hinder the progress of the region’s ESG agenda include the talent gap, how corporates in the region address the need to implement ESG practices, as well as data availability.

Regulatory frameworks

While standardised frameworks and reporting guidelines begin to form, the lack of clear regulations can hinder consistent measurement and disclosure of ESG performance.

Global frameworks have now become more widely adopted in the region such as the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), and the newly published International Sustainability Standards Board (ISSB).

The gap in standardisation previously posed challenges for investors and stakeholders who relied on transparent and comparable ESG data for decision-making, however, we are starting to see drastic changes in this area.

Data availability

Many companies in the Middle East still face challenges in collecting, managing, and reporting ESG data, which can hinder their ability to effectively assess and manage their sustainability performance.

Data is the first step to measure any status, but also measure progress. Improving data collection mechanisms and investing in robust reporting systems will be instrumental in addressing this challenge.

ESG talent gap

Organisations need individuals with specialised knowledge and expertise in ESG practices to drive sustainable strategies effectively. Alongside this specialised knowledge, the industry also needs innovators, risk takers, agitators for change, mentors, and communicators in the field. There is however, a shortage of skilled professionals in the region with a deep understanding of ESG principles to drive innovative solutions.

Bridging this gap requires investment in education and training programmes to build a skilled workforce capable of integrating ESG considerations into business practices. Universities and training institutions are therefore increasingly offering courses and programmes on sustainability and ESG and businesses are partnering with academic institutions to develop tailored training initiatives and internships, nurturing a pipeline of talent equipped with the required knowledge and skills.

These efforts will cultivate a sustainable workforce capable of implementing and driving ESG practices in the Middle East.

Implementation by region’s corporates

Despite the challenges, corporations in the Middle East are embracing ESG practices, recognising the importance of sustainability and responsible business conduct. We see this through accelerated electrification and the increase of decarbonizing energy supply.

The GCC’s oil-producing nations have made efforts to diversify energy sources, transitioning towards net-zero carbon fuels for transportation. Investments in renewable energy, such as solar and wind, aim to mitigate environmental impacts and promote a low-carbon economic future transforming the economic system and supply chain.

Additionally, social considerations are gaining prominence. Companies are addressing social issues through initiatives that promote diversity, inclusion, and employee welfare.

Governance practices are also being strengthened to ensure transparency, accountability, regulatory reforms and ethical conduct.

While obstacles in integrating ESG practices persist in the Middle East, corporates in the region are proactively embracing sustainability and responsible business practices.

That the Middle East is emerging as a leader in ESG adoption is apparent through their fullfillment of the UN SDG goals which has driven positive environmental, social, and governance outcomes for businesses and society as a whole.

The energy transition in the Middle East is expected to have a positive impact on both the local economy and climate goals, with the potential to reduce carbon emissions and create new opportunities for economic growth.

Title:

Content: Friday 11th November 2022 Abu Dhabi UAE
Prayer times
News Highlights
Today 's Issue
Today 's Issue
United Arab Emirates
Director of « COP28 » to « Union »: the UAE is a leader in supporting the energy transition
Majid Al Suwaidi speaking at a session of the Climate Summit in Sharm El Sheikh (source)
November 11, 2022 01: 35
Shurooq Awad, Ahmed Shaaban (Dubai, Sharm El Sheikh)
Majid Al Suwaidi, Director General of COP28, said that the UAE believes in the contribution of climate action to driving economic growth and opening doors of opportunities for future generations, in line with the vision of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, who stressed that the country will continue to support the transition in the energy sector.
Al Suwaidi said in a special statement to the Union, on the sidelines of his participation in the COP27 conference in Sharm El Sheikh, that investing in clean energy is an area of growth in itself, as it is an incentive to establish new innovative companies and provide long-term sustainable employment opportunities.
Al Suwaidi pointed out that Masdar has become a global leader in renewable energy and is a prime example of the opportunities offered by climate innovation.
The Director General of the Bureau of the Conference of the Parties (COP28), noted that the transition in the energy sector will have an impact on other economic sectors, such as engineering, construction and manufacturing, and extend to them equally.
Among other forms of growth opportunities, the potential of reducing emissions opens up important new horizons for existing companies, said Majid Al Suwaidi, noting that several leading companies in the country, such as EGA, have diversified and developed new products after tapping into clean energy sources, opening up new avenues for growth.
In a related context, experts and specialists considered that the conference « COP27 » is a great starting point for the use of « green hydrogen » and the reduction of greenhouse gas emissions, describing it as the most important solutions to the transition to clean energy and face the repercussions of climate change, and the elimination of fossil energy.
They pointed out that the Arab region will become the most important source of green hydrogen production in the world, which has been dubbed the “fuel of the future ”.
A turning point.
Dr. Magdi Allam, Secretary General of the Union of Arab Environmental Experts, stressed that the climate summit in Sharm el-Sheikh is a great starting point for the reliance on green hydrogen, and a turning point in the positions of the major countries, where 20 industrialized countries announced their agreement to reduce greenhouse gas emissions, and the climate summit clearly declared that fossil fuels must be eliminated and rely on clean energy.
In statements to the Union, Allam pointed out that green hydrogen and environmentally friendly energy sources have witnessed a great turnout, and this appeared at the current summit to reduce thermal and carbon emissions, pointing out that the world is looking for clean and pure fuel that depends on waterfalls, wind and sun.
Green hydrogen contains nearly three times as much energy as fossil fuels, making it more efficient, as it does not emit polluting gases during combustion or production, and is easy to store, allowing for later use.
International Conventions
In his statements, Allam pointed out that the COP27 conference witnessed great interest in green hydrogen and several international agreements were signed on it, pointing to the memorandum of understanding signed between Egypt and the UAE to produce it in the Suez Canal Economic Zone and on the Mediterranean coast.
Clean energy
For his part, Dr. Ibrahim Abdel Jalil, former head of the Environmental Affairs Authority in Egypt, explained that "green hydrogen" is produced from desalination using electricity from renewable energy sources, so that hydrogen is separated from oxygen from water.
In statements to the Union, Abdul Jalil pointed out that green hydrogen does not produce any emissions, and therefore can replace other fuel sources, and one of the solutions to reduce the phenomenon of climate change, pointing out that many countries of the world now find a place in the market of green hydrogen, including Arab countries.
Global production
According to a report by the International Renewable Energy Agency (IRENA), the current global production of green hydrogen is estimated at 120 million tonnes per year.
It has found several commercial uses for hydrogen as a fuel source, including cars, buses and spacecraft, and by 2050 the market is expected to be worth $600 billion.
Investment Opportunities
The environmental expert called for putting "green hydrogen" in large investments in the coming period to reduce emissions, especially since most Arab countries have great potential for renewable energy, and therefore have a great opportunity to produce it at a low cost, and ready to become the most important sources in the world.
Extensive Uses
Green hydrogen has become widely used in many countries, and it is increasing with the development of extraction methods, and entered into the operation of container ships, hydrogen-powered electric turbines can generate electricity in times of peak demand to help install electricity grids, and some countries have begun using it as an alternative to natural gas in homes.
All rights reserved to Al Ittihad Newspaper 2022 ©

The region is expected to source 10-20% of the global hydrogen market by 2050, with hydrogen generating $120-200 billion in annual revenues.

Green finance is playing a crucial role in supporting the energy transition in the Middle East, with mechanisms such as green bonds and sustainable financing frameworks in place to ensure investments are both environmentally sustainable and economically viable.

Title:

Content: Countdown to Expo 2020 Dubai
APICORP Introduces First Public Guide to Green Bond Launch
The Arab Petroleum Investment Company (APICORP), a multilateral development financial institution focused on investing in the energy and petroleum industries, has announced the launch of its first public guide to green bonds.
This guide provides a framework for the issuance of green bonds and sukuk, reinforcing the company ’ s commitment to supporting projects that comply with the recently approved Environmental, Social and Governance Policy Framework, as well as supporting the development of the broader sustainable finance market.
Under this guide, the projects that APICORP finances, refinances or invests in through these bonds or instruments must be in particular compliant with the United Nations Sustainable Development Goals (SDGs), aimed at mitigating the effects of climate change and enhancing resilience, transitioning to a circular economy, combating pollution, and conserving biodiversity.
The guide is in line with the International Capital Market Association ’ s Green Bonds 2021 Principles and is also supported by the Second Party Opinion Service (SPO) provided by Viggio Eris International, which awarded APICORP ’ s Green Bonds Program an “Advanced ” rating for“ Sustainability Contribution ” and “Expected Impact ” in comparison to APICORP ’ s strategic sustainability priorities and sector-related issues. Sec. ”
Dr. Ahmed Ali Atiqa, CEO of APICORP, said: “The energy sector is undergoing rapid and important transformations towards a more sustainable and cleaner energy mix.
The launch of the Green Bond Public Guide will provide new ways to invest in projects that support the development of affordable, safe and renewable energy sources.
This framework reflects our deep understanding of the impact of ESG on our investments across the broader energy sector, and our firm commitment to developing new strategies to work with all stakeholders and raise their awareness of the environmental and social impacts of their businesses.
This will enhance our shared ability to address the challenges posed by climate change. ”
Dr. Sherif Al-Sayyid Ayoub, Chief Financial Officer, Apicorp, said: “The Green Bond Launch Guide aligns with our strategic goal of increasing the share of green finance in our lending and investment portfolios, as well as improving the ability of issuers across the sector and region to access green investment opportunities.
We are particularly pleased with the availability of Viggio Iris ’ s second party opinion service, which confirms our strong desire and ability to lead the energy transition within the Middle East and North Africa region and beyond, in line with global best practices. ”
The announcement follows APICORP ’ s unveiling of its Environmental, Social and Governance Policy Framework and its intention to allocate $1 billion to support green and renewable energy projects and companies over the next two years.
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The UAE has launched a capacity building training program for climate action, collaborating with the private sector to achieve climate neutrality by 2050.

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Content: Launched by Anwar Gargash Diplomatic Academy
Capacity building training program in preparation for COP28
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The Anwar Gargash Diplomatic Academy, the UAE ’ s leading diplomatic training centre, in collaboration with the Office of the UAE Special Envoy for Climate Change, has launched a capacity building training programme to enrich knowledge, information and skills on climate action as part of its efforts to support the UAE ’ s hosting of the 28th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) in Abu Dhabi in 2023.
The training program will be available to senior government officials, corporate executives, diplomats, negotiators and advisers, and will focus on the fundamentals of climate change and regional climate priorities, climate diplomacy, energy transition, and the UAE ’ s Climate Neutrality Strategy 2050.
The program also includes training sessions on communication and stakeholder engagement, and other relevant topics to enhance the role of the public and private sectors in achieving social and economic progress through climate action.
About 150-200 people will be selected through a competitive process to participate in the first batch of the six-month intensive training program, followed by a second batch of the same duration, in preparation for the UAE ’ s hosting of COP 28 in 2023 in Abu Dhabi.
H.E. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, UAE Special Envoy for Climate Change, said: “The UAE leadership is focused on building human resources capacity, empowering them and providing them with the necessary expertise and knowledge to find practical solutions to various challenges.
We are pleased to launch this training program in collaboration with the Anwar Gargash Diplomatic Academy, which is an important tool for representatives of key sectors of government officials, delegates and administrators in the UAE within the public and private sectors to prepare for COP 28 and take advantage of the opportunities for economic and social growth of climate action.
Capabilities
“The programme aims to strengthen capacity in climate diplomacy and creates new opportunities for the private sector in low-carbon sustainable development.
As the UAE prepares to host leaders and negotiators from 197 countries, we are keen to build a broad and inclusive coalition of partners, where we will encourage programs that take input from all public and private sectors, civil society, scientists, engineers and entrepreneurs.
We will also work to turn pledges and promises into practical results.
I am confident that this program will enable the government and private sectors to communicate effectively with partners, translating strategies into results on the ground. ”
efforts
Nikolai Mladenov, Acting Director General of the Anwar Gargash Diplomatic Academy, said: “We are pleased to be working alongside the Office of the UAE Special Envoy for Climate Change in implementing this unique training program, which aims to support the significant efforts associated with the organization of COP 28, which will be hosted by the UAE in 2023.
The UAE has set ambitious national targets and is ready to enhance the capabilities and skills in all government sectors to deliver the requirements of COP 28 to ensure a distinctive version of the conference and ensure the success of the event. ”
A commitment.
The UAE sees gradual climate action as essential to global security and a major opportunity for economic growth.
The UAE was the first country in the region to sign and ratify the Paris Agreement, and the first to commit to reducing emissions at the level of the economy.
Last year, the UAE was the first country in the Middle East and North Africa to announce the goal of achieving climate neutrality by 2050 under the Climate Neutrality Strategy 2050, a national engine of economic growth, job creation and industrial expansion that is closely aligned with the country ’ s long-term development goals.
Early investment in diversifying the energy mix contributed to the UAE ’ s leadership in the field of clean energy, both renewable and nuclear. The UAE made its first major investment in clean energy more than 15 years ago, and today the country is home to three of the largest and least expensive solar power plants in the world.
With renewable energy investments in more than 40 countries, the UAE plans to expand its global portfolio to more than 100 gigawatts by 2030.
The country also has a proven track record in climate aid, distributing more than US $1 billion in climate aid.
The UAE is also an incubator for many fast-growing agri-tech startups that produce food using five times less water than traditional farming.
Pioneer
The UAE is a leader in carbon capture technology in the region, with its first industrial-scale carbon capture and storage facility, which captures 800,000 tonnes of carbon dioxide annually.
The UAE is transitioning to hydrogen as fuel and developing hydrogen supply chains with key markets in Asia, Europe and the Middle East.
The UAE is also exploring low-carbon technologies in other industrial sectors.
Emirates Global Aluminium, for example, has developed the world ’ s first manufacturing process for the production of automotive panels using solar energy.
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The Middle East needs significant investment in renewable energy, with the UAE needing $1.2 trillion for decarbonization, and the region's energy transition efforts expected to have a positive impact on both the local economy and climate goals.

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Content: Skip to content
The UAE hosted the third National Dialogue on Climate Ambition, under the theme “Financing the UAE ’ s Transition to Climate Neutrality by 2050 ”.
The dialogue on the financial sector was organized by the Ministry of Climate Change and Environment and brought together 80 representatives from relevant government and private sector institutions, including financial regulators, banks and finance companies.
Climate neutrality.
and sustainable financing
During the panel discussion, participants discussed trends in sustainable finance globally and reviewed the state of this type of financing at the local level, with the aim of exploring the tools and mechanisms needed to support the UAE ’ s march towards climate neutrality.
Discussions also addressed the need for the Middle East and North Africa region to invest close to $1.2 trillion in decarbonization.
for the regional economy.
Mariam bint Mohammed Al Mehairi, Minister of Climate Change and Environment, said that the UAE government is committed to keeping pace with and translating the vision of sustainable economic development of the wise leadership into reality through an integrated system that considers achieving the objectives of the strategic initiative to achieve climate neutrality by 2050 as one of its most important pillars.
Through the National Dialogue, we are inviting all parties in the financial sector to discuss ways to strengthen our collaboration to explore opportunities to accelerate decarbonisation across priority sectors. ”
The past years have witnessed a significant development in the sustainable finance sector in the UAE, where the UAE Framework for Sustainable Finance was launched in 2022, which aims to intensify cooperation between the public and private sectors and direct capital towards the smart and environmental environment.
Friendly investments.
ADGM ’ s Sustainable Finance Agenda also laid out a roadmap for the development of a sustainable finance centre in the UAE to promote green and sustainable investments in the region.
In order to enhance the contributions of the private sector in this area, the Dubai Declaration on Sustainable Finance and the Abu Dhabi Declaration on Sustainable Finance commit UAE-based financial institutions to contribute to the transition towards a green economy through financing sustainable projects.
The Dubai Sustainable Finance Working Group brings together financial sector and financial market regulators at the local level and promotes cooperation and coordination with the aim of creating an enabling environment for sustainable finance.
Ambition of climate.
National Dialogue Series on Climate Ambition
The Ministry of Climate Change and Environment launched the National Dialogue Series on Climate Ambition in May and will continue until October, which serves as a national platform to raise climate ambition and promote decarbonization efforts in various sectors, including manufacturing, cement, waste, transport and energy.
The financial sector has been added to the dialogue series as an enabler of achieving climate neutrality. The national dialogue aims to develop a national vision for sustainability and support the UAE ’ s strategic initiative towards achieving climate neutrality by 2050.

The implementation of smart grid technologies and energy storage systems is expected to support the energy transition in the Middle East, by providing a stable and efficient grid, and enabling the integration of more renewable energy sources.

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Content: The first of its kind in the Middle East and North Africa
Dubai Electricity Launches Automated Smart Grid Restoration System
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Dubai Electricity and Water Authority (DEWA) has launched the first automated smart grid restoration system in the Middle East and North Africa (MENA) region to increase the control, management and monitoring of the power grid remotely and around the clock without any human intervention.
The system relies on intelligent and innovative centralized systems to automatically locate, isolate and restore power grids, improving grid automation, fault detection, isolation and service recovery, and supporting DEWA ’ s efforts to continue providing reliable, reliable and efficient supplies.
HE Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, stressed that DEWA is sparing no effort to raise the capacity, efficiency and readiness of the electricity transmission network in Dubai to meet the future needs of customers, developers and business sectors, relying on the latest smart technologies, as part of DEWA ’ s efforts to promote digital transformation in all its service and operational operations.
Al Tayer added: “We are working within the framework of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to provide an advanced and integrated electricity and water infrastructure to meet the growing demand and meet the needs of sustainable development in Dubai.
The smart network is a key component of TRA ’ s strategy to develop an advanced infrastructure to manage facilities and services through smart and interconnected systems based on disruptive technologies and the latest technologies of the Fourth Industrial Revolution.
DEWA ’ s smart grid program, with a total investment of AED 7 billion, is in line with His Highness ’ directives to be the smartest and happiest city in the world, and supports Dubai ’ s Clean Energy Strategy 2050 and Dubai ’ s Carbon Neutrality Strategy 2050 to provide 100% of energy production capacity from clean energy sources by 2050.
As a result of its efforts to adopt the latest technologies in the production, transmission and distribution of energy, DEWA became one of the most distinguished and leading institutions in the world. In 2021, DEWA achieved a new world record in the average power outage per subscriber, with Dubai recording an average of 1.43 minutes per subscriber, compared to 15 minutes for selected electricity companies in the European Union.
DEWA also succeeded in reducing the loss of electricity transmission and distribution networks in Dubai to 3.3% compared to 6-7% in Europe and the United States. ”
Hussain Lootah, Executive Vice President, Power Transmission Sector, DEWA, said that the smart grid is a reinvention of power transmission, distribution and measurement methods, as it has become the new standard for service organizations and consumers.
The automation of the smart network is one of the main governance axes that ensures the smooth, fast and efficient operation of the smart network of the Authority.
Lootah pointed out that the total value of the Authority ’ s investments in electricity transmission projects between 2021 and 2024 amounts to 10 billion dirhams, of which 2 billion dirhams are for the main transmission projects with a voltage of 400 kV and 8 billion dirhams are for the main transmission projects with a voltage of 132 kV.
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The region is home to some of the world's largest sovereign wealth funds, providing a significant source of financing for the energy transition.

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Content: 00: 00
Expo 2020 Dubai Today
Mohammed bin Rashid College supports governments in the region to adopt green transformation
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The Mohammed Bin Rashid School of Government (MBRSG) has published two new regional reports outlining the need for governments in the Middle East to build new tools and policies to advance climate action and accelerate the transition to a low-carbon economy.
The two reports, “Better Recovery: A Green, Resilient and Fair Recovery in the Middle East, ” were jointly conducted with HSBC to produce two regional studies,“ Aligning Policies with Green, Resilient and Fair Recovery Processes in the Middle East, ” and “Financing the Green Transformation in the Middle East. ”
The reports put forward a series of recommendations for eight countries in the Middle East, including Bahrain, Egypt, Kuwait, Iraq, Oman, Qatar, Saudi Arabia and the United Arab Emirates, that could contribute to achieving the United Nations Sustainable Development Goals and supporting the goals of the Paris Climate Agreement.
The first report, “Aligning Policies with Green, Flexible, and Equitable Recovery Processes in the Middle East, ” provides an overview of government spending and fiscal policies for recovery throughout the first year of the COVID19 pandemic, and assesses governments ’ contributions to environmental conservation, resilience, and recovery processes during the pandemic.
Recovery phase
Dr. Ali bin Sebaa Al Marri, Chief Executive Officer of the Mohammed bin Rashid School of Government, said: “The world is in a real recovery phase from the COVID-19 pandemic, and governments in the Middle East have an opportunity to realign development to more committed and environmentally resilient pathways. ”
Development Procedures
Dr. Marie Loumi, non-resident research fellow at the Mohammed bin Rashid School of Government and co-author of the first report in 2020, said: “Low oil prices have affected the ability and willingness of oil producers in the region to spend on development measures, with the first year of the COVID19 pandemic seeing few examples of recovery-oriented green policies in the Middle East.
1. Recommendations
The first report concludes with recommendations for immediate action to put the region on track towards a sustainable, low-carbon future, and calls on governments to adopt best practices in developing and implementing recovery policies.
Mustafa Bayoumi, a sustainability policy researcher at the Mohammed bin Rashid School of Government and co-author of both reports, said: “There are actions governments can take now that will have a significant impact, putting the Middle East at the forefront of the region ’ s clean energy transition. ”
The second report, “Financing the Green Transformation in the Middle East, ” focuses on how the region is financing the green recovery after the pandemic, noting that governments in the Middle East are well positioned in terms of financing the green economy and how to channel it, and according to the World Bank, government spending as a percentage of GDP is high in many of the countries studied.
With an average of 20% of GDP in the region and as high as 28% in Saudi Arabia, compared to the global average of 17%, the Middle East is also home to some of the world ’ s largest sovereign wealth funds.
Pioneering role
Sabreen Rahman, Managing Director and Head of Sustainability, Europe, Middle East and Africa, HSBC Bank, said: “HSBC is playing a leading role in leading the transition to a carbon-neutral global economy, not only by financing it but by helping shape and influence the global policy agenda.
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Overall, the energy transition in the Middle East is underway, with countries such as Saudi Arabia, the UAE, and Egypt leading the way in investing in solar and wind energy, and working to address the technical and financial challenges associated with integrating these sources into the grid.

The region's energy transition efforts are expected to have a positive impact on the environment, with the potential to reduce carbon emissions and mitigate the effects of climate change.

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Content: Middle East Climate Week looks at renewable energy transition and carbon reduction
During a panel discussion focused on the Kingdom ’ s high energy and efficiency records
The “Middle East and North Africa Climate Week 2023 ”, hosted by the Kingdom of Saudi Arabia, in coordination and cooperation with the United Nations Framework Convention on Climate Change (UNFCCC) Secretariat, discussed on the third day the transition of renewable energy and the reduction of carbon emissions.
The panel discussion, entitled “Accelerating the Transition of Renewable Energy and Reducing Carbon Emissions ”, tackled carbon emissions mitigation and climate change, and the programs and initiatives adopted by the Kingdom to address climate change.
The speakers – Senior Sustainability Advisor to the Minister of Energy, Chief Negotiator of the Kingdom ’ s Climate Agreements, Dr. Khalid Al Meheid, Undersecretary of the Ministry of Energy for Electricity Nasser Al Qahtani, SPPC CEO Mazen Al Bahkali, ACWA Power ’ s Vice Chairman and Managing Director Raad Al Saadi, and Saudi Energy Efficiency Center General Manager Nasser Al Ghamdi – discussed the objectives of the Kingdom ’ s energy programs, priorities, needs, resources and funding sources. and current solutions.
They addressed the Kingdom ’ s high energy and efficiency records, touching on hydrogen from manufacturing to strengthening regional and international supply chains, pointing to the vast areas that enable solar and wind energy projects and clean energy exports with international connectivity.
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The Middle East is expected to grow its solar capacity by 500% by 2023, with Arab countries aiming to double their renewable energy capacity by 2030.

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Content: In numbers...
Arab countries race to double their renewable energy production by 2030
ECONOMY
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DUBAI, United Arab Emirates — (CNN) Arab countries are on track to grow their utility-scale wind and solar capacity by more than 500% by 2023, according to a report by Global Energy Monitor.
According to the report, the Middle East and North Africa (MENA) region has enormous potential for large-scale wind and solar power projects because of its favorable climate and sunny weather for most of the year.
Arab countries are planning more than 73 gigawatts of utility-scale solar and wind projects, a more than fivefold increase in current capacity, which together with operational projects will account for 91% of the Arab League ’ s renewable energy goals for 2030.
The UAE is at the top of the list of Arab countries that produce the most electricity from solar energy, with solar plants producing 2.6 gigawatts of electricity.
Egypt is among the Arab countries that produce the most electricity from wind power at 1.6 gigawatts.
Egypt produces 1.9 gigawatts of electricity from solar power plants.
Egypt ’ s total electricity production from both places it at the top of the list of Arab countries with a production capacity of 3.5 gigawatts.
Thanks to its huge investments in solar electricity production, the UAE ranks second in wind and solar electricity production, followed by Morocco in third place with 1.9 GW and Jordan in fourth place with 1.7 GW.
While Egypt, the United Arab Emirates, Morocco and Jordan are the first Arab countries to initiate wind and solar power plants, Oman, Algeria and Kuwait are poised to follow suit, ranking first in expected solar and wind power production in the near future.
Here are the top Arab countries in terms of the current operation of solar and wind energy on the scale of utilities and the capacity of wind and solar energy expected to be produced at the level of each country in the Arab region.

The UAE aims to achieve zero emissions by 2050, with an investment need of $36 billion to meet its climate goals.

Saudi Arabia aims to achieve zero emissions by 2060, and plans to get 50% of its energy mix from renewable energy by 2030.

The Arab Coordination Group has allocated $10 billion for green transformation by 2030, highlighting the region's commitment to sustainable development.

Investments in renewable energy reached $1.7 trillion in 2022, with the International Finance Corporation (IFC) estimating $10.2 trillion in investment opportunities in low-carbon sectors by 2030.

The UAE is a catalytic model for private sector participation in sustainable projects, with the green finance sector growing 37% in the Middle East and North Africa in 2021.

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Content: Saturday 12th November 2022 Abu Dhabi UAE
Prayer times
News Highlights
Today 's Issue
Today 's Issue
Emirates..
A Catalytic Model for Private Sector Participation in Sustainable Projects
Emirates..
A Catalytic Model for Private Sector Participation in Sustainable Projects
November 12, 2022 00: 46
Hussam Abdulnabi (Dubai)
The UAE has become a catalytic model for private sector participation in sustainable projects, according to a study released by Heriot-Watt University Dubai.
The study monitored the increasing participation of local entities within the UAE in the green finance sector in the country, the most important of which is « Masdar », despite the limited participation of the private sector in supporting green initiatives.
UAE banks in particular, and Gulf banks in general, played an important role in achieving a boom in total issuance of loans and sustainability-related financing in 2021, notably First Abu Dhabi Bank (FAB) and Emirates NBD.
Remarkable growth
She added that there is a marked growth in interest in green finance in the Middle East and North Africa region, where the issuance of green and sustainability-related debt in the Middle East and North Africa region reached $6.4 billion in the first half of 2021, an increase of 37% compared to 2020, where the volume of issuance reached $4.7 billion.
The surge is due to the increased participation and inclusion of banks such as Riyad Bank, National Bank of Kuwait and Qatar National Bank in the list of participating regional banks, including First Abu Dhabi Bank (FAB), Emirates NBD and National Bank of Saudi Arabia, where the implementation of sustainable financing frameworks and the establishment of the infrastructure required to finance ESG debt is the first step that must be taken for green finance to flourish.
Private investment
Dr. Jelena Janjosevic, Academic Head of Accounting, Economics, Finance and Executive Education at Heriot-Watt University Dubai, stated that the potential investment of the private sector in green finance will undoubtedly create a boom in green finance.
Implementing sustainable financing frameworks and establishing the infrastructure required to finance ESG debt is the first step that must be taken for green finance to flourish, she said.
In addition, collective investment and stakeholder collaboration were essential for ambitious renewable energy projects to progress.
Green investments
She noted that official reports show that there are huge investments by many countries within the Middle East and North Africa region, where Egypt issued the first green loan worth $3 billion in 2021, and the company « Masdar » in Abu Dhabi and « Etihad Airways » large investments, where the former signed a green loan worth $100 million in 2021, and the latter obtained a green loan worth $1.2 billion.
Regarding the gaps caused by the rapid transition to sustainability, Janjosevic said that countries often face two major challenges during periods of rapid transition: developing the infrastructure needed to support this transition and restructuring resources to meet the requirements.
In such a situation, there was a higher demand for renewable energy and sustainable projects, and the challenge was to create the necessary framework that could accommodate economic diversification and a post-hydrocarbon future.
All rights reserved to Al Ittihad Newspaper 2022 ©

APICORP has launched a guide to green bonds for energy projects, which aligns with the UN Sustainable Development Goals and ensures environmentally sustainable investments.

The guide follows International Capital Market principles and has been awarded an "Advanced" rating by Viggio Eris, demonstrating the region's commitment to green finance.

Green finance is helping to achieve climate agreements, with the UAE aiming to reduce carbon emissions through sustainable finance, and Abu Dhabi hosting a Sustainable Finance Conference.

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Content: Saturday 30 March 2024 Abu Dhabi UAE
Prayer times
News Highlights
Today 's Issue
Today 's Issue
ECONOMY
Future Energy Summit Hosts Sustainable Finance Conference
Future Energy Summit Hosts Sustainable Finance Conference
March 30, 2024 02: 59
Abu Dhabi (Union)
The World Future Energy Summit (WFES) has announced the launch of the first edition of its 2024 Sustainable Finance Conference, hosted by Abu Dhabi Future Energy Company (Masdar), the UAE ’ s leading clean energy company, from April 16 to 18 at the Abu Dhabi National Exhibition Centre (ADNEC).
The conference, which will take place on April 17, brings together policymakers, asset managers, financiers, academics, environmentalists and major energy companies to raise awareness of the sector among non-industry groups, especially as it is receiving a lot of attention around the world.
Speakers will address in detail all forms of finance, from global projects to low-carbon economies; efforts to promote regional pathways to sustainable finance; the need for climate finance legislation; requirements for scaling up sustainable finance; and opportunities for entrepreneurs in the sector.
Collaboration and partnerships
Sharjeel Bashir, Head of Sustainability at FAB, said: “Effective climate finance requires collaboration between public and private sectors. For example, FAB can support the UAE ’ s climate commitments through partnerships with traditional and emerging sectors. This collaborative approach is important because the transition towards sustainability can pose new challenges, especially for high-carbon sectors.
Lynn Sebai, President of the World Future Energy Summit (WFES) and Managing Director of RX Middle East, said: “Sustainable financing is a necessary step to support the global shift towards cleaner and more sustainable energy alternatives by financing projects in renewable energy sources, including solar, wind, hydro, groundwater and hydrogen. Address these concerns and challenges, as well as identify opportunities.
She added: “The conference is taking place at the right time and place, and coincides with ADGM ’ s efforts to strengthen its regulatory framework to establish itself as a center for sustainable finance and attract investment and capital to contribute to climate finance and contribute to the reduction of carbon emissions in the UAE ’ s economic activities. ”
Attracting Investments
Mohamed Jameel Al Ramahi, CEO of Masdar, said: “As the host of the World Future Energy Summit and a leader in clean energy and sustainable finance investments, Masdar is pleased to announce the launch of the Green Finance Conference. The company ’ s successful issuance of green bonds and the establishment of the Green Finance Framework last year also reflects its commitment to developing and investing in sustainable finance projects.
“We believe that green bonds are very popular as a way to attract private investment in renewable energy projects, that they will be an important tool to address the disparity in climate finance between the southern and northern parts of the globe, and that green finance will play an important role in helping to achieve the historic UAE agreement reached at COP28. ”
The World Future Energy Summit 2024 is expected to attract 400 exhibitors and more than 30,000 visitors, as well as hosting more than 350 speakers on the topics of solar energy, environmental waste, water, clean energy, climate, environment and smart cities.
This year ’ s edition will see the addition of three new forums on mechanisms to control global warming at 1.5 ° C, green finance and electric mobility.
All rights reserved to Union News Center 2024 ©

The UAE Framework for Sustainable Finance was launched in 2022, and the Abu Dhabi Global Market's (ADGM) Sustainable Finance Agenda promotes green investments, while the Dubai Declaration on Sustainable Finance supports the green economy.

The Middle East requires significant investment in renewable energy, with the UAE needing $1.2 trillion for decarbonization, and the region's energy transition efforts expected to have a positive impact on both the local economy and climate goals.