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GREEN FINANCE-
ADCB Egypt partners with UNIDO on green growth program: The Abu Dhabi Commercial Bank Egypt (ADCB) is cooperating with the United Nations Industrial Development Organization (UNIDO) and joining Egypt’s green growth program to support small and medium-sized businesses, especially ones targeting green projects, according to a statement. UNIDO will offer financing and non-financing products and services for ADCB’s clients to achieve the lender’s goal of having sustainable financing make up 15% of its loan portfolio by 2030. The program will include companies working on renewable energy projects, sustainable agriculture, waste management, and others.
The lender is doing more: ADCB launched Egypt’s first sustainable corporate account last month. The lender also joined the Net-Zero Banking Alliance and committed AED 125 bn in sustainable finance by 2030.
IsDB + AIIB reaffirm sustainability partnership: The Islamic Development Bank (IsDB) and The Asian Infrastructure Investment Bank (AIIB) signed an MoU to boost sustainable financing, according to a statement. The agreement builds an initial partnership between the two lenders, and expands on their existing co-financing framework with a focus on enhancing climate-resilient infrastructure.
REMEMBER- Both banks are making strides in green finance: AIIB partnered with the COP28 presidency in October to mobilize establish financial structures to increase the mobilization of private and institutional capital, including a blended finance structure to drive capital into green projects. IsDB also committed USD 250 mn to the International Renewable Energy Agency’s USD 4 bn Energy Transition Accelerator Financing platform last month.
Bapco Energies launches new green transition finance framework: Bahrain’s Bapco Energies has unveiled a green transition finance framework — made in collaboration with international banking group Standard Chartered — making it the first energy company in the region to do so, according to a press release. The framework outlines plans to secure funding for renewable energy, carbon capture and storage, no/low emissions fuels, and energy efficiency projects. Global provider of ESG goal solutions ISS Corporate Solutions offered a Second Party Opinion for the framework.
ELECTRIC VEHICLES-
Bee’ah Group to establish EV charging infrastructure in Sharjah: The Sharjah Roads and Transport Authority (SRTA) is partnering with the UAE’s Bee’ah Group to establish and operate an EV charging network across the emirate to keep up with the recent surge of EV usage, according to a statement. Hundreds of chargers — including new fast chargers — will be deployed along highways, urban areas, and coastal regions. The partnership aligns with the National Electric Vehicles Policy, which aims to have EVs make up 50% of vehicles on the UAE’s roads by 2050.
REMEMBER- Bee’ah is set to achieve carbon neutrality in Sharjah: Bee’ah Group has set a target to reach net zero emissions by 2040. The company is close to reaching carbon neutrality in the Sharjah Emirate alone, where Bee’ah’s zero-waste strategies have enabled a 90% landfill waste diversion rate.
Archer Aviation + NASA partner on air mobility: Mubadala Capital-backed green mobility firm Archer Aviation has signed an agreement with NASA to collaborate on Advanced Air Mobility (AAM), according to a statement. The two will study efficient battery cells and safety testing for AAM, mainly Archer’s Midnight battery system and its space applications. NASA also plans on providing its test results to advance the AAM industry globally.
Archer has a regional presence: Archer signed an agreement with the Abu Dhabi Investment Office last month to explore the possibility of establishing an air taxi network in the Emirates by 2026.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- ACUD approves incentives for green buildings: Egypt’s Administrative Capital for Urban Development (ACUD) is offering incentives for investments in green projects in the New Administrative Capital. Qualified candidates will have to have international certifications like that of the LEED International Certificate for Green and Sustainable Building. (Daily News Egypt)
- Algeria + US talk energy cooperation: Algeria’s Energy and Mining Minister met with the heads of big US energy firms — including Exxon Mobil, Chevron, Hecate Energy, Arc Energy, National Energy Services Reunited, Reasol, and Philippe Group Mining — to discuss cooperation and investment paths in renewable energy, hydrogen, desalination, and mining. (Statement)
