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DEBT WATCH-
MUFG EMEA and Doha Bank close MENA’s first-ever Green Repo scheme: MUFG EMEA — the Europe, Middle East and Africa unit of Japan’s largest bank MUFG — and Qatar’s Doha Bank have successfully closed the first Green Repo scheme in MENA using green bonds as collateral, according to a statement. The scheme will channel proceeds from the repurchase of green bonds issued by Qatar to the funding and purchase of green bonds under Doha Bank’s Sustainable Finance Framework.
About the framework: Doha Bank launched its Sustainable Finance Framework last year, which opens the door to issuing various ESG-aligned debt and capital instruments.The issuances could include bonds and private placements under its Euro Medium Term Note program.
DECARBONIZATION-
#1- Bapco Energies + BlackRock to explore decarbonization collaboration: Bahrain’s Bapco Energies signed an MoU with a BlackRock-managed fund to “explore collaboration on future Bahraini infrastructure and decarbonization projects,” according to a statement. The MoU entails technical expertise and funding for renewable energy projects, EV charging, carbon capture and sequestration, direct air capture, energy efficiency, and waste to energy projects in the Kingdom.
#2- Masdar City cut energy use intensity by 30% in 2023: Abu Dhabi’s Masdar City has achieved an energy use intensity (EUI) reduction of 30.6% last year against the ASHRAE (The American Society of Heating, Refrigerating and Air-Conditioning Engineers) baseline, which is equivalent to removing 3.3k tons of carbon dioxide emissions from the atmosphere, its annual ESG report (pdf) reports. The city also achieved a 57% waste reduction through its recycling initiatives and saw its potable water consumption by 18.3% during the year. Some 27% of its energy last year was generated from renewables and returned to the grid, it added.
What’s next? Masdar City plans this year to complete its net-zero roadmap to help outline key metrics to achieve net-zero by 2050. It will also conduct a water resources assessment to help it determine its impact on areas with water stress and manage water resources. It also outlined plans for 2025, which will include the construction of three net-zero buildings in the city and enhancing its asset portfolio EUI measure against the ASHRAE baseline to achieve a 45% reduction.
#3- Aramco to use AI supercomputer for low carbon intensity options: Saudi oil giant Aramco said it is deploying an AI supercomputer that would help provide drilling and geological data analysis in order to recommend low carbon intensity options and optimize well placement, according to a statement released earlier this week. The technology, which will use Nvidia Graphical Processing Units, is the first-of-its-kind in the region, Aramco said.
SOLAR-
Jordan’s municipalities get solar power: The Jordan Renewable Energy and Energy Efficiency Fund (JREEEF) has completed the first phase of a solar cell installation project across the country’s municipalities, according to a statement. The first phase encompassed the installation of solar cell systems with a capacity of 650 KW across 29 municipalities at a total cost of JOD 460k (c. USD 649.2k). The targeted municipalities are expected to save at least JOD 198k annually.
More to come: JREEEF said it plans another 163 solar cell systems across 100 municipalities with an overall capacity of 3.2 MW in the project’s second JOD 2 mn phase, according to the statement. The expansion is set for completion in 2025.
SUSTAINABILITY-
#1- Circular Cities Summit concludes in Dubai: Climate architects and urban planners came together at the Circular Cities Network (CCN)-hosted Circular Cities Summit 2.0 — which concludes today — in Dubai to develop a roadmap focused on circular cities development, according to a statement. The plan will detail the implementation of circular design principles in cities to enhance sustainability, efficiency, and livability. It will also focus on tackling environmental urban challenges such as extreme weather and air pollution,
About the Circular Cities Network: Headquartered in Singapore, the CCN is a group of eight international organizations including the International Federation of Landscape Architects, International Society of City and Regional Planners, International Union of Architects, World Federation of Engineering Organizations, World Green Infrastructure Network, International Society for Urban Health, the International Association of Horticultural Producers, and the Society of Sustainability and Green Materials.
#2- Bahrain sovereign fund’s real estate arm to integrate renewable power: Bahrain’s Electricity and Water Affairs Ministry has signed a framework agreement with Bahrain Real Estate Investment Company (Edamah) — the real estate arm of Bahrain’s sovereign wealth fund Mumtalakat — on renewable energy and energy efficiency, Al Watan reported earlier this week. Under the MoU, the ministry will provide technical support and advice to help Edamah integrate renewable energy solutions and enhance energy efficiency across its promises.
REMEMBER- Edamah is investing in green efforts: The company signed an agreement in April with Dubai-based urban vertical farming company Badia Farms to invest “several mn USD” to establish a sustainable farm in Bahrain. The agreement was set to see Badia lease a 50k sqm plot of land in the Bahraini village of Hamala from Edamah and use advanced hydroponic farming methods, water recycling and solar power to maintain year-round crop production.
