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GREEN FINANCE-
Iraq + IFC launch sustainable finance plan: The International Finance Corporation (IFC) and the Central Bank of Iraq have partnered to develop environmental and social risk management guidelines and launch a seven-year Sustainable Finance Roadmap (2023–2029), according to a press release. The roadmap aims to improve Iraqi banks’ performance in ESG areas, enhance financial stability, and introduce sustainable banking products. The ESG Code, developed with global standards, will strengthen the banking sector’s competitiveness and support Iraq’s broader sustainable development goals.
REMEMBER- Iraq is in the development stage for ESG pillars: The IFC’s Sustainable Banking and Finance Network members recently found that Iraq’s banking sector was in the developing stage for all three main pillars of sustainable finance — ESG Integration, Climate and Nature-Related Risk Management, and Financing Sustainability.
GREEN CONSTRUCTION-
Qatar introduces green cement to boost circular economy: Qatar’s Ministry of Environment and Climate Change has launched a project to produce green cement from sewage waste, Qatar News Agency reports. This initiative could reuse 40k tons of sewage sludge annually to produce 40 mn concrete blocks at a 10% cost saving compared to traditional cement or 150k cubic meters of foamed concrete with a 20% saving.
GREEN MANUFACTURING-
Aramco and China National Building Material Group have signed a five-year agreement to set up manufacturing facilities in the kingdom for wind turbine blades, hydrogen storage tanks, lower-carbon building materials, and energy storage, it said in a press release. The pair will also create a training and inspection center and joint tech development center.
What they said: “This agreement envisages a wide range of cooperation that has potential to positively contribute to low-carbon development, while supporting further strategic alignment between China and the Kingdom.”
