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SUSTAINABILITY-
IFC launches AI-powered ESG market analysis tool: The International Finance Corporation has launched a new ESG-focused, AI-powered platform dubbed Malena which aims to help investors extract insights from previously unstructured ESG information on emerging markets and make speedy investment decisions, according to a statement. The new tool will leverage 15 years of market data and help fill a gap for investors looking to tap developing countries’ ESG sector — where there is a lack of disclosure regulations or coverage by data providers — by enabling access to intel on emissions output, gender data, and sentiment insights.
How will it help? The platform will process hundreds of pages of data — including annual reports and corporate policies — against over 1k ESG terms, predicting sentiment with an accuracy of 91%. For instance, an asset manager exploring potential investments in a company could upload 600 pages of the company’s annual reports and policies on the platform, which could then promptly identify that the term “fraud” is commonly mentioned in those documents. The asset manager could then delve deeper into the occurrences of this term within the original documents to gain additional context. This information could be valuable in initiating a discussion with the company’s leadership regarding governance controls.
GREEN TECH-
KSA turns to space monitoring to tackle climate change: Saudi Arabia is using space observation tech to better monitor the environment and measure the effect of its efforts to combat climate change, The National reports. The country will use space monitoring to track the impact of its Green Initiative to plant 10 bn trees to offset the effects of climate change. The country will use Earth observation and remote sensing satellites to measure the changes that take place as the trees are planted, Advisor to the chief executive of the Saudi Space Agency Mishaal Ashemimry said.
THERMAL ENERGY-
Moroccan cheese company launches new green energy unit: The Moroccan branch of Bel Group has inaugurated a new unit for producing energy from biomass at its factory in Tangier, according to a (watch, runtime 0:35). The MAD 30 mn unit uses a boiler that generates steam by heating olive residues, providing 80% of the factory’s needs for organic thermal energy.
Morocco has more plans for biomass energy: Swedish green hydrogen developer S2H2+Bm has announced plans to develop solar energy and biomass generation projects in Morocco in a bid to establish a large-scale green hydrogen plant in the African country by 2030.
NUCLEAR ENERGY-
Russia and Egypt ink uranium supply agreement: TVEL — a subsidiary of Russian state-owned nuclear developer Rosatom — has signed an agreement with the Egyptian government for the supply of low-grade uranium components, according to a statement released last week. The atomic fuel would be used to power the country’s second Experimental Training Research Reactor (ETRR-2), supplied by Argentine company Investigacion Aplicada. The Russian firm will also supply Egypt with aluminum-uranium alloys and powder used for nuclear reactor fuel elements. Deliveries are expected this year, Rosatom noted.
REMEMBER- Egypt is moving ahead with its nuclear ambitions: Rosatom kicked off construction on the fourth and final reactor of the 4.8 GW Dabaa nuclear power plant in January. The company was contracted in 2015 to handle the construction and provide fuel for Dabaa and broke ground on the USD 28.75 bn project in July 2022.
GREEN FINANCE-
ADCB and France’s Schneider Electric expand green investments in Egypt: France’s Schneider Electric has partnered with The Abu Dhabi Commercial Bank (ADCB) to finance real estate projects using energy efficient buildings and sustainable development projects in Egypt dependent on clean sources of energy, the company said. Under the partnership, ADCB will finance microgrid solutions for Schneider Electric’s Badr Factory to provide clean power to real estate projects and establish a cooled agricultural greenhouse, a water desalination unit, a water pump, and a fertilization unit in Marsa Matrouh Governorate, Daily News Egypt reports.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- Presight + Samruk-Kazyna ink agreement on green tech: UAE’s big data analytics company Presight and Kazakh sovereign wealth fund Samruk-Kazyna have inked an agreement to develop an AI supercomputer and data center cluster powered by green energy in Kazakhstan. (Statement)
- UAE begins final tests on Barakah’s fourth reactor: The UAE’s 5.6 GW Barakah Nuclear Energy Plant – which is expected to become operational this year – is undergoing final tests on its fourth and final unit before connecting it to the national grid. (Wam)
- UAE launches new platform to boost sustainability: The UAE’s Energy and Infrastructure Ministry has launched its Twin Digital Platform, which will display in real-time the livability and sustainability of cities on 3D models, including statistics about energy and water consumption, carbon footprint, air quality, and waste levels to support green policy implementation decision-making. (Wam)
- Array Technologies expands into KSA: Solar tracking solutions company Array Technologies has signed an agreement with the Aluminum Products Company to localize its solar product manufacturing in Saudi Arabia to meet the growing demand for solar PV installations. (Press release)
- Oman to ban plastic bags by 2027: Oman plans to phase out single-use plastic shopping bags by 2027. The sultanate established 10 factories to produce environmentally-friendly bags, distributing 500k of them since 2021. (Muscat Daily)
- AW Rostamani to unroll Zeekr models in UAE: The UAE’s AW Rostamani Group is partnering with Geely’s EV brand Zeekr to launch its models in the country. The company is set to roll out the Zeekr 001 and Zeekr X in the UAE next month. (Trade Arabia)
