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GREEN FINANCE-
Oman’s Sharakah and Be’ah partner to fund eco-friendly startups in Oman: Omani closed joint stock company Sharakah has signed an Memorandum of Cooperation (MoC) with Oman Environmental Services Holding Company (Be’ah) to streamline funding for startups within Be’ah’s SME accelerator Eco-Innovate Oman (EiO), Trade Arabia reports. EiO focuses on supporting Omani eco-preneurs in sustainability and the circular economy, helping them kickstart green businesses.
The details: Under the MoC, EiO will identify startups that meet Sharakah’s criteria for potential funding. Sharakah will evaluate these startups based on innovation, market potential, team capabilities, and alignment with its investment strategy, providing funding through equity investments via Simple Agreement for Future Equity (SAFE) notes. Sharakah will also offer business coaching and workspace support.
Be’ah also supports ESG services for companies: Be’ah now offers to support companies’ environmental, social, and governance (ESG) practices to help them secure better ESG ratings. Be’ah will benchmark each company against industry peers and climate-related metrics to guide decision-making.
Africa50 pledges USD 100 mn to Irena’s ETAF: The pan-African infrastructure investor and asset management group Africa50 has partnered with the International Renewable Energy Agency (Irena) pledging USD 100 mn to fund green energy projects in Sub-Saharan Africa through Irena’s Energy Transition Accelerator Financing (ETAF) platform, according to a statement. Africa50 marks the platform’s 14th partner with pledges totalling USD 4.15 bn.
REMEMBER- The platform has a lot of regional backing: ETAF, which was launched at COP26 with USD 400 mn from anchor investor Abu Dhabi Fund for Development, also has the Asian Infrastructure Investment Bank (AIIB) and UAE’s Masdar as backers. Emirates Development Bank (EDB) also pledged USD 350 mn for the platform last year. The Jeddah-based Islamic Development Bank (IsDB) also pledged USD 250 mn during COP28, and the OPEC Fund committed USD 400k in grants to be used for technical assistance.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- Empower nabs four international energy awards: World’s largest district cooling provider Emirates Central Cooling Systems Corporation (Empower) won four energy awards during the International District Energy Association Annual Conference and Exhibition. The theme was District Energy for Sustainable Cities. (Statement)
