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INVESTMENT WATCH-
Signify-Gila expand renewables + green hydrogen production in Egypt: Dutch lighting manufacturer Signify — formerly known as Philips Lighting — and local electrical solutions manufacturer Gila Electric are in talks with the Egyptian government to expand their renewable energy generation capacities and launch a small green hydrogen facility, according to a cabinet statement. The alliance wants to invest around USD 20 mn to ramp up the capacity of its 5 MW solar power plant to 40 MW and connect the facility to the national grid and set up a USD 16 mn green hydrogen project.
GREEN TECH-
Abu Dhabi launches AI Sustainability Centre: Abu Dhabi’s Chief Sustainability Officers Network announced the launch of the Artificial Intelligence Sustainability Centre during the World Sustainability Forum, according to Wam. The center will offer a platform for the public and private sectors, and academic institutions to use AI to reduce emissions, and bolster sustainability efforts. The AI will include advanced machine learning algorithms, predictive analytics, and real time processing of data, all of which will be developed in cooperation with IBM and other tech partners.
GREEN POLICY-
ADIB releases ESG reports and net zero targets: Abu Dhabi Islamic Bank (ADIB) has released its Environmental, Social, and Governance report detailing AED5.567 bn that has been invested in sustainable finance throughout 2023, according to a press release. The bank also highlighted its commitment to net zero Scope 1 and Scope 2 emissions by 2030 — and announced its Scope 1 emissions have been reduced by 65% since 2022. ADIB launched the world’s largest green sukuk issuance by a bank in November 2023 that was 5.2x oversubscribed and successfully raised USD 500 mn.
