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Neovision sets up USD 250 mn carbon credit fund: UAE-based financial institution Neovision Wealth Management is establishing a USD 250 mn fund to invest in the development of carbon credits across developing markets, Bloomberg reports. The fund — dubbed The Global Carbon Credit Development Fund — will earmark investments for nature-based carbon offsetting projects implemented by Global Frontier Capital, which is currently undertaking reforestation projects across Africa, Asia, and South America. The fund is the first of its kind in the MENA region, Neovision says.
REMEMBER- Carbon markets have been picking up steam across the region, with the Dubai Financial Market (DFM) launching its maiden voluntary carbon market (VCM) at COP28 on Tuesday. Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) setup a regional voluntary carbon market company back in October. Egypt is also launching its first voluntary carbon market soon, and has identified 16 sectors — including renewable energy, waste management, and carbon capture — in which it aims to attract investments in CO2 offsets trading.
E& secures USD 100 mn green loan: UAE-based telecommunications and tech investment firm E& — formerly known as the Etisalat Group — has secured an AED 366 mn (c.USD 100 mn) sustainability-linked loan to help finance development projects in the clean energy sector, Wam reports. E& will channel its first green loan toward funding and refinancing renewable energy, clean transport and energy efficiency projects. The credit line will also help fund future ventures in the sustainable water supply, waste management, green buildings and pollution reduction industries, the news agency notes. The lender was not disclosed.
Committing to net zero targets: E& said it is committed to reach net-zero by 2040 for its scope 1 and 2 emissions across its global operations, Wam reports. The company set a more ambitious target for its UAE operations, aiming to get to net-zero by 2030, and slashing 25% of its scope 3 emissions by the end of the decade.
