EIB issues first common principles on nature-positive finance: The European Investment Bank (EIB) and a number of other multilateral development banks (MDBs) issued common principles (pdf) aimed at identifying and tracking investments earmarked for the protection, restoration, and sustainable use of natural resources (dubbed “nature-positive financing”), according to a statement released on Saturday. The move comes in efforts to help financial institutions, governments, and corporations implement the Kunming-Montreal Global Biodiversity Framework.

REFRESHER- The Kunming-Montreal Global Biodiversity Framework — passed during COP15 in Montreal last December — aims to protect 30% of the planet’s oceans and lands by 2030. The framework sets a goal for wealthy countries to increase their aid contributions for biodiversity to USD 25 bn annually starting 2025 and USD 30 bn annually by 2030.

About the common principles: The principles aim to guide the development and implementation of MDBs’ respective frameworks and internal methodologies for tracking nature-positive finance. It also sets out to facilitate comparability and enable financiers to assess whether the capital they’re earmarking for environmental projects deliver a meaningful and quantifiable contribution to nature, EIB notes.

China’s Trina will invest USD 5 bn to build a solar energy hub in the UAE: Chinese solar panel manufacturing giant Trina Solar says it will spend up to USD 5 bn to build an integrated solar energy value chain in the UAE, company CEO Katherine Gao told Wam on Thursday. A timeline on the company’s planned projects was not provided.

REMEMBER- Trina has been ramping up its activities in the UAE: The Chinese firm inked an MoU with AD Ports and China-based investment firm Jiangsu Provincial Overseas Cooperation and Investment (JOCIC) back in October to build a large-scale PV manufacturing base in Abu Dhabi. Trina also delivered 800 MW of solar modules to Abu Dhabi’s 2 GW Al Dhafra solar plant.

A UAE-US climate agriculture initiative secures USD 17 bn in investments: The UAE-US’ Agriculture Innovation Mission for Climate (AIM for Climate) initiative secured approximately USD 17 bn in investments, according to a statement (pdf) on Friday. USD 12 bn of the investments came from over 600 government partners, while the other USD 5 bn came from 27 new Innovation Sprints — initiatives led and funded by partners to support small farmers in low and middle-income countries, and invest in emerging technologies, agroecological research, and methane reduction. The USD 17 bn in investments is more than double the USD 8 bn pledged at COP27, and 4x the USD 4 bn invested when the program first launched at COP26.

The food and agriculture sector secured USD 3 bn at COP28 so far: Governments, philanthropies, and private sector players have so far pledged USD 3 bn in climate financing toward the food and agriculture industries at COP28, Asharq Business reported on Friday. Climate driven-extreme weather led to USD 3.8 tn worth of crop failures and livestock losses over the past three decades, according to the United Nations. Even if the Paris-agreed 1.5 C warming limit is met, global food production will still suffer a severe impact, US special envoy for global food security Cary Fowler told The Guardian yesterday. To unlock more climate finance for the agri and food sectors, the COP28 Presidency launched the three-year Sharm-El Sheikh Support Programme to support farmers, food producers, small agribusinesses and local communities.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • UAE pledges USD 220 mn for Africa’s health sector: The UAE will extend a USD 220 mn grant to help some African countries build health care systems to address the impacts of climate change.(Wam)
  • USD 186 mn in pledges for nature conservation efforts: Countries and non-state players pledged around USD 186 mn for forests, mangroves, and ocean climate action at COP28’s Nature, Land Use, and Ocean Day. (Statement)
  • US to unveil hydrogen subsidy guidance: The US will release guidance for hydrogen producers to get subsidies for production after COP28 to jumpstart the industry with subsidies of USD 3 per kg. (Reuters)
  • US-based KKR aims to raise USD 7 bn from its maiden climate fund:US-based investment firm KKR is looking to raise as much as USD 7 bn from its first planned climate transition fund. The new fund — expected to achieve its first financial close in 1H 2024 — will scope out green mobility, battery storage, and decarbonization projects across the US, EU, and Asia Pacific markets, with plans to earmark between USD 300 and 750 mn for each venture. (Reuters)
  • Another green loan from ADCB: Abu Dhabi Commercial Bank (ADCB) extended an AED 500 mn sustainability-linked loan to Lulu Group.(Statement)
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