GREEN FINANCE-

DFSA + HKMA to boost sustainable finance: The Dubai Financial Services Authority (DFSA) and the Hong Kong Monetary Authority have partnered to explore how to develop policy and regulatory responses for climate finance in the Middle East and Asia, according to a statement. The partnership will involve discussions on the role of central banks in facilitating sustainable capital flows, leveraging frameworks and existing green financing solutions from debt to carbon markets, and international cooperation to combat the impact of climate change globally. DFSA announced during COP28 the waiving of all regulatory fees on sustainability-linked debt security listings on Nasdaq Dubai throughout 2024.

DECARBONIZATION-

Taqa + Abu Dhabi ink MoU to propel environmental initiatives:The Abu Dhabi National Energy Company (Taqa) and the Abu Dhabi Environment Agency (EAD) inked a three-year MoU to collaborate on boosting initiatives launched at COP28, as well as garnering knowledge exchange, advocacy campaigns, and fostering dialogues on climate action initiatives, Wam reports. The partnership also aims to improve water quality and address air quality and greenhouse gas emissions.

REMEMBER- Taqa was one of 25 regional utility giants to sign the COP28 Declaration of Action (pdf) last week, setting in motion the Utilities for Net Zero Alliance (UNEZA) as its vehicle for implementation. Under the pact, Taqa has pledged to accelerate clean energy deployment and integration into power grids and in line with the 2030 goals and the 2050 net zero target.

Huade High-Tech + Zubair Electricity partner to reduce emissions: Chinese electricity company Huade High-Tech Electric has partnered with Zubair Electricity — a subsidiary of Zubair Corporation — to support the reduction of sulfur hexafluoride (SF6) emissions in the Middle East, Al Khaleej reports. Huade Hi-Tech Electric's pioneering SF6 emission reduction technology was showcased at COP28.

SOUND SMART- What's sulfur hexafluoride? SF6 is a colorless gas used in electrical circuit interrupters and electric piping for electricity transmission and distribution. SF6 is used to insulate live electrical parts and to switch the flow of electrical current on and off in medium- and high-voltage electrical equipment.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Jordan expands solar heater program: Jordan’s Ministry of Energy launched the third phase of its incentive program for increasing the rate of solar-powered heating installations in homes. The program offers a 30% reduction in the cost of fuel-cell systems and solar heaters. The previous phase provided solar cell systems for 4.5k households and installed solar water heaters for 1.5k homes. (Attaqa)
  • Regent + Aramex partner on sustainable logistics:Neom-backed seaglider maker Regent has partnered with Aramex to implement the use of electric seagliders for middle-mile logistics. (Statement)
  • The UAE’s EGA joins climate-focused Sea Cargo Charter: State-owned Emirates Global Aluminum (EGA) has become the first MENA–based firm to join the Sea Cargo Charter. The Charter aims to improve monitoring and reporting on the environmental performance of maritime chartering activities, in a bid to fully decarbonize the shipping industry by 2050. EGA ships some 22 mn tons of aluminum, bauxite and raw materials annually. (Statement)
  • EBRD counsels Tunisia on railway decarbonization: A study by the European Bank for Reconstruction and Development on deploying alternative energy sources for Tunisia’s railway network has advised the country to leverage green hydrogen and battery train systems to decarbonize the sector while controlling operating costs. (TAP)
  • Industry giants partner on KSA’s upcoming critical mineral summit: US-based consultancy firm Wood Mackenzie, supply chain solutions provider AE Global, business intelligence firm CRU Group, the Development Partners Institute, biotech research company Clario, the Baker Institute’s Center for Energy Studies, and the Payne Institute of the Colorado School of Mines have partnered with Saudi Arabia’s Future Minerals Forum taking place from January 9 to 11 2024 in Riyadh. (Attaqa)
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