GREEN FINANCE-

UAE + France partner on climate efforts: The UAE and France have signed an MoU to launch the UAE-French Bilateral Platform for Climate Investment to boost joint projects and investments in clean energy, especially in decarbonising hard-to-abate industries, according to a statement. The platform will include the UAE's Masdar and Adnoc and France's TotalEnergies, Bpifrance, and CMA-CGM. Masdar and Total also signed an MoU to develop renewable energy projects in developing markets in Africa and Central Asia.

Building on many UAE-France ties: Masdar and TotalEnergies partnered to demonstrate the potential for converting methanol to sustainable aviation fuel (SAF) during COP28. Masdar also partnered with CMA CGM to provide long-term supply of green alternative fuels last month.

GREEN MANUFACTURING-

KSA will tackle sustainable tech manufacturing: Alat, the new advanced manufacturing investment platform launched by Saudi sovereign wealth fund the Public Investment Fund (PIF) will partner up with Saudi Technology and Security Comprehensive Control Coman (Tahakom) to accelerate smart mobility and smart cities solutions, according to a statement. Tahakom provides intelligent transport systems, AI, and advanced safety solutions.

What they said: “In conjunction with our international and regional partners, the first four of which we proudly announce today, we will redefine sustainable manufacturing. Alat’s mandate is focused on harnessing the kingdom’s solar, wind and green hydrogen clean energy,” Alat Global CEO Amit Midha said.

About Alat: The PIF unit was set up earlier this month with focus on seven sectors, including “advanced industries and semiconductors, smart appliances, smart health, smart devices and smart buildings, in addition to next generation infrastructure.” It aims to contribute USD 9.3 bn in direct non-oil GDP by 2030 and create 39k jobs, according to its website.

GREEN FUELS-

IFFCO’s Noor Oil partners with Bee’ah on biofuels: IFFCO Group's Noor Oil has partnered with Bee'ah to launch a campaign to encourage consumers to recycle their used cooking oil into bio-diesel, according to a statement. The campaign aims to reduce waste, save water, and generate alternative fuel. Consumers can collect a used cooking oil (UCO) bottle from a Noor representative at approved outlets, fill it with used oil, and drop it off in a Bee’ah machine. They can then take a clean UCO bottle for the next cycle.

IFFCO is boosting sustainability efforts: IFFCO earmarked AED 77 mn for its corporate ESG strategy, with 156 projects in the pipeline, back in November. The company — which established the plant-based meat alternative brand Thryve back in January — also set a target of slashing 17% of its Scope 1 and 2 emissions from 2021 levels by 2025.

SOLAR-

Al Jalila Foundation and Positive Zero launch solar project: The UAE’s Al Jalila Foundation has partnered with Positive Zero to launch a solar power project on the rooftop and carport of its premises in Dubai, Wam reports. The projects will have a 4.4 GWh capacity and offset 3k metric tons of CO2 over 20 years. Positive Zero will provide financing, construction, long-term operations, and proactive maintenance of the project’s systems. The project will operate on the Positive Zero model of offering clean energy as a service without requiring any initial investment from customers.

Positive Zero is upping regional efforts: The company secured USD 400 mn from BlackRock in December to grow its sustainable energy adoption and offer fully financed sustainable energy solutions across the GCC for commercial, industrial, and public sector organizations.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

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