GREEN FINANCE-

UAE’s Aafaq Islamic Finance + NWTN partner to boost EV financing: Dubai-based green mobility company NWTN Motors and Aafaq Islamic Finance bank have inked an MoU to providing more accessible EV financing options and simplifying the purchase process in the UAE, according to a press release. The partnership will focus on creating tailored financing solutions and streamlined application processes, with both entities committed to integrating eco-conscious practices into their offerings.

Banque du Caire is incentivizing green purchases in Egypt: Egypt’s state-owned Banque du Caire has introduced new financing programs to promote sustainable technologies, including loans that can fully cover EV purchases and solar panel installations, the bank said on LinkedIn. “The personal loan for solar panels offers financing up to EGP 1 mn with a repayment period of up to seven years,” Head of Retail Banking and Microfinance Mohamed Tharwat told Daily News Egypt. “Electric car loans go up to EGP 6 mn with repayment periods of up to eight years,” he added. The loan will have an interest rate between 28-29% depending on the provision of income proof, according to the bank’s website.

IFC + DBS to dedicate portion of new facility to climate trade: The IFC and DBS Bank Limited have signed on a USD 500 mn facility to promote capital and trade flows across emerging markets in Asia, Africa, the Middle East, and Latin America, 20% of which will be allocated to climate-eligible trade transactions, according to an statement. The aim is to bolster trade flow decarbonization across emerging markets including in the trading of renewable energy equipment, energy efficient equipment, and sustainable agriculture commodities.

CARBON CAPTURE-

Iraq partners with Siemens + Schlumberger to reduce gas flaring: Iraq’s Oil Ministry signed an MoU with Siemens Energy and Schlumberger to invest in capturing gas currently being flared at Iraq’s oil fields, according to a statement. The captured gas will be used to generate electricity to support the country’s grid. Siemens also signed an MoU with the Electricity Ministry to support the country’s energy sector.

REMEMBER- Iraq is starting to show interest in carbon capture: The country has issued its first carbon, capture, usage and storage (CCUS) tenders last month, noting the projects would be funded by carbon credits generated from a natural gas field in Baghdad with a 12 mn cubic foot capacity.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • UAE Ghars Al Emarat initiative plants 850k mangroves: The UAE planting initiative Ghars Al Emarat has planted 850k mangrove trees — 10 for each person at COP28 — along Abu Dhabi’s coast. Mangroves have the ability to absorb one ton of carbon per 5000 mangroves falling in line with the Abu Dhabi five-year Climate Change Strategy and its net-zero goals. (Statement)
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