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RECYCLING-
Bahrain + Maersk to develop ship recycling industry: Bahrain’s Transport and Telecommunications Ministry and Industry and Commerce Ministry signed an agreement with AP Moller-Maersk to develop and establish a ship recycling industry in the country, according to a statement. As part of the agreement, Arab Shipbuilding and Repair Yard Company will build docks and yards for larger ships with support from the ministries, Bahrain Steel will process steel from the recycling process to sell in local and international markets, while Maersk will provide the ships for recycling as well as consulting services.
CARBON MARKET-
KSA’s milk producer Sawani to purchase carbon credits: Saudi camel milk company Sawani — owned by the Public Investment Fund (PIF) — signed an agreement with the PIF and Tadawul-backed Regional Voluntary Carbon Market Company (RVCMC) to purchase 10k tons of carbon credits, according to a statement. The two year partnership will see the company buy and sell its voluntary offsets with support and guidance from the carbon trading firm.
REMEMBER- RVCMC’s been active: The company recently signed a three-year agreement with plastics manufacturer Saudi Top to trade carbon credits. The company also signed two MoUs with Kenya’s main dry cell battery maker Eveready East Africa and Carbon Vista Nigeria to set up high-quality and impactful carbon projects in the two countries last year, and held a carbon credit auction in Nairobi which drew big demand from over a dozen firms who bid on an available 2 mn tons of carbon credits last year.
GREEN FINANCE-
FAB is the region’s most sustainable company: First Abu Dhabi Bank (FAB), the UAE’s largest bank, has been recognized as the most sustainable company in the Middle East and Africa by Time magazine and data firm Statista, according to a statement. FAB is the highest-ranked company from the region in Time’s inaugural World’s 500 Most Sustainable Companies list, which evaluated over 5k companies globally. The bank — the first globally to join the COP28 Net-Zero Transition Charter — pledged to lend, invest, and facilitate over AED 500 bn (USD 135 bn) in sustainable and green financing by 2030 during COP28.
