DECARBONIZATION-

DP World sets new carbon reduction target after SBTi validation: Dubai-owned ports giant DP World has updated its Scope 1 emissions reduction target to 42% by 2030 from a 2022 base year, according to a statement. The logistics giant has committed to reduce Scope 2 GHG emissions and absolute Scope 3 GHG emissions by 62.2% and 28% by the end of the decade as part of the new emissions target.

On the right track: DP World secured validation from the Science Based Targets initiative (SBTi) — the world’s leading verifier of corporate net-zero targets — for its emissions reduction efforts. The SBTi validation makes DP World the first logistics company in the Middle East to receive such validation, according to the statement.

SOLAR-

UAE’s Yellow Door Energy expands solar portfolio: Dubai-based solar energy company Yellow Door Energy said it has commissioned 14 new solar power plants across the UAE, Bahrain, and Oman in 1H 2024, adding 20 megawatts peak (MWp) to its portfolio, according to a press release (pdf). The company also acquired five operating projects in Oman with a combined capacity of 3.5 MWp. The new solar plants feature 46k solar panels with rooftop solar, ground-mounted solar, and carport solar installations, according to the company.

Yellow Door Energy has also raised some funds in 1H 2024: It raised USD 28 mn in debt financing during the period to fund its expansion in providing solar leases and renewable energy technology, according to its statement. This builds on the USD 400 mn in equity raised from shareholders in 2022 for its projects in the Middle East and Africa.

CARBON MARKETS-

Egypt’s Misr Ins. wants to enter the carbon market: Misr Ins. has inked a preliminary agreement with Singapore-based Value Network Ventures (VNV) Advisory Services that will see it make its entry into Egypt’s newly-launched carbon market, VNV’s Omar El Nemr told Al Mal. VNV is no stranger to the country’s carbon market, having helped local agriculture firm Daltex purchase 1.5k carbon credits from an agroforestry project in India’s Punjab during the first day of trading.

ICYMI- We spoke with El Nemr this week to discuss the origins of VNV, the obstacles facing carbon projects worldwide, the future of carbon markets regionally, and more.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Sail + King Abdulaziz University ink MoU to boost marine environmental cooperation: The Marine Operations for Environmental Services (Sail) signed a cooperation agreement with King Abdulaziz University's Faculty of Marine Sciences to enhance collaboration on marine environmental protection. The MoU focuses on environmental consultations, scientific research, laboratory development, and training programs among others. Sail is a subsidiary of the Public Investment Fund’s wholly-owned subsidiary Sirc (SPA)
  • Dubai Chamber of Commerce unveils ESG label: Businesses and organizations in Dubai that have been established for at least two years can now apply for the new Environmental, Social, and Governance (ESG) label launched by the Dubai Chamber of Commerce. The label, which indicates a business's commitment to local and international ESG practices, is expected to boost brand reputation and attract investors to companies that earn it. (Statement)
  • UAE’s Eanan completes cargo eVTOL test flight: UAE’s advanced air mobility company Eanan completed a test flight of its S120 Heavy Cargo Drone. The Rikaz drone has a payload capacity of 1.5 kg and can fly up to 180 minutes. (Statement)
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