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Good morning, friends. Our busy week of news continues this morning with a spate of climate updates across all corners of the region. THE BIG CLIMATE STORY- The UAE is committing USD 4.5 bn to help Africa advance clean energy projects. The funds pledged by the upcoming COP host will be provided by the UAE’s […]
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UAE pledges USD 4.5 bn to help Africa accelerate clean energy projects + pledges to purchase USD 450 mn in African carbon credits
A big one from the UAE to Africa: The UAE is committing USD 4.5 bn to help Africa advance clean energy projects, according to a statement by the COP28 Presidency. The funds pledged by the upcoming COP host will be provided by the UAE’s renewables giant Masdar, the Abu Dhabi Fund for Development, the country’s […]
Posted inELECTRIC VEHICLES
Egypt’s MCV, Sweden’s Volvo sign agreement to manufacture electric buses for exports to the EU
Europe is getting Egyptian electric buses: Egypt’s vehicle manufacturer ManufacturingCommercial Vehicles (MCV) has signed an agreement with Sweden’s carmaker Volvo to manufacture electric buses for export to Europe, according to a statement. The statement did not reveal the size of the investments being pumped into the project or the timeline for the planned production and […]
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Posted inGREEN INDUSTRY
KSA is getting its first low-carbon clinker-free cement in 2024
A push for decarbonization in KSA’s construction sector: Saudi Arabia is set to receive its first low-carbonclinker-free cement next year under an agreement between French firm Hoffmann Green Cement and Saudi conglomerate Shurfah Group, according to a statement (pdf). The planned facility is part of a 22-year exclusive licensing agreement signed with the Saudi company […]
Posted inBIOFUELS
Mubadala Capital’s biofuel project in Brazil may have a new investor
Brazil’s Petrobras is looking to invest in Mubadala’s biofuel project: Mubadala Capital — the USD 20 bn asset management arm of the UAE’s investor Mubadala Investments — signed an MoU with Brazil’s state-owned energy giant Petrobras to explore potential partnership in a Mubadala biofuel project under development in Brazil’s northeastern state of Bahia, Wam reports. […]
Posted inSOLAR
KSA likely be tapped as the location for GCL Technology’s first polysilicon factory overseas
Saudi Arabia is the top contender to become the destination for China-based GCL Technology’s first polysilicon factory abroad, Bloomberg reports. The world’s second-largest manufacturer of polysilicon — a key component in PV cell manufacturing — is looking to build a plant in the kingdom with a capacity of 120k tons a year, joint CEO Lan […]
Posted inDEBT WATCH
ADCB kicks off USD 650 mn in five-year green bonds
ADCB pulls the trigger on green bonds issuance: The Abu Dhabi Commercial Bank (ADCB) — the UAE’s third largest bank — launched USD 650 mn in five-year green bonds, Reuters reports, citing a bank document it has seen. ADCB has given a price guidance of 125 basis points over US Treasuries, down from an initial […]
Posted inCLIMATE DIPLOMACY
Vietnam and the UAE eye closer cooperation on clean energy
The UAE wants to partner with Vietnam on renewables: UAE Minister of State for Foreign Trade Thani Al Zeyoudi headed a government delegation to Indonesia yesterday where he met with Vietnam’s Industry and Trade Minister Nguyen Hong Die to discuss progress on establishing a comprehensive economic partnership agreement between both countries that would focus in […]