{"id":75135,"date":"2022-12-07T02:05:26","date_gmt":"2022-12-07T02:05:26","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/?post_type=issue&#038;p=75135"},"modified":"2025-12-15T08:15:18","modified_gmt":"2025-12-15T08:15:18","slug":"the-opportunity-for-mena-financial-institutions-in-the-climate-industry","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/","title":{"rendered":"The opportunity for MENA financial institutions in the climate industry"},"content":{"rendered":"<section id=\"75137\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"75137\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING TODAY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/today-thank-you-for-coming-eu-tariff-squabble-could-lead-to-a-price-hike-for-evs\/\">\r\n                            TODAY: Thank you for coming + EU tariff squabble could lead to a price hike for EVs                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/today-thank-you-for-coming-eu-tariff-squabble-could-lead-to-a-price-hike-for-evs\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/today-thank-you-for-coming-eu-tariff-squabble-could-lead-to-a-price-hike-for-evs\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/today-thank-you-for-coming-eu-tariff-squabble-could-lead-to-a-price-hike-for-evs\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=TODAY: Thank you for coming + EU tariff squabble could lead to a price hike for EVs&url=https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/today-thank-you-for-coming-eu-tariff-squabble-could-lead-to-a-price-hike-for-evs\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/today-thank-you-for-coming-eu-tariff-squabble-could-lead-to-a-price-hike-for-evs\/&title=TODAY: Thank you for coming + EU tariff squabble could lead to a price hike for EVs\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=TODAY%3A+Thank+you+for+coming+%2B+EU+tariff+squabble+could+lead+to+a+price+hike+for+EVs+https%3A%2F%2Fenterpriseam.com%2Fclimate%2F2022%2F12%2F07%2Ftoday-thank-you-for-coming-eu-tariff-squabble-could-lead-to-a-price-hike-for-evs%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/today-thank-you-for-coming-eu-tariff-squabble-could-lead-to-a-price-hike-for-evs\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/2377.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"75138\" data-permalink=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/today-thank-you-for-coming-eu-tariff-squabble-could-lead-to-a-price-hike-for-evs\/2377-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/2377.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2377.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/2377.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/2377.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-75137\" class=\"content-area-description single-story post-75137 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-agriculture tag-enterpriseclimate tag-europe tag-evs tag-food-security tag-kuwait tag-morocco tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Good morning, friends.<\/strong> We bring you a relatively calm morning in terms of regional climate news, although we\u2019re writing to you after the Enterprise team had an exceptionally exciting day yesterday.<\/p>\n<p><strong>We were thrilled to welcome so many of you from Egypt and the region at our first <\/strong><strong>Enterprise<\/strong><strong> Climate X Forum<\/strong> at the Grand Egyptian Museum yesterday to discuss what we firmly believe is the most compelling industry of our generation.<\/p>\n<p><strong>The forum tackled the climate industry from A-Z<\/strong>, from explaining green hydrogen \u2014 which remains an early stage of its rollout, looks set to become is a key component of our future energy mix \u2014 to how corporates in global emerging markets are coping with climate change. We also took a deep dive into climate finance to look at the role banks play in getting green projects off the ground \u2014 and what the opportunity in climate financial means for financial institutions (which we recap for you in the news well below).<\/p>\n<p><strong>WE HAVE MORE in this morning\u2019s EnterpriseAM <\/strong>and will have additional coverage over the coming days.<\/p>\n<p><strong>Please join us in thanking the wonderful people who made yesterday<\/strong>, our friends at: USAID, HSBC, Mashreq, Attijariwafa Bank, Etisalat by e&, Hassan Allam Utilities, and Infinity.<\/p>\n<p><strong>STAY TUNED-<\/strong> The Enterprise Climate X Forum is our first large-scale event, but it\u2019s not our last. We look forward to welcoming many more of you at our slate of Enterprise X Forums coming up in 2023.<\/p>\n<hr class=\"grey-line\">\n<p><strong>ICYMI- Should we prioritize adaptation to climate change or mitigation? It shouldn\u2019t be a <\/strong><strong>zero-sum game, our panelists yesterday at the Enterprise Climate X Forum agreed<\/strong> \u2014 in fact, the regional private sector is growing particularly interested in adaptation (learning to live with a changing world) and not just mitigation (how to lower our emissions).<\/p>\n<p><strong>But when big money is involved, the debate can get heated.<\/strong> The state of the debate globally has seen wealthy nations champion mitigation for a long time now, but developing nations \u2014 who disproportionately bear the brunt of climate change \u2014 are pushing for much more financing for adaptation. We have more on the mitigation vs. adaptation debate in this week\u2019s <a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/06\/enterprise-explains-mitigation-vs-adaptation-90362\/\">Going Green<\/a> in EnterpriseAM.<\/p>\n<p><strong>THE BIG CLIMATE STORY OUTSIDE THE REGION- The EU doesn\u2019t want products<\/strong><strong> linked to deforestation: <\/strong>The European Commission sealed a <a href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_22_7444\">provisional agreement<\/a> yesterday to reject products that come from deforested lands. This includes coffee, beef, palm oil, timber, cocoa, rubber, charcoal and soy \u2014 generally in their pure form, but also including their derivatives. The commodities and products that fall under this category will no longer be imported or sold in the EU. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-06\/eu-seals-groundbreaking-deal-to-curb-its-role-in-deforestation?srnd=green&sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.reuters.com\/business\/environment\/eu-agrees-law-preventing-import-goods-linked-deforestation-2022-12-06\/\">Reuters<\/a> | <a href=\"https:\/\/www.euronews.com\/my-europe\/2022\/12\/06\/eu-reaches-deal-to-ban-products-linked-to-deforestation\">Euronews<\/a>)<\/p>\n<p><strong>SOUND<\/strong><strong> SMART- <\/strong>The decision comes a day before the kickoff of <a href=\"https:\/\/www.unep.org\/events\/conference\/un-biodiversity-conference-cop-15\">the UN\u2019s biodiversity summit COP15<\/a> in Montr\u00e9al. COP15 runs through19 December. The <a href=\"https:\/\/www.cbd.int\/\">UN Biodiversity Conference<\/a> is looking to reach a <a href=\"https:\/\/www.cbd.int\/conferences\/post2020\">post-2020 global biodiversity framework<\/a> which includes <a href=\"https:\/\/www.unep.org\/resources\/publication\/1st-draft-post-2020-global-biodiversity-framework\">21 targets to hit by 2030<\/a> in a bid to preserve and safeguard nature.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>ALSO- EV prices could rise by 10% in Europe:<\/strong> The EU\u2019s refusal to extend tariff exemptions on essential components needed for electric vehicle manufacturing could lead to a 10% price hike from 2024, the <a href=\"https:\/\/www.ft.com\/content\/3ce34199-8e0f-487e-b603-03e47b5559e9\">Financial Times<\/a> reports. Under the UK-EU Trade and Cooperation Agreement, EVs are temporarily exempted from the rules that products must be substantially made in Britain or the EU to qualify for a zero tariff. A large portion of EV batteries are imported from Asia, leading both EU and UK car manufacturing groups to press for an extension on the tariff exemption due to a lack of locally-made batteries and precursor chemicals needed for EV manufacturing.<\/p>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>WATCH THIS SPACE #1- Moroccan farmers will be the first to grow a <\/strong><strong>drought-resistant variety of wheat within three years<\/strong>, <a href=\"https:\/\/www.theguardian.com\/environment\/2022\/dec\/04\/drough-resistant-crop-jabal-durum-wheat-food-diversity\">the Guardian<\/a> reports. Farmers and crop scientists developed this cross hybrid variety of wheat \u2014 called Jabal \u2014 by mixing commercial durum wheat with a wild Syrian relative to produce a climate resilient crop.<\/p>\n<p><strong>REMEMBER- <\/strong>A 1\u00b0C rise in temperatures could cause a 6.4% drop in the amount of wheat grown around the world, the <a href=\"https:\/\/www.bbc.com\/news\/science-environment-63457903\">BBC<\/a> reported last month. Universities and institutions worldwide have been engineering <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/5e016851-6e5f-4c48-8efb-70e9df0e21f1\">more resilient and nutritious foods<\/a> as droughts and other climate risks threaten agriculture and food security.<\/p>\n<p><strong>WATCH THIS SPACE #2-<\/strong> <strong>The construction contract for Kuwait\u2019s North Kabd<\/strong> <strong>sewage treatment extension project could be awarded by 1Q 2023<\/strong>, <a href=\"https:\/\/www.zawya.com\/en\/projects\/utilities\/kuwait-expected-to-award-sewage-treatment-plant-expansion-contract-in-q1-2023-jdbg8buq\">Zawya<\/a> reports, citing a source it says is in the know. The country\u2019s Public Works Ministry had issued the tender for the contract, which will include the management, operation, and maintenance of the entire plant, in July. The project is set to increase North Kabd\u2019s capacity by 90k cubic meters per day (cbm\/d), bringing the entire facility\u2019s treatment capacity to 270k cbm\/d. The USD 500 mn overall plant is expected to be fully completed by 2025, the outlet quotes the source as saying.<\/p>\n<hr class=\"grey-line\">\n<p><strong>HAPPENING TODAY- <\/strong><\/p>\n<p><strong><a href=\"https:\/\/www.thebig5.ae\/global-construction-impact-summit\/\">The Big 5 Global Construction Impact Summit<\/a><\/strong> is kicking off today at the Dubai World Trade Center in UAE. The event will bring together more than 2k exhibitors and regional and global construction industry leaders to discuss ways to meet net-zero and waste-reduction targets.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>     <a href=\"climate\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><p>***<\/p>\n<p><strong>YOU\u2019RE READING ENTERPRISE CLIMATE, the essential MENA publication for senior execs who care about the world\u2019s most important industry. <\/strong>We\u2019re out Monday through Thursday at 4am Cairo \/ 5am Riyadh \/ 6am UAE.<\/p>\n<p>Were you forwarded this email? <strong>Get your own <\/strong><strong><a href=\"https:\/\/climate.enterprise.press\/subscribe\/\">subscription without charge here<\/a><\/strong> or reach out to us on <a href=\"mailto:climate@enterprisemea.com\">climate@enterprisemea.com<\/a> with comments, suggestions and story tips.<\/p>\n<p><strong>***<\/strong><\/p>\n<p><strong>CIRCLE YOUR CALENDAR- <\/strong><\/p>\n<p><strong>Saudi Arabia will host the <\/strong><strong><a href=\"https:\/\/www.reuters.com\/world\/saudi-china-energy-trade-investment-ties-2022-12-06\/\">China-Arab Summit<\/a><\/strong> this Friday, 9 December. The Chinese delegation \u2014 including President Xi Jinping \u2014 will discuss and potentially sign dozens of agreements with KSA and other Arab states covering energy, security and investments, according to <a href=\"https:\/\/www.reuters.com\/world\/saudi-china-energy-trade-investment-ties-2022-12-06\/\">Reuters<\/a>.<\/p>\n<p><strong>Tunisia will host the <\/strong><strong><a href=\"https:\/\/irec-conference.com\/\">International Renewable Energy Congress<\/a><\/strong> from Tuesday, 13 December to Thursday, 15 December in Hammamet. The event will provide a platform for researchers and industry leaders to showcase trends in the renewable energy sector.<\/p>\n<p><strong>Saudi Arabia will host <\/strong><strong><a href=\"https:\/\/www.futuremineralssummit.com\/\">The Future Minerals Forum<\/a><\/strong> on Tuesday, 10 January to Thursday, 12 January at the King Abdulaziz International Conference Center. The forum will discuss the region\u2019s critical minerals supply and creating resilient and responsible minerals value chains for the energy transition.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/europe\/\">Europe<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/food-security\/\">food security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/kuwait\/\">Kuwait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/morocco\/\">Morocco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/what-were-tracking-today\/\">WHAT WE\u2019RE TRACKING TODAY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"75139\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n      <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n        <span class=\"has-primary-color stk-highlight\"> This publication is proudly sponsored by<\/span>\r\n    <\/h4>\r\n\r\n    <div class=\"issue-sponsor-slide issue-sponsor-slide--single-slide mx-auto\">\r\n        <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/25497.png?ssl=1\">\r\n        <div class=\"overlay\"><\/div>\r\n        <div class=\"content\">\r\n            <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/25398.svg\" alt=\"\">\r\n            <\/a>\r\n            <span>Opening up a world of opportunity<\/span>\r\n        <\/div>\r\n    <\/div>\r\n\r\n      <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"75140\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"75140\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">CLIMATE FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/getting-into-the-nitty-gritty-of-climate-finance-at-enterprises-climate-x-forum\/\">\r\n                            Getting into the nitty gritty of climate finance at Enterprise\u2019s Climate X Forum                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/getting-into-the-nitty-gritty-of-climate-finance-at-enterprises-climate-x-forum\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/getting-into-the-nitty-gritty-of-climate-finance-at-enterprises-climate-x-forum\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/getting-into-the-nitty-gritty-of-climate-finance-at-enterprises-climate-x-forum\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Getting into the nitty gritty of climate finance at Enterprise\u2019s Climate X Forum&url=https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/getting-into-the-nitty-gritty-of-climate-finance-at-enterprises-climate-x-forum\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/getting-into-the-nitty-gritty-of-climate-finance-at-enterprises-climate-x-forum\/&title=Getting into the nitty gritty of climate finance at Enterprise\u2019s Climate X Forum\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Getting+into+the+nitty+gritty+of+climate+finance+at+Enterprise%E2%80%99s+Climate+X+Forum+https%3A%2F%2Fenterpriseam.com%2Fclimate%2F2022%2F12%2F07%2Fgetting-into-the-nitty-gritty-of-climate-finance-at-enterprises-climate-x-forum%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/getting-into-the-nitty-gritty-of-climate-finance-at-enterprises-climate-x-forum\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/3606.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"75141\" data-permalink=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/getting-into-the-nitty-gritty-of-climate-finance-at-enterprises-climate-x-forum\/3606-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/3606.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"3606.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/3606.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/3606.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-75140\" class=\"content-area-description single-story post-75140 post type-post status-publish format-standard has-post-thumbnail hentry category-climate-finance tag-climate-finance tag-concessional-financing tag-enterpriseclimate tag-green-bonds tag-green-finance tag-greenwashing tag-pollution tag-sustainability wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>How to capitalize on the growth potential of climate and<\/strong><strong> sustainability finance \u2014 an Enterprise Climate X panel discussion:<\/strong> Enterprise Climate X\u2019s climate finance panel tackled where the opportunities are in the climate industry for banks and for their clients. We discussed where the funding is coming from, the mainstreaming of gree- and sustainability-linked finance, who counts what\u2019s qualifies as green or sustainable, worries about greenwashing, what\u2019s driving appetite among corporates for green and sustainable finance, and more.<\/p>\n<p><strong>The discussion brought together: <\/strong><\/p>\n<p><strong>Todd Wilcox<\/strong>, CEO and vice-chair, HSBC Egypt<\/p>\n<p><strong>Tarek El Nahas<\/strong>, Group Head of International Banking, Mashreq Bank<\/p>\n<p><strong>Nader Aboushadi<\/strong>, Group Treasurer, Dar Group<\/p>\n<p><strong>Climate and sustainability finance are a huge area of growth for banks: <\/strong>\u201cThis will be a significant growth sector for us in the next five years,\u201d said HSBC\u2019s Wilcox. Mashreq considers this kind of financing to be its \u201csingle biggest\u201d growth prospect, having facilitated USD 13.5 bn sustainability-linked loans in the last two years, with a commitment to more than double this by 2030, said El Nahas.<\/p>\n<p><strong>Looking beyond MENA shows how speedy this growth could be:<\/strong> Globally, HSBC participated in green and sustainable transactions worth some USD 46 bn in 2021 \u2014 three times the value of 2019, said Wilcox. And in Europe today, some 40% of all loans provided are sustainability-linked \u2014 up from effectively zero five years ago. \u201cImagine as this starts moving into the MENA region,\u201d said El Nahas.<\/p>\n<p><strong>Dar Group sees a \u201cmassive\u201d business case to deliver sustainability solutions to clients on a daily basis<\/strong>, said Aboushadi. Large-scale projects in areas like district cooling and the design of <a href=\"https:\/\/www.dar.com\/work\/project\/al-bayt-stadium\">stadiums in Qatar<\/a> are key examples of its work in this field, he added, all of it demanding, by definition, green finance.<\/p>\n<p><strong>The market for sustainability-linked finance market could be significantly larger than that for straightforward green finance market<\/strong>, El Nahas noted. Green loans and bonds are often used to finance climate-friendly greenfield projects such as wind farms or hydrogen plants, often with a blended finance component. But sustainable finance and sustainability-linked finance can be priced at commercial market rates, possibly with incentives linked to a project\u2019s KPIs, but no concessional financing. The scope of sustainability instrument deployment is broader than that of pure green finance.<\/p>\n<p><strong>In the GCC in particular, much of the demand for sustainability-linked finance will come from highly-polluting industries: <\/strong>\u201cIt\u2019s not only the green industry that\u2019s going to lead this transition,\u201d El Nahas said. A bank with clients in the GCC can\u2019t realistically refuse to finance the carbon industry, for instance. \u201cWhat\u2019s more interesting is who\u2019s acting responsibly.\u201d If a company in the UAE that consumes over 30% of the country\u2019s electricity seeks CAPEX financing to build a solar plant that will reduce its consumption by 5%, \u201cthat moves the needle\u201d \u2014 potentially making a substantial dent in emissions, he noted.<\/p>\n<p><strong>There is strong and growing demand for sustainable finance across Egypt and the wider region, says Wilcox. <\/strong>\u201cWorking with clients on their sustainability plans, my big learning is the clients are leading us,\u201d says the HSBC CEO. Local arms of multinationals, in particular, are highly engaged with sustainability topics, and are generally among the most advanced in their thinking and action on the subject as they answer to investors and shareholders whose net-zero commitments have an impact across the whole value chain, Wilcos noted.<\/p>\n<p><strong>\u201cIt\u2019s not regulatory-driven. It\u2019s being driven by money,\u201d<\/strong> Wilcox added. \u201cPeople are looking for returns that are sustainability-linked.\u201d The banks themselves wouldn\u2019t be able to drive this change if there wasn\u2019t a clear economic value proposition, he noted.<\/p>\n<p><strong>Companies with sustainability plans are becoming more appealing for banks to lend to: <\/strong>Many banks have their own sustainability targets, often highly correlated with country commitments or investor requirements, Wilcox said. He and El Nahas agreed there is a burgeoning market for corporates looking for sustainable finance from banks \u2014 that banks will be competing for corporate business, a trend that will only accelerate as more and more companies integrate sustainability into their business operations, Wilcox noted. Companies with sustainability plans will see multiple banks and investors coming to them.<\/p>\n<p><strong>Don\u2019t have a sustainability plan? <\/strong>\u201cIf you don\u2019t have a plan, the cost of capital will continue to go up,\u201d Wilcox added.<\/p>\n<p><strong>Case in point: <\/strong>Mashreq was sustainability advisor for Bahrain\u2019s <a href=\"https:\/\/www.nogaholding.com\/en\/\">Noga Holding\u2019s<\/a> recent refinancing of its existing debt, noted El Nahas. Demand from participating banks for transaction ultimately outstripped the size of the facility, El Nahas noted.<\/p>\n<p><strong>What could edge sustainability-linked finance ahead of conventional finance? More standardization and clarity: <\/strong>An international company operating in different jurisdictions could risk accusations of greenwashing if it borrows in one part of the world and then deploys the funds in an area with different reporting requirements or classifications of assets and liabilities, said Aboushadi. \u201cThe market is there, and the [agreements] would be there if there was more clarity.\u201d<\/p>\n<p><strong>International sustainability standards <\/strong>\u2014 in particular the <a href=\"https:\/\/www.ifrs.org\/groups\/international-sustainability-standards-board\/\">International Sustainability Standards Board (ISSB)<\/a>\u2019s forthcoming work, brought to you by the people who created IFRS, the de-facto global standard for accounting \u2014<strong> could be a good start<\/strong>, our panelists agreed.<\/p>\n<p><strong>But country differences will remain a reality:<\/strong> \u201cIt\u2019s going to evolve over time. Nothing will work for everyone,\u201d said Wilcox. \u201cIf you want to avoid greenwashing, which has burned some in the global system, it\u2019s best to set internal guidelines and apply them rigorously.\u201d Banks operating across countries and regions need to apply global filters, he added. Some countries are also working on standardization \u2014 with the UAE currently working on a taxonomy for sustainability-linked finance, said El Nahas. \u201cStandardization facilitates the movement of capital globally,\u201d he added.<\/p>\n<p><strong>Banks are also excited about concessional finance <\/strong>and the growing role of multilateral lenders and export credit agencies taking on some of the risk of large transactions. Doing so would derisk a wide range of projects in a rate marked by rising interest rates and high inflation, the panel noted.<\/p>\n<p><strong>There\u2019s clearly a growing demand for carbon credits, but the market is likely to be transitional,<\/strong> said Wilcox. \u201cIt\u2019s not the end solution.\u201d<\/p>\n<p><strong>And no, readers, climate finance is not all for megaprojects <\/strong>such as hydrogen and renewable energy facilities. Businesses of all sizes have growing appetite for sustainable finance \u2014 Wilcox rejoined us on stage for our last panel of the day, when he spoke at length about how and why HSBC was financing working with one of the most interesting climate-focused startups we\u2019ve ever heard of. More on that another day.<\/p>\n<p><em>Our thanks to the nice people at <\/em><em>CairoScene and StartupScene <\/em><em> for the imagery from yesterday, which you can see at the head of this story and of which you\u2019ll be seeing more in the days to come.<\/em><\/p>\n<div class=\"story__body\">\n<p><strong>** The Enterprise Climate X Forum is proud to be supported by\u00a0<\/strong>USAID, HSBC, Mashreq, Attijariwafa Bank, Etisalat by e&, Hassan Allam Utilities, and Infinity.<\/p>\n<\/div>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/climate-finance\/\">climate finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/concessional-financing\/\">concessional financing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/green-bonds\/\">green bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/green-finance\/\">green finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/greenwashing\/\">Greenwashing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/pollution\/\">pollution<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/sustainability\/\">sustainability<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"75142\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"75142\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">CLIMATE FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/jordan-lands-another-geff-financing-facility-to-push-forward-with-green-transition\/\">\r\n                            Jordan lands another GEFF financing facility to push forward with green transition                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/jordan-lands-another-geff-financing-facility-to-push-forward-with-green-transition\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/jordan-lands-another-geff-financing-facility-to-push-forward-with-green-transition\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/jordan-lands-another-geff-financing-facility-to-push-forward-with-green-transition\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Jordan lands another GEFF financing facility to push forward with green transition&url=https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/jordan-lands-another-geff-financing-facility-to-push-forward-with-green-transition\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/jordan-lands-another-geff-financing-facility-to-push-forward-with-green-transition\/&title=Jordan lands another GEFF financing facility to push forward with green transition\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Jordan+lands+another+GEFF+financing+facility+to+push+forward+with+green+transition+https%3A%2F%2Fenterpriseam.com%2Fclimate%2F2022%2F12%2F07%2Fjordan-lands-another-geff-financing-facility-to-push-forward-with-green-transition%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/jordan-lands-another-geff-financing-facility-to-push-forward-with-green-transition\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/2255.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"75143\" data-permalink=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/jordan-lands-another-geff-financing-facility-to-push-forward-with-green-transition\/2255-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/2255.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2255.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/2255.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/2255.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-75142\" class=\"content-area-description single-story post-75142 post type-post status-publish format-standard has-post-thumbnail hentry category-climate-finance tag-alcazar-energy tag-climate-finance tag-ebrd tag-egypt tag-enterpriseclimate tag-green-economy tag-green-finance tag-jordan tag-norway tag-renewables tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Jordan secures more GEFF financing:<\/strong> Jordan will receive USD 40 mn for on-lending to the private sector from The European Bank for Reconstruction and Development (EBRD), the European Union (EU) and the Green Climate Fund (GCF)\u2019s <a href=\"https:\/\/ebrdgeff.com\/\">Green Economy Financing Facility programme<\/a> (GEFF), according to a <a href=\"https:\/\/www.ebrd.com\/news\/2022\/ebrd-eu-and-gcf-strengthen-green-investments-in-jordan-.html\">statement<\/a> issued by the EBRD. The GEFF has financed facilities worth USD 22 mn to Jordan this year including <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/ce52064b-d042-4700-8f7e-5f8c49b3c05f\">Cairo Amman Bank<\/a>, <a href=\"https:\/\/www.ebrd.com\/news\/2022\/ebrd-eu-and-gcf-support-green-investments-in-jordan.html\">Etihad Bank<\/a> and the <a href=\"https:\/\/www.ebrd.com\/news\/2022\/ebrd-eu-and-gcf-extend-green-financing-to-micro-and-small-businesses-in-jordan.html\">Microfund for Women<\/a>.<\/p>\n<p><strong>The details: <\/strong>The USD 40 mn loan EBRD, GCF and EU will provide the funds in financing to local banks, microfinance institutions and leasing companies to on-lend to the private sector for investment in high-performance technologies and services to support Jordan\u2019s green economy.<\/p>\n<p><strong>Jordan is forging ahead with renewables: <\/strong>Jordan hosted the <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/22d4a955-7c97-4dfa-8f6b-ada43e3ad760\">International Investment Forum<\/a><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/22d4a955-7c97-4dfa-8f6b-ada43e3ad760\">for Renewable Energy and Energy Efficiency<\/a> in late October to discuss renewable energy, energy efficiency, smart cities and grids, green hydrogen and sustainability. The Hashemite Kingdom is pushing for greater investments and cooperation in renewables including green hydrogen discussions with <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/933dd9c0-32fa-4e45-bd88-a336d8ef7ced\">Norway<\/a>, conducting a feasibility study for a 2 GW wind project with the <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/5caa5a71-576b-4b23-85fc-e5b791446cec\">UAE<\/a>, as well as previous <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/75312fc3-00f4-4919-8064-dbf70f603fc6\">wind and solar farms with Alcazar Energy<\/a>.<\/p>\n<p><strong>REGIONALLY-<\/strong> This recent GEFF facility is part of a raft of recent regional loans for on-lending to climate-focused SMEs. Morocco\u2019s Bank of Africa \u2013 BMCE Group recently <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/a443b122-36c6-4495-a183-bbe0e9cfb4d3\">secured EUR 13 mn in loans<\/a> to use for on-lending to SMEs, with EUR 9.75 mn of this funding coming from the EBRD and EUR 3.25 mn from the GCF, and the EU providing a separate EUR 1.43 mn grant. Last year, the EBRD greenlit a USD 25 mn loan to the <a href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/51935.html\">National Bank of Kuwait Egypt<\/a> in April, a USD 50 mn loan to <a href=\"https:\/\/enterprise.press\/stories\/2021\/06\/10\/ebrd-plans-for-more-green-loans-to-egypt-43338\/\">QNB AlAhli<\/a> in June, and a USD 100 mn facility to Egypt\u2019s <a href=\"https:\/\/enterprise.press\/stories\/2021\/11\/14\/more-green-finance-for-smes-courtesy-of-the-ebrd-58041\/\">Banque Misr<\/a> in November.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/alcazar-energy\/\">Alcazar Energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/climate-finance\/\">climate finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/egypt\/\">Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/green-finance\/\">green finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/jordan\/\">Jordan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/norway\/\">Norway<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"75144\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"75145\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"75145\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/iraq-sets-up-committee-to-discuss-chinese-renewables-offers-oman-will-invite-bids-on-green-hydrogen-projects-this-week\/\">\r\n                            Iraq sets up committee to discuss Chinese renewables offers + Oman will invite bids on green hydrogen projects this week                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/iraq-sets-up-committee-to-discuss-chinese-renewables-offers-oman-will-invite-bids-on-green-hydrogen-projects-this-week\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/iraq-sets-up-committee-to-discuss-chinese-renewables-offers-oman-will-invite-bids-on-green-hydrogen-projects-this-week\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/iraq-sets-up-committee-to-discuss-chinese-renewables-offers-oman-will-invite-bids-on-green-hydrogen-projects-this-week\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Iraq sets up committee to discuss Chinese renewables offers + Oman will invite bids on green hydrogen projects this week&url=https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/iraq-sets-up-committee-to-discuss-chinese-renewables-offers-oman-will-invite-bids-on-green-hydrogen-projects-this-week\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/iraq-sets-up-committee-to-discuss-chinese-renewables-offers-oman-will-invite-bids-on-green-hydrogen-projects-this-week\/&title=Iraq sets up committee to discuss Chinese renewables offers + Oman will invite bids on green hydrogen projects this week\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Iraq+sets+up+committee+to+discuss+Chinese+renewables+offers+%2B+Oman+will+invite+bids+on+green+hydrogen+projects+this+week+https%3A%2F%2Fenterpriseam.com%2Fclimate%2F2022%2F12%2F07%2Firaq-sets-up-committee-to-discuss-chinese-renewables-offers-oman-will-invite-bids-on-green-hydrogen-projects-this-week%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/iraq-sets-up-committee-to-discuss-chinese-renewables-offers-oman-will-invite-bids-on-green-hydrogen-projects-this-week\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/279.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"75146\" data-permalink=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/iraq-sets-up-committee-to-discuss-chinese-renewables-offers-oman-will-invite-bids-on-green-hydrogen-projects-this-week\/279-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/279.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"279.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/279.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/279.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-75145\" class=\"content-area-description single-story post-75145 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-enterpriseclimate tag-green-hydrogen tag-iraq tag-oman tag-renewables wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>A newly-established joint committee in Iraq will discuss renewables offers in a bid to <\/strong><strong>resolve its energy crisis<\/strong>, <a href=\"https:\/\/www.sotaliraq.com\/2022\/12\/06\/%D8%AA%D8%B4%D9%83%D9%8A%D9%84-%D9%84%D8%AC%D9%86%D8%A9-%D9%85%D8%B4%D8%AA%D8%B1%D9%83%D8%A9-%D8%AA%D8%A8%D8%AD%D8%AB-%D8%B9%D9%86-%D8%AD%D9%84%D9%88%D9%84-%D8%AC%D8%B0%D8%B1%D9%8A%D8%A9-%D9%84%D8%A3\/\">Sot al Iraq<\/a> reports. Several Chinese companies have submitted proposals to develop wind and solar facilities, the news outlet quotes committee member and MP Sohaila Al Sultani as saying. Iraq\u2019s Environment Ministry and National Investment Commission are also preparing <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/af478392-b4e6-45f5-912f-3d4445011463\">a new solid waste-to-energy law<\/a> to attract investments, the Environment Ministry's technical department head Issa Fayad was quoted as saying last month.<\/p>\n<p><strong>Bidding for Oman\u2019s green hydrogen projects to begin this week:<\/strong> State-owned Hydrogen Oman Company (Hydrom) says over 40 companies purchased requests for qualifications for its green hydrogen blocks and will invite bids later this week, Hydrom acting manager Firas Al Abdwani told <a href=\"https:\/\/twitter.com\/WAFNewsAgency\/status\/1599639932837847040?cxt=HHwWgICj1eWCiLMsAAAA\">WAF news<\/a>. Companies will have until January 2023 to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/e806e16c-672f-4775-8776-6f597297731a\">submit their bids<\/a>. By the end of 1Q 2023, two blocks of land for project development will be awarded in Duqm, followed by an additional four blocks of land in Thumrait by the end of 4Q 2023.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/iraq\/\">Iraq<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/oman\/\">Oman<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"75147\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"75147\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">The Macro Picture<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/in-the-wake-of-cop15-for-biodiversity-a-new-environmental-credit-is-making-noise\/\">\r\n                            In the wake of COP15 for biodiversity, a new environmental credit is making noise                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/in-the-wake-of-cop15-for-biodiversity-a-new-environmental-credit-is-making-noise\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/in-the-wake-of-cop15-for-biodiversity-a-new-environmental-credit-is-making-noise\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/in-the-wake-of-cop15-for-biodiversity-a-new-environmental-credit-is-making-noise\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=In the wake of COP15 for biodiversity, a new environmental credit is making noise&url=https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/in-the-wake-of-cop15-for-biodiversity-a-new-environmental-credit-is-making-noise\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/in-the-wake-of-cop15-for-biodiversity-a-new-environmental-credit-is-making-noise\/&title=In the wake of COP15 for biodiversity, a new environmental credit is making noise\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=In+the+wake+of+COP15+for+biodiversity%2C+a+new+environmental+credit+is+making+noise+https%3A%2F%2Fenterpriseam.com%2Fclimate%2F2022%2F12%2F07%2Fin-the-wake-of-cop15-for-biodiversity-a-new-environmental-credit-is-making-noise%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/in-the-wake-of-cop15-for-biodiversity-a-new-environmental-credit-is-making-noise\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/3509.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"75148\" data-permalink=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/in-the-wake-of-cop15-for-biodiversity-a-new-environmental-credit-is-making-noise\/3509-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/3509.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"3509.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/3509.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/3509.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-75147\" class=\"content-area-description single-story post-75147 post type-post status-publish format-standard has-post-thumbnail hentry category-the-macro-picture tag-biodiversity tag-carbon-markets tag-carbon-offsetting tag-emissions tag-enterpriseclimate tag-the-macro-picture tag-united-nations wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>I<\/strong><strong>s there a new tool for carbon offsetting on the block? <\/strong>Carbon credits are newly on the radar in MENA this past year, with at least three markets launching or announcing their plans to launch carbon trading exchanges and Saudi\u2019s PIF making <a href=\"https:\/\/carboncredits.com\/saudi-pif-largest-corsia-compliant-carbon-credits-auction\/\">its first big transaction<\/a>. The ongoing debate over greenwashing in a world in which rules about standards and assurance are still taking shape is leading to the emergency of a very embryong rival (and potentially complementary) tool that companies could use to lower the cost of finance when they invest in projects that safeguard biodiversity in a more verifiable way. <strong>Its early days, but here\u2019s the rundown:<\/strong><\/p>\n<p><strong>REFRESHER- <\/strong>Carbon credits are permits allotted to companies and countries that put a cap on the overall greenhouse gasses they are allowed to generate. If they exceed their limits, they can purchase credits from counterparts who haven\u2019t reached their carbon generation caps. Carbon markets facilitate the trade of carbon credits. Sellers can use proceeds to drive investment or fund operations, and buyers can use them to avoid paying carbon taxes.<\/p>\n<p><strong>First, let\u2019s have a look at who has carbon market plans: <\/strong>Abu Dhabi-based sovereign wealth fund Mubadala Investment Company acquired a stake in Singapore-based carbon trading exchange AirCarbon Exchange (ACX) <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/b70a0bc0-b048-418f-bb1c-8dabbcb2f984\">last month<\/a>. Egypt also launched a <a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/20\/africas-first-voluntary-carbon-market-will-launch-in-mid-2023-88131\/\">carbon market fund<\/a> that will invest as much as EGP 1 bn in low-carbon projects that issue carbon credits, and the country\u2019s bourse plans to launch <a href=\"https:\/\/enterprise.press\/stories\/2022\/11\/10\/egx-announces-africa-carbon-market-86775\/\">Africa\u2019s first voluntary carbon market<\/a> in mid-2023. Similarly, Saudi Arabia\u2019s sovereign wealth fund set up a regional voluntary carbon market company in October, which <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f3bb1924-9dc1-4866-b00f-d3f50b07744c\">auctioned 1.4 mn tons<\/a> of carbon credits at Davos in the Desert.<\/p>\n<p><strong>The problem, in short: Offsets. <\/strong>Carbon credits can enable firms to claim they are offsetting their carbon emissions without actually mitigating the greenhouse gasses they emit. Biodiversity credits aim to give companies a reason to actually do good even as they do bad, if you want to be incredibly reductionist about it.<\/p>\n<p><strong>That\u2019s where b<\/strong><strong>io credits come in.<\/strong> Biodiversity credits, aka bio credits, are a way conservationist groups can monetize their biodiversity efforts and sell them as units to corporations looking to support preservation efforts, or meet their own sustainability targets. For biodiversity credits to work, they need to offer an alternative to biodiversity offsets. This alternative should not allow companies to damage nature in one part of the world, while compensating for the biodiversity loss elsewhere, according to a new UNDP <a href=\"https:\/\/ent.news\/2022\/12\/5384.pdf\">report (pdf)<\/a>.<\/p>\n<p><strong>The key here? No \u201cnet\u201d damage to biodiversity:<\/strong> Biodiversity offset schemes \u2014 which have proved ineffective in <a href=\"https:\/\/www.ncbi.nlm.nih.gov\/pubmed\/16456631\">Canada<\/a>, <a href=\"https:\/\/www.nature.org.au\/media\/265228\/bio-offsetting-report_v14.pdf\">Australia<\/a>, and on a <a href=\"https:\/\/www.fern.org\/publications-insight\/biodiversity-offsetting-in-practice-576\/\">global<\/a> level \u2014 see corporations and countries promising to offset their environmental damage by restoring biodiversity elsewhere, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-05\/un-says-new-biodiversity-credits-can-succeed-where-carbon-offsets-failed?srnd=green&leadSource=uverify%20wall\">Bloomberg<\/a> notes. Biodiversity credit schemes, on the other hand, can be adapted to international biodiversity frameworks and plans, including the post-2020 Global Biodiversity Strategy and National Biodiversity Strategies and Action Plans. This would help verify that bio credit projects positively impact biodiversity efforts without resulting in the environmental losses of biodiversity offset schemes, the report\u2019s authors say.<\/p>\n<p><strong>And it\u2019s getting support: <\/strong>The United Nations Development Programme (UNDP) is backing biodiversity credits to boost conservation efforts, according to the UNDP. The UN Convention on Biological Diversity says the tool, if established correctly, can help plug the USD 700 bn financing gap needed per year to protect nature, according to the UN <a href=\"https:\/\/www.un.org\/sustainabledevelopment\/blog\/2021\/07\/a-new-global-framework-for-managing-nature-through-2030-1st-detailed-draft-agreement-debuts\/\">Global Framework for Managing Nature Through 2030<\/a>.<\/p>\n<p><strong>But it\u2019s not all that rosy:<\/strong> More than 100 nonprofit organizations and academics voiced their concern over UN support for bio credits, calling it a \u201c<a href=\"https:\/\/greenfinanceobservatory.org\/2022\/11\/04\/open-letter-119-experts-call-to-protect-nature-from-the-nature-positive-economy\/\">false solution<\/a>\u201d that would enable companies to greenwash their businesses without yielding biodiversity gains. \u201cYet, just as [...] carbon offset markets have been a documented failure, thereby contributing to our failure to mitigate climate change, financialising the destruction of biodiversity would most likely fail to address critical loss of biodiversity,\u201d the organizations state.<\/p>\n<p><strong>Why should companies care about biodiversity loss?<\/strong> Flora and fauna provide businesses with the resources needed to uphold their operations. For instance, the reduced number of insects that pollinate crops could cause losses of USD 235-577 bn in global food production annually, the UN\u2019s <a href=\"https:\/\/www.fao.org\/news\/story\/en\/item\/384726\/icode\/\">Food and Agriculture Organization<\/a> writes. Half of global GDP \u2014 some USD 44 tn \u2014 is dependent to some degree on resources from the natural world, according to <a href=\"https:\/\/www.weforum.org\/press\/2020\/01\/half-of-world-s-gdp-moderately-or-highly-dependent-on-nature-says-new-report\/\">The World Economic Forum<\/a>.<\/p>\n<p><strong>Banks and investors are increasingly backing biodiversity:<\/strong> Over 100 financial institutions representing nearly USD 17 tn have signed the <a href=\"https:\/\/www.financeforbiodiversity.org\/about-the-pledge\/\">Finance for Biodiversity Pledge<\/a> since its launch in 2020 to reverse biodiversity loss by 2030. The pledge\u2019s signatories \u201ccommit to protecting and restoring biodiversity through their finance activities and investments.\u201d<\/p>\n<p><strong>MENA is also seeing the importance of biodiversity:<\/strong> Saudi Arabia earmarked USD 25 mn to protect endangered species as part of the county\u2019s USD 186 bn Saudi Green Initiative (SGI) to restore 100 hectares of land for ecological rehabilitation projects in the Arabian Peninsula, we previously <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/2ef0bec6-f6b7-45b9-aebf-440f87a2cb5c\">noted<\/a>. Over in the UAE, <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/160a4518-40d2-4f20-b192-70cd68578c94\">Abu Dhabi Global Market<\/a> pledged to plant 15k mangrove trees on Jubail Island, and Qatar is similarly enforcing policies that have led to a 5 sq km growth in its mangrove swamps, as we previously <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/43894749-d2b6-42a4-9cd7-42d169540804\">wrote<\/a>. Mangroves produce oxygen, protect beaches from erosion, are important for the reproduction of several kinds of fish \u2014 and <a href=\"https:\/\/www.sciencedaily.com\/releases\/2011\/04\/110404173247.htm\">sequester many times more CO2 than most forests<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/biodiversity\/\">biodiversity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/carbon-markets\/\">carbon markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/carbon-offsetting\/\">carbon offsetting<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/emissions\/\">emissions<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/the-macro-picture\/\">THE MACRO PICTURE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/united-nations\/\">United Nations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"75149\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"75149\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">ON YOUR WAY OUT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/student-produced-app-to-minimize-food-waste-and-increase-food-security-in-dubai\/\">\r\n                            Student-produced app to minimize food waste and increase food security in Dubai                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/student-produced-app-to-minimize-food-waste-and-increase-food-security-in-dubai\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/student-produced-app-to-minimize-food-waste-and-increase-food-security-in-dubai\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/student-produced-app-to-minimize-food-waste-and-increase-food-security-in-dubai\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Student-produced app to minimize food waste and increase food security in Dubai&url=https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/student-produced-app-to-minimize-food-waste-and-increase-food-security-in-dubai\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/student-produced-app-to-minimize-food-waste-and-increase-food-security-in-dubai\/&title=Student-produced app to minimize food waste and increase food security in Dubai\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Student-produced+app+to+minimize+food+waste+and+increase+food+security+in+Dubai+https%3A%2F%2Fenterpriseam.com%2Fclimate%2F2022%2F12%2F07%2Fstudent-produced-app-to-minimize-food-waste-and-increase-food-security-in-dubai%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/student-produced-app-to-minimize-food-waste-and-increase-food-security-in-dubai\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/3351.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"75150\" data-permalink=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/student-produced-app-to-minimize-food-waste-and-increase-food-security-in-dubai\/3351-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/3351.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"3351.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/3351.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/3351.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-75149\" class=\"content-area-description single-story post-75149 post type-post status-publish format-standard has-post-thumbnail hentry category-on-your-way-out tag-enterpriseclimate tag-food-security tag-on-your-way-out tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Tech to boost food security:<\/strong> A group of students in Dubai plan to launch a platform to allow low-income households to purchase groceries at a discounted price, <a href=\"https:\/\/www.khaleejtimes.com\/uae\/dubai-students-to-launch-app-for-low-income-people-to-buy-groceries-at-discounted-rates\">Khaleej<\/a><a href=\"https:\/\/www.khaleejtimes.com\/uae\/dubai-students-to-launch-app-for-low-income-people-to-buy-groceries-at-discounted-rates\">Times<\/a> reports. The Project Ubuntu app and website will focus on vegetables and bakery items at supermarkets that are nearing their best-buy dates and offer reduced prices, ultimately minimizing food waste across Dubai grocery shops.<\/p>\n<p><strong>A-maize-ing innovators<\/strong><strong>:<\/strong> The <a href=\"https:\/\/www.gemsmodernacademy-dubai.com\/en\">GEMS Modern Academy<\/a> highschoolers developed their idea with the help of one of their teachers and published <a href=\"https:\/\/www.ijisrt.com\/assets\/upload\/files\/IJISRT22MAR1185_(1).pdf\">a research paper<\/a> covering all the relevant market analysis in the <a href=\"https:\/\/www.ijisrt.com\/\">International Journal of Innovative Science and Research Technology<\/a>. The kids also raised some USD 2.7k through a crowdfunding campaign to help bring the platform to life.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/food-security\/\">food security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/on-your-way-out\/\">ON YOUR WAY OUT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/climate\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"75151\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/climate\/2022\/12\/07\/75151\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-75151\" class=\"content-area-description single-story post-75151 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>DECEMBER<\/strong><\/p>\n<p>6-8 December (Tuesday-Thursday): World Circular Economy Forum <a href=\"https:\/\/www.wcef2022.com\/\">WCEF2022<\/a>, Kigali, Rwanda.<\/p>\n<p>7 December (Wednesday): <a href=\"https:\/\/www.thebig5.ae\/global-construction-impact-summit\/\">The Big 5 Global Construction Impact Summit<\/a>, Dubai World Trade Center, Dubai, UAE.<\/p>\n<p>7-19 December (Wednesday-Monday): The<a href=\"https:\/\/www.un.org\/en\/climatechange\/events\">UN\u2019s 15th meeting of the Conference of the Parties to the Convention on Biological Diversity<\/a> (COP15), Montreal, Canada.<\/p>\n<p>9 December (Friday): Arab-China summit, Saudi Arabia.<\/p>\n<p>13-14 December (Tuesday-Wednesday): <a href=\"https:\/\/eu.eventscloud.com\/ereg\/newreg.php?eventid=200250856&&_hsenc=p2ANqtz-9c1yZ0YX1kRz0YQou4--8cKBZQGMolUkO1jP7yQl8gwbwZtt8idQVk4Nh_4cgjoS-liOXgE398SLuxMQt0H0v6QMS33Q\">Seminar on EU standards for agri-food products<\/a> for the Gulf Cooperation Council countries, Grand Millennium Business Bay Hotel, Dubai, UAE.<\/p>\n<p>13-15 December (Tuesday-Thursday): <a href=\"https:\/\/irec-conference.com\/\">International Renewable Energy Congress<\/a>, Hammamet, Tunisia.<\/p>\n<p><strong>JANUARY 2023<\/strong><\/p>\n<p>10-12 January (Tuesday-Thursday): <a href=\"https:\/\/www.futuremineralssummit.com\/\">The Future Minerals Forum<\/a>, Riyadh, Saudi Arabia.<\/p>\n<p>12 January (Thursday): Business Transition to Net-Zero \u2013 the Path Towards a Successful Low-Carbon Future Forum, Bahrain.<\/p>\n<p>13 January (Friday): <a href=\"https:\/\/www.irena.org\/events\/2023\/Jan\/The-New-Generation-of-Decision-Makers-IRENA-Youth-Forum\">The International Renewable Energy Agency\u2019s Youth Forum<\/a>, Abu Dhabi, UAE.<\/p>\n<p>14-21 January (Saturday-Saturday): <a href=\"https:\/\/abudhabisustainabilityweek.com\/\">Abu Dhabi Sustainability Week<\/a>, Abu Dhabi, UAE.<\/p>\n<p>16-18 January (Monday-Wednesday): <a href=\"https:\/\/www.neventum.com\/tradeshows\/ecowaste\">EcoWASTE<\/a>, Abu Dhabi National Exhibition Center (ADNEC), UAE.<\/p>\n<p>16-18 January (Monday-Wednesday): <a href=\"https:\/\/www.worldfutureenergysummit.com\/\">World Future Energy Summit<\/a>, Abu Dhabi National Exhibition Center (ADNEC), UAE.<\/p>\n<p>January 2023: Bid submission deadline for green hydrogen projects to <a href=\"https:\/\/hydrom.om\/tender.html\">Hydrogen Oman (Hydrom)<\/a>.<\/p>\n<p><strong>FEBRUARY 2023<\/strong><\/p>\n<p>6-8 February (Monday-Wednesday): <a href=\"https:\/\/www.simec-expo.com\/\">Saudi International Marine Exhibition and Conference<\/a>, Hilton Riyadh, Saudi Arabia.<\/p>\n<p>21-22 February (Tuesday-Wednesday): <a href=\"https:\/\/thearabgreensummit.com\/\">The Arab Green Summit<\/a>, Dubai, UAE.<\/p>\n<p>21-23 February (Tuesday-Thursday): <a href=\"https:\/\/worldesgsummit.com\/\">World Environment, Social and Governance (ESG) Summit<\/a>, Dubai, UAE.<\/p>\n<p><strong>MARCH 2023<\/strong><\/p>\n<p>15-19 March (Wednesday-Sunday): <a href=\"https:\/\/agriteq.com\/en\/the-conference\/\">Qatar International Agricultural and Environmental Exhibition<\/a>, Doha, Qatar.<\/p>\n<p><strong>MAY 2023<\/strong><\/p>\n<p>1-4 May (Monday-Thursday): Arabian Travel Market, Dubai World Trade Centre, Dubai, UAE. Register <a href=\"https:\/\/www.wtm.com\/atm\/en-gb.html\">here<\/a>.<\/p>\n<p>29-31 May (Monday-Wednesday): <a href=\"https:\/\/www.evinnovationsummit.com\">Electric Vehicle Innovation Summit<\/a>, Abu Dhabi National Exhibition Centre, Abu Dhabi, UAE.<\/p>\n<p><strong>JUNE 2023<\/strong><\/p>\n<p><a href=\"https:\/\/www.bloombergneweconomy.com\/news\/bloomberg-announces-inaugural-new-economy-gateway-africa-in-morocco\/\">Bloomberg New Economy Gateway Africa Conference<\/a>, Marrakesh, Morocco.<\/p>\n<p>1-3 June (Thursday-Saturday): <a href=\"http:\/\/www.envirotecener-expo.com\/\">Envirotec and Energie Expo<\/a>, UTICA, Tunis, Tunisia.<\/p>\n<p><strong>SEPTEMBER 2023<\/strong><\/p>\n<p><a href=\"https:\/\/www.chariotenergygroup.com\/\">Chariot Limited<\/a> and <a href=\"https:\/\/www.total-eren.com\/\">Total Eren<\/a>\u2019s feasibility study on a 10 GW green hydrogen plant in Mauritania to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f1323428-033c-4ff9-a0b6-716f87613360\">be completed<\/a>.<\/p>\n<p><strong>OCTOBER 2023<\/strong><\/p>\n<p>2-4 October (Monday-Wednesday): <a href=\"https:\/\/www.showsbee.com\/fairs\/84868-WETEX-2023.html\">WETEX and Dubai Solar Show<\/a>, Dubai World Trade Centre, Dubai, United Arab Emirates.<\/p>\n<p><strong>NOVEMBER 2023<\/strong><\/p>\n<p>6-17 November (Monday-Friday): The UAE will host <a href=\"https:\/\/sdg.iisd.org\/events\/2022-un-climate-change-conference-unfccc-cop-28\/#:~:text=The%2028th%20session%20of%20the,in%20the%20United%20Arab%20Emirates.\">COP28<\/a>.<\/p>\n<p><strong>EVENTS WITH NO SET DATE<\/strong><\/p>\n<p><strong>End-2022 <\/strong><\/p>\n<p>KSA\u2019s Neom wants to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/41c4acda-ffa5-4e25-ae17-48b53fc7df69\">tender three concrete water reservoir<\/a> projects to up its water storage capacity by 6 mn liters.<\/p>\n<p><strong>2023 <\/strong><\/p>\n<p>Early 2023: Egypt\u2019s <a href=\"https:\/\/www.karmsolar.com\/\">KarmSolar<\/a> to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/afa55bc3-dec6-4f46-b806-25518b05cda1\">launch KarmCharge<\/a>, the company\u2019s EV charging venture.<\/p>\n<p>1Q2023: Oman will award two blocks of land for green hydrogen projects in Duqm, Oman.<\/p>\n<p>Mid-2023: Sale of Sembcorp Energy India Limited to consortium of Omani investors <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/dbe558b6-6166-404f-8aa3-2bd7b56647dd\">to close<\/a>.<\/p>\n<p>Phase C of the 900-MW of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f2f525f9-dc10-477e-a2d5-67e7d6d790c2\">be completed<\/a>.<\/p>\n<p>Saudi Basic Industries Corporation (<a href=\"https:\/\/www.sabic.com\/en\">Sabic<\/a>) steam cracker furnace powered by renewable energy to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/c6bbb030-2107-4aec-bc3c-9dfbe4d55975\">come online<\/a>.<\/p>\n<p>4Q2023: Oman to award four blocks of land for green hydrogen projects in Thumrait, Oman.<\/p>\n<p><strong>2024 <\/strong><\/p>\n<p>End-2024: Emirati <a href=\"http:\/\/ar.ae\">Masdar<\/a>\u2019s 500 MW wind farm in Uzbekistan to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/13a804af-a659-4152-82b2-a3c920862f2b\">begin commercial operations<\/a>.<\/p>\n<p><a href=\"https:\/\/www.qatarenergy.qa\/en\/Pages\/Home.aspx\">QatarEnergy<\/a>\u2019s industrial cities solar power project <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/afa55bc3-dec6-4f46-b806-25518b05cda1\">will start electricity<\/a> production.<\/p>\n<p>First 1.5 GW phase of Morocco\u2019s <a href=\"https:\/\/xlinks.co\/morocco-uk-power-project\/\">Xlinks<\/a> solar and wind energy project to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/52aefc63-82e3-42e3-8afc-960461fa5288\">be operational<\/a>.<\/p>\n<p><strong>2025 <\/strong><\/p>\n<p>Second 1.5 GW phase of Morocco\u2019s <a href=\"https:\/\/xlinks.co\/morocco-uk-power-project\/\">Xlinks<\/a> solar and wind energy project to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/52aefc63-82e3-42e3-8afc-960461fa5288\">be operational<\/a>.<\/p>\n<p>UAE to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/9ec60000-0539-4d85-baf5-5beaf020a34f\">have over 1k<\/a> EV charging stations installed.<\/p>\n<p><strong>2026 <\/strong><\/p>\n<p>1Q 2026: <a href=\"https:\/\/www.qatarenergy.qa\/en\/Pages\/Home.aspx\">QatarEnergy<\/a>\u2019s USD 1 bn blue ammonia plant <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/77469f6c-f938-4a97-8cac-3146b39b6cbe\">to be completed<\/a>.<\/p>\n<p>End-2026: HSBC Bahrain to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/a2ead528-71fb-423b-a6f8-e18b2c9897d8\">eliminate single-use<\/a> PVC plastic cards.<\/p>\n<p>Iraq\u2019s <a href=\"http:\/\/www.massgroupholding.com\/English\/default.aspx\">Mass Group Holding<\/a> wants to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/0239be52-0fa8-43fd-8db9-68f967fb1529\">invest EUR 1 bn<\/a> on its thermal plant Mintia in Romania to have 62% of run on renewable energy, while expanding its energy capacity to at least 1.29k MWh.<\/p>\n<p><strong>2027<\/strong><\/p>\n<p>MENA\u2019s district cooling market is <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/59376411-8296-47dc-87cc-43ddc792bba4\">expected to reach<\/a> USD 15 bn.<\/p>\n<p><strong>2030 <\/strong><\/p>\n<p>UAE\u2019s Abu Dhabi Commercial Bank (ADCB) wants to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/ea65a4f2-e77c-426b-8ad0-9120704954f6\">provide AED 35 bn<\/a> in green financing.<\/p>\n<p>UAE <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/a9c832ed-f423-479e-884d-90cabefe3a0b\">targets 14 GW<\/a> in clean energy capacity.<\/p>\n<p>Tunisia <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/7c5659c7-cf17-4cd6-9d18-c8afb5c643fb\">targets 30%<\/a> of renewables in its energy mix.<\/p>\n<p>Qatar wants to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/7881b1d2-724a-4914-ba85-0545e72901c9\">generate USD 17 bn<\/a> from its circular economy, creating 9k-19k jobs.<\/p>\n<p>Morocco\u2019s <a href=\"https:\/\/xlinks.co\/morocco-uk-power-project\/\">Xlinks<\/a> solar and wind energy project to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/52aefc63-82e3-42e3-8afc-960461fa5288\">generate 10.5 GW<\/a> of energy.<\/p>\n<p><strong>2035 <\/strong><\/p>\n<p>Qatar to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/77469f6c-f938-4a97-8cac-3146b39b6cbe\">capture up to 11 mn tons<\/a> of CO2 annually.<\/p>\n<p><strong>2045 <\/strong><\/p>\n<p>Qatar\u2019s Public Works Authority\u2019s (Ashghal) USD 1.5 bn sewage treatment facility to reach 600k cm\/d capacity.<\/p>\n<p><strong>2060 <\/strong><\/p>\n<p>Nigeria aims to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/ea65a4f2-e77c-426b-8ad0-9120704954f6\">achieve its net-zero<\/a> emissions target.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":75136,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-75135","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"9861e8af-c5f1-4298-a101-598ad41857b8","teaser":"","photo_url":"https:\/\/ent.news\/2021\/2\/498.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The opportunity for MENA financial institutions in the climate industry - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The opportunity for MENA financial institutions in the climate industry\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/\" \/>\n<meta property=\"og:site_name\" content=\"Climate\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T08:15:18+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/2\/498.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/\",\"url\":\"https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/\",\"name\":\"The opportunity for MENA financial institutions in the climate industry - Climate\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/2\/498.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2022-12-07T02:05:26+00:00\",\"dateModified\":\"2025-12-15T08:15:18+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2021\/2\/498.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/2\/498.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/climate\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Issues\",\"item\":\"https:\/\/enterpriseam.com\/climate\/AMarchives\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"The opportunity for MENA financial institutions in the climate industry\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/#website\",\"url\":\"https:\/\/enterpriseam.com\/climate\/\",\"name\":\"Climate\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/climate\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/#organization\",\"name\":\"Climate\",\"url\":\"https:\/\/enterpriseam.com\/climate\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/25470.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/25470.svg\",\"caption\":\"Climate\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"The opportunity for MENA financial institutions in the climate industry - Climate","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/","og_locale":"en_US","og_type":"article","og_title":"The opportunity for MENA financial institutions in the climate industry","og_url":"https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/","og_site_name":"Climate","article_modified_time":"2025-12-15T08:15:18+00:00","twitter_card":"summary_large_image","twitter_image":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/498.jpg?fit=%2C&ssl=1","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/","url":"https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/","name":"The opportunity for MENA financial institutions in the climate industry - Climate","isPartOf":{"@id":"https:\/\/enterpriseam.com\/climate\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/498.jpg?fit=%2C&ssl=1","datePublished":"2022-12-07T02:05:26+00:00","dateModified":"2025-12-15T08:15:18+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/498.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/498.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/climate\/issues\/the-opportunity-for-mena-financial-institutions-in-the-climate-industry\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/climate\/"},{"@type":"ListItem","position":2,"name":"Issues","item":"https:\/\/enterpriseam.com\/climate\/AMarchives\/"},{"@type":"ListItem","position":3,"name":"The opportunity for MENA financial institutions in the climate industry"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/climate\/#website","url":"https:\/\/enterpriseam.com\/climate\/","name":"Climate","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/climate\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/climate\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/climate\/#organization","name":"Climate","url":"https:\/\/enterpriseam.com\/climate\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/climate\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/25470.svg","contentUrl":"https:\/\/ent.news\/internal\/25470.svg","caption":"Climate"},"image":{"@id":"https:\/\/enterpriseam.com\/climate\/#\/schema\/logo\/image\/"}}]}},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/issue\/75135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/issue"}],"about":[{"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/types\/issue"}],"version-history":[{"count":1,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/issue\/75135\/revisions"}],"predecessor-version":[{"id":75159,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/issue\/75135\/revisions\/75159"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/media\/75136"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/media?parent=75135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/categories?post=75135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/climate\/wp-json\/wp\/v2\/tags?post=75135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}