{"id":76266,"date":"2023-03-01T02:00:58","date_gmt":"2023-03-01T02:00:58","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/03\/01\/today-four-green-bonds-worth-usd-2-2-bn-hit-the-nasdaq-dubai\/"},"modified":"2023-03-01T02:00:58","modified_gmt":"2023-03-01T02:00:58","slug":"today-four-green-bonds-worth-usd-2-2-bn-hit-the-nasdaq-dubai","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/03\/01\/today-four-green-bonds-worth-usd-2-2-bn-hit-the-nasdaq-dubai\/","title":{"rendered":"TODAY: Four green bonds worth USD 2.2 bn hit the Nasdaq Dubai"},"content":{"rendered":"

Good morning, ladies and gents. <\/strong>Regional climate news continues to crawl at a snail\u2019s pace, but we have a few updates on green finance and decarbonization efforts in the GCC.<\/p>\n

THE BIG CLIMATE STORY- <\/strong>The Industrial and Commercial Bank of China listed four green bonds worth USD 2.2 bn on Nasdaq Dubai yesterday, saying proceeds from the bonds will be used for green financing in different jurisdictions and operations without disclosing any more detail. We have more details in the news well, below.<\/strong><\/p>\n

THE BIG CLIMATE STORY OUTSIDE THE REGION-<\/strong> Germany may not back the EU\u2019s plan <\/strong>to ban the combustion engine by 2035<\/strong>, the country\u2019s transport minister said yesterday, urging the bloc to take a more flexible approach that would not see an outright prohibition of fuel-powered cars. (AP<\/a> | Reuters<\/a> | Bloomberg<\/a>)<\/p>\n

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ICYMI- <\/strong>Egypt\u2019s long-awaited hydrogen strategy \u2014 which has been in the works since 2021 \u2014 is set to be released within weeks, leading Enterprise<\/a> to ask private-sector players and industry experts what they hope to see as they plan to establish green hydrogen plants in the local market.<\/p>\n

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WATCH THIS SPACE #1- Banks need to show renewable projects a bit more love: <\/strong>Global banking needs to invest USD 4 to every USD 1 invested in fossil fuels by 2030 to limit global warming in a 1.5\u00b0C scenario, Reuters<\/a> reports, citing BloombergNEF research. Energy analysts found that banks gave 81 cents in financing support to low carbon energy projects for every USD they provided to fossil fuels in 2021. Financing totalled USD 1.9 tn in 2021, with nearly USD 1 tn being allocated to fossil fuels and just USD 842 bn going to low carbon energy projects and companies, according to the report. The findings are based on compiled data from over 1.1k banks.<\/p>\n

Global investments in energy transition technologies reached USD 1.3 tn in 2022, <\/strong>according to a recent report (pdf)<\/a> by the International Renewable Energy Agency. Despite renewable investments increasing by 16% in 2022, the report stressed that the current pace is not sufficient, with annual investments needing to at least quadruple to stay on track with meeting global climate goals. The increased renewables funding will have to be coupled with divestment of USD 0.7 tn per year globally from fossil fuels to renewable technologies to achieve an energy transition in line with the 1.5\u00b0C scenario, the report concludes.<\/p>\n

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<\/a> WATCH THIS SPACE #2- Japan is gearing up to champion natgas and LNG <\/strong>alongside renewables during its presidency of the G7<\/strong>, Reuters<\/a> reports. Investments in natural gas and LNG are also on top of the meeting agenda as Japan scrambles to reduce its reliance on Russian gas. Investments in hydrogen and ammonia will also be on the agenda as the country looks forward to a green transition. The country will hold a ministerial meeting on climate, energy and environment in Sapporo on 15 April ahead of the main G7 summit in Hiroshima on 19 May.<\/p>\n

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COME TO OUR NEXT ENTERPRISE FORUM- <\/strong><\/p>\n

\"enterprise\"<\/a><\/p>\n

We are delighted to share with you that the Enterprise Exports & FDI Forum<\/strong> will be taking place on 15 May<\/strong> at the Four Seasons Hotel at Nile Plaza in Cairo.<\/strong><\/p>\n

DO YOU WANT TO ATTEND?<\/strong> The first wave of invites is going out soon. If you\u2019re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please click here<\/a> to request a spot at this exclusive event.<\/p>\n

What\u2019s the Enterprise Exports & FDI Forum?<\/strong> It is the latest in our series of must-attend, invitation-only gatherings for C-suite-level business leaders. The Enterprise Exports & FDI Forum will discuss the critical topics of exports and foreign direct investment (FDI) in Egypt.<\/p>\n

We will be taking an in-depth look into some of the most vital industry topics, including:<\/p>\n