{"id":81965,"date":"2024-01-24T00:00:00","date_gmt":"2024-01-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/01\/24\/adcb-partners-with-unido-joins-egypts-green-growth-program\/"},"modified":"2024-01-24T00:00:00","modified_gmt":"2024-01-24T00:00:00","slug":"adcb-partners-with-unido-joins-egypts-green-growth-program","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/01\/24\/adcb-partners-with-unido-joins-egypts-green-growth-program\/","title":{"rendered":"ADCB partners with UNIDO, joins Egypt\u2019s green growth program"},"content":{"rendered":"

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GREEN FINANCE-<\/p>\n

ADCB<\/strong> Egypt partners with UNIDO on green growth program:<\/strong> The Abu Dhabi Commercial Bank Egypt (ADCB) is cooperating with the United Nations Industrial Development Organization (UNIDO) and joining Egypt's green growth program to support small and medium-sized businesses, especially ones targeting green projects, according to a statement<\/a>. UNIDO will offer financing and non-financing products and services for ADCB's clients to achieve the lender's goal of having sustainable financing make up 15% of its loan portfolio by 2030. The program will include companies working on renewable energy projects, sustainable agriculture, waste management, and others.<\/p>\n

The lender is doing more:<\/strong> ADCB launched Egypt's first sustainable corporate account last month. The lender also joined the Net-Zero Banking Alliance and committed AED 125 bn<\/a> in sustainable finance by 2030.<\/p>\n

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IsDB <\/strong>+ AIIB reaffirm sustainability partnership: <\/strong>The Islamic Development Bank (IsDB) and The Asian Infrastructure Investment Bank (AIIB) signed an MoU to boost sustainable financing, according to a statement<\/a>. The agreement builds an initial partnership between the two lenders, and expands on their existing co-financing framework with a focus on enhancing climate-resilient infrastructure.<\/p>\n

REMEMBER- Both banks are making strides in green finance:<\/strong> AIIB partnered with the COP28 presidency<\/a> in October to mobilize establish financial structures to increase the mobilization of private and institutional capital, including a blended finance structure to drive capital into green projects. IsDB also committed USD 250 mn<\/a> to the International Renewable Energy Agency\u2019s USD 4 bn Energy Transition Accelerator Financing platform last month.<\/p>\n

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Bapco Energies launches new green transition finance framework: <\/strong>Bahrain\u2019s Bapco Energies has unveiled a green transition finance framework \u2014 made in collaboration with international banking group Standard Chartered \u2014 making it the first energy company in the region to do so, according to a press<\/a>release<\/a>. The framework outlines plans to secure funding for renewable energy, carbon capture and storage, no\/low emissions fuels, and energy efficiency projects. Global provider of ESG goal solutions ISS Corporate Solutions<\/a> offered a Second Party Opinion<\/a> for the framework.<\/p>\n

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ELECTRIC VEHICLES-<\/p>\n

Bee\u2019ah Group to establish EV charging infrastructure in Sharjah: <\/strong>The Sharjah Roads and Transport Authority (SRTA) is partnering with the UAE\u2019s Bee\u2019ah Group to establish and operate an EV charging network across the emirate to keep up with the recent surge of EV usage, according to a statement<\/a>. Hundreds of chargers \u2014 including new fast chargers \u2014 will be deployed along highways, urban areas, and coastal regions. The partnership aligns with the National Electric Vehicles Policy, which aims to have EVs make up 50% of vehicles on the UAE\u2019s roads by 2050.<\/p>\n

REMEMBER- Bee'ah is set to achieve carbon neutrality in Sharjah: <\/strong>Bee\u2019ah Group has set a target to reach net zero emissions by 2040. The company is close to reaching carbon neutrality<\/a> in the Sharjah Emirate alone, where Bee\u2019ah\u2019s zero-waste strategies have enabled a 90% landfill waste diversion rate<\/a>.<\/p>\n

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<\/strong>Archer<\/strong> Aviation + NASA partner on air mobility:<\/strong> Mubadala Capital-backed green mobility firm Archer Aviation<\/a> has signed an agreement with NASA to collaborate on Advanced Air Mobility (AAM), according to a statement<\/a>. The two will study efficient battery cells and safety testing for AAM, mainly Archer\u2019s Midnight<\/a> battery system and its space applications. NASA also plans on providing its test results to advance the AAM industry globally.<\/p>\n

Archer has a regional presence:<\/strong> Archer signed an agreement with the Abu Dhabi Investment Office last month to explore the possibility of establishing an air taxi network<\/a> in the Emirates by 2026.<\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n