{"id":83385,"date":"2024-04-02T00:00:00","date_gmt":"2024-04-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/04\/02\/lots-of-green-finance-updates-from-the-uae-and-egypt-iraq-tackles-gas-flaring\/"},"modified":"2024-04-02T00:00:00","modified_gmt":"2024-04-02T00:00:00","slug":"lots-of-green-finance-updates-from-the-uae-and-egypt-iraq-tackles-gas-flaring","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/04\/02\/lots-of-green-finance-updates-from-the-uae-and-egypt-iraq-tackles-gas-flaring\/","title":{"rendered":"Lots of green finance updates from the UAE and Egypt + Iraq tackles gas flaring"},"content":{"rendered":"

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GREEN FINANCE-<\/p>\n

UAE\u2019s Aafaq Islamic Finance + NWTN partner to boost EV financing: <\/strong>Dubai-based green mobility company NWTN Motors<\/a> and Aafaq Islamic Finance<\/a> bank have inked an MoU to providing more accessible EV financing options and simplifying the purchase process in the UAE, according to a press release<\/a>. The partnership will focus on creating tailored financing solutions and streamlined application processes, with both entities committed to integrating eco-conscious practices into their offerings. <\/p>\n

Banque du Caire is incentivizing green purchases in Egypt:<\/strong> Egypt\u2019s state-owned Banque du Caire has introduced new financing programs to promote sustainable technologies, including loans that can fully cover EV purchases and solar panel installations, the bank said on LinkedIn<\/a>. \u201cThe personal loan for solar panels offers financing up to EGP 1 mn with a repayment period of up to seven years,\u201d Head of Retail Banking and Microfinance Mohamed Tharwat told Daily News Egypt<\/a>. \u201cElectric car loans go up to EGP 6 mn with repayment periods of up to eight years,\u201d he added. The loan will have an interest rate between 28-29% depending on the provision of income proof, according to the bank\u2019s website<\/a>. <\/p>\n

IFC + DBS to dedicate portion of new facility to climate trade: <\/strong>The IFC and DBS Bank Limited have signed on a USD 500 mn facility to promote capital and trade flows across emerging markets in Asia, Africa, the Middle East, and Latin America, 20% of which will be allocated to climate-eligible trade transactions, according to an statement<\/a>. The aim is to bolster trade flow decarbonization across emerging markets including in the trading of renewable energy equipment, energy efficient equipment, and sustainable agriculture commodities. <\/p>\n

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CARBON CAPTURE-<\/p>\n

Iraq <\/strong>partners with Siemens + Schlumberger to reduce gas flaring: <\/strong>Iraq\u2019s Oil Ministry signed an MoU with Siemens Energy and Schlumberger to invest in capturing gas currently being flared at Iraq\u2019s oil fields, according to a statement<\/a>. The captured gas will be used to generate electricity to support the country\u2019s grid. Siemens also signed an MoU with the Electricity Ministry to support the country\u2019s energy sector. <\/p>\n

REMEMBER- Iraq is starting to show interest in carbon capture: <\/strong>The country has issued its first<\/a> carbon, capture, usage and storage (CCUS) tenders last month, noting the projects would be funded by carbon credits generated from a natural gas field in Baghdad with a 12 mn cubic foot capacity. <\/p>\n

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