DP World + Pacific Lines ink MoU for green solutions: Logistics giant DP World inked an MoU at COP28 with Singapore-based shipping company Pacific International Lines (PIL) to develop green solutions for global supply chains, according to a statement.

Details: The two companies will run trial shipments between Jebel Ali Port in Dubai and destinations within PIL’s network, with initiatives to reduce the shipments’ greenhouse gas footprints, including powering vessels using a biofuel blend as well as deploying container handling equipment that runs on renewable energy.

In the long term: DP World aims to expand the initiative to include other ports within its global network. PIL is also looking at alternative fuel options, including e-LNG, green methanol and green ammonia for its vessel operations and bunkering. Both companie are aiming to slash their carbon emissions to zero by 2050.

IN OTHER DP WORLD NEWS- DP World has joined the International Transport Forum ’s Corporate Partnership Board in efforts to promote sustainable, innovative, and responsible business practices in the global transportation industry, according to a statement.

METITO LANDS MOROCCO PROJECTS

Metito + Tahliya will develop two desalination projects in Morocco:Tahliya Group and Metito Utilities have signed an agreement to develop two renewable energy powered desalination plants in Morocco, Trade Arabia reports. Desalinated water from the plants will be used in a multi-user irrigation system for farming. Metito will explore mobilizing pockets of capital to fund the project, including its Africa Water Infrastructure Development (AWID) platform.

Metito leads the region’s desalination sector: Metito was one of the companies eyeing fourdesalination plants to support Egyptian green hydrogen production facilities. It also partnered with Orascom, Taqa, and Adnoc to develop USD 2.2 bn sustainable seawater treatment project for Adnoc’s onshore operations. Metito is also currently constructing a treatment and recycling plant in Sharjah. The company is backed by the International Finance Corporation and Alpha Dhabi Holding.

NEOVISION’S CARBON CREDIT FUND

UAE asset management firm sets up USD 250 mn carbon credit fund: Abu Dhabi Global Market-based Neovision Wealth Management is establishing a USD 250 mn fund to invest in the development of carbon credits across developing markets, Bloomberg reports. The fund — dubbed the Global Carbon Credit Development Fund — will invest in nature-based carbon offsetting projects implemented by Global Frontier Capital, which is currently undertaking reforestation projects across Africa, Asia, and South America. The fund is the first of its kind in the MENA region, Neovision says.

REMEMBER- Carbon markets have been picking up steam across the region, with the Dubai Financial Market (DFM) launching its maiden voluntary carbon market at COP28 on Tuesday. Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) setup a regional voluntary carbon market company back in October. Egypt is also launching its first VCM soon, and has identified 16 sectors — including renewable energy, waste management, and carbon capture — in which it aims to attract investments in the trading of CO2 offsets.

E& LANDS S-LINKED LOAN

E& secures USD 100 mn green loan:Telecommunications and tech investmentoutfitE& has secured a three-year AED 366 mn (c.USD 100 mn) sustainability-linked loan to help finance development projects in the clean energy sector, according to a filing with the ADX. It did not identify who is providing the financing.

Use of proceeds: E& will channel its first green loan toward funding and refinancing renewable energy, clean transport, and energy efficiency projects. The credit line will also help fund future ventures in the sustainable water supply, waste management, green buildings and pollution reduction industries, the news agency notes.

Committing to net zero targets: E& said it is committed to reach net-zero by 2040 for its scope one and two emissions across its global operations, Wam reports. The company set a more ambitious target for its UAE operations, aiming to get to net-zero by 2030, and slashing 25% of its scope three emissions by the end of the decade.

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