Egypt moves forward with investing in carbon markets
The country’s first carbon credits investment fund, called EgyCOP, will invest directly in the voluntary carbon markets.
Oil giant Saudi Aramco records historic $161Bn profit in 2022
Aramco plans to spend up to $55Bn on capital projects in 2023 to boost its production from 11.5m barrels a day in 2022 to 13m barrels a day by 2027.
New decree paves way for creation of Egyptian VCM
A law passed at the end of 2022 provides for the establishment of a voluntary carbon market (VCM) platform within the Egyptian Stock Exchange (EGX).
Majid Al Futtaim raises $1.25Bn sustainability-linked loan
The Emirati retail conglomerate raised a $1.25Bn revolving credit facility linked to the company's ESG goals.
Dubai Islamic Bank sells $750m in debut sustainable sukuk
The five-year sukuk is the debut green Islamic bond for the United Arab Emirates, in a sale arranged by local, regional and international banks.
Mubadala acquires strategic stake in AirCarbon Exchange
The Abu Dhabi sovereign wealth fund invested in ACX, which is establishing a carbon trading exchange and carbon clearing house in Abu Dhabi Global Market (ADGM).
New carbon credits to be issued for rice drip irrigation
The Israeli drip irrigation company Netafim announced Friday its first carbon credit initiative for global rice growers.
UAE using role as COP28 host to lobby on its climate reputation
The United Arab Emirates (UEA) hired PR firm to use its role as the host of next year’s UN climate conference to launder its international reputation.
Turkey boosts GHG emissions reduction target for 2030
Turkey will aim to bring its greenhouse gas (GHG) emissions 41% below business-as-usual levels by 2030, raising the target from 21%.
UAE technology firm e& pledges to net-zero operations by 2030
The group said it would reduce its carbon footprint through improving energy efficiency and sourcing renewable energy among other initiatives
UAE releases net-zero plan, plans deeper emissions cut
The UAE has laid out a pathway to net-zero by 2050 that implies a deeper reduction in emissions by 2030 than envisaged under its updated NDC, released in September.
Kuwait pledges net zero emissions by 2060
Kuwait announced the emirate's intention to work towards net-zero, making it the fifth Gulf Co-operation Council (GCC) country to set a net-zero goal
Saudi Arabia’s sovereign wealth fund auctions 1.4m credits
The Middle East's first carbon credit auction saw Saudi Aramco as largest buyer, just three weeks after the sovereign wealth fund raised its first $3Bn green bond.
Saudi Arabia’s ACWA Power will invest $10Bn in South Africa
The CEO of the state-owned utility has announced it will invest $5Bn in renewable energy and $5Bn in hydrogen over the next 5 years.
Oman aims to achieve net-zero carbon emissions by 2050
The Sultanate is the latest Gulf country to make a commitment, in line with Oman's 2040 Vision and the setting up of the Oman Centre for Sustainability.
Egypt awarded $400m infrastructure financing by World Bank
The country will use the fund to finance a railway bypass around the congested Greater Cairo region for freight going from South to North.
Saudi Arabia’s Public Investment Fund raises $3Bn green bond
Three issuances of a 5-year, 10-year and 100-year bonds of different amounts and interest rates make up the country's first ever "green bond".
UAE raises carbon cutting ambition
The UAE has pledged to cut CO2 emissions by 31% by 2030 – up from a previous target of 23.5%.
ADCB prices $500m bond to back low-carbon initiatives
Abu Dhabi Commercial Bank (ADCB) has successfully priced its inaugural green bond, raising $500 million to support the financing of low-carbon initiatives
Saudi wealth fund to issue green bonds as soon as this week
Saudi Arabia's $620bn sovereign wealth fund, the Public Investment Fund (PIF), is expected to tap international debt markets for a debut green bonds issue.
ADCB prices $500m bond to back low-carbon initiatives
Abu Dhabi Commercial Bank (ADCB) has successfully priced its inaugural green bond, raising $500 million to support the financing of low-carbon initiatives.
Saudi wealth fund to issue green bonds as soon as this week
Saudi Arabia's $620bn sovereign wealth fund, the Public Investment Fund (PIF), is expected to tap international debt markets for a debut green bonds issue.
UAE launch climate action pledge for private sector
The pledge aims to increase the engagement of the private sector in the country’s decarbonisation, in line with the Net Zero 2050 Strategic Initiative.
UAE launch climate action pledge for private sector
The pledge aims to increase the engagement of the private sector in the country’s decarbonisation, in line with the Net Zero 2050 Strategic Initiative.