Author: Web Desk

Mercedes Villa Montserrat, CEO of the Global Center for Climate Finance said that the GCFC will work to promote research, innovation, partnerships, and capacity building to strengthen financial frameworks and open a fast track for private investment in low-carbon technologies and solutions, and support the accelerated growth of green finance.

In statements to the Emirates News Agency (WAM) on the sidelines of her participation in the Abu Dhabi Sustainability Week Summit, as part of the 28th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), Mercedes added that the GCFC will be independent think-tank and research hub focused on the private sector.

Abu Dhabi announced yesterday that it will host the Global Center for Climate Finance as a leading institution that will work to accelerate the development of climate finance frameworks and skills, and support best practices in the UAE and the world.

According to Mercedes, the Global Center for Climate F
inance aims to address the main challenges associated with financial frameworks that impede investment flows, to help make climate finance available, affordable, and accessible.

As an independent and private-sector-focused global climate finance think-tank, the GCFC will conduct cutting-edge research and share best practices. Moreover, it will define principles and create solutions to align frameworks and build financial markets. In doing so, GCFC will enable investments to flow into low-carbon and sustainable investments.

The GCFC will convene private and public stakeholders on developing recommendations and actions targeted towards deploying funds. It will also seek to incentivise the creation of strong pipelines of bankable investment opportunities. Coalitions and partnerships of relevant actors will be at the core of the GCFC’s work.

The centre is a collaborative initiative between ADGM, ADQ, BlackRock, CIFF, GFANZ, HSBC, Masdar, NinetyOne and the World Bank.

Source: Emirates News Agency

At the heart of the bustling COP28 the UN Climate Change Conference, the International Islamic Trade Finance Corporation (ITFC) and the Trade Development Fund (TDFD), co-hosted a panel discussion with the Oil Sustainability Program (OSP), about “A Just Transition to Clean Cooking with LPG Renewables’ to ignite a dialogue on the future of clean cooking solutions.

The panel discussion was inaugurated by remarks from Eng. Hani Salem Sonbol, CEO ITFC and Chairman of the TDFD Executive Committee, and Eng. Mohammad Al Tayyar, Program Director, OSP and moderated by Ms. Najla Alsudairy, Policy Awareness Department Head at the OSP.

Bringing together a diverse group of experts, the panelists included Eng. Nasser Al-Thekair, General Manager, Trade and Business Development at ITFC and Member of the TDFD Executive Committee, Mr. Anibor Kragha, Executive Secretary at the African Refiners Distributors Association (ARA), Ms. Reema Alashgar, Clean Fuel Solutions for Cooking Initiative Manager, and Ms. Radia Sedaoui, Chief,
Energy Section, Sustainable Development Policies Division at ESCWA.

Globally, 2.2 billion people lack access to clean cooking solutions and technologies. This reliance on traditional cooking solutions, such as wood, charcoal, and animal dung, has severe consequences on human health, and the environment.

As the world grapples with the dual challenges of climate change and energy access, the panel discussion delved into the crucial role of LPG (liquefied petroleum gas) and renewable energy sources in achieving a just and sustainable transition to clean cooking. This transition is not merely about switching energy sources; it is about empowering communities, safeguarding health, and protecting the environment.

The panel underscored that clean cooking is essential for human health, the environment, and sustainable development. According to the World Health Organization (WHO), household air pollution from cooking with solid fuels is the leading environmental cause of death, accounting for 3.8 million deaths eac
h year. Clean cooking also helps to reduce greenhouse gas emissions and improve air quality.

Eng. Hani Salem Sonbol during his intervention conveyed that ‘The ITFC’s commitment to clean cooking solutions is deeply rooted in its mission to foster sustainable economic development in Member Countries. Through our collaboration with partners like OSP, we are promoting access to clean and affordable cooking fuels with the aim to improve the lives of millions of people, who often bear the brunt of traditional cooking methods.’

The ITFC’s approach to clean cooking is centered on ensuring a just transition for communities. The Corporation recognizes that the shift to cleaner energy sources must be inclusive, empowering individuals and communities to make informed decisions and participate in the process.

On the other hand, Eng. Mohammad Al Tayyar mentioned, in his opening remarks, that the Oil Sustainability Program (OSP) has an ambitious scope that enables an Energy Transition that is just and sustainable. He emp
hasized the need for global action, similar to OSP’s collaboration with ITFC to bridge the access gap to cleaner energy.

In addition to its focus on LPG and renewable energy, there is a focus towards supporting the development of innovative clean cooking technologies, such as improved cook stoves and solar-powered cooking solutions. These technologies offer promising alternatives for remote and off-grid communities.

Source: Emirates News Agency

Abu Dhabi Global Market (ADGM), the international financial centre in the UAE’s capital, has concluded the sixth edition of the Abu Dhabi Sustainable Finance Forum (ADSFF), organised as part of the 28th UN Climate Change Conference (COP28). Held on the Finance, Trade Gender Equality thematic day of COP28 and as part of Abu Dhabi Sustainability Week (ADSW), ADSFF’s agenda focussed on ‘Building Green Financial Centres of the Future,’ as the nation continues to host one of the most anticipated climate discussion forums this year.

The compelling discussions delved into evolving strategies of the world’s largest Sovereign Wealth Funds (SWFs) and their stakeholders, making emerging market projects more appealing to global capital markets, navigating the evolving regulatory landscape of green finance, and the banking sector’s role in financing climate transitions. Additionally, topics included improving carbon market efficiency and preparing for financing the upcoming sixth wave of innovation applied to climate ac
tion technologies.

Global Head of Infrastructure from SWF giants – ADIA, Karim Mourad, shared insights into their sustainability strategies, emphasising their unique position to promote long-term value creation and sustainable market outcomes. A thought-provoking session highlighting Abu Dhabi as ‘The Rising Capital of Climate Finance’ at ADSFF, saw the newly appointed CEOs of the recently launched US$30 billion fund, ALTÉRRA – Majid Al Suwaidi who also holds the position of Director General and Special Representative of COP28 and Mercedes Vela Monserrate – the CEO of the Global Climate Finance Centre (GCFC) take stage and deep-dive into their vision with the fund and the centre, respectively, as well as elaborate on how it will accelerate climate financing, globally.

Key international and regional speakers included H.R.H. Prince Khaled bin Alwaleed bin Talal Al Saud, CEO, KBW Ventures; Michael Mainelli, Lord Mayor of the City of London; Daniel Pinto, President and COO, J.P. Morgan Chase; Laurent David, Dep
uty COO of BNP Paribas; Frank Elderson, Executive Board Member of European Central Bank;Daniel Hanna, Global Head of Sustainable Finance at Barclays; Gabriel Caillaux, Co-President of General Atlantic, and Pierre Abadie, Head of Climate Finance, Tikehau Capital.

Ahmed Jasim Al Zaabi, Member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Department of Development (ADDED) and ADGM, said, “We are amidst critical times and critical times call for serious measures. Abu Dhabi has been at the forefront of delivering rapid progress and year-on-year ADSFF has served as the platform to align Abu Dhabi and ADGM’s exceptional growth with the sustainability goals of the nation. We are pleased that the discussions held today with prominent international and regional representatives and thought-leaders at ADSFF were not just discussions but a preview of our commitment as the UAE’s capital that will catalyse the transformation of UAE financial markets and institutions in a way that makes it the epicentre f
or global climate financing.’

He further said, ‘Aligning with these broader goals and considering Abu Dhabi’s immense growth, ADGM announced the launch of a pioneering Global Climate Finance Centre (GCFC), that will accelerate the development of climate finance frameworks and skills, and champion the best practices in the UAE and globally. Our cumulative efforts have made us ready to be powered towards a net-zero future, as we build the ‘Capital of Green Capital on the pillars of the Green Falcon Economy.’

Through the launch of the GCFC, Abu Dhabi and ADGM aim to address key barriers linked to financial frameworks that hinder investment flows, to help make climate finance available, affordable, and accessible as a COP28 legacy for action.

As COP28 kick-started with strategic discussions on 1st December 2023, ADGM parallelly announced becoming home to the newly launched catalytic climate vehicle ALTÉRRA established by Lunate the global alternative investment management company, the world’s largest private c
limate investment vehicle worth $30 billion.

ADSFF is a goal-oriented and collective effort by the UAE’s financial sector to advance sustainable finance and investment of projects and initiatives that augment the country’s national climate goals and ambition towards a better and more sustainable future. The event witnessed approximately 600 attendees including speakers and participants attended the event this year, making it one of the key sustainability events held at COP28.

ADGM is the ‘Principal Climate Finance Partner’ at COP28 and is playing a pivotal role in shaping the global dialogue on climate finance and aligning international efforts towards climate action as it continues to host various discussions at the Connect Conference Centre (C3) during COP28.

Source: Emirates News Agency

At BIG5 today, Abu Dhabi Airports announced new development plans for their free zone arm – ADAFZ. The development programme involves the planned construction of multiple Light Industrial Units (LIUs), currently in the master planning phase.

The Airport and Free zone operator also revealed that these LIUs will be built on an area of 200,000 square feet in its Southside Logistics area, adjacent to the Cargo terminal.

Currently in very high demand, the development of LIU’s will satisfy the increasing need from the small to medium size business community as they offer a low-cost entry and are scalable to align with the growth of the customer/tenant. The units are ideally suited towards light manufacturing assembly, freight forwarding logistics, technology, consumer, retail and airport support services.

Speaking about the new development plans, Maureen Bannerman, Chief Commercial Officer, Abu Dhabi Airports, said, ‘This is an exciting time for ADAFZ as it develops its retail, real-estate and logistics offerin
g. ADAFZ currently manage more than 100 industrial units and in excess of 1,000 real estate units across three Free Zones and Airports. The addition of these facilities will ensure that ADAFZ continues to offer a diverse and customer centric range of infrastructure solutions that are supported by its in-house business teams’.

Subject to approval of its master plan, ADAFZ intends to award construction of the LIUs in 2024 with a 12-18 month build time.

Source: Emirates News Agency

Lorenzo Galanti, the Director-General of the Italian Trade Agency, announced that Italy exported global green technologies worth 65.5 billion euros in 2022, marking a significant increase of 12.7 percent on an annual basis. In the first seven months of 2023, exports of environmental goods witnessed another increase, reaching pound 40.5 billion, with a substantial growth of 7.6 percent.

He emphasised, in a statement, the participation of a large delegation representing Italian companies operating in various sectors during the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) in Dubai. The aim was to exchange solutions and initiatives concerning the fundamental aspects of the green transition, shedding light on Italy’s progress in various sustainability sectors.

He clarified that Italy continues to showcase its leading efforts in circular economy practices within Europe. Additionally, Italy has allocated over pound 2 billion to implement effective strategies in th
e renewable energy sector and to provide infrastructure for managing and collecting green and flexible waste.

The Italian official pointed out that sustainability is considered one of the key drivers of economic growth in the United Arab Emirates, adding that cooperation with the UAE extends beyond merely exporting technology and developing renewable energy sources. It is a commitment to enhancing sustainable practices on a global level.

The Director-General of the Italian Trade Agency explained that Italy has secured its position as the sixth-largest supplier of components for renewable energy facilities in the UAE, contributing a total value of pound 134 million. This confirms Italy’s pivotal role in supporting the ambitious transformation of the UAE towards sustainable energy sources.

He added that the momentum continued in the first half of 2023, with Italian exports to the UAE surpassing pound 90 million, marking a 51 percent growth compared to the same period in the previous year. This makes Italy th
e fourth-largest supplier of components for renewable energy systems in the UAE.

Source: Emirates News Agency