Category: Industry

The Executive Office for Anti-Money Laundering and Counter Terrorism Financing (AML/CFT) of the UAE is participating in the international initiative to enforce laws regarding climate crimes at the United Nations Climate Change Conference (COP28), its Director-General Hamid AlZaabi said.

This initiative is led by the Ministry of Interior and the United Nations Office on Drugs and Crime, Al Zaabi added.

In statements to the Emirates News Agency (WAM) on the sidelines of the COP28, he emphasised that the illicit wildlife trade, a global market valued at an estimated $200 billion annually according to the World Bank, poses a significant threat to biodiversity.

He emphasised additional risks to the green transition arising from corruption, fraud, and counterfeit goods, stressing the necessity of remaining vigilant in addressing these issues.

Al Zaabi called for redoubled efforts to confront challenges stemming from the Fourth Industrial Revolution (4IR) and its associated transformations. These challenges wil
l require robust international cooperation, effective partnerships with the private sector, renewed commitment, adequate resources, and prioritising systems that sustainably and continuously combat money laundering and the financing of terrorism.

Al Zaabi informed that last week witnessed the inaugural ‘Risks 4.0’ forum as part of the Abu Dhabi Financial Week, under the auspices of the Office of Anti-Money Laundering and Counter Terrorism Financing.

He added that the addition of such a forum to examine financial crime risks within the context of the 4IR is timely and of significant importance to the international community engaged in combating financial crime.

He highlighted the adoption of the term “Fourth Industrial Revolution” by the World Economic Forum to signify the current era of advanced communication, analytics, automation, and advanced manufacturing technology.

He pointed out that financial crime represents a global scourge costing the global economy around $2.1 trillion, equivalent to or surpas
sing the annual gross domestic product of large economies and G20 nations.

Al Zaabi further highlighted that this alarming figure excludes the vast sums lost to corruption, tax evasion, and cybercrime. He emphasised the extensive harm inflicted by criminal activities, ranging from drug and human trafficking to environmental crimes fueled by climate change. “The critical question we must now confront,” Al Zaabi declared, “is whether the Fourth Industrial Revolution will exacerbate the dangers of financial crime or serve as a force multiplier in the fight against it. The safety of the global financial system hangs in the balance, alongside the health of our economies and the fundamental right of citizens to live free from crime.”

Al Zaabi underscored that collaborative efforts, as exemplified by last week’s ‘Risks’ forum, are key to mitigating the risks of the 4IR and unlocking its immense development and investment potential.

He added that the Fourth Industrial Revolution is characterised by three key trans
formations in technology, energy, and the global system, pointing out that these three transformations evidently have a tangible impact on how financial crimes are committed and how they are countered.

He pointed out that the world is witnessing a significant technological shift, with the adoption of new payment systems and the innovation of financial products online, such as “buy now, pay later” services, metaverses, and virtual assets, each contributing to transforming the financial system.

He emphasised that the response to these transformations has been at the required level, as a study conducted by Juniper Research estimates that global spending on software providing tools to prevent financial crimes will exceed $28.7 billion by 2027, compared to $22.1 billion in 2023.

Al Zaabi pointed out that new technologies, while offering valuable tools for law enforcement, also present opportunities for criminals, evidenced by the recent rise in cybercrime against businesses and individuals. He stressed that AI,
VR, and machine learning, despite their dual nature, can be harnessed to our advantage if used strategically.

He pointed out that global efforts have begun to bear fruit, particularly in the realm of cryptocurrencies. According to the ‘Chainalysis’ platform, flows of cryptocurrencies to known illicit entities decreased by 65% between January and July of this year compared to the same period in 2022.

Source: Emirates News Agency

Abu Dhabi Future Energy Company (Masdar) and VERBUND Green Hydrogen GmbH have signed a deal to explore developing a green hydrogen plant in central Spain and drive efforts decarbonise Europe’s hard-to-abate sectors.

As world leaders negotiate at the UN’s Climate Change Conference COP28 in the UAE, clean energy pioneers Masdar and VERBUND Green Hydrogen GmbH moved forward with plans to analyze the feasibility of building one of Europe’s largest green hydrogen production plants in central Spain.

Harnessing the abundant renewable resources of Castilla-La Mancha region, the prospective plant will aim to generate green hydrogen to cover industrial demand in Spain and Central Europe. The study will evaluate if green hydrogen produced at the plant has the potential to displace up to 1 million tonnes of carbon emissions annually, equivalent to removing around 700,000 cars off the road every year.

The agreement was signed by Mohammad Abdelqader El Ramahi, Masdar’s Chief Green Hydrogen Officer and Hamead Ahrary, Ma
naging Director of VERBUND Green Hydrogen GmbH during COP28 in Expo City Dubai. It cements an earlier pact, signed between the companies during Abu Dhabi Sustainability Week in January 2023, to explore green hydrogen opportunities to cover European demand.

Green hydrogen is produced using electricity from renewable sources whereby the water is separated into oxygen and hydrogen, via the process of electrolysis. It is intended that the explored plant will produce green hydrogen using renewable energy generated by solar power plants, potentially including Masdar’s planned gigawatt-scale solar plant in Castilla-La Mancha, and onshore wind farms. The project is expected to stimulate job creation and boost green industry in the sparsely populated area.

Mohammad Abdelqader El Ramahi, Masdar’s Chief Green Hydrogen Officer, said, ‘Masdar is delighted to be moving forward on this milestone project with our strategic partner, VERBUND Green Hydrogen GmbH. As one of Europe’s largest planned green hydrogen production pl
ants, the project aims to produce green hydrogen to help decarbonise the continent’s hard-to-abate industries while creating jobs and tapping into the region’s enormous solar and wind potential.

Our successful collaboration on this project paves the way for further development of green hydrogen and a vital pipeline linking centres of production with end-use markets. At COP28, as the world looks for ways to accelerate the journey to net zero, partnerships such as this serve as a powerful example of what can be achieved if we work together with purpose and at pace.’

There is huge growth potential for green hydrogen in Europe. Spain currently consumes around 500,000 tonnes of mainly traditional fuel-derived ‘gray’ hydrogen per year, which could be gradually replaced with green hydrogen. By 2035, Austria alone is expected to require around 600,000 tonnes per year of clean hydrogen.

Michael Strugl, Chief Executive Officer of VERBUND, commented, “We are very pleased that, within our cooperation with Masdar we ca
n take the next step in the form of a Joint Study Agreement (JSA). The goal is to identify the subsequent way-forward towards large-scale hydrogen production in Spain. Partnerships like this are essential to jointly ramp up the European hydrogen market to meet decarbonisation goals.’

Hamead Ahrary, Managing Director of VERBUND Green Hydrogen GmbH, stated, ‘The Spanish market plays a vital role for us, both for the development of local H2 production, as well as for future potential import to Central Europe. The joint study will generate valuable insights for the feasibility and execution of a potential project, which would result in the further strengthened positioning of VERBUND in the Spanish market. Hence, we are looking forward to the results of this study.’

The planned green hydrogen produced is expected to be used to decarbonise Spain or Europe’s hard-to-abate sectors, which could include steel production, fertilisers, chemicals, heavy transportation, and aviation. Currently, steelmaking alone is respo
nsible for 5 percent of European carbon emissions. With most European Union nations pledging to become carbon neutral by 2050, green hydrogen presents a powerful vehicle for achieving that aim.

Expected to be operational by the end of the decade, the planned green hydrogen plant will serve the industrial sector and has the potential to help decarbonise heavy transportation in Spain as well as in Central Europe.

Source: Emirates News Agency

Under the Clean Energy Ministerial Industrial Deep Decarbonisation Initiative (IDDI), the UAE endorsed the Green Public Procurement Statement of Intent. The initiative reflects a collective effort among participating governments to boost demand for low and near-zero-emission steel, cement, and concrete through public procurement.

Propelled by the significant role of public procurement in the hard-to-abate steel and concrete sectors, the initiative aims to tackle the challenges associated with reducing emissions from these materials, which contribute to approximately 16 percent of global greenhouse gas emissions. According to the IDDI, carbon emissions from steel, cement and concrete need to decrease by more than 90 percent by 2050 to achieve global climate goals.

Abdullah Al Shamsi, Assistant Undersecretary for Industry Growth at the Ministry of Industry and Advanced Technology (MoIAT), said, ‘The UAE is furthering its regional and global leadership in decarbonising hard-to-abate sectors through a holistic
approach comprising various strategic initiatives. For instance, the pledge complements the UAE’s Industrial Decarbonisation Roadmap, which represents a concrete pathway for decarbonising hard-to-abate sectors.

‘In addition, it reflects the ministry’s commitment to incentivising greener industry, which we already do through the Green ICV within the National In-Country Value (ICV) Programme. These criteria provide companies with a competitive advantage in procurement to encourage sustainability practices across supply chains. Today, we are taking our efforts one step further through impactful, on-the-ground action in line with the UAE’s net-zero targets.’

The Green Public Procurement initiative focuses on transparent, harmonised standards and definitions recognised as foundational for effective green public procurement. The pledge is aimed at driving inter- and intra-governmental collaboration and cross-sectoral dialogue to expedite public procurement commitments and implementation.

As part of the endorseme
nt, signatory governments will develop a timebound plan for the procurement of low- and near-zero-emission steel, cement, and concrete. The framework includes lifecycle assessments to achieve net-zero emissions in all public construction projects, supported by transparent reporting as well as sharing best practices to advance green public procurement.

Source: Emirates News Agency

During a glittering awards ceremony held at the Ritz Carlton DIFC last night, dmg events, organisers of Big 5 Global, announced the winners of Big 5 Global Impact Awards under 19 categories.

The awards recognise innovation, sustainable development, technology and digital achievements in the construction industry, where people, projects, initiatives and organisations won accolades. ‘Every year, we are honoured to showcase the businesses and people behind the monumental and impactful projects in the construction sector. Big 5 Global Impact Awards have become synonymous with inspiring the industry’s transformation, celebrating success in sustainable development and technological advancements,’ said Josine Heijmans, Vice President – Construction at dmg events.

The awards kick-started with the presentation of the Big 5 Lifetime Achievement Award, a first for Big 5 Global Impact Awards, to His Excellency Dr. Abdullah bin Mohammed Belhaif Al Nuaimi, the former Minister of Climate Change and Environment for the UA
E for his impact and contribution to construction projects and sustainable development.

The remaining awards were judged by an independent and international panel of renowned industry experts, including government officials and leaders, the winners being chosen on merit and excellence.

The awards were attended by dignitaries from the public and private sector including the Ministry of Energy and Infrastructure, Dubai Municipality, Albawani Holding and ROSHN Group.

In recognising the industry’s technological transformation and the adoption of innovation, Engineer Naseibah Al Marzooqi, Director of Studies Research and Development and Chief Innovation Officer at the Ministry of Energy and Infrastructure presented the award for Digital Transformation of the Year to Retal Urban Development Company.

Big 5 Global Impact Awards have been serving as a platform to showcase sustainable practices and innovation in the construction industry, contributing to the global effort to achieve the Sustainable Development Goal
s (SDGs).

One award that applauded the industry’s contribution to building a more sustainable future, Carbon Net-Zero Initiative of the Year, won by Masdar City for The Link – CO-LAB building. ‘This award is very special to us serving as a proof point towards our journey on the path to net-zero. Big 5 Global Impact Awards is a world-recognised awards programme and we felt very important to be involved in the awards because we work with many stakeholders in the industry,’ said Chris Wan, Associate Director of Sustainability and CSR at Masdar City.

The awards were sponsored by Gold Sponsor, Al Bawani, Category Sponsor, BETAM and Reception Sponsor, KEO International Consultants.

The winners of Big 5 Global Impact Awards 2023 run as follows:

-Lifetime Achievement Award: Dr. Abdullah bin Mohammed Belhaif Al Nuaimi, the former Minister of Climate Change and Environment for the UAE

-Sustainability Leader of the Year: Majed Al Mansoori, Deputy Executive Director, Museum of the Future

-Technology Leader of the Y
ear: Joel Baur, Founder and CEO, Citra Construction

-Sustainable Initiative of the Year: Qatareef, Egis

-Best Use of Technology: BIM Technology, ROSHN Group

-Workforce of the Future Initiative: Sobha Institute of Construction Excellence + Honor Pride Initiatives

-Conservation Heritage Initiative of the Year: Jubail Island, LEAD Real Estate Developer

-Community of the Future: The Sustainable City, SEE Holding

-Circularity Initiative of the Year: Vipingo Development Limited, Centum Real Estate

-Award for Diversity Equity Inclusion: Gensler Middle East

-Carbon Net-Zero Initiative of the Year: The Link – CO-LAB building, Masdar City

-Digital Twin Project of the Year: 30 MLD Common Effluent Treatment Plant – Wastewater, MaRS Planning and Engineering Services

-Digital Transformation of the Year: Retal Urban Development Company

-Digitalisation Project of the Year: The Sustainable City Yas Island, SEE Holding

-Retrofit Project of the Year: Reconstruction of Beirut, Aluminum, Glazing, Engineering Contracti
ng Company (ALGECO)

-Prefabrication Modular Construction Project of the Year: Red Sea Sheybarah South Hotel, KSA, Grankraft Construction

-Partnership of the Year: Joint Venture of Metito Limited, Orascom Construction, The Arab Contractors Company, Hassan Allam Construction, Khatib Alami

-Innovative Construction Organisation of the Year: Dubai Municipality

-Sustainable Construction Project of the Year: Masdar City Square, Masdar City

-Sustainable Construction Organisation of the Year: Red Sea Global

Source: Emirates News Agency

Ministers and international officials confirmed that the achievements and successes of the first week of the 28th Conference of the Parties (COP28) mark a new phase in the history of climate action under the leadership and efforts of the United Arab Emirates.

They added in statements to the Emirates News Agency (WAM) on the sidelines of COP28, that the conference succeeded in being a launchpad for a new era of global climate action, in light of the announced pledges, contributions and new initiatives.

The conference succeeded in its first five days in collecting pledges of more than $83 billion, in addition to 11 pledges and declarations that were issued and received widespread support and global praise from different countries, parties and participating entities.

COP28 saw the introduction of unprecedented commitments, including transitions to sustainable food systems, alongside announcements concerning health, renewable energy, energy efficiency, emission reductions from high-emitting industries, and a
landmark agreement to activate a global climate fund, with international pledges to finance it amounting to $726 million.

The UAE launched a climate investment fund with an incentive capital of $30 billion, under the name ‘ALTÉRRA’, which focuses on attracting and stimulating private financing, and it also announced the allocation of $200 million of special drawing rights to the Resilience and Sustainability Trust, and $150 million for water security.

The World Bank revealed during COP28 an increase of about $9 billion annually to finance climate-related projects, and other multilateral development banks announced an additional increase in support for climate action worth more than $22.6 billion.

International pledges of $3.5 billion were also announced to renew the resources of the Green Climate Fund, with $133.6 million announced for the Adaptation Fund, $129.3 million for the Least Developed Countries Fund and $31 million for the Special Climate Change Fund.

Historical decisions

Hamza Yusuf, First Min
ister of Scotland, confirmed that the achievements of COP28 in its first days contributed to driving global efforts to address the fallout of climate change, especially with the agreement to activate the Loss and Damage Fund (Global Climate Fund).

Yusuf highlighted the need to focus at the present time on how to mobilise this fund through united global efforts, and to ensure the fair and equitable distribution of the contributions made to the Fund to avoid adding to the debt burdens of many Global South countries.

Securing funding

On her part, Sigrid Kaag, Deputy Prime Minister and Minister of Finance of the Netherlands, stressed the pivotal role of COP28 in securing the necessary funding for climate projects, to help transform million-dollar commitments into trillion-dollar ones.

Kaag added that the COP28 Presidency succeeded in achieving a breakthrough with the activation of the Loss and Damage Fund on the first day of the event, which sends an important message about the expected ambition of the outcom
es of this event at its end.

Aligning efforts

For his part, Ajay Banga, President of the World Bank, confirmed that the climate conference, since its launch, has witnessed many important announcements that contribute to enhancing climate action efforts, pointing out that the COP28 Presidency represented by Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, made distinctive efforts in bringing the world together against the global climate crisis.

He noted that the conference announced the very ambitious ALTÉRRA fund, which is the largest investment fund to stimulate global climate action, adding that this fund will change the way money is mobilised towards emerging markets.

In a related context, Hussein Mohamed Bashe, Minister of Agriculture of the United Republic of Tanzania, said that the first days of COP28 witnessed clarity in vision and commitments from different countries of the world under the leadership and supervision of the UAE, and in a way that enhances
climate action efforts at the global level.

He mentioned that COP28 has a clear vision regarding the search for effective solutions to mitigate the effects of climate change, and to utilise modern technology to resolve environmental issues, pointing out that the event succeeded in unifying most countries and putting all climate issues on the table.

Albino Akol Atak, Minister of Humanitarian Affairs and Disaster Management of the Republic of South Sudan, confirmed that the strides made so far at COP28 contribute significantly to unifying global efforts to find concrete and effective solutions to address climate change, highlighting the success of the event since its launch as a testament to the UAE’s leading status in climate action and its commitment to combatting climate change and reducing its environmental impacts.

Source: Emirates News Agency

The International Air Transport Association (IATA) announced estimates for Sustainable Aviation Fuel (SAF) production, expecting SAF production in 2024 to triple to 1.875 billion litres (1.5Mt), accounting for 0.53 percent of aviation’s fuel need, and 6 percent of renewable fuel capacity.

In 2023, SAF volumes reached over 600 million litres (0.5Mt), double the 300 million litres (0.25 Mt) produced in 2022. SAF accounted for 3 percent of all renewable fuels produced, with 97 percent of renewable fuel production going to other sectors.

In 2024 SAF production is expected to triple to 1.875 billion litres (1.5Mt), accounting for 0.53 percent of aviation’s fuel need, and 6 percent of renewable fuel capacity. The small percentage of SAF output as a proportion of overall renewable fuel is primarily due to the new capacity coming online in 2023 being allocated to other renewable fuels.

‘The doubling of SAF production in 2023 was encouraging as is the expected tripling of production expected in 2024. But even with
that impressive growth, SAF as a portion of all renewable fuel production will only grow from 3 percent this year to 6 percent in 2024. This allocation limits SAF supply and keeps prices high. Aviation needs between 25 percent and 30 percent of renewable fuel production capacity for SAF. At those levels, aviation will be on the trajectory needed to reach net-zero carbon emissions by 2050. Until such levels are reached, we will continue missing huge opportunities to advance aviation’s decarbonisation. It is government policy that will make the difference. Governments must prioritise policies to incentivise the scaling-up of SAF production and to diversify feedstocks with those available locally,’ said Willie Walsh, IATA’s Director General.

The Third Conference on Aviation Alternative Fuels (CAAF/3) hosted by the International Civil Aviation Organisation (ICAO) agreed a global framework to promote SAF production in all geographies for fuels used in international aviation to be 5 percent less carbon intensive b
y 2030. To reach this level, about 17.5 billion litres (14Mt) of SAF need to be produced.

‘Governments want aviation to be net zero by 2050. Having set an interim target in the CAAF process they now need to deliver policy measures that can achieve the needed exponential increase in SAF production,’ said Walsh.

Demand is not the issue: Every drop of SAF produced has been bought and used. In fact, SAF added $756 million to a record-high fuel bill in 2023. At least 43 airlines have already committed to using some 16.25 billion litres (13Mt) of SAF in 2030, with more agreements being announced regularly.

Unlocking supply to meet demand is the challenge that needs to be solved: Projections are for over 78 billion litres (63Mt) of renewable fuels to be produced in 2029. Governments must set a policy framework that incentivises renewable fuel producers to allocate 25-30 percent of their output to SAF to meet the CAAF/3 ambition, existing regional and national policies as well as airline commitments.

Effective pr
oduction incentives for SAF should support the following objectives: Accelerating investments in SAF by traditional oil companies; Ensuring renewable fuel production incentives encourage sufficient SAF quantities; Focusing stakeholders on regional diversification of feedstock and SAF production; Identifying and prioritising high-potential production projects for investment support; and Delivering a global SAF Accounting Framework.

Approximately 85 percent of SAF facilities coming online over the next five years will use Hydrotreatment (HEFA) production technology, which relies on inedible animal fats (tallow), used cooking oil and industrial grease as feedstock.

Source: Emirates News Agency