Capt. Abdulkareem Al Masabi, CEO of ADNOC Logistics and Services, announced that the company has invested $2 billion in environmentally friendly ships, including 13 ships equipped to use biofuel.
In a statement on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2023), Al-Musabi said that 37% of ADNOC Logistics and Services' ships are equipped with an AI-powered smart ship monitoring system owned by the company. This system has helped to reduce the carbon intensity of the company's fleet operations by more than 20% between 2018 and 2022.
Al-Musabi also highlighted the company's sustainability efforts, which are focused on decarbonizing the maritime sector and supporting efforts to accelerate emissions reductions in order to contribute to achieving the net-zero target by 2050. The company is adopting technological innovation to accelerate progress through the use of cleaner fuel options, next-generation engine technology, low-emission ships, and efficient energy management systems.
To support the reduction of carbon emissions, ADNOC Logistics and Services has taken effective measures to ensure that its maritime fleet meets the International Maritime Organisation's 2030 targets. These measures include significant investments in developing cleaner and more environmentally friendly fuels, designing low-emission ships, and adopting advanced energy efficiency management systems. As a result of these measures, the company has achieved a 21% reduction in carbon intensity since 2018. The company has also set a target of reducing carbon intensity by 40% by 2030 compared to 2016.
The company has equipped 37% of its ships with AI-powered smart monitoring systems, and 13 ships have been using biofuel since 2020. It is also building strategic partnerships with other companies to develop next-generation engine technologies, including hydrogen and alternative fuel engines, and zero-emission ships.
The company uses technologies such as artificial intelligence and machine learning to improve performance, manage maintenance, and monitor risks. The company aims to achieve 100% health, safety, and environmental compliance, and zero injuries, deaths, or catastrophic events by 2030.
ADNOC Logistics and Services is adopting a smart growth strategy to expand its geographic reach, expand into new business sectors, create new revenue streams, and strategically expand its fleet.
The strategy is based on the company's expertise and skills, the size and scope of its fleet, and the use of technology and innovation to support carbon reduction efforts and increase efficiency.
The currently supports over 100 customers in over 50 countries and is looking to expand further. The company is also exploring new business opportunities, such as carbon removal services, which could provide additional growth opportunities. For example, the company could own and operate green carriers that use low-carbon methanol or ammonia to transport clean hydrogen.
The company operates 5 logistics bases and warehouse facilities, and employs more than 7,000 people, over 3,200 seafarers, with a 48.2% rate of Emiratization.
ADNOC Logistics and Services is committed to enhancing local value by engaging with local companies, encouraging industrialisation at the regional level and driving industrial growth across all operations.
Source: WAM
ADIPEC 2023 closed today, with the global energy industry delivering a clear message that it is united in its commitment to decarbonise and to fast-track the energy transition, while continuing to meet global energy needs. The event achieved a record-breaking attendance of over 184,000, the largest edition of ADIPEC ever.
Building on its nearly 40-year legacy, ADIPEC has evolved, growing in size and reach, as well as reflecting an energy system in transition. Convening global energy leaders and elevating voices from adjacent industries – including finance and technology – to accelerate urgent, collective action and game-changing solutions to decarbonise quicker and future-proof the energy system.
COP28 President-Designate, Dr Sultan Al Jaber, opened ADIPEC 2023 by inviting industry leaders to use the event “to show the world that, in fact, you are central to the solution” of fast-tracking the energy transition, assuring energy security while urgently phasing out emissions. Over four days the entire energy value chain answered his call, with more than 1,600 ministers and executives sharing knowledge and developing strategies to future-proof energy systems during 350 curated strategic conference sessions.
As the last major energy industry milestone before COP28 takes place in the UAE next month, ADIPEC focused on the priorities like achieving near zero methane emissions by 2030 and scaling deployment of climate technology. to tackle the core challenges of building the energy system of tomorrow – technology and innovation, investment, energy security and more – enabling the industry to demonstrate its commitment to lowering emissions without sacrificing economic growth where it is needed most.
Tayba Al Hashemi, Chair of ADIPEC 2023 and CEO of ADNOC Offshore said: “2023 has been a transformational year for ADIPEC. As we continue to meet the world’s growing global energy needs and respond with urgency to the challenges of climate change, a new ADIPEC has emerged, bigger and bolder. This event is uniting nations, industries, businesses, and individuals across the energy ecosystem to take tangible steps to fast-track the energy transition and realize a lower-carbon and higher-growth future. With critical years ahead on the journey to net-zero, ADIPEC has demonstrated the energy industry of today has the knowledge, capital, technology, and skill to be part of the solution to decarbonise and transform our energy systems for the better”.
Reflecting the industry’s priorities, decarbonisation defined the ADIPEC 2023 agenda, which included critical conversations on achieving net-zero in heavy industries, such as aviation and cement production and how to develop circular economies.
Summarising the uniqueness of the challenges facing specific industries in their journey towards decarbonisation, Pavan Chilukuri, Vice President of CCUS Strategy at Holcim said:“Without decarbonising buildings, we will not reach zero. As the global population grows, the demand for construction will continue to increase. We are building a 'New York city' worth of buildings every month, and we are going to do so every year until 2040. The challenge is: how do we this with less carbon intensity?”
Meanwhile, during a session on asset portfolio models, Olivier Le Peuch CEO of SLB, said: “This industry, in the leadup to COP28, has recognised that its license to operate will be based on its ability to innovate: innovate for performance, innovate for decarbonisation. Higher value, lower carbon for the future of oil and gas. The industry has recognised this, now it needs to act.”
The 2023 edition of ADIPEC reinforced the event’s status as the premier platform for the energy industry to come together and do business. Among a wide range of deals agreed during the event, Baker Hughes announced a milestone electric-LNG award for ADNOC Ruwais LNG export terminal; Petrofac won a $600m contract with ADNOC; The Department of Economic Development announced Abu Dhabi will provide 100 investment opportunities with a combined market size of Dh123.3 billion ($33.5 billion) by 2027 and OXY subsidiary 1PointFive and ADNOC signed an agreement to commence a jointly funded preliminary engineering study for a 1 million tonne-per-year Direct Air Capture (DAC) facility in the UAE.
More than 2,200 companies, 30 country pavilions and over 350 curated sessions, ADIPEC 2023 continued to build on its legacy as the ultimate international platform the energy sector.
Christopher Hudson, President of dmg events, said: “As we bring another successful ADIPEC to a close, it has been incredible to see the momentum to drive forward decarbonisation solutions and build the energy system of tomorrow. The outcomes of the productive discussions that have taken place will reverberate throughout the industry and beyond, and I look forward to seeing what can be achieved between now and ADIPEC 2024.”
Summertown Interiors, the UAE’s leading sustainable fit-out contractor, has surpassed its 2023 environmental and sustainable projects targets, as outlined in its 8th Annual Sustainability Report.
The report highlights Summertown’s significant progress towards it’s zero waste goals and underscores the company’s unwavering commitment towards sustainable excellence, and building a sustainable future.
Covering the financial year from April 1, 2022 to March 31, 2023, the 2023 Sustainability Report details Summertown’s impact and performance against seven material issues that matter most to its stakeholders: Sustainable Projects, Environment, Social, Human Rights, Community, and Transparency and Anti-Corruption.
Key highlights
Sustainable Projects: Summertown supported five projects in their pursuit of LEED certification, demonstrating its dedication to high sustainability standards. An impressive 88% of office procurement came from sustainable sources, reinforcing responsible sourcing practices, and the company diverted waste from landfill at 8% above its target.
Economic: Summertown experienced a 31% increase in annual turnover, building on the 63% surge from the previous year, and a 22% decrease in 2021. This financial performance exceeded the 5-year average by 40%.
Environment: Summertown continued its relentless efforts to reduce its environmental footprint, diverting 38% of project waste from landfill — an achievement that surpassed the projected 2023 target of 30%. The company secured the 1st runner-up position in the General Waste Management category of the Living Business Awards, in partnership with HSBC. It also recorded a substantial 29% reduction in energy consumption per employee.
Social: Summertown introduced the innovative 'Summertown Learning Pod', an online platform designed to elevate the organisation's education and training program. This platform empowers employees to access a diverse range of training resources and skill development courses at their convenience. The company’s focus on diversity and equal opportunity continued to shine, with women comprising 28% of the workforce. Additionally, Summertown’s commitment to employee welfare resulted in 99% of employees receiving pay increments.
Human Rights: The introduction of an e-learning course on Human Rights received a 100% completion rate among employees, reinforcing Summertown's commitment to human rights principles.
Community: The initiation of Employee Health & Wellbeing programs underscored Summertown's investment in employee welfare.
Transparency and Anti-corruption: Summertown maintained a pristine record with zero public legal cases related to corruption against the organisation or its employees. Additionally, 100% of employees were updated on the anti-corruption policy, promoting transparency and ethical conduct.
Monumental year
Marcos Bish, Managing Director of Summertown Interiors, commented: "As we present Summertown's eighth Sustainability Report, we recognise the pressing global challenges and the collective responsibility businesses have to address. It has been a monumental year for us, with the celebration of our 25th year anniversary, a journey we are immensely proud of. Our achievements underscore the critical role sustainability plays in business success, as we continue to adapt to a changing world. We firmly believe that by rigorously measuring, reporting, and collaborating, we can collectively achieve our net-zero goals and create a better, more sustainable future for all.”
The report has been prepared ‘in accordance’ with the Global Reporting Initiative (GRI). GRI is the world’s most widely used standard for sustainability reporting, is an independent, international organisation that assists businesses and governments in understanding and communicating their impact on climate change.
Sustainable practices
Bish added: “Our achievements this year, coupled with our year-on-year improvements, validate our dedication to sustainable practices and our ability to adapt to changing circumstances. Looking ahead, we are determined to continue delivering high-end, healthy workspaces to create a better, more sustainable future for all.”
Summertown's sustainability strategy aligns with global initiatives such as the United Nations' Sustainable Development Goals (SDGs) and local ambitions, including the UAE Vision 2021, Green Agenda 2030, Happiness Charter, and the Dubai 2040 Urban Master Plan.
Source: TradeArabia News Service
Khalifa University of Science and Technology has implemented 30 sustainability initiatives, including a global sustainable aviation forum, an international conference on energy transition, an exhibition of Khalifa University's sustainability-related projects and a COP28 model exhibition.
The initiatives align with the UAE's hosting of COP28 from 30th November until 12th December this year.
Khalifa University is also planning to organise an exhibition on climate change activities, a hackathon on food waste, stopping the use of plastic bottles on campus, a campaign to distribute plants to inspire the adoption of environment sustainability practices, and a waste-to-clothes conversion initiative to drive home the sustainability theme across all fronts through research, campus, media and communications, academic and student-related activities.
Other initiatives include a Sustainability Student Club logo design competition for students, a climate action pledge, podcasts on sustainability, and new initiatives from the Student's Sustainability Club.
Dr. Ebrahim Al Hajri, Senior Vice President of Support Services at Khalifa University, said, "Khalifa University has always remained adopted as a culture at Khalifa University. It shows in its academic offerings, research outcomes, and our operations. We are featuring this factor prominently just as the UAE is gearing up to host COP28.
"Reflecting our status as an academic institution of diverse research and academic strength, we also focus on collaborations in technology, entrepreneurship, sustainability, as well as intellectual and human capital. This is in line with the directives of the UAE leadership on energy, water security and sustainability."
Khalifa University is driving innovation through its academic programmes, research centres and research facilities and obtaining patents. Khalifa University's research endeavours have so far obtained more than 280 patents, with more than 60 percent being discoveries or technologies related to sustainability.
Khalifa University has recently listed 54 patents in advanced materials and manufacturing, clean and renewable energy, environment, hydrocarbon exploration and production, robotics, intelligent systems and data science, sensors, and water and environment.
Khalifa University's campuses promote energy and water conservation and continuously engage with stakeholders to ensure the adoption of best practices to reduce its carbon footprint. These initiatives include improving energy efficiency on campus and cutting operational costs and carbon footprint, while supporting the UAE Water Security Strategy 2036 and UAE Energy Strategy 2050.
The EHS and Facility Management Department at Khalifa University is implementing a total of 22 initiatives, including plans for reducing 70 per cent of plastic drinking water bottles and introducing self-service dispensers, increasing recycled waste from 4 per cent to 30 percent, and achieving 3 percent reduction in energy consumption for this year, compared to 2022.
Academic programmes contributing to sustainability include courses in urban design for sustainability, environmental geology, sustainable building construction, power electronics, analysis of power systems over-voltages and transients, photovoltaic technologies: materials, devices and systems, solar thermal analysis, design and testing, environmental remote sensing and satellite image processing and power system modelling and control.
Source: Rola AlGhoul/ Esraa Esmail - Emirates News Agency
Sharjah International Airport Authority has exerted efforts, and undertaken initiatives, events and activities towards comprehensive sustainable development, environmental preservation, energy sustainability, and others.
Sharjah International Airport is committed to preserving and protecting the environment, keeping carbon within the required level, and reducing the environmental impacts of operations. This commitment is achieved by reducing pollution levels, whereas the airport manages its activities through a well-established environmental management system that has been certified by “ISO 14001” since 2007.
Sharjah Airport has become the first carbon-neutral airport in GCC and the second in the Middle East to attain Neutrality accreditation, from the Airport Carbon Accreditation programme, issued by Airports Council International (ACI), which grants accreditation certificates to airports, in recognition of their efforts in managing and reducing carbon dioxide emissions. The Airport Carbon Accreditation programme was launched by ACI, in Europe, in 2009, then expanded to include the Asia-Pacific region, in November 2011, and is the only independent standard regarding the management and reduction of carbon emissions in airports. It is being applied at a consistent pace around the world.
Sharjah Airport determines the sources of carbon emissions resulting from operational activities, upon completion of measuring the airport’s carbon footprint, and plans are being developed for “carbon management,” which includes establishing indicators to reduce carbon emissions; developing a carbon management plan; working on vital projects to reduce energy use; and managing solid waste and treating water.
Sharjah International Airport Authority adopted electrically operated mechanisms in the field of ground handling, and equipped stations to supply the vehicles with electricity, as part of different environmental initiatives aiming to reduce carbon emissions.
The Authority approved a solid waste management system, in partnership with partners and service providers, and organises environmental awareness campaigns throughout the year.
In 2019, Sharjah International Airport Authority launched the sewage treatment plant expansion project, which has the capacity to treat wastewater with a capacity of 3000 cubic metres per day for reuse in irrigating green areas, as part of its efforts to enhance environmental sustainability and reduce depletion of natural water resources, in line with the UAE Vision 2021.
Sharjah International Airport Authority activated the solar lighting system, installing 50 lighting poles and 61 individual lamps connected to 33 solar panels, as part of achieving the goals of the National Agenda and the Clean Energy Index.
In the same context, the Authority adopted environmentally friendly vehicles and replaced ground handling vehicles with green “electric” vehicles, which constitute 15% of the total number of vehicles.
Separate waste containers were placed by BEEAH Group, and a site was allocated for a landfill, at the airport, where wood, metals and paper are collected separately and recycled. Waste of hazardous materials, such as flammable chemicals, is disposed of by BEEAH Group and Sharjah municipality.
Sharjah International Airport Authority supervises the development of green areas at the airport, where the agricultural area extends over 54710 square meters, including a total of 9477 trees, more than 1950 square metres of seasonal plants, and 885 indoor plants.
Source: Sharjah 24
Alpha Dhabi Holding has announced its acquisition of a majority stake in Metito Holdings Ltd., a global leader in the water and wastewater industry.
Pending regulatory approvals, this pivotal transaction marks Alpha Dhabi's strategic entry into the water and wastewater domain. The acquisition not only underscores the company's commitment to diversifying its portfolio but also bolsters Metito's mission to broaden smart water solutions across the MENA region and beyond, aligning with the UN sustainability goals.
The acquisition sees Alpha Dhabi purchasing the majority stake from selling shareholders Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital, showcasing Alpha Dhabi's unwavering confidence in Metito's expertise and future potential. The Ghandour family, Metito's founding shareholders, will retain their leadership roles, ensuring the company's foundational principles of impact, sustainability, and innovation remain intact.
Hamad Salem Al Ameri, Chief Executive Officer and Managing Director of Alpha Dhabi, commented, "With nearly half the world's population projected to face water scarcity by 2025, the need for sustainable water solutions has never been more critical. Our partnership with Metito is a decisive step towards addressing this pressing challenge. Together, we are committed to pioneering solutions that not only cater to immediate needs but also ensure a sustainable future for generations to come."
This collaboration, he said, is more than a strategic business move; it's a testament to Alpha Dhabi's dedication to driving impactful change in the water sector and its broader vision of sustainable growth and global impact.
Talal Ghandour, co-CEO of Metito, said, "Together, we aim to address the pressing water challenges, especially in the MENA region, the most water-stressed region globally. With Metito's extensive experience across 50 countries and our dedication to innovation and technology, this partnership will bolster our capabilities, allowing us to further our mission and bring sustainable water solutions to regions that need it the most."
Rami Ghandour, co-CEO of Metito, stated, "This partnership is set to unlock vast synergies and to unleash boundless potential. We are poised to make significant contributions to sustainable solutions, especially as the UAE's Year of Sustainability and COP28 gain traction. Together, our combined expertise and resources position us to drive sustainable growth and shareholder value in the global water sector."
By 2025, an estimated 3.5 billion people could be living in water-scarce regions. The MENA region, home to 7% of the world's population but just 1% of its freshwater resources, is the most water-stressed globally. A staggering 83% of its population, approximately 500 million people across 25 countries, are using over 80% of their renewable water supply.
The World Bank projects that by 2050, water scarcity could cost the MENA region between 6% and 14% of its GDP. These alarming statistics underscore the urgent need for innovative solutions and impact investments in the water sector.
In line with the upcoming COP28 in the UAE, Alpha Dhabi has also established Alpha Dhabi Climate Capital, focusing on climate-conscious investments, with Metito as a cornerstone of this initiative.
With the UAE's Year of Sustainability and the imminent COP28, both Alpha Dhabi and Metito are geared to make substantial contributions to discussions and initiatives centred on sustainable, technology-driven solutions.
Source: Rola AlGhoul/ Esraa Esmail - Emirates News Agency
Air and travel services provider dnata has taken steps to reduce its environmental footprint across its operations in the UAE.
dnata’s group brands dnata Logistics, Arabian Adventures, Alpha Flight Services and City Sightseeing have switched their vehicles to operate using a biofuel blend.
dnata says that the move will save 80 tonnes of carbon dioxide (CO2) emissions per year, equivalent to over 320,000km driven by an average petrol-powered car.
dnata Logistics has switched 31 of its trucks to run on a biofuel blend at its Dubai-based hub. Providing multimodal freight forwarding, logistics, supply chain and road transport services, its trucks cover up to a total 217,000km per month. The move saves almost 35 tonnes of CO2 emissions per year, the equivalent of eight petrol-powered cars driven for one whole year.
City Sightseeing Dubai, a joint venture with dnata Travel Group, operates three tour routes, aiding viewing of Dubai’s top attractions, through the use of 21 open-top, biofueled buses. These cover an average 76,000km per month, removing over 32 tonnes of CO2 emissions each year – the equivalent of the electricity use of four average homes for 12 months.
Alpha Flight Services (Alpha), dnata’s inflight catering joint venture, has already switched five landside vehicles to biofuel blend, and is also in the process of transitioning all of its Sharjah-based airside catering trucks. Alpha now sends its used cooking oil to the biofuel manufacturer and once recycled, it is then reused within its vehicles. One litre of oil recycled into biofuel avoids the emissions of 3kg of CO2, a reduction of 92 per cent compared to diesel fuel use. Alpha’s vehicles cover over 27,000km per month, supporting the company’s catering operations that create over 25,000 meals a day. As a result of the initiative, Alpha will save seven tonnes of CO2 emissions per year, the equivalent of charging over 850,000 smartphones.
Arabian Adventures has also switched the generators at its desert safari camps to a biofuel mix. Arabian Adventures is saving almost five tonnes of CO2 emissions per year as a result of the initiative, equating to 1987 litres of diesel.
Steve Allen, CEO of dnata Group, said, “The introduction of biofuel to a diverse range of our UAE businesses is an important step in our ongoing journey. It offers a simple and effective method of cutting emissions throughout the fuel lifecycle, without requiring any changes to equipment. We will continue to invest in our operations, including large-scale infrastructure solutions, to further enhance our sustainability performance and achieve our green operations targets.”
Dnata’s latest biofuel initiative is part of its efforts to reduce its carbon footprint and waste to landfill by 20 per cent by 2024 in line with its two-year green operations strategy.
In June 2022, dnata said that that it would invest US$100 million in green operations in two years to enhance its environmental efficiency globally.
The company offers ground handling, cargo, travel, catering and retail services in over 30 countries across six continents. More than 15 per cent of the company’s global fleet is now electrified.
Source: Business Traveller
AstraZeneca inaugurated its new sustainable offices in Dubai Science Park, a member of the TECOM Group PJSC.
The offices mark a critical milestone along the company’s carbon footprint reduction journey in the UAE.
The offices are part of a raft of measures by AstraZeneca to accelerate the transition to sustainable healthcare in the UAE, aligned with the company’s global Ambition Zero Carbon programme.
Key plans include transitioning to electric vehicles (EV100) by 2025 and launching its first next-generation inhaler with a near-zero global warming potential propellant in the UAE market.
The inauguration brought together Dr Amin Al Amiri Assistant, Under-Secretary of the Health Regulation Sector at the Ministry of Health and Prevention, Dr Ahmed Alkhazraji, Executive Director of Strategy and Policy at the Department of Health Abu Dhabi, Dr. Ramadan Al Blooshi, Director of Public Health and Protection Department at Dubai Health authority alongside Pascal Soriot, CEO of AstraZeneca, Abdulla Belhoul, CEO of TECOM Group, Marwan Abdulaziz Janahi, Senior Vice President of Dubai Science Park, and other senior health leaders in the UAE to highlight the need to accelerate the transition to net zero sustainable healthcare.
Spanning an area of 20,000 square feet, the new premises aim to achieve platinum standards in Leadership in Energy and Environmental Design (LEED), a globally recognised symbol of sustainability achievement, as defined by the United States Green Building Council.
Sameh El Fangary, Gulf Cooperation Council (GCC) Cluster President of AstraZeneca, said, “Climate change is the biggest threat to human health, which is why, as a healthcare company, we have a duty to act. AstraZeneca shares the UAE’s vision of cutting greenhouse gas emissions to limit global warming to 1.5 degrees C. Our sustainable offices will contribute to AstraZeneca’s drive to cut emissions and be science-based net zero by 2045.
“What is particularly special about this event is witnessing the UAE’s healthcare ecosystem come together and recognise the interconnectedness between health equity, health resilience, and climate action. Clearly, this is a mission to be led by all, for all.”
Marwan Abdulaziz Janahi, Senior Vice President of Dubai Science Park, said, “As stewards of health and progress, science companies have a profound impact on society and the environment. Embracing sustainable practices ensures that our actions today do not compromise the well-being of future generations.
“Nurturing eco-friendly innovation can create a harmonious balance between scientific advancements and environmental preservation, and by prioritising sustainability, AstraZeneca has set a sterling example for the science sector. Its efforts align with Dubai Science Park’s goals to contribute to the Dubai Economic Agenda ‘D33’ and Dubai R&D Strategy and reinforce our ambition to enable sustainable scientific advancement.”
The LEED platinum certification awards points based on applying sustainability principles during the new facility's design, construction, and material selection. It allows AstraZeneca’s offices at the Park to serve as a benchmark for efficiency and sustainability in the science sector.
The Park is part of TECOM Group’s business district portfolio, including Dubai Internet City, Dubai Media City, Dubai Studio City, Dubai Production City, Dubai Knowledge Park, Dubai International Academic City, Dubai Design District (d3), and Dubai Industrial City.
Source: Zawya
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Minister of the Presidential Court, on Wednesday witnessed the signing of an agreement between the Dubai Electricity and Water Authority and Masdar to implement the sixth phase of the project to develop the world's largest single-site solar photovoltaic power plant.
The sixth phase of the project will use PV solar panels based on the Independent Power Producer model, and has an estimated cost of Dh5.51 billion ($1.4 billion).
It will “provide energy for more than half a million homes and reduce energy consumption”, Sheikh Mohammed said on X, formerly Twitter.
“Work on all phases of this huge project will be completed in 2030 with a total investment of Dh50 billion. Our goal is 100 per cent clean energy for Dubai by 2050,” Sheikh Mohammed wrote.
The sixth phase of the project is set to be operational in stages starting from the fourth quarter of 2024, Dubai Media Office said in a statement on Wednesday.
It is expected to power more than half a million residences while reducing carbon emissions by 2.36 million tonnes annually.
Being awarded the project is "testament to Masdar’s track record in pioneering clean energy projects as we continue to support the UAE's Net Zero by 2050 strategic initiative", said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, chairman of Masdar and Cop28 President-designate.
"Ahead of our nation hosting Cop28 later this year, it is vital that the world triples global renewable energy capacity by 2030 to keep the ambition of 1.5 degrees within reach. This landmark project demonstrates definitive action in our shared journey towards a cleaner, greener future."
Masdar was selected from 23 international bidders and offered a levelised cost of energy of $1.6215 cents per kilowatt hour (kWh), the lowest of any of Dewa’s solar IPP model projects to date.
The 1,800 megawatt sixth phase of the solar park will increase total production capacity to 4,660MW.
"This underscores the UAE’s prominent status as one of the world’s largest investors in clean and renewable energy projects," said Saeed Mohammed Al Tayer, managing director and chief executive of Dewa.
"It also affirms our support for the UAE’s hosting of the Cop28 at Expo City Dubai, aligning our strategies and policies with the UN Sustainable Development Goals 2030 in sustainability, innovation and future-making.”
Source: The National
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President-Designate, today announced a UAE finance initiative that will provide US$4.5 billion to help unlock Africa's clean energy potential.
The announcement was made during a keynote address at the inaugural African Climate Summit in Nairobi, Kenya.
The landmark initiative brings together vital public, private, and development capital from UAE institutions, notably from Abu Dhabi Fund for Development (ADFD), Etihad Credit Insurance (ECI), Masdar, and AMEA Power. Africa50, which is an investment platform established by African governments and the Africa Development Bank (AfDB), has also joined the UAE finance initiative. Africa50 was founded to help solve the continent’s critical infrastructure challenges and will help identify initial projects and connect to local implementing entities.
The COP28 President Designate has repeatedly called for the global tripling of renewable energy by 2030 and has pushed to make finance more available, accessible and affordable.
The announcement came with a clear call to action for African leaders to improve policy and regulatory frameworks to attract the long-term investments necessary to accelerate the deployment of clean and renewable energy.
In order to reduce barriers to investment, the President-Designate highlighted multiple action points that require the coordinated efforts of African leaders and the international community. These include restoring the financial sustainability of local utilities and modernising basic energy infrastructures, clarifying development processes and eliminating the red-tape delaying market lead-time, in addition to eliminating restrictions to capital flows and accessing adequate and affordable risk mitigation measures.
During his remarks, the COP President Designate said, “This initiative builds on the UAE’s track record of commercially driven, innovative blended finance solutions that can be deployed to promote the adoption of clean energy in emerging and developing nations. This multi-stakeholder partnership approach is designed to accelerate sustainable economic progress, address the challenge of climate change and stimulate low carbon growth.”
He added, “The initiative will prioritise investments in countries across Africa with clear transition strategies, enhanced regulatory frameworks and a master plan for developing grid infrastructure that integrates supply and demand. In short, this initiative is designed to work with Africa, for Africa. It aims to clearly demonstrate the commercial case for clean investment across this continent. And it will act as a scalable model that can be replicated to help put Africa on a superhighway to low carbon growth.”
Fast-tracking the energy transition, fixing climate finance, focusing on people, lives and livelihoods, and underscoring these efforts with full inclusivity are the key pillars of the COP28 Presidency’s Action Agenda.
In sub-Saharan Africa alone, 600 million people live without access to electricity. Delivering greater access to clean energy will drive social and economic development but currently investment in African renewables represents only 2 percent of the global total, and less than a quarter of the US$60 billion a year the continent needs by 2030.
The initiative announced today seeks to correct this imbalance by bringing key stakeholders together to accelerate development and delivery of infrastructure, generation and distribution solutions to close the gap in universal clean energy access.
The initiative will sit under the umbrella of Etihad 7, a development platform launched by the UAE at Abu Dhabi Sustainability Week in 2022, and championed by the Ministry of Foreign Affairs (MoFA). Announced in 2022, Etihad 7 aims to provide 100 million people across the African continent with clean electricity by 2035.
The Abu Dhabi Fund for Development (ADFD) and the Etihad Credit Insurance (ECI) are kickstarting this initiative through funding the initial investment intended to catalyse private sector action. ADFD is supporting with US$1 billion of financial assistance to address basic infrastructure needs, offer innovative finance solutions and increase mobilization of private investments. The ECI is providing US$ 500 million of credit insurance to de-risk and unlock private capital – further demonstrating ECI's commitment towards global sustainable development.
Masdar, one of the world’s largest clean energy companies, active in 22 countries in Africa, is committing an additional US$2 billion of equity as part of the new initiative. Masdar will mobilize an additional US$8 billion in project finance and through its Infinity Power platform. Masdar will target the delivery of 10 gigawatts (GW) of clean energy capacity in Africa by 2030.
AMEA Power is targeting 5GW of renewable energy capacity in the continent by 2030, mobilising US$5 billion, of which US$1 billion will come from equity commitment, and US$4 billion from project finance.
Additionally, the initiative seeks to create pathways for other multilateral development banks, governments, and philanthropies to catalyse additional private sector investment. The COP28 Presidency has called for others including international financial institutions (IFIs) and foundations to join the effort to convert words into actions.
The COP28 UAE Presidency also recognises that the Global South needs to be in the driver’s seat to ensure a fully inclusive approach.
The COP28 UAE Presidency continues to call for the doubling of adaptation finance and to operationalize funding arrangements for Loss and Damage to ensure that those most vulnerable to the effects of climate change are protected. The COP28 Presidency is working to achieve broader reform of IFIs to unlock necessary mitigation as well as adaption financing to support the Global South.
Today’s announcement comes days before the United Nations Framework Convention on Climate Change (UNFCCC) is due to release the technical data around the first Global Stocktake of climate progress since the 2015 Paris Agreement. It is widely anticipated that the Stocktake will find that the world is off-track from meeting its objectives as outlined In 2015.
Source: WAM, Khoder Nashar/ Hazem Hussein
