MARRAKECH// Dubai is in discussions with international financiers, including a Chinese government bank, to help provide financing for its US$27 billion green fund, the only such government initiative in the Arabian Gulf region.
Saeed Al Tayer, the managing director and chief executive of the Dubai Electricity and Water Authority (Dewa), today told The National in Morocco at the climate change conference (Cop22) that different financiers spanning from Asia to Europe were interested in joining the Dubai Green Fund.
“We have in China a government bank, and I think this is good because we will promote the green economy locally and internationally,” he said.
The fund, led by Dewa, the Dubai Supreme Council of Energy and Dubai Carbon, was launched last year to support green initiatives, for example through loans, but there has been little information released as to the plan of implementation including types of qualifying projects and companies.
The Dubai Green Fund is one of the central planks in Dubai’s Clean Energy Strategy 2050, unveiled last year, which sets a target for the provision of 7 per cent of Dubai’s energy from clean energy sources by 2020, increasing to 25 per cent by 2030 and 75 per cent by 2050.
The amount of funding from international banks is still unclear. “The bonds will come from the international market, but it’s difficult and premature to give a figure right now because our study isn’t complete,” Mr Al Tayer said.
The International Renewable Energy Agency (Irena), which is based in Abu Dhabi, today said that financial and industry players around the world are being lured into the UAE as the sector grows more profitable. “There will be new entrants to the financing of sustainability because they see it as a commercially viable outcome,” said Adnan Amin, Irena’s director general, in Marrakech.
He said that the ground will swell with different types of innovation taking place in policy, finance and technology with Dubai being at the “heart of the transition”.
“The Green Fund is going to drive securitisation at much higher rates than we’ve seen,” Mr Amin said.
Mr Al Tayer said that the reasoning behind the fund was to initially make it easier for individuals to secure low-interest loans for green projects, but that has expanded to include companies as long as the projects fall in line with energy efficiency and renewable energy guidelines.
Those working on the mechanism said that it would serve as a similar tool to that of financing from the International Finance Corporation (IFC), the lending arm of the World Bank, which gives investors of a particular project or company some reassurance.
Mr Al Tayer said that he hoped within six months that there would be a clear picture as to how this would move forward.
lgraves@thenational.ae
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MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score):
Manchester City (0) v Tottenham Hotspur (1), Wednesday, 11pm UAE
Match is on BeIN Sports
Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
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Day 4, Dubai Test: At a glance
Moment of the day Lahiru Gamage appeared to have been hard done by when he had his dismissal of Sami Aslam chalked off for a no-ball. Replays suggested he had not overstepped. No matter. Two balls later, the exact same combination – Gamage the bowler and Kusal Mendis at second slip – combined again to send Aslam back.
Stat of the day Haris Sohail took three wickets for one run in the only over he bowled, to end the Sri Lanka second innings in a hurry. That was as many as he had managed in total in his 10-year, 58-match first-class career to date. It was also the first time a bowler had taken three wickets having bowled just one over in an innings in Tests.
The verdict Just 119 more and with five wickets remaining seems like a perfectly attainable target for Pakistan. Factor in the fact the pitch is worn, is turning prodigiously, and that Sri Lanka’s seam bowlers have also been finding the strip to their liking, it is apparent the task is still a tough one. Still, though, thanks to Asad Shafiq and Sarfraz Ahmed, it is possible.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Naga
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Greatest Royal Rumble match listing
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Rusev
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v Kalisto
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The fake news generation
288,000 – the number of posts reported as hate speech that were deleted by Facebook globally each month in May and June this year
11% – the number of Americans who said they trusted the news they read on Snapchat as of June 2017, according to Statista. Over a quarter stated that they ‘rarely trusted’ the news they read on social media in general
31% - the number of young people in the US aged between 10 and 18 who said they had shared a news story online in the last six months that they later found out was wrong or inaccurate
63% - percentage of Arab nationals who said they get their news from social media every single day.
The 100 Best Novels in Translation
Boyd Tonkin, Galileo Press