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ADIB Capital launches European Logistics Fund

by Hadeer Elhadary
written by Hadeer Elhadary

ADIB Capital Limited, a wholly owned subsidiary of Abu Dhabi Islamic Bank PJSC and regulated by the DFSA, has launched ADIB European Logistics Fund I, a Sharia-compliant investment vehicle designed to provide investors with access to high-demand logistics assets across Germany and Western Europe. This fund aims to address the growing market opportunity created by a structural shortage of sustainable, ESG-compliant logistics assets in these regions.

The fund is strategically positioned to capitalise on rising rental rates and the persistent supply-demand imbalance in the European logistics sector. ESG-compliant warehouses and logistics facilities have proven resilient, with demand continuing to outpace supply despite broader economic fluctuations. ADIB European Logistics Fund I provide investors with a unique avenue to capitalise on the growing demand for eco-conscious logistics infrastructure. This reflects a significant shift in supply chain priorities, where sustainability and environmental responsibility are increasingly becoming essential for global and local tenants alike.

Tony Hchaime, Senior Executive Officer at ADIB Capital Limited, commented: “ADIB European Logistics Fund I reflects our commitment to delivering innovative, Sharia-compliant investment solutions that meet evolving market demands. By targeting Europe’s logistics sector, this fund offers our investors access to resilient, ESG-aligned opportunities in a high-growth market, driven by robust economic and structural trends.”

The fund presents a strategic investment opportunity for individuals and institutions aiming to integrate ESG principles into their portfolios while capitalizing on the robust economic drivers underpinning the logistics sector in Western Europe.

This initiative is structured to deliver sustainable, long-term returns, offering investors a pathway to participate in a sector poised for resilience and growth.

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EnergyLatest News

Danfoss completes acquisition of ENFOR’s district energy efficiency software

by Hadeer Elhadary
written by Hadeer Elhadary

Danfoss, the Danish multinational engineering group, has acquired ENFOR’s district energy software and will bring the solutions to the global market under the Danfoss Leanheat® suite of sustainable heating and cooling solutions. The Danfoss Leanheat® solution combines cutting-edge technology, data analytics, and artificial intelligence to optimize energy consumption and improve operational efficiency of district energy and buildings. “District Energy is an important topic for Danfoss, and very much relevant for our region, where we focus more on District Cooling solutions.

Implementation of AI technology is key in enhancing energy efficiency and achieve ambitious decarbonization goals set by MENA countries”, stated Ziad Al Bawaliz, Regional President at Danfoss Turkey, Middle East and Africa.

Danfoss had been a minority shareholder in ENFOR since 2020. By fully acquiring ENFOR’s district heating software business, Danfoss enhances the capabilities and accuracy of its Leanheat network suite for district energy utilities to include data-driven temperature optimization, intelligent load forecasting and micro weather forecasting, which support district energy utilities and energy companies with their green transitions.

ENFOR is an innovative spin-off from the Danish Technical University and delivers solutions for forecasting and optimization of energy production and demand, incl. optimization of district energy systems. The potential of using data and machine learning in the energy sector is massive. The latest Danfoss Impact White Paper reveals that an ambitious but realistic roll out of demand-side flexibility technology in the EU and UK can save 40 million tons of CO2 emissions each year by 2030, more than Denmark’s domestic climate footprint.

With countless solutions on the market focused on siloed changes, utilities, building owners, and public stakeholders are left without a holistic solution. Danfoss Leanheat® offers innovative end-to-end software systems and services for the control and optimization of district energy systems—from people to production. ENFOR’s solution will be a core part of Danfoss Leanheat® and going forward the Danfoss team will continuously evolve the combined solution to develop new features to meet the needs of the evolving market.

After the separation of the district heating activities, ENFOR will continue as an independent legal entity and will focus on developing its advanced machine learning technologies for the electricity sector, with a dedication to renewables and the green energy transition.

Jürgen Fischer, President Danfoss Climate Solutions, says:“We are thrilled to welcome ENFOR’s district energy experts and software to Danfoss. Together we can offer a complete solution to utilities for measuring and optimizing the energy efficiency of district energy networks, to better serve our customers. For Danfoss, scaling and enhancing our digital portfolio and offerings is a key priority. By unlocking the potential of artificial intelligence, connectivity, and optimization tools, we make it possible for the utilities and service providers to effectively meet the growing demands for energy efficiency while improving business operations and costs.”

Mikkel Westenholz, CEO ENFOR A/S, says: “We are happy that our district heating services have found a new home with Danfoss, who will be able to integrate the services into their digital platform, and bring the services to the market through their global organization. It has been an exciting journey for ENFOR, where we were an early pioneer for the use of data and machine learning in forecasting and optimization of energy systems. We see it as a strong validation of our business and technology, that a company like Danfoss has acquired our district heating and cooling technology, and we will continue our journey with a focus on renewable energy and the power sector.”

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Special Reports

Kaspersky’s tips to protect your data on fitness apps

by Hadeer Elhadary
written by Hadeer Elhadary

Fitness apps are the go-to tool to support in tracking set goals and improve overall well-being. But given how these apps collect significant personal data that includes location, health metrics, and routines, protecting your privacy is essential.

Fitness apps are valued for enhancing health and well-being, helping to achieve personal fitness goals, and monitoring workout progress. Yet‚ it is important to be mindful of the privacy concerns that come with the convenience of these apps.

“Many people are excited to begin their health and wellness journey when the New Year rolls around. A fitness app can be a great motivator; however, users should also be aware of the privacy risks they may pose,” says Brandon Muller, Technical Expert for the MEA region at Kaspersky. “By taking a few security precautions, users can safely enjoy getting fit come 2025.”

Kaspersky shares the following tips for fitness app users:

1. Limit app access to only necessary data

Fitness apps may request permissions beyond what is necessary for their functions, such as access to contacts or photos. Avoid sharing unnecessary data to reduce the risk of exposure. For instance, allow apps to track your location only while in use rather than continuously, and restrict access to sensitive data like contacts or social media profiles.

2. Choose apps with strong privacy practices

Not all apps prioritise user privacy equally. Do some research on app privacy policies and read reviews to identify those committed to protecting personal data. Trusted apps are upfront about what data they collect, how it is used, and if the data is shared with third parties. Be cautious about apps with vague or overly complex privacy policies.

3. Be cautious about sharing your location

Running and cycling apps track routes, which often reveal home or work addresses when used regularly. This information can be exploited if it falls into the wrong hands. Use in-app privacy settings to hide your exact location and limit visibility to only those you trust. In cases where detailed tracking is not necessary, turn off geolocation altogether.

4. Create strong passwords and enable security features

Fitness apps may not support two-factor authentication, but using a unique, complex password can still help keep your account secure. Consider storing it in a password manager for easy access. Avoid reusing passwords across multiple apps or platforms.

5. Use a VPN on public Wi-Fi

Whether at the gym, a health bar, or while travelling, avoid entering personal information over public Wi-Fi networks. Cybercriminals can intercept data on unsecured networks, so consider using a Virtual Private Network (VPN) to protect your connection.

6. Review and regularly update app permissions

As you continue using the app, review and update your permissions periodically. New app updates may introduce changes in permissions, so ensure you are comfortable with the data you are sharing. Regularly checking privacy settings also helps maintain control over your personal information.

7. Have a security solution installed on your smartphone

A strong cybersecurity solution, like Kaspersky Premium, guards apps, identifies data and password leaks, and protects from crypto scams.

“With the right privacy settings, you can enjoy the benefits of fitness apps while keeping personal data safe from potential cyber threats,” concludes Muller.

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Developing

COP29: What to Expect from the Climate Summit  

by Hadeer Elhadary
written by Hadeer Elhadary

As the climate crisis intensifies and climate inaction abounds, ESG Mena takes a look at what’s on the horizon for COP29 in Baku, Azerbaijan.  

The 29th Conference of the Parties, COP29, has begun today in Azerbaijan, and it’s expected to last until 22 November.
Between 40,000 and 50,000 delegates are set to convene in the petrostate this month as the climate crisis rages on and in the shadow of significant controversy surrounding the country.  

Already one of the world’s most fossil fuel-dependent countries, Azerbaijan’s climate action plan has been deemed “critically insufficient,” and it now has its sights set on aggressive fossil fuel expansion.  

According to a recent report on SOCAR, Azerbaijan’s state-owned oil and gas company spent at least 97 percent of its capital expenditure on oil and gas in 2023, and the country is geared up to boost its gas production by a third over the next decade. 

“Given SOCAR’s pivotal role in Azerbaijan’s economy and its close ties to the country’s political elite, its influence will surely be felt throughout the climate negotiations in Baku this November,” said Regine Richter, Energy Campaigner at Urgewald and lead author of the report.  

Adding: “Looking at the state company’s expansion plans, international partnerships and geopolitical ties, as we prepare for COP29, we cannot but ask ourselves: Did we put the fox in charge of the henhouse?” 

Against this backdrop, ESG Mena looks at what you can expect from the November climate summit.  

Finance to Dominate  

Finance is set to dominate the agenda at this year’s COP. Dubbed by some the ‘Finance COP,” the climate summit comes ahead of the February 2025 deadline for the New Collective Quantified Goal.  

Estimates are that trillions of dollars are required to assist developing nations in fighting against the climate crisis, and the New Collective Quantified Goal (NCQG) is set to channel finance into the money pot.  

The previous commitment, set in 2009, sat at $100 billion, which is far from the amount required by developing nations and a commitment that missed its 2020 deadline.  

However, the NCQG is highly contentious, and nations remain divided on the terms and details. Agreement is yet to be made on everything from how much it will contain and who will receive it to the form the funds will take.  

Almost 70 percent of climate finance is currently provided through loans. 

This is despite high levels of debt distress in the most climate-vulnerable countries. Indeed, last year, research from ActionAid International found that 93 percent of countries on the frontlines of climate disaster are either currently in or at significant risk of debt distress.   

Discussions also emphasize mobilising private finance. No firm number has yet been put forward by a developed country.  

Focus will also be directed to the Loss and Damages Fund, launched during COP28. Baku is expected to assess the fund’s progress and operationalisation. The funds have not yet been distributed.  

Fossil Fuel Phaseout and the Energy Transition 

Last year’s COP also witnessed a pledge to transition away from fossil fuels—and while falling short of calling for a phaseout, it was the first time in 28 years that a climate summit had included such wording.  

Alongside this was a commitment to triple renewable energy and double energy efficiency by  

2030. Recent reviews of the targets have found that the world is far off-track on both, while oil and gas expansion is ramping up. 

How much progress will be made on the energy transition at this year’s climate summit is in doubt.  

Indeed, a new report by Transparency International (TI) and the Anti-Corruption Data Collective (ACDC) has warned that the summit is at “high risk” of being co-opted to promote a pro-fossil  

fuel industry agenda.  

Brice Böhmer, Climate and Environment Lead at Transparency International, called out what he said is an “unacceptable lack of robust integrity and anti-corruption measures” at COP.  

From influential fossil fuel lobbyists diluting climate commitments to corrupt networks siphoning climate funds, the integrity of the entire global climate framework is at stake. 

Such criticisms have resulted in Papua New Guinea announcing its withdrawal from this year’s climate summit.  

“Papua New Guinea is making this stand for the benefit of all small island nations. We will no longer tolerate empty promises and inaction while our people suffer the devastating consequences of climate change,” said Foreign Affairs Minister Justin Tkatchenko. 

Tkatchenko called the pledges made by “major polluters” nothing more than “empty talk.” 

“They impose impossible barriers for us to access the crucial funds we need to protect our people. Despite continuous attempts, we have not received a single toea in support to date,” said Tkatchenko.  

NDCs  

The next round of nationally determined contributions (NDCs) will be key to turning energy transition goals into reality.  

The NDCs are national climate action plans submitted by countries every five years under the Paris Agreement. 

Due in early 2025, NDCs 3.0 will outline countries’ climate action plans up to 2035 and are considered essential for keeping 1.5 °C within reach.  

However, a recent report from the UN finds that cuts of 42 per cent are needed by 2030 and 57 per cent by 2035 to get the world on track for 1.5°C.  

Current policies put the world on course for between 2.6 °C and 3.1 °C global warming this century, the report warns. 

The COP Troika (the UAE, Azerbaijan and Brazi) are expected to unveil their NDCs at COP29, having pledged to submit a 1.5°C-aligned NDC, with early submissions expected from some countries.  

Back in September, the COP29 host also launched the Baku Global Climate Transparency Platform to provide developing countries with support for the preparation and submission of the Biennial Transparency Reports, which document progress on climate action.  

Other Issues at the fore 

Another key issue expected to be addressed at COP29 is the much-debated Article 6, which relates to the carbon markets and emissions trading. The climate summit in Dubai last year failed to produce an outcome, so the pressure is on in Baku.  

Last year, food was said to be on the table for the first time, with the link between food systems and emissions underlined. Indeed, experts warn that reaching climate goals will be impossible without food systems transformation. However, little tangible progress was made in Dubai. 

This year, the summit will feature a Food, Agriculture, and Water Day, with an Action on Food Hub, the COP29 Declaration on Reducing Methane from Organic Waste, and the Harmoniya Initiative.  

The summit is also taking place against the backdrop of the contentious US election, a tense geopolitical situation and deep divisions globally, placing a big question mark over the likelihood of international cooperation and collaboration required to scale up climate action.  

COP29 is taking place in Baku, Azerbaijan, from 11-22 November. ESG Mena will be on the ground providing coverage.  

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EnergyLatest News

Aljomaih Energy & Water Company Leads Consortium to Achieve Financial Close for Taiba-2 and Qassim-2

by Hadeer Elhadary
written by Hadeer Elhadary

Aljomaih Energy & Water Company, a Saudi investor, developer and operator of utilities and infrastructure projects, along with consortium members Ajlan & Bros Group, Buhur for Investment Company and the EDF Group, have announced the Financial Close of the Taiba-2 and Qassim-2 Combined Cycle Gas Turbine (CCGT) power projects, with a total capacity of 3.96 GW in the Kingdom of Saudi Arabia.

The Taiba-2 and Qassim-2 projects will be the first two projects in KSA with a provision for Carbon Capture, it was shared.

The two projects have been financed through a combination of Equity Bridge Financing and Senior Debt, secured by Riyad Bank, Saudi Awwal Bank, Abu Dhabi Commercial Bank, Bank Saudi Fransi Bank, Arab Petroleum Investment Corporation (APICORP) Saudi Investment Bank, Bank Al Jazira, Commercial Bank of Dubai and First Abu Dhabi Bank, for the approximate value of USD 3.9 Billion (equivalent to SAR 14.6 Billion).

The projects will be equipped with “the latest” HL-class gas turbines from the German company Siemens, in combination with steam turbines and generators, which will generate approximately 2,000MW of electricity per project.

Commenting on the announcement, Ibrahim Al Jomaih, Chairman of the Board of Directors of Aljomaih Energy and Water Company, said: “We are honoured to have been selected by the Saudi Power Procurement Company (SPPC) and the Ministry of Energy, KSA to act as Consortium Lead on the development of Taiba-2 and Qassim-2, the first Combined Cycle Gas Turbines with a provision for Carbon Capture, in the Kingdom.

“The successful achievement of Financial Close on these strategic projects is a testament to Aljomaih Energy & Water’s capabilities as a leading developer, for such vital projects, together with the collective expertise of our partners who are working as one team to deliver nearly 4 GW of decarbonized power capacity, to enhance the generation capabilities of the electrical network in the Kingdom of Saudi Arabia – the largest electrical network in the Middle East and North Africa, in line with the Kingdom’s Vision 2030, by applying a circular carbon economy approach.”

“The Taiba-2 and Qassim-2 projects signify Ajlan & Bros Group’s unwavering commitment to the region’s business landscape and our dedication to advancing the utility sector,” said Ajlan Al-Ajlan, Chairman of the Board of Directors of Ajlan & Bros Group. “This collaboration with Aljomaih Energy & Water and the Saudi Power Procurement Company (SPPC) aligns with our strategic vision and the objectives of the Kingdom’s Vision 2030. We are proud to contribute to these essential projects, which mark significant milestones in our shared mission to support the Kingdom’s energy transition and sustainable development goals.”

Mutlaq Alghwairi, Buhur for Investment Company Chairman stated: “As a Saudi company, we are grateful to be part of these mega projects, proudly achieving this remarkable milestone within the first year of Buhur operation. We would like to extend our gratitude for the efforts of Ministry of Energy and Saudi Power Procurement Company (SPPC) and our consortium partners. Buhur for Investment Company affirms its commitment by its actions, to be implemented in accordance with Saudi Vision 2030, confident of its capabilities within these mega-projects implementation and coming future opportunities.”

Beatrice Buffon, EDF Group Vice President in charge of the International Division and EDF Renewables Chairwoman and CEO, added: “We would like to thank the respective governmental authorities of the Kingdom of Saudi Arabia, and in particular the Ministry of Energy and the Saudi Power Procurement Company (SPPC), for their trust in our consortium to develop, finance, build and operate the first Combined Cycles Gas Turbines (CCGT) in the Kingdom with a provision for Carbon Capture. Securing the financial close for the Taiba-2 and Qassim-2 thermal power plants, featuring a total power capacity of 3.96 GW, marks a significant milestone in our commitment to advancing sustainable energy solutions. By integrating state-of the art innovative technology, we are not only enhancing the efficiency and reliability of power generation but also actively contributing to the reduction of carbon emissions. Together with our partners, we are proud to be at the forefront of pioneering projects driving a global energy transition and supporting the Kingdom’s ambitious climate goals.”

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Latest News

UAE Launches Report on Sustainable Development Beyond 2030

by Hadeer Elhadary
written by Hadeer Elhadary

 The UAE delegation at the United Nations (UN) High-Level Political Forum (HLPF) on Sustainable Development, organized by the UN Economic and Social Affairs Department at its headquarters in New York, revealed the findings of the ‘XDGs 2045: Navigating the Future of our World’ report. Developed by the UAE’s National Committee on SDGs, the forward-looking report outlines a sustainability roadmap that extends 21 years beyond the UN’s 2030 Sustainability Agenda.

The report draws on insights from the XDGs 2045 Ministerial Roundtable, a pivotal gathering that took place during the World Governments Summit 2024. It provides a high-level review of past global development agendas, evaluates current progress towards the 2030 Agenda goals, and outlines the critical steps required to ensure a sustainable and inclusive future for all.

His Excellency Abdulla Nasser Lootah, Deputy Minister of Cabinet Affairs for Competitiveness and Experience Exchange, Chairman of the National Committee on SDGs, said, “Looking beyond the 2030 Agenda, our focus remains on fostering a competitive and knowledge-driven economy. The UAE is dedicated to leveraging innovation and strategic partnerships to address emerging global challenges, ensuring that we continue to contribute effectively to both our national prosperity and global sustainable development.”

The report’s findings lay the groundwork for global dialogue on the future trajectory of sustainable development goals beyond 2030. The insights contribute to the formation of a unified global vision for development and sustainability priorities, considering the rapid changes the planet is undergoing.

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EnergySpecial Reports

World Energy Issues Monitor 2024

by Hadeer Elhadary
written by Hadeer Elhadary

The 2024 World Energy issues monitor underlines the complex nature of energy transitions, emphasising their multifaceted character where a one-size-fits-all strategy proves inadequate.

Signals of deficiency, stress and strain are everywhere emphasising that redesigning energy for people in planet is imperative.

For this edition of the World Energy Issues Monitor, the Council surveyed nearly 1,800 energy leaders and global experts drawn from its global network spanning over 100 countries.

The survey was conducted in early 2024, following the conclusion of the 28th Conference of the Parties (COP28), which was held in Dubai in the United Arab Emirates in November 2023. 

Find the full report here.

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Special Reports

World Energy Council: World Energy Trilemma Report 2024

by Hadeer Elhadary
written by Hadeer Elhadary

Now in its 15th edition, the World Energy Council’s World Energy Trilemma Report 2024 places significant emphasis on signals from interviews and workshops with experts in the Council’s worldwide community across more than 100 countries. These experts have utilised the Trilemma Framework to delve into the implications of post-pandemic recovery and the war in Ukraine within specific regions across the world. Special emphasis is placed on managing trade-offs among the dimensions of energy security, equity, and sustainability. These regional reports not only highlight challenges and opportunities but also the examine the effects of recent crises on energy systems and the strategic responses to address them.

The World Energy Trilemma Framework was initially conceived to balance the three pivotal dimensions. Energy security initially focused on safeguarding supply, avoiding shocks from scarcity or geopolitical tensions all the while ensuring the lights stayed on. Energy equity grappled with the key questions of energy access and affordability. Environmental sustainability advocated for practices that would reduce our carbon footprint and preserve the planet for future generations.  

The Council has identified that the three dimensions are evolving to reflect new ambitions in managing energy for people and planet and the new threat of poly-crises. Energy security now encompasses the reliability of renewables, availability and accessibility or critical minerals, and resilience in the face of physical and cyber threats. Energy equity has deepened to include new demands for  justice, fairer access to and equitable distribution of clean energy benefits, and energy transitions’ impact on vulnerable communities. Environmental sustainability has broadened to a holistic concern for planetary health, embracing circular economy principles, the interconnectedness of water, food, and energy systems, and the better alignment of decarbonisation efforts with the planet’s ecological limits.

The World Energy Council is evolving the World Energy Trilemma framework and its dimensions, extending its use and enabling real-time application through accessible data, new metrics, and expanded practical use of the tool beyond countries to regions and cities as a means of energy transition performance management and pathfinding.

The World Energy Council continues to combine to the use of  tools in our World Energy Leadership Toolkit – including the World Energy Trilemma and World Energy Scenarios – to curate better informed and inspiring action-orientated leadership and enable collaborative and transformational pathfinding.

The World Energy Trilemma Index provides insights into a country’s relative energy performance with regards to energy security, energy equity and environmental sustainability. In doing so, the Index highlights a country’s challenges in balancing the World Energy Trilemma and opportunities for improvements in meeting energy goals now and in the future. The Index aims to inform policy makers, energy leaders, and the investment and financial sector. Index rankings provide comparisons across countries on each of the three dimensions, whilst historical indexed scores provide insights into the performance trends of each country over time.  

The time-lag in national data collection of indicators featured in the 2023 Index means that the comparative rankings may not fully capture the effects of recent transitions in the energy sector or the effects of recent world events such as the war in Ukraine, unrest in the Middle East, and pandemic recovery. Therefore, interviews provide additional context and highlight the challenges caused by the world’s first consumer-led demand-driven energy shock following the invasion of Ukraine. Furthermore, underlying long-term data trends offer valuable insights for countries striving for a secure, equitable, and sustainable energy future.

You can read the full report here

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