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Mashreq Leads $3.25bln Sustainability-Linked Financing for GEMS Education

by Madaline Dunn 11 months ago

written by Madaline Dunn

Mashreq, a financial institution in the MENA region, has led a $3.25 billion leverage buyout sustainability-linked financing for international education company GEMS Education.

The bank served as the Lead Sustainability Coordinator, Initial Mandated Lead Arranger and Bookrunner, Account Bank, Global Agent, and Conventional Facility Agent.

The banking consortium also included other regional banks, including Dubai Islamic Bank (DIB), Abu Dhabi Commercial Bank (ADCB), and First Abu Dhabi Bank (FAB).

Sustainability-linked financing has been on the rise regionally, and last year, annual issuances of green social, sustainable, and sustainability-linked bonds (GSSB) reached a record high in the MENA.

It was shared that the facilities include key performance indicators (KPIs) to track sustainability performance targets (SPTs), centred around Sustainable Development Goals 4 and 7.

These KPIs will reportedly focus on increasing the share of renewable energy in school operations, certifying teachers in climate and environmental-related topics through the United Nations Climate Change (UNCC) program, and developing a scholarship program to ensure diversity and inclusion across schools.

GEMS has also committed to a long-term improvement plan targeting resource management and reporting.

On June 18, 2024, the local bank consortium, including Mashreq, provided underwriting and pre-funded the multi-billion dollar facility.

In partnership with Brookfield, the syndication of banks facilitated the exit of the majority position held by existing shareholders, including CVC Capital Partners, and refinanced GEMS’ existing indebtedness.

The bank facility will subsequently be syndicated in the primary loan market.

Sunny Varkey, Founder Chairman of GEMS Education, said that the collaboration enables the company to provide “high-quality, inclusive, and environmentally conscious education, ensuring we meet our long-term sustainability goals.”

11 months ago 0 comments

Climate Change is Making Days Longer, New Study Finds

by Madaline Dunn 11 months ago

written by Madaline Dunn

A NASA-funded study has found that climate change is making our days longer as polar ice melts. While researchers say the change is in the milliseconds, they also note that this change is accelerating and could have implications for “precise timekeeping” and space navigation.

Alongside this, another NASA-funded study on the impact of climate-related redistribution of ice and water on the Earth’s rotation has found that this melting of ice sheets and glaciers is also causing the planet to “wobble” as it spins, and its axis to shift in location.

In fact, in the past 120 years, its rotational axis has moved around 30 feet (10 metres)

According to the day-length study, published in the Proceedings of the National Academy of Sciences, in recent decades, the melting of glaciers and polar ice sheets has accelerated, and this is shifting mass from the poles toward the equatorial ocean.

This, it was explained, causes Earth to decelerate and the day to lengthen.

From 2000 to 2018, the rate of length-of-day increase was 1.33 milliseconds per century, which, it was explained is faster than at any period in the prior 100 years. If emissions continue to rise, this could increase to as much as 2.62 milliseconds per century.

This would overtake the effect of the Moon’s pull on tides, which has been increasing Earth’s length of day by 2.4 milliseconds per century, on average.

However, if emissions were to be “severely reduced,” the lengthening could decelerate by 2100, the researchers outlined.

11 months ago 0 comments

Innovation & Education Latest News

AUC Students Win Competition with Sustainable Shopping App

by Madaline Dunn 11 months ago

written by Madaline Dunn

Three finance students from the American University in Cairo (AUC) have won first place in the ICT for Circulatory Competition with an app called ScanHa, aimed at helping consumers make more sustainable fashion choices.

Students Salma Afifi, Jumana Elhefnawy, and Maya Abu Shahba created the app, which allows users to scan clothing barcodes to see sustainability ratings and find eco-friendly alternatives.

The project emerged from the trio’s Entrepreneurship and Innovation course at AUC, where students develop business models and pitch them at the semester’s end.

“We want to create a community of environmentally conscious and responsible shoppers without compromising either style or budget,” said Elhefnawy.

“ScanHa allows customers to scan the barcodes of clothing items while shopping, showing a sustainability rating for each piece. For high-rated items, the user is encouraged to proceed with the purchase, whereas for low-rated items, the user is redirected toward a more sustainable yet identical alternative. ScanHa also offers incentives and discounts for eco-friendly purchases, which makes sustainable shopping more desirable and accessible,” Elhefnawy explained.

The ICT for Circulatory Competition, organised by the Center for Entrepreneurship and Innovation at AUC’s School of Business with the African Engineering and Technology Network (Afretec), pushes students to use advanced tech to reduce waste and promote ethical practices.

Afifi commented: “We had identified the problem of sustainability in the fashion industry early on in the course.”

Indeed, the fashion industry produces 10 per cent of global CO2 emissions, as the second largest industrial polluter, and is responsible for around 20 per cent of global water pollution.

“However, we just did not know how to go about creating a solution. After weeks of research and brainstorming, we landed on the idea of ScanHa.”

“We want to raise awareness by encouraging consumers to make informed decisions. Whether actively seeking sustainable choices or new to the concept, our objective is to simplify the process of sustainable purchases for the consumer to benefit both the society and the environment,” Abu Shahba added.

11 months ago 0 comments

Environment Latest News

Earthna joins the Global Mangrove Alliance

by Madaline Dunn 11 months ago

written by Madaline Dunn

Earthna Center for a Sustainable Future (Earthna), a member of Qatar Foundation (QF), has joined international conservation coalition, the Global Mangrove Alliance (GMA).

Mangrove forests are critical marine ecosystems, but they’re disappearing at a rapid rate. In fact, 67 per cent of global mangroves have been lost to date, with an additional 1 per cent lost each year, and their destruction has wide-reaching implications.

The Global Mangrove Alliance launched back in 2018 at the World Ocean Summit, and according to the alliance, aims to bring together technical experts, civil society organisations, governments, local communities, businesses, funding agencies, and foundations to accelerate coordinated global action to conserve and restore mangroves.

More broadly, the alliance seeks to expand the global mangrove habitat by 20 per cent by 2030.

The alliance includes leading international organisations such as Conservation International, The International Union for the Conservation of Nature, The Nature Conservancy, Wetlands International and World Wildlife Fund, among others.

Speaking on the announcement, Dr Gonzalo Castro de la Mata, Executive Director of Earthna, said: “Mangrove forests play an incredible role in advancing global sustainability and the fight against climate change. They absorb high-levels of carbon, buffer against the impacts of climate change like storm surges and sea level rise, support biodiversity, improve water quality, and prevent coastal erosion.

“By working closely with the Global Mangroves Alliance and its partners, Earthna will leverage collective expertise and resources to help safeguard these critical coastal habitats here in Qatar, and worldwide.”

11 months ago 0 comments

Food Latest News

Greenforce Partners with Abu Dhabi Agritech Food Company Silal

by Madaline Dunn 11 months ago

written by Madaline Dunn

German plant-based startup Greenforce has announced a strategic partnership with Abu Dhabi agritech food Company Silal.

The partnership will make Silal the exclusive sales partner for the company’s plant-based protein products in the Middle East and Africa (MEA).

According to the Munich-based company, it plans to introduce its first products in the form of allergen-free and halal-certified powder products made from ingredients such as peas.

Greenforce shared that its expansion comes against a backdrop of an intensifying climate crisis, interrupted supply chains, population growth, and shifting consumption trends. These issues require a change in food and agricultural systems, especially in dry regions such as the MEA, the company said.

Indeed, the region is on the front lines of the climate crisis, with the MENA region, in particular, warming at nearly twice the global average. It is simultaneously one of the most water-stressed regions in the world, and already, most MENA countries are highly dependent on food imports. In response, countries in the region have ramped up food security efforts in recent years.

According to Greenforce, its powder-form products do not require refrigeration along the supply chain or during storage and only require the addition of water or vegetable oil during preparation. The powder product also has a shelf life of almost two years.

Speaking on the move, Thomas Isermann, Co-Founder and Co-CEO at Greenforce, said: “Our goal with Greenforce is to make a contribution to securing the global protein supply for humanity and to drastically reduce factory farming.”

Factory farming dominates globally. In fact, Our World in Data estimates that 94 per cent of farmed animals across the world live in factory farms, with a huge environmental impact. Animal agriculture, more broadly, is responsible for around 60 per cent of agricultural emissions.

“With an intelligent concept, we will be able to offer everything from cultivation to the ready-to-eat end product from a single source in the future,” Isermann added.

11 months ago 0 comments

Energy Finance Latest News

NGP Closes $500m Sustainable Real Assets Fund for Energy Transition Investment

by Madaline Dunn 11 months ago

written by Madaline Dunn

Private equity investor NGP has announced the close of its NGP Sustainable Real Assets (NGP SRA) fund. The fund launches with approximately $500 million of capital commitments from NGP’s dedicated energy transition fund, NGP Energy Transition IV, L.P., and co-investors.

According to the investor, the Sustainable Real Assets fund was formed to invest in real asset development platforms across the energy transition – including clean power, clean fuels, carbon, transportation and critical minerals.

Commenting on the drive behind the move, Chris Carter, NGP’s Managing Partner, said that NGP has a 35-year track record of partnership-oriented investing, having backed more than 300 development platforms across the energy sector.

“We see a big opportunity to deploy an investment model NGP has honed over the last three decades into these attractive clean energy subsectors.”

The Dallas-based private equity firm explained that NGP SRA invests by partnering with management teams, often at the earliest stages of company formation, and provides capital and support to help build leading energy transition platforms.

Sam Stoutner, NGP Partner, said: “We continue to see a mismatch between the supply of high-quality, shovel-ready clean energy projects, and the capital to build, finance and own those projects.”

“In NGP SRA, we will focus on backing teams and projects earlier in their lifecycle and working with management to build scaled, diversified, derisked projects and platforms that can ultimately be handed off to lower-cost, longer-term pools of capital,” added Stoutner.

11 months ago 0 comments

Dubai Health Authority Launches Mental Wealth Framework

by Madaline Dunn 11 months ago

written by Madaline Dunn

The Dubai Health Authority (DHA) has announced a new integrated mental health framework. Dubbed the Mental Wealth Framework, it will facilitate the introduction of a number of wellbeing-focused initiatives over the next few years.

Launched under the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, the Framework is geared towards supporting mental wellbeing in Dubai.

According to the DHA, the AED105 million Mental Wealth Framework falls under the Dubai Social Agenda 33 scheme and includes ten initiatives set to be implemented over the next five years.

The Framework will reportedly cover all aspects of mental wealth services, early detection, intervention, enhancement, and prevention.

The Authority shared that there will also be a focus on mental health in education, involving schools, staff, and parents.

Other strategic objectives it shared include the promotion of research and innovation in the field.

Indeed, in association with this, it was noted that a series of studies will be conducted to ensure the “continuous measurement and achievement of psychological and community stability” for individuals, particularly those who are prioritised in the Framework, including the elderly, children, people of determination, and those with chronic diseases.

Commenting on the Framework launch, His Excellency Awadh Seghayer Al Ketbi, Director General of the Dubai Health Authority, said that “mental wealth” is an integral part of the health and welfare of the community, and that achieving it requires “scientific and systematic intervention” to manage the demands and pressures of everyday life and their potential consequences.

11 months ago 0 comments

Food Latest News

V-Label Reaches 70,000+ Certified Products

by Madaline Dunn 11 months ago

written by Madaline Dunn

V-Label, an international vegan and vegetarian trademark, has announced that it has reached a record-high number of certified products and licensees. According to V-Label, there are now more than 70,000 products certified globally.

In addition to reaching this milestone, V-Label shared that the number of licensees has also reached an all-time high, with more than 4,800 companies now holding licenses from V-Label and its network of 37 local partner organisations.

V-Label was established in Switzerland in 1996, and is supported by the European Vegetarian Union (EVU), an umbrella organisation for European organisations active in the field of veganism and vegetarianism.

Commenting on the news, Renato Pichler, founder of V-Label, said: “This milestone is a confirmation of our dedication to providing easy-to-understand and transparent information to consumers worldwide.”

Adding “We are thrilled to see such a substantial increase in the number of certified products and our licensee base. It reflects our dedication to helping consumers and supporting manufacturers in delivering increasingly popular vegan and vegetarian products.”

11 months ago 0 comments

Food & Water Latest News

Natural Ventures Announces Close of Food & Water Security-Focused Fund

by Madaline Dunn 11 months ago

written by Madaline Dunn

Natural Ventures, an impact-focused venture capital fund centred on global food and water security, has announced the close of its inaugural $100m fund.

It was shared that the fund selected Abu Dhabi and the ADGM as its headquarters due to the region’s “strategic importance” in food and water.

Indeed, the announcement comes against a backdrop of the recent launch of the AgriFood Growth and Water Abundance (AGWA) cluster, led by the Abu Dhabi Department of Economic Development (ADDED) and the Abu Dhabi Investment Office (ADIO).

Expected to result in USD 34 billion of investment by 2045, the cluster is focused on global efforts to tackle food shortages and water scarcity, aiming to become a hub for novel food and ingredients.

Natural Ventures Fund I launches with an initial portfolio of four technology companies, including Active Membranes, Brevel, Constellr, and N-Drip.

Anchor investors include Helm AG of Germany, Chemovateq, a Swiss-based family office, and a strategic UAE investor, while the fund also has strategic partnerships with two global sector specialists, AgBioScout, and Isle Utilities.

Mark Jenkins, a Managing Partner of Natural Ventures, commented: “As an impact-driven team, Natural Ventures welcomes our exceptionally strong strategic investors and leading AgTech and water industry partners to our collaborative investment model.

“Our combined strengths and alignment of purpose are striking as we look to invest in exceptional management teams with innovative solutions to solve global issues of water and food security. We look forward to working together to support our portfolio companies.”

11 months ago 0 comments

Energy Latest News

NCM Hosts International Workshop on Advancing Renewable Energy

by Madaline Dunn 11 months ago

written by Madaline Dunn

The National Centre of Meteorology (NCM) has announced that it is hosting an international workshop on advancing renewable energy.

The workshop, titled “Advancing Renewable Energy: A Global Workshop on Weather, Water, and Climate Services,” is the latest in a series of meetings exploring key topics related to energy and meteorology.

Organised by the World Meteorological Organisation (WMO), with support from the International Renewable Energy Agency (IRENA), the workshop will gather experts to discuss a global mechanism to enhance the capacities of national meteorological and hydrological services (NMHSs) in providing specialised information to the renewable energy sector.

Commenting on this, Dr Abdulla Al Mandous, Director-General of NCM and President of the World Meteorological Organisation (WMO) said: “A global mechanism, potentially in the form of a WMO Global Centre, is essential for the provision of comprehensive weather, water, and climate services to the energy sector.”

According to organisers, the workshop will place a special focus on the role that advanced weather, water, and climate science and services play in underpinning the energy transition and mitigating climate change.

“While the main focus is on climate mitigation and the transition to renewables, there is a strong need to strengthen the resilience of energy systems, including renewable power plants, against more frequent and intense extreme events driven by climate change,” Dr Johan Stander, Director of the WMO Services Department, explained.

The proposed mechanism is reportedly designed to synergise with ongoing and planned initiatives of the WMO Technical Commissions, supporting WMO members in facilitating national net zero energy transitions, managing energy demand, enhancing energy system resilience, providing early warnings, ensuring energy security, and improving energy efficiency.

The workshop will also consider how this mechanism could support countries in achieving the UNFCCC Paris Agreement goals, the COP28 Global Renewables and Energy Efficiency Pledge, and the UN SDG7 goals, it was shared.

Renewable energy capacity grew 14 per cent last year, however, the world is still falling short. According to IRENA, an annual growth rate of 16.4 per cent is now required to reach the 2030 tripling renewables target set at COP28.

Indeed, earlier this month, the organisation’s Director-General, Francesco La Camera, said while renewable energy has been “increasingly outperforming fossil fuels,” it is not the time to be complacent.

“Renewables must grow at higher speed and scale,” said La Camera.

Adding: “Consolidated global figures conceal ongoing patterns of concentration in geography. These patterns threaten to exacerbate the decarbonisation divide and pose a significant barrier to achieving the tripling target.”

11 months ago 0 comments

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