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Green Finance Surges in Middle East in First Half of 2021

Red Sea Development Company completes the 1st stage of platinum certification in the “Plan & Design” criteria of the Leadership in Energy and Environmental Design - (SPA)
Red Sea Development Company completes the 1st stage of platinum certification in the “Plan & Design” criteria of the Leadership in Energy and Environmental Design - (SPA)
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Green Finance Surges in Middle East in First Half of 2021

Red Sea Development Company completes the 1st stage of platinum certification in the “Plan & Design” criteria of the Leadership in Energy and Environmental Design - (SPA)
Red Sea Development Company completes the 1st stage of platinum certification in the “Plan & Design” criteria of the Leadership in Energy and Environmental Design - (SPA)

Green financing linked to sustainability projects in the Middle East and North Africa region increased by 38 percent and reached $6.4 billion in the first half of 2021, according to a report published by Bloomberg.

The report attributed the increase to the Red Sea Development Company (TRSDC)’s receiving a green loan of a value of $3.8 billion.

The First Abu Dhabi Bank took the lead by issuing Yuan-pegged green bonds with a value of CNY150 million in June 2021.

In March 2021, the TRSDC secured a green loan of 14.12 billion Saudi riyals ($3.76 billion).

"As the global ESG [environment social and governance] market may represent a third of global AUMs [assets under management] by 2025, ESG debt issuance has surpassed $3 trillion with record speed in May 2021,” said Adeline Diab, Bloomberg’s head of ESG and Thematic Investing for Emea and Apac regions.

Global green and sustainability-linked debt issuance volumes stood at approximately $541 billion in the first six months of 2021.

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Saudi Arabia Joins International Partnership for Hydrogen and Fuel Cells in the Economy

Officials from the Saudi Energy Ministry after the official announcement of joining the International Partnership for the Hydrogen and Fuel Cells in the Economy (Saudi Energy Ministry)
Officials from the Saudi Energy Ministry after the official announcement of joining the International Partnership for the Hydrogen and Fuel Cells in the Economy (Saudi Energy Ministry)
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Saudi Arabia Joins International Partnership for Hydrogen and Fuel Cells in the Economy

Officials from the Saudi Energy Ministry after the official announcement of joining the International Partnership for the Hydrogen and Fuel Cells in the Economy (Saudi Energy Ministry)
Officials from the Saudi Energy Ministry after the official announcement of joining the International Partnership for the Hydrogen and Fuel Cells in the Economy (Saudi Energy Ministry)

The Saudi Energy Ministry announced Saturday that the Kingdom has officially joined the International Partnership for the Hydrogen and Fuel Cells in the Economy (IPHE), as part of its ongoing efforts to foster international collaboration in developing this vital sector.
This accession marks a major step for the Kingdom, reinforcing its pioneering role in global sustainability efforts and in innovating advanced solutions for clean energy, the Ministry said in a statement.
It aligns with Saudi Arabia’s ambition to become a key producer and exporter of clean hydrogen, and to achieve greenhouse gases (GHGs) net-zero through the circular carbon economy approach by 2060, or before depending on technology maturity and availability, the statement added.
Saudi Arabia’s involvement in IPHE underscores its commitment to international cooperation as a cornerstone for attaining a more sustainable energy future.
The move also supports the objectives of the “Saudi Green Initiative” and “Middle East Green Initiative,” which focus on reducing carbon emissions and stimulating global demand for clean hydrogen, according to the statement.
"It also aims to contribute to the development and harmonization of regulations and standards that bolster the clean hydrogen economy,” it added.
IPHE serves as a crucial platform for fostering collaboration among member states to expedite the advancement and deployment of hydrogen and fuel cell technologies.
The partnership is dedicated to exchanging knowledge, supporting relevant research and technologies, and raising awareness about the importance of clean hydrogen in achieving sustainable development.
In this spirit, Saudi Arabia actively participates in numerous international organizations and initiatives linked to the production of clean and low-emission fuels, including the Innovation Mission Initiative, the Clean Energy Ministerial Meeting, the Zero Neutrality Forum for Producers, the Global Methane Initiative, and other related efforts.