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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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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.