Arab Energy Fund Plans up to $1 bln for Decarbonization Technologies

Arab Energy Fund Plans up to $1 bln for Decarbonization Technologies
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Arab Energy Fund Plans up to $1 bln for Decarbonization Technologies

Arab Energy Fund Plans up to $1 bln for Decarbonization Technologies

The Arab Energy Fund, formerly known as APICORP, plans to invest up to $1 billion over the next five years in decarbonization technologies, the Middle East and North Africa-focused multilateral financial institution said on Monday.

The planned investment and new name are part of a five-year strategy to 2028 to support the regional energy transition towards net-zero goals. The announcement was made during the COP28 climate summit in Dubai, Reuters reported.

"Our strategy involves diversifying investments by championing technological advancements for enhanced energy efficiencies and driving sustained decarbonisation efforts," Chief Executive of the Arab Energy Fund Khalid Ali Al-Ruwaigh said in a statement.

The institution, which carries an investment grade credit rating from all the major ratings agencies, issued a five-year $750 million green bond after setting up a green bond framework in 2021. $610 million has so far been allocated to 11 regional projects.

Almost 20% of the institution's loan portfolio of $4.5 billion is currently for environmental and socially responsible initiatives, it said in the statement.



Cafe in Libya Champions Recycling and Sustainability

The owner of the Lamma cafe in the Libyan capital Tripoli says he opened it to to promote sustainability in a country recovering from years of war - AFP
The owner of the Lamma cafe in the Libyan capital Tripoli says he opened it to to promote sustainability in a country recovering from years of war - AFP
TT

Cafe in Libya Champions Recycling and Sustainability

The owner of the Lamma cafe in the Libyan capital Tripoli says he opened it to to promote sustainability in a country recovering from years of war - AFP
The owner of the Lamma cafe in the Libyan capital Tripoli says he opened it to to promote sustainability in a country recovering from years of war - AFP

In Libya's capital, a cafe's sleek exterior gives little hint of the vibrant space inside, built entirely from recycled materials to promote sustainability in a country recovering from years of war.

Lamma, which means "gathering" or "hangout" in Arabic, has become a cultural hub for locals and other visitors, featuring an art gallery that showcases Libyan artists, and hosts events and workshops.

But its central mission, its owner said, is raising awareness of an eco-friendly lifestyle in Libya, where green initiatives are scarce as people grapple with the aftermath of a gruelling conflict.

"We use materials that were abandoned in the streets, such as rubber from tyres, wood from trees and construction waste" to build the cafe, said Louay Omran Burwais, an architect who designed and founded Lamma.

"The idea is to show people that what is thrown in the street and may seem ugly or useless is actually still valuable," he told AFP.

- 'New mindset' -

Behind the long, narrow door into Lamma, visitors are greeted with a kaleidoscope of colors and shapes.

The plant-covered walls contrast with a web of suspended metal scraps, alcoves and slide tunnels that children swoop down through.

"There are no places like this in Libya," said Roula Ajjawi, Lamma's art director. "We base everything on one aspect that we consider very important: recycling."

Families gather at Lamma on Thursdays, the start of the Libyan weekend, when the cafe holds art workshops for children.

Others borrow books from the venue's small library.

Burwais says his team hopes recycling and other eco-friendly practices, which remain rare, start up in Libya, which currently has no recycling facilities.

Visitors to Lamma will recognize familiar everyday objects repurposed throughout the space, Burwais said, but they will "start seeing them differently. We are here to foster a new mindset".

In Libya, the plastic, metal, and glass left from over a decade of civil war destruction are rarely, if ever, reused or recycled, Ajjawi said.

More often, they are abandoned in nature and on the streets, occasionally washed into the Mediterranean by rain and wind.

But with initiatives like Lamma, objects once destined for the landfill are transformed into works of art -- a concept now catching on with locals.

"I love this place," said Riyad Youssef, now a Lamma regular. "The food is great, the service is excellent, and I appreciate the commitment to reducing waste. Every idea here is amazing."