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.



Zimbabwe to Cull Elephants and Distribute Meat to People 

A group of elephants and giraffes walk near a carcass of an elephant at a watering hole inside Hwange National Park, in Zimbabwe, October 23, 2019. (Reuters)
A group of elephants and giraffes walk near a carcass of an elephant at a watering hole inside Hwange National Park, in Zimbabwe, October 23, 2019. (Reuters)
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Zimbabwe to Cull Elephants and Distribute Meat to People 

A group of elephants and giraffes walk near a carcass of an elephant at a watering hole inside Hwange National Park, in Zimbabwe, October 23, 2019. (Reuters)
A group of elephants and giraffes walk near a carcass of an elephant at a watering hole inside Hwange National Park, in Zimbabwe, October 23, 2019. (Reuters)

Zimbabwe will cull dozens of elephants and distribute the meat for consumption to ease the ballooning population of the animals, its wildlife authority said Tuesday.

The southern Africa country is home to the second-biggest elephant population in the world after Botswana.

The cull at a vast private game reserve in the southeast would initially target 50 elephants, the Zimbabwe Parks and Wildlife Authority (ZimParks) said in a statement.

It did not say how many of the animals would be killed in total or over what period.

An aerial survey in 2024 showed the reserve, the Save Valley Conservancy, had 2,550 elephants, more than triple its carrying capacity of 800, ZimParks said.

At least 200 have been translocated to other parks over the past five years.

"Elephant meat from the management exercise will be distributed to local communities while ivory will be state property that will be handed over to the ZimParks for safekeeping," it said.

Zimbabwe is unable to sell its stockpile of tusks due to a global ban on ivory trading.

Tuesday's announcement came a day after four people were arrested in the capital Harare with more than 230 kilograms (500 pounds) of ivory for which they were allegedly seeking a buyer.

In 2024, Zimbabwe culled 200 elephants as it faced an unprecedented drought that led to food shortages. It was the first major cull since 1988.

The move to hunt the elephants for food has drawn sharp criticism, particularly as the animals are a major tourism draw.