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.



Unusual Bee Attack in French Town Leaves 24 Injured, 3 Critically

A bee sits on a flower that is planted to decorate at the All England Lawn Tennis and Croquet Club in London, Sunday, June 29, 2025.(AP Photo/Joanna Chan)
A bee sits on a flower that is planted to decorate at the All England Lawn Tennis and Croquet Club in London, Sunday, June 29, 2025.(AP Photo/Joanna Chan)
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Unusual Bee Attack in French Town Leaves 24 Injured, 3 Critically

A bee sits on a flower that is planted to decorate at the All England Lawn Tennis and Croquet Club in London, Sunday, June 29, 2025.(AP Photo/Joanna Chan)
A bee sits on a flower that is planted to decorate at the All England Lawn Tennis and Croquet Club in London, Sunday, June 29, 2025.(AP Photo/Joanna Chan)

A unusual attack by bees in the French town of Aurillac has left 24 people injured, including three in critical condition, according to local authorities.

The Prefecture of Cantal, in south-central France, said passersby were stung over a period of about 30 minutes on Sunday morning. Firefighters and medical teams were rushed to the scene to treat the victims while police set up a security perimeter until the bees stopped their attack.

The three people in critical condition were evacuated to a local hospital, The Associated Press reported.

Pierre Mathonier, the mayor of Aurillac, told French broadcaster France 3 the incident may have been related to Asian hornets threatening beehives that had been installed on the roof terrace of a downtown hotel over 10 years ago. He said that this had likely caused the bees to become aggressive.

“All ended well,” he said. "The emergency services were perfectly coordinated. There was no panic in Aurillac, but a number of people were stung.”