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.



Rain Checks Spread of Japan Wildfire 

This photo taken and released on March 6, 2025 by the Fire and Disaster Management Agency shows firefighters walking amongst burnt trees as they battle a wildfire in Ofunato city of Iwate Prefecture. (Handout / Fire and Disaster Management Agency / AFP)
This photo taken and released on March 6, 2025 by the Fire and Disaster Management Agency shows firefighters walking amongst burnt trees as they battle a wildfire in Ofunato city of Iwate Prefecture. (Handout / Fire and Disaster Management Agency / AFP)
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Rain Checks Spread of Japan Wildfire 

This photo taken and released on March 6, 2025 by the Fire and Disaster Management Agency shows firefighters walking amongst burnt trees as they battle a wildfire in Ofunato city of Iwate Prefecture. (Handout / Fire and Disaster Management Agency / AFP)
This photo taken and released on March 6, 2025 by the Fire and Disaster Management Agency shows firefighters walking amongst burnt trees as they battle a wildfire in Ofunato city of Iwate Prefecture. (Handout / Fire and Disaster Management Agency / AFP)

Rain appears to have halted the spread of Japan's worst wildfire in more than half a century, officials said Thursday, as residents expressed relief the smoke was gone.

The blaze had raged around the northern city of Ofunato for more than a week, killing one person and forcing more than 4,500 residents to evacuate their homes.

The rain, which began falling Wednesday following a record dry period, had helped firefighting efforts, a local fire official said.

"Thanks in part to the rain, the situation has subsided to an extent," Ofunato Mayor Kiyoshi Fuchigami told a regular briefing.

"We realize many residents are aching to return home," he said, adding that evacuation orders would be lifted when safety was confirmed.

Several columns of white smoke and fire sources persisted during the day, officials said.

"The fires haven't been fully put out yet," another Ofunato official told the briefing.

Residents were more positive, however.

"I'm relieved to see no smoke", one elderly woman told public broadcaster NHK, while a man said he was "very happy that we had rain yesterday".

The wildfire burned about 2,900 hectares (7,170 acres) -- around half the size of Manhattan -- making it Japan's largest in more than 50 years, surpassing the 2,700 hectares engulfed by a 1975 fire on Hokkaido island.

Japan endured its hottest summer on record last year as climate change pushes up temperatures worldwide.

Then in February, Ofunato received just 2.5 millimeters (0.1 inches) of rainfall -- breaking the previous record low for the month of 4.4 millimeters in 1967 and well below the average of 41 millimeters.

At least 78 buildings are believed to have been damaged, although details are still being assessed, according to the fire agency.

The number of wildfires in Japan has declined since a 1970s peak.

However, there were about 1,300 in 2023, concentrated in the period from February to April when the air dries out and winds pick up.

Greg Mullins, a former fire and rescue commissioner for the Australian state of New South Wales, told AFP this fire as well as the recent ones in Los Angeles were "highly unusual" because they took place in the cooler winter months.

"In both cases the fires were preceded by hot summers, which increased evaporation and drying of vegetation, followed by large rainfall deficits that parched the landscape," he said.

"This is a common by-product of climate change," said Mullins, a founder of the Emergency Leaders for Climate Action group.