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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
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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.

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Latest Tests Show Seine Water Quality Was Substandard When Paris Mayor Took a Dip

Boats carrying members of delegations sail along the Seine during the opening ceremony of the Paris 2024 Olympic Games on July 26, 2024. (AFP)
Boats carrying members of delegations sail along the Seine during the opening ceremony of the Paris 2024 Olympic Games on July 26, 2024. (AFP)
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Latest Tests Show Seine Water Quality Was Substandard When Paris Mayor Took a Dip

Boats carrying members of delegations sail along the Seine during the opening ceremony of the Paris 2024 Olympic Games on July 26, 2024. (AFP)
Boats carrying members of delegations sail along the Seine during the opening ceremony of the Paris 2024 Olympic Games on July 26, 2024. (AFP)

Tests results released Friday showed the water quality in the River Seine was slightly below the standards needed to authorize swimming — just as the Paris Olympics start.

Heavy rain during the opening ceremony revived concerns over whether the long-polluted waterway will be clean enough to host swimming competitions, since water quality is deeply linked with the weather in the French capital.

Paris Mayor Anne Hidalgo took a highly publicized dip last week in a bid to ease fears. The Seine will be used for marathon swimming and triathlon.

Daily water quality tests measure levels of fecal bacteria known as E. coli.

Tests by monitoring group Eau de Paris show that at the Bras Marie, E. coli levels were then above the safe limit of 900 colony-forming units per 100 milliliters determined by European rules on June 17, when the mayor took a dip.

The site reached a value of 985 on the day the mayor swam with Paris 2024 chief Tony Estanguet and the top government official for the Paris region, Marc Guillaume, joined her, along with swimmers from local swimming clubs.

At two other measuring points further downstream, the results were below the threshold.

The statement by Paris City Hall and the prefecture of the Paris region noted that water quality last week was in line with European rules six days out of seven on the site which is to host the Olympic swimming competitions.

It noted that "the flow of the Seine is highly unstable due to regular rainfall episodes and remains more than twice the usual flow in summer," explaining fluctuating test results.

Swimming in the Seine has been banned for over a century. Since 2015, organizers have invested $1.5 billion to prepare the Seine for the Olympics and to ensure Parisians have a cleaner river after the Games. The plan included constructing a giant underground water storage basin in central Paris, renovating sewer infrastructure, and upgrading wastewater treatment plants.