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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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In Freezing Temperatures, Swimmers in China Plunge into a River for Health and Joy

A resident swims in a pool carved from ice on the frozen Songhua river in Harbin in northeastern China's Heilongjiang province, Tuesday, Jan. 7, 2025. (AP)
A resident swims in a pool carved from ice on the frozen Songhua river in Harbin in northeastern China's Heilongjiang province, Tuesday, Jan. 7, 2025. (AP)
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In Freezing Temperatures, Swimmers in China Plunge into a River for Health and Joy

A resident swims in a pool carved from ice on the frozen Songhua river in Harbin in northeastern China's Heilongjiang province, Tuesday, Jan. 7, 2025. (AP)
A resident swims in a pool carved from ice on the frozen Songhua river in Harbin in northeastern China's Heilongjiang province, Tuesday, Jan. 7, 2025. (AP)

Even as the mercury dropped below freezing, enthusiasm soared among about a dozen hardy swimmers during an annual ritual in northeast China’s ice city of Harbin.

The swimmers had trained daily throughout the year for this moment.

They first had to carve out a pool in the Songhua River, thawing the 10-centimeter (4-inch) thick ice that froze overnight. Then they stripped down and, one by one, plunged into the bone-chilling waters of the pool about 10 meters (33 feet) long.

Some said their limbs were already numb when the air temperature fell to minus 13 degrees Celsius (8 degrees Fahrenheit).

Chen Xia, from the eastern coastal province of Zhejiang, dived into the river even though she was suffering from a cold. She said the waters in her home city were warmer than those in Harbin, where the temperature was about 0 C (32 F).

The experience strengthened her confidence in winter swimming, a sport she has been devoted to for about two decades.

“I felt prickling all over my body,” said Chen, 56. “But it still made me feel blissful."

Harbin resident Yu Xiaofeng said winter swimming in her city can be dated back to the 1970s, after locals saw Russian Orthodox faithful being baptized in the river. In 1983, the city's winter swimming association was established.

Yu, 61, said she found a sense of a big family and joy during her 30 years of swimming.

“Since the pandemic, we came up with a slogan: Rather suffer through winter swimming than line up at the hospital,” she said, adding that winter swimmers appeared to have better health than others.

You Decang, 76, said swimming kept him healthy and he had never caught a cold.

"If I go just one day without winter swimming, I feel quite uncomfortable,” he said.