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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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Australian Hiker Found Alive after Surviving for Two Weeks on Berries and Muesli Bars

A general view of Cooma Hospital where hiker Hadi Nazari was transferred to for a health check in Cooma, New South Wales, Australia, 08 January 2025. (EPA)
A general view of Cooma Hospital where hiker Hadi Nazari was transferred to for a health check in Cooma, New South Wales, Australia, 08 January 2025. (EPA)
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Australian Hiker Found Alive after Surviving for Two Weeks on Berries and Muesli Bars

A general view of Cooma Hospital where hiker Hadi Nazari was transferred to for a health check in Cooma, New South Wales, Australia, 08 January 2025. (EPA)
A general view of Cooma Hospital where hiker Hadi Nazari was transferred to for a health check in Cooma, New South Wales, Australia, 08 January 2025. (EPA)

An Australian student missing for two weeks near the country's tallest mountain was found on Wednesday, after surviving by foraging for berries, drinking water from a creek and finding two muesli bars left behind by other hikers, police said.

Hadi Nazari, a 23-year-old university student from Melbourne, went missing from his group of friends on December 26 in the Kosciuszko National Park.

Nazari was found on Wednesday afternoon by a group of hikers who alerted the authorities, police in the state of New South Wales said.

“This is the fourteenth day we've been looking for him and for him to come out and be in such good spirits and in such great condition, it’s incredible," NSW Police Inspector Josh Broadfoot said.

The student was in "really good spirits" with no significant injuries, he added.

More than 300 people had searched for Nazari across rugged bushland, police said. The national park is home to the 2,228 meter (7,310 foot) Mount Kosciuszko.