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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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World War II Sergeant Whose Plane Was Shot Down over Germany Honored with Reburial in California

This 1944 photo provided by Honoring Our Fallen shows WWII veteran US Army Air Force Tech. Sgt. Donald V. Banta from Los Angeles. Banta, 21, was killed in action in early 1944 when his plane was hit by anti-aircraft fire over Gotha, Germany. On Thursday, July 25, 2024 community members lined the roads to honor Banta as he was brought from Ontario International Airport in southern California to a burial home. (Honoring Our Fallen via AP)
This 1944 photo provided by Honoring Our Fallen shows WWII veteran US Army Air Force Tech. Sgt. Donald V. Banta from Los Angeles. Banta, 21, was killed in action in early 1944 when his plane was hit by anti-aircraft fire over Gotha, Germany. On Thursday, July 25, 2024 community members lined the roads to honor Banta as he was brought from Ontario International Airport in southern California to a burial home. (Honoring Our Fallen via AP)
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World War II Sergeant Whose Plane Was Shot Down over Germany Honored with Reburial in California

This 1944 photo provided by Honoring Our Fallen shows WWII veteran US Army Air Force Tech. Sgt. Donald V. Banta from Los Angeles. Banta, 21, was killed in action in early 1944 when his plane was hit by anti-aircraft fire over Gotha, Germany. On Thursday, July 25, 2024 community members lined the roads to honor Banta as he was brought from Ontario International Airport in southern California to a burial home. (Honoring Our Fallen via AP)
This 1944 photo provided by Honoring Our Fallen shows WWII veteran US Army Air Force Tech. Sgt. Donald V. Banta from Los Angeles. Banta, 21, was killed in action in early 1944 when his plane was hit by anti-aircraft fire over Gotha, Germany. On Thursday, July 25, 2024 community members lined the roads to honor Banta as he was brought from Ontario International Airport in southern California to a burial home. (Honoring Our Fallen via AP)

After 80 years, a World War II sergeant killed in Germany has returned home to California.

On Thursday, community members lined the roads to honor US Army Air Force Tech. Sgt. Donald V. Banta as he was brought from Ontario International Airport to a burial home in Riverside, California, The AP reported.

Banta, 21, was killed in action in early 1944 when his plane was hit by anti-aircraft fire over Gotha, Germany, according to Honoring Our Fallen, an organization that provides support to families of fallen military and first responders.

One of the surviving crewmembers saw the plane was on fire, then fell in a steep dive before exploding on the ground. After the crash, German troops buried the remains of one soldier at a local cemetery, while the other six crewmembers, including Banta, were unaccounted for.

Banta was married and had four sisters and a brother. He joined the military because of his older brother Floyd Jack Banta, who searched for Donald Banta his whole life but passed away before he was found.

Donald Banta's niece was present at the planeside honors ceremony at the Ontario airport coordinated by Honoring Our Fallen.

The remains from the plane crash were initially recovered in 1952, but they could not be identified at the time and were buried in Belgium. Banta was accounted for Sept. 26, 2023, following efforts by the Defense POW/MIA Accounting Agency within the US Department of Defense and the Armed Forces Medical Examiner System.