Middle East Weekly Round Up
The main ESG related events happened in Middle East last week.
New EU Rules Crack Down on Greenwashing in Fund Names
ESMA found a fourfold increase in the use of ESG terms in European fund names over the past decade. However, this has led to some asset managers misleadingly labelling funds as “sustainable” to attract investors, which amounts to greenwashing.
Malaysia to Hold First Auction of Domestic Carbon Credits in July
The credits will come from the Kuamut Rainforest Conservation Project, a Sabah-based initiative protecting and restoring over 83,000 hectares of tropical rainforest.
Trade War: US To Introduce New Tariffs On Chinese EVs
The official announcement is scheduled for Tuesday. The specifics remain undisclosed and the White House declined to comment.
Tokenized Carbon Credits To Power $100 Billion Market By 2030
Major financial institutions are leveraging Fils’ platform to process payments that automatically offset carbon emissions associated with their business activities.
Renewables Power 30% of Global Electricity, Says Ember
Ember’s findings show a significant increase in renewable energy generation in 2023, up from 29.4% the previous year. This growth is attributed primarily to a rise in solar power projects, which significantly boosted overall renewable capacity.
Tesla Seeks Investment Boost; Musk Courts Buffett
On social media, Musk responded to a suggestion that Berkshire Hathaway, Buffett’s investment firm, should shift its holdings from Apple to Tesla. Musk called it an “obvious” move for the value-oriented investor.
Barakah Nuclear Plant Refinancing Gets ESG Loan Deal of the Year
The refinancing was transformed into a green loan, marking it as the first in the Middle East and North Africa (MENA) region and Asia to gain independent recognition as a green loan facility.
Clean Energy Accounts for 71% of New Capacity in India
Renewable energy (RE) sources like solar and wind contributed a staggering 71% of the 26 GW of new power generation capacity added during the year.
Hyundai Plans Hybrid SUVs Launch by 2027 in India
The decision comes as Hyundai, along with its subsidiary Kia, sees a growing demand for hybrid technology in India.