ABU DHABI, UAE, April 30, 2024 /PRNewswire/ — COP28 President Dr. Sultan Al Jaber today addressed the ‘First Meeting of the Board of the Fund for responding to loss and damage’ and urged Parties to “build on progress” and deliver “lasting, positive, socio-economic impact” to help the most vulnerable to climate change.

During his address, Dr. Al Jaber said that while delivering an agreement to operationalize the Fund at COP28 was a “huge breakthrough for climate progress” more needs to be done.

The COP28 President said: “Let’s make sure we build on that progress with a fully functioning fund. A Fund that is endorsed at COP29 in Baku, a Fund that is disbursing funds soon after and a Fund that delivers lasting, positive, socio-economic impact for decades to come.”

Loss and damage was first put on the COP agenda in 1991 and that “while it took over three decades to establish this Fund, climate change has not stood still. Every region of the world is now vulnerable…the impacts of climate change are a clear and present danger to lives and livelihoods everywhere.”

H.E Abdulla Balalaa, the Assistant Minister of Foreign Affairs for Energy and Sustainability and the UAE representative on the Board, said: “Parties made history on the first day of COP28 by operationalizing the funding arrangements and Fund for loss and damage after 30 years. This outcome reflected global solidarity among all Parties to support developing countries that are particularly vulnerable. The Board plays an important role in delivering on this mandate in an ambitious manner. We must leave this first meeting with strong foundations and an outcome we can all be proud of.”

The agreement to operationalize and capitalize the Fund, which will assist developing countries who are particularly vulnerable to the adverse effects of climate change, was passed on the first day of COP28 – the first time such a substantive decision had been made on the first day of a COP.

A total of US$792 million has been pledged for loss and damage funding arrangements – of which US$662 million has been pledged to the Fund to date – including US$100 million from the UAE.   

“That was a good start. It is not enough,” Dr. Al Jaber said. “I call on all Parties who can to come forward with concrete commitments. Let’s make this Fund robust, Let’s make this Fund efficient.”

The Fund “should help real people in vulnerable communities to recover from climate impacts,” he stated. “It should build back those communities better, stronger and with more resilience. And it should improve lives and livelihoods for the long term.”

“Along with the UAE Consensus, the decision on loss and damage was a huge breakthrough for climate progress,” Dr. Al Jaber declared and “set a new pace in climate action” with support for loss and damage having been on the COP agenda since 1991.

Last year’s decision to implement the Fund followed a series of transitional committee meetings in the run up to COP28, including Transitional Committee Five, which was hosted in Abu Dhabi after preceding meetings had reached an impasse.

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Global Investor Wraps Up Norwegian Add-on Acquisition for Cleanroom Contamination Control Expert Dastex

CLEVELAND, April 30, 2024 /PRNewswire/ — The Riverside Company, a global private investor focused on the smaller end of the middle market, has closed the acquisition of Arbeidsmiljø og Energiteknikk AS (AET), a Norwegian distributor of third-party consumables and laboratory / cleaning equipment, from RA Service AS and management. The investment is an add-on to Riverside’s portfolio company Dastex Reinraumzubehör GmbH & Co. KG (Dastex), a specialized cleanroom garment and consumables distributor in Europe.

Founded more than 30 years ago, AET is a leading independent player in Norway, differentiated by its strong technical know-how and industry expertise. Next to the distribution of third party-brands, the company also provides tailored disinfection services and training courses focused on the operations and maintenance of cleanrooms and other clean environments. AET, based in Kongsberg, Norway, has a strong presence in various industries including pharmaceutical, semiconductor, and healthcare sectors.

Damien Gaudin, Partner at Riverside Europe who led the deal, commented: “The addition of AET is another milestone in our pan-European buy-and-build strategy for Dastex. There is a strong strategic fit with Dastex as AET’s consumables distribution offering aligns perfectly with the core focus of the group, while the disinfection services form a complementary addition to the existing verification and validation services business. The acquisition of AET expands the group’s geographical footprint by establishing a direct presence in Norway, strengthening Dastex’ competitive position in the Nordics.”

Following the transaction, the focus will be on increasing commercial and marketing efforts across Norway and further enhancing the group’s presence in the Nordics, stimulating commercial synergies and capitalizing on cross-selling opportunities. The current CEO of AET, Barbro Reiersøl, will continue to lead the Norwegian operations, ensuring a smooth transition and sustained leadership under the Dastex group umbrella.

Reiersøl commented: “It is with great enthusiasm that we join forces with Dastex, whose reputation for excellence and deep industry expertise is highly regarded. This strategic alliance represents a significant leap forward for AET, as it allows us to further enrich our offerings and expand our reach within the cleanroom and broader healthcare space. The entire AET team is committed to excellence, ensuring that we continue to deliver the high-quality products, excellent service and rapid delivery that our customers have come to expect. We extend our heartfelt gratitude to our dedicated team, loyal customers and trusted suppliers. Together, we are poised for a thrilling new chapter in our journey.”

Linda Vereycken, CEO of Dastex, commented: “Together, with the management team, I am very excited to welcome AET to the group. Their exceptional technical expertise and proven track record of sustaining enduring partnerships with customers and suppliers aligns seamlessly with the core strengths of Dastex and Vita Verita. We are confident that the addition of AET will mark a pivotal moment in our journey, enhancing our geographical reach and service offerings, and serve as another steppingstone in achieving our ambitious objectives. This strategic expansion is a testament to our vision ‘to be the leading experts in cleanroom contamination control,’ and our unwavering commitment to quality in this domain.”

Rune Arnhoff, owner of RA Service AS, commented: “I am convinced that Dastex is the ideal partner to continue the legacy of AET. The priority of AET has always been the satisfaction of AET’s customers, employees and suppliers, and the alignment of values and operational excellence demonstrated by Dastex assures that these relationships will be in capable hands.”

Riverside acquired Dastex and its first add-on Vita Verita mid-2023 to establish a leading platform in cleanroom contamination control, well-positioned to grow organically and via acquisitions. Dastex serves the resilient and growing cleanroom industry, helping customers in pharmaceuticals, life sciences, semiconductor and other high-tech industries to meet ever stricter quality and regulatory standards.

Working with Gaudin on the deal for Riverside were Vice President Maxime Meulemeester and Senior Associate Sebastiaan Pauwels.

About The Riverside Company
The Riverside Company is a global investment firm focused on being one of the leading private capital and credit options for investors, business owners and employees at the smaller end of the middle market by seeking to fuel transformative growth and create lasting value. Since its founding in 1988, Riverside has made more than 1,000 investments. The firm’s international private equity and flexible capital portfolios include more than 140 companies. Riverside Europe is an integral part of the firm’s broad global network and has invested in Europe since 1989. Riverside believes a truly global presence provides exceptional insight into local conditions, culture and business practices, making team members better investors and business partners. 

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HONG KONG, April 30, 2024 /PRNewswire/ — Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to welcome the listing of Asia’s first Spot Virtual Asset (VA) ETFs on 30 April (Hong Kong time), adding to the diversity of products in Hong Kong’s markets and further supporting the city’s position as the region’s leading ETF marketplace by offering investors even more choice.

HKEX Head of Equities Product Development, Brian Roberts, said: “The introduction of Spot VA ETFs in Hong Kong is the latest exciting addition to HKEX’s diverse and vibrant ETP ecosystem, providing investors with access to a new asset class. Following the success of VA Futures ETFs, the listing of Asia’s first spot VA ETFs will further enhance the product diversity and liquidity of the Hong Kong ETP market. We look forward to continue working closely with our stakeholders with a view to launching more products to our international marketplace.”

Investor interest in virtual asset ETFs has grown since VA Futures ETFs were first launched in late 2022. In the first quarter of 2024, the combined average daily turnover (ADT) for the three VA Futures ETFs listed in Hong Kong reached HK$51.3 million, up from HK$8.9 million a year earlier. Additionally, these three VA futures ETFs attracted HK$529 million in net inflows during the first quarter.

Exchange Traded Products (ETPs), including ETFs and Leveraged and Inverse Products (L&I Products), remain one of the fastest-growing segments in HKEX’s markets, with the diversity of products available in Hong Kong continuing to expand over the last year. These include welcoming Asia Pacific’s first Saudi Arabian ETF, Hong Kong’s first ever listings of Covered Call ETFs, part of the 16 new ETFs introduced in 2023 and in the first quarter of 2024, bringing the total to 179.

About HKEX

Hong Kong Exchanges and Clearing Limited (HKEX) is a publicly-traded company (HKEX Stock Code: 388) and one of the world’s leading global exchange groups, offering a range of equity, derivative, commodity, fixed income and other financial markets, products and services, including the London Metal Exchange.

As a superconnector and gateway between East and West, HKEX facilitates the two-way flow of capital, ideas and dialogue between China and the rest of the world, through its pioneering Connect schemes, increasingly diversified product ecosystem and its deep, liquid and international markets.

HKEX is a purpose-led organisation which, across its business and through the work of HKEX Foundation, seeks to connect, promote and progress its markets and the communities it supports for the prosperity of all.

www.hkexgroup.com

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