Connect with us
European Gaming Congress 2024

Fintech PR

COP28 Presidency Announces US$4.5 Billion UAE Finance Initiative to Unlock Africa’s Clean Energy Potential

Published

on

cop28-presidency-announces-us$4.5-billion-uae-finance-initiative-to-unlock-africa’s-clean-energy-potential
  • Announced by COP28 President-Designate, H.E. Dr. Sultan Al Jaber, during keynote address at African Climate Summit in Nairobi, the investment initiative will help unlock Africa’s clean energy potential.
  • The Initiative brings together public, private, and development capital from Abu Dhabi Fund for Development (ADFD), Etihad Credit Insurance (ECI), Masdar, AMEA Power.
  • Africa50 will act as a strategic partner to help identify initial projects and connect to local implementing entities.
  • The COP28 President-Designate calls on Africa leaders to set out clear long-term transition and investment plans, along with policy and regulatory frameworks to unlock commercial finance for clean energy projects.
  • New initiative aligns with COP28 Presidency call for global tripling of renewable energy by 2030 and push to make finance more available, accessible and affordable.
  • Initiative will sit under umbrella of Etihad 7, a development platform championed by the UAE Ministry of Foreign Affairs and launched by the UAE at Abu Dhabi Sustainability Week in 2022. Etihad 7 aims to provide 100 million people across the African continent with clean electricity by 2035.

NAIROBI, Kenya, Sept. 5, 2023 /PRNewswire/ — The COP28 President-Designate, H.E. Dr. Sultan Al Jaber, announced today a UAE finance initiative that will provide US$4.5 billion to help unlock Africa’s clean energy potential. The announcement was made during a keynote address at the inaugural African Climate Summit in Nairobi, Kenya.

The landmark initiative brings together vital public, private, and development capital from UAE institutions, notably from Abu Dhabi Fund for Development (ADFD), Etihad Credit Insurance (ECI), Masdar, and AMEA Power. Africa50, which is an investment platform established by African governments and the Africa Development Bank (AfDB), has also joined the UAE finance initiative. Africa50 was founded to help solve the continent’s critical infrastructure challenges and will help identify initial projects and connect to local implementing entities. 

The COP28 President Designate has repeatedly called for the global tripling of renewable energy by 2030 and has pushed to make finance more available, accessible and affordable.

The announcement came with a clear call to action for African leaders to improve policy and regulatory frameworks to attract the long-term investments necessary to accelerate the deployment of clean and renewable energy.

In order to reduce barriers to investment, the President-Designate highlighted multiple action points that require the coordinated efforts of African leaders and the international community.

These include restoring the financial sustainability of local utilities and modernizing basic energy infrastructures, clarifying development processes and eliminating the red-tape delaying market lead-time, in addition to eliminating restrictions to capital flows and accessing adequate and affordable risk mitigation measures. During his remarks, the COP President-Designate Dr. Sultan Al Jaber said: “This initiative builds on the UAE’s track record of commercially driven, innovative blended finance solutions that can be deployed to promote the adoption of clean energy in emerging and developing nations. This multi-stakeholder partnership approach is designed to accelerate sustainable economic progress, address the challenge of climate change and stimulate low carbon growth.”

Advertisement
Stake.com

He added: “The initiative will prioritize investments in countries across Africa with clear transition strategies, enhanced regulatory frameworks and a master plan for developing grid infrastructure that integrates supply and demand. In short, this initiative is designed to work with Africa, for Africa. It aims to clearly demonstrate the commercial case for clean investment across this continent. And it will act as a scalable model that can be replicated to help put Africa on a superhighway to low carbon growth.”

Fast-tracking the energy transition, fixing climate finance, focusing on people, lives and livelihoods, and underscoring these efforts with full inclusivity are the key pillars of the COP28 Presidency’s Action Agenda 

In sub-Saharan Africa alone, 600 million people live without access to electricity. Delivering greater access to clean energy will drive social and economic development but currently investment in African renewables represents only 2 percent of the global total, and less than a quarter of the US$60 billion a year the continent needs by 2030. 

The initiative announced today seeks to correct this imbalance by bringing key stakeholders together to accelerate development and delivery of infrastructure, generation and distribution solutions to close the gap in universal clean energy access.

The initiative will sit under the umbrella of Etihad 7, a development platform launched by the UAE at Abu Dhabi Sustainability Week in 2022, and championed by the Ministry of Foreign Affairs (MoFA). Announced in 2022, Etihad 7 aims to provide 100 million people across the African continent with clean electricity by 2035.

Advertisement
Stake.com

The Abu Dhabi Fund for Development (ADFD) and the Etihad Credit Insurance (ECI) are kickstarting this initiative through funding the initial investment intended to catalyze private sector action. ADFD is supporting with US$1 billion of financial assistance to address basic infrastructure needs, offer innovative finance solutions and increase mobilization of private investments. The ECI is providing US$ 500 million of credit insurance to de-risk and unlock private capital – further demonstrating ECI’s commitment towards global sustainable development.

Masdar, one of the world’s largest clean energy companies, active in 22 countries in Africa, is committing an additional US$2 billion of equity as part of the new initiative. Masdar will mobilize an additional US$8 billion in project finance and through its Infinity Power platform. Masdar will target the delivery of 10 gigawatts (GW) of clean energy capacity in Africa by 2030.

AMEA Power is targeting 5GW of renewable energy capacity in the continent by 2030, mobilizing US$5 billion, of which US$1 billion will come from equity commitment, and US$4 billion from project finance.

Additionally, the initiative seeks to create pathways for other multilateral development banks, governments, and philanthropies to catalyze additional private sector investment. The COP28 Presidency has called for others including international financial institutions (IFIs) and foundations to join the effort to convert words into actions.

The COP28 UAE Presidency also recognizes that the Global South needs to be in the driver’s seat to ensure a fully inclusive approach.

Advertisement
Stake.com

The COP28 UAE Presidency continues to call for the doubling of adaptation finance and to operationalize funding arrangements for Loss and Damage to ensure that those most vulnerable to the effects of climate change are protected. The COP28 Presidency is working to achieve broader reform of IFIs to unlock necessary mitigation as well as adaption financing to support the Global South.

Today’s announcement comes days before the United Nations Framework Convention on Climate Change (UNFCCC) is due to release the technical data around the first Global Stocktake of climate progress since the 2015 Paris Agreement. It is widely anticipated that the Stocktake will find that the world is off-track from meeting its objectives as outlined In 2015.

For all media enquiries and interview requests, please contact [email protected]. The latest updates from COP28 are available on Twitter (@COP28_UAE), with images and videos for usage on Flickr (COP28 UAE). For more information, please visit: www.cop28.com.

Notes to Editors:

COP28 UAE:

Advertisement
Stake.com
  • COP28 UAE will take place at Expo City Dubai from November 30-December 12, 2023. The Conference is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and non-state actors.
  • As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first ever Global Stocktake – a comprehensive evaluation of progress against climate goals.
  • The UAE will lead a process for all parties to agree upon a clear roadmap to accelerate progress through a pragmatic global energy transition and a “leave no one behind” approach to inclusive climate action.

 

View original content:https://www.prnewswire.co.uk/news-releases/cop28-presidency-announces-us4-5-billion-uae-finance-initiative-to-unlock-africas-clean-energy-potential-301917499.html

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Fintech PR

Invitation to presentation of EQT AB’s Q1 Announcement 2024

Published

on

invitation-to-presentation-of-eqt-ab’s-q1-announcement-2024

STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.

The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.

To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.

The webcast can be followed live here and a recording will be available afterwards.

Information on EQT AB’s financial reporting

Advertisement
Stake.com

The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.

The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]

Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334

This information was brought to you by Cision http://news.cision.com

Advertisement
Stake.com

https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826

The following files are available for download:

https://mb.cision.com/Main/87/3956826/2712771.pdf

Invitation to presentation of EQT AB’s Q1 Announcement 2024

https://news.cision.com/eqt/i/eqt-ab-group,c3285895

Advertisement
Stake.com

EQT AB Group

 

View original content:https://www.prnewswire.co.uk/news-releases/invitation-to-presentation-of-eqt-abs-q1-announcement-2024-302109147.html

Continue Reading

Fintech PR

Kia presents roadmap to lead global electrification era through EVs, HEVs and PBVs

Published

on

kia-presents-roadmap-to-lead-global-electrification-era-through-evs,-hevs-and-pbvs
  • Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
  • Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
  • Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
    • Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
    • PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
  • Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
  • 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
  • CEO reaffirms Kia’s commitment to ESG management

SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.

Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.

During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.

The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.

“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”

Advertisement
Stake.com

Photo – https://mma.prnewswire.com/media/2380039/Photo_1__2024_CEO_Investor_Day.jpg
PDF – https://mma.prnewswire.com/media/2380040/Press_Release__2024_Kia_CEO_Investor_Day_240405.pdf

Cision View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/kia-presents-roadmap-to-lead-global-electrification-era-through-evs-hevs-and-pbvs-302109142.html

Continue Reading

Fintech PR

BioVaxys Technology Corp. Provides Bi-Weekly MCTO Status Update

Published

on

biovaxys-technology-corp.-provides-bi-weekly-mcto-status-update

VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.

As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.

The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.

Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.

About BioVaxys Technology Corp.

Advertisement
Stake.com

BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.

ON BEHALF OF THE BOARD

Signed “James Passin
James Passin, Chief Executive Officer
Phone: +1 646 452 7054

Logo – https://mma.prnewswire.com/media/1430981/BIOVAXYS_Logo.jpg

Cision View original content:https://www.prnewswire.co.uk/news-releases/biovaxys-technology-corp-provides-bi-weekly-mcto-status-update-302108920.html

Advertisement
Stake.com
Continue Reading

Trending