Fintech PR
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.”
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.
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.
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:
- 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
Fintech PR
Acceleration of global marketing collaboration between Milk Partners, AirAsia rewards, and The Sandbox
– Milk Partners, AirAsia rewards and The Sandbox are collaborating to provide a new experience allowing users to earn real-world value through the metaverse gaming platform
– Launching metaverse game project ‘MiL.k X BIGGIE Wonderverse’ offering SAND Tokens, Milk Coins and AirAsia points
– “MiL.k is committed to continuously expanding its blockchain ecosystem through strategic partnerships with global partners.”
SEOUL, South Korea, Oct. 23, 2024 /PRNewswire/ — Milk Partners has announced a collaboration with The Sandbox, the global metaverse platform, and AirAsia rewards, the loyalty program of Asia’s leading online travel agency (OTA), AirAsia MOVE. This partnership is set to offer global users an immersive Web3 experience where they can earn rewards with real-world value through engaging in a metaverse-based game.
The newly launched ‘MiL.k X BIGGIE Wonderverse’ metaverse game allows users to earn Sand Tokens, Milk Coins, and AirAsia points. The game is inspired by BIGGIE, the mascot of AirAsia rewards, and modeled after the BIGGIE Wonderland mini-game in the AirAsia MOVE app. Users need to first complete tasks by collecting Milk Coins (symbolized game assets) in the Sandbox metaverse, which can be exchanged for other game assets such as virtual AirAsia points, virtual passports, and virtual boarding passes. Once all tasks are completed, users will then be rewarded with Milk Coins, Sand Tokens, and AirAsia points.
This collaboration has been based on MiL.k’s reliability and strong global network, which has steadily expanded partnerships with major global companies and has become an innovative model for the industry.
This collaboration is part of MiL.k’s broader strategy to expand its blockchain-based loyalty ecosystem, which already includes partnerships with SK OK Cashbag, Lotte L.Point, CU, Megabox, Yanolja, and others. AirAsia rewards operates a comprehensive loyalty platform for the AirAsia group, enhancing its travel and lifestyle businesses, including airlines, online travel agent (OTA), logistics, aviation services, e-commerce, financial services, and more. The Sandbox, a global metaverse platform with over 6 million users, offers a unique space for creating games and generating revenue. Together, AirAsia rewards and The Sandbox will further expand MiL.k’s ecosystem through global partnerships.
The CEO of Milk Partners, Jungmin Cho said “Following our successful collaboration event with CU, we are happy to announce the next event with AirAsia rewards. Through this partnership, for partners, we are providing a new marketing channel on metaverse and for users, we are expecting to share the fun experience and real benefits.” He added, “We will continue to explore various opportunities with global partners across diverse industries.”
In June, MiL.k introduced a metaverse experience ‘Play CUX MiL.k’ with CU and The Sandbox, offering users an engaging new way to explore blockchain and the metaverse. MiL.k is committed to continuously expanding its global partnerships to provide more exciting experiences for global users.
Photo – https://mma.prnewswire.com/media/2536675/image.jpg
View original content:https://www.prnewswire.co.uk/news-releases/acceleration-of-global-marketing-collaboration-between-milk-partners-airasia-rewards-and-the-sandbox-302282640.html
Fintech PR
H&M Foundation: Global Change Award 2025 launched – with a mission to accelerate innovation for a net-zero textile industry by 2050
STOCKHOLM, Oct. 23, 2024 /PRNewswire/ — The H&M Foundation today announces a significant shift in its overall strategic direction, focus on supporting the textile industry in halving its greenhouse gas emissions every decade by 2050, while promoting a just and fair transition for both people and the planet. The innovation challenge Global Change Award 2025 (GCA) is the first initiative to reflect this shift.
GCA is now seeking innovative ideas addressing different high emission areas across the textile industry value chain, including sustainable materials and processes, responsible production, mindful consumption, and ‘wildcards’ that support the GCA purpose. Today, only a fraction of philanthropic capital is directed to climate.
“The textile industry needs all hands-on deck if we are going to meet our climate goals by 2050, and we must ensure this transition is fair for everyone. I really believe that innovation is key to decarbonising the industry, and that the Global Change Award can play a role in identifying and growing future changemakers whose ideas can have a transformative impact if given the right support,” says Karl-Johan Persson, Board Member of the H&M Foundation.
Since GCA launched in 2015, 46 innovations have received support and a combined grant of 8 million euros. While it continues to award 10 winners every year, with each receiving 200,000 EUR, there are other key updates to the GCA:
- New focus area – decarbonising the textile industry.
- Holistic approach – equipping changemakers with a holistic people and planet mindset.
- Wider range of changemakers – switching to a nomination-based process, instead of an open application system.
- Systems change approach – equipping changemakers to consider the entire textile value chain and its interconnectedness while also considering the impact on people.
“While the industry is hungry for innovation, the holistic perspective to decarbonisation is often lacking, and the critical early stages of an innovator’s journey overlooked – this is where philanthropy can make a real difference”, says Annie Lindmark, Programme Director for Innovation at the H&M Foundation.
In addition to financial support, winners will gain access to a powerful network of mentors, collaborators, and industry leaders to help bring their solutions to life. Together with partners Accenture and KTH Royal Institute of Technology, H&M Foundation will invite the winners to participate in a yearlong, tailormade Changemaker Programme. The Global Change Award 2025 winners will be announced in April 2025.
CONTACT: Jasmina Sofić, Media Relations Responsible, +4673 465 59 59
Photo: https://mma.prnewswire.com/media/2537220/HM_Foundation_Global_Change_Award_25.jpg
Logo: https://mma.prnewswire.com/media/2537258/H_M_Foundation_logo_PNG_black.jpg
View original content:https://www.prnewswire.co.uk/news-releases/hm-foundation-global-change-award-2025-launched—with-a-mission-to-accelerate-innovation-for-a-net-zero-textile-industry-by-2050-302283317.html
Exclusive tech event will convene business leaders, investors and thought leaders in 2025
LAGUNA BEACH, Calif., Oct. 22, 2024 /PRNewswire/ — Dow Jones announced today the expansion of WSJ Tech Live through a multi-year agreement that will bring the marquee event to the State of Qatar starting next year. Appearing on stage at this year’s event in Laguna Beach, Calif., Sheikh Jassim bin Mansour bin Jabor Al Thani, Director of the Government Communications Office of the State of Qatar, and Almar Latour, publisher of The Wall Street Journal and CEO of Dow Jones, jointly announced that WSJ Tech Live Qatar will debut in late 2025 and take place annually for five years.
This marks the first time WSJ’s most exclusive tech event will be held in the Middle East. The invitation-only conference will bring together an audience of over 200 C-suite executives, investors, innovative startups and influential venture capitalists from across the world. Dow Jones will continue to operate WSJ Tech Live annually in California while adding WSJ Tech Live Qatar to the calendar starting in December 2025.
Sheikh Jassim highlighted that the conference aligns with Qatar’s vision to become a global hub for advanced technology and innovation, as outlined in the Third National Development Strategy and Qatar National Vision 2030.
“Hosting WSJ Tech Live marks another significant step in the growth of Qatar’s technology ecosystem,” said Sheikh Jassim. “When the world’s top tech leaders gather in Qatar, it will create an unparalleled opportunity to benefit from their diverse expertise, insights and global networks. This will inspire local talent, attract international investment, and create avenues for strategic global partnerships that propel our development journey forward.”
“Dow Jones and The Wall Street Journal deliver reliable journalism, data, and analytics to business professionals worldwide, and to do so we must reflect the entire global business community,” said Latour. “With the MENA region’s growth and increased role in tech–especially at the intersection of AI and the energy sector–we are delighted to be partnering with Qatar.”
Currently in its 11th year, WSJ Tech Live convenes the biggest newsmakers in technology across entertainment, music, robotics and AI, science and more. This year’s marquee event is the company’s most successful Tech Live since its inception, with record-breaking sponsorship revenue. The event showcased groundbreaking insights on a wide range of topics including the global impact of generative AI, the future of brain-computer interfaces, the outlook for startup investments, fostering the next generation of technology talent and how the upcoming U.S. election could impact the tech industry.
WSJ Tech Live joins a series of global events hosted in Qatar, including the FIFA World Cup™, Web Summit Qatar, Formula 1 Qatar Grand Prix, and Doha Forum. The event also builds on Dow Jones’s existing presence in MENA, which serves as an important hub for reporting from The Wall Street Journal, and home to key sales and services functions.
About Dow Jones
Dow Jones is a global provider of news and business information, delivering content to consumers and organizations around the world across multiple formats, including print, digital, mobile and live events. Dow Jones has produced unrivaled quality content for more than 130 years and today has one of the world’s largest news-gathering operations globally. It is home to leading publications and products including the flagship Wall Street Journal, America’s largest newspaper by paid circulation; Barron’s, MarketWatch, Mansion Global, Financial News, Investor’s Business Daily, Factiva, Dow Jones Risk & Compliance, Dow Jones Newswires, OPIS and Chemical Market Analytics. Dow Jones is a division of News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV).
About the Government Communications Office of the State of Qatar
The Government Communications Office was established in 2015 to serve as the strategic communications arm of the State of Qatar. It coordinates communications activities across government and public-sector institutions, showcasing the country’s vision, initiatives and achievements in line with the Qatar National Vision 2030.
View original content:https://www.prnewswire.co.uk/news-releases/dow-jones-to-expand-wsj-tech-live-event-to-qatar-302283664.html
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