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GLOBAL CENTRE LAUNCHED TO ACCELERATE CLIMATE FINANCE

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  • Pioneering new Global Climate Finance Centre in Abu Dhabi to accelerate global climate finance and market design, delivering COP28 legacy
  • New knowledge hub to house world-leading research, advisory and skills academy to pioneer new forms of climate finance and establish Abu Dhabi as a leading global marketplace
  • Nine global founding members confirm membership including ADGM, ADQ, BlackRock, CIFF, GFANZ, HSBC, Masdar, Ninety One, and the World Bank Group

DUBAI, UAE, Dec. 4, 2023 /PRNewswire/ — Abu Dhabi will host a pioneering Global Climate Finance Centre (GCFC), that will accelerate the development of climate finance frameworks and skills, and champion best practices in the UAE and globally. The GCFC aims to address key barriers linked to financial frameworks that hinder investment flows, to help make climate finance available, affordable, and accessible as a COP28 legacy for action.

 

 

As an independent think-tank and research hub, the GCFC aims to address the root causes currently preventing investment, bringing together cutting-edge research and leading experts to develop fit-for-purpose financial frameworks that are increasingly aligned internationally. By working with stakeholders across sectors, the GCFC will help to create the enabling environment for investment into low-carbon, sustainable and resilient projects.

The GCFC, head-quartered in Abu Dhabi Global Market (ADGM), was first announced by Dr. Sultan Al Jaber, COP28 President during the Finance Session panel on 1st December. Today, the Chairman of Abu Dhabi Global Market (ADGM) and Abu Dhabi Department of Economic Development (ADDED) H.E. Ahmed Jasim Al Zaabi, addressed the Abu Dhabi Sustainability Week (ADSW) Summit, part of the Special Edition of ADSW at COP28, where he gave more details of the GCFC’s three core functions:

  • Research, Policy and Innovation: As an independent and private-sector-focused global climate finance think-tank, the GCFC will conduct cutting-edge research and share best practices, principles and solutions to align frameworks and build financial markets, enabling greater investment to flow into low-carbon and sustainable investments.
  • Advisory and stakeholder engagement: The GCFC will convene private and public stakeholders who are directly facing impediments to develop recommendations and actions that are targeted to deploy funds and incentivize the creation of strong pipelines of bankable investment opportunities. Coalitions and partnerships of relevant actors will be at the core of the GCFC’s work.
  • Climate Finance Academy: The GCFC will first and foremost develop a strong knowledge basis on the back of the Abu Dhabi experience on green finance markets, including providing training modules and tailored courses to build expertise and capacity in the UAE. This will establish the Academy as a global thought leader, in turn, opening opportunities to engage with other jurisdictions in supporting the development of tailored financial frameworks well aligned with Abu Dhabi.

Together these initiatives will build capacity in UAE and global financial institutions; scale up green finance market activity and ecosystems; and catalyze international investment into low and zero-carbon initiatives.

The announcement of the GCFC coincides with another landmark climate finance development, the launch of ALTÉRRA, a US$30 billion catalytic climate vehicle that will drive forward international efforts to create a fairer climate finance system with an emphasis on improving access to funding for the Global South. ALTÉRRA will aim to mobilize US$250 billion globally by 2030, steering private markets towards climate investments with a focus on transforming emerging markets and developing economies where traditional investment has lacked due to the higher perceived risks across those geographies. By supporting the creation of climate financial markets, the GCFC will help enable ALTÉRRA to build a climate finance ecosystem in Abu Dhabi and unlock funds into climate investments around the world at a transformational scale.

Commenting on the creation of the GCFC, Dr. Sultan Al Jaber said: “The scale of the climate crisis demands urgent and game-changing solutions from every industry. Finance plays a critical role in turning our ambitions into action and is essential to eliminating emissions and keeping 1.5C within reach. COP28 must be an inflection point as we unite the world on how we bridge the gaps to 2030 identified in the Global Stocktake. To do this, we need an all-of-the-above approach that includes everyone because everyone is needed. That is why I greatly welcome this new Global Climate Finance Centre which will catalyze the transformation of UAE financial markets and institutions towards a greener and more sustainable future. It will put Abu Dhabi and the UAE at the forefront of driving global change in sustainable finance, providing a positive legacy for years to come.”

H.E. Ahmed Jasim Al Zaabi commented at ADSW: Abu Dhabi knows how to deliver rapid progress, which is increasingly critical as we respond to global economic and environmental challenges. Just as we have built ADGM as a pioneering International Financial Centre in just eight years, it is now time for Abu Dhabi to build a new pioneer for global climate finance. This new GCFC will unlock new capital flows into the region as the Emirate becomes a key marketplace for sustainable finance, building upon ADGM’s progressive Sustainable Finance Regulatory Framework. Our ambition is for the benefits of this world-leading facility to touch every corner of our planet.”

The GCFC is a global institution. In addition to ADGM, the other Founding Members of the GCFC are ADQ, BlackRock, Children’s Investment Fund Foundation (CIFF), Glasgow Financial Alliance for Net Zero (GFANZ), HSBC, Masdar, Ninety One, and the World Bank Group. The Founding Members will provide strategic direction to the GCFC, drawing on their deep expertise, experience, and networks. The GCFC will seek to work with peer institutions and knowledge partners to build on sustainable finance leadership, develop expertise in-house and deliver maximum impact.

H.E. Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ, said: “As we work to accelerate economic transformation and sustainable growth, it is vital that we support innovation in sustainable finance. As a founding member of the GCFC, ADQ is committed to helping deliver lasting impact that will also increase the diversification of the Abu Dhabi economy and strengthen its growing sustainable finance sector.”

Larry Fink, Chairman and CEO of BlackRock, said: “BlackRock is delighted to participate in the launch of the GCFC. The future focus of the think tank speaks directly to a number of areas of interest for many of our clients around the world, as they seek the best data, analytics and insights to navigate the risks and capture the investment opportunities of the transition to a low-carbon economy. As we do with many think tanks and organizations around the world, we look forward to contributing our insights and research to the GCFC.”

Kate Hampton, Chief Executive Officer of CIFF, said: “Scaling high-quality, low-cost climate finance for developing countries is essential to keep 1.5 degrees alive and to enable long-term, green, and resilient growth. CIFF is pleased to be partnering with the Global Climate Finance Centre, which can bring transparency and ambition to investors’ transition finance targets and delivery and align that capital with NDCs.”

Mark Carney, UN Special Envoy for Climate Action and Finance and Co-Chair, Glasgow Financial Alliance for Net Zero (GFANZ), said, “Innovation is needed to accelerate the flow of climate finance and build a bridge to a more prosperous future. GFANZ is looking forward to supporting the Global Climate Finance Centre, to close the gaps in data, action, and investment we must address to achieve the goals of the Paris Agreement. We applaud the UAE’s leadership in tackling the most pressing and difficult challenges and look forward to working together on our shared mission to scale transition finance and mobilize capital to the global south.” 

Noel Quinn, Group Chief Executive at HSBC, said: “For the world to achieve its climate goals, it is absolutely critical that thinking continues to evolve, markets continue to develop, and countries continue to collaborate. HSBC is pleased to be a founding member of the Global Climate Finance Centre, which underlines the COP28 Presidency’s commitment to making this a COP of action while putting in place the tools needed to help deliver a net zero future.”

Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar, said: “We welcome this important initiative, and Abu Dhabi is the perfect location to host the Global Climate Finance Center. Masdar looks forward to supporting this independent think-tank through our rich experience and pioneering legacy in financing and developing clean energy projects across the globe.”

Hendrik du Toit, Founder and Chief Executive Officer of Ninety One, said: “Ninety One looks forward to supporting the GCFC in partnership with the UAE. Climate finance is a vital part of the battle against climate change. This launch represents decisive, ambitious action.”

Ajay Banga, President of the World Bank Group, said: “We need the resources and ingenuity of the private sector, we need all shoulders to the wheel. This partnership embodies that cooperation, helping scale up solutions for low-carbon, climate-smart investments.”

The GCFC will be led by Mercedes Vela Monserrate as its Chief Executive Officer. Being the sustainability lead for ADGM and a key advisor to COP28, Monserrate brings a wealth of experience and expertise to lead the centre in its mission to drive global change in sustainable finance.

Mercedes Vela Monserrate said, “I am honoured to lead the Global Climate Finance Centre and contribute to the transformation of financial markets towards a greener and more sustainable future. Together with our global partners, we aim to create a positive legacy by making climate finance more accessible and facilitating the transition to a low-carbon economy.”

The GCFC website also launched today: www.gcfc.com.

The UAE has the capital, the capability and the ambition to serve as a global climate finance hub. In July 2023 ADGM implemented its Sustainable Finance Regulatory Framework, comprising the region’s most comprehensive ESG disclosure requirements and a regulatory framework for finds, discretionary managed portfolio, bonds and sukuks designed to accelerate the transition of the UAE to net zero greenhouse gas emissions.

The GCFC also builds upon ADGM initiatives such as the Abu Dhabi Sustainable Finance Declaration which has nearly 120 signatories, and the School of Sustainable Finance at the ADGM Academy. The GCFC will champion the accelerated growth of green finance in the region, with a focus on capital markets, and will build on the momentum created by COP28 in establishing ADGM as a strategic leader of sustainable finance.

ADSW is a global platform and event delivered by Masdar, which brings together heads of state, policymakers, industry leaders, investors, entrepreneurs, and youth, who all have a stake in the future of our planet, to discuss and engage on bold climate action and innovations that will ensure the next generation a sustainable world.

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Sinotruk leaping forward to become world-class technology enterprise

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JINAN, China, March 2, 2024 /PRNewswire/ — On March 2, SinoTruk’s Science and Technology Innovation Award Annual Conference 2024 was grandly held, to recognize and rewarding major scientific and technological achievements and outstanding innovative talents since 2022, planning and deploying scientific and technological innovation work ahead. Tan Xuguang, Chairman and General Manager of Shandong Heavy Industry Group, Chairman of China National Heavy Duty Truck Group, attended the conference and delivered a report on scientific and technological innovative work – “Steadily stride forward, embracing change in science and technology”.

 

Over the past five years, Sinotruk has invested nearly RMB 15 billion in R&D, which is the sum of the previous 15 years. It has benchmarked against world-class standards and gradually established a full-process independent research and development system. Sinotruk technological strength has reached the forefront of the national industry. Sinotruk has reshaped the “Yellow River” heavy-duty trucks standard with technology, ranking first in China, and its high-tech indicators are leading the industry. The market share of heavy-duty trucks has increased from 16.5% in 2018 to 26% in 2023, ranking first in China for two consecutive years. In 2023, the export volume exceeded 130,000 vehicles for the very first time, a 2.6-fold increase compared to 5 years ago, making it the largest single-brand global export volume in the world.

Tan Xuguang called on all engineers to keep in mind their mission, be down-to-earth, persistent in innovation, and make long-term achievements through dedicated ten years of hard work. Learn from the global cooperation, grow and become talents through project training, and achieve through continuous value creation. Achieve your meaning in life, strive with vitality and passion while you are young. Let’s set off again for a better future for the century heavy truck industry and the world’s best heavy truck industry!

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Flash News: OKX Introduces Exclusive ‘Babylon Pioneer Pass Event’ in Collaboration with Babylon, Offering Free Pioneer Pass NFT Minting for the First 100,000 Users Who Stake on Babylon Testnet

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SINGAPORE, March 2, 2024 /PRNewswire/ — OKX, a leading Web3 technology company, has issued updates for March 2, 2024.

OKX Introduces Exclusive ‘Babylon Pioneer Pass Event’ in Collaboration with Babylon, Offering Free Pioneer Pass NFT Minting for the First 100,000 Users Who Stake on Babylon Testnet

OKX today announced the launch of its ‘Babylon Pioneer Pass Event,’ giving users who access the Babylon Testnet and stake any amount of Signet Bitcoin (sBTC) the opportunity to claim Babylon’s Bitcoin Pioneer Pass NFT. To qualify for a spot, users must access the Babylon Testnet and stake any amount of Signet Bitcoin (sBTC).

The event kicks off on February 28 and continues until March 6. Following the event, starting from March 7, participants who have been whitelisted will have the ability to mint their Bitcoin Pioneer Pass NFT using the OKX Wallet and their whitelisted address.

The process of participating in this event is straightforward and involves the following steps:

  1. Firstly, users will need to prepare by setting up their OKX and Keplr Wallets. These wallets will be crucial for interacting with the Babylon Testnet and the subsequent claiming of sBTC and BBN.
  2. Following the wallet setup, users can then claim the sBTC and BBN on Babylon’s Official Discord. These tokens will be needed for staking in the Babylon Testnet.
  3. Finally, users will need to access Babylon’s official website, where users can actively engage, stake their tokens and claim their whitelist spots.

Participation in the event offers a multitude of benefits. Users can engage actively with the Babylon Testnet, which in turn enhances their understanding of the Babylon protocol and its functionalities. Furthermore, participants contribute to the development and evolution of the Babylon protocol by being active users.

The ‘Babylon Pioneer Pass Event‘ is a result of OKX’s partnership with Babylon, a trustless Bitcoin staking protocol. The Bitcoin Pioneer Pass, Babylon’s first commemorative Non-Fungible Token (NFT), is a highlight of this event, representing a significant milestone for both OKX and Babylon.

For more information, please visit the OKX Support Center.

About OKX

A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including:

  • OKX Wallet: The world’s most powerful, secure and versatile crypto wallet which gives users access to over 80 blockchains while allowing them to take custody of their own funds. The wallet includes MPC technology which allows users to easily recover access to their wallet independently, removing the need for traditional, ‘written down’ seed phrases. In addition, OKX Wallet’s account abstraction-powered Smart Account enables users to pay for transactions on multiple blockchains using USDC or USDT, and interact with multiple contracts via a single transaction.
  • DEX: A multi-chain, cross-chain decentralized exchange aggregator of 300+ other DEXs and approximately 15 bridges, with 200,000+ coins and more than 20 blockchains supported.
  • NFT Marketplace: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces including OpenSea, MagicEden, LooksRare and Blur.
  • Web3 DeFi: A powerful DeFi platform that supports earning and staking on about 70 protocols across more than 10 chains.

OKX partners with a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.

As a leader building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology.

To learn more about OKX, download our app or visit: okx.com

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UnionPay International and The Tourism Organisation of Serbia Sign MOU to Enhance Tourist Payments and Promote Serbia as a Premier Destination

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BELGRADE, Serbia, March 1, 2024 /PRNewswire/ — UnionPay International, the leading global card scheme, has entering into a Memorandum of Understanding (MOU) with The Tourism Organisation of Serbia (TOS). This strategic partnership aims to enhancing the payment experience for tourists and to further facilitate tourism growth in Serbia.

The MOU signing ceremony took place at Belgrade on 27th February 2024, marking the beginning of a collaborative effort between UnionPay International and TOS. The agreement outlines various areas of cooperation:

Jointly promoting Serbia as Travel Destination: Through optimised marketing resources, both parties aim to promote Serbia as tourist destination among UnionPay cardholders, with its rich cultural heritage and unique experiences, provide comprehensive tourism information and payment guides for the tourists visiting Serbia. UnionPay International aims to provide more diversified and convenient payment choices, and ensuring seamless payment experiences for travellers visiting the country.

Privileges and Benefits: The partnership will explore opportunities for preferential activities that bring additional benefits to UnionPay cardholders visiting Serbia. This approach aims to boost the attractiveness of the local tourism market and create a win-win situation for both parties.

Ms Bomee Sheng, Product Director of UnionPay International, expressed her enthusiasm about the collaboration, stating, “We are delighted to partner with The Tourism Organisation of Serbia to promote tourism and facilitate payment experiences in Serbia. Through this partnership, we aim to provide UnionPay cardholders with enhanced convenience and benefits, ultimately contributing to the growth of Serbia’s tourism industry.”

Ms Marija Labović, CEO of National Tourism Organisation of Serbia, commented, “This partnership with UnionPay International comes at an important time as we strive to become the most popular all year destination in the region.” She outlines Belgrade’s popularity and the diversity of attractions from city breaks to natural retreats and she is looking forward to the Expo 2027 in the capital, “By leveraging UnionPay’s global network and advanced payment solutions, we are confident that we can attract more visitors to Serbia and provide them with memorable experiences.”

In recent years, Serbia has emerged as one of the most attractive destinations for Chinese visitors. It is hailed as the “heart of the Balkans” and offers a unique blend of captivating landscapes and rich cultural heritage. Its visa-free entry policy, coupled with the exceptional acceptance coverage of UnionPay cards, has played a significant role in attracting Chinese tourists. With over 90% of local merchants and ATMs supporting UnionPay payments and withdrawals, travellers can enjoy seamless payment experiences across various sectors, including retail, dining, hotels, gas stations, toll stations, and tourist attractions.

About The Tourism Organisation of Serbia (TOS)

The Tourism Organisation of Serbia (TOS) was formed under the Law on Tourism of 1994 as the institution in charge of promoting Serbian tourism in domestic and foreign markets, as well as performing other duties relevant for the development of communication and advertising activities in Serbian tourism. The activities of TOS are focused on positioning Serbia’s tourism products in domestic and foreign markets and exploring Serbia’s comparative advantages in terms of tourism, including its geostrategic position and its historical, cultural and natural identity.

About UnionPay International

UnionPay International focuses on the international business of UnionPay, a global payment network that serves the world’s largest cardholder base. Collaborating with over 2,600 partners globally, UnionPay acceptance now reached to 183 countries and regions. Outside the Chinese Mainland, UnionPay is accepted at nearly 67 million merchants and 1.7 million ATMs.

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