- Arab Energy Fund commits $1 billion to decarbonisation tech over five years.
- CEO Khalid Ali Al-Ruwaigh emphasises tech advancements for better energy efficiency.
During the ongoing COP28 in Dubai, the Arab Energy Fund (formerly APICORP) announced plans to invest $1 billion over five years in decarbonisation tech. This aligns with its 2028 strategy to drive the MENA region towards net-zero goals. CEO Khalid Ali Al-Ruwaigh highlighted the strategy, which focuses on tech advancements for better energy efficiency and sustained decarbonisation.
The institution, boasting top credit ratings, issued a $750 million green bond and allocated $610 million to 11 regional eco projects. Around 20 per cent of the $4.5 billion loan portfolio supports environmental and social initiatives. Established in 1974 by ten Arab oil-exporting states, the fund, headquartered in Saudi Arabia, manages assets surpassing $8 billion. This bold commitment signifies a significant leap in supporting sustainable energy shifts across MENA.