Connect with us

Technology

IAI REPORTS PROGRESS IN GREENHOUSE GAS REDUCTION INITIATIVE

Published

on

LONDON, Nov. 7, 2024 /PRNewswire/ — The International Aluminium Institute (IAI) has announced progress in its Aluminium Industry Greenhouse Gas Initiative, reporting member company ambitions, technology investments, and reporting plans.

Launched at COP28 in December 2023, this initiative tracks and publicly reports the greenhouse gas reduction ambitions and progress of IAI member companies, encouraging further steps in the sector’s efforts to address climate change.

Key Highlights:

80% of IAI members have set long-term targets, many at net zero by mid-century.Majority of companies targeting 50% reduction in Scope 1 and 2 emissions by 2030Industry investing in innovative technologies, including low-carbon power and recycling  

Pernelle Nunez, Deputy Secretary General and Sustainability Director of the IAI, said: “Our industry recognises its responsibility in the global fight against climate change. The progress we’ve made demonstrates our commitment to transparency and accountability as we work towards a sustainable future.”

The Initiative has revealed encouraging trends in emissions reduction targets. Interim targets range from 10% to 50% reduction in emissions or emissions intensity, reflecting variance in company starting points”. Half of the companies explicitly apply net zero targets to Scope 1 and 2 emissions, with a small number including Scope 3. Some member companies have set emissions intensity targets alongside or instead of absolute targets, and there is variation in how targets are structured across different companies.

Compared to interim targets, long-term goals show more consistency, with the majority aiming for net zero or neutrality by 2050, though only a few explicitly mention Scope 3 emissions. Some companies have aligned their targets with national commitments or set specific emissions intensity reduction goals instead of absolute net-zero targets.

“While we’re encouraged by the commitments made so far, we recognise that more work lies ahead,” Nunez commented. “Setting and publicly disclosing climate goals and targets help to focus efforts and encourage accountability. As the industry now shifts from ambition-setting towards action, demonstrating real progress towards those goals and targets will be critical.”

The aluminium industry is investing in new technologies and processes, including inert anode technology, carbon capture and storage, and renewable energy sources for aluminium smelting. These innovations are crucial for achieving the sector’s decarbonisation goals.

The IAI will continue to provide annual updates on member companies’ emissions reporting and targets, fostering transparency and accountability. Despite recent progress, the IAI acknowledges that the industry’s current trajectory is not aligned with the Paris Agreement’s goals and encourages actors across the value chain to work more closely towards deeper emissions reductions to keep the Paris Agreement goals in reach.

“We’re at a critical juncture,” Ms Nunez explained. “The next decade will be crucial in determining whether we can limit global warming to 1.5°C. Our industry has a key role to play in the energy transition through the materials and products we offer but there is also an opportunity for it to be a leading example of industrial decarbonisation. To do so will require unprecedented effort and collaboration from all actors involved.”

About International Aluminium Institute  

The International Aluminium Institute (IAI) is the only body representing the global primary aluminium industry. The Institute has the most comprehensive global data on Aluminium with more than 50 years of analysis on production, consumption, energy use and environmental impact. For more information, visit www.international-aluminium.org, or connect with us on X and LinkedIn

Photo – https://mma.prnewswire.com/media/2550591/GHG_Initiative.jpg
Logo – https://mma.prnewswire.com/media/2210219/5010807/International_Aluminium_Institute_Logo.jpg

 

 

View original content:https://www.prnewswire.co.uk/news-releases/iai-reports-progress-in-greenhouse-gas-reduction-initiative-302299156.html

Continue Reading
Click to comment

Leave a Reply

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

Technology

Qatar Development Bank announces strategic investment in global Islamic FinTech, Wahed

Published

on

By

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.

Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.

Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.

Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

About Qatar Development Bank

Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.

For more information, visit: https://www.qdb.qa/

 

SOURCE Wahed

Continue Reading

Technology

Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region

Published

on

By

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.

On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”

Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.

His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.

As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.

Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

Photo – https://mma.prnewswire.com/media/2566076/Wahed_MENA_Khalid_Al_Jassim.jpg

View original content:https://www.prnewswire.co.uk/news-releases/wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region-302314779.html

Continue Reading

Technology

“India Global Forum’s mission more relevant than ever,” says Finance Minister Nirmala Sitharaman ahead of IGF Middle East and Africa 2024

Published

on

By

India Global Forum’s flagship event in UAE kicks off in Dubai on 25 November with IGF ForumPolicymakers, politicians, business figures and celebrities from India, UAE, Africa to converge at inaugural session

DUBAI, UAE, Nov. 24, 2024 /PRNewswire/ — Ahead of India Global Forum’s (IGF) flagship Middle East & Africa 2024 (ME&A 2024) in Dubai on Monday, 25 November, Finance Minister Nirmala Sitharaman commended the role of the organisation in fostering global partnerships.

“Through their impactful and outcomes driven work, India Global Form has consistently provided a platform that fosters a better understanding of modern India and its vast opportunities for the global audience. It has also played an important role in building meaningful cross-border connections.

“India Global Forum’s mission to build corridors of technology, talent, investment and trust is more relevant than ever,” she said.

Under the theme of ‘Limitless Horizons’, IGF ME&A 2024 will foster new partnerships and collaborations between India, the Middle East, and Africa, unlocking opportunities in sectors such as technology, finance, sustainability and innovation.

The two-day event will begin with a special address by India’s Commerce Minister Piyush Goyal.

The inaugural session will also witness UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Omar al Olama, delve into the policies and reforms driving technological innovation in the UAE.

Looking forward to IGF ME&A, Indian Ambassador to the UAE, Sunjay Sudhir said: “The India-UAE relationship has entered an exciting new phase of exponential growth. We are at a moment in history where India-UAE relations are driving the synergy between our regions which has never been greater, and IGF serves as a beacon for harnessing this potential.”

Manoj Ladwa, Founder and Chairman, India Global Forum (IGF), said: “India’s External Affairs Minister, S. Jaishankar, aptly noted during his recent visit to Dubai that the India-UAE ties are in an era of new milestones. These ties are not just about trade figures or agreements – they represent a deeper alignment of values, aspirations, and shared visions for the future. IGF Middle East and Africa is an opportunity to channel this momentum into actionable outcomes that benefit not just our nations but the wider region.”

Featuring over 200 speakers and 1,000 participants across nine streams, IGF ME&A 2024 includes:

IGF Dialogues: An exclusive gathering of industry leaders and policymakers engaging in peer-to-peer roundtable discussions.IGF Forum: A Deep dive into how India, the Middle East, and Africa can embrace limitless horizons in a changing worldLeaders Dinner: An exclusive by-invite only dinner at the BAPS Hindu Mandir in Abu DhabiFounders and Funders Forum: Spotlighting the possibilities and pitfalls of the growing role of AI in India, the Middle East, and Africa.Climate and Business Forum (ClimB) – Exploring how businesses can achieve growth while prioritising sustainability and climate actionIGF Focus Forum – Discussions across diverse event streams, including leadership, entrepreneurship, healthcare, skilling and cultureDisruptors in the Desert – Demystifying emerging trends and technologies across key sectors poised to shape the next decade of the Global South. 

These engagements will tackle pressing global challenges, from climate change and energy transition to the future of AI and digital economies, bringing together a diverse lineup of global leaders, business pioneers, policymakers, and innovators.

Key Speakers across the event include:

H.E. Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work ApplicationsH.E. Sunjay Sudhir, Ambassador of India to UAEMahesh Bhupathi, Indian Tennis LegendYusuf Tambawala, Vice President of Growth & Business Support, DP WorldLeander Paes, Indian Tennis LegendAbhimanyu Munjal, Managing Director and CEO, Hero FincorpHarsh Jain, Co-Founder, Dream11Monish Shah, Founder and CEO, DreamSetGoSanjay Nayyar, Founder and Chairman, Sorin AdvisorsAmnah Ajmal, Executive Vice President, Market Development, Eastern Europe, Middle East and Africa, MastercardNeeraj Makin, Senior Executive Vice President, Group Head – Strategy, Analytics & Venture Capital, Emirates NBDSiddharth Shah, Co-founder, PharmeasyFaizal Kottikollon, Chairman, KEF HoldingsRola Abu Manneh, CEO Middle East, Standard CharteredSiddharth Balachandran, Executive Chairman & CEO, Buimerc CorporationKuppulakshmi Krishnamoorthy, Global Head, Zoho for StartupsMina Liccione, Comedian, Dubomedy

About India Global Forum
India Global Forum tells the story of contemporary India. The pace of change and growth India has set itself is an opportunity for the world. IGF is the gateway for businesses and nations to help seize that opportunity.  To know more, click here

Social Media Handles & Hashtag to Follow
Twitter: @IGFUpdates & @manojladwa
LinkedIn: India Global Forum
#IGFUAE

Photo – https://mma.prnewswire.com/media/2566068/IGF_Finance_Minister.jpg
Logo – https://mma.prnewswire.com/media/2566069/IGF_Logo.jpg

View original content to download multimedia:https://www.prnewswire.com/in/news-releases/india-global-forums-mission-more-relevant-than-ever-says-finance-minister-nirmala-sitharaman-ahead-of-igf-middle-east-and-africa-2024-302314772.html

Continue Reading

Trending