Latest news with #GCFC
Al Etihad
5 days ago
- Business
- Al Etihad
Department of Energy – Abu Dhabi, Global Climate Finance Centre sign MoU on energy, water efficiency, climate finance
29 May 2025 17:00 ABU DHABI (WAM)The Abu Dhabi Department of Energy (DoE) has signed a Memorandum of Understanding (MoU) with the Global Climate Finance Centre (GCFC).The agreement was signed during the 2025 World Utilities Congress, at a high-level consultation co-convened by the DoE and GCFC in preparation for the 2026 United Nations Water Conference. GCFC has been formally mandated to lead the Finance Track of the agreement was witnessed by Dr. Abdulla Humaid Al Jarwan, Chairman of the Department of Energy (DoE), and Abdulla Balalaa, Assistant Minister of Foreign Affairs for Energy and memorandum was signed by Ahmed Al Falasi, Energy Efficiency Sector Executive Director, and Mercedes Vela Monserrate CEO of GCFC, in the presence of several directors and senior officials from both this occasion, Ahmed Al Falasi, Energy Efficiency Sector Executive Director, stated, 'This agreement represents a strategic milestone in our ongoing efforts to drive the transition toward a sustainable economic model that helps address climate change challenges. We recognise the importance of activating partnerships with leading institutions such as the Global Climate Finance Centre, given their pivotal role in enhancing our capacity to develop pioneering projects and enabling innovative and flexible financing solutions that benefit both the economy and society.'He added, 'We look forward to implementing high-impact initiatives through this collaboration, starting with supporting projects such as 'Cooling as a Service', and moving toward building an effective ecosystem that includes government entities, the private sector, and the community at large.''As we look ahead to the 2026 UN Water Conference, which the UAE will co-host, we are committed to deepening partnerships that deliver measurable progress and scalable innovation in energy and water efficiency, in line with our national priorities.'Mercedes Vela Monserrate, CEO of GCFC, stated, 'This agreement reflects the work already underway between GCFC and the Department of Energy to develop financing mechanisms for energy and water efficiency. It also formalises our collaboration as we lead the Finance Track for the 2026 UN Water Conference. Our focus is on mobilising capital, supporting regulatory frameworks, and delivering practical solutions through a strong pipeline of investable projects.'The MoU seeks to strengthen bilateral partnership through support for the implementation of Abu Dhabi's Finance Strategy and reinforce the Emirate's position as a leading hub for climate finance and innovation. It also aims to build institutional capacities, exchange knowledge and information, and scale financing for energy and water efficiency projects, including behavioral change and environmental conservation MoU outlines specific areas of cooperation, including: Development of financing instruments for energy and water efficiency infrastructure; Capital structuring tools such as guarantees, linked loans, and bond frameworks; Technical support and capacity-building for regulators, project developers, and financial institutions; Policy and regulatory alignment to support investment-readiness; High-level convenings to support pipeline development and institutional coordination. GCFC and the DoE will also work together to align financing solutions with Abu Dhabi's strategic priorities and help position the Emirate as a regional leader in climate finance.
Zawya
5 days ago
- Business
- Zawya
Department of Energy – Abu Dhabi and the Global Climate Finance Centre sign MoU
Abu Dhabi: The Abu Dhabi Department of Energy (DoE) has signed a Memorandum of Understanding (MoU) with the Global Climate Finance Centre (GCFC). The agreement was signed during the 2025 World Utilities Congress, at a high-level consultation co-convened by the DoE and GCFC in preparation for the 2026 United Nations Water Conference. GCFC has been formally mandated to lead the Finance Track of the conference. The agreement was witnessed by His Excellency Dr. Abdulla Humaid Al Jarwan, Chairman of the Department of Energy (DoE), and His Excellency Abdulla Balalaa, Assistant Minister of Foreign Affairs for Energy and Sustainability. The memorandum was signed by His Excellency Engineer Ahmed Al Falasi, Energy Efficiency Sector Executive Director, and Mercedes Vela Monserrate CEO of GCFC, in the presence of several directors and senior officials from both sides. On this occasion, His Excellency Engineer Ahmed Al Falasi, Energy Efficiency Sector Executive Director, stated: 'This agreement represents a strategic milestone in our ongoing efforts to drive the transition toward a sustainable economic model that helps address climate change challenges. We recognize the importance of activating partnerships with leading institutions such as the Global Climate Finance Centre, given their pivotal role in enhancing our capacity to develop pioneering projects and enabling innovative and flexible financing solutions that benefit both the economy and society.' He added: 'We look forward to implementing high-impact initiatives through this collaboration, starting with supporting projects such as 'Cooling as a Service', and moving toward building an effective ecosystem that includes government entities, the private sector, and the community at large.' 'As we look ahead to the 2026 UN Water Conference, which the UAE will co-host, we are committed to deepening partnerships that deliver measurable progress and scalable innovation in energy and water efficiency, in line with our national priorities.' Mercedes Vela Monserrate CEO of GCFC stated: 'This agreement reflects the work already underway between GCFC and the Department of Energy to develop financing mechanisms for energy and water efficiency. It also formalizes our collaboration as we lead the Finance Track for the 2026 UN Water Conference. Our focus is on mobilizing capital, supporting regulatory frameworks, and delivering practical solutions through a strong pipeline of investable projects.' The MoU seeks to strengthen bilateral partnership through support for the implementation of Abu Dhabi's Finance Strategy and reinforce the Emirate's position as a leading hub for climate finance and innovation. It also aims to build institutional capacities, exchange knowledge and information, and scale financing for energy and water efficiency projects, including behavioral change and environmental conservation initiatives. The MoU outlines specific areas of cooperation, including: Development of financing instruments for energy and water efficiency infrastructure. Capital structuring tools such as guarantees, linked loans, and bond frameworks. Technical support and capacity-building for regulators, project developers, and financial institutions. Policy and regulatory alignment to support investment-readiness. High-level convenings to support pipeline development and institutional coordination. GCFC and the DoE will also work together to align financing solutions with Abu Dhabi's strategic priorities and help position the Emirate as a regional leader in climate finance.
San Francisco Chronicle
09-05-2025
- Sport
- San Francisco Chronicle
Men's pro soccer is coming back to San Francisco
Professional men's soccer is coming back to San Francisco after a decade-long absence, Mayor Daniel Lurie was to announce Friday. Golden City Football Club, a new independent team in the second division of Major League Soccer, will begin play in 2026 or 2027 at Kezar Stadium in Golden Golden Gate Park. The 100-year-old stadium, which is generally open to the public for workouts and interscholastic competition, will get a new natural grass playing field and modern irrigation system, all new seats with backrests, a sound system and a high-definition LED scoreboard. The $10 million investment will be paid by the team's ownership group, led by co-founders Geoff Oltmans and Marc Rohrer, Bay Area finance executives and San Francisco soccer dads who both played collegiately. GCFC will play an initial 15 home games a season at Kezar, not including playoffs, in what Lurie described as a 'public-private partnership' in his statement. 'This announcement is more than just a new team — it represents a new era for San Francisco sports,' said Lurie. 'The new GCFC team will bring new life to Kezar Stadium and the neighborhoods around it, and investments in the stadium will benefit the whole community.' Major League Soccer is the top U.S. pro league in the sport and the San Jose Earthquakes are its Bay Area franchise. There are two minor leagues below that: MLS Next Pro and the United Soccer League Championship division. MLS NEXT Pro was launched by MLS in 2022 to create a competitive environment where each team's reserve players could get game experience. The Earthquakes' MLS Next Pro team, The Town FC, plays at St. Mary's College in Moraga. MLS Next Pro now has 27 reserve teams and two independent clubs. GCFC would be the league's third independent team. The USL Championship is a competing league that has 24 teams, including the Oakland Roots, who play at the Oakland Coliseum. Lurie is expected to introduce a resolution to approve the permit agreement at the Board of Supervisors meeting on Tuesday, with a board vote scheduled for May 20. Separately, the Recreation and Park Commission will consider the permit agreement for Kezar at its monthly meeting on Thursday. 'This partnership is a game-changer — not just for soccer, but for everyone who plays, runs, cheers and gathers at this historic stadium,' said Phil Ginsburg, general manager of the Recreation and Parks Department. 'It means San Francisco will have a world-class facility that serves both professional athletes, our school programs and the everyday residents who have made Kezar a beloved community space for generations.' The GCFC partnership agreement calls for a 15-year permit for the team to play but not practice at Kezar, with two 5-year renewal options that include an annual payment of $1 million for maintenance. Oltmans said the team will start with 14 home games, most on weekend days, in a season that runs from February through October. Practices may take place at other soccer fields in the park system. 'It is a little bit nonsensical to us that professional soccer doesn't exist in a much bigger form in the city,' said Oltmans, 52, who lives on Potrero Hill and runs the capital markets team at Silver Lake Partners in Menlo Park. Rohrer, 51, lives in the Lower Haight and is a financial adviser at Wells Fargo. They both played college soccer — Oltmans at Dartmouth and Rohrer at Fresno State. Each has two boys who grew up playing in youth soccer leagues in the city. In a telephone interview Thursday, Oltmans declined to discuss details of the team's financing but said the group is still adding investors to a partnership that may end up with more than a dozen, all Bay Area-based. 'We truly intend this to be a community team,' said Oltmans. 'We are excited to engage with the broader San Francisco community and its even deeper soccer community.' In the statement released by Lurie, Charles Altchek, President of MLS NEXT Pro and executive vice president of MLS, said the expansion team 'aligns with our mission to expand the reach of the game and foster a vibrant soccer culture in communities across North America. The vision and commitment demonstrated by Geoff, Marc, and their team — especially their investment in Kezar Stadium — reflect the standards we seek in our clubs and partners.' Though the Earthquakes, which began in 1996 as the Clash, have always played in San Jose, San Francisco has a history of professional soccer at Kezar. In 2016, the San Francisco Deltas of the North American Soccer League (NASL) announced their arrival by installing 4,000 of the old plastic orange seats from recently demolished Candlestick Park to replace some of the wooden benches at Kezar. They also installed new stadium lights. The peak moment came in the Deltas' inaugural season when a near capacity crowd of 9,691 fans packed Kezar to see the team beat the New York Cosmos in the NASL Championship Game on Nov. 12, 2017. Two weeks later the club announced it was closing down. The league itself also folded. 'The Deltas proved that there is demand for professional soccer in San Francisco,' Geoff said. 'Unfortunately the league was on unstable financial footing. The Deltas failed because the league failed.' Oltmans said MLS NEXT Pro will not fail because it has the support of MLS, which has been around for 30 years. The second tier league continues to expand, and GCFC's permit allows the home season to play as many as 20 games a season, not including playoffs. A limited number of night games will be allowed. 'The energy and excitement that big games bring to the area not only support our business but also help our community thrive, said Cyril Hackett, owner of the Kezar Pub near the stadium. 'We look forward to carrying on our tradition of hospitality and can't wait to see GCFC fans fill the pub before and after matches.' San Francisco City FC, a USL League Two team, will also continue to play some games at Kezar. The stadium track will remain open and both Mission High and Sacred Heart Cathedral will continue to play home football games at Kezar. The stadium is also the site of the annual Turkey Day Game for the San Francisco public high school championship and the annual Bruce Mahoney game between St. Ignatius College Prep and Sacred Heart Cathedral Prep. 'We are proud to be playing at Kezar and are mindful of the history,' Oltmans said. 'We are going to preserve that legacy.'
Daily News Egypt
05-03-2025
- Business
- Daily News Egypt
Egypt's Al-Mashat, Global Climate Finance Centre CEO discuss cooperation
The Egyptian Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, held a virtual meeting with Mercedes Vela Monserrat, CEO of the Global Climate Finance Centre (GCFC), to discuss potential avenues for joint cooperation. During the meeting, Al-Mashat and Monserrat discussed the progress of the GCFC, which was launched at the COP28 Climate Conference in the United Arab Emirates and is headquartered in Abu Dhabi. The centre aims to accelerate global climate finance and encourage innovation through collaboration among various stakeholders, with a focus on the private sector and capacity building. Al-Mashat emphasised the necessity for the GCFC to support national platforms as key pillars of revitalising climate action in emerging countries. She noted this was a recommendation highlighted in reports issued during the COP28 climate conference and by the G20. Al-Mashat pointed out that Egypt launched the 'NWFE' programme as a national platform aimed at stimulating climate investments and enhancing the commitment of countries to implement their nationally determined contributions (NDCs). They also discussed the possibility of Egypt contributing to and benefiting from the services provided by the GCFC. Al-Mashat outlined the latest developments of the NWFE programme, noting that it has stimulated nearly $4bn in private sector investments. She highlighted Egypt's increasing cooperation in this field with African countries, such as Tanzania, which is receiving technical assistance in developing its national platform. Al-Mashat added that Egypt now has voluntary carbon markets, and through the Financial Regulatory Authority, has been able to provide a model for Africa. Monserrat reviewed the latest developments in the GCFC's operations, noting its aims to activate climate financing in African countries, enhance efforts to spread risk reduction tools, and activate carbon markets. She explained that funding for the first year was provided by the Abu Dhabi Global Market, and funding has been secured for the next three years. The GCFC's board of directors includes Sheikha Shamma bint Sultan bin Khalifa, the Abu Dhabi Global Market (ADGM), First Abu Dhabi Bank, Abu Dhabi Islamic Bank, HSBC, and the SIF Fund. Monserrat said that the centre also has 15 knowledge partners, including Morgan Stanley, the World Bank, and G Funds, who will provide in-kind support through research, data, and advisory expertise. Monserrat noted that the GCFC is currently coordinating with the UAE Ministry of Foreign Affairs on two main initiatives. The first is the Green Investment Initiative in Africa, which has allocated $4.5bn to be invested by 2030. The second initiative is the Global Framework for Climate Finance, which has been signed by 15 countries. She added that the centre is now working with Brazil on its implementation, in addition to the 'Innovation in Climate Technology' initiative, which focuses on emerging technologies, especially artificial intelligence, and how to integrate them into climate solutions. She also explained that there is currently a focus on engaging the private sector in working with the GCFC, studying the agreements concluded by countries and identifying private sector actors to explore potential cooperation in implementing commitments.
