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Emirates 24/7
2 days ago
- Business
- Emirates 24/7
UAE's ‘Global Sustainable Aviation Marketplace' institutionalised as ICAO annual event
The Council of the International Civil Aviation Organisation (ICAO), during its 235th Session, has officially adopted the UAE's Global Sustainable Aviation Marketplace (GSAM) as an institutionalised annual event under ICAO's official calendar, marking a rare recognition for a state-initiated concept to evolve into a regular, internationally supported platform. First launched in Abu Dhabi in February 2025 on the sidelines of the ICAO Global Implementation Support Symposium (GISS), the GSAM initiative aims to accelerate sustainable practices in global aviation by bringing together stakeholders from across the ecosystem, including airlines, manufacturers, regulators and investors, to drive the adoption of sustainable aviation fuels (SAF), low-carbon aviation fuels (LCAF), and climate finance solutions under the ICAO (Finvest Hub). ICAO's decision reflects the country's dedicated efforts to establish the event and secure its formal integration into the organisation's global calendar. It reflects the UAE's growing influence in shaping the future of sustainable aviation and its ability to deliver scalable, institutional solutions to global challenges. Abdulla bin Touq Al Marri, Minister of Economy and Chairman of the General Civil Aviation Authority (GCAA), said, 'Thanks to the guidance of our wise leadership, the UAE continues to lead the civil aviation sector both regionally and internationally. This achievement reflects the UAE's prominent position on the global civil aviation map and reaffirms its excellence in developing future solutions and creating sustainable and innovative global initiatives that drive the growth and competitiveness of this vital sector while keeping pace with global development needs. "We have succeeded in transforming a national idea into a global institutional platform that supports ICAO's goals and contributes to building a more efficient and resilient aviation ecosystem, in line with the world's best practices.' Saif Mohammed Al Suwaidi, Director-General of the GCAA, stated, 'We are proud that the GSAM initiative, once a national vision, is now a formal ICAO-backed global event. This milestone is a testament to the UAE's strategic focus on sustainability and our belief in inclusive, multilateral collaboration to drive progress." The ICAO Council members praised the UAE's leadership and vision, noting the UAE has a forward-looking vision in taking decisive steps towards achieving sustainability and promoting innovation, presenting a model for the world in how to turn vision into tangible reality. The initiative was proposed by the UAE in 2024 through its permanent mission to ICAO, with a clear goal: to establish a global marketplace that connects policy, technology, and finance to support aviation's transition to net-zero emissions. The idea quickly gained traction and was brought to life by a coordinated effort between the UAE General Civil Aviation Authority, the UAE Permanent Mission team in Montreal, and various local and international partners. Preparations are now underway for the second edition of GSAM, and the event is expected to attract a wide range of global participants and serve as a practical forum for advancing ICAO's Long-Term Aspirational Goal (LTAG) of net-zero carbon emissions by 2050.
Yahoo
07-07-2025
- Business
- Yahoo
Ministers in talks with City over climate finance for disaster-hit nations
Senior Cabinet ministers including Rachel Reeves and David Lammy are to meet City chiefs for talks on how to unlock UK private sector climate finance and disaster risk insurance for countries facing extreme weather events. The Foreign Secretary has pledged £12 million from the Government's tightened aid budget in a bid to enable faster payouts for nations experiencing climate shocks like hurricanes and tornadoes. Mr Lammy will join the Chancellor, Energy Secretary Ed Miliband and Environment Secretary Steve Reed for the first meeting between multiple Cabinet ministers and finance leaders on Tuesday. The group is expected to discuss how the sector can play a part in channelling investment into climate initiatives in emerging markets. The Government hopes the £12 million for pre-arranged finance for disaster relief and risk insurance will cut the cost of responding to extreme weather events, and the time it takes for countries to recover from such shocks. This funding is triggered by certain warning signs — such as a forecast or weather event itself — to enable faster payouts, the Foreign Office said. It comes after the Government slashed the UK's overseas aid budget from 0.5% of gross national income to 0.3% in order to pay for increased defence spending. The UK's climate finance commitments come from its aid budget. The Foreign Secretary said: 'The climate and nature crisis is the greatest global challenge we face. Failure to act will cause unprecedented environmental damage, fuelling displacement, conflict and famine. 'Tackling this crisis is also a huge opportunity for people and businesses here in the UK, delivering on our Plan for Change. The green sector is worth trillions of pounds, and I'm determined that we seize on the economic growth, jobs and security it offers. 'The City of London, the world's leading sustainable development financing hub, has a crucial role to play in this.'
The Independent
07-07-2025
- Business
- The Independent
Ministers in talks with City over climate finance for disaster-hit nations
Senior Cabinet ministers including Rachel Reeves and David Lammy are to meet City chiefs for talks on how to unlock UK private sector climate finance and disaster risk insurance for countries facing extreme weather events. The Foreign Secretary has pledged £12 million from the Government's tightened aid budget in a bid to enable faster payouts for nations experiencing climate shocks like hurricanes and tornadoes. Mr Lammy will join the Chancellor, Energy Secretary Ed Miliband and Environment Secretary Steve Reed for the first meeting between multiple Cabinet ministers and finance leaders on Tuesday. The group is expected to discuss how the sector can play a part in channelling investment into climate initiatives in emerging markets. The Government hopes the £12 million for pre-arranged finance for disaster relief and risk insurance will cut the cost of responding to extreme weather events, and the time it takes for countries to recover from such shocks. This funding is triggered by certain warning signs — such as a forecast or weather event itself — to enable faster payouts, the Foreign Office said. It comes after the Government slashed the UK's overseas aid budget from 0.5% of gross national income to 0.3% in order to pay for increased defence spending. The UK's climate finance commitments come from its aid budget. The Foreign Secretary said: 'The climate and nature crisis is the greatest global challenge we face. Failure to act will cause unprecedented environmental damage, fuelling displacement, conflict and famine. 'Tackling this crisis is also a huge opportunity for people and businesses here in the UK, delivering on our Plan for Change. The green sector is worth trillions of pounds, and I'm determined that we seize on the economic growth, jobs and security it offers. 'The City of London, the world's leading sustainable development financing hub, has a crucial role to play in this.'
Yahoo
07-07-2025
- Business
- Yahoo
Ministers in talks with City over climate finance for disaster-hit nations
Senior Cabinet ministers including Rachel Reeves and David Lammy are to meet City chiefs for talks on how to unlock UK private sector climate finance and disaster risk insurance for countries facing extreme weather events. The Foreign Secretary has pledged £12 million from the Government's tightened aid budget in a bid to enable faster payouts for nations experiencing climate shocks like hurricanes and tornadoes. Mr Lammy will join the Chancellor, Energy Secretary Ed Miliband and Environment Secretary Steve Reed for the first meeting between multiple Cabinet ministers and finance leaders on Tuesday. The group is expected to discuss how the sector can play a part in channelling investment into climate initiatives in emerging markets. The Government hopes the £12 million for pre-arranged finance for disaster relief and risk insurance will cut the cost of responding to extreme weather events, and the time it takes for countries to recover from such shocks. This funding is triggered by certain warning signs — such as a forecast or weather event itself — to enable faster payouts, the Foreign Office said. It comes after the Government slashed the UK's overseas aid budget from 0.5% of gross national income to 0.3% in order to pay for increased defence spending. The UK's climate finance commitments come from its aid budget. The Foreign Secretary said: 'The climate and nature crisis is the greatest global challenge we face. Failure to act will cause unprecedented environmental damage, fuelling displacement, conflict and famine. 'Tackling this crisis is also a huge opportunity for people and businesses here in the UK, delivering on our Plan for Change. The green sector is worth trillions of pounds, and I'm determined that we seize on the economic growth, jobs and security it offers. 'The City of London, the world's leading sustainable development financing hub, has a crucial role to play in this.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Entrepreneur
07-07-2025
- Business
- Entrepreneur
BII Commits $803 million Worth Impact Investments in Asia
The amount is significantly bigger than that of 2023 when BII invested GBP 245 million in Asian companies and a further GBP 225 million in businesses with operations spanning Asia and Africa. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. British International Investment, the UK's development finance institution and impact investor, has announced its commitment of GBP 626 million (USD 803 million) to Asian businesses in 2024 to support inclusive economic growth and combat the climate emergency. The amount is significantly bigger than that of 2023 when BII invested GBP 245 million in Asian companies and a further GBP 225 million in businesses with operations spanning Asia and Africa. BII has said that the increase in investment was despite the difficult investment environment caused by macroeconomic headwinds. BII's total net assets currently increased to GBP 9.9 billion up from GBP 8.5 billion in 2023, while post-tax profits improved to GBP 213.3m compared with a GBP 44 million loss in 2023. Globally BII invested GBP 1.75 billion in 2024. The figures are contained in BII's Annual Review, which was published today. In total, BII invested USD 903 million in climate finance in 2024, 41 per cent of its overall commitments for the year. This compares with just USD 104 million in 2020. The company's climate finance assets now make up over 26 per cent of its entire portfolio, up from just over 15 per cent in 2020. Over the last three years, BII has invested over USD 2 billion in climate finance. According to BII, based on all direct renewable energy investments in BII's 2023 portfolio, 1.5 million tons of CO2e emissions were avoided on an attributed basis, a 54 per cent year-on-year increase. This was driven by a growing renewable asset base in the portfolio and increases in the amount of renewable power produced. Srini Nagarajan, Managing Director and Head of Asia at BII, said, "Our 2024 investment figures demonstrate our steadfast commitment to our Asian markets as we focus on delivering inclusive economic growth and meeting the challenge of the climate emergency. BII will continue to play a pivotal role in mobilising private capital, particularly for climate finance across South and South-East Asia." BII also made GBP 499 million of gender finance commitments in 2024 and GBP 880 million of commitments to the poorer and most fragile countries across the regions where it invests.
