Majid Al Futtaim, a pioneer in shopping malls, communities, retail, and leisure across the Middle East, Africa, and Asia, has signed its second Sustainability-Linked Loan (SLL), structured as a USD 1.25 billion Revolving Credit Facility (RCF) linked to the Company's environmental, social, and governance (ESG) related targets that aim to facilitate the reduction in Majid Al Futtaim's carbon footprint by reducing its Scope 1 & Scope 2.
As the value of the lira has plummeted and global energy prices have risen, an unprecedented number of Turkish businesses have installed solar systems to offset their otherwise prohibitive electricity bills. Mustafa Yilmaz, head of Turkey's energy market regulator, told the state-run Anadolu Agency that more than 300 companies have applied in the past two weeks alone for approval to install solar panels, as demand for solar power in Turkey has been booming since last year after a combination of higher gas prices and a plunge in the currency caused electricity bills for companies to quadruple.
While the International Civil Aviation Organization and the International Air Transport Association have been pushing the industry to adopt sustainable aviation fuel, the King Abdullah Petroleum Studies and Research Center in Riyadh has pointed out that this goal may be unattainable with current technologies. It has been a challenge to develop alternatives to fossil-based fuels, even though aircraft manufacturers and airlines have all worked to boost energy efficiency over the past several decades.
Without a doubt, battery-electric powertrains are in the lead in the battle to decarbonise on-road cars. However, many have suggested that fuel cell vehicles, especially long-haul trucks, are the zero-emission solution for long-range applications because of their superior energy density compared to today's Li-ion battery systems, allowing them to deliver a greater range for the same system weight. Refueling times are also considerably faster than battery charging.