Carrefour operator Majid Al Futtaim and Standard Chartered Bank launched MENA’s first sustainable supply chain finance program, according to a statement. The program in its pilot phase will offer favorable financing terms to Carrefour suppliers for meeting ESG standards like using electric vehicles and less energy-consuming equipment.

UAE plots carbon sink plan for sequestration: The UAE will plant 100 mn mangroves as part of its Roadmap for National Carbon Sequestration, according to WAM. The project — carried out by the ministry in collaboration with the private sector and international NGOs — will increase the number of mangroves to 100 mn from 30 mn in a bid to create a carbon sink to sequester carbon.

Why mangroves? The coastal trees and shrubs can store “up to 10 times more carbon than forests” in their roots, branches and the sediment around them, according to a report by The Guardian on Colombia’s Cispatá conservation project last year.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Egypt is allocating 1.9k km for the development of several green hydrogen plants in the southern governorate of Minya, according to the vice president of Egypt’s New and Renewable Energy Agency. (Youm7)
• Germany’s KfW Bank’s Investment for Employment initiative is granting Creative Power Solutions EUR 2.7 mn to establish MENA’s first solar thermal collectors manufacturing facility in Egypt. (Zawya)
• Morocco will put forward MAD 23.6 mn (USD 2.2 mn) to fund sustainability projects in a bid to boost agricultural activities in the country’s oases and adapt to climate change. (Morocco World News)