Saudi Arabia has potential to be hub for green finance: KPMG

Michael Hayes, global head of renewables, KPMG International.
Updated 20 November 2019

Saudi Arabia has potential to be hub for green finance: KPMG

Saudi Arabia can become the center for green finance for emerging markets, which will bring huge economic and commercial benefits to the economy in line with Vision 2030, according to Michael Hayes, global head of renewables, KPMG International.
“The amount of capital required to support the energy transition is vast and it is for this reason that a whole new sector called green finance has emerged in recent years delivering new products such as green bonds and green insurance. Much of the expenditure in renewables over the next 20 years will be in emerging markets and so Saudi Arabia should concentrate on creating a center for green finance for emerging markets,” he said.
The Saudi government intends to attract between $30 billion and $50 billion in new investments into renewables by 2030, as it plans to tender around 9.5GW of solar and wind capacities by 2023. Furthermore, the International Renewable Energy Agency (IRENA) predicts that nearly $148 billion will be required each year until 2050 to meet the goals of the Paris Agreement and limit global temperature increases to 1.5 C above pre-industrial levels.
Given these investment projections, Hayes believes it is an absolute necessity for GCC governments to invest in renewables, which is one of the key goals of governmental visions across the GCC. 
“Climate change is now recognized as the most significant risk on the planet and is likely to dominate the political and economic landscape for many years to come. While there are many different ways to help in the fight against climate change, transitioning from conventional power usage to renewable power is still one of the best and most effective solutions available,” Hayes said.
The Middle Eastern countries are well aware of their strong dependence on fossil fuels to drive economic growth. Therefore, in an era when the long-term viability of fossil fuels is under question, it is critical that these economies diversify as soon as possible. 
“Renewable generation represents an ideal way to do this and over time, I expect to see Saudi Arabia and other GCC countries take a leading role in the growth of renewable energy across the region and even into Sub-Sahara Africa,” he said.

Hyundai unveils new technologies to maintain clean air in vehicles

Updated 09 August 2020

Hyundai unveils new technologies to maintain clean air in vehicles

Hyundai Motor Group has announced new technologies to improve the quality of air in vehicles and create a more pleasant indoor environment for customers.

Recognizing the growing concern about air quality, the group unveiled three new air-conditioning technologies — After-Blow, Multi-Air Mode, and Fine Dust Indicator. The technologies will be introduced initially on select models in Korea and expand to upcoming Hyundai vehicles worldwide in the future.


After-Blow dries the condensate on the evaporator and suppresses mold growth in the air-conditioning system, which can cause an odor during hot weather. After the engine is turned off and the condensate on the evaporator drains naturally for about 30 minutes, After-Blow activates for 10 minutes to dry the evaporator and any condensate leftover in the air passage. The air-conditioning system automatically allows influx of outside air during this time to prevent humidity from building up.

The technology uses an intelligent battery sensor (IBS) to monitor the battery and stops functioning when the battery is low, allaying any concerns about battery discharge.

Multi-Air Mode

Multi-Air Mode uses multiple vents for air conditioning and heating to create a more pleasant indoor environment with gentle wind. When this mode is activated, the air is dispersed to the newly added multi-air slots in the driver and passenger seats in addition to the normal air vents. The overall wind volume remains the same, but the dispersion of wind reduces direct air contact and softens the air. This mode can be switched on and off based on the preference of the driver.

Fine Dust Indicator

Fine Dust Indicator measures the air inside the vehicle in real time and delivers digitized information, allowing the driver to better manage the air quality. The indicator displays the concentration and pollution level of ultrafine particles (PM 2.5) inside the vehicle using integer numbers and colors for better visibility to the user. 

If the level of ultrafine particles exceeds 36 μg /m3 while the function is active, the air-cleaning mode will run to purify the air in the vehicle. The air-cleaning system automatically sets the air volume between 3 and 8 and switches to air-recirculation mode and activates the air conditioning system to reduce indoor humidity. If the air does not improve in air-cleaning mode, it can also serve as a reminder to the driver to replace air-conditioner filters or to clean contaminated seats and mats.