These collaborations aim to combine the strengths of both nations, creating a strategic partnership to drive advancements in sustainability and the circular economy. The focus will be on optimizing the water-energy-food nexus, facilitating the transition toward a climate-neutral economy, and leveraging cutting-edge research to tackle global challenges.

The cooperation between Fraunhofer IGB and IIT Ropar will primarily focus on collaborative research and development. This will include identifying technology gaps and pushing for innovations that address water sustainability issues. The joint efforts will also align with India’s national missions, such as the Jal Jeevan Mission and Swachh Bharat, aimed at improving water supply and sanitation across the country.

Further goals include facilitating technology transfer and establishing licensing agreements with industry stakeholders to promote large-scale adoption of sustainable technologies. The collaboration will also incorporate advanced training programs, focusing on integrating Cyber-Physical System Technologies like AI/ML, automation, and IoT into the water ecosystem.

Nicole Hoffmeister-Kraut highlighted the importance of these partnerships in addressing critical global issues in health, water, energy, and sustainability. “Fraunhofer has established itself as a global leader in applied research, and this collaboration will leverage both Fraunhofer’s technological expertise and India’s vast opportunities for growth and innovation,” she stated.

Rajeev Ahuja, Director of IIT Ropar, expressed optimism about the partnership. “This MoU marks a significant milestone in advancing technology and innovation for water sustainability. We aim to create a robust Water Innovation Ecosystem that will support sustainable resource management and climate-resilient solutions,” he said. This collaboration emphasizes the shared commitment to fostering impactful advancements in water technology for a sustainable future.

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Abdulla bin Touq Al Marri, the UAE’s Minister of Economy and Chairman of the UAE Circular Economy Council, highlighted that this roadmap aligns with the nation’s vision to foster a sustainable economy. He emphasized that the initiative reflects the UAE’s forward-thinking approach to adopting green technologies and innovation, thereby enhancing the nation’s attractiveness to sustainable solutions.

This new roadmap will be implemented in collaboration with local environmental stakeholders and the World Intellectual Property Organisation, with a focus on encouraging inventors and creators to develop eco-friendly innovations. Additionally, it coincides with the UAE’s Innovation Month, further emphasizing the importance of sustainability in driving national progress.

The roadmap outlines several key objectives, including accelerating the registration of patents related to sustainable technologies and eco-friendly innovations. The Ministry of Economy aims to increase the share of patent registrations for sustainable innovations to 8% of total patent filings in the UAE.

Abdulla Ahmed Al Saleh, Undersecretary of the Ministry of Economy, reiterated the UAE’s commitment to supporting sustainability across economic sectors. He highlighted the role of the new roadmap in promoting the adoption of advanced digital solutions and technologies to create products and services that benefit environmental conservation.

The roadmap also aims to strengthen legal frameworks to protect patents related to environmental sustainability, further enhancing the UAE’s competitive position in the Global Innovation Index (GII). With a robust IP and innovation framework in place, the UAE continues to maintain its regional leadership in embracing eco-friendly initiatives and solutions.

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Nawal Al Hanaee, Director of the Future Energy Department at MoEI, and Christian Nieves Lauz, National Energy Director of Uruguay’s Ministry of Industry, Energy, and Mining, were the signatories of the memorandum. This agreement establishes a formal framework for both nations to share their knowledge and expertise in the field of clean energy. It also outlines plans to facilitate high-level discussions and organize workshops focused on energy-related sectors.

Al Hanaee emphasized the importance of such collaborations in driving the global transition to clean and renewable energy. She noted that the partnership would pave the way for both countries to expand their energy sectors, diversify their energy mixes, and accelerate their reliance on sustainable energy sources.

The signed memorandum signifies the shared commitment of the UAE and Uruguay to fostering strategic partnerships that will benefit both nations. It is expected to strengthen efforts in key areas like clean energy development and climate action, while opening new opportunities for growth and development within these vital sectors.

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Despite the promising developments, reports suggest that the pace of NBFC growth may slow down in FY25. According to a Nomura report, the strong growth in assets under management (AUM) seen in FY2023 and FY24 appears to be waning, and this trend could persist into FY25. The slowdown is attributed to several factors, including reduced loan disbursements, concerns over the asset quality of unsecured loans (such as personal loans, credit cards, and microfinance), and tightening regulatory oversight.

The Reserve Bank of India (RBI) has also raised concerns over the sector’s heavy reliance on banks for funding. Diversifying funding sources has been flagged as a critical strategy for mitigating risks and ensuring long-term stability.

While challenges such as inflation, geopolitical tensions, and supply chain disruptions in 2024 cast a shadow over the economy, NBFC leaders remain cautiously optimistic about the coming year. Growth opportunities are expected to emerge in key sectors, including Micro, Small, and Medium Enterprises (MSMEs), NBFC financing, and green finance.

MSMEs: A Growth Catalyst for NBFCs

The MSME sector, a cornerstone of India’s economy, has shown remarkable resilience amidst economic challenges. NBFCs are poised to tap into the growing demand for financing in this sector. According to global financial services company Nomura, specific segments like small and medium enterprise (SME) loans, loans against property (LAP), and used vehicle financing are expected to maintain positive growth momentum, despite the overall slowdown.

Navin Saini, Chief Business Officer—MSME and Retail Lending at Arka Fincap, remains optimistic about the MSME financing landscape. He highlighted the importance of proactive risk management, technology adoption, and alignment with government initiatives as key strategies for NBFCs to sustain healthy portfolios in the evolving MSME space.

Embracing Technology and Lowering Costs

Jitendra Tanwar, Managing Director & CEO of Namdev Finvest, emphasized the role of technology in reducing operational costs. He pointed out that NBFCs have been instrumental in advancing financial inclusion, contributing significantly to lending for MSMEs and underserved communities in 2024. In the coming years, leveraging technology will be essential for optimizing costs and enhancing the efficiency of operations.

Ankit Modi, Managing Director of SalaryOnTime, echoed these sentiments, emphasizing the role of digital transformation in reshaping financial services. As India’s economy rebounds, the demand for credit from salaried professionals, alongside growth in retail, MSME, and infrastructure sectors, will drive NBFC growth.

Challenges and Opportunities for Operational Efficiency

Vikkas Goyal, founder of Rupee112, underscored the importance of operational efficiency in navigating the challenges ahead. While opportunities abound, compliance pressures and asset quality concerns will require NBFCs to focus on consolidation and improving operational effectiveness. He also stressed that NBFCs need to diversify their portfolios, balancing growth with risk while forging strategic partnerships with fintech companies and embracing digital lending innovations.

Green Finance and Sustainability: A Bright Future

Sustainability is becoming an increasingly important driver for NBFC growth. The push for green finance is accelerating, particularly in sectors like electric vehicle (EV) financing. India’s growing adoption of EVs, supported by government incentives and subsidies, has led to significant growth in this segment. Nehal Gupta, Founder and Managing Director of Accelerated Money For U, observed that the green finance sector has gained momentum in 2024, with double-digit growth in EV financing, particularly in tier-2 and tier-3 cities.

Real Estate and Home Loan Market: Positive Shift Ahead

The real estate and home loan markets also show signs of positive movement in 2025. Atul Monga, CEO & Co-Founder of BASIC Home Loan, noted that after facing challenges such as high interest rates and rising property prices, borrowers might finally experience some relief. The RBI’s decision to hold rates steady in 2024, coupled with potential rate cuts in 2025, could ease borrowing costs.

Moreover, the government’s focus on affordable housing under PMAY Urban 2.0 is expected to provide significant momentum to urban housing development. On the technological front, home loan processing is on the verge of a digital revolution, promising faster, more transparent, and user-friendly services.

Looking Ahead: A Transformative Year for India’s Financial Ecosystem

As India prepares to enter 2025, the convergence of technological advancements, supportive government policies, and a focus on sustainability promises to reshape the country’s financial ecosystem. The continued evolution of sectors like MSMEs, NBFCs, and green finance presents significant opportunities for growth, but it will require a collaborative effort between regulators, industry stakeholders, and fintech innovators to build a balanced and resilient economy.

NBFCs are well-positioned to play a pivotal role in this transformation, provided they embrace innovation, streamline operations, and align their strategies with government initiatives. 2025 holds great potential for the sector, marking a new era of growth and financial inclusion in India.

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The medal was presented by Rashid Saeed Al Shamsi, the UAE Ambassador to Chad, who conveyed the UAE’s appreciation for Ibrahim’s efforts. Oumarou Ibrahim expressed heartfelt gratitude to President Mohamed bin Zayed Al Nahyan for the honor and praised the landmark UAE Consensus reached during COP28. This consensus has since become a vital reference for global climate action and sustainability.

Ambassador Al Shamsi also took the opportunity to congratulate Ibrahim on receiving the award. He highlighted Chad’s active participation in COP28 and its strong endorsement of the UAE Consensus, which has played a key role in fostering international cooperation to protect both humanity and the environment.

This award underscores the UAE’s commitment to recognizing individuals who drive positive change in the global fight against climate change and who advocate for the sustainable future of our planet.

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The forum aims to unite global and regional leaders, environmental experts, and innovators to tackle one of the most critical challenges of our time: effective waste management. By focusing on the prevention, collection, and management of organic waste, EcoWASTE 2025 will emphasize the significance of this sector in the broader sustainability agenda.

A Platform for Collaboration and Innovation

EcoWASTE 2025 is poised to bring together a diverse range of stakeholders, including government policymakers, industry leaders, waste management specialists, and technology providers. The event will serve as a hub for fostering collaboration and driving actionable solutions to waste management challenges.

Ali Al Dhaheri, Managing Director and CEO of Tadweer Group, underscored the significance of this initiative, stating, “Tadweer Group’s mission is to redefine waste as a valuable resource by leveraging cutting-edge technology and fostering global collaboration to drive sustainable progress. Our role as a strategic sponsor of this renowned platform for over a decade reflects our unwavering commitment to this vision. By transforming waste challenges into opportunities, we can emphasize that innovation and collaboration are key to unlocking a sustainable future.”

Highlighting the group’s contributions to the forum, Al Dhaheri added, “At EcoWASTE 2025, we aim to accelerate technological advancements, strengthen international partnerships, and reaffirm our dedication to global growth. Together, we will champion waste as a vital alternative resource, which plays a pivotal role in achieving a net-zero world.”

Inspiring Creativity and Advancing Technology

As part of its efforts to promote sector innovation, Tadweer will host a Waste-to-Art competition, celebrating creative recycling and showcasing innovative approaches to waste management. Additionally, the company will provide insights into its waste-to-energy and sustainable aviation fuel projects, aligning with the broader goals of circular economy integration.

Through keynote addresses, panel discussions, fireside chats, and technology showcases, participants will explore cutting-edge strategies for addressing pressing issues such as methane mitigation, landfill diversion, and advancing circular economy practices. Other topics include circular economy metrics, challenges arising from emerging industries like EV batteries and solar panels, zero-waste policies, and updates on waste-to-energy systems.

Key Discussions to Shape the Future

The opening keynote on January 14 will delve into the importance of early decision-making in achieving long-term circular economy goals. Speakers will explore tangible targets and actionable strategies to foster sustainable practices.

Leen AlSebai, General Manager of RX Middle East and Head of the World Future Energy Summit, emphasized the transformative potential of this year’s event, saying, “An exhibitor line-up of game-changing pioneers and disrupters will see the 11th edition of EcoWASTE transform into a laboratory of innovation and partnerships. Our speaker line-up is perfectly placed to drill down on what is currently needed to ensure both private and public sectors are well positioned to tackle circular economy and future waste challenges.”

Driving a Sustainable Future

EcoWASTE 2025 stands as a testament to the power of collaboration and innovation in addressing global waste management challenges. By championing sustainability and fostering partnerships, the event is set to play a pivotal role in advancing the global agenda for a net-zero future.

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The company announced that the remaining 806 MW capacity from the project is in various stages of commissioning and is expected to be operational in phases between March 2025 and June 2025. This development is set to have a positive impact on the company’s EBITDA, yielding a significant 70% cost-saving compared to current power expenses.

Ajay Kapur, CEO of Cement Business, Adani Group, highlighted the company’s commitment to sustainability, stating, “Growing responsibly and sustainably is fundamental to our ESG excellence journey as we are proudly committed to achieving Net Zero emissions by 2050. This is the first phase of our 1 GW Renewable Power Project in our efforts to decarbonize the value chain. We aim to power 60% of our total energy consumption from green power sources by FY’28. This helps us in reducing our overall cost and delivering strong value to our stakeholders. Our sustainability principles are integrated into all aspects of our business and reflect our forward-thinking vision.”

The Western Regional Load Dispatch Centre (WRLDC) has granted standing clearance for the 200 MW solar power project, effective December 12, 2024.

This project marks the initial phase of the company’s ambitious green energy initiative, which represents a Rs. 10,000 crore investment in renewable energy. The overall plan includes 1 GW of solar and wind power, alongside 376 MW of Waste Heat Recovery Systems (WHRS).

Regarding the additional 806 MW capacity, the company revealed that 156 MW of wind power from Khavda and 300 MW of solar power from Rajasthan are on track to be commissioned by March 2025. The remaining 350 MW of solar power is slated for completion by June 2025.

Ambuja Cements reaffirmed its dedication to the decarbonisation of the cement industry, emphasizing future-ready initiatives aimed at fostering a greener and more inclusive future.

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