Danfoss, the Danish multinational engineering group, has acquired ENFOR’s district energy software and will bring the solutions to the global market under the Danfoss Leanheat® suite of sustainable heating and cooling solutions. The Danfoss Leanheat® solution combines cutting-edge technology, data analytics, and artificial intelligence to optimize energy consumption and improve operational efficiency of district energy and buildings. “District Energy is an important topic for Danfoss, and very much relevant for our region, where we focus more on District Cooling solutions.

Implementation of AI technology is key in enhancing energy efficiency and achieve ambitious decarbonization goals set by MENA countries”, stated Ziad Al Bawaliz, Regional President at Danfoss Turkey, Middle East and Africa.

Danfoss had been a minority shareholder in ENFOR since 2020. By fully acquiring ENFOR’s district heating software business, Danfoss enhances the capabilities and accuracy of its Leanheat network suite for district energy utilities to include data-driven temperature optimization, intelligent load forecasting and micro weather forecasting, which support district energy utilities and energy companies with their green transitions.

ENFOR is an innovative spin-off from the Danish Technical University and delivers solutions for forecasting and optimization of energy production and demand, incl. optimization of district energy systems. The potential of using data and machine learning in the energy sector is massive. The latest Danfoss Impact White Paper reveals that an ambitious but realistic roll out of demand-side flexibility technology in the EU and UK can save 40 million tons of CO2 emissions each year by 2030, more than Denmark’s domestic climate footprint.

With countless solutions on the market focused on siloed changes, utilities, building owners, and public stakeholders are left without a holistic solution. Danfoss Leanheat® offers innovative end-to-end software systems and services for the control and optimization of district energy systems—from people to production. ENFOR’s solution will be a core part of Danfoss Leanheat® and going forward the Danfoss team will continuously evolve the combined solution to develop new features to meet the needs of the evolving market.

After the separation of the district heating activities, ENFOR will continue as an independent legal entity and will focus on developing its advanced machine learning technologies for the electricity sector, with a dedication to renewables and the green energy transition.

Jürgen Fischer, President Danfoss Climate Solutions, says:“We are thrilled to welcome ENFOR’s district energy experts and software to Danfoss. Together we can offer a complete solution to utilities for measuring and optimizing the energy efficiency of district energy networks, to better serve our customers. For Danfoss, scaling and enhancing our digital portfolio and offerings is a key priority. By unlocking the potential of artificial intelligence, connectivity, and optimization tools, we make it possible for the utilities and service providers to effectively meet the growing demands for energy efficiency while improving business operations and costs.”

Mikkel Westenholz, CEO ENFOR A/S, says: “We are happy that our district heating services have found a new home with Danfoss, who will be able to integrate the services into their digital platform, and bring the services to the market through their global organization. It has been an exciting journey for ENFOR, where we were an early pioneer for the use of data and machine learning in forecasting and optimization of energy systems. We see it as a strong validation of our business and technology, that a company like Danfoss has acquired our district heating and cooling technology, and we will continue our journey with a focus on renewable energy and the power sector.”

For further information please contact:
Martina Pozgaj
Email: martina.pozgaj@danfoss.com 
Related links:  
Leanheat Software Suite & Services 

In a collaborative effort to enhance sustainability in sports, Dubai Sports Council and the "Desert Vipers" team are joining forces, aligning with the nation's commitment to a rational government approach and the strategic plan for the sports sector 2024-2033.

His Excellency Saeed Hareb, the Secretary General of Dubai Sports Council, welcomed Mr. Avram Glazer and the Desert Vipers team, along with attendees, to Dubai Sports Council headquarters.

H.E Saeed Hareb said: “An agreement has been reached to unify efforts, focusing on integrating sustainability applications in sports stadiums and tournaments. This collaboration will encompass awareness campaigns and practical applications to make events and sports more sustainable and environmentally friendly.”

While addressing the media, he also said: “Dubai has already set a precedent by organizing international events, such as the European Golf Tour Championship – Road to Dubai and the SAIL GP race, that adhere to sustainability standards. Today, we proudly announce the addition of new cricket tournaments in cooperation with "Desert Vipers."

Dubai Sports Council remains steadfast in its dedication to fostering an effective contribution of sports towards a green future. By doing so, we aim to create a world where all can enjoy a healthy and happy life for ourselves and for future generations.

The Desert Vipers, a cricket team that plays in the UAE’s own Twenty20 competition, the DP World ILT20, has joined forces with Dubai Sports Council, the official body responsible for the development of the sports sector in the Emirate.

In a ground-breaking partnership, Dubai Sports Council has become the Lead Partner in the Desert Vipers’ Sustainability Programme. Dubai Sports Council will endorse the Vipers’ Sustainability Match at the Dubai International Stadium on Saturday 3 February.

And it will be the key contributor to a Sustainability in Sport Summit in Dubai in late 2024 in the presence of Desert Vipers owner Mr Avram Glazer.

Dubai Sports Council will also play a key role in supporting the Desert Vipers’ schools programme which is introducing the sport of cricket and the issue of sustainability into Arab and international schools across the Emirate of Dubai in association with Sports Spirit Events LLC.

Commenting on the partnership between the Desert Vipers and the Dubai Sports Council, Desert Vipers owner Mr Avram Glazer said: “This is a proud day, a landmark day for the Desert Vipers, to join with the Dubai Sports Council in addressing the fundamentally important opportunity to promote sustainability in sport.

“We are thankful for the far-sighted approach of the Dubai Sports Council in joining with us to lead the way in this matter. Together we will set the path for others to follow.”

CEO of the Desert Vipers, Mr Philip Oliver, said: “Our partnership is a perfect coming together of two organisations with shared objectives – namely, the fast-forwarding of sustainability in sport in Dubai and, more broadly, the UAE, and contributing to the future of sports movements worldwide.

“Both the Desert Vipers and the Dubai Sports Council are aware that we are in a position to influence behaviour that will help safeguard the environment and allow sport to be played, watched and enjoyed for now and for the future.

“By acting together, we will create meaningful change for sustainability in sport in Dubai and the UAE."

The synergy between the Desert Vipers and Dubai Sports Council means the partnership in sustainability makes perfect sense for both organisations.

The Desert Vipers have eschewed the use of single-use plastic water bottles from their dressing room and have replaced them with reusable bottles filled with locally sourced water while the Dubai Government has banned single-use plastic bags.

The Vipers have also undertaken an extensive education programme across schools in the Emirate, in keeping with DSC’s mandate to nurture talent.

The partnership with the Dubai Sports Council will only serve to enhance and to shine a brighter light on activities the Vipers are undertaking.

That includes its Sustainability Match at the Dubai International Stadium on Saturday 3 February which will feature plastic bottle recycling at the venue for first time.

The match, against the Gulf Giants, a repeat of the final match of the inaugural tournament in 2023, will also feature a ‘fan carnival’, including sustainability-themed fan engagement and hospitality catering with reduced carbon emissions in mind.

And the match will take place in the presence of sustainability departments of more than 80 UAE businesses.

The coupling of Dubai Sports Council and the Desert Vipers is also intended to cut across all sports, not only cricket, in raising awareness of the need for sustainability.

Later in 2024 under the auspices of this partnership, the first Sustainability in Sport Summit and Awards Dinner will be held with Mr Avram Glazer in attendance, details of which will be announced in due course.

Source: SME News Service

Besides flying cars and robotaxis, Dubai is looking to introduce two  more ultra-modern transport systems to further elevate passenger experience in the emirate.

The Roads and Transport Authority (RTA) signed on Thursday two memoranda of understanding (MoUs) with private firms based in the United Kingdom and the United States (US) to explore the potential deployment of driverless pods travelling on an elevated track and a solar-powered rail bus system.

The two systems, dubbed as sustainable, eco-friendly and efficient means to transport passengers, are the latest futuristic technologies being explored to further enhance public transport in the emirate.

Dubai had previously announced plans to deploy self-driving taxis and flying cars, which are envisioned to be operational in a few years.

Latest deals

In the first agreement, signed with British company Urban.Mass, Dubai will explore the potential deployment of the Floc Duo Rail, which features double tracks that allow electric-powered transportation units to move swiftly and efficiently in various parts of the city, according to Abdul Mohsen Kalbat, CEO of RTA.

The plan is to deliver the system’s first operational pilot in the emirate, which promises to cut carbon emissions by 50%, and ultimately scale up the adoption of the new concept worldwide, Urban.Mass said in a separate statement.

The system offers capacity to match demand with high frequency “platoons” of pods, the company said on its website. It doesn’t require a huge footprint, including expensive tunnels and massive stations.

The UK firm also said it is now looking to raise funds through the London Stock Exchange Group’s Floww platform to accelerate the development and deployment of the duo rail.

“This agreement between Urban.Mass and Dubai’s RTA is testament to the strength of the UK and the UAE’s joint commitment to reduce climate change, paving the way for sustainable mass transit through technology that will change the way people move around the city,” said Oliver Christian, His Majesty’s Trade Commissioner for the Middle East and Pakistan.

In the second deal, signed with American company Rail Bus Inc, Dubai will consider the adoption of another eco-friendly transport system that features vehicles travelling on a bridge outfitted with solar panels.

“These panels harness solar energy to power the system, ensuring its operation in Dubai,” Kalbat said.

“This system is distinguished by its contemporary design and offers the advantage of lower costs in comparison to similar transportation systems.”

Rail Bus is a developer of small, driverless vehicles that also run on elevated tracks. 

The vehicles are ultra-lightweight in that they require track infrastructure that costs about less than 20% of the budget required in a Metro system with the same length and capacity, the company said on its website.

Source: Zawya (Writing by Cleofe Maceda; editing by Seban Scaria seban.scaria@lseg.com) 

Kinokuniya, the UAE's largest bookstore, has collaborated with advertising agency Saatchi & Saatchi, to launch "Offset Boxset," an innovative and actionable initiative that tackles the pressing issue of carbon emissions linked to excessive social media use.

Recent studies have revealed that an average person generates approximately 1.15 grams of carbon emissions for every minute spent on social media. With people averaging 10 hours per day on these platforms, the resultant carbon footprint is staggering - around 262 million tonnes of carbon emissions every year. Kinokuniya's Offset Boxset aims to redirect this trend towards a more sustainable habit: reading.

The Offset Boxset is a meticulously crafted collection of books, chosen to offset the carbon emissions generated by an individual's social media usage. The number of books in each set corresponds to the reduction of 1, 2, 3, or 4 kilos of carbon emissions. These books are FSC Certified, ensuring a significantly lower carbon footprint compared to standard books.

"We are thrilled to launch the 'Offset Boxset' initiative, embodying our commitment to merge reading with environmental responsibility. We envision a future where every page turned is a step towards a greener world," said Steve Jones, Store, Merchandise and Marketing Manager, Kinokuniya UAE.

The sets are in store now and are displayed as part of an interactive educational exhibit, allowing individuals to understand their online behaviour's impact and select a boxset tailored to their needs. Customers also have the flexibility to customise their boxsets with books of their choice.

This initiative goes beyond just selling books. It's about educating and empowering individuals to make a tangible difference in the fight against climate change. Customers are informed about the impact of their reading on carbon emission reduction, encouraging a shift from passive online consumption to active environmental participation.

“Kinokuniya have always been about encouraging readers. Last year we showed how everyone has time to read by equating people’s social media time to the number of books they could have read in that same time. This year we’ve gone one step further. We’re giving Gen Z’s a more powerful reason to read - by showing them how reading could reduce the carbon emissions they would generate by using social media. It’s an ambitious idea, but to save the planet we believe every little counts”, Gautam Wadher, Executive Creative Director, Saatchi & Saatchi - Dubai

For more information, please contact:   
Angela Bak   
Director, Corporate Communications   
Publicis Groupe ME&T    
angela.bak@publicisgroupe.com    

Mashreq, a leading financial institution, has signed a Memorandum of Understanding (MoU) with the UAE-based fintech firm, Fils, to develop a corporate carbon offsetting offering. This helps corporate and institutional clients to integrate carbon offsetting directly from their Mashreq corporate accounts.

Fils is a groundbreaking, enterprise-grade, digital platform that provides the underlying infrastructure for financial institutions, banks and other organisations across industries to launch standalone, sustainable focused products such as carbon offsetting.

This approach to the future of fintech facilitates the transition to an Environmental, Social, and Corporate Governance (ESG) compliant corporate landscape, enabling companies of all sizes to effortlessly embed sustainable and climate action into their business models and customer journeys, across industries.

Blockchain technology

In a bid to eliminate the deceptive practice of misrepresenting environmental responsibility through greenwashing, Fils infrastructure uses blockchain technology to track all carbon credits used to avoid double counting and provide transparency.

The MoU was signed at Mashreq’s Global HQ by Nameer Khan, founder of Fils; and Mashreq’s Head of Corporate and Investment Banking Group, Joel D Van Dusen, with the support of the UAE’s Chief Trade Negotiator and Assistant Undersecretary for International Trade Affairs at the Ministry of Economy, Juma Al Kait.

The agreement represents the first step in Mashreq’s development of specialised carbon-offsetting financial products, which will launch in collaboration with selected UAE-based Mashreq corporate clients.

With the initial solution expected in the first half of 2024, the announcement represents a critical milestone for the region’s financial sector, underlining a significant shift towards incorporating environmental responsibility within the region’s financial practices.

Carbon credits

Within the UAE, carbon credits are an increasingly important part of the decarbonisation strategy. The partnership between Mashreq and Fils will create a solution that solves a number of historic challenges, including the fact that trading markets are not typically accessible directly by corporates.

The account will also solve the problem of minimum purchase amounts that typically apply, whereas Fils will provide fractionalised credits. This removes the complexity and accessibility of dealing directly with the carbon credit markets and simplifies the purchasing, auditing, and reporting through Mashreq.

Joel D Van Dusen, Head of the Corporate and Investment Banking Group at Mashreq, said: "This initiative will have a broad impact on Mashreq's corporate clients, offering a solution designed to contribute towards environmental sustainability. It also reinforces the UAE’s position as a pioneer in integrating sustainability into its economic and financial sectors, aligning with the nation's role in hosting COP28 and its ambition to lead global sustainability efforts. Furthermore, the pioneering initiative signifies Mashreq’s dedication to sustainable practices.”

Climb2Change

The MoU with Fils is the newest addition to Mashreq's series of sustainable finance initiatives, forming part of the bank's wider global Environmental, Social, and Governance (ESG) platform, Climb2Change. The international initiative integrates the Bank’s wide ranging ESG milestones with its contribution to shaping a sustainable future and the financial solutions required to combat climate change and achieve an inclusive net zero future.

Nameer Khan, Founder of Fils, said: “Fils’ partnership with Mashreq in the development of a ground-breaking carbon offsetting product is a powerful catalyst for the evolution of ESG enforcement across the region’s financial markets. Created with transparent KPIs, the accounts spell the end of greenwashing and clear a path towards greater accountability and implementation of actionable outcomes that can improve the sustainability of the world we live in.”

Founded by Mena Fintech Association (MFTA) chairman Nameer Khan, Fils aims to enable companies to integrate ESG values at the heart of their operations. 

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Source: TradeArabia

ROR Coffee Solutions (Rate of Rise), the Emirati-owned pioneer in delivering exceptional specialty coffee experiences, announces it has embarked on the first phase of its sustainable drive, a program whereby the company plans to reduce its carbon emissions by 20% by the year of 2025. A one-stop-shop for all coffee requirements across the GCC, ROR Coffee Solutions has introduced multiple sustainable practices across various avenues of the business, from its fleet of delivery cars down to its packaging, revealed this week at World Coffee Dubai 2024.

With its unwavering commitment to sustainability, the commencement of its sustainability drive has seen the prominent coffee business partner with Forthing Friday EV to completely transition its entire delivery fleet to electric vehicles. In addition to this, the company has also switched to an electric roaster, boasting a variety of advantages including energy efficiency and zero emissions, and introduced fully compostable coffee bags, capsules and cups across its product portfolio. Furthering ethical practices, the company has committed to fair trade agreements with coffee farms in various regions, including Kenya, Brazil, Costa Rica, Yemen, and Colombia. These agreements reflect ROR Coffee Solutions' commitment to ensuring fair compensation for coffee farmers, promoting economic sustainability, and building positive relationships within the coffee supply chain. By putting ethics at the forefront, ROR Coffee Solutions not only delivers exceptional coffee experiences but also contributes to creating a more fair and responsible coffee industry.

"The journey towards sustainability is more than a mere responsibility; it's a dedicated pledge to influence the future of the coffee industry. At ROR Coffee Solutions, we are steadfast in establishing meaningful connections, nurturing sustainable practices, and providing exceptional coffee experiences—all while upholding a commitment to ethical standards," expresses Aaron Marshall, General Manager at ROR Coffee Solutions. "Our vision aligns seamlessly with the UAE's Net Zero Strategy 2050, reflecting our dedication to contributing to the nation's ambitious goals in creating a more sustainable and environmentally conscious future. As a locally owned business in the UAE, ROR Coffee Solutions is deeply rooted in the vision of fostering sustainability within our local community and actively participating in the broader national efforts towards a greener and more sustainable future," he adds.

In parallel to the recent announcement, ROR Coffee Solutions unveiled new capsules and office solutions at World Coffee Dubai 2024 this week, marking a significant step towards providing comprehensive and sustainable coffee solutions. Additionally, the company launched new coffees exclusive to ROR across the GCC, hosted daily workshops, cupping sessions, and educational talks. Visitors experienced a full day of coffee tasting at the brew bar, where the latest innovations and flavors were showcased.

In an industry where service excellence is paramount, ROR Coffee Solutions distinguishes itself through a commitment to unparalleled after-sales support for its partners. The company believes in fostering lasting relationships by providing ongoing assistance and ensuring partner satisfaction throughout their journey. Additionally, ROR Coffee Solutions is dedicated to the continuous training of its partners and team members, empowering them with the expertise needed to create memorable coffee experiences.

For more information on ROR Coffee Solutions and its initiatives, please visit https://ror.ae/

About ROR Coffee Solutions:

Founded in 2017, Rate of Rise Coffee Solutions (ROR) stands as a homegrown Emirati-owned enterprise, serving as the premier one-stop-shop for all coffee requirements across the GCC region. With a commitment to excellence and sustainability, ROR has been proudly sourcing specialty green coffee from coffee farms in Kenya, Brazil, Costa Rica, Yemen, and Colombia.

Specializing in providing the GCC region with high-quality roasted beans, ROR Coffee Solutions is dedicated to elevating the coffee experience. The company's story is one of passion and precision, ensuring that every cup embodies a symphony of fragrances, aromas, flavors, and tasting notes. This dedication extends beyond the pursuit of flavor excellence to encompass innovative and sustainable practices.

Now on the first phase of its sustainability drive, ROR aims to reduce carbon emissions by 20% by 2025.  The company has introduced multiple sustainable practices across various avenues of the business, from a partnership with Forthing Friday EV to transition its entire delivery fleet to electric vehicles to adopting an electric roaster for energy efficiency and zero emissions and introducing fully compostable coffee bags, capsules, and cups across its product range.

In line with its commitment to sustainability, ROR Coffee Solutions focuses on being a responsible and eco-conscious brand. Now on the first phase of its sustainability drive, ROR aims to reduce carbon emissions by 20% by 2025.  The company has introduced multiple sustainable practices across various avenues of the business, from a partnership with Forthing Friday EV to transition its entire delivery fleet to electric vehicles to adopting an electric roaster for energy efficiency and zero emissions and introducing fully compostable coffee bags, capsules, and cups across its product range. Beyond direct sourcing from coffee farms, the company also prioritizes eco-friendly practices, ethical sourcing, and community support.

ROR Coffee Solutions offers a comprehensive suite of tailored services, covering all aspects from design and build to the final cup consumed by your clients. The company currently supplies various sectors across the GCC, including HORECA, Airlines, White Label, Offices, and E-commerce.

Masdar City, an Abu Dhabi-based sustainability and innovation hub dedicated to making all cities a solution to climate change, has inaugurated their first mosque, called Estidama Mosque.

The new, 500-square metre domed structure, located in Masdar Park, adheres to the highest international sustainability standards and can accommodate 335 worshippers for each of the five daily prayers.

"Estidama Mosque is a powerful symbol of our commitment to our community, our faith, and responsible stewardship of the earth," said Mohamed Al Breiki, Masdar City's Executive Director of Sustainable Development. "We see this as so much more than a house of worship—it's a community gathering place in the heart of our city where worshippers can look forward to a journey that is both environmentally conscious and spiritually profound."

Masdar City designed Estidama Mosque in collaboration with X-Architects with a focus on passive design, an approach they champion across the city. It is an architectural technique that works with the local environment and a building's physical components to minimise the need for energy-intensive cooling.

Skylights on the roof are compact, and traditional Arabic screens maximise natural light while minimising heat generated by direct sun. The building also has a low surface-area-to-volume ratio, an airtight building envelope, and high-performance insulation.

Additionally, the primary pathways to the building and the courtyard are shaded by trees, and intelligent sensors within the building enable precise management of lighting and ventilation based on building occupancy. All of these features work together to reduce the need for cooling.

In total, the mosque will use over 50 percent less energy than a traditional mosque building. Solar photovoltaic panels, installed on the nearby car parking shades, produce a portion of the building's remaining energy requirements.

The mosque also conserves about 48 percent of its water. A water treatment unit allows grey water to be used to irrigate plants in the mosque's garden.

"We're proud of the fact that this unique design is on track to be Abu Dhabi's first LEED Platinum mosque," added Al Breiki. "Our designs meet all the requirements for both LEED Platinum and Estidama 3-Pearl, and we anticipate receiving the certifications later this year."

LEED Platinum is the highest international standard for green buildings, awarded by the US Green Buildings Council. Estidama 3-Pearl is a rating awarded by the UAE's Estidama Pearl Rating System, which is designed for the UAE's physical environment and focuses on water conservation.

Masdar City's second mosque, a much larger, net-zero energy building that will accommodate 1,300 worshippers, was announced during COP28 and is expected to break ground in 2024.

Al Breiki as well as Ahmed Baghoum, Masdar City's CEO, participated in a ribbon cutting ceremony for the mosque alongside senior leaders from Masdar City's shareholder, the Mubadala Investment Company: Homaid Al Shimmari, Deputy CEO and Chief Corporate and Human Capital Officer; Dr. Bakheet Al Katheeri, CEO of Mubadala's UAE investments platform; and Khalifa Al Romaithi, Executive Director of UAE real estate, alongside Anwar Al Hanaei, Director at the General Authority for Islamic Affairs and Endowments.

Source: WAM (Emirates News Agency)

The UAE has announced plans to develop the first-ever sustainability accreditation framework explicitly for micro, small and medium-sized enterprises (MSMEs). EcoMark Global Accreditation has been designed to boost the competitiveness of MSMEs in the global green economy by streamlining and standardising the regulatory processes surrounding sustainability benchmarking worldwide.

The EcoMark certification, which is based on ISO standards and digitally enabled, will include a full suite of resources to help MSMEs attain EcoMark status, covering document requirement guidelines and a roadmap to progress from basic to advanced levels of sustainability, and a standardised application process and complete eligibility criterion for accreditors in the participating countries. The framework will be overseen by a central body headquartered in the UAE.

The initiative was announced at the World Economic Forum annual meeting in Davos by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, during a panel discussion titled ‘A New Trade Order: Inclusive Growth’.

The panel, which gathered ministers, policymakers, and academics to explore means to better integrate LDCs, MSMEs, and female and youth-led businesses into global trade, highlighted the need to help emerging enterprises keep pace with increasing consumer demand for products and services that comply with green standards.

Launching the initiative, Al Zeyoudi emphasised that MSMEs have a pivotal role in driving the transition toward a lower-carbon economy. However, the contribution of MSMEs such as those run and operated by underrepresented groups including women and youth can only be unlocked through targeted and customised support that reduces time, cost and resource constraints associated with environmental regulatory compliance.

Al Zeyoudi said, “Accounting for almost 90 percent of global businesses, MSMEs must have full access to the global trading system if our vision of a more sustainable and equitable global economy is to be realised. These enterprises are also important agents of change, with the flexibility and singularity of focus required to drive sustainability across value chains.

The development of the EcoMark Global Accreditation as an accessible and universally recognised platform will help them both find and compete in new markets around the world, and meet the growing demand for sustainable products and services.”

Al Zeyoudi said the announcement builds on the progress made at COP’s first ever Trade Day held in Dubai last month, where the UAE hosted a series of critical conversations on the contribution of trade to the climate change challenge. As Chair of the WTO’s 13th Ministerial Conference (MC13) in Abu Dhabi in February, he said EcoMark underlines the UAE’s commitment to multilateralism and the desire to deliver full and equal access to the global trading system.

The World Economic Forum Annual Meeting 2024 in Davos is taking place under the theme “Rebuilding Trust” and has brought together government and business leaders to engage in constructive, forward-looking dialogues and help find solutions through public-private cooperation.

Source: WAM (Emirates News Agency)

Sharjah Sustainable City, the first sustainable master-planned community in the emirate of Sharjah developed in partnership with the Sharjah Investment and Development Authority (Shurooq) and Diamond Developers, has commenced the handover process for homeowners who purchased villas in the second phase of the project.

The announcement of the handover for the second phase comes after an overwhelming response to the sustainable community, signifying a major achievement, with 85% of the project spanning across four phases already sold out by the end of December 2023.

The strong sales performance of Sharjah Sustainable City comes at a time when eco-conscious living has gained public traction. The villas are equipped with rooftop solar panels, featuring electric shuttles for internal mobility, the facility to grow vegetables and greens through vertical farming, and 100% of the wastewater treated for landscape irrigation, among other features. Extended over an area of 7.2 million square feet in the Al Rahmaniya area of Sharjah, the sustainable villas of the mixed-use community meet the highest standards of social, environmental, and economic sustainability while reflecting a deep understanding of the UAE real estate market, offering future-proof properties with excellent amenities at an attractive price for buyers and investors.

Yousif Ahmed Al-Mutawa, Chief Executive Officer of Sharjah Sustainable City, said: “As the first fully integrated and sustainable development in the emirate, Sharjah Sustainable City aims to instil a fully sustainable way of life that demonstrates that economic progress and sustainability can go hand-in-hand, and we look forward to introducing our new homeowners to this fulfilling and rewarding lifestyle. This significant milestone is a testament to the trust that our customers have bestowed on us, and as the remarkable success of our villas in the sold-out phases of the project demonstrates, the appetite for eco-conscious homes at our city seems to be only rising. In this community, we not only ensure a high quality of life for generations to come, but we are also proud to have set a benchmark for sustainable development in the region.”

By using thermal insulating construction materials and windows, smart home automation, water-saving appliances, energy-saving electrical fittings and rooftop solar PVC installations, the villas at Sharjah Sustainable City are projected to help its residents enjoy savings of up to 50% on their electricity and water bills.

New residents moving in for the second phase of the villa community will also discover how environmental sustainability is at the forefront of its social areas, including the Green Spine that runs through the centre of the community and supports vertical farming, reusing water for irrigation, and a waste-to-energy plant. In addition, the community encourages an active lifestyle through world-class amenities such as cycling and jogging tracks, green parks and playgrounds, swimming pools and health clinics.

Source: Somshankar Bandyopadhyay, Khaleej Times

From the glistening towers of Dubai to the majestic souks of Oman, a question echoes across the Arabian Peninsula: Will the rising tide of environmental, social, and governance (ESG) consciousness unlock a prosperous future for all, or will it inadvertently leave some communities stranded on the shores of change?

The potential for ESG to transform the region is undeniable. Implementing eco-friendly practices, reporting on progress, and training employees all chip away at business bottom lines. The temptation to pass these costs onto consumers is natural, raising the spectre of higher prices for everyday necessities. This could disproportionately impact low-income households, further straining their budgets in a challenging economic climate. Research suggests that by 2050, climate-related events could devour a staggering 3.3 percent of asset value for some sectors, a stark warning that resonates with the urgency highlighted at COP28.

Ignoring this delicate balance risks turning the beacon of hope into a burden for some. So, how can we ensure everyone walks across the green tightrope together?

Transparency as a guiding light: Businesses must ditch the tightrope act and shine a spotlight on their ESG initiatives and cost considerations. Open communication with stakeholders is key. Articulating the long-term benefits of these investments, such as energy-saving upgrades leading to lower future bills, can foster understanding and acceptance. Look at the UAE's ‘Integrated Emission Quantification Tool as a model. This first-of-its-kind initiative in the region aligns with the Paris Agreement, promoting transparency and paving the way for responsible growth.

Innovation to unlock affordability: Instead of clinging to the tightrope for balance, businesses can collaborate and share best practices. Imagine open-source platforms brimming with energy-saving blueprints or industry partnerships exploring sustainable sourcing options – these are not distant mirages, but potential lifelines for cost-effective ESG implementation. The UAE's commitment to renewable energy and sustainable water management, exemplified by the green projects championed by the Dubai Electricity and Water Authority (DEWA), are testaments to this collaborative spirit.

Beyond cost, towards opportunity: While cost concerns hang heavy like the desert air, businesses can see ESG as a springboard, not a burden. Investing in sustainability attracts socially conscious consumers and opens doors to new markets, ultimately boosting profitability. Remember, green isn't just a colour in the Gulf, it's a potential growth engine. Take Oman's Muscat Stock Exchange's recent ESG guidelines for listed companies – a clear signal that sustainability translates to success.

Governments as enablers: To truly secure everyone's footing on the green tightrope, governments must act as guiding hands. Incentives, subsidies, and infrastructure investments can ease the burden on businesses and consumers, making ESG a shared journey, not a solitary venture. Saudi Arabia's Green Riyadh project, transforming the city into a sustainable oasis, embodies this supportive approach.

Financial implications: ESG transition vs Low - carbon transition

While concerns about potential cost increases and asset depreciation amidst an ESG transition are valid, the impact on financial stability can be significantly mitigated through careful planning and collaboration. As highlighted by the OECD (2021), an orderly transition, characterised by assertive policies and efficient markets, can effectively manage changes in asset prices without major disruptions.

This scenario envisions depreciation and write-downs of obsolete assets, such as fossil fuel infrastructure, being offset by investments in cleaner and more efficient technologies. In a well-functioning financial system, these price adjustments would simply reflect changing market realities, not signal catastrophic losses. By channelling capital towards low-carbon or carbon-neutral solutions, such a transition could even stimulate sustainable growth.

However, the alternative – a disorderly transition triggered by sudden policy changes or technological advancements – could paint a far more volatile picture. Unforeseen events could lead to rapid price movements and increased uncertainty, impacting not just specific sectors but potentially causing broader market contagion.

Therefore, understanding the key factors influencing valuation dynamics in a low-carbon transition is crucial. By analysing these factors, we can better anticipate and manage potential risks associated with the transition, ensuring financial stability and promoting a smooth path towards a more sustainable future.

Envision a region where businesses collaborate, sharing resources and solutions for everyone's benefit. Imagine open-source platforms filled with energy-saving ideas and sustainable partnerships. ESG isn't just about boardrooms; it's about clean air and water for all, fostering community engagement, and creating a future where affordability and sustainability coexist. Navigating ESG complexities requires collective effort, transparency, collaboration, innovation, and proactive policy support to ensure broad benefits. As we enter 2024, the choice is clear: cling to outdated models or embrace a greener, equitable world. Let's act now, harnessing ESG to transform the Gulf into a beacon of global sustainability.

Source: Zawya Projects (The author is an ESG advisor, specialising in SDGs and economic diversification, and is a certified UNCTAD Youth Network coordinator. She also serves as Associate Director at Gulf Intelligence, driving impactful change in energy transition)