The Ministry of Climate Change and Environment has signed a preliminary agreement with UAE-based Industrial Innovation Group (IIG) and Venom Foundation to establish a national system for carbon credits using blockchain technology.
The pact in the run-up to the Cop28 climate summit in Dubai in November and December is in line with the UAE’s stricter carbon emissions reduction targets this decade and achieving its goal of climate neutrality by 2050, a ministry statement said on Monday.
The collaboration aims to reduce emissions and enhance sustainable agriculture, environmental health and biodiversity in the UAE.
The parties aim to develop a system that will provide the highest levels of “transparency, reliability, efficiency and security" in managing, issuing, transferring, calculating and accurate tracking of carbon credits, it said.
“The UAE believes in its ability to make a difference in this field and has pledged, through the third update of its second Nationally Determined Contributions, to reduce its emissions by 40 per cent [this decade] compared to a business-as-usual scenario, an increase of 9 per cent over its previous pledge," said Mariam Al Mheiri, Minister of Climate Change and Environment.
“This requires working according to a scientific approach based on modern technology and the highest levels of transparency to monitor carbon credits to work according to realistic data, achieve tangible results on the ground and achieve climate neutrality by 2050.”
The pact between IIG and Venom for the national system for carbon credits is an “important step”, which reflects the UAE’s determination to boost climate action “for a more sustainable future for us and future generations”, the minister added.
Carbon credits, also known as carbon offsets, are permits that allow companies to emit a certain amount of carbon dioxide or other greenhouse gases. The funds from the sale of the credits are then used to finance climate-action projects that would not otherwise get off the ground.
The market for the financial instrument could be worth more than $50 billion by 2030, according to consultancy firm McKinsey.
Blockchain is a shared, immutable ledger for recording transactions and tracking assets. The technology is behind secure online wallets and several other payments businesses, as well as cryptocurrencies.
The use of blockchain in the carbon credits system could help to improve the “traceability of specific carbon credits and reduce the risk of double counting of a single credit”, said Edward Bell, senior director of market economics at Emirates NBD.
Like its regional peers, the UAE, the Arab world’s second-largest economy, is developing its carbon market, a trading system in which the credits are bought and sold.
In June, a new coalition called the UAE Carbon Alliance was launched by the UAE Independent Climate Change Accelerators (UICCA), that will help develop a carbon market in the Emirates and support the transition of companies to a green economy.
The alliance’s founding members are AirCarbon Exchange (ACX), First Abu Dhabi Bank, Mubadala Investment Company, Abu Dhabi National Energy Company and Abu Dhabi Future Energy Company, in addition to UICCA.
Last year, The Abu Dhabi Global Market, the UAE capital's financial free zone, announced plans to team up with ACX to create the “world’s first fully regulated” carbon trading exchange and clearing house in the emirate.
The UAE is also investing heavily in clean energy projects such as the Barakah Nuclear Power Plant, a two-gigawatt solar factory in Abu Dhabi's Al Dhafra region and the five-gigawatt Mohammed bin Rashid Al Maktoum Solar Park in Dubai.
In July, the cabinet also approved an updated version of the UAE Energy Strategy 2050 and the development of the National Hydrogen Strategy.
Under the updated objectives of the strategy, the UAE will invest Dh200 billion ($54 billion) by 2030 to ensure energy demand is met while sustaining economic growth.
The ministry said its latest pact was focused on strategic objectives of reducing and cutting greenhouse gas emissions to achieve climate neutrality and developing agribusiness.
It also focuses on promoting responsible investment in the agriculture and sustainable food system.
The parties will co-operate on developing technological solutions for a global platform for registering and issuing carbon credits in the UAE, as well as providing a blockchain-based solution for safe and effective management of the national system.
The collaboration also aims to develop a “legislative and regulatory framework by the ministry to establish the national system for carbon credits".
“By setting up a domestic registry for carbon credits in the UAE, it can help to establish reporting standards for emissions among local corporates who can then make use of the credit system,” Mr Bell said.
“If the credits are used to support projects in the UAE, there is likely to be a more tangible connection for local corporates to see the impact in their home market.”
The preliminary agreement also covers areas such as green investment, adaptation to climate change, preparing and introducing a climate neutrality strategy and enhancing partnership opportunities with the private sector, the ministry said.
Source: Sarmad Khan, The National
Dubai Electricity and Water Authority (Dewa) has selected Abu Dhabi's renewable energy company Masdar to build and operate the 1,800-megawatt sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the world's largest single-site solar park.
The project, which will use photovoltaic solar panels based on the Independent Power Producer (IPP) model, has an estimated cost of Dh5.51 billion ($1.4 billion), the Dubai Media Office said.
“Dewa is committed to completing the phases of the Mohammed bin Rashid Al Maktoum Solar Park according to the highest international standards using the latest solar power technologies to enhance the shift towards a green sustainable economy by increasing the share of clean and renewable energy,” Saeed Mohammed Al Tayer, managing director and chief executive of Dewa, said.
The emirate has set a target of generating 25 per cent of its energy requirements from renewable sources by 2030 and 100 per cent by 2050.
The sixth phase of the solar park comes during the UAE's Year of Sustainability in 2023, and the year it is hosting the Cop28 climate change summit, in November.
With a total investment of Dh50 billion, and based on the IPP model, the solar park will have a capacity of 5,000MW and will reduce 6.5 million tonnes of carbon emissions annually when it is fully completed in 2030.
Dewa said it received 23 expressions of interest from international applicants to develop this project to build and operate the sixth phase of the solar park.
The final selection came after Dewa said in June it received two bids from Saudi Arabia's Acwa Power and Masdar for the sixth phase.
Masdar submitted the lowest bid of $1.62154 cents per kilowatt hour, which was the lowest levelised cost of energy (LCOE) for any of Dewa's solar IPP projects so far, it said on Sunday.
The project will become operational in stages starting from the fourth quarter of 2024, according to the utility.
The total capacity of the solar energy projects commissioned at the solar park has reached 2,427MW, the media office said.
Dewa is building another project with a total capacity of 433MW. The sixth phase of the solar park will increase the total production capacity to 4,660MW.
In June, Dewa inaugurated the 900MW phase five of the solar park, which will provide clean energy to about 270,000 homes in the emirate, reducing carbon emissions by 1.18 million tonnes annually.
The share of clean energy in Dubai’s energy mix is about 16.3 per cent of its total installed capacity, Mr Al Tayer said.
This will reach 24 per cent in 2026 with the completion of the sixth phase and the remaining phases under construction of the solar park, he said.
Source: Deena Kamel, The National
Multi-brand restaurant chain Kitopi announced on Monday its partnership with UAE-based agri-tech platform Fresh On Table to source fresh local ingredients from nearby farms.
The partnership, in line with the chain’s efforts to further its sustainability initiatives, will help Kitopi reduce the need for storage or the use of chemicals typically employed in preserving imported produce.
By sourcing fresh and nutritious produce locally, the restaurant chain also reduces the need for extensive transportation and eliminates food miles.
This not only ensures that consumers receive high-quality dishes but also helps minimise CO2 emissions and reduce the carbon footprint associated with long-distance transportation.
Kitopi: Local sourcing for sustainability
Kunal Gupta, the Senior Director of Supply Chain, said: “By embracing sustainable sourcing practices, Kitopi can achieve a range of benefits like lowering tons of CO2emissions, millions of food miles saved, and much fresher ingredients for our consumers.”
Atul Chopra, Founder and CEO of Fresh on Table, said by sourcing fresh local ingredients, Kitopi will not only contribute to a better planet to live in but also have a clear differentiator of delivering maximum nutrition with minimum emissions to its discerning customers.
“We also believe it will be a major boost to local farms, enabling them to produce more and further support the nation’s food security mission,” he said.
Founded in 2019, Fresh on Table’s advanced technology platform integrates seamlessly with Kitopi’s operations, providing comprehensive traceability of sourced produce. This will allow the restaurant chain to track the origin and journey of the ingredients and also generate real-time data on CO2 emissions and food miles saved.
Source: Arabian Business
GL Holding (GLH) announced the signing of a partnership agreement with Urban Mobility Systems (UMS), a leading Dutch company in the green energy sector, to launch a series of renewable energy projects in the UAE, starting with the establishment of a factory specialised in developing and manufacturing green batteries, electric motors, chargers, and power generators.
The partnership agreement was signed today in Abu Dhabi, under the patronage of the Ministry of Economy and with the attendance of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Gerard Paul Marie Hubert Steeghs, Ambassador of the Kingdom of the Netherlands to the UAE. Ali Mohammed Al Mulla, CEO of GLH, and Lars Kool, CEO and Head of Technology at UMS, signed the agreement.
In his speech at the signing, Dr. Al Zeyoudi stressed that the UAE is keen to attract modern global technologies in the green energy sector, as part of its efforts to diversify the national economy, in partnership with the private sector, which is a vital partner in its ongoing development journey and plans to stimulate economic growth by creating new sectors and business areas that depend on innovation and knowledge, addressing the future economy.
Therefore, the UAE urges the local private sector and business community to cooperate with international companies to benefit from their extensive expertise, especially in the promising field of green energy, he added, affirming that the signing of the agreement during the Year of Sustainability, in which the UAE will host COP28, underscores the country’s approach to motivating the private sector to adopt sustainability and clean energy solutions.
In his statement to the Emirates News Agency (WAM), Steeghs said that the collaboration between GLH and UMS will create new opportunities for both countries to improve their economic and cultural cooperation.
The goal of the collaboration is to boost the production of clean energy in the UAE, he added, commending the outstanding bilateral ties between the UAE and the Netherlands in climate-related issues and describing their mutual advantages in various areas, such as the UAE’s sustainable efforts in the energy and food sectors, and the Netherlands’ cutting-edge technologies and expertise in these areas.
For his part, Al Mulla said that GLH’s partnership with UMS aims to establish the largest electric power battery and generator facility in the Middle East in Abu Dhabi, as well as transfer technologies from the Netherlands to the UAE and convert heavy civil and military equipment into machinery that does not produce emissions.
Al Mulla then applauded the UAE’s environment that attracts investment, which was instrumental in attracting UMS, affirming that the signing of the strategic partnership agreement underscores the approach of the UAE’s leadership to engage in innovative clean energy investments.
“We are gathered here to lay the foundation of our partnership through the first environmentally-friendly battery facility, and we aspire to contribute to our production in strengthening national industries, by exporting products bearing the ‘Made in the Emirates’ label to European and Australian markets,” he added.
“We are working to replace combustion fuel with clean energy in heavy equipment. Our products include power generators, precision cables and batteries for civil and military use. We also make energy engine systems and electric drive systems. Besides, we share our green energy technology and knowledge with our national engineers and technicians, helping them reduce carbon emissions. We also established a research and development management for clean energy and carbon reduction in the UAE,” Al Mulla said.
He stressed that this green technology transfer would help achieve sustainable development for future generations and provide employment opportunities for qualified local talents, consistent with the government’s actions to encourage localisation.
Moreover, Kool said that the partnership aims to unite two entities committed to advancing the local industry, boosting national income, and exploring new opportunities in European and Australian markets.
This partnership agreement will pave the way for new opportunities, boost technological innovation and help shape the national industry, he added, stating, “We shared his pride to provide a means to transfer green technology, which will produce ‘Made in the Emiratesd’ products soon.”
Source: Khoder Nashar, WAM (Emirates News Agency)
Oman and Etihad Rail Company, the developer and operator of the UAE-Oman Rail Network signed a memorandum of understanding (MoU) with Jindal Shadeed Iron & Steel (Jindal), an integrated steel producer in the GCC.
The MoU will see the companies establish a sustainable end-to-end transport logistics solution between Jindal’s steel complex at Sohar Port and the UAE, via the UAE-Oman Rail Network.
The agreement will allow Jindal to annually transport up to 4 million tonnes of raw materials and finished products from its steel complex at Sohar Port to the UAE.
Under the terms of the agreement, Oman and Etihad Rail Company will leverage its rail network to support Jindal in optimising operational integration through facilitated loading and unloading processes while guaranteeing rolling stock and facilities’ requirements of iron ore and steel.
Mohammed bin Zahran Al Mahrouqi, deputy CEO of Oman and Etihad Rail Company, said: “Our partnership with Jindal Shadeed Group reinforces Oman and Etihad Rail Company’s commitment to improving logistics services to meet the future needs and expectations of our customers by providing comprehensive solutions and stimulating the growth of various industrial sectors within Oman and the UAE.
“Furthermore, the MoU will enable Jindal to enhance its supply chain efficiency, benefiting from the UAE-Oman Rail Network’s fast, cost-effective, and sustainable services.”
Harsha Shetty, CEO of Jindal, said: “This is an important milestone for our company as we look forward to further expanding the reach of our high-quality, industry-leading products in the region and beyond.”
Through this collaboration, Jindal aims to not only streamline its transportation and logistics operations, but also advance its sustainability objectives and strengthen its green value chain.
Oman and Etihad Rail Company to offer eco-friendly transportation solutions
Oman and Etihad Rail Company will ensure an environmentally friendly transportation and logistics solution through the Oman-UAE Rail Network, and thus, contributing to the reduction of CO2 emissions in Oman and the UAE, in line with their national goals of net-zero carbon emissions by 2050.
It recently entered several commercial and investment partnerships with major international players in various industrial sectors to provide innovative logistics solutions and facilities, opening new corridors for economic cooperation, and unlocking promising opportunities for sustainable economic growth in Oman, the UAE, and the wider region.
Source: Gulf Business
To support the UAE sustainability drive and strengthen the country circular economy, YJOZ, an innovative digital platform for the sustainable rental of everyday items to luxury collections, was launched in Dubai on Friday at a ceremony in Zabeel Saray, The Palm.
The latest solution was unveiled by Yousif Bin Saeed Lootah, the CEO of YJOZ. The new application was launched with the an aim to encourage the adoption of sustainable lifestyles through renting.
YJOZ aims to redefine the way products are consumed and the perception of renting by providing a simple and eco-friendly platform for renting and sharing goods. The App aims to enable better use of natural resources, helps reduce waste, and reshapes the entire value chain by extending the life of products by re-sending used products to the market.
The digital solution presents users an opportunity to earn money by renting out their products while giving like-minded, environmentally conscious people affordable access to products without buying them. Currently, the App offers a growing list of items spanning various categories, from tools and equipment to home appliances, fashion, jewellery, sports and leisure items.
"We are living in an era that requires us to confront numerous environmental challenges, such as protecting the environment and reducing carbon emissions. We are also concerned about the excessive exploitation of natural resources and the unsustainable production of consumer goods. This is where "YJOZ" emerges as an innovative solution contributing to environmental protection and sustainable development,” said Saeed Lootah.
He further noted that, in reality, recycling is energy intensive and may require the use of more new materials, and it does not adequately address the problem that consumers buy too much and sometimes invest in products they may rarely use. For example, a report by the World Economic Forum (WEF) found that offerings within the rental sector have exploded over the past decade, with furniture being the number one category that consumers rent, in addition to products such as gaming systems, clothing, tools and technology.
"The UAE will play host to COP28, which will reaffirm the global commitment to combating climate change and protecting the environment. The launch of "YJOZ" at this pivotal time is in line with UAE’s efforts in sustainability and demonstrates to the world that UAE is taking the necessary measures and making efforts to achieve sustainable development goals. We believe that everyone has the power and responsibility to contribute to a greener future, and we are proud that YJOZ is at the forefront of this movement. We need to remember that sustainability is not just a choice, but a responsibility we owe to our planet and future generations."
Yjoz leverages an easy-to-use interface to find the perfect items for user needs and offers a unique sustainability rating system that enables environmentally conscious, value-based decisions. At the outset, renting and reusing reduce the exploitation and extraction of raw materials to produce new products, thereby reducing energy-intensive manufacturing processes and transportation emissions.
YJOZ is now available to download from the App Store and Google Play, and as a website.
Source: Gulf Today
Sharjah's Electricity, Water, and Gas Authority (SEWA) has joined hands with the Emirates Water and Electricity Company (EWEC) to enhance energy infrastructure and boost electricity production efficiency.
They will also implement low-carbon reverse osmosis water desalination plants to support the clean energy strategy and achieve the country's climate neutrality vision by 2050.
In a meeting at the Authority's headquarters, Saeed Sultan Al Suwaidi, Chairman of SEWA, and Abdullah Abdulrahman Mohammed Obaid Al Shamsi, Director-General of SEWA, welcomed Osman Juma Al Ali, CEO of the EWEC.
Al Suwaidi emphasised that the Authority's strategy focuses on continued collaboration with strategic partners to provide exceptional services, meet the increasing energy and water demand, and balance demand and sustainability goals. He praised the ongoing cooperation of the EWEC with the Authority.
Under the guidance of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, the Authority is committed to cooperating with various entities and using advanced technologies to support the UAE's Energy Strategy 2050. This involves improving energy efficiency, reducing carbon emissions, minimising the environmental impact, and promoting optimal energy consumption through specialised research and studies. The Authority will also continue developing energy infrastructure projects across Sharjah.
Source: Tariq Al Fahaam, WAM (Emirates News Agency)
Emirates NBD has signed the UAE Climate-Responsible Companies Pledge initiated by the UAE Ministry of Climate Change and Environment.
Emirates NBD Group is among the seventh cohort of 15 signatories in the UAE to sign the pledge, commit to implementing carbon emission reduction goals, and follow more sustainable methods in managing their operations, according to a timeline compatible with the UAE's national path to climate neutrality by 2050.
The pledge was made at the launch of the 11th National Dialogue for Climate Ambition organised by the Ministry under the slogan 'Accelerating the Shift; Decarbonising Ground Mobility' in collaboration with Emirates Driving Company.
The initiative coincides with the UAE's Year of Sustainability as the Emirate of Dubai prepares to host the Conference of the Parties (COP28) meetings this year.
The pledge commitments include organisations stepping up their collective efforts to combat climate change by measuring and reporting their greenhouse gas (GHG) emissions transparently, developing ambitious science-based plans to reduce their carbon footprint, and sharing these plans with the UAE government to contribute to achieving the national net-zero target by 2050.
Moreover, signatories pledge to factor in climate change mitigation and adaptation as core values and principles of their businesses and operational models and adopt an all-inclusive approach that engages youth, women, and vulnerable segments of society in developing their net-zero plans.
Vijay Bains, Group Chief Sustainability Officer and Group Head of ESG at Emirates NBD, said, "As a leading local banking group, sustainability is embedded into our culture, operations, and strategy and supports all strategic decision-making at the Group. The pledge signing further solidifies our commitment to supporting the UAE's decarbonisation efforts and is closely aligned with the Group's sustainability framework."
He added, "As the UAE prepares for COP28 this year, we look forward to innovative collaborations with other private sector companies and government entities in our effort to mitigate climate change."
Aligned with its commitment to gender equality and diversity, the Group joined the UAE Gender Balance Pledge to accelerate the UN Sustainable Development Goal 5 (achieve gender equality and empower all women and girls) in June 2023. As a pledge member, the banking group shall work closely with the UAE Gender Balance Council to align with UAE's vision to achieve the 17 UN SDGs, specifically goal number 5, which aims at achieving gender equality and empowering women.
Source: Ahlam Almazrooi and Rola AlGhoul, WAM (Emirates News Agency)
Dubai's Department of Economy and Tourism (DET) on Monday announced the 'Sustainable Tourism Stamp', a new sustainability initiative that recognises hotels with the highest adherence to DET's 19 'Sustainability Requirements'.
The new stamp is designed to accelerate efforts towards empowering the tourism sector to achieve its sustainability goals and support the UAE’s NetZero 2050 initiative. It will serve as a validation of the hotel's dedication to sustainability and showcase its sustainable practices.
To obtain the stamp, hotels of all classifications must meet the highest standards of DET's 19 Sustainability requirements, which include criteria such as energy and water efficiency, waste management programmes, and staff education and engagement initiatives. The accreditation process will be overseen by a committee of senior industry professionals to ensure integrity and independence, with the initiative designed based on global best practices.
The stamp will feature a three-tier scheme with categories ranging from Gold, Silver and Bronze. Nominations for hotel establishments to obtain the Dubai Sustainable Tourism Stamp will begin on 3 August, 2023 and end on 31 August, 2023.
Yousuf Lootah, Acting CEO of Corporate Strategy and Performance sector, Dubai’s Department of Economy and Tourism stated: “As part of our efforts to transform Dubai into a leading sustainable tourism destination in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to make our city the best place in the world to visit, live and work in, the Dubai Sustainable Tourism Stamp champions sustainable practices while setting a benchmark for excellence in environmental stewardship, aligned with the goals of the Dubai Economic Agenda 2033.
"We have carefully curated a set of high standard criteria that will reward hotels that go above and beyond in their sustainable practices. By recognising these exemplary establishments, we are encouraging others to follow suit and embrace sustainable initiatives that not only benefit their businesses but also contribute to the collective well-being of our city and the world at large.
“Supported by Dubai’s vibrant hotel industry, this initiative is a strategic step towards achieving our goal of making Dubai a leading destination for global travellers seeking the ultimate sustainability experience. By supporting businesses and encouraging them to adopt eco-friendly practices and reducing their carbon footprint, we are not only safeguarding the environment but also promoting sustainable growth.
"As Dubai prepares to host the 28th Conference of the Parties (COP28), the UN Climate Change Conference from 30 November to 12 December this year, the launch of the Dubai Sustainable Tourism Stamp also demonstrates the tourism industry’s foresight and determination to foster an eco-friendly sector that is both economically prosperous and environmentally responsible.”
DET's sustainability strategy has paved the way for innovative initiatives including the Carbon Calculator, a mechanism to help stakeholders and partners identify cost saving opportunities and manage the transition to sustainable practices, in line with the ‘Sustainability Requirements’.
Source: Khaleej Times
The Department of Municipalities and Transport has signed a letter of intent to establish Twin City relationships between Abu Dhabi and Beijing, the capital of the friendly People's Republic of China.
The signing took place during the official visit by a delegation from the Department of Municipalities and Transport (DMT), headed by His Excellency Mohamed Ali Al Shorafa, Chairman of the DMT, and a number of officials from the Department. The visit aimed to exchange expertise and learn about the best global practices in the field of municipal work, including supporting the efforts of the Emirate in building a sustainable public transportation system.
It also aimed to review Abu Dhabi's experience and efforts in the field of smart cities and explore ways to enhance cooperation and partnership, as well as to learn about urban development plans and the latest sustainable transportation solutions.
His Excellency Mohamed Ali Al Shorafa, Chairman of the DMT, said, "The signing of the letter of intent to establish twinning relations between Abu Dhabi and Beijing is an important step in enhancing cooperation between the two cities. This agreement aims to exchange expertise and collaborate in areas related to urban planning, smart cities, and innovation, and to accelerate progress towards sustainable development and carbon emissions reduction."
On his part, His Excellency Hussain Al Hammadi, the Ambassador of the United Arab Emirates to Beijing, expressed his delight to attend the signing ceremony of the letter of intent and said: "The signing of the agreement represents a new chapter in the advanced bilateral cooperation and reflects the shared aspirations of the two friendly countries, especially in the areas of sustainable development and urban planning. Through the exchange of expertise between the two parties, we have an opportunity to develop joint initiatives that contribute to accelerating innovation and building smart and environmentally friendly cities."
During the visit, His Excellency Al Shorafa met with His Excellency Yin Yong, the Mayor of Beijing, and was briefed on the city's urban development master plan for 2040, which presents a futuristic vision for the growth and urban development in the city.
Source: Zawya
