In a groundbreaking move that solidifies the UAE's status as a global leader in sustainability and energy transition, the UAE Ministry of Energy and Infrastructure (MOEI) has announced the establishment of the "UAE Maritime Decarbonisation Centre."
As the first-of-its-kind Centre in the MENA region and the fourth globally.
This pioneering initiative, developed in collaboration with DNV marks a historic milestone not only for the UAE but also for the entire Middle East and North Africa (MENA) region and sets a new standard for maritime decarbonisation efforts worldwide.
The official signing ceremony to commemorate this historic partnership took place at the International Maritime Organisation (IMO) headquarters in London, UK.
The signing brought together high-level government officials, industry leaders, and international stakeholders to celebrate this momentous occasion.
By leveraging the expertise of DNV and harnessing the UAE's strategic geographic location and maritime influence, the Centre aims to drive research, innovation, and collaboration among key stakeholders to accelerate the adoption of sustainable practices, technologies, and policies in the maritime sector.
Setting a new standard for maritime decarbonisation
Commenting on this partnership, Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, said, “The UAE leads numerous global competitiveness indicators in the maritime sector. It ranks 3rd globally in the Bunker Supply Index, 5th as a key competitive maritime hub and 12th in the transport lines index. This is a result of the competitive business environment the UAE provides, which attracts major international maritime companies and makes the country's ports a preferred destination for international shipping lines. However, we will not rest on our laurels; we want to occupy the top position in all international maritime indicators. We look forward to innovations and digital platforms to contribute to enhancing the UAE’s position and improving its global ranking.”
Al Mazrouei added, "The establishment of the UAE Maritime Decarbonisation Centre reflects our unwavering commitment to addressing climate change and promoting sustainable practices within the maritime industry. By collaborating with DNV, we aim to leverage their expertise and global network to drive innovation and accelerate the adoption of decarbonisation technologies. This Centre will play a pivotal role in advancing our national and regional sustainability goals, while contributing to the global efforts in combating climate change."
Reinforcing the UAE sustainability goals
The establishment of the UAE Maritime Decarbonisation Centre is a testament to the UAE's unwavering dedication to achieving its ambitious sustainability goals outlined in the UAE Net Zero 2050 Strategy. By spearheading the maritime decarbonisation efforts, the UAE aims to drive greenhouse gas (GHG) reductions that exceed global ambitions, positioning itself as a leading force in the global fight against climate change.
The Centre will serve as a hub for research, development, and implementation of innovative technologies and strategies to reduce CO2 emissions in the maritime industry.
It will conduct joint-industry projects, incubator and accelerator programmes, and future talent development initiatives. Furthermore, it will provide access to funding opportunities, foster collaboration among industry stakeholders, and serve as a knowledge hub by publishing research and information.
“We are very pleased to collaborate with the UAE’s Ministry of Infrastructure & Energy to establish the Maritime Decarbonization Centre,” said Knut Ørbeck-Nilssen, CEO of DNV Maritime. “Initiatives like the Centre are essential as we look to accelerate towards a decarbonised future. We need to build via cooperation, foster innovation, and scale local strengths into global leadership. With its strategic location and strong support from industry leaders, the Centre is poised to become a hub for maritime decarbonisation efforts.”
A maritime hub for business excellence and innovation
This initiative aligns perfectly with the UAE's preparations for hosting COP28, where the nation will showcase its commitment to sustainability and energy transition on a global stage. The UAE Maritime Decarbonisation Centre will play a crucial role in strengthening the country's position as a hub for sustainable innovation and global collaboration during COP28.
Hessa Al Malek, Advisor to the Minister for Maritime Transport Affairs, the UAE Ministry of Energy and Infrastructure, said, “At the Ministry of Energy and Infrastructure, we seek to unify the maritime sector to build the UAE Maritime Cluster, and turn it into a powerhouse that enhances business growth opportunities and creates new capabilities for companies by bringing them together. Digital technologies are the best way to build this cluster, standardise information related to the maritime sector and develop innovative mechanisms to explore business opportunities that can benefit all stakeholders.”
Al Malek added, “This partnership is yet another step to promote innovation in the maritime sector, which has become an international incubator for quality ideas. At the current stage, we focus all our innovations on building a sustainable and environmentally-friendly maritime sector. The UAE Maritime Decarbonisation Centre will serve as a vital hub for research, collaboration, and knowledge transfer in the field of maritime decarbonization. Through strategic partnerships and initiatives, we will focus on developing and implementing sustainable solutions that reduce greenhouse gas emissions and enhance energy efficiency in maritime operations. This Centre aligns with our vision of positioning the UAE as a global leader in the sustainable maritime sector and driving the transition towards a greener future.
This partnership is complemented by many other quality projects and initiatives the Ministry of Energy and Infrastructure has already launched. These include the UAE Maritime Cluster initiative and the Maritime Network, which aims to build a global network of professionals and experts to enhance the competitiveness of the UAE’s maritime sector and market it globally, making use of the strong presence of international maritime companies in the UAE.
Source: WAM / Hazem Hussein
Living Business proudly joins the B Corp community, committing to a sustainable future.
A B Corp, also known as a Benefit Corporation, is a business that is legally required to consider the impact of its decisions not only on its shareholders but also on society and the environment, in addition to generating profits. B Corps are accountable to a set of rigorous standards and undergo a certification process to demonstrate their commitment to meeting the following criteria: Social Responsibility, Environmental Stewardship and Accountability and Transparency.
Social Responsibility: B Corps prioritize social considerations and aim to have a positive impact on their employees, customers, suppliers, and communities. They promote fair and equitable practices within their organization, such as providing good working conditions, fair wages, and opportunities for employee growth and development. B Corps also strive to create products or services that address social needs and contribute to the well-being of individuals and communities.
Environmental Stewardship: B Corps are committed to minimizing their environmental footprint and promoting sustainable practices. They focus on reducing waste, conserving energy and water, and adopting environmentally friendly production processes. B Corps also consider the lifecycle impact of their products or services, from sourcing raw materials to disposal, and work towards minimizing negative environmental effects throughout their operations.
Accountability and Transparency: B Corps believe in being accountable for their actions and transparent about their impact. They commit to high standards of corporate governance and engage in responsible business practices. B Corps undergo a rigorous assessment process to measure their performance against established social and environmental standards. The assessment evaluates various aspects of the business, such as governance, worker practices, community involvement, and environmental impact. By meeting these standards and obtaining B Corp certification, companies demonstrate their commitment to transparency and accountability.
Check out our profile on the B corporation website here: https://www.bcorporation.net/en-us/find-a-b-corp/company/globally-llc/
The UAE has set a stricter target for reducing carbon emissions, with major cuts within this decade.
The government is seeking to slash emissions by 40 per cent by 2030 from a business-as-usual level, said the Ministry of Climate Change and Environment. This compares with an earlier plan for a 31 per cent reduction.
It will seek reductions from industry, agriculture, and in power grid generation and transport.
“In the Year of Sustainability, when our nation hosts Cop28, this milestone announcement underlines our national commitment to more ambitious climate change,” Minister of Climate Change and Environment Mariam Al Mheiri told reporters in Dubai.
The minister said the government “views climate action not only as a strategic imperative for the environment and our future generations, but also as an opportunity for sustainable economic growth and socially inclusive prosperity”.
The ministry has listed its target reductions across the sectors. These include a 51 per cent cut in emissions from electric power grids; 56 per cent from transport emissions; a reduction of 22 per cent in emissions produced in the agriculture sector as well as an 8 per cent cut in emissions created from waste.
The plan is part of a third update of the UAE's second Nationally Determined Contribution (NDC).
She said this aim will bring together the entire nation, including the public and private sectors, to “accelerate the UAE's journey to net-zero emissions by 2050".
The country aims to triple its investments in renewable energy in the next seven years and to establish a specialised national research and development centre for the hydrogen sector, said the ministry.
These steps “reflect the UAE's pro-climate, pro-growth philosophy – the desire to reduce the UAE's environmental footprint, while driving economic, social and sustainable opportunities that climate action creates,” the ministry added.
Net greenhouse gas emissions will be reduced to 182 million metric tons of Co2 equivalent by the end of the decade.
“This marks an absolute emissions reduction of 19 per cent compared to the 2019 base year level,” said the statement.
The development comes as the UAE is set to host the Cop28 climate summit.
In other news, related to the event, the European Union’s climate chief praised the incoming presidency of the Cop28 summit.
Dr Sultan Al Jaber, Cop28’s president-designate and Minister of Industry and Advanced Technology, held talks in Spain on Tuesday with EU EU energy and environment ministers.
Frans Timmermans, the European Commission member in charge of climate action, said EU ministers were “ready to listen” to Dr Al Jaber.
“[This] will be an essential Cop meeting where the world will take stock of what has been done and what still needs to be done,” he said.
“I think it’s no secret when I say that what’s been done is not enough. We need to do more.
“I know that he’s ambitious. I know that he wants to take us forward,” added Mr Timmermans, who was speaking at the meeting in Valladolid, Spain.
“I know that he’s also going to be very clear on reducing unabated fossil fuels which is an important element of getting us to net zero. I know that he also has clear ideas on adaptation, on finance, on loss and damage.”
Source: Mina Aldroubi, The National
Schools in the UAE are fostering a culture of environmentally friendly practices to prepare a sustainable-minded generation, thanks to a public initiative by the Environment Agency - Abu Dhabi (EAD).
EAD on Tuesday announced that in collaboration with the Ministry of Education (MoE), Emirates Schools Establishment, and the Abu Dhabi Department of Education and Knowledge (ADEK), all schools in the emirate have now pledged to join its Sustainable Schools Initiative (SSI), globally recognised by the United Nations Environment Programme (UNEP).
To mark the occasion, ADEK hosted an event, the Private and Charter Schools Open Day, organised by EAD, to educate school principals and introduce them to SSI in a bid to encourage them to lead their students to adopt eco-conscious activities in their daily lives.
The Private and Charter Schools Open Day was organised as part of an ongoing effort to align the educational ecosystem with national priorities and raise awareness on environmental issues in the lead up towards COP28. During this, youth in their significant role as future leaders, will offer solutions to combat climate change.
For the first time in the global forum’s history, this year’s event will include an Education Pavilion, providing a platform for educating and inspiring the world about the UAE’s climate change education.
Ahmed Baharoon, Executive Director of Environment Information, Science Outreach Management Sector at EAD, said, “At EAD, we have been doing this for decades since the launch of our Sustainable Schools Initiative (SSI) in 2009 where we had set a target of enlisting all schools in Abu Dhabi. Today, we have realised this ambitious goal, but it does not stop there. We have also set another target of having 700 schools from all across the UAE to join the Sustainable Schools Initiative by the end of this year and I am optimistic that we can achieve it.”
Baharoon gave a presentation on EAD’s SSI, which was recognised by the United Nations Environment Programme (UNEP) in 2015 and declared an innovative model for education in sustainable development, and recommended that the initiative be applied all around the world.
He also announced that EAD will be hosting the 12th World Environmental Educational Congress, in January 2024 and he urged schools to submit applications for abstracts allowing them to share their knowledge and play a significant role at the congress.
Dr. Amna Al Dahak Al Shamsi, Assistant Undersecretary of the MoE for the Care and Building Capacity Sector, said, “At the Ministry of Education, we will exert all efforts to enhance the role of education in addressing the climate crisis and highlight the progress made by the UAE in the field of climate change. As such, we will develop environmentally friendly educational materials, curricula, and schools, and we will equip educators with the professional training they need to effectively impart knowledge and skills to students, who will capitalise on the learnings they will gain through education to build a prosperous future.”
Khuloud Al Dhaheri, Executive Director - Education Partnership Sector at ADEK, said, “Education is not just about imparting knowledge, but also about adopting values and skills that promote a better world. Sustainability, a core value engraved in the enduring legacy of Sheikh Zayed, is essential to secure a sustainable future for generations to come. As educators, we have a unique opportunity to model and promote sustainable practices and climate actions within our school community and beyond, inspiring our students to become environmentally conscious and responsible leaders of tomorrow.”
The open day concluded with a networking session that saw school principals impart their knowledge, share their experiences, and offer their creative ideas for implementing sustainability in UAE schools successfully with maximum impact.
Source: Gulf News
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, has launched a Dh4 billion ($1.09 billion) renewable energy plant in Dubai.
Sheikh Hamdan on Tuesday said the project would be the world's largest and most efficient waste-to-energy centre in the world.
The plant in Warsan is capable of generating 220 megawatt hours of renewable energy which could power 135,000 homes.
It can also process 2 million tonnes of waste a year without harming the environment.
"We congratulate the exceptional teams involved in this unique project," Sheikh Hamdan wrote on Twitter.
"We are committed to deploying advanced technologies to build a brighter and more sustainable future."
Backed by Dh4 billion funding, the project will reinforce "Dubai's status as a global leader in sustainable infrastructure", Sheikh Hamdan added.
It is now in its first operational phase and the project is due for completion next year.
Investing in green power
Sheikh Hamdan's announcement comes a day after the UAE said it would be investing up to Dh200 billion in the renewable energy sector.
Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, said the latest Cabinet meeting resulted in the approval of an updated national energy strategy.
"Our goal will be to triple the contribution of renewable energy in the coming seven years and inject national investments ranging from Dh150 billion to Dh200 billion during the same period to meet the increasing demand for energy in the country due to the accelerated economic growth," Sheikh Mohammed wrote on Monday.
"We also approved our national strategy for hydrogen, which has recently emerged as one of the most important clean energy sources."
Sheikh Mohammed said the plan aims to establish the country as a producer of low-emission hydrogen. In addition, a specialised national research and development centre for the hydrogen sector will be established.
Source: The National
Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, today revealed the details of the updated version of the UAE Energy Strategy 2050 and the development of the National Hydrogen Strategy that were approved by the UAE Cabinet to enhance the country’s efforts to meet its climate and net-zero commitments by 2050.
In a media briefing organised by the Ministry of Energy and Infrastructure (MoEI), Al Mazrouei said, “Through both strategies, we aim to shape a prosperous, climate-safe, energy-secure future for our nation, while contributing to the global agenda for environmental sustainability. The strategies support the objectives of the ‘We the UAE 2031’ Vision, the Circular Economy Policy 2031, the National Strategy for Wellbeing 2031, and the UAE Net Zero by 2050 Strategic Initiative. Their launch couldn’t be more timely as we mark the Year of Sustainability and gear up to host the 28th United Nations Climate Change Conference of the Parties (COP28).”
He added, “The UAE presents a shining example for adopting policies and strategies that contribute to shaping a more sustainable future at home and globally. We took on the task of updating the UAE Energy Strategy 2050 to accelerate the energy transition and increase the share of clean energy in our energy mix to become climate neutral by 2050 and help achieve our vision of a sustainable development. The strategy outlines a national programme to balance meeting the rising energy demand and sustaining natural resources for generations to come. It aims to spur a clean energy boom and achieve a robust energy transition as a lever for national economy and a key contributor to the country’s GDP.”
As one of the first countries in the region to ratify the Paris Agreement and as the host of COP28, the UAE is committed to joining forces with the international community to drive collective action to limit global warming, Al Mazrouei further stressed.
In line with the updated objectives of the UAE Energy Strategy 2050, the country will invest between AED 150-200 billion by 2030 to ensure energy demand is met while sustaining economic growth in the UAE. The strategy aims to improve individual and institutional energy consumption efficiency rates to reduce carbon emissions and enhance environmental sustainability. This will contribute to achieving financial saving of AED 100 billion and creating 50,000 new green jobs by 2030.
Speaking on the National Hydrogen Strategy, Al Mazrouei explained, “It is a long-term plan to turn the UAE into a leading and reliable producer and supplier of low-carbon hydrogen by 2031. The strategy serves as a crucial tool to help the UAE achieve its commitment to net zero by 2050 and accelerate the global hydrogen economy.”
For his part, Sharif Al Olama, Under-Secretary for Energy and Petroleum Affairs at MoEI, said, “Through updating the UAE Energy Strategy 2050, we seek to increase the deployment of renewable energy and improve energy efficiency, in line with our steadfast commitment to the Paris Agreement and the UN Sustainable Development Goals (SDGs). The strategy features multiple initiatives to promote the deployment of solar and nuclear energies, drive R&D and innovation in renewables technologies, and encourage local and international companies to invest in the country’s renewable energy sector.”
He added, “The updated UAE Energy Strategy 2050 will position the UAE at the forefront of the global energy transition. It will support the target of achieving a grid emission factor of 0.27 kg CO2/kWh by 2030, which is lower than the global average, to achieve net zero in the energy and water sectors by 2050. It will also help the UAE more than triple the share of renewable energy by 2030 to stay on track with its climate change mitigation goals, as well as help increase the share of installed clean energy capacity in the total energy mix to 30 percent by 2030.”
In reference to the National Hydrogen Strategy, Al Olama stated, “It involves tangible steps to establish two hydrogen oases and explore three future ones to consolidate the UAE’s position as a reliable producer and supplier of clean energy through enhancing hydrogen production capacities. The strategy contributes to fostering the domestic market, developing a regulatory framework and policies that support hydrogen as a sustainable fuel for the future, strengthening regional collaboration, and bolstering investments in research and development.”
He noted that the strategy emphasises the importance of economic growth and will help create thousands of jobs in the hydrogen sector by 2050, in addition to reducing emissions in hard-to-abate sectors, such as heavy industries, land transport, aviation, and sea freight, by 25 percent by 2031.
In 2017, the UAE launched its Energy Strategy 2050, the first unified energy strategy in the country that is based on supply and demand. In collaboration with all stakeholders, the strategy was updated following its first review to factor in the developments in the energy sector and ensure access to reliable, sustainable, and affordable energy.
Source: Khoder Nashar/ Muhammad Aamir, Emirates News Agency (WAM)
The Ministry of Climate Change and Environment, UAE, has announced the formation of a task force to reinforce the efforts of the National Farm Sustainability Initiative. Chaired by H.E. Eng. Mohammed Mousa Alameeri, Assistant Undersecretary of the Food Diversity Sector at the Ministry of Climate Change and Environment, and comprised of leaders from various significant food and agriculture firms in the UAE, the task force has an ambitious goal: to increase government purchases of local products to 50% by the end of 2023.
Hussein Al Hussein, Regional Director of Farm to Plate, has been named to the task force along with Peter Nichols, Chief Operating Officer at ADNH Compass Group; Dr Ray Tinston, Market Director of Monbat; Hamed Ahmed Al Hamed, founder of Gracia Agricultural Group, Omar Al Shamsi, CEO of Watermelon Limited and Yazan Al Qudmani, a partner in 3YAgtech agricultural consulting company and Deputy General Manager of Emirates Biological Farm.
In the Year of Sustainability, the task force is set to play a crucial part in enhancing food security in the Emirates by identifying new mechanisms and partnerships that can help connect leading supply companies with local farms. This will open a clear path for increasing the purchase and adoption of national farm products by major food supply companies operating in UAE. Local production levels can be enhanced through guaranteed revenue streams emerging from purchase agreements, increasing the nation's self-sufficiency ratio for food and improving the income levels of Emirati farmers without affecting the food industry.
Farm To Plate represents the pioneering blockchain track and trace platform and the product division of Paramount Software Solutions, an award-winning technology provider headquartered in Georgia, USA. With over 25 years of industry presence and several industry awards, Paramount is a recognized leader in the IT industry in the United States and North America. True to Paramount’s mission of holistic sustainability and technology for the greater good, Farm to Plate embodies inclusive sustainability for people, communities, and the environment. According to Hussein, “This task force will put in place a structured model for improving the adoption of Emirati farm products through the establishment of trading and supply partnerships and by connecting both public and private stakeholders within the food supply chain. As a leading private food technology firm, we have a responsibility to help local governments identify the best means to achieve food safety and sustainability. Our membership in this task force will enable us to provide the Ministry with our expertise in integrating all stakeholders on the food supply chain, and how we can bring technology and process together to achieve the task force’s lofty goals.”
On this occasion, HE Eng Mohammed Alameeri said: "We move forward in the Year of Sustainability armed with a spirit of determination and commitment to building a more sustainable and resilient future for the UAE. The task force to enhance the (National Farm Sustainability Initiative) will play a pivotal role in enhancing food security and will serve as a model for change in adopting sustainable environmental practices."
He added: "The formation of the task force, which includes seasoned experts from various sectors, is an important step towards enhancing the UAE's food security and ensuring the well-being of its society. The task force will work to increase government purchases of local products to 50% by the end of 2023, an ambitious but achievable goal. There is no doubt that the UAE's journey towards sustainability is a shared responsibility. The formation of the task force is tangible evidence of the power of teamwork among the member institutions and our common vision to enhance food security and sustainability in the UAE."
As a leader in the food technology sector in the UAE and the MENA region, Farm To Plate will look to leverage its technological prowess with blockchain and AI as well as its experience working with all tiers of the supply chain – from producers facing technology barriers to consumer transparency challenges – to help the task force identify the best partners and the right process models for increasing local product purchasing and self-sustainability.
Actively working on enhancing the National Farms Sustainability Initiative, the task force enjoys the support of ten government agencies: the Government of Ajman, the Ministry of Defense, the Ministry of Interior, Emirates Health Services (EHS), Abu Dhabi Agriculture and Food Safety Authority, Abu Dhabi Health Department, Sharjah Agriculture and Animal Wealth Department, Dubai Police General Command, Abu Dhabi Police General Command, and the Abu Dhabi National Oil Company (ADNOC). In the next few months, the task force will look towards finding new partnership opportunities to enhance purchases of UAE-based farm produce by various industry stakeholders. The task force will periodically inform the public about its progress, strategies.
Source: Gulf News
Abu Dhabi Global Market (ADGM) today announced the implementation of its sustainable finance regulatory framework with immediate effect, following significant support received through public consultation, reinforcing its position as a leading sustainable financial hub and a natural hub for sustainable finance activities.
The framework encompasses rules on sustainability-orientated investment funds, managed portfolios and bonds as well as requirements for environmental, social and governance (ESG) disclosures by ADGM companies. The measures will accelerate the growth of a sustainable finance ecosystem in the jurisdiction and support the UAE’s transition to net zero greenhouse gas emissions.
The framework for green and climate transition funds and portfolios, green and sustainability-linked bonds and sukuks is a significant step in enabling capital to be channelled towards financing the transition to net zero.
In order to recognise products and services that are aiding the transition, ADGM will confer a designation on those that purport to meet its robust minimum standards. It will also permit ADGM’s “designation mark” to be used in marketing materials and client communications. A designation mark will provide investors with a level of confidence that those products and services purport to meet ADGM’s minimum standards, catalysing investors to channel capital towards the green transition.
In keeping with ADGM’s keen focus on stakeholder engagement, a feedback statement has also been issued that reflects on the meaningful feedback received and addresses the key issues raised in response to the consultation paper and through associated stakeholder engagements.
The overwhelming support for its proposals from industry, including stakeholders who indicated their plans to launch products under the proposed framework, crystallised ADGM’s intention to proceed with one of the first and most comprehensive sustainable finance frameworks in the region.
The feedback statement reflects how industry engagement has not only helped to shape the framework as implemented but also provided a clear indication of the areas that ADGM will examine in a post-implementation review to be undertaken in 2025 as part of its commitment to further develop and refine its regulatory framework going forward. ADGM will continue to rely on input from its stakeholders to help shape its ecosystem into a world-class hub for sustainable finance and a significant enabler to further the UAE’s net zero strategic initiative.
The framework and its stakeholders are further supported by knowledge acceleration initiatives such as the School of Sustainable Finance and the Research Centre at the ADGM Academy.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and COP28 President-Designate, said, “I warmly welcome ADGM’s regulatory framework for sustainable finance. The lack of available, accessible, affordable finance is putting the world’s climate goals and sustainable development at risk and addressing this issue is one of the top priorities of the COP28 Presidency. To make transformational progress, we need to shift gears in mobilising private finance.”
“ADGM endeavours in advancing such a crucial initiative and in establishing a global hub for sustainable finance are highly commendable. This initiative will play a vital role in mobilising capital for the transition to net zero not only in the UAE, but also in EMDEs, and will enable increased green transactions from local and global financial institutions," he added.
“I also welcome the ongoing work of the Sustainable Finance Working Group, chaired by ADGM and composed of UAE regulatory authorities, Federal Ministries and exchanges. These initiatives encompass joint efforts to advance frameworks for ESG disclosures, measures to require sustainability-focused corporate governance and the development of a UAE green taxonomy," he continued.
“Finance is the key to turn good intentions into real results. The Paris Climate Agreement set our collective ambition, and we need initiatives such as ADGM’s Sustainable Finance Regulatory Framework to help us keep 1.5C within reach," Dr. Al Jaber concluded.
Ahmed Jasim Al Zaabi, Chairman of ADGM, commented, “In the year that the UAE is hosting COP28, ADGM proudly aligns its actions with those of the country’s leadership who have declared this year as the Year of Sustainability. We believe our regulatory framework for sustainable finance is the most comprehensive in the Middle East and South Asia region, and comparable in scope and content with the most comprehensive regulatory frameworks globally.”
“Our requirements, particularly those which set minimum standards for sustainability-focused products and services, will help to channel capital into projects and activities that advance the country’s transition to net zero. We are grateful to market participants for their feedback, which reflects the excellent relationship between ADGM and its stakeholders within our sustainable finance ecosystem. Their engagement will continue to be essential as ADGM actively supports the UAE's progress towards its goal of net zero by 2050 and the continuing development of Abu Dhabi’s green falcon economy," he added.
The new sustainable finance regulatory framework is further supported by several ongoing initiatives of ADGM such as the Abu Dhabi Sustainable Finance Declaration which has over 100 signatories, and the School of Sustainable Finance at the ADGM Academy. ADGM FSRA’s regulatory amendment to the capital markets framework last year, introduced an environmental instrument as a class of financial instrument, allowing carbon offsets to come under its regulatory framework and AirCarbon Exchange, the world’s first regulated voluntary carbon exchange platform, to be established in the financial centre.
These strategic endeavours, combined with a regulatory framework for sustainability-focused funds, portfolios, bonds and sukuks, as well as requirements for ESG disclosure and the regulation of carbon offsets distinguish ADGM as a premier hub for sustainable finance.
Source: Khoder Nashar/ Hazem Hussein, Emirates News Agency (WAM)
Dubai Investments, a leading investment company, has achieved a 32% reduction in total greenhouse gas (GHG) emissions in 2022, equating to an estimated decrease of 212,768 tonnes of CO2, according to the group’s latest ESG report.
The achievement demonstrates the company’s commitment to sustainable business practices developed in accordance with the latest Global Reporting Initiative (GRI) Standards, a statement said.
The emissions intensity decreased from 204.9 tonnes of CO2 equivalent per employee in 2021 to 116.8 tonnes of CO2 equivalent in 2022, with a 61% reduction in total GHG emissions intensity.
Acknowledging the critical importance of energy consumption, Dubai Investments has proactively pursued strategies aimed at curbing overall energy consumption. Over the course of 2021 to 2022, the company effectively reduced energy consumption derived from diesel, petrol and electricity sources by an impressive 5%. The reliance on fossil fuels also has been significantly curtailed, with diesel consumption witnessing a substantial decline of 14.5%, resulting in a reduction of 31,000 litres since 2020.
Mohammed Saeed Al Raqbani, Head of Sustainability Committee, Dubai Investments & General Manager, Dubai Investments Industries and Masharie, said: “Maintaining and evaluating ESG performance is an essential part of how we conduct business and reflects our unwavering commitment to environmental sustainability and responsible business practices. Our focus on ESG is a crucial component of our corporate philosophy and enables us to create sustainable long-term value and secure financial returns.”
“Aligning with the UAE marking 2023 as the ‘Year of Sustainability’, we are also embarking on what I believe will be an extraordinary year for the Group as we are making a profound commitment to prioritize sustainability across our investment sectors like real estate, financial investments and manufacturing by applying green building principles for our upcoming new real estate projects, engaging in sustainable due diligence for new acquisitions and focussing on proper treatment of industrial waste respectively”, added Raqbani.
Water efficiency represented another component as part of the Dubai Investments sustainability efforts. Water efficiency with a decrease in water consumption and an increase in water recycled and reused by over 21% and 28% respectively compared to 2020 in 2022, represented a reuse and recycling rate of over 55.3% for 2022, as against a rate of 32.8% in 2020. A 61% increase in total training hours included other significant highlight in the 2022 Sustainability Report.
In 2022, Dubai Investments supported projects related to a wide range of community and environmental initiatives focussed on youth development, innovation and environmental protection. Diversity and inclusion marked another important component of Dubai Investments ESG strategy with 9% female representation in the total workforce and 13% representation at middle and senior management level, almost double the level in 2021, it said.
Source: Gulf Daily News
FIVE has become the first and only hotels in the UAE to obtain the International Renewable Energy Certificates (I-REC) to achieve 100% renewable electricity for 2022.
These Certificates were received from the Mohammed bin Rashid Al Maktoum Solar Park, which Dubai Electricity and Water Authority (Dewa) is implementing. The solar park is the largest single-site solar park in the world, using the Independent Power Producer (IPP) model. It will have a production capacity of 5,000MW by 2030 with a total investment of AED 50 billion.
FIVE’s single delivery I-REC agreement was subsequently verified through the International Renewable Energy Certification Foundation (I-REC), the global leader in standardized renewable energy schemes and sustainability claims.
FIVE’s latest achievement of tapping into future-focused solutions for Sustainable Development distinguishes its unwavering commitment to Sustainable Hospitality.
Saeed Mohammed Al Tayer, MD & CEO of Dewa, said: "I congratulate FIVE on becoming the first and only hotel in the UAE to obtain the International Renewable Energy Certification Foundation (I-REC) to achieve 100% renewable electricity for 2022. FIVE's commitment to sustainability is a role model for other businesses in the UAE and around the world at all levels.”
Al Tayer added: "At Dewa, we promote sustainability and the shift towards a sustainable green economy by increasing the share of renewable and clean energy within Dubai’s energy mix. The current production capacity of the Mohammed bin Rashid Al Maktoum Solar Park, which Dewa is implementing, is 2,327MW using photovoltaic solar panels and Concentrated Solar Power (CSP) technologies. This is about 15.7% of the total production capacity of energy in Dubai. We continue our efforts to achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100% of Dubai’s total power capacity from clean energy sources by 2050."
Continuing the cutting-edge of trailblazing luxury and entertainment in harmony with social and environmental responsibility, FIVE aims to inspire the world through its innovative platform dubbed, in classic FIVE Flair, ‘Sustainable Indulgence’.
As the only hotels in the UAE to purchase i-RECs from Dewa to achieve 100% solar powered electricity for its hotels, FIVE demonstrates the potential of working with stakeholders to spark innovation on the path towards decarbonization. This achievement propels FIVE’s Sustainability Objective of Vibrant Communities and Partnerships to ‘Innovate to address social and environmental challenges’.
FIVE’s Future-Focused Vision
In 2022, FIVE achieved colossal carbon use intensity reduction of 76.2% (MtCO2e/AED mn), electricity consumed per capita by 35.3% (kWh/cover) and water use intensity by 36.2% (litres/cover) compared to 2020 baseline. In relentless pursuit of continual improvement, FIVE will seek to increase its energy and environmental efficiencies while lowering its carbon footprint through ambitious action plans including a commitment to setting Science Based Targets (SBTi) in line with a 1.5°C scenario by 2025.
The company is a signatory to the UN Global Compact, a member of the Global Sustainable Tourism Council (GSTC) and continuing to expand its participation in key environmental and social alliances through a global community engagement.
Kabir Mulchandani, Chairman and Founder, FIVE, said: “Ahead of COP28, FIVE's electric milestone demonstrates the power of collaborative innovation when two future-focused changemakers (FIVE and Dewa) come together in pursuit of Sustainable Development. As the first hotel group in the UAE to receive 100% renewable electricity from Dewa, we share a great honour amidst this historic 'Year of Sustainability.'
“I hope that this achievement sets an example on how conviction in vision and commitment to action can create a reality where we continue to dream audaciously, build creatively, and pursue life vigorously within a world that moves closer to climate revitalization.”
Source: Gulf Daily News
