Emirates Water and Electricity Company (EWEC) today announced that it will conduct the Q1 auction for Clean Energy Certificates (CECs) in Abu Dhabi, with registration now open and will close on 14th March.
The CECs scheme is a strategic initiative introduced by the Abu Dhabi Department of Energy (DoE) that enables Abu Dhabi-based companies to validate their clean energy consumption claims and support the UAE’s transition towards a sustainable, decarbonised economy. It also offers participating companies a competitive advantage by holding internationally recognised certificates that certify their green credentials.
Francois Brice, Commercial Executive Director at EWEC, said, “Following the record results achieved in our Q4 2022 auction, where we sold over 9 million CECs to numerous Abu Dhabi-based entities, EWEC is proud to be at the forefront of supporting Abu Dhabi and the UAE achieve its economic and sustainability goals as the nation prepares to host COP28.
“The market for CECs is rapidly growing and gaining further momentum as organisations take positive, tangible action to decarbonise their energy consumption and contribute to the UAE Net Zero by 2050 strategic initiative.”
He also urged organisations and entities to participate in the upcoming auction and demonstrate their commitment to a more sustainable future.
CECs are tradable digital certificates issued by the Department of Energy in units of 1 MWh. They conform to International REC Standard (I-REC) measures and are currently the only accredited instruments in Abu Dhabi to prove ownership of the environmental and economic benefits of consuming clean energy.
EWEC plays a key role in implementing the CECs scheme by being the Single Registrant and Auction Operator.
Source: WAM, Rola AlGhoul/ Esraa Esmail
An all-girl team of first year engineering students from Canadian University Dubai (CUD) have developed an award-winning solution for the sustainable transportation of water. The wind-powered lifting system was recognized for its efficient, innovative design, winning first place in a recent competition staged by global industry body, the Institute of Electrical and Electronics Engineers (IEEE).
The team of seventeen-year-olds Danica Reyes and Jana Nozamy, and eighteen-year-olds Marwa Khaled and Somayya Khaled, joined forces just a few weeks into their degree program at CUD to embark on the engineering design project. The challenge was to build a cost-effective and efficient wind-powered wheel, capable of lifting water between two levels without the use of electricity.
Explaining the purpose behind the project, Danica said, “The idea was to create a solution for water transportation in rural areas and other places with limited infrastructure. The prototype we developed combined modern engineering practices with an ancient pumping mechanism driven by wind power. The system demonstrates how centuries-old techniques can be combined with innovative approaches to produce sustainable energy.”
Speaking about the development process, Marwa explained, “We were all just starting out on our mechatronics degree and had to develop a whole new range of skills in a very short space of time. From product design to 3D printing and precision cutting, we had an exciting and challenging hands-on experience that helped us learn a lot about the practice of engineering very early in our studies.”
Somayya continued, “We went through a number of different ideas in designing the propeller blades to optimize the wind power and also in developing the pump action to increase the volume of water transferred. We were determined to get the best possible output so there was a lot of trial and error, and we tested four alternative approaches before creating the final solution.”
Featuring a unique combination of advanced technology in the form of 3D-printed components, alongside simple household items such as a wooden bread board, the prototype successfully and efficiently pumped water in both upward and downward directions. The team earned first place in the IEEE competition for pumping the highest volume of water, combined with their creative design approach.
Speaking about their success Jana said, “As an all-girl team we are very proud that our project stood out at a competitive industry-led event. We feel empowered by this win to challenge the stereotypes that we’ve all encountered around women in science and technology, and we will continue to follow our passion for engineering and encourage other girls to do the same.”
Mentoring the team through the competition was Associate Professor, Dr. Ahmed Al-Gindy, who added, “I was extremely impressed with the creativity the team showed in sourcing and adapting the raw materials and the excellent technical skills they demonstrated at such an early stage in their university studies. We want to encourage even more girls to participation in STEM subjects and this team has scored a remarkable achievement that will be an inspiration to other aspiring female engineers.”
Source: Press release
In line with the recent announcement of President Sheikh Mohamed bin Zayed Al Nahyan on declaring 2023 as the Year of Sustainability, Middle-East-based investment services company Century Financial has announced a series of initiatives as part of its contribution towards strengthening sustainability in the financial sector.
Century Financial’s sustainability agenda will primarily focus on forging strategic partnerships with like-minded organizations in the region under the banner ‘Sustainability and U’. The initiatives, which are anchored on actively engaging the financial community, will work towards achieving a robust ecosystem that will, in turn, help to strengthen the environment, sustainability and governance efforts (ESG) across the region.
To drive this all-important agenda, Century Financial has appointed veteran industry professional Sameera Fernandes, Director of Sustainability to initiate and lead ESG initiatives. According to Sameera, Century Financial is taking a quantum leap in spearheading and rallying the regional financial sector in taking decisive and effective climate actions to ultimately achieve a net-zero future.
“To re-affirm our support for the UAE’s green development drive towards COP28, we are rolling out an ambitious multi-pronged agenda in driving sustainability initiatives across the company and our industry. With the appointment of our Director of Sustainability to lead sustainable business transformation, various strategies, policies, and breakthrough collaborations have been flagged off this year to commence our journey,” said Bal Krishen Rathore, Chairman and CEO, Century Financial.
On her part, Sameera Fernandes, Director of Corporate Affairs & Sustainability commented, “Over the course of the next few months, we have initiated several programmes that will actively promote sustainable best practices in the financial space. By leveraging the UAE government’s focus on sustainability with the impending COP28 climate conference to be hosted later this year, we shall also be actively engaging with stakeholders to promote sustainable practices that impact the economic, environmental, and social conditions.”
The initiatives will be steered by a strategically constituted think tank comprising banks, wealth management and investment companies brought together to share best practices based on the newly introduced ESG criteria of the GHG reporting standards. Further, various sustainable finance frameworks such as the Task Force on Climate-related Financial Disclosures (TCFD) and the United Nations' Sustainable Development Goals (SDGs) will be actively incorporated into the reporting.
As part of the framework, the initiatives will also generate sustainability audits, rating systems, certifications and share best practices across the financial sector to encourage other players in the industry to adopt and introduce similar initiatives.
“With regards to our internal initiatives at Century Financial we are focused on strengthening our communities through financial literacy- From students across universities, frontline workers to corporates and empowering women on being self-sustainable. The financial literacy initiative is ready to be rolled out in the first quarter. These developments also complement the various efforts we are undertaking to incorporate and embed ESG considerations into our approach and operations. Through this, we will be able to have measurable benchmarks in the UAE,” noted Sameera.
Century Financial has been a pioneer in the UAE’s investment sector understanding investors evolving demands and harnessing this allegiance toward impact investing. Boosting the millennials and Gen Z’s inclination to value and proactively invest in companies that support SDGs; Century Financial has recently included ESG-focused instruments in its diverse product offering to complement the shift towards socially responsible investing.
Source: Press release
What does "good" look like when it comes to sustainability in the restaurant industry? This is exactly what the Sustainable Restaurant Association (UK) have been developing for over ten years, resulting in the Food Made Good (FMG) framework, a holistic overview of sourcing, society and the environment. Thanks to the effort of prominent UAE-based restaurant sustainability advocates, the FMG framework is now accessible for all UAE restaurants wanting to get started on their sustainability journey.
As the largest internationally-recognised sustainability programme for food service, Food Made Good provides alignment with global guidelines such as the UN Sustainable Development Goals and The World’s 50 Best Restaurants, in addition to supporting UAE national strategies for tourism, hospitality and food security. Food Made Good will serve to provide clarity around sustainability for the UAE restaurant industry assisting with tools and resources that support implementation.
The value of Food Made Good begins with a free self-assessment tool that broadly captures everything a restaurant may already be doing well such as championing local sustainable produce or waste segregation, in addition to areas where there may be opportunities to think differently. More than generating a report card, completion of 50 questions will enable a restaurant to identify actions that can result in improved economic, social and environmental impacts.
Restaurants are then able to join the largest globally-recognised sustainability accreditation to further their sustainability commitment through the Food Made Good Global Rating, a 360-degree independent audit that benchmarks against thousands of other food service businesses, enabling specific goal setting and validating work through a 1, 2 or 3-star global certification. Since 2013, The World’s 50 Best Sustainable Restaurant Award have been assessed using this framework with recent winners including Aponiente, Boragó, Schloss Schauenstein and Azurmendi.
Understanding what sustainability is and its relevance within the restaurant industry is a challenging road to navigate for even the most experienced industry professional. With COP28 being the most important event on the 2023 Dubai calendar, tourism and hospitality will play a crucial role, creating a sense of urgency for restaurant operators to support national commitments and 'walk the talk'. Both the Food Made Good 50 Tool and the Food Made Good Global Rating offer timely support to the industry to prepare for the global climate action event.
Starting with Gulfood, the largest annual food and beverage event in the UAE, Food Made Good will be engaging with industry members through a number of advocacy activities. In addition, one of their primary activities will be seeking interest from restaurants who would like to put their credentials to the test with the Food Made Good rating. The certification provides the additional opportunity for committed operators to send a clear signal to customers, suppliers, staff and the industry at large, that sustainability is at the core of their business.
“The biggest problem with sustainability is the “how-to” part. We want to help the UAE restaurant industry create tangible, long-lasting value in their business.” Keary Shandler
“I receive requests for help on a daily basis. The road to a more sustainable business can take different routes and Food Made Good provides clarity and many of the answers restauranteurs are looking for.” Omar Shihab
Omar Shihab and Keary Shandler are responsible for independently spending over a year researching and evaluating dozens of tools, frameworks and resources used all over the world in the restaurant industry. In their own jurisdictions, they are dedicated advocates of sustainability holding a strong appreciation for the UAE hospitality journey. Together, they share a deep respect for provenance and people and a desire to contribute to making sustainability an integral part of the UAE's DNA through partnerships and collaborations. It is for these reasons, they joined forces and worked with the Sustainable Restaurant Association to bring Food Made Good to the UAE.
“Chefs and restaurateurs all over the world are in a unique position to influence what and how we eat, for the better. We’re really excited that through progressive industry professionals Keary and Omar we’re able to bring the Food Made Good Standard, the world’s most comprehensive sustainability certification to UAE. We can’t wait to start working together for a better food future across the region.” Juliane Caillouette-Noble, Managing Director, The Sustainable Restaurant Association
More information including success stories and insights about Food Made Good can be found at www.foodmadegood.org. Alternatively, contact Omar or Keary directly: omar@boca.ae , kearyshandler@mac.com
Serco Middle East, the international public services company, has partnered with sustainable activewear and streetwear company The Giving Movement, to design eco-friendly workwear for its staff in the Middle East, with plans to expand globally.
With over 4,500 employees and partners in the region, the apparel has been inspired by the need for comfort, durability and fashion. The partnership is kicking off with the design of unique polo-shirts, and more designs are expected in the future. The polo-shirts have been specially created using sustainable materials such as bamboo fibre and are being made entirely in the UAE. Dominic Nowell-Barnes launched The Giving Movement in response to his philosophy that “small acts multiplied by many can transform the world.” The major partnership with Serco Middle East was formed as a result of the shared values the two companies have towards giving back to the community, and operating with purpose.
With Serco Middle East making major commitments to lead with purpose, both companies have a series of synergies when it comes to operating sustainably, with Serco looking to bring its vision to the forefront as a trusted partner of governments, delivering superb public services, that transform outcomes and make a positive difference for our fellow citizens.
Announced at Serco’s Leadership Conference, which took place at the Sustainability Pavilion in Expo City, the partnership with UAE-based The Giving Movement, which operates with a mission to put ‘Humanity in Motion’, is a result of the momentum the organisation is gathering in shining a light on the importance of putting sustainability at the heart of its business model. With Serco also having a goal to deliver positive change through driving Environmental, Social and Governance (ESG) goals, the partnership is a natural fit. With thousands of employees across the region, Serco hopes that its uniquely designed purpose-driven work-wear will be worn with pride by its staff as it looks to support the drive to build a global community that gives back to the planet.
Through the uniquely designed polo-shirts, The Giving Movement will also donate proceeds of the sales to charitable initiatives it supports. Initiatives that will benefit from the order include Dubai Cares and Harmony House. Thanks to partnerships such as this, The Giving Movement exceeded its donation target in 2022 and recently hit over $4 million USD in donations, with plans to build on this in 2023 and beyond.
Commenting on the partnership, Phil Malem, CEO of Serco Middle East, said: “I’m incredibly excited to be working closely with The Giving Movement. I’ve long admired their approach to inspiring change in behaviour when it comes to protecting our planet, through creating a positive impact on citizens lives around the world.
“We share similar values to the UAE-born The Giving Movement at Serco, and as a business that works closely with governments and corporations across the region, it is our duty to do the right thing, and we wanted to show our commitment to operating with purpose at every level. Purpose is what is in our DNA, it’s what motivates us to deliver great work in a positive and sustainable way every day, and we’re proud to ensure our approach extends to every aspect of our business – even through our work-wear.
“With the UAE leadership marking 2023 as the “Year of Sustainability”, we all have a role to play when it comes to impacting a better future, and at a pivotal time for the region, with COP28 on everyone’s minds, we are looking forward to working as a catalyst to help accelerate the region’s sustainability goals.”
Dominic Nowell-Barnes, CEO of The Giving Movement, commented: “Sustainability lies at the very core of The Giving Movement, and though reaching the goal of being 100% sustainable is a continuous effort, we do the very best we can in contributing towards a better planet for our future generations.
“It was exciting to partner with Serco – we looked to select the best sustainable materials and colours to create a design that was both fit for use, and one that was contemporary and on trend – fitting the ethos of the business. We hope the team are proud to wear their new polo shirts, and we’re excited to see where the partnership goes next.”
Serco also plans to roll-out the sustainable work-wear beyond its Middle East operations, with plans afoot for the company to pledge orders across its international office footprint.
Source: Press release
Masdar City in Abu Dhabi has started construction on "The Link," a 30,000 sqm sustainable community that includes the region's first net-zero energy shared living and working facility. The project will also include four low-carbon buildings with event spaces, retail options, recreational facilities, and outdoor plazas, and is expected to create over 2,000 jobs in the UAE.
Dutco has been announced as the contractor for the project.
The Link is part of Masdar City's plan for sustainable urban development and aims to connect shared working and living spaces with other community amenities.
Ahmed Baghoum, Acting CEO of Masdar City, said, “The Link will model a new kind of sustainable community by connecting shared working and living space with other elements of a thriving neighbourhood, including places to shop, play, and relax, and local transportation. It is a key component of Masdar City’s ‘green-print’ for sustainable urban development and a wonderful way to honour this Year of Sustainability as the UAE prepares to host COP 28.”
Zayed Baker, the executive director of the Dutco Construction Group, added, “Masdar City’s rich legacy of sustainable construction and innovation make them an ideal partner for us. We’re honored to be bringing this historic development to life.”
Dutco was selected in large part due to their high in-country-value (ICV) certification score, which represents the value they will add to the UAE economy.
Martin Baerschmidt, the managing director of EDGE, which designed The Link, commented, “Our priority was integrating the international sustainability principles that Masdar City is known for with world-class living, working, and recreational space to create a truly iconic architectural landmark and community experience.”
The Link is a sustainable development project that will meet several high-level sustainability standards such as LEED Platinum, WELL Gold, 4 Pearl PBRS Estidama, and LEED SmartPark Silver. The project is expected to achieve a significant reduction in energy use, powered by renewable energy sources. The development will offer residential units in various sizes, as well as dedicated office and commercial spaces. Amenities for residents will include a courtyard with play areas, a wellness zone, and more. The commercial space will feature retail options at the ground level.
A multi-use hall and visitor centre, spanning 3,300 square metres, will host conferences, exhibitions, and live performances, and will have a retail precinct on the ground floor as well as a restaurant on the first level. The flexible auditorium will seat 300 and feature state-of-the-art technology and equipment.
The Link will connect all areas of Masdar City through transportation networks. It will create a transition route between the upcoming Light-Rail Transit and Group Rapid Transit networks, and offer bicycle tracks, bus connectivity, electric charging ports, car sharing facilities, and parking for 1,255 vehicles.
Source: WAM, Khoder Nashar/ Muhammad Aamir
Organisers of the Dubai Desert Classic launched a 'Sustainability Sunday' to highlight the tournament's commitment to environmental responsibility. 'Sustainability Sunday will spotlight all sustainable developments at this year's tournament that fall under four themes: waste, transport, energy, and legacy. It marks an important new addition to the agenda for the 33rd edition of the DP World Tour event, which runs from January 27-30 at Emirates Golf Club.
Part of the DP World Tour's signature Rolex Series, large areas of the event will be powered by a mix of 20 percent locally sourced biofuel and 80 percent solar power, through a flagship partnership with Aggreko, global leaders in temporary power. This results in a reduction in CO2 emission of more than eight times compared to conventional energy production methods.
The collaboration will power large areas of the tournament in a more sustainable way through an energy mix which harnesses plant matter as well as light and heat from the sun, including a 100-metre solar panel on the 11 th hole. Areas to be powered by the new energy mix include the Players' Lounge, the Main Hospitality Pavilion, 15th Green Hospitality, the TopGolf Deck, DP World Tour offices, the Village Area, Merchandise Tent, on course food and beverage areas, and spectator washrooms.
Simon Corkill, tournament director of the Dubai Desert Classic said: "The tournament has entered a new era this year through our elevation to a Rolex Series event, our long-term partnership with title sponsors Slync.io, and our commitment to sustainable, environmentally responsible practices."
In association with Goumbook, a social enterprise promoting sustainable living and green practices in the UAE and beyond, players will participate in a symbolic seed planting of the Ghaf tree, the national tree of the UAE. Other initiatives include a switch to digital ticketing to save paper, a campaign to encourage the use of metro and public transport by spectators, and the replacement of on-course plastic bottles with refillable options. Specialist waste management efforts to reduce waste sent to landfill will also be in operation in partnership with Dulsco, an integrated waste management solutions provider and the Official Waste Management Partner of Expo 2020 Dubai.
The company was selected as waste management partner for the Dubai Desert Classic due to its innovative solutions and facilities which include a Material Recovery Facility, Paper Pulp Moulding Plant, and an upcycling initiative called The New Old & Reloved by Dulsco.
Dulsco will deploy a Recycling Bus at the entrance, supply various recycling bins throughout the event area, and facilitate onsite waste segregation with segregated recyclables being transported to its Material Recycling Facility, which is capable of sorting 240 tons of multiple waste streams per day. In support of the tournament's commitment to reducing its carbon footprint, Dulsco will use compaction machines, resulting in lesser trips, to transport materials to treatment and processing facilities in line with UAE regulations.
Tournament partners are also making major contributions to the sustainability drive: JA Resorts and Hotels will replace all single-use cutlery during tournament week and Wasl will be introducing cans and compostable cups in place of plastic bottles. Food and organic waste will also be repurposed onsite into a valuable resource through WasteMaster, an innovative, patented technology supplied by Green Eco Technologies.
The Arena Group has committed to a 100% PVC recycling rate through-out the duration of the four-day event. Furthermore, Arena has pledged to materially improve their sustainability, and lessen their environmental impact during their four-year partnership with the tournament.
They aim to achieve this through accurate measurement and management, as well as innovative project delivery methods such as alternative sustainable fuel (HVO), alternative power supply (solar), rainwater harvesting, waste minimization and maximisation through reuse, co-processing, and energy recovery. The Arena Group is dedicated to operating in a responsible and sustainable manner, which includes delivering effective social value, energy, carbon reduction, and responsible sourcing.
Sustainability Sunday is part of the tournament's Go for the Green sustainability initiative. It is the first milestone in a commitment towards GEO certification, an ecolabel that recognises environmental and social responsibility in golf. Organisers have also confirmed that the Dubai Desert Classic will join the UN Sports for Climate Action Framework, an initiative to achieve global climate change goals through positive action.
"In a year where we are introducing free entry for spectators and expecting a record turnout, we are more eager than ever to raise awareness and spread the message that we can all take action and contribute to a more sustainable future. Sustainability is one of the main pillars of the UAE's National Agenda and our ongoing initiatives are in line with the efforts being made and encouraged by the leadership of Dubai and the UAE," Corkill adds.
Source: https://dubaidesertclassic.com/dubai-desert-classic-launches-new-sustainability-sunday.php
Nineteen entities of the Government of Ras Al Khaimah have achieved the ISO 50001 energy management certification, making Ras Al Khaimah Government the first in the world to achieve this certification for all its entities.
The accomplishment was announced at the World Future Energy Summit 2023, held as part of Abu Dhabi Sustainability Week (ADSW).
These certifications recognise Ras Al Khaimah Government’s continuous efforts to enhance energy efficiency and drive sustainability. They are the culmination of a multi-year programme, combining asset retrofits with capability upgrades, as part of the Ras Al Khaimah Energy Efficiency and Renewables Strategy 2040.
On becoming the first government in the world to have all its entities certified with ISO 50001, Dr. Mohammed Abdullatif Khalifa, Secretary-General of the Executive Council and Director General of the Department of Human Resources, said, “We are very excited by this accomplishment, which comes as a direct result of our adherence to the vision and directives of H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, to make our emirate more sustainable and set a global example in energy efficiency and renewable energy.”
He added, “We are proud of the energy teams and managers in all the entities that have achieved this milestone, and we encourage them to keep pursuing such high levels of ambition to transform Ras Al Khaimah into a global centre for energy sustainability.”
On the occasion, Munther Mohammed bin Shekar, Director-General of Ras Al Khaimah Municipality, said, “This achievement is a recognition of Ras Al Khaimah Government’s commitment to the energy transition. The energy management systems that we have implemented will support government entities in initiating many new projects and developments that will contribute to the net-zero ambitions of the UAE.”
A comprehensive retrofit of government buildings was carried out between 2018 and 2022, through energy performance contracting. The upgrade of four Ras Al Khaimah Municipality buildings in 2018 was followed by a larger project, resulting in the retrofit of 50 buildings by December 2022. Today, these retrofits are bringing guaranteed savings of 26 percent on electricity and water bills.
Over the same period, a centralised approach was adopted to elevate organisational capabilities to manage energy consumption, with the purpose of further improving these savings over the long run. Reem, the Energy Efficiency & Renewables Office of Ras Al Khaimah Municipality, has supported all government entities in establishing best practices in energy management, and capturing synergies such as scale in green procurement and training through the Upskill programme. Collaboration mechanisms are in place among nominated energy teams in each entity, to ensure effective results.
At the onset of the COVID-19 pandemic, in 2020, this coordinated approach led to the adoption of quick-wins in consumption behaviours, resulting in about 10 percent energy savings with near-zero investment. The results encouraged the teams to take more durable steps, through the implementation of complete energy management systems according to the internationally recognised ISO 50001 standard. These include among others, energy policies, targets, monitoring and reporting tools, periodic audits and management meetings to ensure that the pursuit of energy optimisation opportunities are integrated in the planning and management processes of each organisation.
The energy management initiative of Ras Al Khaimah Government is part of the Energy Efficiency and Renewables Strategy 2040 of the emirate, which targets 30 percent energy savings, 20 percent water savings, and 20 percent contribution of electricity from renewable sources by 2040. The strategy supports the UAE commitments for climate change mitigation, as part of the United Nations Framework Convention on Climate Change.
Source: WAM, Binsal Abdulkader/ Esraa Esmail
Shargiil Bashir, Chief Sustainability Officer at First Abu Dhabi Bank (FAB), said that the bank facilitated over AED25.7 billion (US$ 7 billion) for sustainable projects in 2022, noting that the bank has made significant progress by financing many projects across the energy supply, buildings, transportation, waste, water, and food sectors.
In statements to the Emirates News Agency (WAM), Bashir said that the value of the facilities provided by the bank for sustainable projects exceeded AED128.5 billion (US$35 billion) between 2017 and 2021, highlighting FAB's target of providing AED275.4 billion (US$75 billion) in green financing for the period 2022-2030.
In line with the bank's commitment towards climate causes, he said that FAB has set a goal of achieving carbon neutrality by 2050.
Bashir stated that the FAB recently worked alongside Etihad Airways as an environmental, social and governance (ESG) structuring bank for the first global sustainability linked loan in the aviation industry.
“We have created positive sustainable impact from many of the other projects that we have financed, including: 3 the solar projects where 1,989,000 tonnes of CO2 is being avoided every year; 7 green buildings we financed have 2 pearl design ratings; and a wastewater plant we financed treats of 430,000 m3 of wastewater a day,” he noted.
Bashir pointed out the bank's strong contribution to Abu Dhabi Sustainability Week as the largest bank in the UAE and one of the most famous institutional entities in Abu Dhabi, noting that the bank is considered one of the pioneers of sustainability in the banking sector as it isthe first bank in the UAE to commit to net-zero by 2050 and the first GCC bank to join the Net Zero Banking Alliance (NZBA).
Throughout the week, he elaborated, FAB delegates participated in a number of high-profile panels exploring major themes in sustainable solutions as the bank is considered a catalyst in the UAE’s climate objectives due to the depth of its engagement with the national economy across diverse industries.
The Chief Sustainability Officer at FAB stressed that the bank has worked over the past years to consolidate its position as a regional leader in the sustainable financing sector, accumulating in the first green bonds issuance in the MENA region in 2017.
He continued, “FAB has been making significant progress in green bonds issuance. This year, we executed around half of our bond issuance in a green format (US$1.5 billion), including three public benchmark transactions: €500 million five-year, the first-ever green issuance in euros from MENA region; CHF (Swiss Franc) 200 million four-year, where FAB remains the only issuer from MENA with green CHF outstanding, and US$700m five-year, the largest-ever green issuance from a MENA bank.”
Bashir affirmed that the First Abu Dhabi Bank is committed to following the international framework of UN convened Net Zero Banking Alliance (NZBA) by focusing on decarbonisation through science. “When we joined NZBA we committed to aligning our lending and investment portfolios with net-zero emissions by 2050.”
The Chief Sustainability Officer at FAB said that the bank views the UAE as the perfect staging ground for the COP28 Climate Summit in 2023, because of the country's excellent relationships connecting East and West, and its experience as a global convener of choice for urgent international dialogues.
Shargiil Bashir explained that the UAE's solar energy initiatives have consistently set new benchmarks for the affordability of renewables, while Abu Dhabi Sustainability Week and the World Future Energy Summit are driving international conversations on urgent climate and other environmental challenges.
"As the first country in the region to commit to a net-zero pathway, the UAE is developing a comprehensive roadmap to enable its businesses and government entities to transition to a carbon-neutral economy," he concluded.
Source: Khoder Nashar, WAM (Emirates News Agency)
The new eco-friendly community will feature organic farming, bio-domes and a focus on integrated ‘green’ living.
Abu Dhabi-based developer Aldar Properties is set to develop a fully sustainable community in Abu Dhabi – the move is said to reflect the growing demand for eco-friendly living options.
The development will feature hundreds of condominiums and townhouses and will be powered by clean renewable energy and equipped with bio-domes, solar panels and battery-charged communal vehicles to promote energy efficiency and lower emissions, according to a statement Aldar released to the Abu Dhabi Securities Exchange (ADX), where its shares are traded.
The Sustainable City – Yas Island will feature residential units in 10 clusters; the first phase of the project, which will deliver 272 condominiums and 240 townhouses, is expected to open to buyers during a public sale on 19 January 2023.
The development, launched in partnership with Diamond Developers, will be an eco-friendly and walkable community with open green spaces, community farming plots, as well as recycling facilities, which will help lower carbon emissions, and solar panels, which will cut residents’ energy consumption by half, it said.
It will have a ‘central green spine’ that will run the length of the community, featuring parks and lakes, as well as bio-domes, where vegetables will be grown and distributed throughout the district.
To further keep emissions low, the community will provide a network of communal battery-charged buggies and bicycles, enabling residents to move around while their cars remain parked on the outer edge of the development.
According to Jonathan Emery, CEO at Aldar Development, the new project is in response to the strong demand for sustainable living options among “environmentally conscious” clients who prefer a lifestyle that “focuses on low carbon emissions, energy conservation and the fundamental principles of a circular economy”.
He said: “This is a landmark project for Aldar, reflecting our commitment to provide an increasing range of curated living experiences, which our local and overseas customers tell us they want to live and invest in.”
Last year, Aldar announced plans to cut energy consumption by 20% across a portfolio of 80 assets, including hotels, residential properties, retail spaces and schools.
Source: Middle East Construction News, Paul Godfrey
