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Masdar, one of the world’s leading clean energy companies, Port of Amsterdam, SkyNRG, Evos Amsterdam and Zenith Energy have signed a Memorandum of Understanding (MoU) to explore the development of a green hydrogen supply chain between Abu Dhabi and Amsterdam to support Dutch and European markets.

The MoU was signed by Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, Gert-Jan Nieuwenhuizen, Managing Director for the Port of Amsterdam, Maarten van Dijk, Chief Development Officer of SkyNRG, Bart van der Meer, Business Development Manager, Evos, and Ellen Ruhotas, Managing Director New Energies for Zenith Energy. The agreement was signed in the presence of Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, COP28 President-Designate, and Chairman of Masdar, and Wopke Hoekstra, Minister of Foreign Affairs for the Netherlands.

Dr. Al Jaber said, “This agreement builds upon the existing relationship between the UAE and the Netherlands and demonstrates our mutual commitment to exploring low- and zero-carbon energy solutions. The UAE aims to play a central role in the emerging green hydrogen economy and this partnership with the Port of Amsterdam and associated players in the green hydrogen space would help position Abu Dhabi as a key hub for green hydrogen development.”

For his part, Hoekstra said, “The Netherlands is keen on developing green hydrogen corridors with major future exporting countries like the UAE. Our country is well positioned to become a hydrogen hub for the Northwestern European market. I welcome the collaboration between Dutch and UAE businesses in the field of hydrogen and look forward to further intensifying the cooperation between our two countries.”

Under this MoU, the parties will join their efforts to develop a green hydrogen supply chain, focusing on production in Abu Dhabi and export to the Netherlands through the port of Amsterdam. The exported green hydrogen will be delivered to key European sectors - sustainable aviation fuel (SAF), steelmaking, and bunkering for shipping - and will also be supplied to new, emerging European offtakers, via pipeline, truck and barge. Together, the parties will explore several hydrogen transportation methods, with a focus on liquid organic hydrogen carriers and liquid hydrogen.

Mohammed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, “Masdar believes green hydrogen to be a promising energy source for hard-to-abate sectors in support of global decarbonisation, which is why we launched our dedicated green hydrogen business last month. We are pleased to partner with Port of Amsterdam, SkyNRG, Evos Amsterdam, and Zenith Energy to leverage our synergies in the fuel and logistics sectors to see how green hydrogen can help us achieve our shared goals for decarbonisation and sustainable economic growth.”

Port of Amsterdam, the operator of Europe’s fourth-largest port, is committed to scaling up green hydrogen capabilities and is working closely with commercial parties active in its port on green hydrogen development. SkyNRG, a global leader in SAF, is developing a network of SAF production facilities that require green hydrogen as input. Zenith Energy and Evos Amsterdam are the operators of some of the most prominent blending and storage terminals in the port, with Zenith developing a liquid hydrogen supply chain, while Evos Amsterdam is working on a liquid organic hydrogen carrier supply chain.

Koen Overtoom, CEO, Port of Amsterdam, said, “We are very pleased with this new collaboration. SkyNRG, Evos and Zenith Energy are driving forces behind the hydrogen developments in the port of Amsterdam and they are key in our goal of importing at least one million tonnes of green hydrogen annually. Joining forces with a party as renowned as Masdar, will bring this goal that much closer to realisation. Together, we can bring the envisioned Abu Dhabi-Amsterdam connection to fruition.”

Green hydrogen is produced with green electricity from renewables like wind or solar, in a process that separates water into oxygen and hydrogen via electrolysis. The International Renewable Energy Agency has stated that hydrogen will be an essential component of a net-zero energy system and has a key role to play in decarbonising sectors that are difficult to electrify, such as heavy industry and long-haul transport. The global green hydrogen market is projected to reach $72 billion by 2030, while PricewaterhouseCoopers (PWC), has estimated that by 2050, hydrogen demand could be between 150 and 500 million metric tonnes per year.

Last December, Masdar announced its new shareholding structure and green hydrogen business unit, with a goal of achieving 100 GW renewable energy capacity and green hydrogen production of 1 million tonnes per annum annually by 2030. Masdar is actively involved in a number of projects related to green hydrogen production. Last year, Masdar signed agreements with leading Egyptian state-backed organisations to cooperate on the development of green hydrogen production plants in the country, targeting an electrolyzer capacity of 4 gigawatts by 2030, and output of up to 480,000 tonnes of green hydrogen per year.

The Research and Innovation Center for Graphene and 2D Materials (RIC-2D) based in Khalifa University of Science and Technology, an internationally top-ranked research-intensive university located in Abu Dhabi, UAE and Zero Carbon Ventures, a company dedicated to bringing carbon-reducing technologies to the Middle East, have joined forces to develop local applications for carbon reduction LOOP technology developed by UK climate tech company, Levidian Nanosystems.

The RIC-2D at Khalifa University and Zero Carbon Ventures have erected a site for the carbon-reducing technology at the Arzanah Complex at the university’s Sas Al Nakhl (SAN) Campus, in Abu Dhabi. Research will be conducted on the system’s input and outputs, to develop its applications for different waste gas blends, such as those in the oil and gas industry, agriculture, landfill, and wastewater treatment plants.

Levidian’s LOOP technology demonstrates the ability to process captured methane as a key tool in the journey to a decarbonised world. Methane is cracked to produce Hydrogen, a fuel of the future, and Graphene which has the potential to impact a broad range of industries.

Earlier this year, Zero Carbon Ventures partnered with Levidian to deploy their innovative LOOP technology in the UAE.

The partners will work together on a project-by-project basis – initially on the LOOP technology, but with a vision to collaborate on other programs in the future.

Dr. Hassan Arafat, Senior Director, RIC-2D said: "RIC-2D is pleased to partner with Zero Carbon to jointly work on local applications for carbon reduction LOOP technology developed by Levidian Nanosystems. The cutting-edge Graphene and Hydrogen production technology installed at Khalifa University’s SAN Campus demonstrates our emphasis on bringing world-class innovative Graphene technologies to the UAE and the region. RIC-2D researchers will focus on developing applications for different waste gas blends, such as those in the oil and gas industry, agriculture, landfill, and wastewater treatment plants."

Martin Reynolds, CEO of Zero Carbon Ventures "Methane is one of the worst greenhouse gasses when liberated to the atmosphere. This technology from Levidian is a great example of the kinds of technology we aim to support the development of in the region. We have big plans to deploy it across industry in the UAE, initially, with a particular focus on decarbonizing waste methane from landfill sites. Our partnership with Khalifa University; one of the world’s best science and technology research centres, provides us with fantastic validation and support of the goals we have set ourselves. We are looking forward to seeing the results of this amazing work that will inevitably lead to advancements in the country’s mission to achieve Net Zero."

The RIC-2D hosted by Khalifa University of Science and Technology is part of a strategic investment by the Government of Abu Dhabi, in the UAE, to advance the scientific development and commercial deployment of technologies derived from graphene and other 2D materials. RIC-2D serves as an integral part of an advanced materials innovation ecosystem being developed in Abu Dhabi.

The GCC Exchanges Committee today released a unified set of ESG Disclosure Metrics that includes 29 standards aligned with the World Federation of Exchanges and the Sustainable Stock Exchanges Initiative. These standards include categories across greenhouse gas emissions, energy usage, water usage, gender pay, employee turnover, gender diversity, data privacy, ethics and more.

It should be noted that these metrics are voluntary, and they do not replace existing ESG disclosure guidelines for GCC stock exchanges.

Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “Being part of this great initiative underscores DFM's commitment to strengthening our leadership in the ESG space in line with the Exchange's strategy to become the region's leading sustainable financial market by 2025. We look forward to working closely with the other GCC exchanges to seamlessly adopt these metrics as part of international best practices. This development also complements the various efforts we are undertaking to encourage issuers to incorporate and embed ESG considerations into their approach and operations.”

DFM was one of the first exchanges in the GCC to launch the UAE ESG Index in 2020 to track and promote ESG best practices among listed companies.

“We also actively promote sustainable finance by leveraging Dubai's world-class ecosystem. This has accelerated the Emirate's position as a global centre for sustainable finance, with the total value of sustainable and ESG-linked bonds and sukuk listed on Nasdaq Dubai reaching USD 16.8 billion by the end of 2022,” Hamed Ali added.

The GCC Exchanges Committee consists of Dubai Financial Market, Bahrain Bourse, Boursa Kuwait, Qatar Stock Exchange, Muscat Stock Exchange, Abu Dhabi Securities Exchange, and Saudi Exchange, which chairs the Committee. The Committee aims to support the development of regional capital markets, create an advanced capital market ecosystem in the GCC region, and elevate their position on the global stage.

Abu Dhabi, UAE: Aldar Properties (‘Aldar’) in partnership with Diamond Developers has launched The Sustainable City – Yas Island, a sustainability-centric community offering a new way of life for residents in Abu Dhabi. The family friendly development, which builds on the strengths of The Sustainable City – Dubai, is a walkable community in the surrounds of open green spaces, leisurely walkways, and community farming plots.

The project is underpinned by a central green spine that runs the length of the community, featuring parks, lakes, and biodomes where vegetables will be grown and distributed throughout the community. With a strong focus on enabling an active community, The Sustainably City – Yas Island will also be home to a range of communal facilities and amenities, including an equestrian centre with stables, a track and two arenas, a gym and multiple pools, cycling and jogging tracks, football, basketball and padel courts, retail and F&B outlets, a nursery, a centre for autism, and a green and sustainable mosque.

Within this low emissions community, a network of communal battery-charged buggies and bicycles will be available so that residents and visitors can move around while their cars remain parked on the outer edge of the development. The community’s design philosophy has a focus on increasing walkability and accessibility at all levels.

Available for buyers of all nationalities, The Sustainable City – Yas Island will feature condominiums and townhouses located in 10 intimate clusters. In the first phase of the project, 272 condominiums and 240 townhouses will be released for public sale on 19 January. Condominiums are available in one-, two-, and three-bedroom formats, with the average price for a one bed standing at AED 892,000. Three- and four-bedroom townhouses at the development are also available with the average price of a three-bed standing at AED 3.24 million. 

Jonathan Emery, Chief Executive Officer at Aldar Development said: “The Sustainable City – Yas Island is a landmark project for Aldar, reflecting our commitment to provide an increasingly diverse range of curated living experiences that our local and overseas customers tell us they want to live and invest in. This new community is a hugely powerful response to the strong demand we see for a more sustainable way of living, with the emergence of a more environmentally conscious customer group who seek a natural lifestyle experience that focuses on low carbon emissions, energy conservation, and the fundamental principles of a circular economy. The community will be brought to life in partnership with Diamond Developers, experts in the creation and management of sustainable cities, and champions of place making and a low carbon future.

The Sustainable City – Yas Island is a fully sustainable community that will be guided by three sustainability pillars – social, environmental, and economic. As one of the few Estidama 3-pearl communities in Abu Dhabi, the development will be powered by clean renewable energy, including solar panels embedded on all parking structures, enabling residents to save up to 50% on energy bills. Additionally, high-efficiency water systems, sustainability tech, community design principles, and recycling facilities within the community will help to reduce carbon emissions, water consumption, energy usage, and waste.

Salah Habib, Chief Executive Officer at Diamond Developers said: “Cities need to create a path to Net-Zero emissions that considers city-specific features like building material, food production and mobility solutions. The Sustainable City – Yas Island marks a key milestone in our journey to supporting the UAE’s Net Zero targets. The community will give residents of Abu Dhabi the chance to live in a sustainable community, with access to clean energy, locally grown food, recycled water, and waste with carbon-free mobility. The community will also embrace the latest innovations in sustainable technology, placing the community in Abu Dhabi at the forefront of the battle against climate change. We are proud to bring this ground-breaking community to life alongside Aldar.”

Announced in January 2022 during Abu Dhabi Sustainability Week, The Sustainable City – Yas Island is the product of joint venture with Diamond Developers, the mastermind behind The Sustainable City brand. Construction of the project will commence in Q2 2023, with first handovers expected in Q4 2025.

AL AIN - Al Ain Zoo has announced the successful conversion of 10 percent of its vehicles to become NGV (Natural Gas Vehicles) in 2022, as part of the first phase of its plan to convert 25 percent of vehicles to Compressed Natural Gas as fuel.

Mohammed Sarhan Alhmoudi Acting Director Environment Health and Safety at Al Ain Zoo, said: "This step will reduce the operating cost in terms of vehicle fuel by over 50 percent compared to gasoline fuel according to the current fuel prices, which is consistent with the Zoo’s objectives in terms of protecting the environment and preserving wildlife in various forms and supporting sustainable transport initiatives and standards.”

He added: "Our transition to natural gas is in line with the UAE’s strategic objectives to achieve fuel efficiency standards in accordance with the National Climate Change Plan (2017-2050), the Abu Dhabi Government's objectives to convert 25 percent of government vehicles to operate on Compressed Natural Gas (CNG) by 2030, as well as the Abu Dhabi National Oil Company (ADNOC) and the UAE Transportation Plan."

Al Ain Zoo owns 99 vehicles within its transport fleet for the use of employees and internal operations. Ten of these vehicles have been converted to natural gas successfully and get their CNG refill through four stations in Al Ain, Zakher, Industrial Area and Al Markhaniyyah, in cooperation with Emirates Transport through the approved centres in Al Ain.

Dubai: The Ministry of Climate Change and Environment (MOCCAE) has hosted the first meeting of the Farmers’ Council, presided over by Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment.

The meeting highlighted the government directions to promote sustainable modern farming systems across the UAE to increase the agricultural sector’s productivity and commercial value and enhance food security.

The Minister said: “Food security is a strategic priority of the UAE that we seek to achieve through strengthening our agricultural sector and mainstreaming advanced agricultural practices with the support of stakeholders concerned in the country.”

She added: “Establishing the Farmers’ Council will drive this priority, as it will highlight the challenges faced by the sector and the best approaches to overcoming them. Through its membership, representing all regions of the country, the Council aims to ensure that farmers’ voices are heard, and raise awareness about relevant government plans and ways to support them among the farming community.”

The minister applauded local farmers for the important role they play in developing the sector through their compliance with related laws and regulations and their shift to modern agriculture that reduces the sector’s impacts on the environment and climate.

Buyers’ pledge

The meeting agenda featured an overview of the Council’s mandates. These include promoting the adoption of state-of-the-art cultivation practices, developing an annual agricultural plan, identifying applicable agricultural systems, authorising applied agricultural research programmes to be executed at selected farms, organising capacity-building and experience-sharing activities for farmers, and approving annual agricultural production programmes and produce marketing plans.

Members outlined the Council’s work processes for identifying priority challenges and projects, developing action plans, and assigning tasks and timeframes. They also discussed the pledge signed by government entities at the UAE Annual Government Meeting on November 22 where they committed to securing 50 per cent of their food-related purchases from local farms by 2023 by boosting local farms’ production capacities and encouraging and increasing investment in food sectors to 100 per cent by 2030.

Financial solutions

Moreover, the Council explored the finance solutions offered by Emirates Development Bank to modern agricultural SMEs and start-ups, and highlighted next steps in developing targeted extension services for farmers. In this context, MOCCAE will update farmers’ databases over the next few weeks.

Hamid Obaid Al Zaabi, Council member representing Ajman farmers, emphasised the importance of engaging farmers in government decisions and future plans for the agricultural sector.

Hamid Al Hamad, Council member representing Abu Dhabi farmers, said: “The Council is a platform that brings together decision makers and experts from the government and private sector to educate stakeholders about related policies and directions as well as the challenges facing the sector. Through enhancing the capabilities of our farmers, we strive to realise the vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan of transforming the country into a global pioneer in the agricultural sector.”

Council members

In November, Minister Mariam issued the Ministerial Resolution No. 353 of 2022 establishing the Farmers’ Council. She is the Chair of the Council. Members from MOCCAE include the Assistant Undersecretary of the Food Diversity Sector, who is also the Vice Chair, the Assistant Undersecretary of the Support Services Sector, the Directors for the Central, Eastern, and Northern Region, and the Head of the Support and Follow-up Office. In addition, the Council comprises two farmers’ representatives each from the Central Region, the Eastern Region, the Northern Region, Abu Dhabi, and Dubai.

For the ninth consecutive year Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has attained the ‘Green Star’ status from the Global Real Estate Sustainability Benchmark (GRESB) for implementing outstanding sustainability practices across its Properties portfolio. The Company also achieved a full score for integrating ESG best practices into management processes encompassing leadership, risk management, reporting and stakeholder engagement.

According to GRESB’s latest assessment and testament to the company’s commitment to delivering on its environmental targets, Majid Al Futtaim achieved scores of 97 and 85 for standing development and investment portfolios, respectively. The Company performed particularly well in social and governance areas and outperformed peers on many topics, including energy efficiency. Majid Al Futtaim’s score was strengthened by the progress made against its 2040 net positive commitment and greenhouse gas emissions validated this year by the Science-Based Targets initiative (SBTi).  

Ahmed Galal Ismail, Chief Executive Officer, Majid Al Futtaim – Properties, said: “Effective benchmarking is a critical element in our sustainability commitment and ensures Majid Al Futtaim continually identifies areas for improvement and remains an industry leader in this important space. Attaining the ‘Green Star’ status from the Global Real Estate Sustainability Benchmark is a testament to our bold vision, strategic management and dedicated team of people. Through our collective efforts, we continue to boost performance and take advantage of new opportunities to improve the quality of life for people across markets while protecting our ecosystem and preserving natural resources.”

According to GRESB, Majid Al Futtaim’s Properties portfolio also increased this year by nine points to reach 97, achieving a Five Green Star rating and ranking 2nd out of 11 companies. It attained full scores for waste, water, building certifications and ESG requirements, amongst others, further reinforcing the strict standards the company integrates into all construction activities to mitigate negative impact and improve the environmental performance of the buildings.

The latest accolade follows a long-term trend of solid sustainability performance, with the Company’s recent 2021 ESG report revealing Majid Al Futtaim generated 21.4 M kWh of renewable energy, achieved 45 LEED, BREEAM or equivalent certified assets, and realised a 3.6% reduction in Scope 1 and 2 emissions across the Company, and more.

At the heart of Majid Al Futtaim’s sustainability strategy is the Dare Today, Change Tomorrow roadmap to address material risks and opportunities, ensuring the Company manages the issues that matter most to its stakeholders while responding effectively to the ESG issues that impact operations.

Source: press release

DUBAI, UAE – The ninth Sustainability Report 2021 issued by Dubai Electricity and Water Authority (DEWA) highlights its efforts and achievements in supporting sustainable development in all its economic, social and environmental aspects.

It introduces partners, relevant entities and all stakeholders to its performance and practices in sustainability. The report demonstrates the progress made by DEWA, and its significant contributions to achieving the United Nations Sustainable Development Goals (SDGs) 2030.  

It also mentions DEWA’s success in supporting sustainable recovery and continuing to implement its projects in the field of sustainability during 2021, despite the challenges associated with the COVID-19 pandemic. DEWA’s report is based on the Global Reporting Initiative (GRI) Standards.

The report also highlights DEWA’s commitment to the 10 principles of the United Nations Global Compact (UNGC), including Human Rights, Labor, Environment and Anti-Corruption.

The report is also in line with GRI G4 Electric Utilities Sector Disclosures.

Saeed Mohammed Al Tayer, MD & CEO of DEWA, said, “The Sustainability Report issued annually by DEWA reflects our long-term commitment to achieving sustainability.”

He said, “This supports the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to consolidate Dubai’s position as a global capital for a green economy.” He added, “The Sustainability Report issued by DEWA is a useful and transparent guide that documents DEWA’s achievements and efforts throughout the year towards achieving the UAE Centennial 2071, to make the UAE the world’s leading nation.”

Al Tayer said, “DEWA adopts the best international practices as well as sustainable and integrated systems that ensure providing value-added services that meet stakeholder expectations.”

He said, “This reflects the importance of sustainability as an indispensable part of DEWA’s strategy and being the centre of its operations and services.”

He added, “We support the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100 percent of Dubai’s total power production capacity from clean energy sources by 2050 through the implementation of world-leading projects.”

The DEWA CEO said, “The projects include the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world based on the Independent Power Producer Model (IPP). Its production capacity will reach 5,000 megawatts by 2030.”

He said, “DEWA’s efforts have contributed to reducing carbon emissions in Dubai by 21 percent in 2021, exceeding the target percentage in the Dubai Carbon Abatement Strategy 2021, which aimed to reduce 16 percent of carbon emissions by 2021.”

The report has nine chapters, including climate change, sustainable development, energy, water, employees, customers, community, and the environment.

DEWA has been issuing its sustainability reports since 2013.

It has consolidated its position in this area by becoming a member of the GRI Gold Community and part of the Standards Pioneers Program, becoming one of the first 100 organizations to adopt the new standards from the 2016 report onwards.

Abu Dhabi Sustainability Week (ADSW) 2023, the global initiative championed by the UAE and its clean energy powerhouse Masdar to accelerate sustainable development, will feature a series of high-level sessions focused on the key priorities for sustainable development ahead of the United Nations Climate Change Conference (COP28), to be held in the UAE from 30th November to 12th December, 2023.

The fifteenth edition of the annual event will be held under the patronage of President His Highness Sheikh Mohamed bin Zayed Al Nahyan who has championed sustainability as a key pillar of the UAE’s economic and social progress and prosperity.

Taking place from 14th to 19th January under the theme of ‘United on Climate Action Toward COP28', ADSW will convene heads of state, policymakers, industry leaders, investors, youth, and entrepreneurs, for a series of impactful dialogues on the transition to a net-zero future. Key stakeholders will discuss key priorities for the global climate agenda at COP28, the need for all stakeholders across society to be engaged and included, and how to leverage the assessments from the first Global Stocktake of the Paris Agreement to accelerate climate progress at COP28 and beyond.

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, UAE Special Envoy for Climate Change, and Chairman of Masdar, said, “For over 15 years, ADSW has reinforced the UAE’s commitment to addressing global challenges as a responsible leader driving climate action and sustainable economic development. ADSW 2023 will help shape the sustainability agenda and drive momentum toward COP28 in the UAE by convening the global community and facilitating meaningful dialogue to foster consensus, groundbreaking partnerships and innovative solutions.

“The world needs a just and inclusive energy transition that supports the needs of developing nations while ensuring a more sustainable future for us all. ADSW can serve as an ideal platform to accelerate the adoption of clean technologies and put partnerships together that can take them to scale around the world, leaving no one behind.”

ADSW 2023 will feature for the first time a Green Hydrogen Summit, hosted by Masdar’s green hydrogen business on 18th January, highlighting its potential to decarbonise key industries – helping countries to achieve their net-zero objectives.

Earlier this month, Masdar formally announced a new shareholding structure and the launch of its green hydrogen business – forming a clean energy powerhouse that will spearhead global decarbonisation efforts. Masdar is now one of the largest clean energy companies of its kind and is well-positioned to lead the industry on a global scale, strengthening the UAE’s role as an energy leader.

The first international sustainability gathering of the year, ADSW 2023 will drive discussion and debate around climate action in the run-up to COP28. The ADSW Summit, hosted by Masdar and taking place on16th January, will focus on a wide range of critical topics including Food and Water Security, Energy Access, Industrial Decarbonisation, Health, and Climate Adaptation.

Between 16th and 18th January, ADSW 2023 will seek to engage youth in climate action, with its Youth for Sustainability platform holding the Y4S Hub, which aims to attract 3,000 young people. ADSW 2023 will also feature the annual forum for Masdar’s Women in Sustainability, Environment and Renewable Energy (WiSER) platform, giving women a greater voice in the sustainability debate.

As in previous years, ADSW 2023 will also feature partner-led events and opportunities for international engagement on sustainability-related topics, including the International Renewable Energy Agency’s IRENA Assembly (14th – 15th January), the Atlantic Council Energy Forum (14th – 15th January), the Abu Dhabi Sustainable Finance Forum (18th January), and the World Future Energy Summit (16th – 18th January).

The 2023 ADSW will also mark the 15th anniversary of the Zayed Sustainability Prize – the UAE’s pioneering global award for recognising excellence in sustainability, with the awards ceremony to be held on 16th January. With 96 winners across its categories of Health, Food, Energy, Water, and Global High Schools, the Prize has positively impacted the lives of over 378 million people around the world, including in Vietnam, Nepal, Sudan, Ethiopia, Maldives and Tuvalu.

Over the years, the Prize has provided communities across the world with access to quality education, clean food and water, quality healthcare, energy, jobs, and improved community safety.

With small and medium-sized enterprises (SMEs) making up roughly 90 percent of businesses worldwide, ADSW 2023 will welcome over 70 SMEs and start-ups across several sectors, including Masdar City’s global initiative Innovate, which will showcase groundbreaking international technologies

Source: WAM: Amjad Saleh/ Muhammad Aamir

The UAE’s First Abu Dhabi Bank has launched a new sustainability-linked current account for corporate clients in an effort to help companies achieve environmental, social, and corporate governance objectives.   

As with traditional current accounts, FAB corporate clients will be able to use their sustainable accounts to retain their intraday liquidity for business needs, and to carry out daily payables and receivables, the bank said in a press release.  

Meanwhile, FAB said it will ensure that cash amounts held in the account are used to fund sustainable projects based on FAB’s Sustainable Finance Framework.  

Landmark Retail, an omnichannel retailer, is the first corporate to open a sustainable current account with FAB in line with its commitment to convert its Treasury products to sustainable ones, it said.  

This comes as FAB is growing its portfolio of ESG-linked products and services, including sustainability-linked loans and green bonds. It was among the first in the UAE and Gulf Cooperation Council to issue a green bond in 2017 and to join the global Net-Zero Banking Alliance in 2021.  

Mustafa Al Khalfawi, head of Global Banking UAE & Global Head of Government, Sovereigns & Public Sector at FAB, said, “We are pleased to partner with Landmark Retail in piloting our new sustainable account offering in the UAE. This partnership demonstrates our staunch commitment to key stakeholders in our core market as they embark on strategic and operational shifts necessary to deliver on their ESG aspirations.”   

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