Realising UAE Net Zero 2050 could help the country grow its GDP by approximately $1 trillion, says Green Future Project (GFP), a B-Corp providing corporate sustainability solutions.
Briano Martinoni, Co-founder and Chief Commercial Officer at GFP, details why UAE stakeholders play in achieving this realisation.
By 2080, collaboration between federal and local governments, the private sector, and communities could yield an extra AED70 billion ($19.1 billion), with investments offset by long-term cost savings, notably from reduced fossil fuel use.
Green efforts
Policies like the Dubai 2040 Urban Masterplan and corporate green initiatives are pivotal for building a resilient future. A recent survey showing that 91% of businesses globally struggle to measure their greenhouse gas emissions reinforces this notion. Despite only seven UAE businesses being certified B-Corps out of 6,700 worldwide, as environmental awareness grows, UAE organisations must intensify their green efforts for the country's sustainable goals.
Briano explained: “The data speaks for itself, showing that companies can experience a 15-30% brand value increase by simply adopting sustainable practices. Younger generations are driving environmental change on a global scale but they can only do so much - the onus falls on governmental entities and businesses to ensure a greener world is created for future inhabitants of our planet.
“This notion is reinforced by the fact that Scope 3 emissions (indirect emissions that occur in the value chain of any reporting entity) account for 40-80% of a company's total carbon footprint, and sometimes even exceed 90%. Companies are increasingly adopting carbon footprint monitoring tools and this is a welcome sign since it will enable informed decision-making and accelerate positive change.”
GFP is helping advance the UAE’s green objectives while contributing to key governmental mandates such as UAE Net Zero 2050. The company is working with UAE-based organisations in sectors including digital banking, hospitality, real estate, communications, and finance to help them pioneer sustainable action across the region.
Source: TradeArabia
Today, the Advertising Business Group (ABG), a leading self-regulatory non-profit organisation, has announced a strategic alliance with Ad Net Zero, a global initiative committed to reducing greenhouse gas (GHG) emissions in the advertising sector, signifying the launch of a pioneering initiative aimed at decarbonising the UAE’s advertising sector and encouraging sustainable behaviour change through advertising.
The announcement, which was made at Dubai Lynx, MENA's premier festival of creativity, underscores a collective commitment to bolstering the markets’ role as the regional epicenter for driving sustainability within advertising and marketing initiatives across vital industries. By partnering with Ad Net Zero, the ABG aims to help the advertising industry contribute to the UAE's net-zero goals and promote responsible consumption and production. The launch of the chapter will serve as the regional hub for MENA and is a decisive move towards shaping a more sustainable future for the advertising industry in the region.
Ad Net Zero is set to launch in the UAE with its founding supporters Google, META, Unilever, Group M, MCN, Dentsu, Publicis Groupe and Omnicom Media Group, all taking the lead in sustainable leadership and adding to the wider list of ANZ global supporters*. This commitment underscores the industry's dedication to pioneering responsible advertising standards and shaping a sustainable future.
Commenting on the milestone Khaled AlShehhi, Executive Director of Marketing and Communication, UAE Government Media Office, stated: "With 2023 and 2024 declared as the Years of Sustainability by the UAE President, His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the successful culmination of COP28 in Dubai, the message is clear: Sustainability is not optional. The UAE proudly launches Ad Net Zero, marking a pivotal moment in our journey towards sustainability. This initiative, a project close to my professional journey in the UAE, is not just a response to a global climate emergency; it is a bold statement of our commitment in the advertising industry. Ad Net Zero empowers us to leverage our industry's unique influence to drive meaningful change. With this launch of Ad Net Zero, it's imperative to remember that everyone has a crucial part to play. This isn't just an initiative for the advertising industry; it's a universal call to action. Every individual, business, and sector can make impactful contributions toward our sustainable future. Let's unite in this vital effort."
Sebastian Munden, Chair of Ad Net Zero, said: “We are pleased to see the reach of Ad Net Zero grow with the launch of the UAE Chapter, which will act as the regional hub for MENA. It takes motivated people across the sectors to get momentum for launch. The ABG’s public commitment for a more sustainable future in advertising is a vital step and connects them to the global community and the Ad Net Zero tools to help facilitate this outcome.
“Motivating citizen behaviour change at scale was a topic that came up in many discussions I was part of at COP 28 in Dubai. A more sustainable and globally connected approach, from how ads are made to what they promote, can only be a good thing. There's no time to lose."
The ABG recently unveiled its comprehensive sustainability agenda that aims to empower the industry to take direct action and reduce its negative impact from both advertising emissions and content. The agenda focuses on building a more sustainable sector through emissions reduction, closing the industry wide sustainability knowledge and skills gap, and empowering the industry to combat greenwashing practices.
Leyal Eskin, Vice President, Head of Personal Care Business GCC Countries at Unilever and Chair of Advertising Business Group commented: “The Advertising Business Group’s (ABG) alliance with Ad Net Zero marks a pivotal moment in driving environmental sustainability for the UAE advertising industry and supports the UAE’s Net Zero commitment. This collaboration is a testament to the ABGs overall commitment in driving responsible advertising business practices and will help shape a sustainable future for the UAE’s advertising and marketing industry.”
The advertising sector needs to take responsibility for a sustainable future, through both reducing its operational emissions and through creating work that leads to a more sustainable future.
Ad Net Zero supporters, global, and at a national level, are required to set public science-based net zero targets. This can be done through either the Science Based Targets initiative, a commitment to the UN Race to Zero (including via the SME Climate Hub), The Climate Pledge, or other comparable alternatives. Supporters need to measure and report their progress annually. If supporters do not already have net zero targets in place, they are required to establish them within 15 months of joining Ad Net Zero. Ad Net Zero and ABG are committed to guiding supporters during the initial phase. For the first three months, both teams will offer comprehensive assistance, including information, training, and upskilling, to facilitate a smooth start to the measurement journey.
ABG invites companies within the advertising and marketing industry to become Ad Net Zero supporters. By committing to ANZ, companies can play a leading role in setting responsible advertising standards, positively shaping the future of the industry. The initiative offers a clear five-point action plan and guidance for organisations to achieve net-zero GHG emissions within the advertising sector. Following the initial learning period, supporters will have 12 months to measure their emissions accurately and set their public science-based net zero target. Guidance and support will be provided to assist supporters in this crucial endeavor.
Aramex, a leading global provider of comprehensive logistics and transportation solutions, has launched a new podcast series aligned with the recently concluded COP28 in Dubai and the Year of Sustainability in the UAE, now extended from 2023 to 2024.
Dubbed A Podcast: The Road to Sustainability and hosted by Dr. Abubaker Musa Eltom, a dedicated SDG advocate and speaker, the podcast series is strategically designed to enrich Arabic content on sustainability-related topics, with a primary focus on the UAE. The main aim of the initiative is to bridge knowledge gaps, share valuable insights and engage listeners in vital conversations through thought-provoking discussions, insightful comments, and interactive dialogues about sustainability within the Environmental, Social, and Governance (ESG) framework, while also supporting the broader objectives of the UAE’s efforts to foster a sustainable and prosperous future for all.
The podcast featured discussions with prominent figures in sustainability, addressing some of the most crucial topics in the field. The first episode featured Dr. Ashraf Gamal El Din, Chief Executive Officer of Hawkamah, the Institute for Corporate Governance, the DIFC. It focused on the critical role of governance, a cornerstone in the ESG framework, while exploring key themes, including the balance between compliance and reporting, the significance of transparency, and the role of regulators in shaping sustainable business practices.
Other episodes featured Sheikh Abdul Aziz bin Ali Al Nuaimi, a member of the Ajman Royal family in the United Arab Emirates, popularly known as The Green Sheikh; Mrs. Habiba Al Mar'ashi, Chairperson of Emirates Environmental Group; and Dr. Yousef M. Al-Assaf, President at Rochester Institute of Technology-Dubai. These episodes covered a wide range of topics centered on education and development through sustainability, the gap between the private sector and third-sector social and community development, as well as green buildings and green future.
Commenting on the launch, Raji Hattar, Chief Sustainability Officer at Aramex, said: "We are thrilled to launch our new podcast series for Arabic-speaking audiences, with the overarching aim of filling the knowledge gap. With COP28 and the Year of Sustainability last year, which has been extended to 2024, intensifying the focus on sustainability within the region and beyond, we, as a responsible company, want to play our part and further support local and global efforts to create more awareness about critical topics within the broad spectrum of sustainability. Being the first company in the region to release an audited sustainability report about 17 years ago, our legacy has taught us to remain committed to improving the ecosystem we live in, ensuring our business is as sustainable as possible while also promoting the importance of a sustainable world through initiatives such as the launch of this new podcast series."
Marking the beginning of an engaging journey into sustainability matters while stimulating important discussions, the podcast launch is an integral component of Aramex's 'Delivering Good' initiative, which centers on Education and Youth Empowerment, Entrepreneurship, and the Environment. It aligns with Aramex's longstanding efforts, through its wide range of programs and projects, aimed at delivering a better future to the communities in the markets where it works.
The video podcast is available on YouTube: www.youtube.com/@AramexTV/videos.
UAE-based sustainability tech solutions provider, ImpactGulf, today announced the launch of G4Green, a green engagement platform that uses AI and blockchain technology to bring transparency to the ESG space, connect relevant stakeholders and accelerate the greening of supply chains.
G4Green enables large organizations as well as government agencies and global institutions to bring together their entire network of suppliers, partners, members or portfolio companies on the basis of ethical principles, onboard them in one go, monitor and drive their sustainability performance and implement incentive tools to accelerate their ESG journey.
The platform serves as an internal database and green navigator to help organizations map the ESG factors that are beyond their direct control, yet for which they are held accountable. With a complete view of their stakeholders' green performance, organizations can easily engage their suppliers in green activities, enable them to set sustainability goals and upload their CSR, ESG and carbon accounting reports and accreditations, while companies new to green practices can use AI to help set their first sustainability goals. As an enterprise solution, G4Green also assists in identifying sustainable products, services, partners and suppliers, as well as initiating green procurement and building a green supply chain.
Using AI to detect false sustainability claims from large organizations and their suppliers and partners, the platform also helps companies avoid greenwashing, including through scanning their own social media posts for sustainability claim violations before posting.
Commenting on the platform, Yassin Nasri, Founder & CEO of ImpactGulf, stated: “G4Green represents a significant milestone in our ongoing commitment to driving positive environmental change and building capacities in the sustainability space. By providing organizations with the tools and resources to streamline their sustainability efforts, we aim to catalyze a broader shift towards greener business practices. Building and operating a sustainable business is not possible without engaging the entire supply chain.”
"We could not be prouder to showcase such technological advancements from the UAE to the world, especially during this second Year of Sustainability as declared by His Highness Sheikh Mohamed bin Zayed Al Nahyan," Yassin added.
The platform provides an excellent foundation for green procurement, ESG risk assessment and sustainable stakeholder empowerment. It is built on the latest technological infrastructure, including the use of AI for data analysis and greenwashing avoidance, as well as blockchain technology for sustainability data traceability.
"Ultimately, the platform is about how key stakeholders in business and society can take their corporate community on an ESG journey, identifying the emissions hotspot within their value chain and minimizing the risk of dumping chemicals into the ocean anywhere in the world, or other unethical practices such as the employment of children by a supplier or partner. G4Green is the answer to all these key ESG risks," concludes Yassin.
Vidunas Gedeikis, CTO at ImpactGulf, added: "Depending on individual needs, our platform is able to adapt to clients' own ESG and partner engagement metrics, and integrate advanced technologies, including AI-driven data analytics and blockchain-enabled traceability, to ensure the integrity and reliability of sustainability initiatives. With the customization capabilities of G4Green, we are paving the way for a more transparent, interconnected approach to sustainability management."
ImpactGulf is a signatory to the UAE Climate-Responsible Companies Pledge, a participant of the United Nations Global Compact, an officially approved member of the Greentech Alliance, and was selected by Shell Middle East and StartUpbootcamp for Shell StartUp Engine UAE 2022.
For more information, please visit G4Green.com.
UAE-based Zeroe has announced a seed investment boost by the VOYAGERS ClimateTech Fund, taking the total raise to $2.3 million. The funding empowers Zeroe to bring forward the development timeline on its AI-integrated SaaS platform, which intelligently automates carbon emission calculations, saving companies time and money in the process of sourcing capital to fund their transition to net zero.
A Market Responding to Rising Demand for Emissions Transparency
Zeroe is responding to an ever-increasing demand in the market for robust emissions measurement and reporting. As stakeholders intensify their scrutiny on corporate environmental impact, Zeroe's platform emerges as a critical tool in aligning businesses with these evolving expectations.
Harnessing AI for Sustainable Transformation
With limited available emissions expertise globally, Zeroe leverages AI to rapidly ingest raw data and intelligently map emissions factors, allowing for GHG protocol-compliant carbon accounting at scale.
Accelerating Access to Sustainable Finance
Acknowledging the substantial financial implications of transitioning to net-zero—a challenge estimated to cost trillions globally—Zeroe's platform is a game-changer. It facilitates easier access to necessary capital by aiding organizations in meeting stakeholder reporting requirements and securing the funding essential for their decarbonization efforts.
Farouk Jivani, Co-founder and CEO of Zeroe shares his enthusiasm: "We’re excited to be VOYAGERS’ second investment in the region, and we believe this investment confirms our push to be a leading solution in supporting organizations to measure emissions and access sustainable finance. We are at the cusp of a new era in corporate environmental responsibility, and we believe Zeroe empowers organizations on this journey.” About Zeroe
Zeroe is a pioneering AI-driven Carbon Management platform from the UAE. It seamlessly integrates with a company's existing systems to analyze and interpret vast amounts of data. Intelligent mapping and categorization facilitates the generation of comprehensive emissions reports, empowering companies to engage meaningfully with stakeholders and access climate finance on their journey to net zero.
-Ends-
About Voyagers
Voyagers, managed by David Rowan, former Editor-in-Chief of Wired UK, is a Climate-Tech Fund committed to incubating innovative climate solutions. Following a successful $10 million fund closure, Voyagers has invested in a variety of ventures, showcasing its commitment to inclusivity and addressing critical environmental challenges.
Contact Information
For more information, please contact: Lauren on pr@zeroe.io or visit zeroe.io
Positive Zero, a decentralised decarbonisation infrastructure business headquartered in the UAE and dedicated to empowering a new energy economy in the Gulf Cooperation Council (GCC) region, officially launched its new brand identity at the Museum of the Future yesterday as a consolidated platform for clean distributed power generation, energy efficiency, and sustainable mobility.
The event was attended by several high-level dignitaries and representatives of various UAE governmental entities, clients of Positive Zero, local and regional business leaders, and industry professionals from the clean energy and sustainability sectors.
Positive Zero’s official brand launch follows its recent announcement of a landmark investment of up to US$400 million from BlackRock’s Diversified Infrastructure team. The investment will boost Positive Zero’s growth and innovation in the GCC region, where it offers a range of decarbonisation solutions, including distributed generation, energy efficiency, and clean mobility solutions, to support the region’s energy transition and economic diversification goals as well as meet the COP28 mandate of tripling renewable energy and doubling energy efficiency targets by 2030.
Mohammed Abdulghaffar Hussain, Co-Founder and Chairman of Positive Zero, commented on the occasion, “The idea for our business was inspired by the mission of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai ‘the city with the smallest carbon footprint in the world by 2050.’ This clear and ambitious target motivated us to create a platform that can partner closely with the private and public sectors to not only accelerate the clean energy transition but also to boost the economy in a game-changing, sustainable way.”
Positive Zero was formed through the consolidation of three leading businesses in their fields: SirajPower, the leading provider of financed distributed generation in the GCC. Taka Solutions is the largest energy services company in the UAE, and HYPR Energy, the first mobile battery and energy storage systems provider in the region. The group combines the capabilities of these three verticals, offering end-to-end services with data-driven clean energy solutions at no upfront costs and providing them through a “servitisation” model that enables organisations of all types to take charge of their energy infrastructure and be part of the clean energy transition.
David Auriau, Co-Founder and CEO of Positive Zero, said in his remarks to the event’s attendees, "We are just at the beginning of a time when the future of energy, our planet, and our collective lives is being reimagined. By combining the various decentralised clean energy solutions that Positive Zero offers as services without upfront investment, our clients can slash up to 70 percent of their carbon emissions. This was not possible until recently, and we plan to grow tenfold in the next five years to create a large-scale movement towards a more sustainable, efficient, and carbon-neutral future through innovation and collaboration.”
The event included a presentation to attendees about Positive Zero’s vision for the decarbonised economy. The programme also featured remarks by Edward Winter, Head of EMEA for Diversified Infrastructure at BlackRock.
Positive Zero’s foundational companies have made remarkable strides in key GCC markets. SirajPower leads the region with an impressive portfolio of distributed solar energy, totalling 200 MWp and reducing over 223,000 metric tons of carbon emissions annually, equivalent to powering over 43,000 homes annually. Taka Solutions, operating as the company's Efficiency arm, has achieved energy savings exceeding 100,000 MWh across eight UAE sectors, which is equivalent to planting more than three million trees. HYPR Energy’s clean energy on-demand mobile battery unit, the first of its kind in the region and situated under the company’s mobility vertical, has provided construction sites and other off-grid locations with cheaper and cleaner power.
Source: WAM - Hatem Mohamed / Tariq Al Fahaam
Ajman Bank announced the signing of a strategic partnership with KPMG ESG Services, marking a significant milestone in its commitment to environmental, social, and governance (ESG) principles.
The collaboration aims to develop Ajman Bank’s inaugural ESG Framework, a roadmap, and a long-term vision for sustainability. The UAE’s declaration of 2023 as a year dedicated to sustainability underscores the nation’s collective endeavour to foster sustainable practices across all sectors. Ajman Bank aligns with this national agenda, reinforcing its dedication to climate action and broader sustainability issues.
The Memorandum of Understanding (MoU) between Ajman Bank and KPMG ESG Services was signed in a ceremony at Ajman Bank’s head office, attended by leaders from both organisations. Fadi Alshihabi, Partner and ESG Services Leader at KPMG, and Zohaib Ali Zahid, Head of Environmental, Social & Governance (ESG) at Ajman Bank, exchanged the MoU.
Mustafa Al Khalfawi, Group CEO of Ajman Bank, commented, “Responsible banking goes beyond financial transactions; it is about creating a sustainable legacy for future generations. At Ajman Bank, we are dedicated to embedding sustainability into the heart of our operations, reflecting our commitment as a leading Islamic financial institution to ethical, environmental, and social governance. Our partnership with KPMG ESG Services marks a pivotal moment in our journey towards responsible and sustainable banking while contributing to the UAE’s sustainability objectives.”
Under the guidance of KPMG’s ESG expertise, Ajman Bank will undertake a comprehensive assessment to establish its carbon footprint baseline, identify strategic sustainability priorities, set achievable milestones, and create pathways towards a sustainable future for the Bank, its clients, and the communities it serves. This initiative not only reflects Ajman Bank's commitment to sustainability but also aligns with its principles as an Islamic banking institution, emphasising ethical practices and responsibility towards the environment and society.
Zohaib Ali Zahid, speaking on behalf of Ajman Bank, emphasised the Bank’s enhanced responsibility towards sustainable and responsible banking practices, especially as an Islamic Bank. “Our partnership with KPMG ESG Services marks the beginning of a transformative journey for Ajman Bank. We are committed to leading by example in the banking sector by integrating sustainability into our business strategy, operations, and culture. This initiative is a cornerstone in our mission to achieve our long-term ESG vision, benefiting our stakeholders and contributing positively to the communities we serve.”
Source: WAM - Khoder Nashar
Emirates Global Aluminium (EGA), the largest industrial company in the UAE outside oil and gas, has broken ground on the region’s first 100% renewable energy powered industrial data centres at its Jebel Ali and Al Taweelah sites.
The new data centres will enable EGA to further deploy artificial intelligence and automation solutions at the heart of the company’s industrial operations, while reducing EGA’s total IT energy consumption by 50% through real-time Artificial Intelligence-optimised power, cooling management and latest generation computer infrastructure.
EGA is developing the new data centres with local technology provider, Scientechnic. The construction is a key part of EGA’s digital roadmap, which is transforming EGA’s operations through Industry 4.0 adoption and broader digital transformation.
Resilience of computing
The data centres will improve the resilience of EGA’s computing and will be certified to the Uptime Institute’s Tier III standard, a global benchmark for data centres.
Around the world, computing accounts for approximately 7% of global electricity consumption, and this is forecast to rise to 13% by 2030, according to the European Commission.
Abdulnasser Bin Kalban, Chief Executive Officer of EGA, said: “EGA’s bold aspiration to innovate the future of aluminium production is a source of our global competitive advantage, and this includes leading our sector in the implementation of Industry 4.0. Our new data centres, combined with our existing cloud computing resources, transform our data processing capacity. Improving the environmental sustainability of EGA’s computing infrastructure is part of our commitment to embed sustainability in everything we do. The construction of EGA’s new on-site data centres is an important milestone in our goal to establish a thriving manufacturing innovation ecosystem in the UAE.”
Carlo K Nizam, Chief Digital Officer of Emirates Global Aluminium, said: “Our new data centres will optimise the resilience and sustainability of EGA's digital manufacturing platform which supports data-heavy artificial intelligence and advanced automation solutions. This will help enable EGA’s future ambition of self-optimising artificial intelligence driven plant operations, such as fully-autonomous crane and vehicle operations.”
Hybrid cloud
Last year, EGA announced a strategic collaboration with Microsoft UAE to progress the company’s digital roadmap, shifting two thirds of EGA’s server and applications infrastructure to Microsoft Azure Hybrid Cloud. The hybrid cloud combines computing resources both on-site at EGA and in Microsoft’s data centres.
Both Microsoft and EGA are members of the UAE Ministry of Industry and Advanced Technology’s Industry 4.0 Champions Network, which aims to accelerate Industry 4.0 adoption across UAE industry.
The development of the data centres and the use of the hybrid cloud together increase EGA’s data processing capacity by 2,300 times while significantly reducing unit processing costs, future proofing EGA’s computing for the company’s digital transformation.
Home-grown tech
EGA has developed technology in the UAE for more than 30 years and is focused on improving the efficiency of the aluminium smelting process. EGA’s latest home-grown technology is among the most efficient and competitive in the global aluminium industry.
In 2022, EGA spent some $2.18 billion on goods and services from local UAE suppliers, accounting for 39% of the company’s total global procurement spend. EGA is actively working to grow its local supply chain further in line with the UAE’s Operation 300bn industrial growth strategy and ‘Make it in the Emirates.
Source: TradeArabia
Conrad Hotels & Resorts, an international brand of luxury hotels and resorts owned and operated by the Hilton hotel chain, has once again partnered with UNEP West Asia and Winnow to amplify efforts in reducing food waste during Ramadan.
Building on the impactful Hilton's 'Green Ramadan' Campaign of 2023, this collaborative initiative integrates Hilton's Travel with Purpose strategy, UNEP West Asia's 'Recipe of Change' Sustainable Ramadan campaign, and Winnow's AI technology for precise waste tracking.
Implemented across three Hilton hotels, last year the Green Ramadan initiative achieved a remarkable 61% reduction in food waste, preventing almost 4.8 tonnes of waste and over 14 tonnes of CO2 emissions while serving over 8,600 meals.
The ingredients are locally sourced, in-season and sustainably grown. Additionally, this encourages plant-based innovation and reduces the consumption of meat.
The initiative encompasses a range of sustainable practices, including composting with The Waste Lab, food donations to the UAE Food Bank, AI-driven food waste measurement by Winnow and partnering with local charities to donate excess food.
In a pioneering move towards sustainability, Conrad Dubai has introduced its cutting-edge hydroponic farm on the sixth floor. Utilising a soil-less farming technique, this eco-friendly initiative yields 11 kilograms of fresh lettuces, herbs, and microgreens daily with a diverse range of produce, including arugula, baby spinach, basil Genovese and kale red Russian.
A Green Garden
This Ramadan, Conrad Dubai invites guests to embark on an enchanting experience at Al-Waha that is located on the 6th Level where the melodious tunes of the Qanun player will fill the air.
Illuminated with festoon lights and lanterns, Al-Waha by Conrad Dubai offers both Iftar and Suhour dining experiences. It features a diverse menu of the finest cuisine from the Middle East, India and North Africa, including healthy plant-based options and refreshing beverages.
Source: TradeArabia
Implementation of the UAE Consensus, the historic set of measures agreed on at COP28 to aim to keep the average global temperature rise below 1.5°C, will require “unprecedented action” by global stakeholders, Minister of Industry and Advanced Technology and COP28 President Dr. Sultan Al Jaber said today during an event which took place at the Paris Headquarters of the International Energy Agency (IEA).
“The UAE Consensus raised the bar and set a clear path to keep our north star of 1.5°C within reach,” Dr. Al Jaber said during the event ‘Beyond COP28: Time to Unite, Act, and Deliver the UAE Consensus’. The event was attended by ministers, ambassadors, industry executives and other leaders, including Fatih Birol, Executive Director of the IEA, Laurent Fabius, COP21 President and John Kerry, the United States Special Presidential Envoy for Climate.
Noting that at COP28 “solidarity overcame polarisation, inclusivity prevailed over finger-pointing and the spirit of partnership brought the best of humanity together”, which was key to achieving the UAE Consensus, Dr. Al Jaber asked attendees “to keep this spirit alive and build on the momentum achieved at COP28. The UAE Consensus set a new direction and a clear course correction. We must now turn an unprecedented agreement into unprecedented action. Now is the time for all stakeholders to step up” he added.
"All Parties who signed the UAE Consensus must work on enhancing their Nationally Determined Contributions (NDCs), ahead of the next cycle in 2025. That work needs to start right now. They need to adopt comprehensive economy-wide emission reduction targets, that cover all greenhouse gases, are aligned with the science and keep 1.5°C in reach” the COP28 President said.
All industries should leverage their technology, talent, and balance sheets to decarbonize at scale, Dr. Al Jaber said, as outlined in the UAE Consensus. COP28 also pushed the oil and gas industry to step up, with 40 percent of global oil production committing to zero methane emissions by 2030 and net zero by or before 2050. While describing these targets as “a good start, Dr. Al Jaber said “it must be built on. I will continue to push for more.”
The UAE Consensus laid out a clear roadmap for keeping 1.5°C within reach and delivered a series of world firsts across the climate agenda, including the first-ever agreement to transition away from fossil fuels, a target to triple renewable energy capacity by 2030, and a commitment to end deforestation in the same period.
However, the COP28 President warned that the “energy transition will lead to energy turmoil, if we only address the supply side of the energy equation.” Addressing the demand side will “require smart policy incentives to commercialize nascent-zero carbon alternatives for heavy industry, like hydrogen” he said. “It will require massive investment in grid infrastructure to deliver renewable energy to the end user. And it will require governments and all relevant parties to be honest and transparent about the costs and trade-offs involved,” he added.
Finance is the key enabler for climate action, and every source of finance available – public, multilateral and private – needs to be activated, with “we need new models of blended finance, leveraging concessional, catalytic and investment funds to ensure that climate progress fully extends to the Global South,” the COP28 President said. Adding that “COP28 mobilised $85 billion in new pledges and commitments and launched the world’s largest private investments vehicle for climate action – ALTÉRRA. This model can and should be replicated many times over”.
With the commitment by developed nations to mobilize US$100 billion a year in climate finance having finally been met, and the New Collective Quantified Goal (NCQG) on climate finance mandated to be agreed at COP29, “the world must raise the bar to address the challenges we face – mobilizing trillions rather than billions,” Dr. Al Jaber said.
The UAE Consensus is now recognised as a landmark agreement reaffirming the UAE’s position as a global leader in the international climate and development agenda. Delivered against a complex geopolitical backdrop, the UAE Consensus underscored the value of partnership and highlighted the power of multilateralism. This unprecedented agreement must now be met with unprecedented action from all stakeholders.
The COP28 President concluded by calling on the industries and countries represented at the event to support in “driving the progressive agenda of the UAE Consensus forward” and “COP28 created a moment of hope in challenging times. Let’s not waste it. Let’s harness this positive energy to drive breakthrough progress”.
The COP Presidencies Troika (the Troika) was a key achievement of the COP28 Presidency and mandated in the UAE Consensus. The Troika was formally launched last week to unite COP28 with the COP Presidencies of Azerbaijan and Brazil and will enhance international cooperation to stimulate ambition in the next round of NDCs.
“The Troika will, for the first time, bridge the gap between COPs. It will lock in continuity, maintain momentum, and help anchor implementation of the historic UAE Consensus. It will aim to turn the commitments made at COP28 into concrete results.” Dr. Al Jaber said.
During his visit to Paris, Dr. Al Jaber also attended the second plenary meeting of the UAE-France High-Level Business Council, where he reiterated the importance of moving to implementation of The UAE Consensus. The Council was established in January 2023 to enhance bilateral business between the UAE and France, with a specific focus on delivering impactful joint projects on climate action which harness the power and investment of the private sector.
The COP28 President emphasised the role of the Council and its members to drive economic, social and climate progress, highlighting a triple win for the climate, economies and the planet.
“Platforms like the UAE-France High Level Business Council can help turn an unprecedented agreement into unprecedented action, by building on the strength of the economic ties between the UAE and France” Dr. Al Jaber said.
He concluded the event highlighting the role French companies in driving forward the energy transition, including Total Energies and Engie, highlight their existing efforts and calling on them to accelerate them to meet the ambitions set out in the UAE Consensus.
Source: WAM
