UAE Minister Urges Businesses to Embrace Sustainability for Inclusive Climate Solutions

UAE Minister Urges Businesses to Embrace Sustainability for Inclusive Climate Solutions

UAE Minister Urges Businesses to Embrace Sustainability for Inclusive Climate Solutions

In a bid to accelerate climate action and achieve the UAE’s Net Zero by 2050 goal, Mariam bint Mohammed Almheiri, the Minister of Climate Change and Environment, recently urged businesses to make sustainability a central part of their operations. Speaking at the 12th National Dialogue for Climate Ambition (NDCA), Almheiri emphasized the importance of “mainstreaming sustainability” as a pathway to unlocking inclusive climate solutions.

This monthly stakeholder forum organized by the ministry seeks to elevate sector climate ambition and encourage broad participation in the fight against climate change. The most recent session, themed ‘Innovative Financing through National Carbon Registry,’ took place at the SEE Institute in The Sustainable City, Dubai, with the participation of around 260 representatives from governmental and business entities, including Olav Myklebust, Ambassador of Norway to the UAE.

Almheiri highlighted the UAE’s upcoming role as the host of COP28 and its commitment to delivering an inclusive and solutions-driven summit. She stressed the need to engage all partners in accelerating climate action, both locally and globally, and emphasized that sustainability must become mainstream to effectively address complex climate challenges and fulfill the Paris Agreement’s goals.

To drive the transformation towards sustainability, Minister Almheiri called upon businesses to take the UAE Climate Responsible Companies Pledge, an initiative aimed at scaling up the UAE’s climate action to achieve more ambitious greenhouse gas emission reduction targets. Responding to this call, 12 companies made the pledge, bringing the total number of participating businesses to 117. These companies include Etihad Water & Electricity, Dubai Islamic Bank, Industrial Innovation Group, and more.

These companies have committed to intensifying their collective efforts to combat climate change. Their pledge includes measuring and reporting greenhouse gas emissions transparently, developing solutions to reduce emissions, and collaborating with the government to achieve the UAE’s Net Zero goals.

Minister Almheiri highlighted the significance of carbon registries as “decarbonization’s best-kept secret.” These registries provide organizations with a platform to track, manage, and trade greenhouse gas emissions. They are crucial for measuring, reporting, and verifying emission reductions, helping countries fulfill their commitments, as outlined in the Third Update to the Second Nationally Determined Contribution.

The minister also emphasized the importance of accelerating climate finance for projects that contribute to negative emissions and neutralize residual emissions. She stressed that climate finance is a critical enabler of climate action and a key objective for the UAE at COP28.

The 12th NDCA meeting focused on exploring the implementation of the Carbon Registry, shedding light on its role in registering and distributing carbon credits within the UAE. Experts explained that this registry serves as a platform for listing, transferring, and tracking carbon credits generated by projects and businesses, offering opportunities to achieve decarbonization goals.

The global impact of carbon registries was also discussed, highlighting their role in facilitating the transfer of carbon credits across borders, thus promoting international collaboration in reducing greenhouse gas emissions.

In addition to these discussions, the Ministry of Climate Change and Environment hosted a panel discussion on carbon registries, featuring representatives from regulatory bodies, industry players, auditors, and registries. The event also included detailed presentations on decarbonization strategies such as hydrogen, carbon capture and storage, and energy efficiency, as well as breakout sessions covering various themes related to carbon markets and the role of carbon registries in addressing challenging sectors.

The UAE is taking significant steps to encourage businesses to integrate sustainability into their operations. Through initiatives like the UAE Climate Responsible Companies Pledge and the emphasis on carbon registries, the nation aims to accelerate climate action and work towards a more sustainable and inclusive future.

As the world continues to grapple with the challenges of climate change, these efforts serve as a testament to the UAE’s commitment to being a leader in climate action and to contributing to global climate solutions. By encouraging businesses to mainstream sustainability, the UAE is taking a vital step towards achieving its Net Zero by 2050 goal and fostering a more sustainable and inclusive future for all.

Summary of article by: Khaleej Times

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