COP28 UAE
Towards Net Zero by 2050
A Gulf News Sponsored Report in collaboration with Red Door Productions
Monday, September 11, 2023
UAE supports global transition to green projects with COP28 presidency Delivering ambitious negotiated outcomes at the global event and providing a practical action agenda to help drive UAE in its goal to achieve net zero by 2050 By Sankar Sri Pillai
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s the world’s largest annual climate gathering since the signing of the Paris Agreement in 2015, the 2023 United Nations Climate Change Conference (UNFCCC), or Conference of the Parties of the UNFCCC, more commonly referred to as COP28, is expected to be a game changer. To be held in the UAE and hosted at Expo City Dubai between November 30 and December 12, COP28 is expected to see more than 70,000 global stakeholders participate in the momentous event as the UAE leads the charge in prioritising real-world progress while fronting dialogue on climate technology innovation and the nation’s commitment to fund and support green and transition projects, all critical in ensuring a sustainable world for future generations. Addressing climate crisis Hosting the global event also helps complement the UAE’s Net Zero by 2050 strategic initiative, a national drive to achieve net-zero emissions by 2050, making the it the first nation in the Middle East and North Africa to do so. With the UAE using the COP28
COP28: 80 DAYS TO GO platform as a rallying cry to call upon the world to make transformational and practical progress in addressing the climate crisis, the event will feature the first Global Stocktake to measure progress against the goals and ambitious set out in the Paris Agreement at COP21. However, it is a well-known truth that much of the targets for climate action set during the Paris Agreement are yet to be met. To address this crisis and deliver a major course correction, the COP28 Presidency is determined to deliver ambitious negotiated outcomes and a practical action agenda. The objectives of this collective action are to turn pledges and promises into progress while addressing the climate crisis at hand.
Four pillars In keeping with these objectives, the COP28 Presidency has put together four key pillars to deliver the necessary course correction. These include the following: • Fast tracking a just, orderly, and equitable energy transition • Fixing climate finance • Focusing on people, lives and livelihoods • Underpinning everything with full inclusivity. As part of its overall strategy to ensure a sustainable future, COP28 in the UAE will convene global stakeholders to provide practical solutions across these pillars, intending to unite the world and keep 1.5C within reach. Towards net zero The strong commitment to fund allocation towards supporting green and transition projects, as well as supporting the drive for innovation in climate technology by the UAE and global stakeholders are integral to making COP28 a success. The steps also push the narrative for the UAE’s Year of Sustainability in 2023, and, most critically, moving the needle towards net zero.
Technology enables renewed net zero climate action
Successful green transitional journeys hinges on multi-stakeholder collaboration as optimism abounds ahead of GITEX Impact in Dubai
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is critical,” says Boumeziout. “Regularly publishing sustainability and ESG reports also becomes imperative, allowing companies to showcase their improvements over time.”
Measure, disclose, communicate Meanwhile, the private sector can still embark on their successful decarbonising journeys, but with some caveats. “Measurement, reporting and communication
epicentre of seismic climate tech shifts GITEX Impact 2023 promises to be the epicentre of seismic shifts in climate technology, providing a unified platform focused on sustainability and innovation, as the power of digitalisation accelerates the inexorable path towards decarbonisation. Headline exhibitors and partners spearheading the charge toward a net zero future include global logistics powerhouse DHL, which created the Era of Sustainable Logistics, a global platform to collaborate and shape the future towards green supply chains; ArcelorMittal Xcarb Innovation Fund, among the world’s largest steel producers committed to investing over $200m into tech start-ups to deliver decarbonised steel; and Lufthansa Group, the EU’s flagship airline driving global partnerships to deliver decarbonised air travel. Organised by DWTC, GITEX Impact is strategically aligned with COP28, delivering transformative pledges accelerated via synergies leveraged at the heart of the world’s largest tech and start-up event, GITEX GLOBAL and Expand North Star, welcoming more than 7,000 exhibitors, 1,800 speakers, and 170,000-plus attendees from 176 countries. The region’s tech catalyst for decarbonisation through digitalisation will also see the launch of the world’s first CSO Business Club featuring 300-plus global sustainable champions; the Leaders of Impact Summit; and the Global Sustainable Investment Forum. The debut five-day event runs alongside Future Urbanism Expo, the MENA’s premier event for sustainable urban development. Register now at www.giteximpact.com
he UAE’s COP28 will mark the world’s first global stocktake, evaluating the collective progress made in achieving the goals of the Paris Agreement on Climate Change in 2015, while the successful navigation of green transitional journeys by governments and corporations hinges on multi-stakeholder collaborative effort. With many of the Paris Agreement’s 196 parties lagging on tangible results, tech will be the great enabler of renewed solutions to achieve decarbonisation goals. Nadia Boumeziout, Head of Sustainability & Information Governance, Zurich Insurance, Middle East, underscores the significance of 2023 as a defining year for countries to lay open where they stand on the UN’s Global Roadmap to address climate change. “This year is significant, as nations will have to demonstrate whether they are on track with their targets, and we will see that most are not,” says Boumeziout, a headline speaker at the inaugural GITEX Impact, the largest event in the MENA for sustainability tech, ESG services and strategies, taking place from October 16-20, 2023 at the Dubai World Trade Centre (DWTC). “This will raise new questions and also push for more solutions and actions.” With 2023 declared as the Year of Sustainability in the UAE, Boumeziout says tech’s role in a sustainable future is crucial. “I’m a firm believer that technology will be the great enabler for sustainable development and transition. We will need technology in many areas, whether in climate-tech or agri-tech, but also for transparent tracking and measuring within supply chains and beyond.”
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COP28 UAE: TOWARDS NET ZERO BY 2050
ADIB’S ESG transformation shows Islamic banking and ESG compatibility
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n a progressive move to embrace the principles of Environmental, Social, and Governance (ESG), ADIB has embarked on a comprehensive journey towards sustainability, firmly positioning itself as a leading Islamic bank committed to positive ESG performance. ADIB’s commitment to a sustainable future underscores its vision to align business activities with broader societal and environmental goals. Embracing sustainability as a core value, it strives to drive positive impact beyond financial returns. The bank envisions playing a crucial role in advancing the UAE’s sustainability agenda, leaving a legacy of responsible banking and stewardship. A people-centric organisational culture and dedication to governance excellence further exemplify ADIB’s pursuit of an inclusive, empowered, and diverse workforce to propel sustainable progress. Recognising the significance of ESG in the financial world, ADIB has taken strides in enhancing its ESG-related disclosures. ADIB’s annual ESG report, which has been published since 2017, is a testament to the bank’s dedication to keeping stakeholders informed about its sustainable practices. Realising that public disclosures alone are not enough; additional initiatives were taken to develop new policies that reflect commitment to ESG principles. These policies serve to inform the market and customers about the bank’s dedication to sustainability across its operations. The bank’s approach to sustainability is all-encompassing, touching upon various critical aspects, in-
cluding frameworks, integration of sustainability into business lines, strategy development, and governance enhancement. At the core of ADIB’s sustainability commitment lies its threeyear ESG strategy. The strategy intricately outlines the roles of all business lines in contributing to a positive ESG impact and aligns seamlessly with the UAE’s national goals and the United Nations Sustainable Development Goals (SDG). By integrating internationally recognised goals and standards such as the UN SDGs and the Global Reporting Initiative (GRI) into existing management systems, the bank allows for the enhancement of both Sharia-compliant banking and ESG performance. The three-year ESG strategy rests on six pillars shaping its sustainable future. These pillars include maximising positive impact, ensuring strong economic contributions,
fostering lifelong partnerships with communities and customers, striving for governance excellence, and maintaining a people-centric organisational culture. These pillars are guided by material topics crucial to ADIB and its stakeholders, including investors and clients. To embed ESG principles further, the bank is striving to integrate ESG considerations into its credit process. A rigorous internal due diligence will ensure that all relevant transactions adhere to internationally recognised standards, such as the Equator Principles.
Understanding that positive change begins with empowered customers, a concerted effort is taken to develop green and sustainable products to help clients contribute to developing their respective industries. Existing product offerings, such as SME financing, education finance, and personalised home financing, are tailored to emphasise positive social impact, demonstrating the bank’s commitment to making sustainability accessible to all. ADIB’s ambition to foster a more holistic approach to ESG and sustainability extends beyond its internal operations. The bank is focused on significantly increasing green and sustainable financing within its portfolio. With approximately $1.7 billion in related assets already, ADIB envisions substantial growth in this area by 2030. Notably, 61 per cent of the bank’s portfolio is considered at low/medium ESG risk, indicating a proactive approach to sustainable investments. Through diligent work in recent months, ADIB has successfully reduced its Sustainalytics risk rating from high risk to medium risk, aligning itself with the region’s leading banks. It also continues to receive an “A” rating from MSCI, a testament to the ADIB’s dedication to sustainability. In the rapidly evolving landscape of ESG, ADIB is striving to be a financial institution that not only embraces sustainability but actively leads the charge towards a greener, more equitable future. With its robust strategies, comprehensive policies, and customer-centric approach, ADIB demonstrates that Islamic banking and ESG can walk hand in hand.
Monday, September 11, 2023
Setting the standard for biodegradable packaging in the UAE Sustainability is at the core of Earthmates International LLC’s product and service portfolio
By Yoshwin Punjabi, Chairman, & Manoj Kumar, CEO, Earthmates International LLC
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elcome to Earthmates International LLC , where sustainability is at the core of everything we do. As the premier provider of biodegradable packaging solutions in the UAE, we are proud to lead the way in revolutionising packaging practices. With our environmentally-friendly alternatives, we invite you to join us in our vision of creating a greener future. Commitment to sustainability At Earthmates, we are driven by a deep commitment to preserving the beauty of our planet for future generations. Our biodegradable packaging solutions offer a responsible alternative to traditional materials. By choosing biodegradable options, we can collectively reduce waste, conserve resources, and minimise our carbon footprint. Unique biodegradable packaging solutions We have developed a diverse range of biodegradable packaging options that prioritize both functionality and sustainability. From bioplastics derived from plant-based sources to paper-based packaging made from recycled or sustainably sourced materials, our solutions are designed to meet the highest quality standards while minimizing harm to the environment. Join the movement We invite businesses,
organisations, and individuals throughout the UAE to join us in this important mission. By making the switch to biodegradable packaging, you not only contribute to a more sustainable future but also showcase your commitment to responsible practices and environmental stewardship. Together, we can be the face of the UAE for biodegradable packaging – leading the way by example. Partnering for change At Earthmates, we believe that collaboration is key to achieving lasting change. That is why we actively seek partnerships with like-minded suppliers, organizations, and individuals who share our vision. By working together, we can drive innovation, share best practices, and create a thriving ecosystem of sustainable packaging solutions. Conclusion At Earthmates, we are proud to be at the forefront of the biodegradable packaging revolution in the UAE. Our commitment to sustainability and innovation drives us to constantly seek new and improved ways to reduce our environmental impact. Join us as we strive to be the face of the UAE for biodegradable packaging, making a positive difference for our planet and future generations. If you have any questions or would like to explore our biodegradable packaging solutions, please reach out to us at https://earthmates.ae/ Together, let’s pave the way for a greener and more sustainable UAE.
COP28 UAE: TOWARDS NET ZERO BY 2050
Monday, September 11, 2023
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Lepidico supports UAE's vision of Net Zero The environmentally conscious lithium mica processing company is moving closer to constructing its plant in the UAE and is actively exploring funding options By Suneeti Ahuja-Kohli
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epidico, a lithium mica processing company committed to producing lithium in a more environmentally friendly manner, has made significant progress towards building its plant in the UAE. The Australian firm has successfully completed crucial steps in detailed design and engineering for this project. Currently, it is finalising its funding and investment plans to commence construction in KEZAD. “This project marks a groundbreaking chemical plant on a commercial scale, set to produce approximately 5,500 tonnes of lithium hydroxide annually. It is anticipated to be one of the world’s most environmentally friendly lithium chemicals,” states Joe Walsh, Managing Director, Lepidico. “Compared to conventional hard rock lithium chemical production methods that involve high temperature and/or high pressure processes, our development and operating risks are significantly lower. Our capability to deliver lithium hydroxide or carbonate, along with other strategically demanded metals, is sustainable and cost-competitive. Furthermore, our process generates no solid waste, which distinguishes it from conventional hard rock methods that are both energy-intensive and wasteful. Hence, this project is well-aligned with the Abu Dhabi government’s Vision 2030,” Walsh adds.
Lithium, as one of the lightest metals, finds widespread applications in lithium-ion batteries, medical devices, ceramics, glass, lubricants and nuclear technology. Given the global emphasis on sustainability and environmentally conscious practices, both in the corporate and governmental spheres, it is imperative to adopt cleaner and greener approaches to conducting business. Lepidico has been engaged in discussions with the UAE and US governments for securing funding for the project. It is collaborating with Signum Capital, a debt advisory firm based in London. Walsh remarked, “Over the course of about 15 months, we’ve been in talks with a stateowned Abu Dhabi organisation regarding core funding for establishing the chemical plant in
Abu Dhabi. Additionally, we are in negotiations with the Development Finance Corporation, a division of the US government, to secure debt funding for the upstream segment of the project in Namibia.” The overall project necessitates developmental capital amounting to $266 million, with slightly over $200 million to be invested in Abu Dhabi and approximately $64 million in Namibia. “Funding is a critical component of the project. Our technical team is currently focusing on optimisation initiatives, and we are poised to proceed. Our project is exceptionally sustainable, presenting a compelling opportunity to introduce a new source of lithium chemicals that are pivotal for the UAE’s energy transition,” states the Managing Director. In the previous year, Lepidico
Lepidico Chemcial Plant (looking south)
EV Hubs by EGME: A one-stop shop for all your electric vehicle needs Emirates Global Motor Electric (EGME) offers a unique platform for fleets and corporates looking to buy or lease electric vehicles and contribute to the green footprint of the UAE By Suneeti Ahuja-Kohli
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mirates Global Motor Electric (EGME), a member of Al Fahim group, aims to cater to this growing need by offering one-stop shop solutions for all EV needs. Established in 2021, EGME provides dedicated electric mobility solutions in support of the UAE’s commitment towards Net Zero emissions by 2050. Hany G Tawfik, Head of EGME, says, “EGME offers a full range of zero-emission vehicles, namely electric cars, electric vans, electric buses and electric trucks with a focus on contributing to the UN’s key Sustainable Development Goals. We have established a supply chain of EVs with multiple manufacturers of cars, vans, buses, trucks, energy storage & charging systems and these are already available here with us in the UAE.” The company will offer electric buses by MCV, electric vans from Asiastar, electric passenger cars from Skywell and heavy / light duty electric trucks by Sany. One of EGME’s biggest advantages is the ease of operations, especially for commercial fleets, through its EV Hub model. “At EV Hub, we provide a full range of electric vehicles, including passenger cars, vans, trucks and buses, along with charging, maintenance and other solutions. We offer an incomparable comprehensive
Hany G. Tawfik, Head of EMIRATES GLOBAL MOTOR ELECTRIC (EGME)
product line up of EVs, covering extensive mobility solutions. The company can also set up our EV Hub for commercial fleet at customers’ premises,” adds Tawfik. EGME also excels in providing vehicles that adhere to regional specifications. The company has been running pilot projects in partnership with UAE government and private fleets this year. “These pilot projects serve as proof of concepts and solutions tested and developed specifically for the region. Other countries in the region can adopt these
immediately without the need for new trials. At EGME, we are proud to continue playing a leading role in the transition to zero emissions,” says Tawfik. With this expansive offering, EGME holds the first-mover advantage in the field of electric mobility, and their vision is to go global from the UAE. “Our strategy is focused on providing economical and environmentally friendly EV solutions, aiming to emerge as a global leader in sustainability, from the UAE to the world,” concludes Tawfik.
conducted field trials in collaboration with the International Centre for Biosaline Agriculture (ICBA), a Dubai-based non-profit organisation. The trials aimed to explore the potential use of gypsum residue in agriculture. A recently released evaluation report demonstrates enhanced yields and improved growth statistics for crops such as wheat and squash. Walsh comments, “This approach holds promise for enabling agricultural production using partially saline waters, particularly in arid regions within the UAE. It underscores how innovative problem-solving can lead to inventive solutions. Lepidico’s Abu Dhabi plant will stand out as the first lithium chemical plant with no solid process waste. Initially, we will likely employ gypsum residue as a construction material. However, its versatility
Top: A product from the Lepidico mine; Above left: A Lepidico mine employee; Right: DLE 20 Phase 3
allows multiple potential uses, including agricultural applications, and it is poised to generate substantial carbon credits.” These experiments have garnered considerable interest. Lepidico has received letters of intent from entities within the UAE for products that could amount to four times the anticipated annual production of the plant. Lepidico also has plans to be an early adopter of green hydrogen, a move that could reduce its greenhouse gas emissions by twothirds. Walsh explained, “Initiatives within the Khalifa Economic Zones Abu Dhabi are geared towards bringing commercial quantities of green hydrogen. Once green hydrogen becomes accessible within the KEZAD Industrial Park, we will be wellprepared. This could potentially make us the world leader in the least greenhouse-gas-emitting lithium production.” The commencement of production by Lepidico is projected for late 2025 or early 2026. However,
this timeline is contingent on securing the necessary finances and investments. The project is designed to be sufficiently large to yield favourable economic returns while also being manageable in terms of scaling up risks. Walsh emphasises, “We view ourselves as a growing enterprise, aiming to establish more chemical plants of this nature. We are evaluating the feasibility of constructing a second plant, potentially in the UAE, Namibia, or the US. In due course, we anticipate multiple plant constructions. Meanwhile, we have licensed our process technologies to Cornish Lithium, a private UK company, which is establishing a pilot plant in the south-western part of England to process lithium mica minerals. Licensing provides an additional revenue stream through royalties, and we are actively exploring this avenue as well.”
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COP28 UAE: TOWARDS NET ZERO BY 2050
Sustainable cooling:
Daikin's commitment to the UAE's Net Zero goals
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n today's world, air conditioning is more than a luxury; it's a necessity, especially in regions like the Middle East. Yet, this comfort comes with environmental costs. With air conditioners accounting for a significant 10 per cent of global electricity consumption, and a large chunk of this being in the UAE, the environmental implications are undeniable. As global warming intensifies, the demand for cooling solutions will only grow, amplifying these challenges. The UAE, recognising the urgency, has championed sustainability initiatives. With 2023 declared the Year of Sustainability and the UAE hosting the UN's Climate Change Conference – COP28, the nation's dedication to a greener future is evident. However, achieving tangible change demands collaboration between public and private sectors. Daikin, a global leader in air conditioning, is not just a participant but a trailblazer in this transformation. Aligned with their overarching message of providing solutions that change everyday life for the better, Daikin Middle East and Africa has taken concrete steps. Their recent signing of the Climate-Responsible Companies Pledge, initiated by the UAE Ministry of Climate Change and Environment, is a testament to their commitment to the UAE's Net Zero by 2050 Strategic Initiative. But Daikin's commitment goes beyond pledges. At their JAFZA, Dubai headquarters, Daikin has commissioned a state-of-the-art 515 kWp solar plant with 1,000
The Daikin headquarters at Jafza, Dubai
panels, showcasing their belief in renewable energy. Furthermore, Daikin continuously innovates in the HVAC-R domain, emphasising emission reductions from its products. Their adoption of the R32 technology is a game changer. This refrigerant not only enhances performance but significantly curtails the carbon footprint, setting new standards for sustainable cooling solutions. Daikin's holistic approach to sustainability is evident in their comprehensive strategies. They prioritise the longevity of refrigerants, emphasising maintenance and retrofitting, supporting a circular economy. Their integration of AI and IoT in air-conditioning solutions promises even greater efficiency, further minimising environmental impact. Daikin's leadership in sustainable cooling is backed by their inclusive culture, stakeholder dialogues, and commitment to environmental, social, and cor-
porate governance. Their formulated Environmental Vision 2050, aiming to reduce greenhouse gas emissions to net zero by 2050, is a testament to their forward-thinking approach. As the UAE marches towards its net zero goals, Daikin stands out as a beacon of innovation and commitment. Their cutting-edge products, combined with their unwavering dedication to the environment, ensure that Daikin isn't just cooling our homes but is also shaping a sustainable future for generations to come. In conclusion, with industry pioneers like Daikin leading the charge, the UAE's vision of a net zero future is not just a distant dream but an imminent reality. As we embrace this future, every cooled space becomes a symbol of human innovation, reflecting our collective commitment to the planet and Daikin's promise of creating a sustainable society for all.
Monday, September 11, 2023
